Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2016 | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | METLIFE INC |
Entity Central Index Key | 1,099,219 |
Document Type | 8-K |
Document Period End Date | Dec. 31, 2016 |
Amendment Flag | false |
Entity Current Reporting Status | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Investments: | ||
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $271,701 and $271,653, respectively; includes $0 and $917, respectively, relating to variable interest entities) | $ 289,563 | $ 287,783 |
Equity securities available-for-sale, at estimated fair value (cost: $2,464 and $2,565, respectively) | 2,894 | 2,864 |
Fair value option and trading securities, at estimated fair value (includes $0 and $404, respectively, of actively traded securities; and $8 and $13, respectively, relating to variable interest entities) | 13,923 | 15,024 |
Mortgage loans (net of valuation allowances of $304 and $281, respectively; includes $566 and $314, respectively, under the fair value option) | 65,167 | 59,578 |
Policy loans (includes $0 and $4, respectively, relating to variable interest entities) | 9,511 | 9,566 |
Real estate and real estate joint ventures (includes $59 and $42, respectively, of real estate held-for-sale) | 8,891 | 7,839 |
Other limited partnership interests (includes $14 and $27, respectively, relating to variable interest entities) | 5,136 | 5,246 |
Short-term investments, principally at estimated fair value (includes $0 and $26, respectively, relating to variable interest entities) | 6,523 | 7,467 |
Other invested assets (includes $31 and $43, respectively, relating to variable interest entities) | 19,303 | 17,607 |
Total investments | 420,911 | 412,974 |
Cash and cash equivalents, principally at estimated fair value (includes $1 and $71, respectively, relating to variable interest entities) | 12,651 | 11,182 |
Accrued investment income (includes $0 and $22, respectively, relating to variable interest entities) | 3,308 | 3,390 |
Premiums, reinsurance and other receivables (includes $2 and $21, respectively, relating to variable interest entities) | 15,445 | 13,226 |
Deferred policy acquisition costs and value of business acquired (includes $0 and $240, respectively, relating to variable interest entities) | 17,590 | 17,418 |
Current income tax recoverable | 20 | 161 |
Goodwill | 9,220 | 9,217 |
Assets of disposed subsidiary | 216,983 | 216,437 |
Other assets (includes $3 and $148, respectively, relating to variable interest entities) | 7,058 | 6,776 |
Separate account assets (includes $0 and $1,022, respectively, relating to variable interest entities) | 195,578 | 187,152 |
Total assets | 898,764 | 877,933 |
Liabilities | ||
Future policy benefits (includes $0 and $716, respectively, relating to variable interest entities) | 166,701 | 161,266 |
Policyholder account balances (includes $0 and $21, respectively, relating to variable interest entities) | 173,168 | 165,628 |
Other policy-related balances (includes $0 and $238, respectively, relating to variable interest entities) | 13,030 | 12,893 |
Policyholder dividends payable | 696 | 709 |
Policyholder dividend obligation | 1,931 | 1,783 |
Payables for collateral under securities loaned and other transactions | 25,873 | 26,234 |
Short-term debt | 242 | 100 |
Long-term debt (includes $12 and $15, respectively, at estimated fair value, relating to variable interest entities) | 16,441 | 17,936 |
Collateral financing arrangement | 1,274 | 1,342 |
Junior subordinated debt securities | 3,169 | 3,194 |
Liabilities of disposed subsidiary | 202,707 | 204,374 |
Deferred income tax liability | 6,774 | 6,534 |
Other liabilities (includes $0 and $80, respectively, relating to variable interest entities) | 23,700 | 20,292 |
Separate account liabilities (includes $0 and $1,022, respectively, relating to variable interest entities) | 195,578 | 187,152 |
Total liabilities | 831,284 | 809,437 |
Contingencies, Commitments and Guarantees (Note 21) | ||
Redeemable noncontrolling interests in partially-owned consolidated subsidiaries | 0 | 77 |
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; 1,164,029,985 and 1,159,590,766 shares issued, respectively; 1,095,519,005 and 1,098,028,525 shares outstanding, respectively | 12 | 12 |
Additional paid-in capital | 30,944 | 30,749 |
Retained earnings | 34,480 | 35,519 |
Treasury stock, at cost; 68,510,980 and 61,562,241 shares, respectively | (3,474) | (3,102) |
Accumulated other comprehensive income (loss) | 5,347 | 4,771 |
Total MetLife, Inc.’s stockholders’ equity | 67,309 | 67,949 |
Noncontrolling interests | 171 | 470 |
Total equity | 67,480 | 68,419 |
Total liabilities and equity | $ 898,764 | $ 877,933 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Amortized cost of fixed maturity securities available-for-sale | $ 271,701 | $ 271,653 |
Fixed maturity securities relating to variable interest entities | 289,563 | 287,783 |
Cost of equity securities available-for-sale | 2,464 | 2,565 |
Actively traded securities | 0 | 404 |
Fair value option and trading securities relating to variable interest entities | 13,923 | 15,024 |
Mortgage loans valuation allowances | 304 | 281 |
Mortgage Loans on Real Estate | 65,167 | 59,578 |
Policy loans | 9,511 | 9,566 |
Real estate held-for-sale | 59 | 42 |
Other limited partnership interests relating to variable interest entities | 5,136 | 5,246 |
Short-term investments | 6,523 | 7,467 |
Other invested assets relating to variable interest entities | 19,303 | 17,607 |
Cash and cash equivalents relating to variable interest entities | 12,651 | 11,182 |
Accrued investment income relating to variable interest entities | 3,308 | 3,390 |
Premiums, reinsurance and other receivables relating to variable interest entities | 15,445 | 13,226 |
Deferred policy acquisition costs and value of business acquired relating to variable interest entities | 17,590 | 17,418 |
Other assets relating to variable interest entities | 7,058 | 6,776 |
Separate account assets | 195,578 | 187,152 |
Liabilities | ||
Future policy benefits relating to variable interest entities | 166,701 | 161,266 |
Policyholder account balances | 173,168 | 165,628 |
Other policy-related balances relating to variable interest entities | 13,030 | 12,893 |
Long-term debt, at estimated fair value, relating to variable interest entities | 16,441 | 17,936 |
Other liabilities relating to variable interest entities | 23,700 | 20,292 |
Separate account liabilities | $ 195,578 | $ 187,152 |
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 | 1,164,029,985 | 1,159,590,766 |
Common stock, shares outstanding | 1,095,519,005 | 1,098,028,525 |
Treasury stock, shares | 68,510,980 | 61,562,241 |
Residential Mortgage Loans - FVO | ||
Assets | ||
Mortgage Loans on Real Estate | $ 566 | $ 314 |
Variable interest entities | ||
Assets | ||
Fixed maturity securities relating to variable interest entities | 0 | 917 |
Fair value option and trading securities relating to variable interest entities | 8 | 13 |
Policy loans | 0 | 4 |
Other limited partnership interests relating to variable interest entities | 14 | 27 |
Short-term investments | 0 | 26 |
Other invested assets relating to variable interest entities | 31 | 43 |
Cash and cash equivalents relating to variable interest entities | 1 | 71 |
Accrued investment income relating to variable interest entities | 0 | 22 |
Premiums, reinsurance and other receivables relating to variable interest entities | 2 | 21 |
Deferred policy acquisition costs and value of business acquired relating to variable interest entities | 0 | 240 |
Other assets relating to variable interest entities | 3 | 148 |
Separate account assets | 0 | 1,022 |
Liabilities | ||
Future policy benefits relating to variable interest entities | 0 | 716 |
Policyholder account balances | 0 | 21 |
Other policy-related balances relating to variable interest entities | 0 | 238 |
Long-term debt, at estimated fair value, relating to variable interest entities | 12 | 15 |
Other liabilities relating to variable interest entities | 0 | 80 |
Separate account liabilities | $ 0 | $ 1,022 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues | |||
Premiums | $ 37,202 | $ 36,403 | $ 36,970 |
Universal life and investment-type product policy fees | 5,482 | 5,570 | 5,824 |
Net investment income | 16,790 | 16,243 | 18,158 |
Other revenues | 1,685 | 1,927 | 1,962 |
Net investment gains (losses): | |||
Other-than-temporary impairments on fixed maturity securities | (96) | (61) | (36) |
Other-than-temporary impairments on fixed maturity securities transferred to other comprehensive income (loss) | (11) | 2 | (9) |
Other net investment gains (losses) | 412 | 705 | 383 |
Total net investment gains (losses) | 305 | 646 | 338 |
Net derivative gains (losses) | (874) | 545 | 722 |
Total revenues | 60,590 | 61,334 | 63,974 |
Expenses | |||
Policyholder benefits and claims | 36,316 | 35,102 | 35,393 |
Interest credited to policyholder account balances | 5,176 | 4,415 | 5,726 |
Policyholder dividends | 1,223 | 1,356 | 1,353 |
Other expenses | 13,735 | 14,753 | 14,619 |
Total expenses | 56,450 | 55,626 | 57,091 |
Income (loss) from continuing operations before provision for income tax | 4,140 | 5,708 | 6,883 |
Provision for income tax expense (benefit) | 666 | 1,700 | 1,936 |
Income (loss) from continuing operations, net of income tax | 3,474 | 4,008 | 4,947 |
Income (loss) from discontinued operations, net of income tax | (2,670) | 1,314 | 1,389 |
Net income (loss) | 804 | 5,322 | 6,336 |
Less: Net income (loss) attributable to noncontrolling interests | 4 | 12 | 27 |
Net income (loss) attributable to MetLife, Inc. | 800 | 5,310 | 6,309 |
Less: Preferred stock dividends | 103 | 116 | 122 |
Preferred stock repurchase premium | 0 | 42 | 0 |
Net income (loss) available to MetLife, Inc.’s common shareholders | $ 697 | $ 5,152 | $ 6,187 |
Income (loss) from continuing operations, net of income tax, available to MetLife, Inc.’s common shareholders per common share: | |||
Basic | $ 3.06 | $ 3.43 | $ 4.25 |
Diluted | 3.04 | 3.40 | 4.20 |
Net income (loss) available to MetLife, Inc.’s common shareholders per common share: | |||
Basic | 0.63 | 4.61 | 5.48 |
Diluted | 0.63 | 4.57 | 5.42 |
Cash dividends declared per common share | $ 1.575 | $ 1.475 | $ 1.325 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | [1] | $ 804 | $ 5,322 | $ 6,336 |
Other comprehensive income (loss): | ||||
Unrealized investment gains (losses), net of related offsets | 760 | (7,443) | 10,103 | |
Unrealized gains (losses) on derivatives | 573 | 589 | 1,386 | |
Foreign currency translation adjustments | (363) | (1,624) | (1,444) | |
Defined benefit plans adjustment | 131 | 354 | (970) | |
Other comprehensive income (loss), before income tax | 1,101 | (8,124) | 9,075 | |
Income tax (expense) benefit related to items of other comprehensive income (loss) | (437) | 2,266 | (3,528) | |
Other comprehensive income (loss), net of income tax | 664 | (5,858) | 5,547 | |
Comprehensive income (loss) | 1,468 | (536) | 11,883 | |
Less: Comprehensive income (loss) attributable to noncontrolling interest, net of income tax | 92 | 32 | 29 | |
Comprehensive income (loss) attributable to MetLife, Inc. | $ 1,376 | $ (568) | $ 11,854 | |
[1] | Net income (loss) attributable to noncontrolling interests did not exclude any gains (losses) of redeemable noncontrolling interests in partially-owned consolidated subsidiaries for the year ended December 31, 2016. Net income (loss) attributable to noncontrolling interests excludes losses of redeemable noncontrolling interests in partially-owned consolidated subsidiaries of less than $1 million for the year ended December 31, 2015. Net income (loss) attributable to noncontrolling interests excludes gains of redeemable noncontrolling interests in partially-owned consolidated subsidiaries of less than $1 million for the year ended December 31, 2014. |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Maximum | ||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | $ (1) | $ 1 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Millions | Total | Maximum | 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 | ||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | $ 1 | |||||||||||
Beginning Balance at Dec. 31, 2013 | $ 62,096 | $ 1 | $ 11 | $ 29,277 | $ 27,332 | $ (172) | $ 5,104 | $ 61,553 | $ 543 | |||
Preferred stock repurchase premium | 0 | |||||||||||
Treasury stock acquired in connection with share repurchases | (1,000) | (1,000) | (1,000) | |||||||||
Common stock issuance | 1,000 | 1 | 999 | 1,000 | ||||||||
Stock-based compensation | 267 | 267 | 267 | |||||||||
Dividends on preferred stock | (122) | (122) | (122) | |||||||||
Dividends on common stock | (1,499) | (1,499) | (1,499) | |||||||||
Change in equity of noncontrolling interests | (65) | 0 | (65) | |||||||||
Net income (loss) | 6,336 | [1] | 6,309 | 6,309 | 27 | [2] | ||||||
Other comprehensive income (loss), net of income tax | 5,547 | 5,545 | 5,545 | 2 | ||||||||
Ending Balance at Dec. 31, 2014 | 72,560 | 1 | 12 | 30,543 | 32,020 | (1,172) | 10,649 | 72,053 | 507 | |||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | $ (1) | |||||||||||
Repurchase of preferred stock | (1,460) | (1) | (1,459) | (1,460) | ||||||||
Preferred stock repurchase premium | (42) | (42) | (42) | |||||||||
Treasury stock acquired in connection with share repurchases | (1,930) | (1,930) | (1,930) | |||||||||
Preferred stock issuance | 1,483 | 1,483 | 1,483 | |||||||||
Stock-based compensation | 182 | 182 | 182 | |||||||||
Dividends on preferred stock | (116) | (116) | (116) | |||||||||
Dividends on common stock | (1,653) | (1,653) | (1,653) | |||||||||
Change in equity of noncontrolling interests | (69) | 0 | (69) | |||||||||
Net income (loss) | 5,322 | [1] | 5,310 | 5,310 | 12 | [2] | ||||||
Other comprehensive income (loss), net of income tax | (5,858) | (5,878) | (5,878) | 20 | ||||||||
Ending Balance at Dec. 31, 2015 | 68,419 | 0 | 12 | 30,749 | 35,519 | (3,102) | 4,771 | 67,949 | 470 | |||
Preferred stock repurchase premium | 0 | |||||||||||
Treasury stock acquired in connection with share repurchases | (372) | (372) | (372) | |||||||||
Stock-based compensation | 195 | 195 | 195 | |||||||||
Dividends on preferred stock | (103) | (103) | (103) | |||||||||
Dividends on common stock | (1,736) | (1,736) | (1,736) | |||||||||
Change in equity of noncontrolling interests | (391) | 0 | (391) | |||||||||
Net income (loss) | 804 | [1] | 800 | 800 | 4 | [2] | ||||||
Other comprehensive income (loss), net of income tax | 664 | 576 | 576 | 88 | ||||||||
Ending Balance at Dec. 31, 2016 | $ 67,480 | $ 0 | $ 12 | $ 30,944 | $ 34,480 | $ (3,474) | $ 5,347 | $ 67,309 | $ 171 | |||
[1] | Net income (loss) attributable to noncontrolling interests did not exclude any gains (losses) of redeemable noncontrolling interests in partially-owned consolidated subsidiaries for the year ended December 31, 2016. Net income (loss) attributable to noncontrolling interests excludes losses of redeemable noncontrolling interests in partially-owned consolidated subsidiaries of less than $1 million for the year ended December 31, 2015. Net income (loss) attributable to noncontrolling interests excludes gains of redeemable noncontrolling interests in partially-owned consolidated subsidiaries of less than $1 million for the year ended December 31, 2014. | |||||||||||
[2] | (1)Net income (loss) attributable to noncontrolling interests did not exclude any gains (losses) of redeemable noncontrolling interests in partially-owned consolidated subsidiaries for the year ended December 31, 2016. Net income (loss) attributable to noncontrolling interests excludes losses of redeemable noncontrolling interests in partially-owned consolidated subsidiaries of less than $1 million for the year ended December 31, 2015. Net income (loss) attributable to noncontrolling interests excludes gains of redeemable noncontrolling interests in partially-owned consolidated subsidiaries of less than $1 million for the year ended December 31, 2014. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities | |||
Net income (loss) | $ 804 | $ 5,322 | $ 6,336 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Depreciation and amortization expenses | 652 | 693 | 713 |
Amortization of premiums and accretion of discounts associated with investments, net | (1,110) | (1,141) | (611) |
(Gains) losses on investments and from sales of businesses, net | (171) | (597) | 202 |
(Gains) losses on derivatives, net | 8,963 | 1,451 | (21) |
(Income) loss from equity method investments, net of dividends or distributions | 475 | 481 | 327 |
Interest credited to policyholder account balances | 6,282 | 5,610 | 6,943 |
Universal life and investment-type product policy fees | 9,206 | 9,507 | 9,946 |
Goodwill impairment | 260 | 0 | 0 |
Change in fair value option and trading securities | 111 | 784 | (739) |
Change in accrued investment income | (31) | 138 | 207 |
Change in premiums, reinsurance and other receivables | (2,125) | (837) | (650) |
Change in deferred policy acquisition costs and value of business acquired, net | (949) | 491 | 1,134 |
Change in income tax | (1,557) | 825 | 2,075 |
Change in other assets | 3,248 | 2,752 | 2,573 |
Change in insurance-related liabilities and policy-related balances | 6,279 | 6,366 | 5,847 |
Change in other liabilities | 2,766 | 1,134 | 1,885 |
Other, net | 136 | 164 | 101 |
Net cash provided by (used in) operating activities | 14,827 | 14,129 | 16,376 |
Cash flows from investing activities | |||
Sales, maturities and repayments of fixed maturity securities | 150,658 | 146,732 | 118,526 |
Sales, maturities and repayments of equity securities | 1,241 | 1,117 | 490 |
Sales, maturities and repayments of mortgage loans | 12,977 | 12,647 | 14,128 |
Sales, maturities and repayments of real estate and real estate joint ventures | 826 | 3,256 | 1,012 |
Sales, maturities and repayments of other limited partnership interests | 1,542 | 1,827 | 823 |
Purchases of fixed maturity securities | (146,397) | (148,799) | (130,197) |
Purchases of equity securities | (1,006) | (996) | (530) |
Purchases of mortgage loans | (21,017) | (20,449) | (17,464) |
Purchases of real estate and real estate joint ventures | (1,515) | (1,298) | (2,282) |
Purchases of other limited partnership interests | (1,313) | (1,429) | (1,764) |
Cash received in connection with freestanding derivatives | 4,259 | 2,690 | 1,760 |
Cash paid in connection with freestanding derivatives | (6,963) | (4,211) | (4,003) |
Cash received under repurchase agreements | 0 | 199 | 0 |
Cash paid under repurchase agreements | 0 | (199) | 0 |
Cash received under reverse repurchase agreements | 0 | 199 | 0 |
Cash paid under reverse repurchase agreements | 0 | (199) | 0 |
Sales of businesses, net of cash and cash equivalents disposed of $135, $0 and $323, respectively | 156 | 0 | 436 |
Purchases of investments in operating joint ventures | (39) | 0 | (277) |
Net change in policy loans | 195 | 287 | (27) |
Net change in short-term investments | 1,270 | (777) | 5,167 |
Net change in other invested assets | (267) | (936) | (512) |
Other, net | (457) | (59) | (341) |
Net cash provided by (used in) investing activities | (5,850) | (10,398) | (15,055) |
Cash flows from financing activities | |||
Policyholder account balances: Deposits | 88,188 | 92,904 | 89,520 |
Policyholder account balances: Withdrawals | (83,263) | (94,621) | (88,037) |
Net change in payables for collateral under securities loaned and other transactions | (3,636) | 1,544 | 5,031 |
Net change in short-term debt | 38 | 0 | (75) |
Long-term debt issued | 0 | 3,893 | 1,000 |
Long-term debt repaid | (1,279) | (1,438) | (2,862) |
Collateral financing arrangements repaid | (68) | (57) | 0 |
Financing element on certain derivative instruments, net | (1,367) | 181 | (747) |
Common stock issued, net of issuance costs | 0 | 0 | 1,000 |
Treasury stock acquired in connection with share repurchases | (372) | (1,930) | (1,000) |
Preferred stock issued, net of issuance costs | 0 | 1,483 | 0 |
Repurchase of preferred stock | 0 | (1,460) | 0 |
Preferred stock repurchase premium | 0 | (42) | 0 |
Dividends on preferred stock | (103) | (116) | (122) |
Dividends on common stock | (1,736) | (1,653) | (1,499) |
Other, net | 48 | 17 | 47 |
Net cash provided by (used in) financing activities | (3,550) | (1,295) | 2,256 |
Effect of change in foreign currency exchange rates on cash and cash equivalents balances | (302) | (492) | (354) |
Change in cash and cash equivalents | 5,125 | 1,944 | 3,223 |
Cash and cash equivalents, beginning of year | 12,752 | 10,808 | 7,585 |
Cash and cash equivalents, end of year | 17,877 | 12,752 | 10,808 |
Cash and cash equivalents, of disposed subsidiary, beginning of year | 1,570 | 1,603 | 1,097 |
Cash and cash equivalents, of disposed subsidiary, end of year | 5,226 | 1,570 | 1,603 |
Cash and cash equivalents, from continuing operations, beginning of year | 11,182 | 9,205 | 6,488 |
Cash and cash equivalents, from continuing operations, end of year | 12,651 | 11,182 | 9,205 |
Supplemental disclosures of cash flow information: | |||
Net cash paid for Interest | 1,202 | 1,178 | 1,213 |
Net cash paid (received) for Income tax | 672 | 1,127 | 748 |
Non-cash transactions | |||
Fixed maturity securities received in connection with pension risk transfer transactions | 985 | 903 | 0 |
Reduction of fixed maturity securities in connection with a reinsurance transaction | 224 | 0 | 0 |
Reduction of other invested assets in connection with a reinsurance transaction | 676 | 0 | 0 |
Deconsolidation of operating joint venture (Note 8): | |||
Reduction of fixed maturity securities | 917 | 0 | 0 |
Reduction of noncontrolling interests | 373 | 0 | 0 |
Reduction of redeemable noncontrolling interests | 0 | 0 | 774 |
Reduction of long-term debt | 0 | 571 | 413 |
Reduction of real estate and real estate joint ventures | $ 0 | $ 688 | $ 1,132 |
Consolidated Statements of Cas9
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from investing activities | |||
Cash disposed from sale of businesses | $ 135 | $ 0 | $ 323 |
Business, Basis of Presentation
Business, Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
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 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 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. Prior to January 1, 2016, certain international subsidiaries had a fiscal year cutoff of November 30th. Accordingly, the Company’s consolidated financial statements reflect the assets and liabilities of such subsidiaries as of November 30, 2015 and the operating results of such subsidiaries for the years ended November 30, 2015 and 2014. Effective January 1, 2016, the Company converted its Japan operations to calendar year-end reporting. The elimination of a one-month reporting lag of a subsidiary is considered a change in accounting principle and requires retrospective application. While the Company believes that eliminating the lag in the reporting of its Japan operations was preferable in order to consistently reflect events, economic conditions and global trends on the financial statements, the Company determined that it was impracticable to apply the effects of the lag elimination to financial reporting periods prior to January 1, 2015. The effect of not retroactively applying this change in accounting, however, was not material to the 2015 or 2016 consolidated financial statements. Therefore, the Company reported the cumulative effect of the change in accounting principle in net income for the year ended December 31, 2016 and did not retrospectively apply the effects of this change to prior periods. 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. Effective January 1, 2014, the Company adopted new guidance regarding reporting of discontinued operations for disposals or classifications as held-for-sale that have not been previously reported on the consolidated financial statements. A disposal of a component is reported in discontinued operations if the disposal represents a strategic shift that has or will have a major effect on the Company’s operations and financial results. See “— Adoption of New Accounting Pronouncements.” The results of Brighthouse are reflected in MetLife, Inc.'s consolidated financial statements as discontinued operations and, therefore, are presented as assets and liabilities of disposed subsidiary on the consolidated balance sheets and income (loss) from discontinued operations on the consolidated statements of operations. Prior period results have been revised to reflect discontinued operations, which are reported in Corporate & Other. Intercompany transactions between the Company and Brighthouse prior to the Separation have been eliminated. See Note 3 for information on discontinued operations and transactions with Brighthouse. Separate Accounts Separate accounts are established in conformity with insurance laws. Generally, the assets of the separate accounts cannot be used to settle the liabilities that arise from any other business of the Company. Separate account assets are subject to general account claims only to the extent the value of such assets exceeds the separate account liabilities. The Company reports separately, as assets and liabilities, investments held in separate accounts and liabilities of the separate accounts if: • such separate accounts are legally recognized; • assets supporting the contract liabilities are legally insulated from the Company’s general account liabilities; • investments are directed by the contractholder; and • all investment performance, net of contract fees and assessments, is passed through to the contractholder. The Company reports separate account assets at their fair value which is based on the estimated fair values of the underlying assets comprising the individual separate account portfolios. Investment performance (including investment income, net investment gains (losses) and changes in unrealized gains (losses)) and the corresponding amounts credited to contractholders of such separate accounts are offset within the same line on the statements of operations. Separate accounts credited with a contractual investment return are combined on a line-by-line basis with the Company’s general account assets, liabilities, revenues and expenses and the accounting for these investments is consistent with the methodologies described herein for similar financial instruments held within the general account. Unit-linked separate account investments that are directed by contractholders but do not meet one or more of the other above criteria are included in fair value option (“FVO”) and trading securities. The Company’s revenues reflect fees charged to the separate accounts, including mortality charges, risk charges, policy administration fees, investment management fees and surrender charges. Such fees are included in universal life and investment-type product policy fees on the statements of operations. Reclassifications Certain amounts in the prior years’ consolidated financial statements and related footnotes thereto have been reclassified to conform with the current year presentation as discussed throughout the Notes to the Consolidated Financial Statements. Summary of Significant Accounting Policies The following are the Company’s significant accounting policies with references to notes providing additional information on such policies and critical accounting estimates relating to such policies. Accounting Policy Note Insurance 4 Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles 5 Reinsurance 6 Investments 8 Derivatives 9 Fair Value 10 Goodwill 11 Employee Benefit Plans 18 Income Tax 19 Litigation Contingencies 21 Insurance Future Policy Benefit Liabilities and Policyholder Account Balances The Company establishes liabilities for amounts payable under insurance policies. Generally, amounts are payable over an extended period of time and related liabilities are calculated as the present value of future expected benefits to be paid, reduced by the present value of future expected premiums. Such liabilities are established based on methods and underlying assumptions in accordance with GAAP and applicable actuarial standards. Principal assumptions used in the establishment of liabilities for future policy benefits are mortality, morbidity, policy lapse, renewal, retirement, disability incidence, disability terminations, investment returns, inflation, expenses and other contingent events as appropriate to the respective product type and geographical area. These assumptions are established at the time the policy is issued and are intended to estimate the experience for the period the policy benefits are payable. Utilizing these assumptions, liabilities are established on a block of business basis. For long duration insurance contracts, assumptions such as mortality, morbidity and interest rates are “locked in” upon the issuance of new business. However, significant adverse changes in experience on such contracts may require the establishment of premium deficiency reserves. Such reserves are determined based on the then current assumptions and do not include a provision for adverse deviation. Premium deficiency reserves may also be established for short-duration contracts to provide for expected future losses. These reserves are based on actuarial estimates of the amount of loss inherent in that period, including losses incurred for which claims have not been reported. The provisions for unreported claims are calculated using studies that measure the historical length of time between the incurred date of a claim and its eventual reporting to the Company. Anticipated investment income is considered in the calculation of premium deficiency losses for short-duration contracts. Liabilities for universal and variable life policies with secondary guarantees (“ULSG”) and paid-up guarantees are determined by estimating the expected value of death benefits payable when the account balance is projected to be zero and recognizing those benefits ratably over the accumulation period based on total expected assessments. The assumptions used in estimating the secondary and paid-up guarantee liabilities are consistent with those used for amortizing deferred policy acquisition costs (“DAC”), and are thus subject to the same variability and risk as further discussed herein. The assumptions of investment performance and volatility for variable products are consistent with historical experience of appropriate underlying equity indices, such as the Standard & Poor’s Global Ratings (“S&P”) 500 Index. The benefits used in calculating the liabilities are based on the average benefits payable over a range of scenarios. The Company regularly reviews its estimates of liabilities for future policy benefits and compares them with its actual experience. Differences result in changes to the liability balances with related charges or credits to benefit expenses in the period in which the changes occur. Policyholder account balances relate to contracts or contract features where the Company has no significant insurance risk. The Company issues directly and assumes through reinsurance certain variable annuity products with guaranteed minimum benefits that provide the policyholder a minimum return based on their initial deposit (i.e., the benefit base) less withdrawals. These guarantees are accounted for as insurance liabilities or as embedded derivatives depending on how and when the benefit is paid. Specifically, a guarantee is accounted for as an embedded derivative if a guarantee is paid without requiring (i) the occurrence of specific insurable event, or (ii) the policyholder to annuitize. Alternatively, a guarantee is accounted for as an insurance liability if the guarantee is paid only upon either (i) the occurrence of a specific insurable event, or (ii) annuitization. In certain cases, a guarantee may have elements of both an insurance liability and an embedded derivative and in such cases the guarantee is split and accounted for under both models. Guarantees accounted for as insurance liabilities in future policy benefits include guaranteed minimum death benefits (“GMDBs”), the portion of guaranteed minimum income benefits (“GMIBs”) that require annuitization, and the life-contingent portion of guaranteed minimum withdrawal benefits (“GMWBs”). Guarantees accounted for as embedded derivatives in policyholder account balances include the non life-contingent portion of GMWBs, guaranteed minimum accumulation benefits (“GMABs”) and the portion of GMIBs that do not require annuitization. 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. Other Policy-Related Balances Other policy-related balances include policy and contract claims, unearned revenue liabilities, premiums received in advance, policyholder dividends due and unpaid, policyholder dividends left on deposit and negative value of business acquired. The liability for policy and contract claims generally relates to incurred but not reported (“IBNR”) death, disability, long-term care and dental claims, as well as claims which have been reported but not yet settled. The liability for these claims is based on the Company’s estimated ultimate cost of settling all claims. The Company derives estimates for the development of IBNR claims principally from analyses of historical patterns of claims by business line. The methods used to determine these estimates are continually reviewed. Adjustments resulting from this continuous review process and differences between estimates and payments for claims are recognized in policyholder benefits and claims expense in the period in which the estimates are changed or payments are made. The unearned revenue liability relates to universal life-type and investment-type products and represents policy charges for services to be provided in future periods. The charges are deferred as unearned revenue and amortized using the product’s estimated gross profits and margins, similar to DAC as discussed further herein. Such amortization is recorded in universal life and investment-type product policy fees. The Company accounts for the prepayment of premiums on its individual life, group life and health contracts as premiums received in advance and applies the cash received to premiums when due. See “— Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles” for a discussion of negative value of business acquired. Recognition of Insurance Revenues and Deposits Premiums related to traditional life, annuity contracts with life contingencies, long-duration accident & health, and credit insurance policies are recognized as revenues when due from policyholders. Policyholder benefits and expenses are provided to recognize profits over the estimated lives of the insurance policies. When premiums are due over a significantly shorter period than the period over which benefits are provided, any excess profit is deferred and recognized into earnings in a constant relationship to insurance in-force or, for annuities, the amount of expected future policy benefit payments. Premiums related to short-duration non-medical health and disability, accident & health, and certain credit insurance contracts are recognized on a pro rata basis over the applicable contract term. Deposits related to universal life-type and investment-type products are credited to policyholder account balances. Revenues from such contracts consist of fees for mortality, policy administration and surrender charges and are recorded in universal life and investment-type product policy fees in the period in which services are provided. Amounts that are charged to earnings include interest credited and benefit claims incurred in excess of related policyholder account balances. Premiums related to property & casualty contracts are recognized as revenue on a pro rata basis over the applicable contract term. Unearned premiums, representing the portion of premium written related to the unexpired coverage, are also included in future policy benefits. All revenues and expenses are presented net of reinsurance as applicable. Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles The Company incurs significant costs in connection with acquiring new and renewal insurance business. Costs that are related directly to the successful acquisition or renewal of insurance contracts are capitalized as DAC. Such costs include: • incremental direct costs of contract acquisition, such as commissions; • the portion of an employee’s total compensation and benefits related to time spent selling, underwriting or processing the issuance of new and renewal insurance business only with respect to actual policies acquired or renewed; • other essential direct costs that would not have been incurred had a policy not been acquired or renewed; and • the costs of direct-response advertising, the primary purpose of which is to elicit sales to customers who could be shown to have responded specifically to the advertising and that results in probable future benefits. All other acquisition-related costs, including those related to general advertising and solicitation, market research, agent training, product development, unsuccessful sales and underwriting efforts, as well as all indirect costs, are expensed as incurred. Value of business acquired (“VOBA”) is an intangible asset resulting from a business combination that represents the excess of book value over the estimated fair value of acquired insurance, annuity, and investment-type contracts in-force at the acquisition date. The estimated fair value of the acquired liabilities is based on projections, by each block of business, of future policy and contract charges, premiums, mortality and morbidity, separate account performance, surrenders, operating expenses, investment returns, nonperformance risk adjustment and other factors. Actual experience on the purchased business may vary from these projections. DAC and VOBA are amortized as follows: Products: In proportion to the following over estimated lives of the contracts: • Nonparticipating and non-dividend-paying traditional contracts: Actual and expected future gross premiums. • Term insurance • Nonparticipating whole life insurance • Traditional group life insurance • Non-medical health insurance • Accident & health insurance • Participating, dividend-paying traditional contracts Actual and expected future gross margins. • Fixed and variable universal life contracts Actual and expected future gross profits. • Fixed and variable deferred annuity contracts • Credit insurance contracts Actual and future earned premiums. • Property & casualty insurance contracts • Other short-duration contracts See Note 5 for additional information on DAC and VOBA amortization. Amortization of DAC and VOBA is included in other expenses. The recovery of DAC and VOBA is dependent upon the future profitability of the related business. DAC and VOBA are aggregated on the financial statements for reporting purposes. The Company generally has two different types of sales inducements which are included in other assets: (i) the policyholder receives a bonus whereby the policyholder’s initial account balance is increased by an amount equal to a specified percentage of the customer’s deposit; and (ii) the policyholder receives a higher interest rate using a dollar cost averaging method than would have been received based on the normal general account interest rate credited. The Company defers sales inducements and amortizes them over the life of the policy using the same methodology and assumptions used to amortize DAC. The amortization of sales inducements is included in policyholder benefits and claims. Each year, or more frequently if circumstances indicate a potential recoverability issue exists, the Company reviews deferred sales inducements (“DSI”) to determine the recoverability of the asset. Value of distribution agreements acquired (“VODA”) is reported in other assets and represents the present value of expected future profits associated with the expected future business derived from the distribution agreements acquired as part of a business combination. Value of customer relationships acquired (“VOCRA”) is also reported in other assets and represents the present value of the expected future profits associated with the expected future business acquired through existing customers of the acquired company or business. The VODA and VOCRA associated with past business combinations are amortized over useful lives ranging from 10 to 40 years and such amortization is included in other expenses. Each year, or more frequently if circumstances indicate a possible impairment exists, the Company reviews VODA and VOCRA to determine whether the asset is impaired. For certain acquired blocks of business, the estimated fair value of the in-force contract obligations exceeded the book value of assumed in-force insurance policy liabilities, resulting in negative VOBA, which is presented separately from VOBA as an additional insurance liability. The fair value of the in-force contract obligations is based on projections by each block of business. Negative VOBA is amortized over the policy period in proportion to the approximate consumption of losses included in the liability usually expressed in terms of insurance in-force or account value. Such amortization is recorded as a contra-expense in other expenses. Reinsurance For each of its reinsurance agreements, the Company determines whether the agreement provides indemnification against loss or liability relating to insurance risk in accordance with applicable accounting standards. Cessions under reinsurance agreements do not discharge the Company’s obligations as the primary insurer. The Company reviews all contractual features, including those that may limit the amount of insurance risk to which the reinsurer is subject or features that delay the timely reimbursement of claims. For reinsurance of existing in-force blocks of long-duration contracts that transfer significant insurance risk, the difference, if any, between the amounts paid (received), and the liabilities ceded (assumed) related to the underlying contracts is considered the net cost of reinsurance at the inception of the reinsurance agreement. The net cost of reinsurance is recorded as an adjustment to DAC and recognized as a component of other expenses on a basis consistent with the way the acquisition costs on the underlying reinsured contracts would be recognized. Subsequent amounts paid (received) on the reinsurance of in-force blocks, as well as amounts paid (received) related to new business, are recorded as ceded (assumed) premiums; and ceded (assumed) premiums, reinsurance and other receivables (future policy benefits) are established. For prospective reinsurance of short-duration contracts that meet the criteria for reinsurance accounting, amounts paid (received) are recorded as ceded (assumed) premiums and ceded (assumed) unearned premiums. Unearned premiums are reflected as a component of premiums, reinsurance and other receivables (future policy benefits). Such amounts are amortized through earned premiums over the remaining contract period in proportion to the amount of insurance protection provided. For retroactive reinsurance of short-duration contracts that meet the criteria of reinsurance accounting, amounts paid (received) in excess of the related insurance liabilities ceded (assumed) are recognized immediately as a loss and are reported in the appropriate line item within the statement of operations. Any gain on such retroactive agreement is deferred and is amortized as part of DAC, primarily using the recovery method. Amounts currently recoverable under reinsurance agreements are included in premiums, reinsurance and other receivables and amounts currently payable are included in other liabilities. Assets and liabilities relating to reinsurance agreements with the same reinsurer may be recorded net on the balance sheet, if a right of offset exists within the reinsurance agreement. In the event that reinsurers do not meet their obligations to the Company under the terms of the reinsurance agreements, reinsurance recoverable balances could become uncollectible. In such instances, reinsurance recoverable balances are stated net of allowances for uncollectible reinsurance. Premiums, fees and policyholder benefits and claims include amounts assumed under reinsurance agreements and are net of reinsurance ceded. Amounts received from reinsurers for policy administration are reported in other revenues. With respect to GMIBs, a portion of the directly written GMIBs are accounted for as insurance liabilities, but the associated reinsurance agreements contain embedded derivatives. These embedded derivatives are included in premiums, reinsurance and other receivables with changes in estimated fair value reported in policyholder benefits and claims. If the Company determines that a reinsurance agreement does not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk, the Company records the agreement using the deposit method of accounting. Deposits received are included in other liabilities and deposits made are included within premiums, reinsurance and other receivables. As amounts are paid or received, consistent with the underlying contracts, the deposit assets or liabilities are adjusted. Interest on such deposits is recorded as other revenues or other expenses, as appropriate. Periodically, the Company evaluates the adequacy of the expected payments or recoveries and adjusts the deposit asset or liability through other revenues or other expenses, as appropriate. Investments Net Investment Income and Net Investment Gains (Losses) Income from investments is reported within net investment income, unless otherwise stated herein. Gains and losses on sales of investments, impairment losses and changes in valuation allowances are reported within net investment gains (losses), unless otherwise stated herein. Fixed Maturity and Equity Securities The majority of the Company’s fixed maturity and equity securities are classified as available-for-sale (“AFS”) and are reported at their estimated fair value. Unrealized investment gains and losses on these securities are recorded as a separate component of other comprehensive income (loss) (“OCI”), net of policy-related amounts and deferred income taxes. All security transactions are recorded on a trade date basis. Investment gains and losses on sales are determined on a specific identification basis. Interest income and prepayment fees are recognized when earned. Interest income is recognized using an effective yield method giving effect to amortization of premiums and accretion of discounts, and is based on the estimated economic life of the securities, which for mortgage-backed and asset-backed securities considers the estimated timing and amount of prepayments of the underlying loans. See Note 8 “— Investments — Fixed Maturity and Equity Securities AFS — Methodology for Amortization of Premium and Accretion of Discount on Structured Securities.” The amortization of premium and accretion of discount of fixed maturity securities also takes into consideration call and maturity dates. Dividends on equity securities are recognized when declared. The Company periodically evaluates fixed maturity and equity securities for impairment. The assessment of whether impairments have occurred is based on management’s case-by-case evaluation of the underlying reasons for the decline in estimated fair value, as well as an analysis of the gross unrealized losses by severity and/or age as described in Note 8 “— Evaluation of AFS Securities for OTTI and Evaluating Temporarily Impaired AFS Securities.” For fixed maturity securities in an unrealized loss position, an other-than-temporary impairment (“OTTI”) is recognized in earnings when it is anticipated that the amortized cost will not be recovered. When either: (i) the Company has the intent to sell the security; or (ii) it is more likely than not that the Company will be required to sell the security before recovery, the OTTI recognized in earnings is the entire difference between the security’s amortized cost and estimated fair value. If neither of these conditions exists, the difference between the amortized cost of the security and the present value of projected future cash flows expected to be collected is recognized as an OTTI in earnings (“credit loss”). If the estimated fair value is less than the present value of projected future cash flows expected to be collected, this portion of OTTI related to other-than-credit factors (“noncredit loss”) is recorded in OCI. With respect to equity securities, the Company considers in its OTTI analysis its intent and ability to hold a particular equity security for a period of time sufficient to allow for the recovery of its estimated fair value to an amount equal to or greater than cost. If a sale decision is made for an equity security and recovery to an amount at least equal to cost prior to the sale is not expected, the security will be deemed to be other-than-temporarily impaired in the period that the sale decision was made and an OTTI loss will be recorded in earnings. The OTTI loss recognized is the entire difference between the security’s cost and its estimated fair value. FVO and Trading Securities FVO and trading securities are stated at estimated fair value and include investments for which the FVO has been elected (“FVO Securities”) and investments that are actively purchased and sold (“Actively traded securities”). FVO Securities include: • fixed maturity and equity securities held-for-investment by the general account to support asset and liability management strategies for certain insurance products and investments in certain separate accounts (“FVO general account securities”); and • contractholder-directed investments supporting unit-linked variable annuity type liabilities which do not qualify for presentation and reporting as separate account summary total assets and liabilities. These investments are primarily mutual funds and, to a lesser extent, fixed maturity and equity securities, short-term investments and cash and cash equivalents. The investment returns on these investments inure to contractholders and are offset by a corresponding change in Policyholder account balances through interest credited to policyholder account balances (“FVO contractholder-directed unit-linked investments”). Actively traded securities principally include fixed maturity securities and short sale agreement liabilities, which are included in other liabilities. Changes in estimated fair value of these securities are included in net investment income, except for certain securities included in FVO Securities, where changes are included in net investment gains (losses). Mortgage Loans The Company disaggregates its mortgage loan investments into three portfolio segments: commercial, agricultural and residential. The accounting policies that are applicable to all portfolio segments are presented below and the accounting policies related to each of the portfolio segments are included in Note 8 . Mortgage loans are stated at unpaid principal balance, adjusted for any unamortized premium or discount, deferred fees or expenses, and are net of valuation allowances. Interest income and prepayment fees are recognized when earned. Interest income is recognized using an effective yield method giving effect to amortization of premiums and accretion of discounts. Also included in mortgage loans are residential mortgage loans for which the FVO was elected, and which are stated at estimated fair value. Changes in estimated fair value are recognized in net investment income. Policy Loans Policy loans are stated at unpaid principal balances. Interest income is recorded as earned using the contractual interest rate. Generally, accrued interest is capitalized on the policy’s anniversary date. Valuation allowances are not established for policy loans, as they are fully collateralized by the cash surrender value of the underlying insurance policies. Any unpaid principal and accrued interest is deducted from the cash surrender value or the death benefit prior to settlement of the insurance policy. Real Estate Real estate held-for-investment is stated at cost less accumulated depreciation. Depreciation is recorded on a straight-line basis over the estimated useful life of the asset (typically |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2016 | |
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 year ended December 31, 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 GMIB fees (“GMIB Fees”); • 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) includes income from discontinued real estate operations, (iii) excludes post-tax operating earnings adjustments relating to insurance joint ventures accounted for under the equity method, (iv) excludes certain amounts related to contractholder-directed unit-linked investments and (v) 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 DAC and 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 years ended December 31, 2016 , 2015 and 2014 and at December 31, 2016 and 2015 . 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 Year Ended December 31, 2016 U.S. Asia Latin America EMEA MetLife Holdings Corporate & Other Total Adjustments Total Consolidated (In millions) Revenues Premiums $ 21,501 $ 6,902 $ 2,529 $ 2,027 $ 4,506 $ 40 $ 37,505 $ (303 ) $ 37,202 Universal life and investment-type product policy fees 989 1,487 1,025 391 1,436 2 5,330 152 5,482 Net investment income 6,206 2,707 1,084 318 5,944 178 16,437 353 16,790 Other revenues 784 61 34 73 581 110 1,643 42 1,685 Net investment gains (losses) — — — — — — — 305 305 Net derivative gains (losses) — — — — — — — (874 ) (874 ) Total revenues 29,480 11,157 4,672 2,809 12,467 330 60,915 (325 ) 60,590 Expenses Policyholder benefits and claims and policyholder dividends 21,558 5,191 2,443 1,067 7,534 41 37,834 (295 ) 37,539 Interest credited to policyholder account balances 1,302 1,298 328 112 1,042 6 4,088 1,088 5,176 Capitalization of DAC (471 ) (1,668 ) (321 ) (403 ) (281 ) (7 ) (3,151 ) (1 ) (3,152 ) Amortization of DAC and VOBA 471 1,224 184 408 736 8 3,031 (325 ) 2,706 Amortization of negative VOBA — (208 ) (1 ) (13 ) — — (222 ) (47 ) (269 ) Interest expense on debt 9 — 2 — 57 1,139 1,207 (50 ) 1,157 Other expenses 3,706 3,586 1,336 1,323 2,392 595 12,938 355 13,293 Total expenses 26,575 9,423 3,971 2,494 11,480 1,782 55,725 725 56,450 Provision for income tax expense (benefit) 988 492 158 42 288 (947 ) 1,021 (355 ) 666 Operating earnings $ 1,917 $ 1,242 $ 543 $ 273 $ 699 $ (505 ) 4,169 Adjustments to: Total revenues (325 ) Total expenses (725 ) Provision for income tax (expense) benefit 355 Income (loss) from continuing operations, net of income tax $ 3,474 $ 3,474 At December 31, 2016 U.S. Asia (1) Latin America EMEA MetLife Holdings Corporate & Other (2) Total (In millions) Total assets $ 253,683 $ 120,656 $ 67,233 $ 25,596 $ 184,276 $ 247,320 $ 898,764 Separate account assets $ 85,950 $ 8,020 $ 48,455 $ 4,329 $ 48,823 $ 1 $ 195,578 Separate account liabilities $ 85,950 $ 8,020 $ 48,455 $ 4,329 $ 48,823 $ 1 $ 195,578 __________________ (1) Total assets includes $98.0 billion of assets from the Japan operations which represents 11% of total consolidated assets. (2) Includes assets of disposed subsidiary of $216,983 million at December 31, 2016. Operating Results Year Ended December 31, 2015 U.S. Asia Latin America EMEA MetLife Holdings Corporate & Other Total Adjustments Total Consolidated (In millions) Revenues Premiums $ 20,861 $ 6,937 $ 2,581 $ 2,036 $ 4,545 $ (92 ) $ 36,868 $ (465 ) $ 36,403 Universal life and investment-type product policy fees 943 1,542 1,117 424 1,482 (4 ) 5,504 66 5,570 Net investment income 6,209 2,675 1,038 326 6,201 260 16,709 (466 ) 16,243 Other revenues 751 105 41 61 930 69 1,957 (30 ) 1,927 Net investment gains (losses) — — — — — — — 646 646 Net derivative gains (losses) — — — — — — — 545 545 Total revenues 28,764 11,259 4,777 2,847 13,158 233 61,038 296 61,334 Expenses Policyholder benefits and claims and policyholder dividends 20,837 5,275 2,408 988 7,357 (114 ) 36,751 (293 ) 36,458 Interest credited to policyholder account balances 1,216 1,309 349 120 1,062 23 4,079 336 4,415 Capitalization of DAC (493 ) (1,720 ) (341 ) (472 ) (410 ) (3 ) (3,439 ) 120 (3,319 ) Amortization of DAC and VOBA 471 1,256 271 497 577 (1 ) 3,071 95 3,166 Amortization of negative VOBA — (309 ) (1 ) (16 ) — — (326 ) (35 ) (361 ) Interest expense on debt 4 — — — 55 1,169 1,228 (60 ) 1,168 Other expenses 3,685 3,611 1,429 1,469 2,694 929 13,817 282 14,099 Total expenses 25,720 9,422 4,115 2,586 11,335 2,003 55,181 445 55,626 Provision for income tax expense (benefit) 1,040 457 37 21 581 (364 ) 1,772 (72 ) 1,700 Operating earnings $ 2,004 $ 1,380 $ 625 $ 240 $ 1,242 $ (1,406 ) 4,085 Adjustments to: Total revenues 296 Total expenses (445 ) Provision for income tax (expense) benefit 72 Income (loss) from continuing operations, net of income tax $ 4,008 $ 4,008 At December 31, 2015 U.S. Asia (1) Latin EMEA MetLife Corporate Total (In millions) Total assets $ 237,858 $ 113,895 $ 64,808 $ 26,767 $ 187,677 $ 246,928 $ 877,933 Separate account assets $ 79,540 $ 8,964 $ 46,061 $ 3,996 $ 48,590 $ 1 $ 187,152 Separate account liabilities $ 79,540 $ 8,964 $ 46,061 $ 3,996 $ 48,590 $ 1 $ 187,152 __________________ (1) Total assets includes $90.0 billion of assets from the Japan operations which represents 10% of total consolidated assets. (2) Includes assets of disposed subsidiary of $216,437 million at December 31, 2015. Operating Results Year Ended December 31, 2014 U.S. Asia Latin America EMEA MetLife Holdings Corporate & Other Total Adjustments Total Consolidated (In millions) Revenues Premiums $ 20,243 $ 7,566 $ 2,796 $ 2,309 $ 4,545 $ 89 $ 37,548 $ (578 ) $ 36,970 Universal life and investment-type product policy fees 909 1,693 1,239 466 1,374 — 5,681 143 5,824 Net investment income 6,111 2,886 1,219 428 6,409 489 17,542 616 18,158 Other revenues 721 106 33 60 1,062 55 2,037 (75 ) 1,962 Net investment gains (losses) — — — — — — — 338 338 Net derivative gains (losses) — — — — — — — 722 722 Total revenues 27,984 12,251 5,287 3,263 13,390 633 62,808 1,166 63,974 Expenses Policyholder benefits and claims and policyholder dividends 20,110 5,724 2,615 1,053 7,217 49 36,768 (22 ) 36,746 Interest credited to policyholder account balances 1,168 1,544 394 148 1,098 33 4,385 1,341 5,726 Capitalization of DAC (488 ) (1,914 ) (377 ) (680 ) (326 ) (1 ) (3,786 ) 114 (3,672 ) Amortization of DAC and VOBA 458 1,397 313 613 444 (8 ) 3,217 (188 ) 3,029 Amortization of negative VOBA — (364 ) (1 ) (31 ) — — (396 ) (46 ) (442 ) Interest expense on debt 12 — — — 58 1,162 1,232 (82 ) 1,150 Other expenses 3,550 3,975 1,588 1,846 2,670 821 14,450 104 14,554 Total expenses 24,810 10,362 4,532 2,949 11,161 2,056 55,870 1,221 57,091 Provision for income tax expense (benefit) 1,073 582 129 29 714 (719 ) 1,808 128 1,936 Operating earnings $ 2,101 $ 1,307 $ 626 $ 285 $ 1,515 $ (704 ) 5,130 Adjustments to: Total revenues 1,166 Total expenses (1,221 ) Provision for income tax (expense) benefit (128 ) Income (loss) from continuing operations, net of income tax $ 4,947 $ 4,947 The following table presents total premiums, universal life and investment-type product policy fees and other revenues by major product groups of the Company’s segments, as well as Corporate & Other: Years Ended December 31, 2016 2015 2014 (In millions) Life insurance $ 20,436 $ 20,847 $ 21,409 Accident & health insurance 14,127 13,109 13,427 Annuities 5,552 5,730 5,756 Property & casualty insurance 3,560 3,504 3,524 Non-insurance 694 710 640 Total $ 44,369 $ 43,900 $ 44,756 The following table presents total premiums, universal life and investment-type product policy fees and other revenues associated with the Company’s U.S. and foreign operations: Years Ended December 31, 2016 2015 2014 (In millions) U.S. $ 29,166 $ 29,094 $ 28,249 Foreign: Japan 7,088 6,264 6,917 Other 8,115 8,542 9,590 Total $ 44,369 $ 43,900 $ 44,756 Revenues derived from any customer did not exceed 10% of consolidated premiums, universal life and investment-type product policy fees and other revenues for the years ended December 31, 2016 , 2015 and 2014 . |
Acquisitions and Dispositions
Acquisitions and Dispositions | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions and Dispositions | 3. Dispositions 2017 Disposition 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. 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 primarily includes a $1,061 million loss on MetLife's retained investment in Brighthouse Financial, Inc. 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. The estimated fair value of the Brighthouse Financial, Inc. common stock held by the Company as of September 30, 2017 was $1.4 billion . 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. at Separation and an additional $45 million loss for the change in Brighthouse Financial, Inc.’s common stock share price from the Separation date to September 30, 2017. In the third quarter of 2016, the Company recorded a non-cash charge of $260 million ( $223 million , net of income tax) for the impairment of Brighthouse goodwill included in discontinued operations. 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 $212 million for the year ended December 31, 2016, primarily related to professional services and reported in continuing operations. 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 IRS examinations. 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. 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. Transactions Prior to the Separation Prior to the Separation, the Company completed the following transactions in 2017. 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. 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. See Note 23 for discussion of impacts to the junior subordinated debentures as a result of the Separation. Discontinued Operations The following table presents the amounts related to the operations of Brighthouse that have been reflected in discontinued operations: For the Years Ended December 31, 2016 2015 2014 (In millions) Revenues Premiums $ 1,951 $ 2,142 $ 2,098 Universal life and investment-type product policy fees 3,724 3,936 4,122 Net investment income 3,157 3,038 2,996 Other revenues 74 58 68 Total net investment gains (losses) (134 ) (49 ) (535 ) Net derivative gains (losses) (5,886 ) (507 ) 594 Total revenues 2,886 8,618 9,343 Expenses Policyholder benefits and claims 4,487 3,612 3,709 Interest credited to policyholder account balances 1,107 1,195 1,217 Policyholder dividends 34 32 23 Goodwill impairment 260 — — Other expenses 1,333 2,016 2,474 Total expenses 7,221 6,855 7,423 Income (loss) from discontinued operations before provision for income tax (4,335 ) 1,763 1,920 Provision for income tax expense (benefit) (1,665 ) 449 528 Income (loss) from discontinued operations, net of income tax $ (2,670 ) $ 1,314 $ 1,392 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 December 31, 2015 (In millions) Assets Investments: Fixed maturity securities available-for-sale $ 61,326 $ 63,619 Equity securities available-for-sale 300 457 Mortgage loans 9,378 7,524 Policy loans 1,517 1,692 Real estate and real estate joint ventures 150 595 Other limited partnership interests 1,642 1,850 Short-term investments 1,288 1,832 Other invested assets 3,881 4,917 Total investments 79,482 82,486 Cash and cash equivalents 5,226 1,570 Accrued investment income 680 598 Premiums, reinsurance and other receivables 10,636 9,476 Deferred policy acquisition costs and value of business acquired 7,207 6,711 Goodwill — 260 Other assets 709 889 Separate account assets 113,043 114,447 Total assets of disposed subsidiary $ 216,983 $ 216,437 Liabilities Future policy benefits 33,270 $ 30,612 Policyholder account balances 37,066 37,093 Other policy-related balances 1,356 1,362 Policyholder dividends payable 12 11 Payables for collateral under securities loaned and other transactions 7,390 10,637 Long-term debt 60 87 Collateral financing arrangements 2,797 2,797 Deferred income tax liability 2,594 4,058 Other liabilities 5,119 3,270 Separate account liabilities 113,043 114,447 Total liabilities of disposed subsidiary $ 202,707 $ 204,374 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 operations. For the Years Ended December 31, 2016 2015 2014 (In millions) Net cash provided by (used in): Operating activities $ 3,697 $ 4,559 $ 5,534 Investing activities $ 4,674 $ (7,042 ) $ (708 ) 2016 Disposition In July 2016, MetLife, Inc. completed the sale to Massachusetts Mutual Life Insurance Company (“MassMutual”) of its U.S. retail advisor force and certain assets associated with the MetLife Premier Client Group, including all of the issued and outstanding shares of MetLife’s affiliated broker-dealer, MetLife Securities, Inc. (“MSI”), a wholly-owned subsidiary of MetLife, Inc. (collectively, the “U.S. Retail Advisor Force Divestiture”) for $291 million . MassMutual assumed all of the liabilities related to such assets that arise or occur after the closing of the sale. The Company recorded a gain of $103 million ( $58 million , net of income tax), in net investment gains (losses) for the year ended December 31, 2016 . See Notes 10 and 18 for discussion of certain charges related to the sale. 2014 Disposition In May 2014, the Company completed the sale of its wholly-owned subsidiary, MetLife Assurance Limited (“MAL”), for $702 million ( £418 million ) in net cash consideration. As a result of the sale, a loss of $633 million ( $442 million , net of income tax), was recorded for the year ended December 31, 2014, which includes a reduction to goodwill of $60 million ( $51 million , net of income tax), as well as $77 million ( $50 million , net of income tax) related to net investments in foreign operation hedges. Compared to the expected loss at the time of the sales agreement, the actual loss on the sale was increased by net income from MAL of $77 million for the year ended December 31, 2014. Of the $633 million loss, $77 million was reflected in net investment gains (losses) within continuing operations. MAL’s results of operations are included in discontinued operations. |
Insurance
Insurance | 12 Months Ended |
Dec. 31, 2016 | |
Insurance [Abstract] | |
Insurance | 4. Insurance Insurance Liabilities Insurance liabilities are comprised of future policy benefits, policyholder account balances and other policy-related balances. Information regarding insurance liabilities by segment, as well as Corporate & Other, was as follows at: December 31, 2016 2015 (In millions) U.S. $ 128,745 $ 123,060 Asia 89,422 83,510 Latin America 14,760 14,022 EMEA 18,075 19,009 MetLife Holdings 105,017 102,853 Corporate & Other (3,120 ) (2,667 ) Total $ 352,899 $ 339,787 Future policy benefits are measured as follows: Product Type: Measurement Assumptions: Participating life Aggregate of (i) net level premium reserves for death and endowment policy benefits (calculated based upon the non-forfeiture interest rate, ranging from 3% to 7% for domestic business and less than 1% to 11% for international business and mortality rates guaranteed in calculating the cash surrender values described in such contracts); and (ii) the liability for terminal dividends for domestic business. Nonparticipating life Aggregate of the present value of expected future benefit payments and related expenses less the present value of expected future net premiums. Assumptions as to mortality and persistency are based upon the Company’s experience when the basis of the liability is established. Interest rate assumptions for the aggregate future policy benefit liabilities range from 2% to 11% for domestic business and less than 1% to 13% for international business. I ndividual and group traditional fixed annuities after annuitization Present value of expected future payments. Interest rate assumptions used in establishing such liabilities range from 2% to 11% for domestic business and less than 1% to 12% for international business. Non-medical health insurance The net level premium method and assumptions as to future morbidity, withdrawals and interest, which provide a margin for adverse deviation. Interest rate assumptions used in establishing such liabilities range from 4% to 7% (primarily related to domestic business). Disabled lives Present value of benefits method and experience assumptions as to claim terminations, expenses and interest. Interest rate assumptions used in establishing such liabilities range from 2% to 8% for domestic business and less than 1% to 9% for international business. Property & casualty insurance The amount estimated for claims that have been reported but not settled and claims incurred but not reported are based upon the Company’s historical experience and other actuarial assumptions that consider the effects of current developments, anticipated trends and risk management programs, reduced for anticipated salvage and subrogation. Participating business represented 4% of the Company’s life insurance in-force at both December 31, 2016 and 2015 . Participating policies represented 16% , 17% and 17% of gross traditional life insurance premiums for the years ended December 31, 2016 , 2015 and 2014 , respectively. Policyholder account balances are equal to: (i) policy account values, which consist of an accumulation of gross premium payments and investment performance; (ii) credited interest, ranging from less than 1% to 13% for domestic business and less than 1% to 15% for international business, less expenses, mortality charges and withdrawals; and (iii) fair value adjustments relating to business combinations. Guarantees The Company issues directly and assumes through reinsurance variable annuity products with guaranteed minimum benefits. GMABs and the portions of both non-life-contingent GMWBs and GMIBs that do not require annuitization are accounted for as embedded derivatives in policyholder account balances and are further discussed in Note 9 . Guarantees accounted for as insurance liabilities include: Guarantee: Measurement Assumptions: GMDBs • A return of purchase payment upon death even if the account value is reduced to zero. • Present value of expected death benefits in excess of the projected account balance recognizing the excess ratably over the accumulation period based on the present value of total expected assessments. • An enhanced death benefit may be available for an additional fee. • Assumptions are consistent with those used for amortizing DAC, and are thus subject to the same variability and risk. • Investment performance and volatility assumptions are consistent with the historical experience of the appropriate underlying equity index, such as the S&P 500 Index. • Benefit assumptions are based on the average benefits payable over a range of scenarios. GMIBs • After a specified period of time determined at the time of issuance of the variable annuity contract, a minimum accumulation of purchase payments, even if the account value is reduced to zero, that can be annuitized to receive a monthly income stream that is not less than a specified amount. • Present value of expected income benefits in excess of the projected account balance at any future date of annuitization and recognizing the excess ratably over the accumulation period based on present value of total expected assessments. • Certain contracts also provide for a guaranteed lump sum return of purchase premium in lieu of the annuitization benefit. • Assumptions are consistent with those used for estimating GMDB liabilities. • Calculation incorporates an assumption for the percentage of the potential annuitizations that may be elected by the contractholder. GMWBs • A return of purchase payment via partial withdrawals, even if the account value is reduced to zero, provided that cumulative withdrawals in a contract year do not exceed a certain limit. • Expected value of the life contingent payments and expected assessments using assumptions consistent with those used for estimating the GMDB liabilities. • Certain contracts include guaranteed withdrawals that are life contingent. 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 liabilities for guarantees (excluding base policy liabilities and embedded derivatives) relating to annuity and universal and variable life contracts was as follows: Annuity Contracts Universal and Variable GMDBs GMIBs Secondary Paid-Up Total (In millions) Direct and Assumed: Balance at January 1, 2014 $ 268 $ 521 $ 2,912 $ 266 $ 3,967 Incurred guaranteed benefits (1) 74 (58 ) (184 ) 22 (146 ) Paid guaranteed benefits (35 ) — (17 ) — (52 ) Balance at December 31, 2014 307 463 2,711 288 3,769 Incurred guaranteed benefits (1) 68 62 43 18 191 Paid guaranteed benefits (11 ) (1 ) (28 ) — (40 ) Balance at December 31, 2015 364 524 2,726 306 3,920 Incurred guaranteed benefits (1) 102 78 291 25 496 Paid guaranteed benefits (15 ) (1 ) (28 ) — (44 ) Balance at December 31, 2016 $ 451 $ 601 $ 2,989 $ 331 $ 4,372 Ceded: Balance at January 1, 2014 $ 26 $ 7 $ 168 $ 186 $ 387 Incurred guaranteed benefits — (1 ) 19 15 33 Paid guaranteed benefits (3 ) — — — (3 ) Balance at December 31, 2014 23 6 187 201 417 Incurred guaranteed benefits (1 ) — 31 13 43 Paid guaranteed benefits (3 ) — — — (3 ) Balance at December 31, 2015 19 6 218 214 457 Incurred guaranteed benefits — (1 ) (27 ) 17 (11 ) Paid guaranteed benefits 5 — — — 5 Balance at December 31, 2016 $ 24 $ 5 $ 191 $ 231 $ 451 Net: Balance at January 1, 2014 $ 242 $ 514 $ 2,744 $ 80 $ 3,580 Incurred guaranteed benefits 74 (57 ) (203 ) 7 (179 ) Paid guaranteed benefits (32 ) — (17 ) — (49 ) Balance at December 31, 2014 284 457 2,524 87 3,352 Incurred guaranteed benefits 69 62 12 5 148 Paid guaranteed benefits (8 ) (1 ) (28 ) — (37 ) Balance at December 31, 2015 345 518 2,508 92 3,463 Incurred guaranteed benefits 102 79 318 8 507 Paid guaranteed benefits (20 ) (1 ) (28 ) — (49 ) Balance at December 31, 2016 $ 427 $ 596 $ 2,798 $ 100 $ 3,921 __________________ (1) Secondary guarantees include the effects of foreign currency translation of $119 million , ($80) million and ($343) million at December 31, 2016 , 2015 and 2014 , respectively. Information regarding the Company’s guarantee exposure, which includes direct and assumed business, but excludes offsets from hedging or reinsurance, if any, was as follows at: December 31, 2016 2015 In the At In the At (Dollars in millions) Annuity Contracts (1): Variable Annuity Guarantees: Total account value (2), (3) $ 66,176 $ 25,335 $ 67,425 $ 25,365 Separate account value $ 43,359 $ 23,330 $ 43,209 $ 23,446 Net amount at risk (2) $ 1,842 (4) $ 521 (5) $ 1,932 (4) $ 384 (5) Average attained age of contractholders 64 years 65 years 64 years 64 years Other Annuity Guarantees: Total account value (3) N/A $ 1,393 N/A $ 1,560 Net amount at risk N/A $ 490 (6 ) N/A $ 422 (6) Average attained age of contractholders N/A 50 years N/A 51 years December 31, 2016 2015 Secondary Paid-Up Secondary Paid-Up (Dollars in millions) Universal and Variable Life Contracts (1): Total account value (3) $ 8,363 $ 3,337 $ 8,097 $ 3,461 Net amount at risk (7) $ 70,225 $ 17,785 $ 72,310 $ 19,047 Average attained age of policyholders 55 years 62 years 54 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. Account balances of contracts with guarantees were invested in separate account asset classes as follows at: December 31, 2016 2015 (In millions) Fund Groupings: Equity $ 23,649 $ 23,563 Balanced 23,620 24,338 Bond 6,169 6,033 Money Market 528 349 Total $ 53,966 $ 54,283 Obligations Under Funding Agreements The Company issues fixed and floating rate funding agreements, which are denominated in either U.S. dollars or foreign currencies, to certain unconsolidated special purpose entities (“SPEs”) that have issued either debt securities or commercial paper for which payment of interest and principal is secured by such funding agreements. During the years ended December 31, 2016 , 2015 and 2014 , the Company issued $39.7 billion , $35.1 billion and $36.7 billion , respectively, and repaid $38.5 billion , $35.5 billion and $31.7 billion , respectively, of such funding agreements. At December 31, 2016 and 2015 , liabilities for funding agreements outstanding, which are included in policyholder account balances, were $30.8 billion and $29.5 billion , respectively. Certain of the Company’s subsidiaries are members of regional banks in the Federal Home Loan Bank (“FHLB”) system (“FHLBanks”). Holdings of common stock of FHLBanks, included in equity securities, were as follows at: December 31, 2016 2015 (In millions) FHLB of New York $ 748 $ 666 FHLB of Des Moines $ 35 $ 40 FHLB of Pittsburgh $ 11 $ 11 Such subsidiaries have also entered into funding agreements with FHLBanks and the Federal Agricultural Mortgage Corporation, a federally chartered instrumentality of the U.S. (“Farmer Mac”). The liability for such funding agreements is included in policyholder account balances. Information related to such funding agreements was as follows at: Liability Collateral December 31, 2016 2015 2016 2015 (In millions) FHLB of New York (1) $ 14,445 $ 12,570 $ 16,828 (2) $ 14,085 (2) Farmer Mac (3) $ 2,550 $ 2,550 $ 2,645 $ 2,643 FHLB of Des Moines (1) $ 625 $ 750 $ 811 (2) $ 851 (2) FHLB of Pittsburgh (1) $ 250 $ 250 $ 383 (2) $ 322 (2) __________________ (1) Represents funding agreements issued to the applicable FHLBank in exchange for cash and for which such FHLBank has been granted a lien on certain assets, some of which are in the custody of such FHLBank, including residential mortgage-backed securities (“RMBS”), to collateralize obligations under advances evidenced by funding agreements. The Company is permitted to withdraw any portion of the collateral in the custody of such FHLBank as long as there is no event of default and the remaining qualified collateral is sufficient to satisfy the collateral maintenance level. Upon any event of default by the Company, such FHLBank’s recovery on the collateral is limited to the amount of the Company’s liability to such FHLBank. (2) Advances are collateralized by mortgage-backed securities. The amount of collateral presented is at estimated fair value. (3) Represents funding agreements issued to a subsidiary of Farmer Mac, as well as certain SPEs that have issued debt securities for which payment of interest and principal is secured by such funding agreements, and such debt securities are also guaranteed as to payment of interest and principal by Farmer Mac. The obligations under these funding agreements are secured by a pledge of certain eligible agricultural mortgage loans and may, under certain circumstances, be secured by other qualified collateral. The amount of collateral presented is at carrying value. Liabilities for Unpaid Claims and Claim Expenses The following is information about incurred and paid claims development by segment as of December 31, 2016. Such amounts are presented net of reinsurance, and are not discounted. The tables present claims development and cumulative claim payments by incurral year. The development tables are only presented for significant short-duration product liabilities within each segment. Where practical, up to 10 years of history has been provided. In order to eliminate potential fluctuations related to foreign exchange rates, liabilities and payments denominated in a foreign currency have been translated using the 2016 year end spot rates for all periods presented. The information about incurred and paid claims development prior to 2016 is presented as supplementary information, as described in Note 1 . U.S. Group Life - Term Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance At December 31, 2016 For the Years Ended December 31, Total IBNR Liabilities Plus Expected Development on Reported Claims Cumulative Number of Reported Claims (Unaudited) Incurral Year 2011 2012 2013 2014 2015 2016 (Dollars in millions) 2011 $ 6,318 $ 6,290 $ 6,293 $ 6,269 $ 6,287 $ 6,295 $ 3 207,139 2012 6,503 6,579 6,569 6,546 6,568 3 208,441 2013 6,637 6,713 6,719 6,720 8 210,597 2014 6,986 6,919 6,913 13 210,347 2015 7,040 7,015 27 210,838 2016 7,125 825 184,085 Total 40,636 Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance (38,879 ) All outstanding liabilities for incurral years prior to 2011, net of reinsurance 12 Total unpaid claims and claim adjustment expenses, net of reinsurance $ 1,769 Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, (Unaudited) Incurral Year 2011 2012 2013 2014 2015 2016 (In millions) 2011 $ 4,982 $ 6,194 $ 6,239 $ 6,256 $ 6,281 $ 6,290 2012 5,132 6,472 6,518 6,532 6,558 2013 5,216 6,614 6,664 6,678 2014 5,428 6,809 6,858 2015 5,524 6,913 2016 5,582 Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance $ 38,879 Average Annual Percentage Payout The following is supplementary information about average historical claims duration as of December 31, 2016: Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Years 1 2 3 4 5 6 Group Life - Term 78.4 % 20.0 % 0.7 % 0.2 % 0.4 % 0.2 % Group Long-Term Disability Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance At December 31, 2016 For the Years Ended December 31, Total IBNR Liabilities Plus Expected Development on Reported Claims Cumulative Number of Reported Claims (Unaudited) Incurral Year 2011 2012 2013 2014 2015 2016 (Dollars in millions) 2011 $ 955 $ 916 $ 894 $ 914 $ 924 $ 923 $ — 21,187 2012 966 979 980 1,014 1,034 — 19,502 2013 1,008 1,027 1,032 1,049 — 20,547 2014 1,076 1,077 1,079 6 22,233 2015 1,082 1,105 29 18,172 2016 1,131 534 8,960 Total 6,321 Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance (2,277 ) All outstanding liabilities for incurral years prior to 2011, net of reinsurance 2,933 Total unpaid claims and claim adjustment expenses, net of reinsurance $ 6,977 Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, (Unaudited) Incurral Year 2011 2012 2013 2014 2015 2016 (In millions) 2011 $ 44 $ 217 $ 337 $ 411 $ 478 $ 537 2012 43 229 365 453 524 2013 43 234 382 475 2014 51 266 428 2015 50 264 2016 49 Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance $ 2,277 Average Annual Percentage Payout The following is supplementary information about average historical claims duration as of December 31, 2016: Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Years 1 2 3 4 5 6 Group Long-Term Disability 4.4 % 18.9 % 13.8 % 8.4 % 7.1 % 6.3 % Significant Methodologies and Assumptions Group Life - Term and Group Long-Term Disability incurred but not paid (“IBNP”) liabilities are developed using a combination of loss ratio and development methods. Claims in the course of settlement are then subtracted from the IBNP liabilities resulting in the IBNR liabilities. The loss ratio method is used in the period in which the claims are neither sufficient nor credible. In developing the loss ratios, any material rate increases that could change the underlying premium without affecting the estimated incurred losses are taken into account. For periods where sufficient and credible claim data exists, the development method is used based on the claim triangles which categorize claims according to both the period in which they were incurred and the period in which they were paid, adjudicated or reported. The end result is a triangle of known data that is used to develop known completion ratios and factors. Claims paid are then subtracted from the estimated ultimate incurred claims to calculate the IBNP liability. An expense liability is held for the future expenses associated with the payment of incurred but not yet paid claims (IBNR and pending). This is expressed as a percentage of the underlying claims liability and is based on past experience and the anticipated future expense structure. For Group Life - Term and Group Long-Term Disability, first year incurred claims and allocated loss adjustment expenses increased in 2016 compared to the 2015 incurral year due to the growth in the size of the business. There were no significant changes in methodologies during 2016. The assumptions used in calculating the unpaid claims and claim adjustment expenses for Group Life - Term and Group Long-Term Disability are updated annually to reflect emerging trends in claim experience. No additional premiums or return premiums have been accrued as a result of the prior year development. Liabilities for Group Life - Term unpaid claims and claim adjustment expenses are not discounted. The liabilities for Group Long-Term Disability unpaid claims and claim adjustment expenses were $5.8 billion and $5.5 billion at December 31, 2016 and 2015 , respectively. These amounts were discounted using interest rates ranging from 3% to 8% , based on the incurral year. The total discount applied to these liabilities was $1.3 billion at both December 31, 2016 and 2015. The amount of interest accretion recognized was $565 million , $517 million and $481 million for the years ended December 31, 2016, 2015 and 2014, respectively. These amounts were reflected in policyholder benefits and claims. For Group Life - Term, claims were based upon individual death claims. For Group Long-Term Disability, claim frequency was determined by the number of reported claims as identified by a unique claim number assigned to individual claimants. Claim counts initially include claims that do not ultimately result in a liability. These claims are omitted from the claim counts once it is determined that there is no liability. The Group Long-Term Disability IBNR included in the development tables above, was developed using discounted cash flows, and is presented on a discounted basis. Property & Casualty - Auto Liability Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance At December 31, 2016 For the Years Ended December 31, Total IBNR Liabilities Plus Expected Development on Reported Claims Cumulative Number of Reported Claims (Unaudited) Incurral Year 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 (Dollars in millions) 2007 $ 861 $ 840 $ 825 $ 804 $ 786 $ 784 $ 781 $ 780 $ 780 $ 780 $ — 207,285 2008 818 839 828 805 799 794 793 791 790 — 200,514 2009 862 877 853 826 823 817 815 815 1 201,577 2010 863 873 853 847 833 826 825 3 202,094 2011 863 876 869 855 846 843 3 202,494 2012 882 881 869 851 846 6 196,900 2013 911 900 882 878 10 201,192 2014 897 910 913 25 203,233 2015 975 984 66 206,368 2016 1,012 160 192,197 Total 8,686 Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance (7,509 ) All outstanding liabilities for incurral years prior to 2007, net of reinsurance 28 Total unpaid claims and claim adjustment expenses, net of reinsurance $ 1,205 Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, (Unaudited) Incurral Year 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 (In millions) 2007 $ 299 $ 535 $ 649 $ 715 $ 751 $ 765 $ 773 $ 777 $ 778 $ 779 2008 304 553 657 725 764 778 785 787 788 2009 321 563 681 755 789 803 810 813 2010 319 572 695 762 796 810 816 2011 324 590 711 777 810 825 2012 333 600 715 783 815 2013 346 618 743 809 2014 352 648 777 2015 384 691 2016 396 Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance $ 7,509 Average Annual Percentage Payout The following is supplementary information about average historical claims duration as of December 31, 2016: Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Years 1 2 3 4 5 6 7 8 9 10 Auto Liability 38.9 % 31.1 % 14.2 % 8.2 % 4.2 % 1.7 % 0.9 % 0.4 % 0.2 % 0.1 % Property & Casualty - Home Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance At December 31, 2016 For the Years Ended December 31, Total IBNR Liabilities Plus Expected Development on Reported Claims Cumulative Number of Reported Claims (Unaudited) Incurral Year 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 (Dollars in millions) 2007 $ 445 $ 436 $ 423 $ 421 $ 415 $ 414 $ 414 $ 414 $ 412 $ 412 $ — 86,408 2008 644 636 599 590 588 589 588 586 585 — 127,474 2009 506 523 510 507 503 501 498 497 — 106,614 2010 573 589 587 584 582 581 580 2 115,495 2011 891 868 843 840 835 835 2 166,443 2012 714 713 703 698 696 4 146,512 2013 654 652 635 635 5 107,469 2014 707 702 704 8 113,448 2015 759 753 18 106,650 2016 740 60 98,986 Total 6,437 Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance (6,210 ) All outstanding liabilities for incurral years prior to 2007, net of reinsurance 2 Total unpaid claims and claim adjustment expenses, net of reinsurance $ 229 Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, (Unaudited) Incurral Year 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 (In millions) 2007 $ 303 $ 385 $ 399 $ 405 $ 408 $ 409 $ 411 $ 412 $ 412 $ 412 2008 446 558 574 579 582 583 584 584 584 2009 385 476 486 492 495 495 496 496 2010 436 546 562 571 574 577 578 2011 690 804 819 825 827 830 2012 559 668 681 687 689 2013 505 604 618 626 2014 574 670 685 2015 603 717 2016 593 Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance $ 6,210 Average Annual Percentage Payout The following is supplementary information about average historical claims duration as of December 31, 2016: Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Years 1 2 3 4 5 $ 6 7 8 9 10 Home 78.7 % 16.6 % 2.4 % 1.1 % 0.5 % 0.3 % 0.2 % 0.2 % — % — % Significant Methodologies and Assumptions The liability for unpaid claim and claim adjustment expenses for the Property & Casualty business is determined by examining the historical claims and allocated claim adjustment expenses data. This data, which is gross of salvage and subrogation, is classified by incurral year and coverage and includes paid claims data and reported liabilities. For homeowners and auto liability injury claims, the reported liabilities are set by the Company’s claims adjusters based on the individual case, and a supplemental liability is added based on the historical development of reported claims. These supplemental liabilities are estimated by coverage based on adjusted report year data triangles developed to ultimate claim liability. Adjustments are made for settlement rates and average case liabilities. For auto non-injury claims, the Company holds an average statistical liability for every reported claim. This statistical liability is based on an estimated average payment that varies by coverage, report year and state. These average estimated payments are updated monthly. For all property and casualty coverages, many actuarial methods such as adjusted loss development (adjusted for settlement rates and average case liabilities) and loss ratio methods are employed to develop a best estimate of the IBNR for each coverage type. Similar actuarial methods are used to determine the best estimate of the expected salvage and subrogation; methods that look at recoveries by age and ratios of recoveries to paid loss are compared for each coverage. A liability for unpaid allocated claim adjustment expenses is held for the future claim adjustment costs associated with the payment of incurred but not yet paid claims. This liability is calculated as a percentage of the underlying unpaid claims liability. The percentage is based on historical ratios of essential claim department expenses compared with paid losses. There were no significant changes in methodologies or assumptions during 2016. No additional premiums or return premiums have been accrued as a result of the prior year development. Liabilities for unpaid claims and claim adjustment expenses were not discounted. The cumulative number of reported claims for auto liability coverages are counted by individual coverages (i.e. bodily injury and property damage) and, if multiple occupants are injured, then each injury is counted as a separate claim. For home coverages, each exposure is counted separately, so a house fire would, for example, have separate claim counts for the building, the contents, and additional living expenses. Claim counts include claims that do not ultimately result in a liability. Any liability established upon receipt of these claims would subsequently be reversed. Asia Group Disability & Group Life Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance At December 31, 2016 For the Years Ended December 31, Total IBNR Liabilities Plus Expected Development on Reported Claims Cumulative Number of Reported Claims (Unaudited) Incurral Year 2010 2011 2012 2013 2014 2015 2016 (Dollars in millions) 2010 $ 76 $ 72 $ 77 $ 99 $ 99 $ 96 $ 125 $ 20 2,717 2011 72 62 82 82 87 115 21 1,863 2012 91 96 95 109 110 11 2,014 2013 137 139 161 156 30 2,379 2014 274 259 240 70 3,173 2015 258 248 102 2,667 2016 213 151 1,441 Total 1,207 Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance (795 ) All outstanding liabilities for incurral years prior to 2010, net of reinsurance 41 Total unpaid claims and claim adjustment expenses, net of reinsurance $ 453 Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, (Unaudited) Incurral Year 2010 2011 2012 2013 2014 2015 2016 (In millions) 2010 $ 19 $ 37 $ 49 $ 60 $ 73 $ 82 $ 106 2011 12 37 50 62 75 94 2012 28 60 79 91 99 2013 41 92 112 126 2014 64 133 167 2015 75 142 2016 61 Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance $ 795 Average Annual Percentage Payout The following is supplementary information about average historical claims duration as of December 31, 2016: Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Years 1 2 3 4 5 6 7 Group Disability & Group Life 23.2 % 25.7 % 13.2 % 9.7 % 9.5 % 11.8 % 18.8 % Significant Methodologies and Assumptions This business line consists of employer sponsored and industry sponsored Group Life and Group Disability risks. For Group Life, the IBNR liability is determined by using the Bornhuetter-Ferguson Method, with factors derived by examining the experience of historical claims. A pending liability is also calculated for claims that have been reported but have not been paid. A claim eligibility ratio based on past experience is applied to the face amount of individual claims. For Group Disability, the IBNR liability is calculated as a percentage of premiums in-force based on the expected delay as evidenced by the experience in the portfolio. This is then allocated back into different incurral years based on an assumed run-off. A claims in course of payment liability is also calculated for claims that have been admitted and are in the course of payment. The assumptions employed are based on the economic conditions, industry experience and adjusted for the Company’s own experience. An expense liability is held for the future expenses associated with the payment of incurred but not yet paid claims. This is expressed as a percentage of the underlying claims liability and is based on past experience and the future expense structure. The prior year estimates of ultimate losses were significantly higher in 2016 as a result of losing a litigation case relating to a reinsurance contract. In light of the court ruling, the Company reconsidered the carrying value of the reinsurance receivable in relation to the disputed amounts and any future reinsurance recovery and concluded that it is no longer appropriate to assume 50% recovery from the reinsurer in relation to current or future disputed claims. For other contracts, estimates of ultimate losses for recent years were lower due to improving claims experience. There were no significant changes in |
Deferred Policy Acquisition Cos
Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles | 12 Months Ended |
Dec. 31, 2016 | |
Deferred Policy Acquisition Costs and Value of Business Acquired [Abstract] | |
Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles | 5. Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles See Note 1 for a description of capitalized acquisition costs. Nonparticipating and Non-Dividend-Paying Traditional Contracts The Company amortizes DAC and VOBA related to these contracts (term insurance, nonparticipating whole life insurance, traditional group life insurance, non-medical health insurance, and accident & health insurance) over the appropriate premium paying period in proportion to the actual and expected future gross premiums that were set at contract issue. The expected premiums are based upon the premium requirement of each policy and assumptions for mortality, morbidity, persistency and investment returns at policy issuance, or policy acquisition (as it relates to VOBA), include provisions for adverse deviation, and are consistent with the assumptions used to calculate future policyholder benefit liabilities. These assumptions are not revised after policy issuance or acquisition unless the DAC or VOBA balance is deemed to be unrecoverable from future expected profits. Absent a premium deficiency, variability in amortization after policy issuance or acquisition is caused only by variability in premium volumes. Participating, Dividend-Paying Traditional Contracts The Company amortizes DAC and VOBA related to these contracts over the estimated lives of the contracts in proportion to actual and expected future gross margins. The amortization includes interest based on rates in effect at inception or acquisition of the contracts. The future gross margins are dependent principally on investment returns, policyholder dividend scales, mortality, persistency, expenses to administer the business, creditworthiness of reinsurance counterparties and certain economic variables, such as inflation. For participating contracts within the closed block (dividend-paying traditional contracts) future gross margins are also dependent upon changes in the policyholder dividend obligation. See Note 7 . Of these factors, the Company anticipates that investment returns, expenses, persistency and other factor changes, as well as policyholder dividend scales, are reasonably likely to impact significantly the rate of DAC and VOBA amortization. Each reporting period, the Company updates the estimated gross margins with the actual gross margins for that period. When the actual gross margins change from previously estimated gross margins, the cumulative DAC and VOBA amortization is re-estimated and adjusted by a cumulative charge or credit to current operations. When actual gross margins exceed those previously estimated, the DAC and VOBA amortization will increase, resulting in a current period charge to earnings. The opposite result occurs when the actual gross margins are below the previously estimated gross margins. Each reporting period, the Company also updates the actual amount of business in-force, which impacts expected future gross margins. When expected future gross margins are below those previously estimated, the DAC and VOBA amortization will increase, resulting in a current period charge to earnings. The opposite result occurs when the expected future gross margins are above the previously estimated expected future gross margins. Each period, the Company also reviews the estimated gross margins for each block of business to determine the recoverability of DAC and VOBA balances. Fixed and Variable Universal Life Contracts and Fixed and Variable Deferred Annuity Contracts The Company amortizes DAC and VOBA related to these contracts over the estimated lives of the contracts in proportion to actual and expected future gross profits. The amortization includes interest based on rates in effect at inception or acquisition of the contracts. The amount of future gross profits is dependent principally upon returns in excess of the amounts credited to policyholders, mortality, persistency, interest crediting rates, expenses to administer the business, creditworthiness of reinsurance counterparties, the effect of any hedges used and certain economic variables, such as inflation. Of these factors, the Company anticipates that investment returns, expenses and persistency are reasonably likely to significantly impact the rate of DAC and VOBA amortization. Each reporting period, the Company updates the estimated gross profits with the actual gross profits for that period. When the actual gross profits change from previously estimated gross profits, the cumulative DAC and VOBA amortization is re-estimated and adjusted by a cumulative charge or credit to current operations. When actual gross profits exceed those previously estimated, the DAC and VOBA amortization will increase, resulting in a current period charge to earnings. The opposite result occurs when the actual gross profits are below the previously estimated gross profits. Each reporting period, the Company also updates the actual amount of business remaining in-force, which impacts expected future gross profits. When expected future gross profits are below those previously estimated, the DAC and VOBA amortization will increase, resulting in a current period charge to earnings. The opposite result occurs when the expected future gross profits are above the previously estimated expected future gross profits. Each period, the Company also reviews the estimated gross profits for each block of business to determine the recoverability of DAC and VOBA balances. Credit Insurance, Property & Casualty Insurance and Other Short-Duration Contracts The Company amortizes DAC for these contracts, which is primarily composed of commissions and certain underwriting expenses, in proportion to actual and future earned premium over the applicable contract term. Factors Impacting Amortization Separate account rates of return on variable universal life contracts and variable deferred annuity contracts affect in-force account balances on such contracts each reporting period, which can result in significant fluctuations in amortization of DAC and VOBA. Returns that are higher than the Company’s long-term expectation produce higher account balances, which increases the Company’s future fee expectations and decreases future benefit payment expectations on minimum death and living benefit guarantees, resulting in higher expected future gross profits. The opposite result occurs when returns are lower than the Company’s long-term expectation. The Company’s practice to determine the impact of gross profits resulting from returns on separate accounts assumes that long-term appreciation in equity markets is not changed by short-term market fluctuations, but is only changed when sustained interim deviations are expected. The Company monitors these events and only changes the assumption when its long-term expectation changes. The Company also periodically reviews other long-term assumptions underlying the projections of estimated gross margins and profits. These assumptions primarily relate to investment returns, policyholder dividend scales, interest crediting rates, mortality, persistency, policyholder behavior and expenses to administer business. Management annually updates assumptions used in the calculation of estimated gross margins and profits which may have significantly changed. If the update of assumptions causes expected future gross margins and profits to increase, DAC and VOBA amortization will decrease, resulting in a current period increase to earnings. The opposite result occurs when the assumption update causes expected future gross margins and profits to decrease. Periodically, the Company modifies product benefits, features, rights or coverages that occur by the exchange of a contract for a new contract, or by amendment, endorsement, or rider to a contract, or by election or coverage within a contract. If such modification, referred to as an internal replacement, substantially changes the contract, the associated DAC or VOBA is written off immediately through income and any new deferrable costs associated with the replacement contract are deferred. If the modification does not substantially change the contract, the DAC or VOBA amortization on the original contract will continue and any acquisition costs associated with the related modification are expensed. Amortization of DAC and VOBA is attributed to net investment gains (losses) and net derivative gains (losses), and to other expenses for the amount of gross margins or profits originating from transactions other than investment gains and losses. Unrealized investment gains and losses represent the amount of DAC and VOBA that would have been amortized if such gains and losses had been recognized. Information regarding DAC and VOBA was as follows: Years Ended December 31, 2016 2015 2014 (In millions) DAC: Balance at January 1, $ 13,464 $ 13,003 $ 13,218 Capitalizations 3,152 3,319 3,672 Amortization related to: Net investment gains (losses) and net derivative gains (losses) 229 (129 ) 156 Other expenses (2,555 ) (2,590 ) (2,605 ) Total amortization (2,326 ) (2,719 ) (2,449 ) Unrealized investment gains (losses) (171 ) 443 (609 ) Effect of foreign currency translation and other (289 ) (582 ) (829 ) Balance at December 31, 13,830 13,464 13,003 VOBA: Balance at January 1, 3,954 4,696 6,000 Amortization related to: Net investment gains (losses) and net derivative gains (losses) (3 ) (1 ) — Other expenses (377 ) (446 ) (580 ) Total amortization (380 ) (447 ) (580 ) Unrealized investment gains (losses) 8 5 3 Effect of foreign currency translation and other 178 (300 ) (727 ) Balance at December 31, 3,760 3,954 4,696 Total DAC and VOBA: Balance at December 31, $ 17,590 $ 17,418 $ 17,699 Information regarding total DAC and VOBA by segment, as well as Corporate & Other, was as follows at: December 31, 2016 2015 (In millions) U.S. $ 616 $ 615 Asia 8,707 8,374 Latin America 1,808 1,753 EMEA 1,472 1,532 MetLife Holdings 5,246 5,436 Corporate & Other (259 ) (292 ) Total $ 17,590 $ 17,418 Information regarding other intangibles was as follows: Years Ended December 31, 2016 2015 2014 (In millions) DSI: Balance at January 1, $ 242 $ 224 $ 257 Capitalization 22 28 51 Amortization (23 ) (30 ) (46 ) Unrealized investment gains (losses) — 20 (36 ) Effect of foreign currency translation — — (2 ) Balance at December 31, $ 241 $ 242 $ 224 VODA and VOCRA: Balance at January 1, $ 583 $ 692 $ 801 Amortization (57 ) (56 ) (63 ) Effect of foreign currency translation (17 ) (53 ) (46 ) Balance at December 31, $ 509 $ 583 $ 692 Accumulated amortization $ 294 $ 237 $ 181 Negative VOBA: Balance at January 1, $ 1,193 $ 1,596 $ 2,162 Amortization (269 ) (361 ) (442 ) Effect of foreign currency translation and other 11 (42 ) (124 ) Balance at December 31, $ 935 $ 1,193 $ 1,596 Accumulated amortization $ 3,034 $ 2,765 $ 2,404 The estimated future amortization expense (credit) to be reported in other expenses for the next five years is as follows: VOBA VODA and VOCRA Negative VOBA (In millions) 2017 $ 325 $ 50 $ (131 ) 2018 $ 294 $ 47 $ (55 ) 2019 $ 270 $ 43 $ (38 ) 2020 $ 243 $ 39 $ (39 ) 2021 $ 216 $ 36 $ (38 ) |
Reinsurance
Reinsurance | 12 Months Ended |
Dec. 31, 2016 | |
Reinsurance Disclosures [Abstract] | |
Reinsurance | 6. Reinsurance The Company enters into reinsurance agreements primarily as a purchaser of reinsurance for its various insurance products and also as a provider of reinsurance for some insurance products issued by third parties. The Company participates in reinsurance activities in order to limit losses, minimize exposure to significant risks and provide additional capacity for future growth. Accounting for reinsurance requires extensive use of assumptions and estimates, particularly related to the future performance of the underlying business and the potential impact of counterparty credit risks. The Company periodically reviews actual and anticipated experience compared to the aforementioned assumptions used to establish assets and liabilities relating to ceded and assumed reinsurance and evaluates the financial strength of counterparties to its reinsurance agreements using criteria similar to that evaluated in the security impairment process discussed in Note 8 . U.S. For its Group Benefits business, the Company generally retains most of the risk and only cedes particular risk on certain client arrangements. The majority of the Company’s reinsurance activity within this business relates to client agreements for employer sponsored captive programs, risk-sharing agreements and multinational pooling. The Company, through its Property & Casualty business, purchases reinsurance to manage its exposure to large losses (primarily catastrophe losses) and to protect statutory surplus. The Company cedes losses and premiums based upon the exposure of the policies subject to reinsurance. To manage exposure to large property & casualty losses, the Company purchases property catastrophe, casualty and property per risk excess of loss reinsurance protection. The Company’s Retirement and Income Solutions business has periodically engaged in reinsurance activities, on an opportunistic basis. There were no such transactions during the periods presented. Asia, Latin America and EMEA For certain life insurance products, the Company currently reinsures risks in excess of $5 million to external reinsurers on a yearly renewable term basis. The Company may also reinsure certain risks with external reinsurers depending upon the nature of the risk and local regulatory requirements. For selected large corporate clients, the Company reinsures group employee benefits or credit insurance business with various client-affiliated reinsurance companies, covering policies issued to the employees or customers of the clients. Additionally, the Company cedes and assumes risk with other insurance companies when either company requires a business partner with the appropriate local licensing to issue certain types of policies in certain countries. In these cases, the assuming company typically underwrites the risks, develops the products and assumes most or all of the risk. The Company also has reinsurance agreements in-force that reinsure a portion of the living and death benefit guarantees issued in connection with variable annuity products. Under these agreements, the Company pays reinsurance fees associated with the guarantees collected from policyholders, and receives reimbursement for benefits paid or accrued in excess of account values, subject to certain limitations. MetLife Holdings For its life products, the Company has historically reinsured the mortality risk primarily on an excess of retention basis or on a quota share basis. The Company currently reinsures 90% of the mortality risk in excess of $2 million for most products. In addition to reinsuring mortality risk as described above, the Company reinsures other risks, as well as specific coverages. Placement of reinsurance is done primarily on an automatic basis and also on a facultative basis for risks with specified characteristics. On a case by case basis, the Company may retain up to $20 million per life and reinsure 100% of amounts in excess of the amount the Company retains. The Company also assumes portions of the risk associated with certain whole life policies issued by an affiliate and reinsures certain term life policies and universal life policies with secondary death benefit guarantees to an affiliate. The Company evaluates its reinsurance programs routinely and may increase or decrease its retention at any time. For annuities, the Company reinsures 100% of the living and death benefit guarantees issued in connection with certain variable annuities issued since 2004 to a former affiliate and portions of the living and death benefit guarantees issued in connection with its variable annuities issued prior to 2004 to former affiliated and unaffiliated reinsurers. Under these reinsurance agreements, the Company pays a reinsurance premium generally based on fees associated with the guarantees collected from policyholders, and receives reimbursement for benefits paid or accrued in excess of account values, subject to certain limitations. The value of embedded derivatives on the ceded risk is determined using a methodology consistent with the guarantees directly written by the Company with the exception of the input for nonperformance risk that reflects the credit of the reinsurer. The Company also assumes 100% of certain variable annuity risks issued by certain former affiliates. In addition, the Company has a reinsurance agreement in-force to reinsure the living and death benefit guarantees issued in connection with certain variable annuity products. Under this agreement, the Company receives reinsurance fees associated with the guarantees collected from policyholders, and provides reimbursement for benefits paid or accrued in excess of account values, subject to certain limitations. Catastrophe Coverage The Company has exposure to catastrophes which could contribute to significant fluctuations in the Company’s results of operations. Currently, for Asia, Latin America and EMEA, the Company purchases catastrophe coverage to insure risks within certain countries deemed by management to be exposed to the greatest catastrophic risks. For all other segments, the Company uses excess of retention and quota share reinsurance agreements to provide greater diversification of risk and minimize exposure to larger risks. Reinsurance Recoverables The Company reinsures its business through a diversified group of well-capitalized reinsurers. The Company analyzes recent trends in arbitration and litigation outcomes in disputes, if any, with its reinsurers. The Company monitors ratings and evaluates the financial strength of its reinsurers by analyzing their financial statements. In addition, the reinsurance recoverable balance due from each reinsurer is evaluated as part of the overall monitoring process. Recoverability of reinsurance recoverable balances is evaluated based on these analyses. The Company generally secures large reinsurance recoverable balances with various forms of collateral, including secured trusts, funds withheld accounts and irrevocable letters of credit. These reinsurance recoverable balances are stated net of allowances for uncollectible reinsurance, which at December 31, 2016 and 2015 , were not significant. The Company has secured certain reinsurance recoverable balances with various forms of collateral, including secured trusts, funds withheld accounts and irrevocable letters of credit. The Company had $3.4 billion and $3.5 billion of unsecured reinsurance recoverable balances at December 31, 2016 and 2015 , respectively. At December 31, 2016 , the Company had $5.3 billion of net ceded reinsurance recoverables. Of this total, $3.0 billion , or 57% , were with the Company’s five largest ceded reinsurers, including $1.8 billion of net ceded reinsurance recoverables which were unsecured. At December 31, 2015 , the Company had $6.6 billion of net ceded reinsurance recoverables. Of this total, $4.3 billion , or 65% , were with the Company’s five largest ceded reinsurers, including $1.8 billion of net ceded reinsurance recoverables which were unsecured. The Company has reinsured with an unaffiliated third-party reinsurer, 59.25% of the closed block through a modified coinsurance agreement. The Company accounts for this agreement under the deposit method of accounting. The Company, having the right of offset, has offset the modified coinsurance deposit with the deposit recoverable. The amounts on the consolidated statements of operations include the impact of reinsurance. Information regarding the significant effects of reinsurance was as follows: Years Ended December 31, 2016 2015 2014 (In millions) Premiums Direct premiums $ 37,975 $ 37,044 $ 37,614 Reinsurance assumed 1,363 1,382 1,433 Reinsurance ceded (2,136 ) (2,023 ) (2,077 ) Net premiums $ 37,202 $ 36,403 $ 36,970 Universal life and investment-type product policy fees Direct universal life and investment-type product policy fees $ 5,883 $ 5,952 $ 6,271 Reinsurance assumed 96 105 19 Reinsurance ceded (497 ) (487 ) (466 ) Net universal life and investment-type product policy fees $ 5,482 $ 5,570 $ 5,824 Policyholder benefits and claims Direct policyholder benefits and claims $ 37,144 $ 36,101 $ 36,492 Reinsurance assumed 1,085 984 939 Reinsurance ceded (1,913 ) (1,983 ) (2,038 ) Net policyholder benefits and claims $ 36,316 $ 35,102 $ 35,393 Other expenses Direct other expenses $ 13,911 $ 14,916 $ 14,847 Reinsurance assumed 202 140 151 Reinsurance ceded (378 ) (303 ) (379 ) Net other expenses $ 13,735 $ 14,753 $ 14,619 The amounts on the consolidated balance sheets include the impact of reinsurance. Information regarding the significant effects of reinsurance was as follows at: December 31, 2016 2015 Direct Assumed Ceded Total Direct Assumed Ceded Total (In millions) Assets Premiums, reinsurance and other receivables $ 5,927 $ 543 $ 8,975 $ 15,445 $ 5,490 $ 523 $ 7,213 $ 13,226 Deferred policy acquisition costs and value of business acquired 17,878 16 (304 ) 17,590 17,860 22 (464 ) 17,418 Total assets $ 23,805 $ 559 $ 8,671 $ 33,035 $ 23,350 $ 545 $ 6,749 $ 30,644 Liabilities Future policy benefits $ 165,186 $ 1,515 $ — $ 166,701 $ 159,868 $ 1,398 $ — $ 161,266 Policyholder account balances 171,961 1,209 (2 ) 173,168 164,655 975 (2 ) 165,628 Other policy-related balances 12,699 324 7 13,030 12,597 290 6 12,893 Other liabilities 18,780 405 4,515 23,700 16,985 414 2,893 20,292 Total liabilities $ 368,626 $ 3,453 $ 4,520 $ 376,599 $ 354,105 $ 3,077 $ 2,897 $ 360,079 Reinsurance agreements that do not expose the Company to a reasonable possibility of a significant loss from insurance risk are recorded using the deposit method of accounting. The deposit assets on reinsurance were $2.9 billion and $2.1 billion at December 31, 2016 and 2015 , respectively. The deposit liabilities on reinsurance were $31 million and $32 million at December 31, 2016 and 2015 , respectively. |
Closed Block
Closed Block | 12 Months Ended |
Dec. 31, 2016 | |
Closed Block Disclosure [Abstract] | |
Closed Block | 7. 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. Assets have been allocated to the closed block in an amount that has been determined to produce cash flows which, together with anticipated revenues from the policies included in the closed block, are reasonably expected to be sufficient to support obligations and liabilities relating to these policies, including, but not limited to, provisions for the payment of claims and certain expenses and taxes, and to provide for the continuation of policyholder dividend scales in effect for 1999, if the experience underlying such dividend scales continues, and for appropriate adjustments in such scales if the experience changes. At least annually, the Company compares actual and projected experience against the experience assumed in the then-current dividend scales. Dividend scales are adjusted periodically to give effect to changes in experience. The closed block assets, the cash flows generated by the closed block assets and the anticipated revenues from the policies in the closed block will benefit only the holders of the policies in the closed block. To the extent that, over time, cash flows from the assets allocated to the closed block and claims and other experience related to the closed block are, in the aggregate, more or less favorable than what was assumed when the closed block was established, total dividends paid to closed block policyholders in the future may be greater than or less than the total dividends that would have been paid to these policyholders if the policyholder dividend scales in effect for 1999 had been continued. Any cash flows in excess of amounts assumed will be available for distribution over time to closed block policyholders and will not be available to stockholders. If the closed block has insufficient funds to make guaranteed policy benefit payments, such payments will be made from assets outside of the closed block. The closed block will continue in effect as long as any policy in the closed block remains in-force. The expected life of the closed block is over 100 years. The Company uses the same accounting principles to account for the participating policies included in the closed block as it used prior to the Demutualization Date. However, the Company establishes a policyholder dividend obligation for earnings that will be paid to policyholders as additional dividends as described below. The excess of closed block liabilities over closed block assets at the Demutualization Date (adjusted to eliminate the impact of related amounts in AOCI) represents the estimated maximum future earnings from the closed block expected to result from operations attributed to the closed block after income taxes. Earnings of the closed block are recognized in income over the period the policies and contracts in the closed block remain in-force. Management believes that over time the actual cumulative earnings of the closed block will approximately equal the expected cumulative earnings due to the effect of dividend changes. If, over the period the closed block remains in existence, the actual cumulative earnings of the closed block are greater than the expected cumulative earnings of the closed block, the Company will pay the excess of the actual cumulative earnings of the closed block over the expected cumulative earnings to closed block policyholders as additional policyholder dividends unless offset by future unfavorable experience of the closed block and, accordingly, will recognize only the expected cumulative earnings in income with the excess recorded as a policyholder dividend obligation. If over such period, the actual cumulative earnings of the closed block are less than the expected cumulative earnings of the closed block, the Company will recognize only the actual earnings in income. However, the Company may change policyholder dividend scales in the future, which would be intended to increase future actual earnings until the actual cumulative earnings equal the expected cumulative earnings. 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: December 31, 2016 2015 (In millions) Closed Block Liabilities Future policy benefits $ 40,834 $ 41,278 Other policy-related balances 257 249 Policyholder dividends payable 443 468 Policyholder dividend obligation 1,931 1,783 Current income tax payable 4 — Other liabilities 196 380 Total closed block liabilities 43,665 44,158 Assets Designated to the Closed Block Investments: Fixed maturity securities available-for-sale, at estimated fair value 27,220 27,556 Equity securities available-for-sale, at estimated fair value 100 111 Mortgage loans 5,935 6,022 Policy loans 4,553 4,642 Real estate and real estate joint ventures 655 462 Other invested assets 1,246 1,066 Total investments 39,709 39,859 Cash and cash equivalents 18 236 Accrued investment income 467 474 Premiums, reinsurance and other receivables 68 56 Current income tax recoverable — 11 Deferred income tax assets 177 234 Total assets designated to the closed block 40,439 40,870 Excess of closed block liabilities over assets designated to the closed block 3,226 3,288 Amounts included in AOCI: Unrealized investment gains (losses), net of income tax 1,517 1,382 Unrealized gains (losses) on derivatives, net of income tax 95 76 Allocated to policyholder dividend obligation, net of income tax (1,255 ) (1,159 ) Total amounts included in AOCI 357 299 Maximum future earnings to be recognized from closed block assets and liabilities $ 3,583 $ 3,587 Information regarding the closed block policyholder dividend obligation was as follows: Years Ended December 31, 2016 2015 2014 (In millions) Balance at January 1, $ 1,783 $ 3,155 $ 1,771 Change in unrealized investment and derivative gains (losses) 148 (1,372 ) 1,384 Balance at December 31, $ 1,931 $ 1,783 $ 3,155 Information regarding the closed block revenues and expenses was as follows: Years Ended December 31, 2016 2015 2014 (In millions) Revenues Premiums $ 1,804 $ 1,850 $ 1,918 Net investment income 1,902 1,982 2,093 Net investment gains (losses) (10 ) (23 ) 7 Net derivative gains (losses) 25 27 20 Total revenues 3,721 3,836 4,038 Expenses Policyholder benefits and claims 2,563 2,564 2,598 Policyholder dividends 953 1,015 988 Other expenses 133 143 155 Total expenses 3,649 3,722 3,741 Revenues, net of expenses before provision for income tax expense (benefit) 72 114 297 Provision for income tax expense (benefit) 24 41 104 Revenues, net of expenses and provision for income tax expense (benefit) $ 48 $ 73 $ 193 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 | 12 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | 8. Investments See Note 10 for information about the fair value hierarchy for investments and the related valuation methodologies. Investment Risks and Uncertainties Investments are exposed to the following primary sources of risk: credit, interest rate, liquidity, market valuation, currency and real estate risk. The financial statement risks, stemming from such investment risks, are those associated with the determination of estimated fair values, the diminished ability to sell certain investments in times of strained market conditions, the recognition of impairments, the recognition of income on certain investments and the potential consolidation of VIEs. The use of different methodologies, assumptions and inputs relating to these financial statement risks may have a material effect on the amounts presented within the consolidated financial statements. The determination of valuation allowances and impairments is highly subjective and is based upon periodic evaluations and assessments of known and inherent risks associated with the respective asset class. Such evaluations and assessments are revised as conditions change and new information becomes available. The recognition of income on certain investments (e.g. structured securities, including mortgage-backed securities, asset-backed securities (“ABS”), certain structured investment transactions and FVO and trading securities) is dependent upon certain factors such as prepayments and defaults, and changes in such factors could result in changes in amounts to be earned. Fixed Maturity and Equity Securities AFS Fixed Maturity and Equity Securities AFS 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 RMBS, ABS and commercial mortgage-backed securities (“CMBS”) (collectively, “Structured Securities”). December 31, 2016 December 31, 2015 Cost or Amortized Cost Gross Unrealized Estimated Fair Value Cost or Amortized Cost Gross Unrealized Estimated Fair Value Gains Temporary OTTI Gains Temporary OTTI (In millions) Fixed maturity securities: U.S. corporate $ 73,280 $ 6,027 $ 764 $ — $ 78,543 $ 75,804 $ 5,471 $ 1,702 $ — $ 79,573 Foreign government 49,864 6,485 373 — 55,976 44,764 5,163 209 — 49,718 Foreign corporate (1) 49,333 2,901 1,572 (1 ) 50,663 50,155 2,845 1,588 1 51,411 U.S. government and agency 41,294 3,682 543 — 44,433 43,283 3,999 160 — 47,122 RMBS (1) 28,393 1,039 410 (10 ) 29,032 28,079 1,144 297 37 28,889 State and political subdivision 10,977 1,340 85 1 12,231 10,470 1,392 44 8 11,810 ABS 11,266 90 128 3 11,225 10,115 112 170 6 10,051 CMBS 7,294 237 71 — 7,460 8,983 316 90 — 9,209 Total fixed maturity securities $ 271,701 $ 21,801 $ 3,946 $ (7 ) $ 289,563 $ 271,653 $ 20,442 $ 4,260 $ 52 $ 287,783 Equity securities: Common stock $ 1,827 $ 464 $ 13 $ — $ 2,278 $ 1,795 $ 374 $ 103 $ — $ 2,066 Non-redeemable preferred stock 637 19 40 — 616 770 70 42 — 798 Total equity securities $ 2,464 $ 483 $ 53 $ — $ 2,894 $ 2,565 $ 444 $ 145 $ — $ 2,864 __________________ (1) The noncredit loss component of OTTI losses for foreign corporate and RMBS was in an unrealized gain position of $1 million and $10 million , respectively, at December 31, 2016, 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 $1 million and $43 million with unrealized gains (losses) of ($3) million and $11 million at December 31, 2016 and 2015 , respectively. Methodology for Amortization of Premium and Accretion of Discount on Structured Securities Amortization of premium and accretion of discount on Structured Securities considers the estimated timing and amount of prepayments of the underlying loans. Actual prepayment experience is periodically reviewed and effective yields are recalculated when differences arise between the originally anticipated and the actual prepayments received and currently anticipated. Prepayment assumptions for Structured Securities are estimated using inputs obtained from third-party specialists and based on management’s knowledge of the current market. For credit-sensitive Structured Securities and certain prepayment-sensitive securities, the effective yield is recalculated on a prospective basis. For all other Structured Securities, the effective yield is recalculated on a retrospective basis. Maturities of Fixed Maturity Securities The amortized cost and estimated fair value of fixed maturity securities, by contractual maturity date, were as follows at December 31, 2016 : Due in One Year or Less Due After One Year Through Five Years Due After Five Years Through Ten Years Due After Ten Years Structured Securities Total Fixed Maturity Securities (In millions) Amortized cost $ 13,559 $ 59,370 $ 57,321 $ 94,498 $ 46,953 $ 271,701 Estimated fair value $ 13,647 $ 62,214 $ 59,959 $ 106,026 $ 47,717 $ 289,563 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: December 31, 2016 December 31, 2015 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 $ 11,471 $ 466 $ 2,938 $ 298 $ 20,928 $ 1,231 $ 2,890 $ 471 Foreign government 5,955 260 918 113 3,388 155 423 54 Foreign corporate 10,147 573 5,493 998 12,478 799 4,516 790 U.S. government and agency 9,104 523 141 20 15,361 156 298 4 RMBS 9,449 291 1,800 109 8,283 182 1,904 152 State and political subdivision 1,747 80 56 6 994 33 125 19 ABS 2,224 28 2,328 103 4,646 83 2,272 93 CMBS 998 22 564 49 2,959 49 532 41 Total fixed maturity securities $ 51,095 $ 2,243 $ 14,238 $ 1,696 $ 69,037 $ 2,688 $ 12,960 $ 1,624 Equity securities: Common stock $ 105 $ 13 $ 11 $ — $ 197 $ 100 $ 19 $ 3 Non-redeemable preferred stock 139 7 125 33 54 2 160 40 Total equity securities $ 244 $ 20 $ 136 $ 33 $ 251 $ 102 $ 179 $ 43 Total number of securities in an unrealized loss position 3,580 1,307 4,093 1,023 Evaluation of AFS Securities for OTTI and Evaluating Temporarily Impaired AFS Securities Evaluation and Measurement Methodologies Management considers a wide range of factors about the security issuer and uses its best judgment in evaluating the cause of the decline in the estimated fair value of the security and in assessing the prospects for near-term recovery. Inherent in management’s evaluation of the security are assumptions and estimates about the operations of the issuer and its future earnings potential. Considerations used in the impairment evaluation process include, but are not limited to: (i) the length of time and the extent to which the estimated fair value has been below cost or amortized cost; (ii) the potential for impairments when the issuer is experiencing significant financial difficulties; (iii) the potential for impairments in an entire industry sector or sub-sector; (iv) the potential for impairments in certain economically depressed geographic locations; (v) the potential for impairments where the issuer, series of issuers or industry has suffered a catastrophic loss or has exhausted natural resources; (vi) with respect to fixed maturity securities, whether the Company has the intent to sell or will more likely than not be required to sell a particular security before the decline in estimated fair value below amortized cost recovers; (vii) with respect to Structured Securities, changes in forecasted cash flows after considering the quality of underlying collateral, expected prepayment speeds, current and forecasted loss severity, consideration of the payment terms of the underlying assets backing a particular security, and the payment priority within the tranche structure of the security; (viii) the potential for impairments due to weakening of foreign currencies on non-functional currency denominated fixed maturity securities that are near maturity; and (ix) other subjective factors, including concentrations and information obtained from regulators and rating agencies. The methodology and significant inputs used to determine the amount of credit loss on fixed maturity securities are as follows: • The Company calculates the recovery value by performing a discounted cash flow analysis based on the present value of future cash flows. The discount rate is generally the effective interest rate of the security prior to impairment. • When determining collectability and the period over which value is expected to recover, the Company applies considerations utilized in its overall impairment evaluation process which incorporates information regarding the specific security, fundamentals of the industry and geographic area in which the security issuer operates, and overall macroeconomic conditions. Projected future cash flows are estimated using assumptions derived from management’s best estimates of likely scenario-based outcomes after giving consideration to a variety of variables that include, but are not limited to: payment terms of the security; the likelihood that the issuer can service the interest and principal payments; the quality and amount of any credit enhancements; the security’s position within the capital structure of the issuer; possible corporate restructurings or asset sales by the issuer; and changes to the rating of the security or the issuer by rating agencies. • Additional considerations are made when assessing the unique features that apply to certain Structured Securities including, but not limited to: the quality of underlying collateral, expected prepayment speeds, current and forecasted loss severity, consideration of the payment terms of the underlying loans or assets backing a particular security, and the payment priority within the tranche structure of the security. • When determining the amount of the credit loss for U.S. and foreign corporate securities, foreign government securities and state and political subdivision securities, the estimated fair value is considered the recovery value when available information does not indicate that another value is more appropriate. When information is identified that indicates a recovery value other than estimated fair value, management considers in the determination of recovery value the same considerations utilized in its overall impairment evaluation process as described above, as well as any private and public sector programs to restructure such securities. With respect to securities that have attributes of debt and equity (“perpetual hybrid securities”), consideration is given in the OTTI analysis as to whether there has been any deterioration in the credit of the issuer and the likelihood of recovery in value of the securities that are in a severe and extended unrealized loss position. Consideration is also given as to whether any perpetual hybrid securities, with an unrealized loss, regardless of credit rating, have deferred any dividend payments. When an OTTI loss has occurred, the OTTI loss is the entire difference between the perpetual hybrid security’s cost and its estimated fair value with a corresponding charge to earnings. The cost or amortized cost of fixed maturity and equity securities is adjusted for OTTI in the period in which the determination is made. The Company does not change the revised cost basis for subsequent recoveries in value. In periods subsequent to the recognition of OTTI on a fixed maturity security, the Company accounts for the impaired security as if it had been purchased on the measurement date of the impairment. Accordingly, the discount (or reduced premium) based on the new cost basis is accreted over the remaining term of the fixed maturity security in a prospective manner based on the amount and timing of estimated future cash flows. 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 December 31, 2016 . 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. 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 $373 million during the year ended December 31, 2016 to $3.9 billion . The decrease in gross unrealized losses for the year ended December 31, 2016 , was primarily attributable to narrowing credit spreads, partially offset by an increase in interest rates and, to a lesser extent, the impact of weakening foreign currencies on non-functional currency denominated fixed maturity securities. At December 31, 2016 , $224 million of the total $3.9 billion of gross unrealized losses were from 119 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 $92 million during the year ended December 31, 2016 to $53 million . Investment Grade Fixed Maturity Securities Of the $224 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, $171 million , or 76% , were related to gross unrealized losses on 78 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 $224 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, $53 million , or 24% , were related to gross unrealized losses on 41 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 non-agency RMBS (primarily alternative residential mortgage loans) 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 and valuations of residential real estate supporting non-agency RMBS. 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 and evaluates non-agency RMBS based on actual and projected cash flows after considering the quality of underlying collateral, expected prepayment speeds, current and forecasted loss severity, consideration of the payment terms of the underlying assets backing a particular security and the payment priority within the tranche structure of the security. Mortgage Loans Mortgage Loans by Portfolio Segment Mortgage loans are summarized as follows at: December 31, 2016 2015 Carrying % of Carrying % of (Dollars in millions) Mortgage loans: Commercial $ 41,512 63.7 % $ 38,497 64.6 % Agricultural 12,564 19.3 11,649 19.6 Residential 10,829 16.6 9,399 15.8 Subtotal (1) 64,905 99.6 59,545 100.0 Valuation allowances (304 ) (0.5 ) (281 ) (0.5 ) Subtotal mortgage loans, net 64,601 99.1 59,264 99.5 Residential — FVO 566 0.9 314 0.5 Total mortgage loans, net $ 65,167 100.0 % $ 59,578 100.0 % __________________ (1) Purchases of mortgage loans were $2.9 billion and $3.9 billion for the years ended December 31, 2016 and 2015 , respectively, and were primarily comprised of residential mortgage loans. I nformation on commercial, agricultural and residential mortgage loans is presented in the tables below. Information on residential — FVO is presented in Note 10 . The Company elects the FVO for certain residential mortgage loans that are managed on a total return basis. 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 and for the years ended: 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 Average (In millions) December 31, 2016 Commercial $ — $ — $ — $ 12 $ 12 $ 41,500 $ 202 $ 12 $ 90 Agricultural 11 10 1 27 27 12,527 38 36 49 Residential — — — 265 241 10,588 63 241 188 Total $ 11 $ 10 $ 1 $ 304 $ 280 $ 64,615 $ 303 $ 289 $ 327 December 31, 2015 Commercial $ — $ — $ — $ 57 $ 57 $ 38,440 $ 188 $ 57 $ 127 Agricultural 45 44 3 22 21 11,584 34 62 60 Residential — — — 141 131 9,268 56 131 84 Total $ 45 $ 44 $ 3 $ 220 $ 209 $ 59,292 $ 278 $ 250 $ 271 The average recorded investment for impaired commercial, agricultural and residential mortgage loans was $316 million , $77 million and $19 million , respectively, for the year ended December 31, 2014 . Valuation Allowance Rollforward by Portfolio Segment The changes in the valuation allowance, by portfolio segment, were as follows: Commercial Agricultural Residential Total (In millions) Balance at January 1, 2014 $ 226 $ 40 $ 20 $ 286 Provision (release) (1 ) (4 ) 27 22 Charge-offs, net of recoveries (23 ) (1 ) (5 ) (29 ) Balance at December 31, 2014 202 35 42 279 Provision (release) 5 2 30 37 Charge-offs, net of recoveries (19 ) — (16 ) (35 ) Balance at December 31, 2015 188 37 56 281 Provision (release) (1) 157 3 23 183 Charge-offs, net of recoveries (1) (143 ) (1 ) (16 ) (160 ) Balance at December 31, 2016 $ 202 $ 39 $ 63 $ 304 __________________ (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 year ended December 31, 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 will recover a substantial portion of the loss on the loan incurred through an indemnification agreement entered into in connection with the acquisition in 2010 . Valuation Allowance Methodology Mortgage loans are considered to be impaired when it is probable that, based upon current information and events, the Company will be unable to collect all amounts due under the loan agreement. Specific valuation allowances are established using the same methodology for all three portfolio segments as the excess carrying value of a loan over either (i) the present value of expected future cash flows discounted at the loan’s original effective interest rate, (ii) the estimated fair value of the loan’s underlying collateral if the loan is in the process of foreclosure or otherwise collateral dependent, or (iii) the loan’s observable market price. A common evaluation framework is used for establishing non-specific valuation allowances for all loan portfolio segments; however, a separate non-specific valuation allowance is calculated and maintained for each loan portfolio segment that is based on inputs unique to each loan portfolio segment. Non-specific valuation allowances are established for pools of loans with similar risk characteristics where a property-specific or market-specific risk has not been identified, but for which the Company expects to incur a credit loss. These evaluations are based upon several loan portfolio segment-specific factors, including the Company’s experience for loan losses, defaults and loss severity, and loss expectations for loans with similar risk characteristics. These evaluations are revised as conditions change and new information becomes available. Commercial and Agricultural Mortgage Loan Portfolio Segments The Company typically uses several years of historical experience in establishing non-specific valuation allowances which captures multiple economic cycles. For evaluations of commercial mortgage loans, in addition to historical experience, management considers factors that include the impact of a rapid change to the economy, which may not be reflected in the loan portfolio, and recent loss and recovery trend experience as compared to historical loss and recovery experience. For evaluations of agricultural mortgage loans, in addition to historical experience, management considers factors that include increased stress in certain sectors, which may be evidenced by higher delinquency rates, or a change in the number of higher risk loans. On a quarterly basis, management incorporates the impact of these current market events and conditions on historical experience in determining the non-specific valuation allowance established for commercial and agricultural mortgage loans. All commercial mortgage loans are reviewed on an ongoing basis which may include an analysis of the property financial statements and rent roll, lease rollover analysis, property inspections, market analysis, estimated valuations of the underlying collateral, loan-to-value ratios, debt service coverage ratios, and tenant creditworthiness. The monitoring process focuses on higher risk loans, which include those that are classified as restructured, delinquent or in foreclosure, as well as loans with higher loan-to-value ratios and lower debt service coverage ratios. All agricultural mortgage loans are monitored on an ongoing basis. The monitoring process for agricultural mortgage loans is generally similar to the commercial mortgage loan monitoring process, with a focus on higher risk loans, including reviews on a geographic and property-type basis. Higher risk loans are reviewed individually on an ongoing basis for potential credit loss and specific valuation allowances are established using the methodology described above. Quarterly, the remaining loans are reviewed on a pool basis by aggregating groups of loans that have similar risk characteristics for potential credit loss, and non-specific valuation allowances are established as described above using inputs that are unique to each segment of the loan portfolio. For commercial mortgage loans, the primary credit quality indicator is the debt service coverage ratio, which compares a property’s net operating income to amounts needed to service the principal and interest due under the loan. Generally, the lower the debt service coverage ratio, the higher the risk of experiencing a credit loss. The Company also reviews the loan-to-value ratio of its commercial mortgage loan portfolio. Loan-to-value ratios compare the unpaid principal balance of the loan to the estimated fair value of the underlying collateral. Generally, the higher the loan-to-value ratio, the higher the risk of experiencing a credit loss. The debt service coverage ratio and the values utilized in calculating the ratio are updated annually on a rolling basis, with a portion of the portfolio updated each quarter. In addition, the loan-to-value ratio is routinely updated for all but the lowest risk loans as part of the Company’s ongoing review of its commercial mortgage loan portfolio. For agricultural mortgage loans, the Company’s primary credit quality indicator is the loan-to-value ratio. The values utilized in calculating this ratio are developed in connection with the ongoing review of the agricultural mortgage loan portfolio and are routinely updated. Residential Mortgage Loan Portfolio Segment The Company’s residential mortgage loan portfolio is comprised primarily of closed end, amortizing residential mortgage loans. For evaluations of residential mortgage loans, the key inputs of expected frequency and expected loss reflect current market conditions, with expected frequency adjusted, when appropriate, for differences from market conditions and the Company’s historical experience. In contrast to the commercial and agricultural mortgage loan portfolios, residential mortgage loans are smaller-balance homogeneous loans that are collectively evaluated for impairment. Non-specific valuation allowances are established using the evaluation framework described above for pools of loans with similar risk characteristics from inputs that are unique to the residential segment of the loan portfolio. Loan specific valuation allowances are only established on residential mortgage loans when they have been restructured and are established using the methodology described above for all loan portfolio segments. For residential mortgage loans, the Company’s primary credit quality indicator is whether the loan is performing or nonperforming. The Company generally defines nonperforming residential mortgage loans as those that are 60 or more days past due and/or in nonaccrual status which is assessed monthly. Generally, nonperforming residential mortgage loans have a higher risk of experiencing a credit loss. Credit Quality of Commercial Mortgage Loans The credit quality of commercial mortgage loans was as follows at: Recorded Investment Estimated % of Debt Service Coverage Ratios Total % of Total > 1.20x 1.00x - 1.20x < 1.00x (Dollars in millions) 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 % December 31, 2015 Loan-to-value ratios: Less than 65% $ 33,330 $ 910 $ 438 $ 34,678 90.1 % $ 35,606 90.4 % 65% to 75% 2,940 138 66 3,144 8.2 3,119 7.9 76% to 80% — — — — — — — Greater than 80% 337 115 223 675 1.7 652 1.7 Total $ 36,607 $ 1,163 $ 727 $ 38,497 100.0 % $ 39,377 100.0 % Credit Quality of Agricultural Mortgage Loans The credit quality of agricultural mortgage loans was as follows at: December 31, 2016 2015 Recorded Investment % of Total Recorded Investment % of Total (Dollars in millions) Loan-to-value ratios: Less than 65% $ 12,023 95.7 % $ 10,955 94.0 % 65% to 75% 436 3.5 615 5.3 76% to 80% 17 0.1 21 0.2 Greater than 80% 88 0.7 58 0.5 Total $ 12,564 100.0 % $ 11,649 100.0 % The estimated fair value of agricultural mortgage loans was $12.7 billion and $11.9 billion at December 31, 2016 and 2015 , respectively. Credit Quality of Residential Mortgage Loans The credit quality of residential mortgage loans was as follows at: December 31, 2016 2015 Recorded % of Recorded % of (Dollars in millions) Performance indicators: Performing $ 10,448 96.5 % $ 9,077 96.6 % Nonperforming 381 3.5 322 3.4 Total $ 10,829 100.0 % $ 9,399 100.0 % The estimated fair value of residential mortgage loans was $11.2 billion and $9.6 billion at December 31, 2016 and 2015 , 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 December 31, 2016 and 2015 . 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 December 31, 2016 December 31, 2015 December 31, 2016 December 31, 2015 December 31, 2016 December 31, 2015 (In millions) Commercial $ 3 $ 2 $ 3 $ — $ — $ — Agricultural 127 103 104 73 23 46 Residential 381 322 37 — 344 314 Total $ 511 $ 427 $ 144 $ 73 $ 367 $ 360 Mortgage Loans Modified in a Troubled Debt Restructuring The Company may grant concessions related to borrowers experiencing financial difficulties, which are classified as troubled debt restructurings. Generally, the types of concessions include: reduction of the contractual interest rate, extension of the maturity date at an interest rate lower than current market interest rates, and/or a reduction of accrued interest. The amount, timing and extent of the concessions granted are considered in determining any impairment or changes in the specific valuation allowance recorded with the restructuring. Through the continuous monitoring process, a specific valuation allowance may have been recorded prior to the quarter when the mortgage loan is modified in a troubled debt restructuring. During the year ended December 31, 2016 , the Company had 557 residential mortgage loans modified in a troubled debt restructuring with carrying value after specific valuation allowance of $136 million and $122 million pre-modification and post-modification, respectively. During the year ended December 31, 2015, the Company had 460 residential mortgage loans modified in a troubled debt restructuring with carrying value after specific valuation allowance of $108 million and $96 million pre-modification and post-modification, respectively. There were no commercial or agricultural mortgage loans modified in a troubled debt restructuring for both the years ended December 31, 2016 and 2015. During the years ended December 31, 2016 and 2015 , the Company did not have a significant amount of mortgage loans modified in a troubled debt restructuring with subsequent payment default. Other Invested Assets Other invested assets is comprised primarily of freestanding derivatives with positive estimated fair values (see Note 9 ), tax credit and renewable energy partnerships and leveraged and direct financing leases. Tax Credit Partnerships The carrying value of tax credit partnerships was $1.7 billion and $1.6 billion at December 31, 2016 and 2015 , respectively. Losses from tax credit partnerships included within net investment income were $167 million , $163 million , and $153 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Leveraged and Direct Financing Leases Investment in leveraged and direct financing leases consisted of the following at: December 31, 2016 2015 Leveraged Leases Direct Financing Leases Leveraged Leases Direct Financing Leases (In millions) Rental receivables, net $ 1,172 $ 1,683 $ 1,240 $ 1,508 Estimated residual values 952 71 1,062 80 Subtotal 2,124 1,754 2,302 1,588 Unearned income (603 ) (639 ) (661 ) (512 ) Investment in leases, net of non-recourse debt $ 1,521 $ 1,115 $ 1,641 $ 1,076 Rental receivables are generally due in periodic installments. The payment periods for leveraged leases generally range from one to 15 years but in certain circumstances can be over 25 years, while the payment periods for direct financing leases range from one to 20 years. For rental receivables, the primary credit quality indicator is whether the rental receivabl |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | 9. Derivatives Accounting for Derivatives See Note 1 for a description of the Company’s accounting policies for derivatives and Note 10 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 also enters into certain purchased and written credit default swaps held in relation to trading portfolios for the purpose of generating profits on short-term differences in price. These credit default swaps are not designated as hedging instruments. At December 31, 2016, the Company no longer maintained a trading portfolio for derivatives. 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 gross notional amount, estimated fair value and primary underlying risk exposure of the Company’s derivatives, excluding embedded derivatives, held at: Primary Underlying Risk Exposure December 31, 2016 2015 Estimated Fair Value Estimated Fair Value Gross Notional Amount Assets Liabilities Gross Notional Amount Assets Liabilities (In millions) Derivatives Designated as Hedging Instruments: Fair value hedges: Interest rate swaps Interest rate $ 5,021 $ 2,221 $ 6 $ 5,108 $ 2,177 $ 11 Foreign currency swaps Foreign currency exchange rate 1,221 34 224 2,154 62 159 Foreign currency forwards Foreign currency exchange rate 1,085 — 54 1,685 — 52 Subtotal 7,327 2,255 284 8,947 2,239 222 Cash flow hedges: Interest rate swaps Interest rate 2,040 325 34 1,960 427 — Interest rate forwards Interest rate 4,032 — 370 70 15 — Foreign currency swaps Foreign currency exchange rate 26,680 1,877 2,054 22,607 1,157 1,800 Subtotal 32,752 2,202 2,458 24,637 1,599 1,800 Foreign operations hedges: Foreign currency forwards Foreign currency exchange rate 1,394 47 5 3,916 63 12 Currency options Foreign currency exchange rate 8,878 148 45 7,569 205 36 Subtotal 10,272 195 50 11,485 268 48 Total qualifying hedges 50,351 4,652 2,792 45,069 4,106 2,070 Derivatives Not Designated or Not Qualifying as Hedging Instruments: Interest rate swaps Interest rate 53,349 4,089 1,641 66,202 3,307 1,609 Interest rate floors Interest rate 12,101 181 7 16,801 278 24 Interest rate caps Interest rate 78,358 112 2 55,136 67 3 Interest rate futures Interest rate 4,793 3 12 5,178 2 7 Interest rate options Interest rate 5,334 628 1 11,614 705 25 Interest rate forwards Interest rate 613 — 25 43 1 — Interest rate total return swaps Interest rate 1,549 2 127 — — — Synthetic GICs Interest rate 5,566 — — 4,216 — — Foreign currency swaps Foreign currency exchange rate 11,651 1,445 462 10,399 687 431 Foreign currency forwards Foreign currency exchange rate 15,422 117 977 11,539 150 219 Currency futures Foreign currency exchange rate 915 — — 930 — — Currency options Foreign currency exchange rate 3,615 195 17 9,590 466 189 Credit default swaps — purchased Credit 2,001 14 40 1,846 28 34 Credit default swaps — written Credit 10,732 161 9 8,185 65 12 Equity futures Equity market 4,457 30 3 3,537 26 18 Equity index options Equity market 16,527 426 523 11,647 510 415 Equity variance swaps Equity market 8,263 83 240 8,571 75 202 Equity total return swaps Equity market 1,046 1 43 989 16 9 Total non-designated or nonqualifying derivatives 236,292 7,487 4,129 226,423 6,383 3,197 Total $ 286,643 $ 12,139 $ 6,921 $ 271,492 $ 10,489 $ 5,267 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 December 31, 2016 and 2015 . 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 that are used to synthetically create credit 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: Years Ended December 31, 2016 2015 2014 (In millions) Freestanding derivatives and hedging gains (losses) (1) $ (509 ) $ 429 $ 800 Embedded derivatives gains (losses) (365 ) 116 (78 ) Total net derivative gains (losses) $ (874 ) $ 545 $ 722 __________________ (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: Years Ended December 31, 2016 2015 2014 (In millions) Qualifying hedges: Net investment income $ 267 $ 206 $ 152 Interest credited to policyholder account balances (1 ) 27 103 Other expenses (12 ) (6 ) (3 ) Nonqualifying hedges: Net investment income (1 ) (6 ) (4 ) Net derivative gains (losses) 705 663 556 Policyholder benefits and claims 7 2 7 Total $ 965 $ 886 $ 811 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) Year Ended December 31, 2016 Interest rate derivatives $ (990 ) $ — $ 46 Foreign currency exchange rate derivatives 882 — (18 ) Credit derivatives — purchased (40 ) — — Credit derivatives — written 71 — — Equity derivatives (681 ) (16 ) (138 ) Total $ (758 ) $ (16 ) $ (110 ) Year Ended December 31, 2015 Interest rate derivatives $ (354 ) $ — $ — Foreign currency exchange rate derivatives 502 — — Credit derivatives — purchased 7 (3 ) — Credit derivatives — written (69 ) — — Equity derivatives (340 ) (10 ) — Total $ (254 ) $ (13 ) $ — Year Ended December 31, 2014 Interest rate derivatives $ 425 $ — $ — Foreign currency exchange rate derivatives (349 ) — — Credit derivatives — purchased 10 — — Credit derivatives — written 3 — — Equity derivatives (68 ) (10 ) (10 ) Total $ 21 $ (10 ) $ (10 ) __________________ (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) Year Ended December 31, 2016 Interest rate swaps: Fixed maturity securities $ 7 $ (9 ) $ (2 ) Policyholder liabilities (1) (108 ) 90 (18 ) Foreign currency swaps: Foreign-denominated fixed maturity securities 13 (12 ) 1 Foreign-denominated policyholder account balances (2) (95 ) 92 (3 ) Foreign currency forwards: Foreign-denominated fixed maturity securities 127 (119 ) 8 Total $ (56 ) $ 42 $ (14 ) Year Ended December 31, 2015 Interest rate swaps: Fixed maturity securities $ 4 $ (1 ) $ 3 Policyholder liabilities (1) (4 ) (6 ) (10 ) Foreign currency swaps: Foreign-denominated fixed maturity securities 15 (7 ) 8 Foreign-denominated policyholder account balances (2) (240 ) 232 (8 ) Foreign currency forwards: Foreign-denominated fixed maturity securities (75 ) 68 (7 ) Total $ (300 ) $ 286 $ (14 ) Year Ended December 31, 2014 Interest rate swaps: Fixed maturity securities $ 4 $ — $ 4 Policyholder liabilities (1) 649 (636 ) 13 Foreign currency swaps: Foreign-denominated fixed maturity securities 13 (11 ) 2 Foreign-denominated policyholder account balances (2) (283 ) 270 (13 ) Foreign currency forwards: Foreign-denominated fixed maturity securities (359 ) 330 (29 ) Total $ 24 $ (47 ) $ (23 ) __________________ (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 years ended December 31, 2016 , 2015 and 2014 , the component of the change in estimated fair value of derivatives that was excluded from the assessment of hedge effectiveness was ($23) million , ($11) million and $3 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 occurring. Because certain of the forecasted transactions also were not probable of occurring within two months of the anticipated date, the Company reclassified amounts from AOCI into net derivative gains (losses). These amounts were $12 million , $8 million and ($15) million for the years ended December 31, 2016 , 2015 and 2014 , respectively. At both December 31, 2016 and 2015 , the maximum length of time over which the Company was hedging its exposure to variability in future cash flows for forecasted transactions did not exceed five years. At December 31, 2016 and 2015 , the balance in AOCI associated with cash flow hedges was $2.9 billion and $2.4 billion , respectively. For the years ended December 31, 2016, 2015, and 2014, the amounts of deferred gains (losses) in AOCI from Brighthouse were $71 million , $102 million , and $252 million , respectively. For the years ended December 31, 2016, 2015, and 2014, the amounts of income reclassified from AOCI into income (loss) from discontinued operations were $45 million , $7 million and ($2) million , respectively. The following table presents the effects of derivatives in cash flow hedging relationships on the consolidated statements of operations 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) Year Ended December 31, 2016 Interest rate swaps $ 50 $ 56 $ 12 $ — $ (1 ) Interest rate forwards (366 ) (1 ) 4 1 — Foreign currency swaps 589 (350 ) (2 ) 2 1 Credit forwards — 3 1 — — Total $ 273 $ (292 ) $ 15 $ 3 $ — Year Ended December 31, 2015 Interest rate swaps $ 76 $ 84 $ 11 $ — $ 2 Interest rate forwards (3 ) 4 3 2 — Foreign currency swaps (194 ) (720 ) (1 ) 1 9 Credit forwards — 1 — — — Total $ (121 ) $ (631 ) $ 13 $ 3 $ 11 Year Ended December 31, 2014 Interest rate swaps $ 591 $ 41 $ 8 $ — $ 3 Interest rate forwards 31 (8 ) 3 2 — Foreign currency swaps (205 ) (762 ) (2 ) 2 1 Credit forwards — — 1 — — Total $ 417 $ (729 ) $ 10 $ 4 $ 4 All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness. At December 31, 2016 , the Company expected to reclassify ($219) million of deferred net gains (losses) on derivatives in AOCI, included in the table above, to earnings within the next 12 months. Hedges of Net Investments in Foreign Operations 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 following table presents the effects of derivatives in net investment hedging relationships on the consolidated statements of operations and the consolidated statements of equity: Derivatives in Net Investment Hedging Relationships (1), (2) Amount of Gains (Losses) Deferred in AOCI Years Ended December 31, 2016 2015 2014 (In millions) Foreign currency forwards $ (267 ) $ 255 $ 407 Currency options (35 ) (138 ) 222 Total $ (302 ) $ 117 $ 629 __________________ (1) During the years ended December 31, 2016 and 2015 , 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. In May 2014, the Company sold its interest in MAL, which was a hedged item in a net investment hedging relationship. As a result, during the year ended December 31, 2014, the Company released losses of $77 million from AOCI into earnings upon the sale. See Note 3. (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. At December 31, 2016 and 2015 , the cumulative foreign currency translation gain (loss) recorded in AOCI related to hedges of net investments in foreign operations was $754 million and $1.1 billion , respectively. Credit Derivatives In connection with synthetically created credit investment transactions and credit default swaps held in relation to the trading portfolio, the Company writes credit default swaps for which it receives a premium to insure credit risk. Such credit derivatives are included within the nonqualifying derivatives and derivatives for purposes other than hedging table. If a credit event occurs, as defined by the contract, the contract may be cash settled or it may be settled gross by the Company paying the counterparty the specified swap notional amount in exchange for the delivery of par quantities of the referenced credit obligation. The Company’s maximum amount at risk, assuming the value of all referenced credit obligations is zero, was $10.7 billion and $8.2 billion at December 31, 2016 and 2015 , respectively. The Company can terminate these contracts at any time through cash settlement with the counterparty at an amount equal to the then current estimated fair value of the credit default swaps. At December 31, 2016 and 2015 , the Company would have received $152 million and $53 million , respectively, to terminate all of these contracts. 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: December 31, 2016 2015 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) $ 6 $ 449 3.1 $ 5 $ 454 3.0 Credit default swaps referencing indices 34 2,335 3.6 5 1,416 3.4 Subtotal 40 2,784 3.5 10 1,870 3.3 Baa Single name credit default swaps (3) 5 751 2.5 6 940 2.9 Credit default swaps referencing indices 88 6,711 5.0 29 4,619 4.8 Subtotal 93 7,462 4.8 35 5,559 4.5 Ba Single name credit default swaps (3) (2 ) 135 4.1 (2 ) 64 2.3 Credit default swaps referencing indices — — — (1 ) 100 1.0 Subtotal (2 ) 135 4.1 (3 ) 164 1.5 B Single name credit default swaps (3) 1 70 1.8 — — — Credit default swaps referencing indices 20 281 5.0 11 592 4.9 Subtotal 21 351 4.3 11 592 4.9 Total $ 152 $ 10,732 4.4 $ 53 $ 8,185 4.2 __________________ (1) The rating agency designations are based on availability and the midpoint of the applicable ratings among Moody’s Investors Service (“Moody’s”), 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. The Company has also entered into credit default swaps to purchase credit protection on certain of the referenced credit obligations in the table above. As a result, the maximum amounts of potential future recoveries available to offset the $10.7 billion and $8.2 billion from the table above were $30 million and $75 million at December 31, 2016 and 2015 , respectively. At December 31, 2016 , the Company no longer maintained a trading portfolio for derivatives. At December 31, 2015 , written credit default swaps held in relation to the trading portfolio amounted to $20 million in gross notional amount and ($2) million in estimated fair value. Credit Risk on Freestanding Derivatives 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. The Company manages its credit risk related to derivatives by entering into transactions with creditworthy counterparties and establishing and monitoring exposure limits. The Company’s OTC-bilateral derivative transactions are generally governed by ISDA Ma |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value | 10. Fair Value When developing estimated fair values, the Company considers three broad valuation techniques: (i) the market approach, (ii) the income approach, and (iii) the cost approach. The Company determines the most appropriate valuation technique to use, given what is being measured and the availability of sufficient inputs, giving priority to observable inputs. The Company categorizes its assets and liabilities measured at estimated fair value into a three-level hierarchy, based on the significant input with the lowest level in its valuation. The input levels are as follows: Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities. The Company defines active markets based on average trading volume for equity securities. The size of the bid/ask spread is used as an indicator of market activity for fixed maturity securities. Level 2 Quoted prices in markets that are not active or inputs that are observable either directly or indirectly. These inputs can include quoted prices for similar assets or liabilities other than quoted prices in Level 1, quoted prices in markets that are not active, or other significant inputs that are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 Unobservable inputs that are supported by little or no market activity and are significant to the determination of estimated fair value of the assets or liabilities. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability. Financial markets are susceptible to severe events evidenced by rapid depreciation in asset values accompanied by a reduction in asset liquidity. The Company’s ability to sell securities, or the price ultimately realized for these securities, depends upon the demand and liquidity in the market and increases the use of judgment in determining the estimated fair value of certain securities. 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: 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 and trading 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 Trading liabilities (6) — — — — Separate account liabilities (5) — 16 7 23 Total liabilities $ 15 $ 6,128 $ 2,355 $ 8,498 December 31, 2015 Fair Value Hierarchy Level 1 Level 2 Level 3 Total Estimated Fair Value (In millions) Assets Fixed maturity securities: U.S. corporate $ — $ 74,245 $ 5,328 $ 79,573 Foreign government — 48,889 829 49,718 Foreign corporate — 46,428 4,983 51,411 U.S. government and agency 29,487 17,635 — 47,122 RMBS — 25,508 3,381 28,889 State and political subdivision — 11,776 34 11,810 ABS — 8,840 1,211 10,051 CMBS — 8,680 529 9,209 Total fixed maturity securities 29,487 242,001 16,295 287,783 Equity securities 1,230 1,300 334 2,864 FVO and trading securities (1) 11,335 3,419 270 15,024 Short-term investments (2) 2,469 4,282 244 6,995 Residential mortgage loans — FVO — — 314 314 Other investments 109 53 — 162 Derivative assets: (3) Interest rate 2 6,960 17 6,979 Foreign currency exchange rate — 2,774 16 2,790 Credit — 87 6 93 Equity market 26 467 134 627 Total derivative assets 28 10,288 173 10,489 Embedded derivatives within asset host contracts (4) — — 118 118 Separate account assets (5) 76,456 109,138 1,558 187,152 Total assets $ 121,114 $ 370,481 $ 19,306 $ 510,901 Liabilities Derivative liabilities: (3) Interest rate $ 7 $ 1,672 $ — $ 1,679 Foreign currency exchange rate — 2,750 148 2,898 Credit — 44 2 46 Equity market 18 424 202 644 Total derivative liabilities 25 4,890 352 5,267 Embedded derivatives within liability host contracts (4) — — 793 793 Trading liabilities (6) 103 50 — 153 Separate account liabilities (5) — — — — Total liabilities $ 128 $ 4,940 $ 1,145 $ 6,213 __________________ (1) In 2016, the Company reinvested its trading securities portfolio into other asset classes and, at December 31, 2016, the Company no longer held any actively traded securities. FVO and trading securities at both December 31, 2016 and 2015 was comprised of over 90% FVO contractholder-directed unit-linked investments, with the remainder comprised of FVO general account securities and FVO securities held by CSEs at December 31, 2015 including actively traded securities. (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 December 31, 2016 and 2015 , debt and equity securities also included embedded derivatives of ($88) million and ($157) 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. (6) Trading liabilities are presented within other liabilities on the consolidated balance sheets. 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 6% of the total estimated fair value of Level 3 fixed maturity securities at December 31, 2016 . 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, Other Investments and Trading Liabilities 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 held by CSEs, other investments and trading liabilities 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 Techniques: Principally the market and income approaches. Valuation Techniques: 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 Techniques: Principally the market approach. Valuation Techniques: 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 Techniques: Principally the market and income approaches. Valuation Techniques: 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 Techniques: Principally the market approach. Valuation Techniques: 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 and trading 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 NAV provided by the fund managers, which were based on observable inputs. • FVO and trading securities and short-term investments are of a similar nature and class to the fixed maturity and equity securities described above; accordingly, the valuation techniques 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 techniques and observable inputs used in their valuation are also similar to those described above. Residential mortgage loans — FVO • N/A Valuation Techniques: Principally the market approach, including matrix pricing or other similar techniques. Key Inputs: Inputs 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 Valuation Techniques: 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, Other Investments and Trading Liabilities” 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 Techniques 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 Techniques 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) • repurchase rates • cross currency basis curves (2) • credit spreads • correlation between model inputs (1) • 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 and future policy benefits 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 previously described in “— Investments — Securities, Short-term Investments, Other Investments and Trading Liabilities.” 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 Techniques 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 |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | 11. Goodwill Goodwill is the excess of cost over the estimated fair value of net assets acquired. Goodwill is not amortized but is tested for impairment at least annually or more frequently if events or circumstances, such as adverse changes in the business climate, indicate that there may be justification for conducting an interim test. The goodwill impairment process requires a comparison of the estimated fair value of a reporting unit to its carrying value. The Company tests goodwill for impairment by either performing a qualitative assessment or a two-step quantitative test. The qualitative assessment is an assessment of historical information and relevant events and circumstances to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. The Company may elect not to perform the qualitative assessment for some or all of its reporting units and perform a two-step quantitative impairment test. In performing the two-step quantitative impairment test, the Company may determine the fair values of its reporting units by applying a market multiple, discounted cash flow, and/or an actuarial based valuation approach. The market multiple valuation approach utilizes market multiples of companies with similar businesses and the projected operating earnings of the reporting unit. The discounted cash flow valuation approach requires judgments about revenues, operating earnings projections, capital market assumptions and discount rates. The actuarial based approaches such as embedded value or cash flow testing estimate the net worth of the reporting unit and the value of existing and new business. The actuarial based approaches require judgments and assumptions about level of economic capital required to support the mix of business, long-term growth rates, the account value of in-force business, projections of new and renewal business, as well as margins on such business, the level of interest rates, credit spreads, equity market levels, and the discount rate that the Company believes is appropriate for the respective reporting unit. When testing goodwill for impairment, the Company also considers its market capitalization in relation to the aggregate estimated fair value of its reporting units. The Company applies significant judgment when determining the estimated fair value of the Company’s reporting units and when assessing the relationship of market capitalization to the aggregate estimated fair value of its reporting units. The valuation methodologies utilized are subject to key judgments and assumptions that are sensitive to change. Estimates of fair value are inherently uncertain and represent only management’s reasonable expectation regarding future developments. These estimates and the judgments and assumptions upon which the estimates are based will, in all likelihood, differ in some respects from actual future results. Declines in the estimated fair value of the Company’s reporting units could result in goodwill impairments in future periods which could materially adversely affect the Company’s results of operations or financial position. The Company performed its annual goodwill impairment tests of its reporting units using a qualitative assessment and/or quantitative assessments under the market multiple, discounted cash flow and/or actuarial based valuation approaches and concluded that the estimated fair values of all such reporting units were in excess of their carrying values and, therefore, goodwill was not impaired. Information regarding goodwill by segment, as well as Corporate & Other, was as follows: U.S. Asia (1) Latin America EMEA MetLife Holdings Corporate & Other Total (In millions) Balance at January 1, 2014 Goodwill $ 1,451 $ 4,898 $ 1,588 $ 1,356 $ 1,567 $ 42 $ 10,902 Accumulated impairment (2) — — — — (680 ) — (680 ) Total goodwill, net 1,451 4,898 1,588 1,356 887 42 10,222 Dispositions — (3 ) — (7 ) — — (10 ) Effect of foreign currency translation and other — (280 ) (203 ) (117 ) — — (600 ) Balance at December 31, 2014 Goodwill 1,451 4,615 1,385 1,232 1,567 42 10,292 Accumulated impairment — — — — (680 ) — (680 ) Total goodwill, net 1,451 4,615 1,385 1,232 887 42 9,612 Effect of foreign currency translation and other — (107 ) (199 ) (89 ) — — (395 ) Balance at December 31, 2015 Goodwill 1,451 4,508 1,186 1,143 1,567 42 9,897 Accumulated impairment — — — — (680 ) — (680 ) Total goodwill, net 1,451 4,508 1,186 1,143 887 42 9,217 Dispositions (3) — — — — — (42 ) (42 ) Effect of foreign currency translation and other — 88 40 (83 ) — — 45 Balance at December 31, 2016 Goodwill 1,451 4,596 1,226 1,060 1,567 — 9,900 Accumulated impairment — — — — (680 ) — (680 ) Total goodwill, net $ 1,451 $ 4,596 $ 1,226 $ 1,060 $ 887 $ — $ 9,220 __________________ (1) Includes goodwill of $4.4 billion , $4.3 billion and $4.4 billion from the Japan operations at December 31, 2016, 2015 and 2014, respectively. (2) The $680 million accumulated impairment in the MetLife Holdings segment relates to the retail annuities business impaired in 2012 that was not part of the separation of Brighthouse (see Note 3 ) and includes allocated goodwill from Corporate & Other. This accumulated impairment balance was based on estimated fair value. (3) In connection with the U.S. Retail Advisor Force Divestiture, goodwill in Corporate & Other was reduced by $42 million for the year ended December 31, 2016 . See Note 3 . |
Long-term and Short-term Debt
Long-term and Short-term Debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Long-term and Short-term Debt | 12. Long-term and Short-term Debt Long-term and short-term debt outstanding was as follows: December 31, Interest Rates (1) 2016 2015 Range Weighted Maturity Face Value Unamortized Discount Unamortized Issuance Costs Carrying Value Face Value Unamortized Discount Unamortized Issuance Costs Carrying Value (2) (In millions) Senior notes 1.76 % - 7.72% 4.94% 2017 - 2046 $ 15,597 $ (30 ) $ (62 ) $ 15,505 $ 17,025 $ (31 ) $ (67 ) $ 16,927 Surplus notes 7.63 % - 7.88% 7.79% 2024 - 2025 507 (4 ) (2 ) 501 507 (5 ) (2 ) 500 Other notes 1.62 % - 6.49% 4.23% 2017 - 2027 420 — (5 ) 415 420 — (5 ) 415 Capital lease obligations 8 — — 8 9 — — 9 Total long-term debt (3) 16,532 (34 ) (69 ) 16,429 17,961 (36 ) (74 ) 17,851 Total short-term debt 242 — — 242 100 — — 100 Total $ 16,774 $ (34 ) $ (69 ) $ 16,671 $ 18,061 $ (36 ) $ (74 ) $ 17,951 __________________ (1) Range of interest rates and weighted average interest rates are for the year ended December 31, 2016 . (2) Net of $74 million of unamortized issuance costs, which were reported in other assets at December 31, 2015. (3) Excludes $12 million and $11 million of long-term debt relating to CSEs — FVO at December 31, 2016 and 2015 , respectively. See Note 10 . The aggregate maturities of long-term debt at December 31, 2016 for the next five years and thereafter are $1.0 billion in 2017, $1.0 billion in 2018, $1.0 billion in 2019, $838 million in 2020, $998 million in 2021 and $11.5 billion thereafter. Capital lease obligations are collateralized and rank highest in priority, followed by unsecured senior notes and other notes, followed by subordinated debt which consists of junior subordinated debt securities (see Note 14 ). Payments of interest and principal on the Company’s surplus notes, which are subordinate to all other obligations at the operating company level and are senior to obligations at MetLife, Inc., may be made only with the prior approval of the insurance department of the state of domicile. The Company’s collateral financing arrangement (see Note 13 ) is supported by surplus notes of a subsidiary and, accordingly, has priority consistent with other such obligations. Certain of the Company’s debt instruments and committed facilities, as well as its credit facility, contain various administrative, reporting, legal and financial covenants. The Company believes it was in compliance with all applicable covenants at December 31, 2016 . Senior Notes — Senior Debt Securities Underlying Common Equity Units In November 2010, in connection with the financing of the acquisition of American Life Insurance Company (“American Life”) and Delaware American Life Insurance Company (“DelAm”), (collectively “ALICO”), MetLife, Inc. issued to ALICO Holdings LLC (now AM Holdings LLC (“AM Holdings”)) $3.0 billion (estimated fair value of $3.0 billion ) of three series of debt securities (the “Series C Debt Securities,” the “Series D Debt Securities,” and the “Series E Debt Securities,” collectively, the “Debt Securities”), which constituted a part of the common equity units more fully described in Note 15 . In October 2014, MetLife, Inc. closed the successful remarketing of senior debt securities underlying the common equity units. The Series E Debt Securities were remarketed in September and October 2014 as 1.903% Series E senior debt securities Tranche 1 due December 2017 and 4.721% Series E senior debt securities Tranche 2 due December 2044 . The Series D Debt Securities and the Series C Debt Securities were previously remarketed in 2013 and 2012, respectively. MetLife, Inc. did not receive any proceeds from the remarketings. Senior Notes — Other Issuances and Repayment In November 2015, MetLife, Inc. issued $500 million of senior notes due in November 2025 which bear interest at a fixed rate of 3.60% , payable semi-annually. Also in November 2015, MetLife, Inc. issued $750 million of senior notes due in May 2046 which bear interest at a fixed rate of 4.60% , payable semi-annually. In connection with the issuances, MetLife, Inc. incurred $10 million of related costs which have been capitalized and are being amortized over the terms of the senior notes. In March 2015, MetLife, Inc. issued $500 million of senior notes due in March 2025 which bear interest at a fixed rate of 3.00% , payable semi-annually. Also in March 2015, MetLife, Inc. issued $1.0 billion of senior notes due in March 2045 which bear interest at a fixed rate of 4.05% , payable semi-annually. In connection with the issuances, MetLife, Inc. incurred $12 million of related costs which have been capitalized and are being amortized over the terms of the senior notes. In May 2014, MetLife, Inc. redeemed $200 million aggregate principal amount of its 5.875% senior notes due November 2033 at par. In April 2014, MetLife, Inc. issued $1.0 billion of senior notes due April 2024 which bear interest at a fixed rate of 3.60% , payable semi-annually. In connection with the issuance, MetLife, Inc. incurred $5 million of related costs which have been capitalized and are being amortized over the term of the senior notes. Other Notes In December 2015, MetLife Private Equity Holdings, LLC (“MPEH”), a wholly-owned indirect investment subsidiary of MLIC, entered into a five-year credit agreement (the “MPEH Credit Agreement”) and borrowed $350 million under term loans that mature in December 2020 . The loans bear interest at a variable rate of three-month LIBOR plus 3.70% , payable quarterly. In connection with the borrowing, $6 million of costs were incurred which have been capitalized and are being amortized over the term of the loans. Additionally, the MPEH Credit Agreement provides for MPEH to borrow up to $100 million on a revolving basis at a variable rate of three-month LIBOR plus 3.70% , payable quarterly. There were no revolving loans outstanding under the MPEH Credit Agreement at both December 31, 2015 and 2016. Term loans and revolving loans borrowed under the MPEH Credit Agreement are non-recourse to MLIC and MetLife, Inc. Short-term Debt Short-term debt with maturities of one year or less was as follows: December 31, 2016 2015 (Dollars in millions) Commercial paper $ 100 $ 100 Short-term borrowings 142 — Total short-term debt $ 242 $ 100 Average daily balance $ 135 $ 100 Average days outstanding 21 days 68 days During the years ended December 31, 2016 , 2015 and 2014 , the weighted average interest rate on short-term debt was 1.32% , 0.15% and 0.10% , respectively. Interest Expense Interest expense included in other expenses was $874 million , $890 million and $871 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Such amounts do not include interest expense on long-term debt related to CSEs — FVO, the collateral financing arrangement, or junior subordinated debt securities. See Notes 13 and 14 . Credit and Committed Facilities At December 31, 2016 , the Company maintained a $4.0 billion unsecured revolving credit facility and certain committed facilities aggregating $11.5 billion . When drawn upon, these facilities bear interest at varying rates in accordance with the respective agreements. Credit Facilities The Company’s unsecured revolving credit facility is used for general corporate purposes, to support the borrowers’ commercial paper programs and for the issuance of letters of credit. Total fees associated with this unsecured credit facility were $15 million , $13 million and $12 million for the years ended December 31, 2016 , 2015 and 2014 , respectively, and were included in other expenses. Information on the unsecured credit facility at December 31, 2016 was as follows: Borrower(s) Expiration Maximum Letters of Drawdowns Unused (In millions) MetLife, Inc. and MetLife Funding, Inc. May 2019 (1), (2) $ 4,000 (1) (2) $ 730 $ — $ 3,270 __________________ (1) All borrowings under this unsecured revolving credit facility must be repaid by May 30, 2019 , except that letters of credit outstanding upon termination may remain outstanding until May 30, 2020. (2) In December 2016, MetLife, Inc. and MetLife Funding, Inc. entered into an agreement to amend their existing $4.0 billion unsecured revolving credit facility, which provides, among other things, that the facility will be amended and restated upon the completion of the Separation and the satisfaction of certain other conditions. As amended and restated, the unsecured revolving credit facility will provide for borrowings and the issuance of letters of credit in an aggregate amount of up to $3.0 billion . All borrowings under this amended unsecured revolving credit facility must be repaid by December 20, 2021 , except that letters of credit outstanding upon termination may remain outstanding until December 20, 2022 . Committed Facilities The committed facilities are used for collateral for certain of the Company’s affiliated reinsurance liabilities. Total fees associated with these committed facilities, included in other expenses, were $27 million , $29 million and $24 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Total fees associated with these committed facilities, included in income (loss) from discontinued operations, net of income tax, were $69 million , $61 million and $71 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Information on these committed facilities at December 31, 2016 was as follows: Account Party/Borrower(s) Expiration Maximum Capacity Letters of Drawdowns Unused (In millions) MetLife, Inc. June 2018 (1) $ 425 $ 425 $ — $ — MetLife Reinsurance Company of Vermont and MetLife, Inc. December 2024 (2), (3) 400 355 — 45 MetLife Reinsurance Company of South Carolina and MetLife, Inc. June 2037 (4) 3,500 — 2,797 703 MetLife Reinsurance Company of Vermont and MetLife, Inc. December 2037 (2), (5) 2,896 2,261 — 635 MetLife Reinsurance Company of Vermont and MetLife, Inc. September 2038 (4) 4,250 3,000 — 1,250 Total $ 11,471 $ 6,041 $ 2,797 $ 2,633 __________________ (1) Capacity at December 31, 2016 of $425 million decreases in June 2017, March 2018 and June 2018 to $395 million , $200 million and $0 , respectively. (2) MetLife, Inc. is a guarantor under the applicable facility. (3) Capacity at December 31, 2016 of $400 million decreases in June 2022, December 2022, June 2023, December 2023 and December 2024 to $380 million , $360 million , $310 million , $260 million and $0 , respectively. (4) These facilities were terminated in connection with the Separation. See Note 3 . (5) Capacity at December 31, 2016 of $2.4 billion increases periodically to a maximum of $2.9 billion in 2024, decreases periodically commencing in 2025 to $2.0 billion in 2037, and decreases to $0 after maturity in December 2037. Unused commitment of $635 million is based on maximum capacity. In addition to the above committed facilities, see also “— Other Notes” for information about the undrawn line of credit facility in the amount of $100 million . |
Collateral Financing Arrangemen
Collateral Financing Arrangements | 12 Months Ended |
Dec. 31, 2016 | |
Secured Debt [Abstract] | |
Collateral Financing Arrangements | 13. Collateral Financing Arrangement Information related to the collateral financing arrangement associated with the closed block was as follows at: December 31, 2016 2015 (In millions) Surplus notes outstanding (1) $ 1,274 $ 1,342 Receivable from unaffiliated financial institution (1) $ 166 $ 174 Pledged collateral (2) $ 160 $ 67 Assets held in trust (2) $ 1,211 $ 1,181 __________________ (1) Carrying value. (2) Estimated fair value. Interest expense on the collateral financing arrangement associated with the closed block was $24 million , $20 million and $19 million for the years ended December 31, 2016 , 2015 and 2014 , respectively, which is included in other expenses. In December 2007, MLIC reinsured a portion of its closed block liabilities to MRC, a wholly-owned subsidiary of MetLife, Inc. In connection with this transaction, MRC issued, to investors placed by an unaffiliated financial institution, $2.5 billion in aggregate principal amount of 35 -year surplus notes to provide statutory reserve support for the assumed closed block liabilities. Interest on the surplus notes accrues at an annual rate of three-month LIBOR plus 0.55% , payable quarterly. The ability of MRC to make interest and principal payments on the surplus notes is contingent upon South Carolina regulatory approval. Simultaneously with the issuance of the surplus notes, MetLife, Inc. entered into an agreement with the unaffiliated financial institution, under which MetLife, Inc. is entitled to the interest paid by MRC on the surplus notes of three-month LIBOR plus 0.55% in exchange for the payment of three-month LIBOR plus 1.12% , payable quarterly on such amount as adjusted, as described below. MetLife, Inc. may also be required to pledge collateral or make payments to the unaffiliated financial institution related to any decline in the estimated fair value of the surplus notes. Any such payments are accounted for as a receivable and included in other assets on the Company’s consolidated balance sheets and do not reduce the principal amount outstanding of the surplus notes. Such payments, however, reduce the amount of interest payments due from MetLife, Inc. under the agreement. Any payment received from the unaffiliated financial institution reduces the receivable by an amount equal to such payment and also increases the amount of interest payments due from MetLife, Inc. under the agreement. In addition, the unaffiliated financial institution may be required to pledge collateral to MetLife, Inc. related to any increase in the estimated fair value of the surplus notes. MetLife, Inc. may also be required to make a payment to the unaffiliated financial institution in connection with any early termination of this agreement. During 2016 and 2015, following regulatory approval, MRC repurchased $68 million and $57 million , respectively, in aggregate principal amount of the surplus notes. Cumulatively, since December 2007, MRC repurchased $1.2 billion in aggregate principal amount of the surplus notes as of December 31, 2016. Payments made by the Company in 2016 and 2015 associated with the repurchases were exclusive of accrued interest on the surplus notes. In connection with the repurchases during 2016 and 2015, the Company received payments in the aggregate amount of $8 million each year from the unaffiliated financial institution, which reduced the amount receivable from the unaffiliated financial institution by $8 million each year. No other payments related to an increase or decrease in the estimated fair value of the surplus notes were made by MetLife, Inc. or received from the unaffiliated financial institution during 2016 , 2015 or 2014 . A majority of the proceeds from the offering of the surplus notes was placed in a trust, which is consolidated by the Company, to support MRC’s statutory obligations associated with the assumed closed block liabilities. During the years ended December 31, 2016 , 2015 and 2014 , MRC transferred $1 million , $30 million and $467 million , respectively, out of the trust to its general account. The assets are principally invested in fixed maturity securities and are presented as such within the Company’s consolidated balance sheets, with the related income included within net investment income on the Company’s consolidated statements of operations. |
Junior Subordinated Debt Securi
Junior Subordinated Debt Securities | 12 Months Ended |
Dec. 31, 2016 | |
Junior Subordinated Notes [Abstract] | |
Junior Subordinated Debt Securities | 14. Junior Subordinated Debt Securities Outstanding Junior Subordinated Debt Securities Outstanding junior subordinated debt securities and exchangeable surplus trust securities which are exchangeable for junior subordinated debt securities prior to redemption or repayment, were as follows: December 31, 2016 2015 Issuer Issue Date Interest Rate (1) Scheduled Redemption Date Interest Rate Subsequent to Scheduled Redemption Date (2) Final Maturity Face Value Unamortized Discount Unamortized Issuance Costs Carrying Value Face Unamortized Unamortized Carrying Value (3) (In millions) MetLife, Inc. July 2009 10.750% August 2039 LIBOR + 7.548% August 2069 $ 500 $ — $ (4 ) $ 496 $ 500 $ — $ (4 ) $ 496 MetLife Capital Trust X (4), (5) April 2008 9.250% April 2038 LIBOR + 5.540% April 2068 750 — (6 ) 744 750 — (6 ) 744 MetLife Capital Trust IV (4) December 2007 7.875% December 2037 LIBOR + 3.960% December 2067 700 (4 ) (6 ) 690 700 (4 ) (7 ) 689 MetLife, Inc. December 2006 6.400% December 2036 LIBOR + 2.205% December 2066 1,250 (2 ) (9 ) 1,239 1,250 (2 ) (9 ) 1,239 $ 3,200 $ (6 ) $ (25 ) $ 3,169 $ 3,200 $ (6 ) $ (26 ) $ 3,168 _________________ (1) Prior to the scheduled redemption date, interest is payable semiannually in arrears. (2) In the event the securities are not redeemed on or before the scheduled redemption date, interest will accrue after such date at an annual rate of three-month LIBOR plus the indicated margin, payable quarterly in arrears. (3) Net of $26 million of unamortized issuance costs, which were reported in other assets at December 31, 2015. (4) MetLife Capital Trust X and MetLife Capital Trust IV are VIEs which are consolidated on the financial statements of the Company. The securities issued by these entities are exchangeable surplus trust securities, which are exchangeable for a like amount of MetLife, Inc.’s junior subordinated debt securities on the scheduled redemption date; mandatorily under certain circumstances, and at any time upon MetLife, Inc. exercising its option to redeem the securities. (5) See Note 23 for the information regarding the Junior Subordinated Debt Securities exchange transaction in February 2017. In connection with each of the securities described above, MetLife, Inc. may redeem or may cause the redemption of the securities (i) in whole or in part, at any time on or after the date five years prior to the scheduled redemption date at their principal amount plus accrued and unpaid interest to, but excluding, the date of redemption, or (ii) in certain circumstances, in whole or in part, prior to the date five years prior to the scheduled redemption date at their principal amount plus accrued and unpaid interest to, but excluding, the date of redemption or, if greater, a make-whole price. MetLife, Inc. also has the right to, and in certain circumstances the requirement to, defer interest payments on the securities for a period up to 10 years . Interest compounds during such periods of deferral. If interest is deferred for more than five consecutive years, MetLife, Inc. is required to use proceeds from the sale of its common stock or warrants on common stock to satisfy this interest payment obligation. In connection with each of the securities described above, MetLife, Inc. entered into a separate replacement capital covenant (“RCC”). As part of each RCC, MetLife, Inc. agreed that it will not repay, redeem, or purchase the securities on or before a date 10 years prior to the final maturity date of each issuance, unless, subject to certain limitations, it has received cash proceeds during a specified period from the sale of specified replacement securities. Each RCC will terminate upon the occurrence of certain events, including an acceleration of the applicable securities due to the occurrence of an event of default. The RCCs are not intended for the benefit of holders of the securities and may not be enforced by them. Rather, each RCC is for the benefit of the holders of a designated series of MetLife, Inc.’s other indebtedness (the “Covered Debt”). Initially, the Covered Debt for each of the securities described above was MetLife, Inc.’s 5.700% senior notes due 2035 (the “5.700% Senior Notes”). As a result of the issuance of MetLife, Inc.’s 10.750% Fixed-to-Floating Rate Junior Subordinated Debentures due 2069 (the “10.750% JSDs”), the 10.750% JSDs became the Covered Debt with respect to, and in accordance with, the terms of the RCC relating to MetLife, Inc.’s 6.40% Fixed-to-Floating Rate Junior Subordinated Debentures due 2066 . The 5.700% Senior Notes continue to be the Covered Debt with respect to, and in accordance with, the terms of the RCCs relating to each of MetLife Capital Trust IV’s 7.875% Fixed-to-Floating Rate Exchangeable Surplus Trust Securities, MetLife Capital Trust X’s 9.250% Fixed-to-Floating Rate Exchangeable Surplus Trust Securities and the 10.750% JSDs. MetLife, Inc. also entered into a replacement capital obligation which will commence during the six month period prior to the scheduled redemption date of each of the securities described above and under which MetLife, Inc. must use reasonable commercial efforts to raise replacement capital to permit repayment of the securities through the issuance of certain qualifying capital securities. Interest expense on outstanding junior subordinated debt securities was $258 million for each of the years ended December 31, 2016 , 2015 and 2014 , which is included in other expenses. |
Common Equity Units
Common Equity Units | 12 Months Ended |
Dec. 31, 2016 | |
Temporary Equity Disclosure [Abstract] | |
Common Equity Units [Text Block] | 15. Common Equity Units In connection with the financing of the acquisition of ALICO in November 2010 , MetLife, Inc. issued to AM Holdings 40 million common equity units with an aggregate stated amount at issuance of $3.0 billion and an estimated fair value of $3.2 billion . Each common equity unit had an initial stated amount of $75 per unit and initially consisted of: (i) three purchase contracts (the Series C Purchase Contracts, the Series D Purchase Contracts and the Series E Purchase Contracts and, together, the “Purchase Contracts”), obligating the holder to purchase, on a subsequent settlement date, a variable number of shares of MetLife, Inc. common stock, par value $0.01 per share, for a purchase price of $25 ( $75 in the aggregate); and (ii) a 1/40 undivided beneficial ownership interest in each of three series of Debt Securities issued by MetLife, Inc., each series of Debt Securities having an aggregate principal amount of $1.0 billion . On March 8, 2011, AM Holdings sold, in a public offering, all the common equity units it received as consideration from MetLife in connection with the acquisition of ALICO. As discussed in Note 12 , in October 2014, September 2013 and October 2012, MetLife, Inc. closed the successful remarketings of senior debt securities underlying the common equity units. Most holders of the common equity units used the remarketing proceeds to settle their payment obligations under the applicable Purchase Contracts. The subsequent settlement of the Purchase Contracts provided proceeds to MetLife, Inc. of $1.0 billion in each of October 2014, September 2013 and October 2012 in exchange for shares of MetLife, Inc.’s common stock. See Note 16 . |
Equity
Equity | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Equity | 16. Equity Preferred Stock Preferred stock authorized, issued and outstanding was as follows at both December 31, 2016 and 2015 : Series Shares Shares Shares 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 As discussed below, MetLife, Inc. repurchased or redeemed and canceled the 6.50% Non-Cumulative Preferred Stock, Series B (the “Series B preferred stock”) in 2015. On November 3, 2015, MetLife, Inc. filed a Certificate of Elimination (the “Certificate of Elimination”) of 6.50% Non-Cumulative Preferred Stock, Series B with the Secretary of State of the State of Delaware to eliminate all references to the Series B preferred stock in MetLife, Inc.’s Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”), including the related Certificate of Designations. As a result of the filing of the Certificate of Elimination, MetLife, Inc.’s Certificate of Incorporation was amended to eliminate all references therein to the Series B preferred stock, and the shares that were designated to such series were returned to the status of authorized but unissued shares of preferred stock, par value $0.01 per share, of MetLife, Inc., without designation as to series. In June 2015, MetLife, Inc. issued 1,500,000 shares of 5.25% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C (the "Series C preferred stock"), with a $0.01 par value per share and a liquidation preference of $1,000 per share, for aggregate proceeds of $1.5 billion . In connection with the offering of the Series C preferred stock, MetLife, Inc. incurred $17 million of issuance costs which have been recorded as a reduction of additional paid-in capital. In June 2015, MetLife, Inc. conducted a tender offer for up to 59,850,000 of its 60,000,000 shares of Series B preferred stock, liquidation preference $25 per share, at a purchase price of $25 per share, plus an amount equal to accrued, unpaid and undeclared dividends from, and including, June 15, 2015 to, but excluding, June 29, 2015, the settlement date of the tender offer. In June 2015, MetLife, Inc. also delivered a notice of redemption to the holders of the Series B preferred stock, pursuant to which it would redeem any shares of Series B preferred stock not purchased by it in the tender offer at a redemption price of $25 per share, without any payment for accrued, unpaid and undeclared dividends on the Series B preferred stock from, and including, June 15, 2015 to, but excluding, July 1, 2015, the redemption date. On June 29, 2015, MetLife, Inc. repurchased and canceled 37,192,413 shares of Series B preferred stock in the tender offer for $932 million in cash. On July 1, 2015, MetLife, Inc. redeemed and canceled the remaining 22,807,587 shares of Series B preferred stock not tendered in the tender offer for an aggregate redemption price of $570 million in cash. In connection with the tender offer and redemption, MetLife, Inc. recognized a preferred stock repurchase premium of $42 million (calculated as the difference between the carrying value of the Series B preferred stock and the total amount paid by MetLife, Inc. to the holders of the Series B preferred stock in connection with the tender offer and redemption), which was reflected as a reduction to retained earnings on the consolidated balance sheet. The outstanding preferred stock ranks senior to MetLife, Inc.’s common stock with respect to the payment of dividends and distributions upon liquidation, dissolution or winding-up. Holders of the outstanding preferred stock are entitled to receive dividend payments only when, as and if declared by MetLife, Inc.’s Board of Directors or a duly authorized committee of the Board. Dividends on the preferred stock are not cumulative or mandatory. Accordingly, if dividends are not declared on the preferred stock of the applicable series for any dividend period, then any accrued dividends for that dividend period will cease to accrue and be payable. If a dividend is not declared before the dividend payment date for any such dividend period, MetLife, Inc. will have no obligation to pay dividends accrued for such dividend period whether or not dividends are declared for any future period. No dividends may be paid or declared on MetLife, Inc.’s common stock (or any other securities ranking junior to the preferred stock) and MetLife, Inc. may not purchase, redeem, or otherwise acquire its common stock (or other such junior stock) unless the full dividends for the latest completed dividend period on all outstanding shares of preferred stock, and any parity stock, have been declared and paid or provided for. If dividends are declared on MetLife, Inc.’s Floating Rate Non-Cumulative Preferred Stock, Series A (the “Series A preferred stock”), they will be payable quarterly, in arrears, at an annual rate of the greater of: (i) 1.00% above three-month LIBOR on the related LIBOR determination date; or (ii) 4.00% . If dividends are declared on the Series C preferred stock for any dividend period, they are calculated on a non-cumulative basis at a fixed rate per annum of 5.25% from the date of original issue to, but excluding, June 15, 2020, and will be calculated at a floating rate per annum equal to three-month LIBOR plus 3.575% on the related LIBOR determination date from and after June 15, 2020. Dividends on the Series C preferred stock for any dividend period are payable, if declared, semi-annually in arrears on the 15th day of June and December of each year commencing on December 15, 2015 and ending on June 15, 2020, and thereafter quarterly in arrears on the 15th day of September, December, March and June of each year. Information on payments of dividends on the Series B preferred stock is set forth in the table below. MetLife, Inc. is prohibited from declaring dividends on the outstanding preferred stock if it fails to meet specified capital adequacy, net income and stockholders’ equity levels. Beginning on January 1, 2019, MetLife, Inc. will no longer be subject to such limitations with respect to the Series C preferred stock. See “— Dividend Restrictions — MetLife, Inc.” Holders of the preferred stock do not have voting rights except in certain circumstances, including where the dividends have not been paid for an equivalent of six or more dividend payment periods whether or not those periods are consecutive. Under such circumstances, the holders of the preferred stock have certain voting rights with respect to members of the Board of Directors of MetLife, Inc. The preferred stock is not subject to any mandatory redemption, sinking fund, retirement fund, purchase fund or similar provisions. The Series A preferred stock is redeemable at MetLife, Inc.’s option in whole or in part, at a redemption price of $25 per share of preferred stock, plus declared and unpaid dividends. MetLife, Inc. may, at its option, redeem the Series C preferred stock, (i) in whole but not in part, at any time prior to June 15, 2020, within 90 days after the occurrence of a “regulatory capital event,” and (ii) in whole or in part, from time to time, on or after June 15, 2020, in each case, at a redemption price equal to $1,000 per Series C preferred share, plus an amount equal to any dividends per share that have accrued but not been declared and paid for the then-current dividend period to, but excluding, such redemption date. A “regulatory capital event” could occur as a result of a change or proposed change in capital adequacy rules (or the interpretation or application thereof) that would apply to MetLife, Inc. from rules (or the interpretation or application thereof) in effect with respect to bank holding companies as of June 1, 2015 that would create a more than insubstantial risk, as determined by MetLife, Inc., that the Series C preferred stock would not be treated as “Tier 1 Capital” or as capital with attributes similar to those of Tier 1 Capital. In December 2008, MetLife, Inc. entered into an RCC related to the Series A and Series B preferred stock and, in June 2015, MetLife, Inc. entered into an RCC related to the Series C preferred stock. As part of each such RCC, MetLife, Inc. agreed that it will not repay, redeem or purchase the preferred stock on or before December 31, 2018, unless, subject to certain limitations, it has received proceeds during a specified period from the sale of specified replacement securities. The repurchase and redemption of Series B preferred stock as described above was in compliance with the terms of the applicable RCC. The RCC is, in each case, for the benefit of the holders of the related Covered Debt, which is currently MetLife, Inc.’s 10.750% JSDs. The RCC will terminate upon the occurrence of certain events, including the date on which MetLife, Inc. has no series of outstanding eligible debt securities. Information on the declaration, record and payment dates, as well as per share and aggregate dividend amounts, for the Series A, Series B and Series C preferred stock was as follows: Dividend Declaration Date Record Date Payment Date Series A Per Share Series A Aggregate Series B Per Share Series B Aggregate Series C Per Share Series C Aggregate (In millions, except per share data) November 15, 2016 November 30, 2016 December 15, 2016 $ 0.253 $ 6 $ — $ — $ 26.250 $ 39 August 15, 2016 August 31, 2016 September 15, 2016 $ 0.256 6 $ — — $ — — May 16, 2016 May 31, 2016 June 15, 2016 $ 0.256 7 $ — — $ 26.250 39 March 7, 2016 February 29, 2016 March 15, 2016 $ 0.253 6 $ — — $ — — $ 25 $ — $ 78 November 16, 2015 November 30, 2015 December 15, 2015 $ 0.253 $ 6 $ — $ — $ 28.292 $ 43 August 17, 2015 August 31, 2015 September 15, 2015 $ 0.256 6 $ — — $ — — May 15, 2015 May 31, 2015 June 15, 2015 $ 0.256 7 $ 0.406 24 $ — — March 5, 2015 February 28, 2015 March 16, 2015 $ 0.250 6 $ 0.406 24 $ — — $ 25 $ 48 $ 43 November 17, 2014 November 30, 2014 December 15, 2014 $ 0.253 $ 7 $ 0.406 $ 24 $ — $ — August 15, 2014 August 31, 2014 September 15, 2014 $ 0.256 6 $ 0.406 24 $ — — May 15, 2014 May 31, 2014 June 16, 2014 $ 0.256 7 $ 0.406 24 $ — — March 5, 2014 February 28, 2014 March 17, 2014 $ 0.250 6 $ 0.406 24 $ — — $ 26 $ 96 $ — See Note 23 for information on subsequent preferred stock dividends declared. Common Stock Issuances In October 2014, MetLife, Inc. issued 22,907,960 new shares of its common stock for $1.0 billion . The issuances were made in connection with the settlement of stock purchase contracts. See Note 15 . During the years ended December 31, 2016 , 2015 and 2014 , 4,439,219 new shares, 5,592,622 new shares and 5,866,160 new shares of common stock were issued for $166 million , $216 million and $220 million , respectively, in connection with stock option exercises and other stock-based awards. There were no shares of common stock issued from treasury stock during any of the years ended December 31, 2016 , 2015 and 2014 . Repurchase Authorizations On December 12, 2014, MetLife, Inc. announced that its Board of Directors authorized $1.0 billion of common stock repurchases in addition to previously authorized repurchases and on September 22, 2015, MetLife, Inc. announced that its Board of Directors authorized additional repurchases of $739 million of its common stock, bringing MetLife, Inc.’s available repurchase authorization under the December 2014 and September 2015 authorizations as of such date to $1.0 billion . O n November 10, 2016, MetLife, Inc. announced that its Board of Directors authorized $3.0 billion of common stock repurchases. During the years ended December 31, 2016 , 2015 and 2014 , MetLife, Inc. repurchased 6,948,739 shares, 39,491,991 shares and 18,876,363 shares under these repurchase authorizations for $372 million , $1.9 billion , and $1.0 billion , respectively. At December 31, 2016 , MetLife, Inc. had $2.7 billion remaining under its common stock repurchase authorizations. See Note 23 for information on subsequent common stock repurchases. Under these authorizations, MetLife, Inc. may purchase its common stock from the MetLife Policyholder Trust, in the open market (including pursuant to the terms of a pre-set trading plan meeting the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934 (“Exchange Act”)), and in privately negotiated transactions. 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. Dividends The table below presents declaration, record and payment dates, as well as per share and aggregate dividend amounts, for common stock: Dividend Declaration Date Record Date Payment Date Per Share Aggregate (In millions, except per share data) October 25, 2016 November 7, 2016 December 13, 2016 $ 0.400 $ 441 July 7, 2016 August 8, 2016 September 13, 2016 $ 0.400 441 April 26, 2016 May 9, 2016 June 13, 2016 $ 0.400 441 January 6, 2016 February 5, 2016 March 14, 2016 $ 0.375 413 $ 1,736 October 27, 2015 November 6, 2015 December 11, 2015 $ 0.375 $ 419 July 7, 2015 August 7, 2015 September 11, 2015 $ 0.375 420 April 28, 2015 May 11, 2015 June 12, 2015 $ 0.375 420 January 6, 2015 February 6, 2015 March 13, 2015 $ 0.350 394 $ 1,653 October 28, 2014 November 7, 2014 December 12, 2014 $ 0.350 $ 398 July 7, 2014 August 8, 2014 September 12, 2014 $ 0.350 395 April 22, 2014 May 9, 2014 June 13, 2014 $ 0.350 395 January 6, 2014 February 6, 2014 March 13, 2014 $ 0.275 311 $ 1,499 See Note 23 for information on subsequent common stock dividends declared. The funding of the cash dividends and operating expenses of MetLife, Inc. is primarily provided by cash dividends from MetLife, Inc.’s insurance subsidiaries. The statutory capital and surplus, or net assets, of MetLife, Inc.’s insurance subsidiaries are subject to regulatory restrictions except to the extent that dividends are allowed to be paid in a given year without prior regulatory approval. Dividends exceeding these limitations can generally be made subject to regulatory approval. The nature and amount of these dividend restrictions, as well as the statutory capital and surplus of MetLife, Inc.’s U.S. insurance subsidiaries, are disclosed in “— Statutory Equity and Income” and “— Dividend Restrictions — Insurance Operations.” MetLife, Inc.’s principal non-U.S. insurance operations are branches or subsidiaries of American Life, a U.S. insurance subsidiary of the Company. In addition, the payment of dividends by MetLife, Inc. to its shareholders is also subject to restrictions. See “— Dividend Restrictions — MetLife, Inc.” Stock-Based Compensation Plans Plans for Employees and Agents Under the MetLife, Inc. 2015 Stock and Incentive Compensation Plan (the “2015 Stock Plan”), MetLife, Inc. may grant awards to employees and agents in the form of Stock Options, Stock Appreciation Rights, Restricted Stock or Restricted Stock Units, Performance Shares or Performance Share Units, Cash-Based Awards and Stock-Based Awards (each, as applicable, as defined in the 2015 Stock Plan with reference to shares of MetLife, Inc. common stock (“Shares”)). Awards under the 2015 Stock Plan and its predecessor plan, the MetLife, Inc. 2005 Stock and Incentive Compensation Plan (the “2005 Stock Plan”) were outstanding at December 31, 2016 . MetLife, Inc. granted all awards to employees and agents in 2016 under the 2015 Stock Plan. The aggregate number of Shares authorized for issuance under the 2015 Stock Plan at December 31, 2016 was 30,225,064 . MetLife recognizes compensation expense related to awards under the 2005 Stock Plan or 2015 Stock Plan based on the number of awards it expects to vest, which represents the awards granted less expected forfeitures over the life of the award, as estimated at the date of grant. Unless a material deviation from the assumed forfeiture rate is observed during the term in which the awards are expensed, MetLife recognizes any adjustment necessary to reflect differences in actual experience in the period the award becomes payable or exercisable. Compensation expense related to awards under the 2005 Stock Plan is principally related to the issuance of Stock Options. Under the 2015 Stock Plan, compensation expense principally relates to Stock Options, Unit Options, Performance Shares, Performance Units, Restricted Stock Units and Restricted Units. MetLife, Inc. granted the majority of each year’s awards under the 2005 Stock Plan and 2015 Stock Plan in the first quarter of the year. Deferred Shares are Shares that are covered by awards that have become payable under a plan, but the issuance of which has been deferred. Deferred Shares payable to employees or agents related to awards under the 2005 Stock Plan, 2015 Stock Plan, or earlier applicable plans equaled 1,385,725 Shares at December 31, 2016 . Certain stock-based awards provide solely for cash settlement based in whole or in part on the price of Shares or changes in the price of Shares (“Phantom Stock-Based Awards”). MetLife granted such awards under the MetLife, Inc. International Unit Option Incentive Plan, the MetLife International Performance Unit Incentive Plan, and the MetLife International Restricted Unit Incentive Plan prior to 2015, and under the 2015 Stock Plan in 2015 and later. Plans for Non-Management Directors Under the MetLife, Inc. 2015 Non-Management Director Stock Compensation Plan (the “2015 Director Stock Plan”), MetLife, Inc. may grant non-management Directors of MetLife, Inc. awards in the form of nonqualified Stock Options, Stock Appreciation Rights, Restricted Stock or Restricted Stock Units, or Stock-Based Awards (each, as applicable, as defined in the 2015 Director Stock Plan with reference to Shares). The only awards MetLife, Inc. granted under the 2015 Director Stock Plan and its predecessor plan, the MetLife, Inc. 2005 Non-Management Director Stock Compensation Plan (the “2005 Director Stock Plan”), through December 31, 2016 vested immediately and no awards under the 2005 Director Stock Plan or 2015 Director Stock Plan remained outstanding at December 31, 2016 . The aggregate number of Shares authorized for issuance under the 2015 Director Stock Plan at December 31, 2016 was 1,561,333 . MetLife recognizes compensation expense related to awards under the 2015 Director Stock Plan based on the number of Shares awarded. The only awards made under the 2005 Director Stock Plan and under the 2015 Director Stock Plan through December 31, 2016 were Stock-Based Awards that vested immediately. MetLife, Inc. granted the majority of the awards in 2015 and 2016 under the 2015 Director Stock Plan in the second quarter of each year. Deferred Shares payable to Directors related to awards under the 2005 Director Stock Plan, 2015 Director Stock Plan, or earlier applicable plans equaled 193,253 Shares at December 31, 2016 . Compensation Expense Related to Stock-Based Compensation The components of compensation expense related to stock-based compensation includes compensation expense related to Phantom Stock-Based Awards, and excludes the insignificant compensation expense related to the 2015 Director Stock Plan. Those components were: Years Ended December 31, 2016 2015 2014 (In millions) Stock Options and Unit Options $ 9 $ 12 $ 26 Performance Shares and Performance Units (1) 75 59 103 Restricted Stock Units and Restricted Units 63 66 47 Total compensation expense $ 147 $ 137 $ 176 Income tax benefit $ 51 $ 48 $ 62 __________________ (1) Performance Shares expected to vest and the related compensation expenses may be further adjusted by the performance factor most likely to be achieved, as estimated by management, at the end of the performance period. The following table presents the total unrecognized compensation expense related to stock-based compensation and the expected weighted average period over which these expenses will be recognized at: December 31, 2016 Expense Weighted Average Period (In millions) (Years) Stock Options $ 4 1.65 Performance Shares $ 33 1.73 Restricted Stock Units $ 41 1.80 Equity Awards Stock Options Stock Options are the contingent right of award holders to purchase Shares at a stated price for a limited time. All Stock Options have an exercise price equal to the closing price of a Share reported on the New York Stock Exchange on the date of grant, and have a maximum term of 10 years. The vast majority of Stock Options granted has become or will become exercisable at a rate of one-third of each award on each of the first three anniversaries of the grant date. Other Stock Options have become or will become exercisable on the third anniversary of the grant date. Vesting is subject to continued service, except for employees who meet specified age and service criteria and in certain other limited circumstances. A summary of the activity related to Stock Options was as follows: Shares Under Option Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (1) (Years) (In millions) Outstanding at January 1, 2016 23,506,764 $ 44.50 4.09 $ 166 Granted 900,764 $ 38.42 Exercised (2,432,001 ) $ 34.36 Expired (2,429,009 ) $ 50.50 Forfeited (64,130 ) $ 45.90 Outstanding at December 31, 2016 19,482,388 $ 44.73 3.68 $ 218 Vested and expected to vest at December 31, 2016 19,314,192 $ 44.72 3.69 $ 217 Exercisable at December 31, 2016 17,913,612 $ 44.79 3.28 $ 202 __________________ (1) The intrinsic value of each Stock Option is the closing price on a particular date less the exercise price of the Stock Option, so long as the difference is greater than zero. The aggregate intrinsic value of all outstanding Stock Options is computed using the closing Share price on December 31, 2016 of $53.89 and December 31, 2015 of $48.21 , as applicable. MetLife estimates the fair value of Stock Options on the date of grant using a binomial lattice model. The significant assumptions the Company uses in its binomial lattice model are further described below. The assumptions include: expected volatility of the price of Shares; risk-free rate of return; dividend yield on Shares; exercise multiple; and the post-vesting termination rate. Expected volatility is based upon an analysis of historical prices of Shares and call options on Shares traded on the open market. The Company uses a weighted-average of the implied volatility for publicly-traded call options with the longest remaining maturity nearest to the money as of each valuation date and the historical volatility, calculated using monthly closing prices of Shares. The Company chose a monthly measurement interval for historical volatility as this interval reflects the Company’s view that employee option exercise decisions are based on longer-term trends in the price of the underlying Shares rather than on daily price movements. The binomial lattice model used by the Company incorporates different risk-free rates based on the imputed forward rates for U.S. Treasury Strips for each year over the contractual term of the option. The table below presents the full range of rates that were used for options granted during the respective periods. Dividend yield is determined based on historical dividend distributions compared to the price of the underlying Shares as of the valuation date and held constant over the life of the Stock Option. The binomial lattice model used by the Company incorporates the term of the Stock Options. The model also factors in expected exercise behavior and a post-vesting termination rate, or the rate at which vested options are exercised or expire prematurely due to termination of employment. From these factors, the model derives an expected life of the Stock Option. The exercise behavior in the model is a multiple that reflects the ratio of stock price at the time of exercise over the exercise price of the Stock Option at the time the model expects holders to exercise. The model derives the exercise multiple from actual exercise activity. The model determines the post-vesting termination rate from actual exercise experience and expiration activity under the Incentive Plans. The following table presents the weighted average assumptions, with the exception of risk-free rate, which is expressed as a range, that the model uses to determine the fair value of unexercised Stock Options that MetLife, Inc. has granted: Years Ended December 31, 2016 2015 2014 Dividend yield 3.90% 2.72% 2.18% Risk-free rate of return 0.62% - 2.85% 0.20% - 3.04% 0.12% - 5.07% Expected volatility 33.58% 32.56% 33.26% Exercise multiple 1.43 1.44 1.45 Post-vesting termination rate 2.58% 2.73% 2.93% Contractual term (years) 10 10 10 Expected life (years) 7 7 6 Weighted average exercise price of stock options granted $ 38.42 $ 51.39 $ 50.53 Weighted average fair value of stock options granted $ 9.26 $ 13.29 $ 13.84 The following table presents a summary of Stock Option exercise activity: Years Ended December 31, 2016 2015 2014 (In millions) Total intrinsic value of stock options exercised $ 42 $ 44 $ 67 Cash received from exercise of stock options $ 84 $ 121 $ 156 Income tax benefit realized from stock options exercised $ 15 $ 15 $ 24 Performance Shares Performance Shares are units that, if they vest, are multiplied by a performance factor to produce a number of final Performance Shares which are payable in Shares. MetLife accounts for Performance Shares as equity awards. MetLife, Inc. does not credit Performance Shares with dividend-equivalents for dividends paid on Shares. Performance Share awards normally vest in their entirety at the end of the three-year performance period. Vesting is subject to continued service, except for employees who meet specified age and service criteria, and in certain other limited circumstances. For awards granted for the 2014 – 2016 and later performance periods in progress through December 31, 2016 , the vested Performance Shares will be multiplied by a performance factor of 0% to 175% . Assuming that MetLife, Inc. has met threshold performance goals related to its adjusted income or total shareholder return, the MetLife, Inc. Compensation Committee will determine the performance factor in its discretion. In doing so, the Compensation Committee may consider MetLife, Inc.’s total shareholder return relative to the performance of its competitors and operating return on MetLife, Inc.’s common stockholder’s equity relative to its financial plan. MetLife estimates the fair value of Performance Shares each quarter until they become payable. The performance factor for the 2013 - 2015 performance period was 86.2% . Restricted Stock Units Restricted Stock Units are units that, if they vest, are payable in an equal number of Shares. MetLife accounts for Restricted Stock Units as equity awards. MetLife, Inc. does not credit Restricted Stock Units with dividend-equivalents for dividends paid on Shares. Accordingly, the estimated fair value of Restricted Stock Units is based upon the closing price of Shares on the date of grant, reduced by the present value of estimated dividends to be paid on that stock. The vast majority of Restricted Stock Units normally vest in thirds on or shortly after the first three anniversaries of their grant date. Other Restricted Stock Units normally vest in their entirety on the third or later anniversary of their grant date. Vesting is subject to continued service, except for employees who meet specified age and service criteria and in certain other limited circumstances. The following table presents a summary of Performance Share and Restricted Stock Unit activity: Performance Shares Restricted Stock Units Shares Weighted Units Weighted Outstanding at January 1, 2016 3,907,174 $ 44.08 3,078,959 $ 43.50 Granted 1,661,925 $ 49.65 2,075,089 $ 33.67 Forfeited (159,358 ) $ 49.91 (192,248 ) $ 39.88 Payable (1) (1,592,641 ) $ 44.57 (1,539,787 ) $ 40.52 Outstanding at December 31, 2016 3,817,100 $ 49.88 3,422,013 $ 39.08 Vested and expected to vest at December 31, 2016 3,637,175 $ 49.89 3,279,076 $ 39.23 __________________ (1) Includes both Shares paid and Deferred Shares for later payment. (2) Values for shares outstanding at January 1, 2016, represent weighted average number of shares multiplied by the fair value per share at December 31, 2015. Otherwise, all values represent weighted average of number of shares multiplied by the fair value per share at December 31, 2016 . Fair value per share of Restricted Stock Units on December 31, 2016 was equal to Grant Date fair value per share. Performance Share amounts above represent aggregate initial target awards and do not reflect potential increases or decreases resulting from the performance factor determined after the end of the respective performance periods. At December 31, 2016 , the performance period for the 2014 — 2016 Performance Share grants was completed, but the performance factor had not yet been calculated. Included in the immediately preceding table are 1,066,076 outstanding Performance Shares to which the 2014 — 2016 performance factor will be applied. Liability Awards (Phantom Stock-Based Awards) Certain MetLife subsidiaries have a liability for Phantom Stock-Based Awards in the form of Unit Options, Restricted Units, and/or Performance Units. These Share-based cash settled awards are recorded as liabilities until payout is made. Unlike Share-settled awards, which have a fixed grant-date fair value, the fair value of unsettled or unvested liability awards is remeasured at the end of each reporting period based on the change in fair value of one Share. The liability and corresponding expense are adjusted accordingly until the award is settled. Unit Options Each Unit Option is the contingent right of the holder to receive a cash payment equal to the closing price of a Share on the surrender date, less the closing price on the grant date, if the difference is greater than zero. The vast majority of Unit Options has become or will become eligible for surrender at a rate of one-third of each award on each of the first three anniversaries of the grant date. Other Unit Options have become or will become eligible for surrender on the third anniversary of the grant date. Vesting is subject to continued service, except for employees who meet specified age and service criteria and in certain other limited circumstances. Restricted Units Restricted Units are units that, if they vest, are payable in cash equal to the closing price of a Share on the last day of the restriction period. The vast majority of Restricted Units normally vest in thirds on or shortly after the first three anniversaries of their grant date. Other Restricted Units normally vest in their entirety on the third or later anniversary of their grant date. Vesting is subject to continued service, except for employees meet specified age and service criteria and in certain other limited circumstances. Restricted Units are accounted for as liability awards. They are not credited with dividend-equivalents for actual dividends paid on Shares during the performance period. Performance Units Performance Units are units that, if they vest, are multiplied by a performance factor to produce a number of final Performance Units which are payable in cash equal to the closing price of a Share on a date following the last day of the three-year performance period. The performance factor for the Performance Units for any given period is determined on the identical basis as the performance factor for Performance Shares for the same performance period. Performance Units are accounted for as liability awards. They are not credited with dividend-equivalents for dividends paid on Shares. Accordingly, the estimated fair value of Performance Units is based upon the closing price of a Share on the date of grant, reduced by the present value of estimated dividends to be paid on that stock during the performance period. See “— Equity Awards — Performance Shares” for a discussion of the Performance Shares vesting period and award calculation, which is also used for Performance Units. The following table presents a summary of Liability Awards activity: Unit Options Restricted Units Performance Units Outstanding at January 1, 2016 975,529 661,892 611,272 Granted 27,800 485,171 278,833 Exercised (91,752 ) — — Forfeited (55,680 ) (7 |
Other Expenses
Other Expenses | 12 Months Ended |
Dec. 31, 2016 | |
Other Income and Expenses [Abstract] | |
Other Expenses | 17. Other Expenses Information on other expenses was as follows: Years Ended December 31, 2016 2015 2014 (In millions) Compensation $ 4,742 $ 4,939 $ 4,844 Pension, postretirement and postemployment benefit costs 400 367 426 Commissions 3,537 3,673 4,332 Volume-related costs 503 610 423 Capitalization of DAC (3,152 ) (3,319 ) (3,672 ) Amortization of DAC and VOBA 2,706 3,166 3,029 Amortization of negative VOBA (269 ) (361 ) (442 ) Interest expense on debt 1,157 1,168 1,150 Premium taxes, licenses and fees 686 687 737 Professional services 1,545 1,510 1,441 Rent and related expenses, net of sublease income 364 328 366 Other (1) 1,516 1,985 1,985 Total other expenses $ 13,735 $ 14,753 $ 14,619 __________________ (1) See Note 19 for information on the charge related to income tax for the year ended December 31, 2015. See Note 3 for further information on Separation-related transaction costs. Capitalization of DAC and Amortization of DAC and VOBA See Note 5 for additional information on DAC and VOBA including impacts of capitalization and amortization. See also Note 7 for a description of the DAC amortization impact associated with the closed block. Interest Expense on Debt See Notes 12 , 13 , and 14 for attribution of interest expense by debt issuance. Interest expense on debt includes interest expense related to CSEs. See Note 8 . Restructuring Charges The Company announced 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. For the year ended December 31, 2016, the Company recorded $35 million , primarily related to severance, in other expenses. As the expenses relate to an enterprise-wide initiative, they are reported in Corporate & Other. 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 December 31, 2016. In 2016, the Company completed a previous enterprise-wide strategic initiative. These restructuring charges are included in other expenses. As the expenses relate to an enterprise-wide initiative, they are reported in Corporate & Other. Information regarding restructuring charges was as follows: Years Ended December 31, 2016 2015 2014 Severance Lease and Asset Impairment Total Severance Lease and Asset Impairment Total Severance Lease and Asset Impairment Total (In millions) Balance at January 1, $ 18 $ 4 $ 22 $ 31 $ 6 $ 37 $ 40 $ 6 $ 46 Restructuring charges — 1 1 60 4 64 83 8 91 Cash payments (17 ) (4 ) (21 ) (73 ) (6 ) (79 ) (92 ) (8 ) (100 ) Balance at December 31, $ 1 $ 1 $ 2 $ 18 $ 4 $ 22 $ 31 $ 6 $ 37 Total restructuring charges incurred since inception of initiative $ 383 $ 47 $ 430 $ 383 $ 46 $ 429 $ 323 $ 42 $ 365 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | 18. 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. U.S. pension benefits are provided utilizing either a traditional formula or cash balance formula. The traditional formula provides benefits that are primarily based upon years of credited service and either final average or career average earnings. The cash balance formula utilizes hypothetical or notional accounts which credit participants with benefits equal to a percentage of eligible pay, as well as interest credits, determined annually based upon the annual rate of interest on 30-year U.S. Treasury securities, for each account balance. The U.S. nonqualified pension plans provide supplemental benefits in excess of limits applicable to a qualified plan. The non-U.S. pension plans generally provide benefits based upon either years of credited service and earnings preceding-retirement or points earned on job grades and other factors in years of service. These subsidiaries also provide certain postemployment benefits and certain postretirement medical and life insurance benefits for U.S. retired employees. Employees of these subsidiaries who were hired prior to 2003 (or, in certain cases, rehired during or after 2003) and meet age and service criteria while working for one of the subsidiaries may become eligible for these other postretirement benefits, at various levels, in accordance with the applicable plans. Virtually all retirees, or their beneficiaries, contribute a portion of the total costs of postretirement medical benefits. Employees hired after 2003 are not eligible for any employer subsidy for postretirement medical benefits. The benefit obligations, funded status and net periodic benefit costs related to these pension and other postretirement benefits were comprised of the following: December 31, 2016 December 31, 2015 Pension Benefits Other Postretirement Benefits Pension Benefits Other Postretirement Benefits U.S. Plans Non- U.S. Plans Total U.S. Plans Non- U.S. Plans Total U.S. Plans Non- U.S. Plans Total U.S. Plans Non- U.S. Plans Total (In millions) Benefit obligations $ 9,859 $ 882 $ 10,741 $ 1,734 $ 25 $ 1,759 $ 9,546 $ 747 $ 10,293 $ 1,863 $ 29 $ 1,892 Estimated fair value of plan assets 8,721 288 9,009 1,379 7 1,386 8,342 261 8,603 1,373 9 1,382 Over (under) funded status $ (1,138 ) $ (594 ) $ (1,732 ) $ (355 ) $ (18 ) $ (373 ) $ (1,204 ) $ (486 ) $ (1,690 ) $ (490 ) $ (20 ) $ (510 ) Net periodic benefit costs $ 278 $ 81 $ 359 $ 37 $ 2 $ 39 $ 269 $ 73 $ 342 $ 60 $ 6 $ 66 Obligations and Funded Status December 31, 2016 2015 Pension Other Postretirement Benefits Pension Other Postretirement Benefits (In millions) Change in benefit obligations: Benefit obligations at January 1, $ 10,293 $ 1,892 $ 10,778 $ 2,116 Service costs 272 9 275 17 Interest costs 423 82 414 89 Plan participants’ contributions — 30 — 28 Net actuarial (gains) losses 362 (115 ) (617 ) (238 ) Acquisition, divestitures, settlements and curtailments (37 ) 18 (4 ) (1 ) Change in benefits (11 ) (43 ) — (10 ) Benefits paid (582 ) (111 ) (521 ) (104 ) Effect of foreign currency translation 21 (3 ) (32 ) (5 ) Benefit obligations at December 31, 10,741 1,759 10,293 1,892 Change in plan assets: Estimated fair value of plan assets at January 1, 8,603 1,382 8,848 1,436 Actual return on plan assets 618 75 (122 ) 4 Acquisition, divestitures and settlements (7 ) (1 ) (3 ) (4 ) Plan participants’ contributions — 30 — 28 Employer contributions 374 13 416 23 Benefits paid (582 ) (111 ) (521 ) (104 ) Effect of foreign currency translation 3 (2 ) (15 ) (1 ) Estimated fair value of plan assets at December 31, 9,009 1,386 8,603 1,382 Over (under) funded status at December 31, $ (1,732 ) $ (373 ) $ (1,690 ) $ (510 ) Amounts recognized on the consolidated balance sheets: Other assets $ 3 $ 1 $ 5 $ 1 Other liabilities (1,735 ) (374 ) (1,695 ) (511 ) Net amount recognized $ (1,732 ) $ (373 ) $ (1,690 ) $ (510 ) AOCI: Net actuarial (gains) losses $ 2,993 $ 89 $ 2,945 $ 222 Prior service costs (credit) (11 ) (49 ) — (14 ) AOCI, before income tax $ 2,982 $ 40 $ 2,945 $ 208 Accumulated benefit obligation $ 10,340 N/A $ 9,870 N/A __________________ (1) Includes nonqualified unfunded plans, for which the aggregate PBO was $1.1 billion and $1.0 billion at December 31, 2016 and 2015 , respectively. Information for pension plans with PBOs in excess of plan assets and accumulated benefit obligations (“ABO”) in excess of plan assets was as follows at: December 31, 2016 2015 2016 2015 PBO Exceeds Estimated Fair Value of Plan Assets ABO Exceeds Estimated Fair Value of Plan Assets (In millions) Projected benefit obligations $ 10,670 $ 10,224 $ 1,894 $ 2,263 Accumulated benefit obligations $ 10,318 $ 9,839 $ 1,785 $ 2,127 Estimated fair value of plan assets $ 8,979 $ 8,567 $ 228 $ 692 Net Periodic Benefit Costs The components of net periodic benefit costs and other changes in plan assets and benefit obligations recognized in OCI were as follows: Years Ended December 31, 2016 2015 2014 Pension Benefits Other Postretirement Benefits Pension Benefits Other Postretirement Benefits Pension Benefits Other Postretirement Benefits (In millions) Net periodic benefit costs: Service costs $ 272 $ 9 $ 275 $ 17 $ 258 $ 15 Interest costs 423 82 414 89 447 93 Settlement and curtailment costs (1) 2 19 (1 ) 3 5 2 Expected return on plan assets (527 ) (75 ) (534 ) (80 ) (474 ) (76 ) Amortization of net actuarial (gains) losses 189 10 189 42 168 11 Amortization of prior service costs (credit) — (6 ) (1 ) (5 ) — (4 ) Total net periodic benefit costs (credit) 359 39 342 66 404 41 Other changes in plan assets and benefit obligations recognized in OCI: Net actuarial (gains) losses 238 (124 ) 43 (161 ) 960 223 Prior service costs (credit) (11 ) (41 ) — (7 ) (20 ) (13 ) Amortization of net actuarial (gains) losses (189 ) (10 ) (189 ) (42 ) (168 ) (11 ) Amortization of prior service (costs) credit — 6 1 5 — 4 Discontinued operations (1 ) 1 (2 ) (2 ) (2 ) (3 ) Total recognized in OCI 37 (168 ) (147 ) (207 ) 770 200 Total recognized in net periodic benefit costs and OCI $ 396 $ (129 ) $ 195 $ (141 ) $ 1,174 $ 241 __________________ (1) The Company recognized curtailment charges in 2016 on certain postretirement benefit plans in connection with the U.S Retail Advisor Force Divestiture. See Note 3 . The estimated net actuarial (gains) losses and prior service costs (credit) for the defined benefit pension plans and other postretirement benefit plans that will be amortized from AOCI into net periodic benefit costs over the next year are $176 million and ($1) million , and $0 and ($22) million , respectively. Assumptions Assumptions used in determining benefit obligations for the U.S. plans were as follows: Pension Benefits Other Postretirement Benefits December 31, 2016 Weighted average discount rate 4.30% 4.45% Rate of compensation increase 2.25 % - 8.50% N/A December 31, 2015 Weighted average discount rate 4.50% 4.60% Rate of compensation increase 2.25 % - 8.50% N/A Assumptions used in determining net periodic benefit costs for the U.S. Plans were as follows: Pension Benefits Other Postretirement Benefits Year Ended December 31, 2016 Weighted average discount rate 4.13% 4.37% Weighted average expected rate of return on plan assets 6.00% 5.53% Rate of compensation increase 2.25 % - 8.50% N/A Year Ended December 31, 2015 Weighted average discount rate 4.10% 4.10% Weighted average expected rate of return on plan assets 6.25% 5.70% Rate of compensation increase 2.25 % - 8.50% N/A Year Ended December 31, 2014 Weighted average discount rate 5.15% 5.15% Weighted average expected rate of return on plan assets 6.25% 5.70% Rate of compensation increase 3.50 % - 7.50% N/A The weighted average discount rate for the U.S. plans is determined annually based on the yield, measured on a yield to worst basis, of a hypothetical portfolio constructed of high quality debt instruments available on the valuation date, which would provide the necessary future cash flows to pay the aggregate PBO when due. The weighted average expected rate of return on plan assets for the U.S. plans is based on anticipated performance of the various asset sectors in which the plans invest, weighted by target allocation percentages. Anticipated future performance is based on long-term historical returns of the plan assets by sector, adjusted for the long-term expectations on the performance of the markets. While the precise expected rate of return derived using this approach will fluctuate from year to year, the policy is to hold this long-term assumption constant as long as it remains within reasonable tolerance from the derived rate. The weighted average expected rate of return on plan assets for use in that plan’s valuation in 2017 is currently anticipated to be 6.00% for U.S. pension benefits and 5.35% for U.S. other postretirement benefits. The assumed healthcare costs trend rates used in measuring the APBO and net periodic benefit costs were as follows: December 31, 2016 2015 Before Age 65 Age 65 and older Before Age 65 Age 65 and older Following year 6.8 % 13.0 % 6.3 % 10.3 % Ultimate rate to which cost increase is assumed to decline 4.0 % 4.3 % 4.2 % 4.6 % Year in which the ultimate trend rate is reached 2077 2092 2086 2091 Assumed healthcare costs trend rates may have a significant effect on the amounts reported for healthcare plans. A 1% change in assumed healthcare costs trend rates would have the following effects on the U.S. Plans as of December 31, 2016 : One Percent One Percent (In millions) Effect on total of service and interest costs components $ 12 $ (10 ) Effect of accumulated postretirement benefit obligations $ 215 $ (177 ) Plan Assets Certain U.S. subsidiaries provide employees with benefits under various Employee Retirement Income Security Act of 1974 (“ERISA”) benefit plans. These include qualified pension plans, postretirement medical plans and certain retiree life insurance coverage. The assets of these U.S. subsidiaries’ qualified pension plans are held in an insurance group annuity contract, and the vast majority of the assets of the postretirement medical plan and backing the retiree life coverage are held in a trust which largely utilizes insurance contracts to hold the assets. All of these contracts are issued by the Company’s insurance affiliates, and the assets under the contracts are held in insurance separate accounts that have been established by the Company. The underlying assets of the separate accounts are principally comprised of cash and cash equivalents, short-term investments, fixed maturity and equity securities, derivatives, real estate, private equity investments and hedge fund investments. The insurance contract provider engages investment management firms (“Managers”) to serve as sub-advisors for the separate accounts based on the specific investment needs and requests identified by the plan fiduciary. These Managers have portfolio management discretion over the purchasing and selling of securities and other investment assets pursuant to the respective investment management agreements and guidelines established for each insurance separate account. The assets of the qualified pension plans and postretirement medical plans (the “Invested Plans”) are well diversified across multiple asset categories and across a number of different Managers, with the intent of minimizing risk concentrations within any given asset category or with any of the given Managers. The Invested Plans, other than those held in participant directed investment accounts, are managed in accordance with investment policies consistent with the longer-term nature of related benefit obligations and within prudent risk parameters. Specifically, investment policies are oriented toward (i) maximizing the Invested Plan’s funded status; (ii) minimizing the volatility of the Invested Plan’s funded status; (iii) generating asset returns that exceed liability increases; and (iv) targeting rates of return in excess of a custom benchmark and industry standards over appropriate reference time periods. These goals are expected to be met through identifying appropriate and diversified asset classes and allocations, ensuring adequate liquidity to pay benefits and expenses when due and controlling the costs of administering and managing the Invested Plan’s investments. Independent investment consultants are periodically used to evaluate the investment risk of the Invested Plan’s assets relative to liabilities, analyze the economic and portfolio impact of various asset allocations and management strategies and recommend asset allocations. Derivative contracts may be used to reduce investment risk, to manage duration and to replicate the risk/return profile of an asset or asset class. Derivatives may not be used to leverage a portfolio in any manner, such as to magnify exposure to an asset, asset class, interest rates or any other financial variable. Derivatives are also prohibited for use in creating exposures to securities, currencies, indices or any other financial variable that is otherwise restricted. The table below summarizes the actual weighted average allocation of the estimated fair value of total plan assets by asset class at December 31 for the years indicated and the approved target allocation by major asset class at December 31, 2016 for the Invested Plans: December 31, 2016 2015 U.S. Pension U.S. Other U.S. Pension Benefits U.S. Other Postretirement Benefits (2) Target Actual Target Actual Actual Allocation Actual Allocation Asset Class (1) Fixed maturity securities 82 % 81 % 76 % 76 % 75 % 75 % Equity securities (3) 10 % 11 % 24 % 24 % 15 % 25 % Alternative securities (4) 8 % 8 % — % — % 10 % — % Total assets 100 % 100 % 100 % 100 % __________________ (1) Certain prior year amounts have been reclassified from alternative securities into fixed maturity securities to conform to the current year presentation. (2) U.S. other postretirement benefits do not reflect postretirement life’s plan assets invested in fixed maturity securities. (3) Equity securities percentage includes derivative assets. (4) Alternative securities primarily include hedges, private equity and real estate funds. Estimated Fair Value The pension and other postretirement benefit plan assets are categorized into a three-level fair value hierarchy, as described in Note 10 , based upon the significant input with the lowest level in its valuation. The Level 2 asset category includes certain separate accounts that are primarily invested in liquid and readily marketable securities. The estimated fair value of such separate accounts is based upon reported NAV provided by fund managers and this value represents the amount at which transfers into and out of the respective separate account are effected. These separate accounts provide reasonable levels of price transparency and can be corroborated through observable market data. Directly held investments are primarily invested in U.S. and foreign government and corporate securities. The Level 3 asset category includes separate accounts that are invested in assets that provide little or no price transparency due to the infrequency with which the underlying assets trade and generally require additional time to liquidate in an orderly manner. Accordingly, the values for separate accounts invested in these alternative asset classes are based on inputs that cannot be readily derived from or corroborated by observable market data. The pension and other postretirement plan assets measured at estimated fair value on a recurring basis and their corresponding placement in the fair value hierarchy are summarized as follows: December 31, 2016 Pension Benefits Other Postretirement Benefits Fair Value Hierarchy Fair Value Hierarchy Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (In millions) Assets Fixed maturity securities: Corporate $ — $ 3,499 $ — $ 3,499 $ 20 $ 306 $ — $ 326 U.S. government bonds 1,656 4 — 1,660 210 1 — 211 Foreign bonds — 862 — 862 — 79 — 79 Federal agencies — 196 — 196 — 27 — 27 Municipals — 313 — 313 — 23 — 23 Short-term investments 118 217 — 335 13 416 — 429 Other (2) — 362 9 371 — 55 — 55 Total fixed maturity securities 1,774 5,453 9 7,236 243 907 — 1,150 Equity securities: Common stock - domestic 474 — — 474 113 — — 113 Common stock - foreign 380 69 — 449 122 — — 122 Total equity securities 854 69 — 923 235 — — 235 Other investments 30 105 637 772 — — — — Derivative assets 16 (3 ) 65 78 1 — — 1 Total assets $ 2,674 $ 5,624 $ 711 $ 9,009 $ 479 $ 907 $ — $ 1,386 December 31, 2015 Pension Benefits Other Postretirement Benefits Fair Value Hierarchy Fair Value Hierarchy Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (In millions) Assets Fixed maturity securities: Corporate $ — $ 2,931 $ 77 $ 3,008 $ 18 $ 281 $ 1 $ 300 U.S. government bonds 962 487 — 1,449 193 12 — 205 Foreign bonds — 752 17 769 — 69 — 69 Federal agencies — 222 — 222 — 34 — 34 Municipals — 298 — 298 — 56 — 56 Short-term investments (1) 10 307 — 317 1 431 — 432 Other (1), (2) 9 398 7 414 — 47 — 47 Total fixed maturity securities 981 5,395 101 6,477 212 930 1 1,143 Equity securities: Common stock - domestic 733 24 — 757 126 — — 126 Common stock - foreign 364 61 — 425 111 — — 111 Total equity securities 1,097 85 — 1,182 237 — — 237 Other investments 32 85 723 840 — — — — Derivative assets 25 3 76 104 2 — — 2 Total assets $ 2,135 $ 5,568 $ 900 $ 8,603 $ 451 $ 930 $ 1 $ 1,382 __________________ (1) The prior year amounts have been reclassified into fixed maturity securities to conform to the current year presentation. (2) Other primarily includes money market securities, mortgage-backed securities, collateralized mortgage obligations and ABS. A rollforward of all pension and other postretirement benefit plan assets measured at estimated fair value on a recurring basis using significant unobservable (Level 3) inputs was as follows: Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Pension Benefits Fixed Maturity Securities: Corporate Foreign Bonds Other (1) Other Investments Derivative Assets (In millions) Balance, January 1, 2015 $ 79 $ 17 $ 8 $ 745 $ 73 Realized gains (losses) 1 — — — (11 ) Unrealized gains (losses) (5 ) (1 ) 2 55 (9 ) Purchases, sales, issuances and settlements, net 8 2 (1 ) (77 ) 23 Transfers into and/or out of Level 3 (6 ) (1 ) (2 ) — — Balance, December 31, 2015 $ 77 $ 17 $ 7 $ 723 $ 76 Realized gains (losses) 2 — — — 3 Unrealized gains (losses) 3 (3 ) — 33 (18 ) Purchases, sales, issuances and settlements, net (20 ) (3 ) — (119 ) 6 Transfers into and/or out of Level 3 (62 ) (11 ) 2 — (2 ) Balance, December 31, 2016 $ — $ — $ 9 $ 637 $ 65 __________________ (1) Other includes ABS and collateralized mortgage obligations. Other postretirement benefit plan assets measured at estimated fair value on a recurring basis using significant unobservable (Level 3) inputs were not significant for the years ended December 31, 2016 and 2015 . Expected Future Contributions and Benefit Payments It is the subsidiaries’ practice to make contributions to the U.S. qualified pension plan to comply with minimum funding requirements of ERISA. In accordance with such practice, no contributions are required for 2017 . The subsidiaries expect to make discretionary contributions to the qualified pension plan of $225 million in 2017 . For information on employer contributions, see “— Obligations and Funded Status.” Benefit payments due under the U.S. nonqualified pension plans are primarily funded from the subsidiaries’ general assets as they become due under the provision of the plans, therefore benefit payments equal employer contributions. The U.S. subsidiaries expect to make contributions of $70 million to fund the benefit payments in 2017 . Postretirement benefits are either: (i) not vested under law; (ii) a non-funded obligation of the subsidiaries; or (iii) both. Current regulations do not require funding for these benefits. The subsidiaries use their general assets, net of participant’s contributions, to pay postretirement medical claims as they come due. As permitted under the terms of the governing trust document, the subsidiaries may be reimbursed from plan assets for postretirement medical claims paid from their general assets. The U.S. subsidiaries expect to make contributions of $50 million towards benefit obligations in 2017 to pay postretirement medical claims. Gross benefit payments for the next 10 years, which reflect expected future service where appropriate, are expected to be as follows: Pension Benefits Other Postretirement Benefits (In millions) 2017 $ 573 $ 85 2018 $ 589 $ 87 2019 $ 606 $ 92 2020 $ 627 $ 95 2021 $ 642 $ 96 2022-2026 $ 3,498 $ 500 Additional Information As previously discussed, most of the assets of the U.S. pension benefit plans are held in a group annuity contract issued by the subsidiaries while some of the assets of the U.S. postretirement benefit plans are held in a trust which largely utilizes life insurance contracts issued by the subsidiaries to hold such assets. Total revenues from these contracts recognized on the consolidated statements of operations were $58 million , $55 million and $50 million for the years ended December 31, 2016 , 2015 and 2014 , respectively, and included policy charges and net investment income from investments backing the contracts and administrative fees. Total investment income (loss), including realized and unrealized gains (losses), credited to the account balances was $660 million , ($125) million and $1.2 billion for the years ended December 31, 2016 , 2015 and 2014 , respectively. The terms of these contracts are consistent in all material respects with those the subsidiaries offer to unaffiliated parties that are similarly situated. Defined Contribution Plans Certain subsidiaries sponsor defined contribution plans under which a portion of employee contributions are matched. These subsidiaries contributed $81 million , $80 million and $77 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. |
Income Tax
Income Tax | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax | 19. Income Tax The provision for income tax from continuing operations was as follows: Years Ended December 31, 2016 2015 2014 (In millions) Current: Federal $ 520 $ 632 $ 607 State and local 3 10 9 Foreign 628 556 773 Subtotal 1,151 1,198 1,389 Deferred: Federal (867 ) 205 409 State and local — — (1 ) Foreign 382 297 139 Subtotal (485 ) 502 547 Provision for income tax expense (benefit) $ 666 $ 1,700 $ 1,936 The Company’s income (loss) from continuing operations before income tax expense (benefit) from domestic and foreign operations were as follows: Years Ended December 31, 2016 2015 2014 (In millions) Income (loss) from continuing operations: Domestic $ 239 $ 1,981 $ 4,584 Foreign 3,901 3,727 2,299 Total $ 4,140 $ 5,708 $ 6,883 The reconciliation of the income tax provision at the U.S. statutory rate to the provision for income tax as reported for continuing operations was as follows: Years Ended December 31, 2016 2015 2014 (In millions) Tax provision at U.S. statutory rate $ 1,450 $ 1,997 $ 2,409 Tax effect of: Dividend received deduction (69 ) (71 ) (72 ) Tax-exempt income (86 ) (70 ) (91 ) Prior year tax (1) (13 ) 559 47 Low income housing tax credits (270 ) (221 ) (205 ) Other tax credits (98 ) (67 ) (66 ) Foreign tax rate differential (2), (3), (4) (315 ) (465 ) (118 ) Change in valuation allowance (9 ) 5 (3 ) Goodwill impairment 12 — — Other, net 64 33 35 Provision for income tax expense (benefit) $ 666 $ 1,700 $ 1,936 __________________ (1) As discussed further below, for the year ended December 31, 2015, prior year tax includes a $557 million non-cash charge related to an uncertain tax position. (2) For the year ended December 31, 2016, foreign tax rate differential includes a tax benefit of $110 million in Japan related to a change in tax rate offset by a tax charge of $19 million in Chile related to a change in tax rate. (3) For the year ended December 31, 2015, foreign tax rate differential includes tax benefits of $174 million related to a Japan tax rate change, $61 million related to restructuring in Chile, $57 million related to the repatriation of earnings from Japan, $41 million related to certain non-portfolio net investment gains that were non-taxable and $31 million related to the devaluation of the peso in Argentina. These benefits were partially offset by charges of $88 million related to the impact of foreign exchange on investment gains in Argentina and $36 million as a result of a deferred tax liability true-up in Japan. (4) For the year ended December 31, 2014, foreign tax rate differential includes a tax charge of $54 million related to tax reform in Chile and $45 million related to the repatriation of earnings from Japan, partially offset by a tax benefit of $13 million related to the change in repatriation assumption for foreign earnings of the United Arab Emirates (“UAE”). Deferred income tax represents the tax effect of the differences between the book and tax bases of assets and liabilities. Net deferred income tax assets and liabilities consisted of the following at: December 31, 2016 2015 (In millions) Deferred income tax assets: Policyholder liabilities and receivables $ 1,921 $ 3,148 Net operating loss carryforwards 1,420 1,229 Employee benefits 1,045 1,041 Capital loss carryforwards 9 9 Tax credit carryforwards 1,375 1,081 Litigation-related and government mandated 256 260 Other 743 807 Total gross deferred income tax assets 6,769 7,575 Less: Valuation allowance 161 203 Total net deferred income tax assets 6,608 7,372 Deferred income tax liabilities: Investments, including derivatives 2,949 4,333 Intangibles 1,213 1,212 Net unrealized investment gains 5,414 4,803 DAC 3,619 3,424 Other 187 134 Total deferred income tax liabilities 13,382 13,906 Net deferred income tax asset (liability) $ (6,774 ) $ (6,534 ) The Company also has recorded a valuation allowance benefit of $9 million related to certain state and foreign net operating loss carryforwards for the year ended December 31, 2016 . In addition, a $10 million reduction was related to foreign currency movement and a $23 million reduction was recorded as a balance sheet reclassification with other deferred tax assets for the year ended December 31, 2016 . The valuation allowance reflects management’s assessment, based on available information, that it is more likely than not that the deferred income tax asset for certain foreign and state net operating loss carryforwards will not be realized. The tax benefit will be recognized when management believes that it is more likely than not that these deferred income tax assets are realizable. The following table sets forth the domestic, state, and foreign net operating loss carryforwards and the domestic capital loss carryforwards for tax purposes at December 31, 2016 . Net Operating Loss Carryforwards Capital Loss Carryforwards Domestic State Foreign Domestic (In millions) Expiration: 2017-2021 $ 1 $ 38 $ 86 $ 27 2022-2026 — 59 36 — 2027-2031 76 29 41 — 2032-2036 3,805 2 (6 ) — Indefinite — — 354 — $ 3,882 $ 128 $ 511 $ 27 The following table sets forth the general business credits, foreign tax credits, and other credit carryforwards for tax purposes at December 31, 2016 . Tax Credit Carryforwards General Business Credits Foreign Tax Credits Other (In millions) Expiration: 2017-2021 $ — $ — $ — 2022-2026 — 573 — 2027-2031 181 — — 2032-2036 662 — — Indefinite — 9 223 $ 843 $ 582 $ 223 The Company has not provided U.S. deferred taxes on 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. The Company does not intend to repatriate these earnings to fund U.S. operations. Deferred taxes are provided for earnings of non-U.S. affiliates when the Company plans to remit those earnings. At December 31, 2016, the Company had not made a provision for U.S. taxes on approximately $5.4 billion of the excess of the amount for financial reporting over the tax bases of investments in foreign subsidiaries that are essentially permanent in duration. It is not practicable to estimate the amount of deferred tax liability related to investments in these foreign subsidiaries. The Company considers the earnings of Japan and the Middle East (excluding the UAE and Turkey) to be available for repatriation. Earnings from the remaining foreign countries, including the UAE, are considered to be permanently reinvested. The Company files income tax returns with the U.S. federal government and various state and local jurisdictions, as well as foreign jurisdictions. The Company is under continuous examination by the IRS and other tax authorities in jurisdictions in which the Company has significant business operations. The income tax years under examination vary by jurisdiction and subsidiary. The Company is no longer subject to U.S. federal, state, or local income tax examinations for years prior to 2007, except for i) 2000 through 2002 where the IRS disallowance relates to certain tax credits claimed - in April 2015, the Company received a Statutory Notice of Deficiency (the “Notice”) and paid the tax thereon in September 2015 (see note (1) below); and ii) 2003 through 2006, where the IRS disallowance relates predominantly to certain tax credits claimed and the Company is engaged with IRS Appeals. Management believes it has established adequate tax liabilities and final resolution for the years 2000 through 2006 is not expected to have a material impact on the Company’s consolidated financial statements. The IRS audit cycle for the years 2007-2009, which began in December of 2015, is scheduled to conclude in 2017. In material foreign jurisdictions, the Company is no longer subject to income tax examinations for years prior to 2009. The Company’s liability for unrecognized tax benefits may increase or decrease in the next 12 months. A reasonable estimate of the increase or decrease cannot be made at this time. However, the Company continues to believe that the ultimate resolution of the pending issues will not result in a material change to its consolidated financial statements, although the resolution of income tax matters could impact the Company’s effective tax rate for a particular future period. A reconciliation of the beginning and ending amount of unrecognized tax benefits was as follows: Years Ended December 31, 2016 2015 2014 (In millions) Balance at January 1, $ 1,259 $ 719 $ 724 Additions for tax positions of prior years (1) 24 574 59 Reductions for tax positions of prior years (112 ) (24 ) (81 ) Additions for tax positions of current year 23 24 21 Reductions for tax positions of current year — — — Settlements with tax authorities (48 ) (34 ) (4 ) Balance at December 31, $ 1,146 $ 1,259 $ 719 Unrecognized tax benefits that, if recognized would impact the effective rate $ 1,112 $ 1,215 $ 641 __________________ (1) The significant increase in 2015 is related to a non-cash charge the Company recorded to net income of $792 million , net of tax. The charge was related to an uncertain tax position and was comprised of a $557 million charge included in provision for income tax expense (benefit) and a $362 million ( $235 million , net of tax) charge included in other expenses. This charge is the result of the Company’s consideration of recent decisions of the U.S. Court of Appeals for the Second Circuit upholding the disallowance of foreign tax credits claimed by other corporate entities not affiliated with the Company. The Company’s action relates to tax years from 2000 to 2009, during which MLIC held non-U.S. investments in support of its life insurance business through a United Kingdom investment subsidiary that was structured as a joint venture at the time. The Company classifies interest accrued related to unrecognized tax benefits in interest expense, included within other expenses, while penalties are included in income tax expense. Interest was as follows: Years Ended December 31, 2016 2015 2014 (In millions) Interest recognized on the consolidated statements of operations (1) $ (41 ) $ 388 $ 27 December 31, 2016 2015 (In millions) Interest included in other liabilities on the consolidated balance sheets (1) $ 623 $ 664 __________________ (1) The significant increase in 2015 is related to the non-cash charge discussed above. The Company had insignificant penalties for the years ended December 31, 2016 , 2015 and 2014 . There has been no change in the Company’s position on the disallowance of its foreign tax credits by the IRS. The Company continues to contest the disallowance of these foreign tax credits by the IRS as management believes the facts strongly support the Company’s position. The Company will defend its position vigorously and does not expect any additional charges related to this matter. Also related to the aforementioned foreign tax credit matter, on April 9, 2015, the IRS issued the Notice to the Company. The Notice asserted that the Company owes additional taxes and interest for 2000 through 2002 primarily due to the disallowance of foreign tax credits. The transactions that are the subject of the Notice continue through 2009, and it is likely that the IRS will seek to challenge these later periods. On September 18, 2015, the Company paid the assessed tax and interest of $444 million for 2000 through 2002 and will subsequently file a claim for a refund. On November 19, 2015, $9 million of this amount was refunded from the IRS as an overpayment of interest. The U.S. Treasury Department and the IRS have indicated that they intend to address through regulations the methodology to be followed in determining the dividends received deduction (“DRD”) related to variable life insurance and annuity contracts. The DRD reduces the amount of dividend income subject to tax and is a significant component of the difference between the actual tax expense and expected amount determined using the federal statutory tax rate of 35% . Any regulations that the IRS ultimately proposes for issuance in this area will be subject to public notice and comment, at which time insurance companies and other interested parties will have the opportunity to raise legal and practical questions about the content, scope and application of such regulations. As a result, the ultimate timing and substance of any such regulations are unknown at this time. For the years ended December 31, 2016 , 2015 , and 2014 , the Company recognized an income tax benefit of $63 million , $66 million and $78 million , respectively, related to the separate account DRD. The 2016 benefit included an expense of $1 million related to a true-up of the 2015 tax return. The 2015 and 2014 benefit included a benefit of $1 million and $14 million related to a true-up of the 2014 and 2013 tax returns, respectively . |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | 20. Earnings Per Common Share The following table presents the weighted average shares used in calculating basic earnings per common share and those used in calculating diluted earnings per common share for each income category presented below: Years Ended December 31, 2016 2015 2014 (In millions, except per share data) Weighted Average Shares: Weighted average common stock outstanding for basic earnings per common share 1,100.5 1,117.8 1,128.7 Incremental common shares from assumed: Stock purchase contracts underlying common equity units (1) — — 2.9 Exercise or issuance of stock-based awards 8.0 10.5 10.9 Weighted average common stock outstanding for diluted earnings per common share 1,108.5 1,128.3 1,142.5 Income (Loss) from Continuing Operations: Income (loss) from continuing operations, net of income tax $ 3,474 $ 4,008 $ 4,947 Less: Income (loss) from continuing operations, net of income tax, attributable to noncontrolling interests 4 12 27 Less: Preferred stock dividends 103 116 122 Preferred stock repurchase premium — 42 — Income (loss) from continuing operations, net of income tax, available to MetLife, Inc.’s common shareholders $ 3,367 $ 3,838 $ 4,798 Basic $ 3.06 $ 3.43 $ 4.25 Diluted $ 3.04 $ 3.40 $ 4.20 Income (Loss) from Discontinued Operations: Income (loss) from discontinued operations, net of income tax $ (2,670 ) $ 1,314 $ 1,389 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 $ (2,670 ) $ 1,314 $ 1,389 Basic $ (2.43 ) $ 1.18 $ 1.23 Diluted $ (2.41 ) $ 1.17 $ 1.22 Net Income (Loss): Net income (loss) $ 804 $ 5,322 $ 6,336 Less: Net income (loss) attributable to noncontrolling interests 4 12 27 Less: Preferred stock dividends 103 116 122 Preferred stock repurchase premium — 42 — Net income (loss) available to MetLife, Inc.’s common shareholders $ 697 $ 5,152 $ 6,187 Basic $ 0.63 $ 4.61 $ 5.48 Diluted $ 0.63 $ 4.57 $ 5.42 __________________ (1) See Note 15 for a description of the Company’s common equity units. |
Contingencies, Commitments and
Contingencies, Commitments and Guarantees | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies, Commitments and Guarantees | 21. 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, or at trial or on appeal. Disposition valuations are also subject to the uncertainty of how opposing parties and their counsel will themselves 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 December 31, 2016 . 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, no accrual has been made. As of December 31, 2016 , the Company estimates the aggregate range of reasonably possible losses in excess of amounts accrued for these matters to be $0 to $425 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. The approximate total number of asbestos personal injury claims pending against MLIC as of the dates indicated, the approximate number of new claims during the years ended on those dates and the approximate total settlement payments made to resolve asbestos personal injury claims at or during those years are set forth in the following table: December 31, 2016 2015 2014 (In millions, except number of claims) Asbestos personal injury claims at year end 67,223 67,787 68,460 Number of new claims during the year 4,146 3,856 4,636 Settlement payments during the year (1) $ 50.2 $ 56.1 $ 46.0 __________________ (1) Settlement payments represent payments made by MLIC during the year in connection with settlements made in that year and in prior years. Amounts do not include MLIC’s attorneys’ fees and expenses. 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 U.S., 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. As previously disclosed, in 2014, MLIC increased its recorded liability for asbestos-related claims to $690 million . Based upon its regular reevaluation of its exposure from asbestos litigation, MLIC has updated its liability analysis for asbestos-related claims through December 31, 2016. 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. The EPA is requesting payment of an amount under $1 million from MLIC and such third party for past costs and an additional amount for future environmental testing costs at the Chemform Site. In September 2012, the EPA, MLIC and the third party executed an Administrative Order on Consent under which MLIC and the third party have agreed to be responsible for certain environmental testing at the Chemform Site. The Company estimates that its costs for the environmental testing will not exceed $100,000 . The September 2012 Administrative Order on Consent does not resolve the EPA’s claim for past clean-up costs. The EPA may seek additional costs if the environmental testing identifies issues. The Company estimates that the aggregate cost to resolve this matter will not exceed $1 million . 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, Brighthouse Insurance, NELICO, GALIC, Brighthouse Life Insurance of NY (formerly, First MetLife Investors Insurance Company) (“Brighthouse NY”) and broker-dealer, 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 West Virginia Lawsuits On September 20, 2012, the West Virginia Treasurer filed an action against MLIC in West Virginia state court (West Virginia ex rel. John D. Perdue v. Metropolitan Life Insurance Company, Circuit Court of Putnam County, Civil Action No. 12-C-295) alleging that MLIC violated the West Virginia Uniform Unclaimed Property Act (the “Act”), seeking to compel compliance with the Act, and seeking payment of unclaimed property, interest, and penalties. On November 14, 2012, November 21, 2012, December 28, 2012, and January 9, 2013, the Treasurer filed substantially identical suits against MetLife Investors USA, NELICO, MetLife Insurance Company of Connecticut and GALIC, respectively. On January 31, 2017, the parties entered into a settlement agreement resolving these actions. 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 filed a third amended complaint alleging that MetLife, Inc. and several current and former directors and executive officers of MetLife, Inc. violated the Securities Act of 1933 (“Securities Act”), as well as the Exchange Act 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. The defendants intend to defend this action vigorously. City of Birmingham Retirement and Relief System v. MetLife, Inc., et al. (Circuit Court of Jefferson County Alabama, filed July 5, 2012) Seeking to represent a class of persons who purchased MetLife, Inc. common equity units in or traceable to a public offering in March 2011, the plaintiff filed an action alleging that MetLife, Inc., certain current and former directors and executive officers of MetLife, Inc., and various underwriters violated several provisions of the Securities Act related to the filing of the registration statement by issuing, or causing MetLife, Inc. to issue, materially false and misleading statements and/or omissions 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 December 7, 2016, the court entered an order granting preliminary approval of the proposed settlement, under which MetLife, Inc. agreed to pay $9.75 million , and conditionally certifying a settlement class. Total Control Accounts Litigation MLIC is a defendant in a lawsuit related to its use of retained asset accounts, known as TCA, as a settlement option for death benefits. Owens v. Metropolitan Life Insurance Company (N.D. Ga., filed April 17, 2014) Plaintiff filed this putative 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 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 putative class. On September 27, 2016, the court denied MLIC’s summary judgment motion in full and granted plaintiff’s partial summary judgment motion. The Company intends to defend this action vigorously. Reinsurance Litigation Robainas, et al. v. Metropolitan Life Insurance Company (S.D.N.Y., December 16, 2014) Plaintiffs filed this putative class action lawsuit on behalf of themselves and all persons and entities who, directly or indirectly, purchased, renewed or paid premiums on life insurance policies issued by MLIC from 2009 through 2014 (the “Policies”). Two similar actions were subsequently filed, Yale v. Metropolitan Life Ins. Co. (S.D.N.Y., January 12, 2015) and International Association of Machinists and Aerospace Workers District Lodge 15 v. Metropolitan Life Ins. Co. (E.D.N.Y., February 2, 2015) . Both of these actions were consolidated with the Robainas action. The consolidated complaint alleges that MLIC inadequately disclosed in its statutory annual statements that certain reinsurance transactions with affiliated reinsurance companies were collateralized using “contractual parental guarantees,” and thereby allegedly misrepresented its financial condition and the adequacy of its reserves. The lawsuit sought recovery under Section 4226 of the New York Insurance Law of a statutory penalty in the amount of the premiums paid for the Policies. On October 9, 2015, the court granted MLIC’s motion to dismiss the consolidated complaint, finding that plaintiffs lacked Article III standing because they did not allege any concrete injury as a result of the alleged conduct. On February 23, 2017, the Second Circuit Court of Appeals affirmed this decision. Intoccia v. Metropolitan Life Insurance Company (S.D.N.Y., April 20, 2015) Plaintiffs filed this putative class action on behalf of themselves and all persons and entities who, directly or indirectly, purchased, renewed or paid premiums for Guaranteed Benefits Insurance Riders attached to variable annuity contracts with MLIC from 2009 through 2015 (the “Annuities”). The court consolidated Weilert v. Metropolitan Life Ins. Co. (S.D.N.Y., April 30, 2015) with the Intoccia case, and the consolidated, amended complaint alleges that MLIC inadequately disclosed in its statutory annual statements that certain reinsurance transactions with affiliated reinsurance companies were collateralized using “contractual parental guarantees,” and thereby allegedly misrepresented its financial condition and the adequacy of its reserves. The lawsuits seek recovery under Section 4226 of the New York Insurance Law of a statutory penalty in the amount of the premiums paid for Guaranteed Benefits Insurance Riders attached to the Annuities. The Court granted MLIC’s motion to dismiss, adopting the reasoning of the Robainas decision. On February 23, 2017, the Second Circuit Court of Appeals affirmed this decision. Diversified Lending Group Litigations Hartshorne v. MetLife, Inc., et al. (Los Angeles County Superior Court, filed March 25, 2015) Plaintiffs have 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 (“DLG”). In August 2016, a trial of claims by one of the 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. 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. Fauley v. Metropolitan Life Insurance Company, et al. (Circuit Court of the 19th Judicial Circuit, Lake County, Ill., July 3, 2014). On September 28, 2016, the Illinois Supreme Court denied an objector’s petition for leave to appeal from an order approving MLIC’s $23 million settlement of a class action alleging violation of the Telephone Consumer Protection Act. MLIC paid out the settlement funds in January 2017. MetLife, Inc. v. Financial Stability Oversight Council (D. D.C., January 13, 2015). MetLife, Inc. filed this action in D.C. District Court seeking to overturn the FSOC’s designation of MetLife, Inc. as a non-bank SIFI. The suit is brought under the section of Dodd-Frank 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. 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 filed an appeal of 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. The Company intends to defend this action vigorously. Thrivent Financial for Lutherans v. MetLife Insurance Company USA, (E.D. Wis., filed September 12, 2016) Plaintiff filed a complaint against Brighthouse Insurance contending that its use of the Brighthouse Financial trademark and logo will infringe on its trademarks. Alleging violations of federal and state law, plaintiff seeks preliminary and permanent injunctions, compensatory damages, and other relief. On December 23, 2016, plaintiff filed an amended complaint adding Brighthouse as an additional defendant. The parties have resolved this matter, and the action was voluntarily dismissed on February 15, 2017. 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. Insolvency Assessments Most of the jurisdictions in which the Company is admitted to transact business require insurers doing business within the jurisdiction to participate in guaranty associations, which are organized to pay contractual benefits owed pursuant to insurance policies issued by impaired, insolvent or failed insurers. These associations levy assessments, up to prescribed limits, on all member insurers in a particular state on the basis of the proportionate share of the premiums written by member insurers in the lines of business in which the impaired, insolvent or failed insurer engaged. Some states permit member insurers to recover assessments paid through full or partial premium tax offsets. In addition, Japan has established the Life Insurance Policyholders Protection Corporation of Japan as a contingency to protect policyholders against the insolvency of life insurance companies in Japan through assessments to companies licensed to provide life insurance. Assets and liabilities held for insolvency assessments were as follows: December 31, 2016 2015 (In millions) Other Assets: Premium tax offset for future discounted and undiscounted assessments $ 30 $ 31 Premium tax offsets currently available for paid assessments 33 50 Total $ 63 $ 81 Other Liabilities: Insolvency assessments $ 47 $ 47 Commitments Leases The Company, as lessee, has entered into various lease and sublease agreements for office space, information technology, aircrafts, automobiles, and other equipment. Future minimum gross rental payments relating to these lease arrangements are as follows: Amount (In millions) 2017 $ 289 2018 256 2019 219 2020 211 2021 189 Thereafter 996 Total $ 2,160 Total minimum rentals to be received in the future under non-cancelable subleases were $376 |
Quarterly Results of Operations
Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations (Unaudited) | 22. Quarterly Results of Operations (Unaudited) The unaudited quarterly results of operations for 2016 and 2015 are summarized in the table below: Three Months Ended March 31, June 30, September 30, December 31, (In millions, except per share data) 2016 Total revenues $ 16,097 $ 16,025 $ 15,833 $ 12,635 Total expenses $ 13,780 $ 13,979 $ 14,674 $ 14,017 Income (loss) from continuing operations, net of income tax $ 1,770 $ 1,475 $ 1,024 $ (795 ) Income (loss) from discontinued operations, net of income tax $ 433 $ (1,361 ) $ (451 ) $ (1,291 ) Net income (loss) $ 2,203 $ 114 $ 573 $ (2,086 ) Less: Net income (loss) attributable to noncontrolling interests $ 2 $ 4 $ (4 ) $ 2 Net income (loss) attributable to MetLife, Inc. $ 2,201 $ 110 $ 577 $ (2,088 ) Less: Preferred stock dividends $ 6 $ 46 $ 6 $ 45 Preferred stock repurchase premium $ — $ — $ — $ — Net income (loss) available to MetLife, Inc.’s common shareholders $ 2,195 $ 64 $ 571 $ (2,133 ) Basic earnings per common share Income (loss) from continuing operations, net of income tax, available to MetLife, Inc.’s common shareholders $ 1.60 $ 1.30 $ 0.93 $ (0.77 ) Income (loss) from discontinued operations, net of income tax, attributable to MetLife, Inc. $ 0.39 $ (1.24 ) $ (0.41 ) $ (1.17 ) Net income (loss) attributable to MetLife, Inc. $ 2.00 $ 0.10 $ 0.52 $ (1.90 ) Net income (loss) available to MetLife, Inc.’s common shareholders $ 1.99 $ 0.06 $ 0.52 $ (1.94 ) Diluted earnings per common share (1) Income (loss) from continuing operations, net of income tax, available to MetLife, Inc.’s common shareholders $ 1.59 $ 1.29 $ 0.92 $ (0.77 ) Income (loss) from discontinued operations, net of income tax, attributable to MetLife, Inc. $ 0.39 $ (1.23 ) $ (0.41 ) $ (1.17 ) Net income (loss) attributable to MetLife, Inc. $ 1.99 $ 0.10 $ 0.52 $ (1.90 ) Net income (loss) available to MetLife, Inc.’s common shareholders $ 1.98 $ 0.06 $ 0.51 $ (1.94 ) 2015 Total revenues $ 16,255 $ 14,225 $ 15,864 $ 14,990 Total expenses $ 13,875 $ 13,546 $ 14,079 $ 14,126 Income (loss) from continuing operations, net of income tax $ 1,685 $ 801 $ 897 $ 625 Income (loss) from discontinued operations, net of income tax $ 478 $ 318 $ 301 $ 217 Net income (loss) $ 2,163 $ 1,119 $ 1,198 $ 842 Less: Net income (loss) attributable to noncontrolling interests $ 5 $ 4 $ (5 ) $ 8 Net income (loss) attributable to MetLife, Inc. $ 2,158 $ 1,115 $ 1,203 $ 834 Less: Preferred stock dividends $ 30 $ 31 $ 6 $ 49 Preferred stock repurchase premium $ — $ 42 $ — $ — Net income (loss) available to MetLife, Inc.’s common shareholders $ 2,128 $ 1,042 $ 1,197 $ 785 Basic earnings per common share Income (loss) from continuing operations, net of income tax, available to MetLife, Inc.’s common shareholders $ 1.47 $ 0.65 $ 0.80 $ 0.51 Income (loss) from discontinued operations, net of income tax, attributable to MetLife, Inc. $ 0.42 $ 0.28 $ 0.27 $ 0.20 Net income (loss) attributable to MetLife, Inc. $ 1.92 $ 1.00 $ 1.08 $ 0.75 Net income (loss) available to MetLife, Inc.’s common shareholders $ 1.89 $ 0.93 $ 1.07 $ 0.71 Diluted earnings per common share Income (loss) from continuing operations, net of income tax, available to MetLife, Inc.’s common shareholders $ 1.45 $ 0.64 $ 0.79 $ 0.51 Income (loss) from discontinued operations, net of income tax, attributable to MetLife, Inc. $ 0.42 $ 0.28 $ 0.27 $ 0.19 Net income (loss) attributable to MetLife, Inc. $ 1.90 $ 0.99 $ 1.06 $ 0.74 Net income (loss) available to MetLife, Inc.’s common shareholders $ 1.87 $ 0.92 $ 1.06 $ 0.70 __________________ (1) For the three months ended December 31, 2016 , 9.2 million shares related to the assumed exercise or issuance of stock-based awards have been excluded from the weighted average common shares outstanding - diluted, as to include these assumed shares would be anti-dilutive to net income (loss) available to common shareholders per common share - diluted. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Event | 23. Subsequent Events The Separation See Note 1 and Note 3 for subsequent events related to the Separation. Common Stock Repurchases In 2017, through February 23, 2017 , MetLife, Inc. repurchased 8,718,054 shares of its common stock in the open market for $468 million . Dividends Preferred Stock On February 17, 2017 , MetLife, Inc. announced a first quarter 2017 dividend of $0.25 per share, for a total of $6 million , on its Series A preferred stock, subject to the final confirmation that it has met the financial tests specified in the certificate of designation for the Series A preferred stock, which the Company anticipates will be made and announced on or about March 6, 2017 . The dividend will be payable March 15, 2017 to shareholders of record as of February 28, 2017 . Common Stock On January 6, 2017 , the MetLife, Inc. Board of Directors declared a first quarter 2017 common stock dividend of $0.40 per share payable on March 13, 2017 to shareholders of record as of February 6, 2017 . The Company estimates that the aggregate dividend payment will be $438 million . Junior Subordinated Debt Securities On February 10, 2017, in connection with the Separation, 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. |
Consolidated Summary of Investm
Consolidated Summary of Investments - Other Than Investments in Related Parties | 12 Months Ended |
Dec. 31, 2016 | |
Summary of Investments, Other than Investments in Related Parties [Abstract] | |
Consolidated Summary of Investments - Other Than Investments in Related Parties | MetLife, Inc. Schedule I Consolidated Summary of Investments — Other Than Investments in Related Parties December 31, 2016 (In millions) Types of Investments Cost or Estimated Fair Value Amount at Fixed maturity securities: Bonds: Foreign government securities $ 49,864 $ 55,976 $ 55,976 U.S. government and agency securities 41,294 44,433 44,433 Public utilities 11,670 12,739 12,739 State and political subdivision securities 10,977 12,231 12,231 All other corporate bonds 109,941 115,418 115,418 Total bonds 223,746 240,797 240,797 Mortgage-backed and asset-backed securities 46,953 47,717 47,717 Redeemable preferred stock 1,002 1,049 1,049 Total fixed maturity securities 271,701 289,563 289,563 FVO and trading securities 12,288 13,923 13,923 Equity securities: Common stock: Industrial, miscellaneous and all other 1,632 2,007 2,007 Banks, trust and insurance companies 94 139 139 Public utilities 101 132 132 Non-redeemable preferred stock 637 616 616 Total equity securities 2,464 2,894 2,894 Mortgage loans 65,167 65,167 Policy loans 9,511 9,511 Real estate and real estate joint ventures 8,832 8,832 Real estate acquired in satisfaction of debt 59 59 Other limited partnership interests 5,136 5,136 Short-term investments 6,523 6,523 Other invested assets 19,303 19,303 Total investments $ 400,984 $ 420,911 __________________ (1) The FVO and trading securities portfolio is mainly comprised of fixed maturity and equity securities, including mutual funds and, to a lesser extent, short-term investments and cash and cash equivalents. Cost or amortized cost for fixed maturity securities and mortgage loans represents original cost reduced by repayments, valuation allowances and impairments from other-than-temporary declines in estimated fair value that are charged to earnings and adjusted for amortization of premiums or accretion of discounts; for equity securities, cost represents original cost reduced by impairments from other-than-temporary declines in estimated fair value; for real estate, cost represents original cost reduced by impairments and depreciation; for investees, cost represents original cost reduced for impairments or original cost adjusted for equity in earnings and distributions. |
Condensed Financial Information
Condensed Financial Information (Parent Company) | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Financial Information (Parent Company) | MetLife, Inc. Schedule II Condensed Financial Information (Parent Company Only) December 31, 2016 and 2015 (In millions, except share and per share data) 2016 2015 Condensed Balance Sheets Assets Investments: Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $3,900 and $5,023, respectively) $ 3,894 $ 5,028 Short-term investments, principally at estimated fair value 148 268 Other invested assets, at estimated fair value 499 830 Total investments 4,541 6,126 Cash and cash equivalents 334 421 Accrued investment income 74 76 Investment in subsidiaries 85,207 85,977 Loans to subsidiaries 1,200 1,200 Other assets 1,529 1,177 Total assets $ 92,885 $ 94,977 Liabilities and Stockholders’ Equity Liabilities Payables for collateral under derivatives transactions $ 147 $ 227 Long-term debt — unaffiliated 15,505 16,994 Long-term debt — affiliated 3,100 3,314 Collateral financing arrangement 2,797 2,797 Junior subordinated debt securities 1,734 1,748 Payables to subsidiaries — 147 Other liabilities 2,294 1,801 Total liabilities 25,577 27,028 Stockholders’ Equity Preferred stock, par value $0.01 per share; $2,100 aggregate liquidation preference — — Common stock, par value $0.01 per share; 3,000,000,000 shares authorized; 1,164,029,985 and 1,159,590,766 shares issued, respectively; 1,095,519,005 and 1,098,028,525 shares outstanding, respectively 12 12 Additional paid-in capital 30,944 30,749 Retained earnings 34,480 35,519 Treasury stock, at cost; 68,510,980 and 61,562,241 shares, respectively (3,474 ) (3,102 ) Accumulated other comprehensive income (loss) 5,347 4,771 Total stockholders’ equity 67,309 67,949 Total liabilities and stockholders’ equity $ 92,886 $ 94,977 See accompanying notes to the condensed financial information. MetLife, Inc. Schedule II Condensed Financial Information — (continued) (Parent Company Only) For the Years Ended December 31, 2016 , 2015 and 2014 (In millions) 2016 2015 2014 Condensed Statements of Operations Revenues Equity in earnings of subsidiaries $ 1,783 $ 5,985 $ 6,907 Net investment income 129 170 371 Other revenues 151 124 128 Net investment gains (losses) 86 12 (287 ) Net derivative gains (losses) (68 ) (7 ) 165 Total revenues 2,081 6,284 7,284 Expenses Interest expense 1,152 1,171 1,151 Goodwill impairment 147 — — Other expenses 390 180 197 Total expenses 1,689 1,351 1,348 Income (loss) before provision for income tax 392 4,933 5,936 Provision for income tax expense (benefit) (408 ) (377 ) (373 ) Net income (loss) 800 5,310 6,309 Less: Preferred stock dividends 103 116 122 Preferred stock repurchase premium — 42 — Net income (loss) available to common shareholders $ 697 $ 5,152 $ 6,187 Comprehensive income (loss) $ 1,376 $ (568 ) $ 11,854 See accompanying notes to the condensed financial information. MetLife, Inc. Schedule II Condensed Financial Information — (continued) (Parent Company Only) For the Years Ended December 31, 2016 , 2015 and 2014 (In millions) 2016 2015 2014 Condensed Statements of Cash Flows Cash flows from operating activities Net income (loss) $ 800 $ 5,310 $ 6,309 Earnings of subsidiaries (1,783 ) (5,985 ) (6,907 ) Dividends from subsidiaries 4,470 2,335 2,388 Goodwill impairment 147 — — Other, net 113 (54 ) 825 Net cash provided by (used in) operating activities 3,747 1,606 2,615 Cash flows from investing activities Sales of fixed maturity securities 8,603 7,952 6,611 Purchases of fixed maturity securities (7,409 ) (7,957 ) (7,181 ) Cash received in connection with freestanding derivatives 311 930 438 Cash paid in connection with freestanding derivatives (561 ) (510 ) (281 ) Sales of businesses 291 — 7 Expense paid on behalf of subsidiaries (68 ) (40 ) (54 ) Receipts on loans to subsidiaries 140 761 832 Issuances of loans to subsidiaries (140 ) (300 ) (370 ) Returns of capital from subsidiaries 80 5 — Capital contributions to subsidiaries (1,733 ) (667 ) (1,262 ) Net change in short-term investments 120 110 182 Other, net (18 ) 2 101 Net cash provided by (used in) investing activities (384 ) 286 (977 ) Cash flows from financing activities Net change in payables for collateral under derivative transactions (80 ) (122 ) 264 Long-term debt issued — 2,739 1,000 Long-term debt repaid (1,250 ) (1,000 ) (1,550 ) Common stock issued, net of issuance costs — — 1,000 Treasury stock acquired in connection with share repurchases (372 ) (1,930 ) (1,000 ) Preferred stock issued, net of issuance costs — 1,483 — Repurchase of preferred stock — (1,460 ) — Preferred stock repurchase premium — (42 ) — Dividends on preferred stock (103 ) (116 ) (122 ) Dividends on common stock (1,736 ) (1,653 ) (1,499 ) Other, net 91 187 64 Net cash provided by (used in) financing activities (3,450 ) (1,914 ) (1,843 ) Change in cash and cash equivalents (87 ) (22 ) (205 ) Cash and cash equivalents, beginning of year 421 443 648 Cash and cash equivalents, end of year $ 334 $ 421 $ 443 MetLife, Inc. Schedule II Condensed Financial Information — (continued) (Parent Company Only) For the Years Ended December 31, 2016 , 2015 and 2014 (In millions) 2016 2015 2014 Supplemental disclosures of cash flow information Net cash paid (received) for: Interest $ 1,146 $ 1,133 $ 1,138 Income tax: Amounts paid to (received from) subsidiaries, net $ (569 ) $ (226 ) $ (1,247 ) Income tax paid (received) by MetLife, Inc., net 136 55 385 Total income tax, net $ (433 ) $ (171 ) $ (862 ) Non-cash transactions: Dividends from subsidiary $ 2,652 $ — $ 81 Returns of capital from subsidiaries $ 372 $ 4,284 $ 6,308 Capital contributions to subsidiaries $ 157 $ 4,120 $ 6,388 Payables to subsidiaries for future capital contributions $ — $ 120 $ 445 Allocation of interest expense to subsidiary $ 39 $ 28 $ 27 Allocation of interest income to subsidiary $ 54 $ 57 $ 65 MetLife, Inc. Schedule II Notes to the Condensed Financial Information (Parent Company Only) 1. Basis of Presentation The condensed financial information of MetLife, Inc. (the “Parent Company”) should be read in conjunction with the consolidated financial statements of MetLife, Inc. and its subsidiaries and the notes thereto (the “Consolidated Financial Statements”). These condensed unconsolidated financial statements reflect the results of operations, financial position and cash flows for MetLife, Inc. Investments in subsidiaries are accounted for using the equity method of accounting. The preparation of these condensed unconsolidated financial statements in conformity with GAAP requires management to adopt accounting policies and make certain estimates and assumptions. The most important of these estimates and assumptions relate to the fair value measurements, the accounting for goodwill and identifiable intangible assets and the provision for potential losses that may arise from litigation and regulatory proceedings and tax audits, which may affect the amounts reported in the condensed unconsolidated financial statements and accompanying notes. Actual results could differ from these estimates. 2. Investment in Subsidiaries In December 2016, MLIC transferred the issued and outstanding shares of the common stock of each of NELICO and GALIC to MetLife, Inc. in the form of a non-cash extraordinary dividend of $2.7 billion . In February 2016, MetLife, Inc., paid in cash, a capital contribution of $1.5 billion to Brighthouse Insurance in connection with the Separation. In December 2015, MetLife, Inc. accrued $50 million , $45 million and $25 million in capital contributions payable to the following captive reinsurers: MRV, MRD and MRSC, respectively, which were included in payables to subsidiaries at December 31, 2015. The payables were settled for cash in February 2016. In December 2014, MetLife, Inc. accrued $350 million and $95 million in capital contributions payable to MRV and MRD, respectively, which were included in payables to subsidiaries at December 31, 2014. The payables were settled for cash in February 2015. In 2014, in connection with the mergers into MetLife USA of certain of its affiliates and a subsidiary, MetLife, Inc. recorded $5.7 billion in non-cash returns of capital from subsidiaries, including $2.0 billion of Exeter Reassurance Company, Ltd.’s (“ Exeter”) preferred stock, and correspondingly recorded $5.7 billion of non-cash capital contributions to subsidiaries. In November 2014, upon the consummation of the mergers, the $2.0 billion of outstanding preferred stock of Exeter was canceled. Consequently, MetLife, Inc.’s preferred capital stock investment was added to its common capital stock investment in Brighthouse Insurance. 3. Loans to Subsidiaries MetLife, Inc. lends funds, as necessary, to its subsidiaries, some of which are regulated, to meet their capital requirements. Payments of interest and principal on surplus notes of regulated subsidiaries, which are subordinate to all other obligations of the issuing company, may be made only with the prior approval of the insurance department of the state of domicile. In April 2016, American Life issued a $140 million short-term note to MetLife, Inc. which was repaid in July 2016. The short-term note bore interest at six-month LIBOR plus 1.00% . In May 2015, American Life issued a $150 million short-term note to MetLife, Inc. which was repaid in June 2015. The short-term note bore interest at six-month LIBOR plus 1.00% . In April 2015, American Life issued a $150 million short-term note to MetLife, Inc. which was repaid in May 2015. The short-term note bore interest at six-month LIBOR plus 0.875% . In December 2014, American Life issued a $100 million surplus note to MetLife, Inc. The surplus note bears interest at a fixed rate of 3.17% , payable semi-annually and matures in June 2020 . In August 2014, American Life issued a $120 million short-term note to MetLife, Inc. which was repaid in December 2014. In February 2014, American Life issued a $150 million short-term note to MetLife, Inc. which was repaid in June 2014. Both short-term notes bore interest at six-month LIBOR plus 0.875% . In July 2013, MetLife Ireland Treasury d.a.c. (formerly known as MetLife Ireland Treasury Limited) (“MIT”) borrowed the Chilean peso equivalent of $1.5 billion from MetLife, Inc., which was due July 2023 . The loan bore interest at a fixed rate of 8.5% , payable annually. In December, September and June 2015, MIT made loan payments of the Chilean peso equivalent of $77 million , $153 million and $231 million , respectively. In December 2014 and June 2014, MIT made loan payments of the Chilean peso equivalent of $493 million and $69 million , respectively. At December 31, 2015, the loan was fully paid. Interest income earned on loans to subsidiaries of $64 million , $91 million and $155 million for the years ended December 31, 2016 , 2015 and 2014 , respectively, is included in net investment income. 4. Long-term Debt Long-term debt outstanding was as follows: Interest Rates (1) December 31, Range Weighted Maturity 2016 2015 (Dollars in millions) Senior notes — unaffiliated (2) 1.76% - 7.72% 4.94% 2017 - 2046 $ 15,505 $ 16,927 Senior notes — affiliated 3.03% - 5.86% 4.86% 2019 - 2033 3,100 3,100 Other affiliated debt — 1.31% — — 214 Total $ 18,605 $ 20,241 __________________ (1) Range of interest rates and weighted average interest rates are for the year ended December 31, 2016 . (2) Net of $62 million of unamortized issuance costs and $30 million of unamortized net premiums and discounts at December 31, 2016. Net of $67 million of unamortized issuance costs, which were reported in other assets, and $31 million of unamortized net premiums and discounts at December 31, 2015. See Note 12 of the Notes to the Consolidated Financial Statements. The aggregate maturities of long-term debt at December 31, 2016 for the next five years and thereafter are $1.0 billion in 2017, $1.0 billion in 2018, $1.8 billion in 2019, $742 million in 2020, $2.0 billion in 2021 and $12.0 billion thereafter. Affiliated Credit Facility In June 2016, MetLife, Inc. entered into a five-year agreement with an indirect wholly-owned subsidiary, MIT, to borrow up to $1.3 billion on a revolving basis, at interest rates based on the IRS safe harbor interest rate in effect at the time of the borrowing. MetLife, Inc. may borrow funds under the agreement at MIT’s discretion and subject to the availability of funds. There were no outstanding borrowings at December 31, 2016. Other Affiliated Debt In June 2016, March 2016 and December 2015, MetLife, Inc. repaid $204 million , $10 million and $286 million of affiliated long-term debt to MetLife Exchange Trust I, at maturity, in exchange for a return of capital. The long-term notes bore interest at three-month LIBOR plus 0.7% . Senior Notes – Affiliated In September 2016, a $250 million senior note issued to MLIC matured and, subsequently, in September 2016 MetLife, Inc. issued a new $250 million senior note to MLIC. The senior note matures in September 2020 and bears interest at a rate per annum of 3.03% , payable semi-annually. In June 2014, a $500 million senior note payable to MLIC matured and, subsequently, MetLife, Inc. issued a new $500 million senior note to MLIC. This note matures in June 2019 and bears interest at a fixed rate of 3.54% , payable semi-annually. Interest Expense Interest expense was comprised of the following: Years Ended December 31, 2016 2015 2014 (In millions) Long-term debt — unaffiliated $ 811 $ 833 $ 809 Long-term debt — affiliated 160 168 173 Collateral financing arrangements 47 36 35 Junior subordinated debt securities 134 134 134 Total $ 1,152 $ 1,171 $ 1,151 See Notes 13 and 14 of the Notes to the Consolidated Financial Statements for information about the collateral financing arrangements and junior subordinated debt securities. 5. Support Agreements MetLife, Inc. is party to various capital support commitments and guarantees with certain of its subsidiaries. Under these arrangements, MetLife, Inc. has agreed to cause each such entity to meet specified capital and surplus levels or has guaranteed certain contractual obligations. MetLife, Inc., in connection with MRD’s reinsurance of certain universal life and term life risks, entered into capital maintenance agreements pursuant to which MetLife, Inc. agreed, without limitation as to amount, to cause the first and second protected cells of MRD to maintain total adjusted capital equal to or greater than 200% of each such protected cell’s Company Action Level RBC, as defined in state insurance statutes. In addition, MetLife, Inc. entered into an agreement with the Delaware Department of Insurance to increase such capital maintenance threshold to 300% of each such protected cell’s Company Action Level RBC, in the event of specified downgrades in the senior unsecured debt ratings of MetLife, Inc. In connection with the Separation, these support agreements were terminated. MetLife, Inc. guarantees the obligations of its subsidiary, DelAm, under a stop loss reinsurance agreement with RGA Reinsurance (Barbados) Inc. (“RGARe”), pursuant to which RGARe retrocedes to DelAm a portion of the whole life medical insurance business that RGARe assumed from American Life on behalf of its Japan operations. Also, MetLife, Inc. guarantees the obligations of its subsidiary, Missouri Reinsurance, Inc. (“MoRe”), under a retrocession agreement with RGARe, pursuant to which MoRe retrocedes certain group term life insurance liabilities (which retrocession was terminated effective as of January, 2016) and a portion of the closed block liabilities associated with industrial life and ordinary life insurance policies that it assumed from MLIC. MetLife, Inc. guarantees the obligations of MetLife Reinsurance Company of Bermuda, Ltd. (“MrB”), a Bermuda insurance affiliate and an indirect, wholly-owned subsidiary of MetLife, Inc. under a reinsurance agreement with Mitsui Sumitomo Primary Life Insurance Co., Ltd. (“Mitsui”), a former affiliate that is now an unaffiliated third party, under which MrB reinsures certain variable annuity business written by Mitsui. MetLife, Inc. guarantees the obligations of MrB in an aggregate amount up to $1.0 billion , under a reinsurance agreement with MetLife Europe d.a.c. (“MEL”) (formerly known as MetLife Europe Limited), under which MrB reinsured the guaranteed living benefits and guaranteed death benefits associated with certain unit-linked annuity contracts issued by MEL. MetLife, Inc., in connection with MRV’s reinsurance of certain universal life and term life insurance risks, committed to the Vermont Department of Banking, Insurance, Securities and Health Care Administration to take necessary action to cause the three protected cells of MRV to maintain total adjusted capital in an amount that is equal to or greater than 200% of each such protected cell’s authorized control level RBC, as defined in Vermont state insurance statutes. See Note 12 of the Notes to the Consolidated Financial Statements. In connection with the Separation, the portion of this support agreement applicable to MRV Cell 2 was terminated. MetLife, Inc., in connection with the collateral financing arrangement associated with MRC’s reinsurance of a portion of the liabilities associated with the closed block, committed to the South Carolina Department of Insurance to make capital contributions, if necessary, to MRC so that MRC may at all times maintain its total adjusted capital in an amount that is equal to or greater than 200% of the Company Action Level RBC, as defined in South Carolina state insurance statutes as in effect on the date of determination or December 31, 2007, whichever calculation produces the greater capital requirement, or as otherwise required by the South Carolina Department of Insurance. See Note 13 of the Notes to the Consolidated Financial Statements. MetLife, Inc., in connection with the collateral financing arrangement associated with MRSC’s reinsurance of ULSG, committed to the South Carolina Department of Insurance to take necessary action to cause MRSC to maintain the greater of capital and surplus of $250,000 or total adjusted capital in an amount that is equal to or greater than 100% of authorized control level RBC, as defined in South Carolina state insurance statutes. See Note 13 of the Notes to the Consolidated Financial Statements. In connection with the Separation, this support agreement was terminated. MetLife, Inc. has a net worth maintenance agreement with its insurance subsidiary, Brighthouse NY. Under this agreement, as amended, MetLife, Inc. agreed, without limitation as to the amount, to cause Brighthouse NY to have capital and surplus of $10 million , total adjusted capital in an amount that is equal to or greater than 150% of the Company Action Level RBC, as defined by applicable state insurance statutes, and liquidity necessary to enable it to meet its current obligations on a timely basis. In connection with the Separation, this support agreement was terminated. MetLife, Inc. guarantees obligations arising from derivatives of the following subsidiaries: MrB, MetLife International Holdings, LLC and MetLife Worldwide Holdings, LLC. These subsidiaries are exposed to various risks relating to their ongoing business operations, including interest rate, foreign currency exchange rate, credit and equity market. These subsidiaries use a variety of strategies to manage these risks, including the use of derivatives. Further, all of the subsidiaries’ derivatives are subject to industry standard netting agreements and collateral agreements that limit the unsecured portion of any open derivative position. On a net counterparty basis at December 31, 2016 and 2015 , derivative transactions with positive mark-to-market values (in-the-money) were $495 million and $583 million , respectively, and derivative transactions with negative mark-to-market values (out-of-the-money) were $237 million and $32 million , respectively. To secure the obligations represented by the out of-the-money transactions, the subsidiaries had provided collateral to their counterparties with an estimated fair value of $233 million and $32 million at December 31, 2016 and 2015 , respectively. Accordingly, unsecured derivative liabilities guaranteed by MetLife, Inc. were $4 million and $0 at December 31, 2016 and 2015 , respectively. MetLife, Inc. also guarantees the obligations of certain of its subsidiaries under committed facilities with third-party banks. See Note 12 of the Notes to the Consolidated Financial Statements. 6. Subsequent Event Dividend On August 3, 2017, Brighthouse Financial, Inc. paid a cash dividend to MetLife, Inc. of $1.8 billion in connection with the Separation. Junior Subordinated Debt Securities In February 2017, in connection with the Separation, 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. As a result of the exchange, MetLife, Inc. is the sole beneficial owner of the Trust, a special purpose entity which issued the exchangeable surplus trust securities to investors, and is the beneficiary of $750 million of 8.595% surplus notes held by the Trust that were issued by Brighthouse Insurance. In March 2017, MetLife, Inc. dissolved the Trust. In June 2017, MetLife, Inc. forgave Brighthouse Insurance’s obligation to pay the principal amount of $750 million affiliated surplus notes held by MetLife, Inc. MRD Notes Exchange In April 2017, in connection with the Separation, MetLife, Inc. repaid $750 million and $350 million senior notes to MRD due September 2032 and December 2033 , respectively. The $750 million senior note bore interest at a fixed rate of 4.21% and the $350 million senior note bore interest at a fixed rate 5.10% . Simultaneously, MRD repaid $750 million and $350 million surplus notes to MetLife, Inc. The $750 million surplus note bore interest at a fixed rate of 5.13% and the $350 million surplus note bore interest at a fixed rate of 6.00% , both payable semi-annually. Termination of Financing Arrangement In April 2017, in connection with the Separation, MetLife, Inc. and 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 included in other expenses. |
Consolidated Supplementary Insu
Consolidated Supplementary Insurance Information | 12 Months Ended |
Dec. 31, 2016 | |
Supplementary Insurance Information [Abstract] | |
Consolidated Supplementary Insurance Information | MetLife, Inc. Schedule III Consolidated Supplementary Insurance Information December 31, 2016 , 2015 and 2014 (In millions) Segment DAC and VOBA Future Policy Benefits, Other Policy-Related Balances and Policyholder Dividend Obligation Policyholder Account Balances Policyholder Dividends Payable Unearned Premiums (1), (2) Unearned 2016 U.S. $ 616 $ 61,206 $ 67,539 $ — $ 1,843 $ 30 Asia 8,707 36,308 53,114 95 2,167 912 Latin America 1,808 9,163 5,597 — 448 563 EMEA 1,472 5,439 12,636 6 64 372 MetLife Holdings 5,246 72,284 34,664 604 204 209 Corporate & Other (259 ) (2,738 ) (382 ) (9 ) (2 ) (27 ) Total $ 17,590 $ 181,662 $ 173,168 $ 696 $ 4,724 $ 2,059 2015 U.S. $ 615 $ 59,074 $ 63,986 $ — $ 1,820 $ 33 Asia 8,374 34,416 49,094 88 1,859 974 Latin America 1,753 8,142 5,880 — 491 597 EMEA 1,532 5,837 13,172 7 60 336 MetLife Holdings 5,436 70,818 33,818 621 171 218 Corporate & Other (292 ) (2,345 ) (322 ) (7 ) — (23 ) Total $ 17,418 $ 175,942 $ 165,628 $ 709 $ 4,401 $ 2,135 2014 U.S. $ 593 $ 57,521 $ 65,615 $ — $ 1,801 $ 41 Asia 8,217 33,711 52,772 61 1,711 924 Latin America 1,987 8,914 6,425 — 508 651 EMEA 1,709 6,514 14,006 8 54 313 MetLife Holdings 5,387 71,169 33,738 612 179 229 Corporate & Other (194 ) (975 ) (241 ) (4 ) 3 — Total $ 17,699 $ 176,854 $ 172,315 $ 677 $ 4,256 $ 2,158 __________________ (1) Amounts are included within the future policy benefits, other policy-related balances and policyholder dividend obligation column. (2) Includes premiums received in advance. MetLife, Inc. Schedule III Consolidated Supplementary Insurance Information — (continued) December 31, 2016 , 2015 and 2014 (In millions) Segment Premiums and Net Policyholder Amortization of Other 2016 U.S. $ 22,490 $ 5,942 $ 22,859 $ 471 $ 3,244 Asia 8,913 2,807 6,896 1,338 1,795 Latin America 3,554 1,133 2,770 184 1,007 EMEA 2,442 1,229 2,064 408 924 MetLife Holdings 6,034 5,670 7,532 424 3,392 Corporate & Other (749 ) 9 (629 ) (119 ) 1,890 Total $ 42,684 $ 16,790 $ 41,492 $ 2,706 $ 12,252 2015 U.S. $ 21,804 $ 6,046 $ 22,038 $ 471 $ 3,197 Asia 8,491 2,859 6,817 1,265 1,619 Latin America 3,702 1,046 2,853 271 1,075 EMEA 2,455 347 1,109 492 998 MetLife Holdings 6,116 5,867 7,226 701 3,597 Corporate & Other (595 ) 78 (526 ) (34 ) 2,457 Total $ 41,973 $ 16,243 $ 39,517 $ 3,166 $ 12,943 2014 U.S. $ 21,152 $ 6,001 $ 21,292 $ 458 $ 3,080 Asia 9,270 3,279 7,748 1,394 1,724 Latin America 4,038 1,257 3,310 313 1,192 EMEA 2,832 1,238 1,978 626 1,176 MetLife Holdings 5,964 6,012 7,087 199 3,636 Corporate & Other (462 ) 371 (296 ) 39 2,135 Total $ 42,794 $ 18,158 $ 41,119 $ 3,029 $ 12,943 ______________ (1) Includes other expenses and policyholder dividends, excluding amortization of DAC and VOBA charged to other expenses. |
Consolidated Reinsurance
Consolidated Reinsurance | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract] | |
Consolidated Reinsurance | MetLife, Inc. Schedule IV Consolidated Reinsurance December 31, 2016 , 2015 and 2014 (Dollars in millions) Gross Amount Ceded Assumed Net Amount % Amount Assumed to Net 2016 Life insurance in-force $ 4,098,780 $ 481,028 $ 613,693 $ 4,231,445 14.5 % Insurance premium Life insurance (1) $ 20,857 $ 1,614 $ 1,089 $ 20,332 5.4 % Accident & health insurance 13,551 447 257 13,361 1.9 % Property & casualty insurance 3,567 75 17 3,509 0.5 % Total insurance premium $ 37,975 $ 2,136 $ 1,363 $ 37,202 3.7 % 2015 Life insurance in-force $ 4,080,869 $ 546,122 $ 593,722 $ 4,128,469 14.4 % Insurance premium Life insurance (1) $ 20,854 $ 1,570 $ 1,150 $ 20,434 5.6 % Accident & health insurance 12,677 377 219 12,519 1.7 % Property & casualty insurance 3,513 76 13 3,450 0.4 % Total insurance premium $ 37,044 $ 2,023 $ 1,382 $ 36,403 3.8 % 2014 Life insurance in-force $ 3,977,372 $ 529,674 $ 646,539 $ 4,094,237 15.8 % Insurance premium Life insurance (1) $ 21,157 $ 1,666 $ 1,185 $ 20,676 5.7 % Accident & health insurance 12,998 331 239 12,906 1.9 % Property & casualty insurance 3,459 80 9 3,388 0.3 % Total insurance premium $ 37,614 $ 2,077 $ 1,433 $ 36,970 3.9 % __________________ (1) Includes annuities with life contingencies. |
Business, Basis of Presentati37
Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
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 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 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. Prior to January 1, 2016, certain international subsidiaries had a fiscal year cutoff of November 30th. Accordingly, the Company’s consolidated financial statements reflect the assets and liabilities of such subsidiaries as of November 30, 2015 and the operating results of such subsidiaries for the years ended November 30, 2015 and 2014. Effective January 1, 2016, the Company converted its Japan operations to calendar year-end reporting. The elimination of a one-month reporting lag of a subsidiary is considered a change in accounting principle and requires retrospective application. While the Company believes that eliminating the lag in the reporting of its Japan operations was preferable in order to consistently reflect events, economic conditions and global trends on the financial statements, the Company determined that it was impracticable to apply the effects of the lag elimination to financial reporting periods prior to January 1, 2015. The effect of not retroactively applying this change in accounting, however, was not material to the 2015 or 2016 consolidated financial statements. Therefore, the Company reported the cumulative effect of the change in accounting principle in net income for the year ended December 31, 2016 and did not retrospectively apply the effects of this change to prior periods. 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. |
Fiscal Period | Prior to January 1, 2016, certain international subsidiaries had a fiscal year cutoff of November 30th. Accordingly, the Company’s consolidated financial statements reflect the assets and liabilities of such subsidiaries as of November 30, 2015 and the operating results of such subsidiaries for the years ended November 30, 2015 and 2014. |
Discontinued 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. Effective January 1, 2014, the Company adopted new guidance regarding reporting of discontinued operations for disposals or classifications as held-for-sale that have not been previously reported on the consolidated financial statements. A disposal of a component is reported in discontinued operations if the disposal represents a strategic shift that has or will have a major effect on the Company’s operations and financial results. See “— Adoption of New Accounting Pronouncements.” |
Separate Accounts | Separate Accounts Separate accounts are established in conformity with insurance laws. Generally, the assets of the separate accounts cannot be used to settle the liabilities that arise from any other business of the Company. Separate account assets are subject to general account claims only to the extent the value of such assets exceeds the separate account liabilities. The Company reports separately, as assets and liabilities, investments held in separate accounts and liabilities of the separate accounts if: • such separate accounts are legally recognized; • assets supporting the contract liabilities are legally insulated from the Company’s general account liabilities; • investments are directed by the contractholder; and • all investment performance, net of contract fees and assessments, is passed through to the contractholder. The Company reports separate account assets at their fair value which is based on the estimated fair values of the underlying assets comprising the individual separate account portfolios. Investment performance (including investment income, net investment gains (losses) and changes in unrealized gains (losses)) and the corresponding amounts credited to contractholders of such separate accounts are offset within the same line on the statements of operations. Separate accounts credited with a contractual investment return are combined on a line-by-line basis with the Company’s general account assets, liabilities, revenues and expenses and the accounting for these investments is consistent with the methodologies described herein for similar financial instruments held within the general account. Unit-linked separate account investments that are directed by contractholders but do not meet one or more of the other above criteria are included in fair value option (“FVO”) and trading securities. The Company’s revenues reflect fees charged to the separate accounts, including mortality charges, risk charges, policy administration fees, investment management fees and surrender charges. Such fees are included in universal life and investment-type product policy fees on the statements of operations. |
Future Policy Benefit Liabilities and Policyholder Account Balances | Future Policy Benefit Liabilities and Policyholder Account Balances The Company establishes liabilities for amounts payable under insurance policies. Generally, amounts are payable over an extended period of time and related liabilities are calculated as the present value of future expected benefits to be paid, reduced by the present value of future expected premiums. Such liabilities are established based on methods and underlying assumptions in accordance with GAAP and applicable actuarial standards. Principal assumptions used in the establishment of liabilities for future policy benefits are mortality, morbidity, policy lapse, renewal, retirement, disability incidence, disability terminations, investment returns, inflation, expenses and other contingent events as appropriate to the respective product type and geographical area. These assumptions are established at the time the policy is issued and are intended to estimate the experience for the period the policy benefits are payable. Utilizing these assumptions, liabilities are established on a block of business basis. For long duration insurance contracts, assumptions such as mortality, morbidity and interest rates are “locked in” upon the issuance of new business. However, significant adverse changes in experience on such contracts may require the establishment of premium deficiency reserves. Such reserves are determined based on the then current assumptions and do not include a provision for adverse deviation. Premium deficiency reserves may also be established for short-duration contracts to provide for expected future losses. These reserves are based on actuarial estimates of the amount of loss inherent in that period, including losses incurred for which claims have not been reported. The provisions for unreported claims are calculated using studies that measure the historical length of time between the incurred date of a claim and its eventual reporting to the Company. Anticipated investment income is considered in the calculation of premium deficiency losses for short-duration contracts. Liabilities for universal and variable life policies with secondary guarantees (“ULSG”) and paid-up guarantees are determined by estimating the expected value of death benefits payable when the account balance is projected to be zero and recognizing those benefits ratably over the accumulation period based on total expected assessments. The assumptions used in estimating the secondary and paid-up guarantee liabilities are consistent with those used for amortizing deferred policy acquisition costs (“DAC”), and are thus subject to the same variability and risk as further discussed herein. The assumptions of investment performance and volatility for variable products are consistent with historical experience of appropriate underlying equity indices, such as the Standard & Poor’s Global Ratings (“S&P”) 500 Index. The benefits used in calculating the liabilities are based on the average benefits payable over a range of scenarios. The Company regularly reviews its estimates of liabilities for future policy benefits and compares them with its actual experience. Differences result in changes to the liability balances with related charges or credits to benefit expenses in the period in which the changes occur. Policyholder account balances relate to contracts or contract features where the Company has no significant insurance risk. Future policy benefits are measured as follows: Product Type: Measurement Assumptions: Participating life Aggregate of (i) net level premium reserves for death and endowment policy benefits (calculated based upon the non-forfeiture interest rate, ranging from 3% to 7% for domestic business and less than 1% to 11% for international business and mortality rates guaranteed in calculating the cash surrender values described in such contracts); and (ii) the liability for terminal dividends for domestic business. Nonparticipating life Aggregate of the present value of expected future benefit payments and related expenses less the present value of expected future net premiums. Assumptions as to mortality and persistency are based upon the Company’s experience when the basis of the liability is established. Interest rate assumptions for the aggregate future policy benefit liabilities range from 2% to 11% for domestic business and less than 1% to 13% for international business. I ndividual and group traditional fixed annuities after annuitization Present value of expected future payments. Interest rate assumptions used in establishing such liabilities range from 2% to 11% for domestic business and less than 1% to 12% for international business. Non-medical health insurance The net level premium method and assumptions as to future morbidity, withdrawals and interest, which provide a margin for adverse deviation. Interest rate assumptions used in establishing such liabilities range from 4% to 7% (primarily related to domestic business). Disabled lives Present value of benefits method and experience assumptions as to claim terminations, expenses and interest. Interest rate assumptions used in establishing such liabilities range from 2% to 8% for domestic business and less than 1% to 9% for international business. Property & casualty insurance The amount estimated for claims that have been reported but not settled and claims incurred but not reported are based upon the Company’s historical experience and other actuarial assumptions that consider the effects of current developments, anticipated trends and risk management programs, reduced for anticipated salvage and subrogation. Policyholder account balances are equal to: (i) policy account values, which consist of an accumulation of gross premium payments and investment performance; (ii) credited interest, ranging from less than 1% to 13% for domestic business and less than 1% to 15% for international business, less expenses, mortality charges and withdrawals; and (iii) fair value adjustments relating to business combinations. |
Variable Annuity Guaranteed Minimum Benefits | The Company issues directly and assumes through reinsurance certain variable annuity products with guaranteed minimum benefits that provide the policyholder a minimum return based on their initial deposit (i.e., the benefit base) less withdrawals. These guarantees are accounted for as insurance liabilities or as embedded derivatives depending on how and when the benefit is paid. Specifically, a guarantee is accounted for as an embedded derivative if a guarantee is paid without requiring (i) the occurrence of specific insurable event, or (ii) the policyholder to annuitize. Alternatively, a guarantee is accounted for as an insurance liability if the guarantee is paid only upon either (i) the occurrence of a specific insurable event, or (ii) annuitization. In certain cases, a guarantee may have elements of both an insurance liability and an embedded derivative and in such cases the guarantee is split and accounted for under both models. Guarantees accounted for as insurance liabilities in future policy benefits include guaranteed minimum death benefits (“GMDBs”), the portion of guaranteed minimum income benefits (“GMIBs”) that require annuitization, and the life-contingent portion of guaranteed minimum withdrawal benefits (“GMWBs”). Guarantees accounted for as embedded derivatives in policyholder account balances include the non life-contingent portion of GMWBs, guaranteed minimum accumulation benefits (“GMABs”) and the portion of GMIBs that do not require annuitization. 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. The Company issues directly and assumes through reinsurance variable annuity products with guaranteed minimum benefits. GMABs and the portions of both non-life-contingent GMWBs and GMIBs that do not require annuitization are accounted for as embedded derivatives in policyholder account balances and are further discussed in Note 9 . Guarantees accounted for as insurance liabilities include: Guarantee: Measurement Assumptions: GMDBs • A return of purchase payment upon death even if the account value is reduced to zero. • Present value of expected death benefits in excess of the projected account balance recognizing the excess ratably over the accumulation period based on the present value of total expected assessments. • An enhanced death benefit may be available for an additional fee. • Assumptions are consistent with those used for amortizing DAC, and are thus subject to the same variability and risk. • Investment performance and volatility assumptions are consistent with the historical experience of the appropriate underlying equity index, such as the S&P 500 Index. • Benefit assumptions are based on the average benefits payable over a range of scenarios. GMIBs • After a specified period of time determined at the time of issuance of the variable annuity contract, a minimum accumulation of purchase payments, even if the account value is reduced to zero, that can be annuitized to receive a monthly income stream that is not less than a specified amount. • Present value of expected income benefits in excess of the projected account balance at any future date of annuitization and recognizing the excess ratably over the accumulation period based on present value of total expected assessments. • Certain contracts also provide for a guaranteed lump sum return of purchase premium in lieu of the annuitization benefit. • Assumptions are consistent with those used for estimating GMDB liabilities. • Calculation incorporates an assumption for the percentage of the potential annuitizations that may be elected by the contractholder. GMWBs • A return of purchase payment via partial withdrawals, even if the account value is reduced to zero, provided that cumulative withdrawals in a contract year do not exceed a certain limit. • Expected value of the life contingent payments and expected assessments using assumptions consistent with those used for estimating the GMDB liabilities. • Certain contracts include guaranteed withdrawals that are life contingent. 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. |
Other Policy-Related Balances | For certain acquired blocks of business, the estimated fair value of the in-force contract obligations exceeded the book value of assumed in-force insurance policy liabilities, resulting in negative VOBA, which is presented separately from VOBA as an additional insurance liability. The fair value of the in-force contract obligations is based on projections by each block of business. Negative VOBA is amortized over the policy period in proportion to the approximate consumption of losses included in the liability usually expressed in terms of insurance in-force or account value. Such amortization is recorded as a contra-expense in other expenses. Other Policy-Related Balances Other policy-related balances include policy and contract claims, unearned revenue liabilities, premiums received in advance, policyholder dividends due and unpaid, policyholder dividends left on deposit and negative value of business acquired. The liability for policy and contract claims generally relates to incurred but not reported (“IBNR”) death, disability, long-term care and dental claims, as well as claims which have been reported but not yet settled. The liability for these claims is based on the Company’s estimated ultimate cost of settling all claims. The Company derives estimates for the development of IBNR claims principally from analyses of historical patterns of claims by business line. The methods used to determine these estimates are continually reviewed. Adjustments resulting from this continuous review process and differences between estimates and payments for claims are recognized in policyholder benefits and claims expense in the period in which the estimates are changed or payments are made. The unearned revenue liability relates to universal life-type and investment-type products and represents policy charges for services to be provided in future periods. The charges are deferred as unearned revenue and amortized using the product’s estimated gross profits and margins, similar to DAC as discussed further herein. Such amortization is recorded in universal life and investment-type product policy fees. |
Recognition of Insurance Revenues and Deposits | Recognition of Insurance Revenues and Deposits Premiums related to traditional life, annuity contracts with life contingencies, long-duration accident & health, and credit insurance policies are recognized as revenues when due from policyholders. Policyholder benefits and expenses are provided to recognize profits over the estimated lives of the insurance policies. When premiums are due over a significantly shorter period than the period over which benefits are provided, any excess profit is deferred and recognized into earnings in a constant relationship to insurance in-force or, for annuities, the amount of expected future policy benefit payments. Premiums related to short-duration non-medical health and disability, accident & health, and certain credit insurance contracts are recognized on a pro rata basis over the applicable contract term. Deposits related to universal life-type and investment-type products are credited to policyholder account balances. Revenues from such contracts consist of fees for mortality, policy administration and surrender charges and are recorded in universal life and investment-type product policy fees in the period in which services are provided. Amounts that are charged to earnings include interest credited and benefit claims incurred in excess of related policyholder account balances. Premiums related to property & casualty contracts are recognized as revenue on a pro rata basis over the applicable contract term. Unearned premiums, representing the portion of premium written related to the unexpired coverage, are also included in future policy benefits. All revenues and expenses are presented net of reinsurance as applicable. |
Deferred Policy Acquisition Costs and Value of Business Acquired | Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles The Company incurs significant costs in connection with acquiring new and renewal insurance business. Costs that are related directly to the successful acquisition or renewal of insurance contracts are capitalized as DAC. Such costs include: • incremental direct costs of contract acquisition, such as commissions; • the portion of an employee’s total compensation and benefits related to time spent selling, underwriting or processing the issuance of new and renewal insurance business only with respect to actual policies acquired or renewed; • other essential direct costs that would not have been incurred had a policy not been acquired or renewed; and • the costs of direct-response advertising, the primary purpose of which is to elicit sales to customers who could be shown to have responded specifically to the advertising and that results in probable future benefits. All other acquisition-related costs, including those related to general advertising and solicitation, market research, agent training, product development, unsuccessful sales and underwriting efforts, as well as all indirect costs, are expensed as incurred. Value of business acquired (“VOBA”) is an intangible asset resulting from a business combination that represents the excess of book value over the estimated fair value of acquired insurance, annuity, and investment-type contracts in-force at the acquisition date. The estimated fair value of the acquired liabilities is based on projections, by each block of business, of future policy and contract charges, premiums, mortality and morbidity, separate account performance, surrenders, operating expenses, investment returns, nonperformance risk adjustment and other factors. Actual experience on the purchased business may vary from these projections. DAC and VOBA are amortized as follows: Products: In proportion to the following over estimated lives of the contracts: • Nonparticipating and non-dividend-paying traditional contracts: Actual and expected future gross premiums. • Term insurance • Nonparticipating whole life insurance • Traditional group life insurance • Non-medical health insurance • Accident & health insurance • Participating, dividend-paying traditional contracts Actual and expected future gross margins. • Fixed and variable universal life contracts Actual and expected future gross profits. • Fixed and variable deferred annuity contracts • Credit insurance contracts Actual and future earned premiums. • Property & casualty insurance contracts • Other short-duration contracts See Note 5 for additional information on DAC and VOBA amortization. Amortization of DAC and VOBA is included in other expenses. The recovery of DAC and VOBA is dependent upon the future profitability of the related business. DAC and VOBA are aggregated on the financial statements for reporting purposes. Nonparticipating and Non-Dividend-Paying Traditional Contracts The Company amortizes DAC and VOBA related to these contracts (term insurance, nonparticipating whole life insurance, traditional group life insurance, non-medical health insurance, and accident & health insurance) over the appropriate premium paying period in proportion to the actual and expected future gross premiums that were set at contract issue. The expected premiums are based upon the premium requirement of each policy and assumptions for mortality, morbidity, persistency and investment returns at policy issuance, or policy acquisition (as it relates to VOBA), include provisions for adverse deviation, and are consistent with the assumptions used to calculate future policyholder benefit liabilities. These assumptions are not revised after policy issuance or acquisition unless the DAC or VOBA balance is deemed to be unrecoverable from future expected profits. Absent a premium deficiency, variability in amortization after policy issuance or acquisition is caused only by variability in premium volumes. Participating, Dividend-Paying Traditional Contracts The Company amortizes DAC and VOBA related to these contracts over the estimated lives of the contracts in proportion to actual and expected future gross margins. The amortization includes interest based on rates in effect at inception or acquisition of the contracts. The future gross margins are dependent principally on investment returns, policyholder dividend scales, mortality, persistency, expenses to administer the business, creditworthiness of reinsurance counterparties and certain economic variables, such as inflation. For participating contracts within the closed block (dividend-paying traditional contracts) future gross margins are also dependent upon changes in the policyholder dividend obligation. See Note 7 . Of these factors, the Company anticipates that investment returns, expenses, persistency and other factor changes, as well as policyholder dividend scales, are reasonably likely to impact significantly the rate of DAC and VOBA amortization. Each reporting period, the Company updates the estimated gross margins with the actual gross margins for that period. When the actual gross margins change from previously estimated gross margins, the cumulative DAC and VOBA amortization is re-estimated and adjusted by a cumulative charge or credit to current operations. When actual gross margins exceed those previously estimated, the DAC and VOBA amortization will increase, resulting in a current period charge to earnings. The opposite result occurs when the actual gross margins are below the previously estimated gross margins. Each reporting period, the Company also updates the actual amount of business in-force, which impacts expected future gross margins. When expected future gross margins are below those previously estimated, the DAC and VOBA amortization will increase, resulting in a current period charge to earnings. The opposite result occurs when the expected future gross margins are above the previously estimated expected future gross margins. Each period, the Company also reviews the estimated gross margins for each block of business to determine the recoverability of DAC and VOBA balances. Fixed and Variable Universal Life Contracts and Fixed and Variable Deferred Annuity Contracts The Company amortizes DAC and VOBA related to these contracts over the estimated lives of the contracts in proportion to actual and expected future gross profits. The amortization includes interest based on rates in effect at inception or acquisition of the contracts. The amount of future gross profits is dependent principally upon returns in excess of the amounts credited to policyholders, mortality, persistency, interest crediting rates, expenses to administer the business, creditworthiness of reinsurance counterparties, the effect of any hedges used and certain economic variables, such as inflation. Of these factors, the Company anticipates that investment returns, expenses and persistency are reasonably likely to significantly impact the rate of DAC and VOBA amortization. Each reporting period, the Company updates the estimated gross profits with the actual gross profits for that period. When the actual gross profits change from previously estimated gross profits, the cumulative DAC and VOBA amortization is re-estimated and adjusted by a cumulative charge or credit to current operations. When actual gross profits exceed those previously estimated, the DAC and VOBA amortization will increase, resulting in a current period charge to earnings. The opposite result occurs when the actual gross profits are below the previously estimated gross profits. Each reporting period, the Company also updates the actual amount of business remaining in-force, which impacts expected future gross profits. When expected future gross profits are below those previously estimated, the DAC and VOBA amortization will increase, resulting in a current period charge to earnings. The opposite result occurs when the expected future gross profits are above the previously estimated expected future gross profits. Each period, the Company also reviews the estimated gross profits for each block of business to determine the recoverability of DAC and VOBA balances. Credit Insurance, Property & Casualty Insurance and Other Short-Duration Contracts The Company amortizes DAC for these contracts, which is primarily composed of commissions and certain underwriting expenses, in proportion to actual and future earned premium over the applicable contract term. Factors Impacting Amortization Separate account rates of return on variable universal life contracts and variable deferred annuity contracts affect in-force account balances on such contracts each reporting period, which can result in significant fluctuations in amortization of DAC and VOBA. Returns that are higher than the Company’s long-term expectation produce higher account balances, which increases the Company’s future fee expectations and decreases future benefit payment expectations on minimum death and living benefit guarantees, resulting in higher expected future gross profits. The opposite result occurs when returns are lower than the Company’s long-term expectation. The Company’s practice to determine the impact of gross profits resulting from returns on separate accounts assumes that long-term appreciation in equity markets is not changed by short-term market fluctuations, but is only changed when sustained interim deviations are expected. The Company monitors these events and only changes the assumption when its long-term expectation changes. The Company also periodically reviews other long-term assumptions underlying the projections of estimated gross margins and profits. These assumptions primarily relate to investment returns, policyholder dividend scales, interest crediting rates, mortality, persistency, policyholder behavior and expenses to administer business. Management annually updates assumptions used in the calculation of estimated gross margins and profits which may have significantly changed. If the update of assumptions causes expected future gross margins and profits to increase, DAC and VOBA amortization will decrease, resulting in a current period increase to earnings. The opposite result occurs when the assumption update causes expected future gross margins and profits to decrease. Periodically, the Company modifies product benefits, features, rights or coverages that occur by the exchange of a contract for a new contract, or by amendment, endorsement, or rider to a contract, or by election or coverage within a contract. If such modification, referred to as an internal replacement, substantially changes the contract, the associated DAC or VOBA is written off immediately through income and any new deferrable costs associated with the replacement contract are deferred. If the modification does not substantially change the contract, the DAC or VOBA amortization on the original contract will continue and any acquisition costs associated with the related modification are expensed. Amortization of DAC and VOBA is attributed to net investment gains (losses) and net derivative gains (losses), and to other expenses for the amount of gross margins or profits originating from transactions other than investment gains and losses. Unrealized investment gains and losses represent the amount of DAC and VOBA that would have been amortized if such gains and losses had been recognized. |
Deferred Policy Acquisition Costs and Value of Business Acquired | Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles The Company incurs significant costs in connection with acquiring new and renewal insurance business. Costs that are related directly to the successful acquisition or renewal of insurance contracts are capitalized as DAC. Such costs include: • incremental direct costs of contract acquisition, such as commissions; • the portion of an employee’s total compensation and benefits related to time spent selling, underwriting or processing the issuance of new and renewal insurance business only with respect to actual policies acquired or renewed; • other essential direct costs that would not have been incurred had a policy not been acquired or renewed; and • the costs of direct-response advertising, the primary purpose of which is to elicit sales to customers who could be shown to have responded specifically to the advertising and that results in probable future benefits. All other acquisition-related costs, including those related to general advertising and solicitation, market research, agent training, product development, unsuccessful sales and underwriting efforts, as well as all indirect costs, are expensed as incurred. Value of business acquired (“VOBA”) is an intangible asset resulting from a business combination that represents the excess of book value over the estimated fair value of acquired insurance, annuity, and investment-type contracts in-force at the acquisition date. The estimated fair value of the acquired liabilities is based on projections, by each block of business, of future policy and contract charges, premiums, mortality and morbidity, separate account performance, surrenders, operating expenses, investment returns, nonperformance risk adjustment and other factors. Actual experience on the purchased business may vary from these projections. DAC and VOBA are amortized as follows: Products: In proportion to the following over estimated lives of the contracts: • Nonparticipating and non-dividend-paying traditional contracts: Actual and expected future gross premiums. • Term insurance • Nonparticipating whole life insurance • Traditional group life insurance • Non-medical health insurance • Accident & health insurance • Participating, dividend-paying traditional contracts Actual and expected future gross margins. • Fixed and variable universal life contracts Actual and expected future gross profits. • Fixed and variable deferred annuity contracts • Credit insurance contracts Actual and future earned premiums. • Property & casualty insurance contracts • Other short-duration contracts See Note 5 for additional information on DAC and VOBA amortization. Amortization of DAC and VOBA is included in other expenses. The recovery of DAC and VOBA is dependent upon the future profitability of the related business. DAC and VOBA are aggregated on the financial statements for reporting purposes. Nonparticipating and Non-Dividend-Paying Traditional Contracts The Company amortizes DAC and VOBA related to these contracts (term insurance, nonparticipating whole life insurance, traditional group life insurance, non-medical health insurance, and accident & health insurance) over the appropriate premium paying period in proportion to the actual and expected future gross premiums that were set at contract issue. The expected premiums are based upon the premium requirement of each policy and assumptions for mortality, morbidity, persistency and investment returns at policy issuance, or policy acquisition (as it relates to VOBA), include provisions for adverse deviation, and are consistent with the assumptions used to calculate future policyholder benefit liabilities. These assumptions are not revised after policy issuance or acquisition unless the DAC or VOBA balance is deemed to be unrecoverable from future expected profits. Absent a premium deficiency, variability in amortization after policy issuance or acquisition is caused only by variability in premium volumes. Participating, Dividend-Paying Traditional Contracts The Company amortizes DAC and VOBA related to these contracts over the estimated lives of the contracts in proportion to actual and expected future gross margins. The amortization includes interest based on rates in effect at inception or acquisition of the contracts. The future gross margins are dependent principally on investment returns, policyholder dividend scales, mortality, persistency, expenses to administer the business, creditworthiness of reinsurance counterparties and certain economic variables, such as inflation. For participating contracts within the closed block (dividend-paying traditional contracts) future gross margins are also dependent upon changes in the policyholder dividend obligation. See Note 7 . Of these factors, the Company anticipates that investment returns, expenses, persistency and other factor changes, as well as policyholder dividend scales, are reasonably likely to impact significantly the rate of DAC and VOBA amortization. Each reporting period, the Company updates the estimated gross margins with the actual gross margins for that period. When the actual gross margins change from previously estimated gross margins, the cumulative DAC and VOBA amortization is re-estimated and adjusted by a cumulative charge or credit to current operations. When actual gross margins exceed those previously estimated, the DAC and VOBA amortization will increase, resulting in a current period charge to earnings. The opposite result occurs when the actual gross margins are below the previously estimated gross margins. Each reporting period, the Company also updates the actual amount of business in-force, which impacts expected future gross margins. When expected future gross margins are below those previously estimated, the DAC and VOBA amortization will increase, resulting in a current period charge to earnings. The opposite result occurs when the expected future gross margins are above the previously estimated expected future gross margins. Each period, the Company also reviews the estimated gross margins for each block of business to determine the recoverability of DAC and VOBA balances. Fixed and Variable Universal Life Contracts and Fixed and Variable Deferred Annuity Contracts The Company amortizes DAC and VOBA related to these contracts over the estimated lives of the contracts in proportion to actual and expected future gross profits. The amortization includes interest based on rates in effect at inception or acquisition of the contracts. The amount of future gross profits is dependent principally upon returns in excess of the amounts credited to policyholders, mortality, persistency, interest crediting rates, expenses to administer the business, creditworthiness of reinsurance counterparties, the effect of any hedges used and certain economic variables, such as inflation. Of these factors, the Company anticipates that investment returns, expenses and persistency are reasonably likely to significantly impact the rate of DAC and VOBA amortization. Each reporting period, the Company updates the estimated gross profits with the actual gross profits for that period. When the actual gross profits change from previously estimated gross profits, the cumulative DAC and VOBA amortization is re-estimated and adjusted by a cumulative charge or credit to current operations. When actual gross profits exceed those previously estimated, the DAC and VOBA amortization will increase, resulting in a current period charge to earnings. The opposite result occurs when the actual gross profits are below the previously estimated gross profits. Each reporting period, the Company also updates the actual amount of business remaining in-force, which impacts expected future gross profits. When expected future gross profits are below those previously estimated, the DAC and VOBA amortization will increase, resulting in a current period charge to earnings. The opposite result occurs when the expected future gross profits are above the previously estimated expected future gross profits. Each period, the Company also reviews the estimated gross profits for each block of business to determine the recoverability of DAC and VOBA balances. Credit Insurance, Property & Casualty Insurance and Other Short-Duration Contracts The Company amortizes DAC for these contracts, which is primarily composed of commissions and certain underwriting expenses, in proportion to actual and future earned premium over the applicable contract term. Factors Impacting Amortization Separate account rates of return on variable universal life contracts and variable deferred annuity contracts affect in-force account balances on such contracts each reporting period, which can result in significant fluctuations in amortization of DAC and VOBA. Returns that are higher than the Company’s long-term expectation produce higher account balances, which increases the Company’s future fee expectations and decreases future benefit payment expectations on minimum death and living benefit guarantees, resulting in higher expected future gross profits. The opposite result occurs when returns are lower than the Company’s long-term expectation. The Company’s practice to determine the impact of gross profits resulting from returns on separate accounts assumes that long-term appreciation in equity markets is not changed by short-term market fluctuations, but is only changed when sustained interim deviations are expected. The Company monitors these events and only changes the assumption when its long-term expectation changes. The Company also periodically reviews other long-term assumptions underlying the projections of estimated gross margins and profits. These assumptions primarily relate to investment returns, policyholder dividend scales, interest crediting rates, mortality, persistency, policyholder behavior and expenses to administer business. Management annually updates assumptions used in the calculation of estimated gross margins and profits which may have significantly changed. If the update of assumptions causes expected future gross margins and profits to increase, DAC and VOBA amortization will decrease, resulting in a current period increase to earnings. The opposite result occurs when the assumption update causes expected future gross margins and profits to decrease. Periodically, the Company modifies product benefits, features, rights or coverages that occur by the exchange of a contract for a new contract, or by amendment, endorsement, or rider to a contract, or by election or coverage within a contract. If such modification, referred to as an internal replacement, substantially changes the contract, the associated DAC or VOBA is written off immediately through income and any new deferrable costs associated with the replacement contract are deferred. If the modification does not substantially change the contract, the DAC or VOBA amortization on the original contract will continue and any acquisition costs associated with the related modification are expensed. Amortization of DAC and VOBA is attributed to net investment gains (losses) and net derivative gains (losses), and to other expenses for the amount of gross margins or profits originating from transactions other than investment gains and losses. Unrealized investment gains and losses represent the amount of DAC and VOBA that would have been amortized if such gains and losses had been recognized. |
Deferred Sales Inducements | The Company generally has two different types of sales inducements which are included in other assets: (i) the policyholder receives a bonus whereby the policyholder’s initial account balance is increased by an amount equal to a specified percentage of the customer’s deposit; and (ii) the policyholder receives a higher interest rate using a dollar cost averaging method than would have been received based on the normal general account interest rate credited. The Company defers sales inducements and amortizes them over the life of the policy using the same methodology and assumptions used to amortize DAC. The amortization of sales inducements is included in policyholder benefits and claims. Each year, or more frequently if circumstances indicate a potential recoverability issue exists, the Company reviews deferred sales inducements (“DSI”) to determine the recoverability of the asset. |
Value of Distribution Agreements and Customer Relationships Acquired | Value of distribution agreements acquired (“VODA”) is reported in other assets and represents the present value of expected future profits associated with the expected future business derived from the distribution agreements acquired as part of a business combination. Value of customer relationships acquired (“VOCRA”) is also reported in other assets and represents the present value of the expected future profits associated with the expected future business acquired through existing customers of the acquired company or business. The VODA and VOCRA associated with past business combinations are amortized over useful lives ranging from 10 to 40 years and such amortization is included in other expenses. Each year, or more frequently if circumstances indicate a possible impairment exists, the Company reviews VODA and VOCRA to determine whether the asset is impaired. |
Reinsurance | Reinsurance For each of its reinsurance agreements, the Company determines whether the agreement provides indemnification against loss or liability relating to insurance risk in accordance with applicable accounting standards. Cessions under reinsurance agreements do not discharge the Company’s obligations as the primary insurer. The Company reviews all contractual features, including those that may limit the amount of insurance risk to which the reinsurer is subject or features that delay the timely reimbursement of claims. For reinsurance of existing in-force blocks of long-duration contracts that transfer significant insurance risk, the difference, if any, between the amounts paid (received), and the liabilities ceded (assumed) related to the underlying contracts is considered the net cost of reinsurance at the inception of the reinsurance agreement. The net cost of reinsurance is recorded as an adjustment to DAC and recognized as a component of other expenses on a basis consistent with the way the acquisition costs on the underlying reinsured contracts would be recognized. Subsequent amounts paid (received) on the reinsurance of in-force blocks, as well as amounts paid (received) related to new business, are recorded as ceded (assumed) premiums; and ceded (assumed) premiums, reinsurance and other receivables (future policy benefits) are established. For prospective reinsurance of short-duration contracts that meet the criteria for reinsurance accounting, amounts paid (received) are recorded as ceded (assumed) premiums and ceded (assumed) unearned premiums. Unearned premiums are reflected as a component of premiums, reinsurance and other receivables (future policy benefits). Such amounts are amortized through earned premiums over the remaining contract period in proportion to the amount of insurance protection provided. For retroactive reinsurance of short-duration contracts that meet the criteria of reinsurance accounting, amounts paid (received) in excess of the related insurance liabilities ceded (assumed) are recognized immediately as a loss and are reported in the appropriate line item within the statement of operations. Any gain on such retroactive agreement is deferred and is amortized as part of DAC, primarily using the recovery method. Amounts currently recoverable under reinsurance agreements are included in premiums, reinsurance and other receivables and amounts currently payable are included in other liabilities. Assets and liabilities relating to reinsurance agreements with the same reinsurer may be recorded net on the balance sheet, if a right of offset exists within the reinsurance agreement. In the event that reinsurers do not meet their obligations to the Company under the terms of the reinsurance agreements, reinsurance recoverable balances could become uncollectible. In such instances, reinsurance recoverable balances are stated net of allowances for uncollectible reinsurance. Premiums, fees and policyholder benefits and claims include amounts assumed under reinsurance agreements and are net of reinsurance ceded. Amounts received from reinsurers for policy administration are reported in other revenues. With respect to GMIBs, a portion of the directly written GMIBs are accounted for as insurance liabilities, but the associated reinsurance agreements contain embedded derivatives. These embedded derivatives are included in premiums, reinsurance and other receivables with changes in estimated fair value reported in policyholder benefits and claims. If the Company determines that a reinsurance agreement does not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk, the Company records the agreement using the deposit method of accounting. Deposits received are included in other liabilities and deposits made are included within premiums, reinsurance and other receivables. As amounts are paid or received, consistent with the underlying contracts, the deposit assets or liabilities are adjusted. Interest on such deposits is recorded as other revenues or other expenses, as appropriate. Periodically, the Company evaluates the adequacy of the expected payments or recoveries and adjusts the deposit asset or liability through other revenues or other expenses, as appropriate. Accounting for reinsurance requires extensive use of assumptions and estimates, particularly related to the future performance of the underlying business and the potential impact of counterparty credit risks. The Company periodically reviews actual and anticipated experience compared to the aforementioned assumptions used to establish assets and liabilities relating to ceded and assumed reinsurance and evaluates the financial strength of counterparties to its reinsurance agreements using criteria similar to that evaluated in the security impairment process discussed in Note 8 . The Company enters into reinsurance agreements primarily as a purchaser of reinsurance for its various insurance products and also as a provider of reinsurance for some insurance products issued by third parties. |
Investments | Investments Net Investment Income and Net Investment Gains (Losses) Income from investments is reported within net investment income, unless otherwise stated herein. Gains and losses on sales of investments, impairment losses and changes in valuation allowances are reported within net investment gains (losses), unless otherwise stated herein. Fixed Maturity and Equity Securities The majority of the Company’s fixed maturity and equity securities are classified as available-for-sale (“AFS”) and are reported at their estimated fair value. Unrealized investment gains and losses on these securities are recorded as a separate component of other comprehensive income (loss) (“OCI”), net of policy-related amounts and deferred income taxes. All security transactions are recorded on a trade date basis. Investment gains and losses on sales are determined on a specific identification basis. Interest income and prepayment fees are recognized when earned. Interest income is recognized using an effective yield method giving effect to amortization of premiums and accretion of discounts, and is based on the estimated economic life of the securities, which for mortgage-backed and asset-backed securities considers the estimated timing and amount of prepayments of the underlying loans. See Note 8 “— Investments — Fixed Maturity and Equity Securities AFS — Methodology for Amortization of Premium and Accretion of Discount on Structured Securities.” The amortization of premium and accretion of discount of fixed maturity securities also takes into consideration call and maturity dates. Dividends on equity securities are recognized when declared. The Company periodically evaluates fixed maturity and equity securities for impairment. The assessment of whether impairments have occurred is based on management’s case-by-case evaluation of the underlying reasons for the decline in estimated fair value, as well as an analysis of the gross unrealized losses by severity and/or age as described in Note 8 “— Evaluation of AFS Securities for OTTI and Evaluating Temporarily Impaired AFS Securities.” For fixed maturity securities in an unrealized loss position, an other-than-temporary impairment (“OTTI”) is recognized in earnings when it is anticipated that the amortized cost will not be recovered. When either: (i) the Company has the intent to sell the security; or (ii) it is more likely than not that the Company will be required to sell the security before recovery, the OTTI recognized in earnings is the entire difference between the security’s amortized cost and estimated fair value. If neither of these conditions exists, the difference between the amortized cost of the security and the present value of projected future cash flows expected to be collected is recognized as an OTTI in earnings (“credit loss”). If the estimated fair value is less than the present value of projected future cash flows expected to be collected, this portion of OTTI related to other-than-credit factors (“noncredit loss”) is recorded in OCI. With respect to equity securities, the Company considers in its OTTI analysis its intent and ability to hold a particular equity security for a period of time sufficient to allow for the recovery of its estimated fair value to an amount equal to or greater than cost. If a sale decision is made for an equity security and recovery to an amount at least equal to cost prior to the sale is not expected, the security will be deemed to be other-than-temporarily impaired in the period that the sale decision was made and an OTTI loss will be recorded in earnings. The OTTI loss recognized is the entire difference between the security’s cost and its estimated fair value. FVO and Trading Securities FVO and trading securities are stated at estimated fair value and include investments for which the FVO has been elected (“FVO Securities”) and investments that are actively purchased and sold (“Actively traded securities”). FVO Securities include: • fixed maturity and equity securities held-for-investment by the general account to support asset and liability management strategies for certain insurance products and investments in certain separate accounts (“FVO general account securities”); and • contractholder-directed investments supporting unit-linked variable annuity type liabilities which do not qualify for presentation and reporting as separate account summary total assets and liabilities. These investments are primarily mutual funds and, to a lesser extent, fixed maturity and equity securities, short-term investments and cash and cash equivalents. The investment returns on these investments inure to contractholders and are offset by a corresponding change in Policyholder account balances through interest credited to policyholder account balances (“FVO contractholder-directed unit-linked investments”). Actively traded securities principally include fixed maturity securities and short sale agreement liabilities, which are included in other liabilities. Changes in estimated fair value of these securities are included in net investment income, except for certain securities included in FVO Securities, where changes are included in net investment gains (losses). Mortgage Loans The Company disaggregates its mortgage loan investments into three portfolio segments: commercial, agricultural and residential. The accounting policies that are applicable to all portfolio segments are presented below and the accounting policies related to each of the portfolio segments are included in Note 8 . Mortgage loans are stated at unpaid principal balance, adjusted for any unamortized premium or discount, deferred fees or expenses, and are net of valuation allowances. Interest income and prepayment fees are recognized when earned. Interest income is recognized using an effective yield method giving effect to amortization of premiums and accretion of discounts. Also included in mortgage loans are residential mortgage loans for which the FVO was elected, and which are stated at estimated fair value. Changes in estimated fair value are recognized in net investment income. Policy Loans Policy loans are stated at unpaid principal balances. Interest income is recorded as earned using the contractual interest rate. Generally, accrued interest is capitalized on the policy’s anniversary date. Valuation allowances are not established for policy loans, as they are fully collateralized by the cash surrender value of the underlying insurance policies. Any unpaid principal and accrued interest is deducted from the cash surrender value or the death benefit prior to settlement of the insurance policy. Real Estate Real estate held-for-investment is stated at cost less accumulated depreciation. Depreciation is recorded on a straight-line basis over the estimated useful life of the asset (typically 20 to 55 years ). Rental income is recognized on a straight-line basis over the term of the respective leases. The Company periodically reviews its real estate held-for-investment for impairment and tests for recoverability whenever events or changes in circumstances indicate the carrying value may not be recoverable and exceeds its estimated fair value. Properties whose carrying values are greater than their undiscounted cash flows are written down to their estimated fair value, which is generally computed using the present value of expected future cash flows discounted at a rate commensurate with the underlying risks. Real estate for which the Company commits to a plan to sell within one year and actively markets in its current condition for a reasonable price in comparison to its estimated fair value is classified as held-for-sale. Real estate held-for-sale is stated at the lower of depreciated cost or estimated fair value less expected disposition costs and is not depreciated. Real Estate Joint Ventures and Other Limited Partnership Interests 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. The Company recognizes distributions on cost method investments when such distributions become payable or received. Because of the nature and structure of these cost method investments, they do not meet the characteristics of an equity security in accordance with applicable accounting standards. The Company routinely evaluates its equity method and cost method investments for impairment. For equity method investees, the Company considers financial and other information provided by the investee, other known information and inherent risks in the underlying investments, as well as future capital commitments, in determining whether an impairment has occurred. The Company considers its cost method investments for impairment when the carrying value of such investments exceeds the net asset value (“NAV”). The Company takes into consideration the severity and duration of this excess when determining whether the cost method investment is impaired. Short-term Investments Short-term investments include securities and other investments with remaining maturities of one year or less, but greater than three months, at the time of purchase and are stated at estimated fair value or amortized cost, which approximates estimated fair value. Other Invested Assets Other invested assets consist principally of the following: • Freestanding derivatives with positive estimated fair values which are described in “— Derivatives” below. • Tax credit and renewable energy partnerships which derive a significant source of investment return in the form of income tax credits or other tax incentives. Where tax credits are guaranteed by a creditworthy third party, the investment is accounted for under the effective yield method. Otherwise, the investment is accounted for under the equity method. • Leveraged leases which are recorded net of non-recourse debt. Income is recognized by applying the leveraged lease’s estimated rate of return to the net investment in the lease. The Company regularly reviews residual values for impairment. • Direct financing leases gross investment is equal to the minimum lease payments plus the unguaranteed residual value. Income is recorded by applying the pre-tax internal rate of return to the investment balance. The Company regularly reviews lease receivables for impairment. Certain direct financing leases are linked to inflation. • Funds withheld represent a receivable for amounts contractually withheld by ceding companies in accordance with reinsurance agreements. The Company recognizes interest on funds withheld at rates defined by the terms of the agreement which may be contractually specified or directly related to the underlying investments. • Investments in operating joint ventures that engage in insurance underwriting activities are accounted for under the equity method. Securities Lending Program Securities lending transactions, whereby blocks of securities are loaned to third parties, primarily brokerage firms and commercial banks, are treated as financing arrangements and the associated liability is recorded at the amount of cash received. The Company obtains collateral at the inception of the loan, usually cash, in an amount generally equal to 102% of the estimated fair value of the securities loaned, and maintains it at a level greater than or equal to 100% for the duration of the loan. Securities loaned under such transactions may be sold or re-pledged by the transferee. The Company is liable to return to the counterparties the cash collateral received. Security collateral on deposit from counterparties in connection with securities lending transactions may not be sold or re-pledged, unless the counterparty is in default, and is not reflected on the Company’s financial statements. The Company monitors the estimated fair value of the securities loaned on a daily basis and additional collateral is obtained as necessary throughout the duration of the loan. Income and expenses associated with securities lending transactions are reported as investment income and investment expense, respectively, within net investment income. Repurchase Agreement Transactions The Company participates in short-term repurchase agreements with unaffiliated financial institutions. Under these agreements, the Company lends fixed maturity securities and receives cash as collateral in an amount generally equal to 85% to 100% of the estimated fair value of the securities loaned at the inception of the transaction. The associated liability is recorded at the amount of cash received. The Company monitors the estimated fair value of the collateral and the securities loaned throughout the duration of the transaction and additional collateral is obtained as necessary. Securities loaned under such transactions may be sold or re-pledged by the transferee. Investment Risks and Uncertainties Investments are exposed to the following primary sources of risk: credit, interest rate, liquidity, market valuation, currency and real estate risk. The financial statement risks, stemming from such investment risks, are those associated with the determination of estimated fair values, the diminished ability to sell certain investments in times of strained market conditions, the recognition of impairments, the recognition of income on certain investments and the potential consolidation of VIEs. The use of different methodologies, assumptions and inputs relating to these financial statement risks may have a material effect on the amounts presented within the consolidated financial statements. The determination of valuation allowances and impairments is highly subjective and is based upon periodic evaluations and assessments of known and inherent risks associated with the respective asset class. Such evaluations and assessments are revised as conditions change and new information becomes available. The recognition of income on certain investments (e.g. structured securities, including mortgage-backed securities, asset-backed securities (“ABS”), certain structured investment transactions and FVO and trading securities) is dependent upon certain factors such as prepayments and defaults, and changes in such factors could result in changes in amounts to be earned. 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. Evaluation and Measurement Methodologies Management considers a wide range of factors about the security issuer and uses its best judgment in evaluating the cause of the decline in the estimated fair value of the security and in assessing the prospects for near-term recovery. Inherent in management’s evaluation of the security are assumptions and estimates about the operations of the issuer and its future earnings potential. Considerations used in the impairment evaluation process include, but are not limited to: (i) the length of time and the extent to which the estimated fair value has been below cost or amortized cost; (ii) the potential for impairments when the issuer is experiencing significant financial difficulties; (iii) the potential for impairments in an entire industry sector or sub-sector; (iv) the potential for impairments in certain economically depressed geographic locations; (v) the potential for impairments where the issuer, series of issuers or industry has suffered a catastrophic loss or has exhausted natural resources; (vi) with respect to fixed maturity securities, whether the Company has the intent to sell or will more likely than not be required to sell a particular security before the decline in estimated fair value below amortized cost recovers; (vii) with respect to Structured Securities, changes in forecasted cash flows after considering the quality of underlying collateral, expected prepayment speeds, current and forecasted loss severity, consideration of the payment terms of the underlying assets backing a particular security, and the payment priority within the tranche structure of the security; (viii) the potential for impairments due to weakening of foreign currencies on non-functional currency denominated fixed maturity securities that are near maturity; and (ix) other subjective factors, including concentrations and information obtained from regulators and rating agencies. The methodology and significant inputs used to determine the amount of credit loss on fixed maturity securities are as follows: • The Company calculates the recovery value by performing a discounted cash flow analysis based on the present value of future cash flows. The discount rate is generally the effective interest rate of the security prior to impairment. • When determining collectability and the period over which value is expected to recover, the Company applies considerations utilized in its overall impairment evaluation process which incorporates information regarding the specific security, fundamentals of the industry and geographic area in which the security issuer operates, and overall macroeconomic conditions. Projected future cash flows are estimated using assumptions derived from management’s best estimates of likely scenario-based outcomes after giving consideration to a variety of variables that include, but are not limited to: payment terms of the security; the likelihood that the issuer can service the interest and principal payments; the quality and amount of any credit enhancements; the security’s position within the capital structure of the issuer; possible corporate restructurings or asset sales by the issuer; and changes to the rating of the security or the issuer by rating agencies. • Additional considerations are made when assessing the unique features that apply to certain Structured Securities including, but not limited to: the quality of underlying collateral, expected prepayment speeds, current and forecasted loss severity, consideration of the payment terms of the underlying loans or assets backing a particular security, and the payment priority within the tranche structure of the security. • When determining the amount of the credit loss for U.S. and foreign corporate securities, foreign government securities and state and political subdivision securities, the estimated fair value is considered the recovery value when available information does not indicate that another value is more appropriate. When information is identified that indicates a recovery value other than estimated fair value, management considers in the determination of recovery value the same considerations utilized in its overall impairment evaluation process as described above, as well as any private and public sector programs to restructure such securities. With respect to securities that have attributes of debt and equity (“perpetual hybrid securities”), consideration is given in the OTTI analysis as to whether there has been any deterioration in the credit of the issuer and the likelihood of recovery in value of the securities that are in a severe and extended unrealized loss position. Consideration is also given as to whether any perpetual hybrid securities, with an unrealized loss, regardless of credit rating, have deferred any dividend payments. When an OTTI loss has occurred, the OTTI loss is the entire difference between the perpetual hybrid security’s cost and its estimated fair value with a corresponding charge to earnings. The cost or amortized cost of fixed maturity and equity securities is adjusted for OTTI in the period in which the determination is made. The Company does not change the revised cost basis for subsequent recoveries in value. In periods subsequent to the recognition of OTTI on a fixed maturity security, the Company accounts for the impaired security as if it had been purchased on the measurement date of the impairment. Accordingly, the discount (or reduced premium) based on the new cost basis is accreted over the remaining term of the fixed maturity security in a prospective manner based on the amount and timing of estimated future cash flows. Mortgage Loans Modified in a Troubled Debt Restructuring The Company may grant concessions related to borrowers experiencing financial difficulties, which are classified as troubled debt restructurings. Generally, the types of concessions include: reduction of the contractual interest rate, extension of the maturity date at an interest rate lower than current market interest rates, and/or a reduction of accrued interest. The amount, timing and extent of the concessions granted are considered in determining any impairment or changes in the specific valuation allowance recorded with the restructuring. Valuation Allowance Methodology Mortgage loans are considered to be impaired when it is probable that, based upon current information and events, the Company will be unable to collect all amounts due under the loan agreement. Specific valuation allowances are established using the same methodology for all three portfolio segments as the excess carrying value of a loan over either (i) the present value of expected future cash flows discounted at the loan’s original effective interest rate, (ii) the estimated fair value of the loan’s underlying collateral if the loan is in the process of foreclosure or otherwise collateral dependent, or (iii) the loan’s observable market price. A common evaluation framework is used for establishing non-specific valuation allowances for all loan portfolio segments; however, a separate non-specific valuation allowance is calculated and maintained for each loan portfolio segment that is based on inputs unique to each loan portfolio segment. Non-specific valuation allowances are established for pools of loans with similar risk characteristics where a property-specific or market-specific risk has not been identified, but for which the Company expects to incur a credit loss. These evaluations are based upon several loan portfolio segment-specific factors, including the Company’s experience for loan losses, defaults and loss severity, and loss expectations for loans with similar risk characteristics. These evaluations are revised as conditions change and new information becomes available. Commercial and Agricultural Mortgage Loan Portfolio Segments The Company typically uses several years of historical experience in establishing non-specific valuation allowances which captures multiple economic cycles. For evaluations of commercial mortgage loans, in addition to historical experience, management considers factors that include the impact of a rapid change to the economy, which may not be reflected in the loan portfolio, and recent loss and recovery trend experience as compared to historical loss and recovery experience. For evaluations of agricultural mortgage loans, in addition to historical experience, management considers factors that include increased stress in certain sectors, which may be evidenced by higher delinquency rates, or a change in the number of higher risk loans. On a quarterly basis, management incorporates the impact of these current market events and conditions on historical experience in determining the non-specific valuation allowance established for commercial and agricultural mortgage loans. All commercial mortgage loans are reviewed on an ongoing basis which may include an analysis of the property financial statements and rent roll, lease rollover analysis, property inspections, market analysis, estimated valuations of the underlying collateral, loan-to-value ratios, debt service coverage ratios, and tenant creditworthiness. The monitoring process focuses on higher risk loans, which include those that are classified as restructured, delinquent or in foreclosure, as well as loans with higher loan-to-value ratios and lower debt service coverage ratios. All agricultural mortgage loans are monitored on an ongoing basis. The monitoring process for agricultural mortgage loans is generally similar to the commercial mortgage loan monitoring process, with a focus on higher risk loans, including reviews on a geographic and property-type basis. Higher risk loans are reviewed individually on an ongoing basis for potential credit loss and specific valuation allowances are established using the methodology described above. Quarterly, the remaining loans are reviewed on a pool basis by aggregating groups of loans that have similar risk characteristics for potential credit loss, and non-specific valuation allowances are established as described above using inputs that are unique to each segment of the loan portfolio. For commercial mortgage loans, the primary credit quality indicator is the debt service coverage ratio, which compares a property’s net operating income to amounts needed to service the principal and interest due under the loan. Generally, the lower the debt service coverage ratio, the higher the risk of experiencing a credit loss. The Company also reviews the loan-to-value ratio of its commercial mortgage loan portfolio. Loan-to-value ratios compare the unpaid principal balance of the loan to the estimated fair value of the underlying collateral. Generally, the higher the loan-to-value ratio, the higher the risk of experiencing a credit loss. The debt service coverage ratio and the values utilized in calculating the ratio are updated annually on a rolling basis, with a portion of the portfolio updated each quarter. In addition, the loan-to-value ratio is routinely updated for all but the lowest risk loans as part of the Company’s ongoing review of its commercial mortgage loan portfolio. For agricultural mortgage loans, the Company’s primary credit quality indicator is the loan-to-value ratio. The values utilized in calculating this ratio are developed in connection with the ongoing review of the agricultural mortgage loan portfolio and are routinely updated. Residential Mortgage Loan Portfolio Segment The Company’s residential mortgage loan portfolio is comprised primarily of closed end, amortizing residential mortgage loans. For evaluations of residential mortgage loans, the key inputs of expected frequency and expected loss reflect current market conditions, with expected frequency adjusted, when appropriate, for differences from market conditions and the Company’s historical experience. In contrast to the commercial and agricultural mortgage loan portfolios, residential mortgage loans are smaller-balance homogeneous loans that are collectively evaluated for impairment. Non-specific valuation allowances are established using the evaluation framework described above for pools of loans with similar risk characteristics from inputs that are unique to the residential segment of the loan portfolio. Loan specific valuation allowances are only established on residential mortgage loans when they have been restructured and are established using the methodology described above for all loan portfolio segments. For residential mortgage loans, the Company’s primary credit quality indicator is whether the loan is performing or nonperforming. The Company generally defines nonperforming residential mortgage loans as those that are 60 or more days past due and/or in nonaccrual status which is assessed monthly. Generally, nonperforming residential mortgage loans have a higher risk of experiencing a credit loss. 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. For rental receivables, the primary credit quality indicator is whether the rental receivable is performing or nonperforming, which is assessed monthly. The Company generally defines nonperforming rental receivables as those that are 90 days or more past due. Leveraged and Direct Financing Leases Purchased Credit Impaired Investments Investments acquired with evidence of credit quality deterioration since origination and for which it is probable at the acquisition date that the Company will be unable to collect all contractually required payments are classified as PCI investments. For each investment, the excess of the cash flows expected to be collected as of the acquisition date over its acquisition date fair value is referred to as the accretable yield and is recognized as net investment income on an effective yield basis. If, subsequently, based on current information and events, it is probable that there is a significant increase in cash flows previously expected to be collected or if actual cash flows are significantly greater than cash flows previously expected to be collected, the accretable yield is adjusted prospectively. The excess of the contractually required payments (including interest) as of the acquisition date over the cash flows expected to be collected as of the acquisition date is referred to as the nonaccretable difference, and this amount is not expected to be realized as net investment income. Decreases in cash flows expected to be collected can result in OTTI or the recognition of mortgage loan valuation allowances. 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 | 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. |
Fair Value | Fair Value Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. In most cases, the exit price and the transaction (or entry) price will be the same at initial recognition. Subsequent to initial recognition, fair values are based on unadjusted quoted prices for identical assets or liabilities in active markets that are readily and regularly obtainable. When such quoted prices are not available, fair values are based on quoted prices in markets that are not active, quoted prices for similar but not identical assets or liabilities, or other observable inputs. If these inputs are not available, or observable inputs are not determinable, unobservable inputs and/or adjustments to observable inputs requiring management judgment are used to determine the estimated fair value of assets and liabilities. When developing estimated fair values, the Company considers three broad valuation techniques: (i) the market approach, (ii) the income approach, and (iii) the cost approach. The Company determines the most appropriate valuation technique to use, given what is being measured and the availability of sufficient inputs, giving priority to observable inputs. The Company categorizes its assets and liabilities measured at estimated fair value into a three-level hierarchy, based on the significant input with the lowest level in its valuation. The input levels are as follows: Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities. The Company defines active markets based on average trading volume for equity securities. The size of the bid/ask spread is used as an indicator of market activity for fixed maturity securities. Level 2 Quoted prices in markets that are not active or inputs that are observable either directly or indirectly. These inputs can include quoted prices for similar assets or liabilities other than quoted prices in Level 1, quoted prices in markets that are not active, or other significant inputs that are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 Unobservable inputs that are supported by little or no market activity and are significant to the determination of estimated fair value of the assets or liabilities. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability. Financial markets are susceptible to severe events evidenced by rapid depreciation in asset values accompanied by a reduction in asset liquidity. The Company’s ability to sell securities, or the price ultimately realized for these securities, depends upon the demand and liquidity in the market and increases the use of judgment in determining the estimated fair value of certain securities. 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. |
Goodwill | Goodwill Goodwill represents the future economic benefits arising from net assets acquired in a business combination that are not individually identified and recognized. Goodwill is calculated as the excess of cost over the estimated fair value of such net assets acquired, is not amortized, and is tested for impairment based on a fair value approach at least annually or more frequently if events or circumstances indicate that there may be justification for conducting an interim test. The Company performs its annual goodwill impairment testing during the third quarter of each year based upon data as of the close of the second quarter. Goodwill associated with a business acquisition is not tested for impairment during the year the business is acquired unless there is a significant identified impairment event. The impairment test is performed at the reporting unit level, which is the operating segment or a business one level below the operating segment, if discrete financial information is prepared and regularly reviewed by management at that level. For purposes of goodwill impairment testing, if the carrying value of a reporting unit exceeds its estimated fair value, there may be an indication of impairment. In such instances, the implied fair value of the goodwill is determined in the same manner as the amount of goodwill that would be determined in a business combination. The excess of the carrying value of goodwill over the implied fair value of goodwill would be recognized as an impairment and recorded as a charge against net income. On an ongoing basis, the Company evaluates potential triggering events that may affect the estimated fair value of the Company’s reporting units to assess whether any goodwill impairment exists. Deteriorating or adverse market conditions for certain reporting units may have a significant impact on the estimated fair value of these reporting units and could result in future impairments of goodwill. Goodwill is the excess of cost over the estimated fair value of net assets acquired. Goodwill is not amortized but is tested for impairment at least annually or more frequently if events or circumstances, such as adverse changes in the business climate, indicate that there may be justification for conducting an interim test. The goodwill impairment process requires a comparison of the estimated fair value of a reporting unit to its carrying value. The Company tests goodwill for impairment by either performing a qualitative assessment or a two-step quantitative test. The qualitative assessment is an assessment of historical information and relevant events and circumstances to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. The Company may elect not to perform the qualitative assessment for some or all of its reporting units and perform a two-step quantitative impairment test. In performing the two-step quantitative impairment test, the Company may determine the fair values of its reporting units by applying a market multiple, discounted cash flow, and/or an actuarial based valuation approach. The market multiple valuation approach utilizes market multiples of companies with similar businesses and the projected operating earnings of the reporting unit. The discounted cash flow valuation approach requires judgments about revenues, operating earnings projections, capital market assumptions and discount rates. The actuarial based approaches such as embedded value or cash flow testing estimate the net worth of the reporting unit and the value of existing and new business. The actuarial based approaches require judgments and assumptions about level of economic capital required to support the mix of business, long-term growth rates, the account value of in-force business, projections of new and renewal business, as well as margins on such business, the level of interest rates, credit spreads, equity market levels, and the discount rate that the Company believes is appropriate for the respective reporting unit. When testing goodwill for impairment, the Company also considers its market capitalization in relation to the aggregate estimated fair value of its reporting units. The Company applies significant judgment when determining the estimated fair value of the Company’s reporting units and when assessing the relationship of market capitalization to the aggregate estimated fair value of its reporting units. The valuation methodologies utilized are subject to key judgments and assumptions that are sensitive to change. Estimates of fair value are inherently uncertain and represent only management’s reasonable expectation regarding future developments. These estimates and the judgments and assumptions upon which the estimates are based will, in all likelihood, differ in some respects from actual future results. Declines in the estimated fair value of the Company’s reporting units could result in goodwill impairments in future periods which could materially adversely affect the Company’s results of operations or financial position. The Company performed its annual goodwill impairment tests of its reporting units using a qualitative assessment and/or quantitative assessments under the market multiple, discounted cash flow and/or actuarial based valuation approaches and concluded that the estimated fair values of all such reporting units were in excess of their carrying values and, therefore, goodwill was not impaired. |
Employee Benefit Plans | Employee Benefit Plans Certain subsidiaries of MetLife, Inc. sponsor and/or administer various plans that provide defined benefit pension and other postretirement benefits covering eligible employees and sales representatives. Measurement dates used for all of the subsidiaries’ defined benefit pension and other postretirement benefit plans correspond with the fiscal year ends of sponsoring subsidiaries, which is December 31 for U.S. and non-U.S. subsidiaries. The Company recognizes the funded status of each of its defined pension and postretirement benefit plans, measured as the difference between the fair value of plan assets and the benefit obligation, which is the projected benefit obligation (“PBO”) for pension benefits and the accumulated postretirement benefit obligation (“APBO”) for other postretirement benefits in other assets or other liabilities. Actuarial gains and losses result from differences between the actual experience and the assumed experience on plan assets or PBO during a particular period and are recorded in accumulated OCI (“AOCI”). To the extent such gains and losses exceed 10% of the greater of the PBO or the estimated fair value of plan assets, the excess is amortized into net periodic benefit costs, generally over the average projected future service years of the active employees. In addition, prior service costs (credit) are recognized in AOCI at the time of the amendment and then amortized to net periodic benefit costs over the average projected future service years of the active employees. Net periodic benefit costs are determined using management estimates and actuarial assumptions and are comprised of service cost, interest cost, settlement and curtailment costs, expected return on plan assets, amortization of net actuarial (gains) losses, and amortization of prior service costs (credit). Fair value is used to determine the expected return on plan assets. The subsidiaries also sponsor defined contribution plans for substantially all U.S. employees under which a portion of employee contributions is matched. Applicable matching contributions are made each payroll period. Accordingly, the Company recognizes compensation cost for current matching contributions. As all contributions are transferred currently as earned to the defined contribution plans, no liability for matching contributions is recognized on the balance sheets. 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. U.S. pension benefits are provided utilizing either a traditional formula or cash balance formula. The traditional formula provides benefits that are primarily based upon years of credited service and either final average or career average earnings. The cash balance formula utilizes hypothetical or notional accounts which credit participants with benefits equal to a percentage of eligible pay, as well as interest credits, determined annually based upon the annual rate of interest on 30-year U.S. Treasury securities, for each account balance. The U.S. nonqualified pension plans provide supplemental benefits in excess of limits applicable to a qualified plan. The non-U.S. pension plans generally provide benefits based upon either years of credited service and earnings preceding-retirement or points earned on job grades and other factors in years of service. These subsidiaries also provide certain postemployment benefits and certain postretirement medical and life insurance benefits for U.S. retired employees. Employees of these subsidiaries who were hired prior to 2003 (or, in certain cases, rehired during or after 2003) and meet age and service criteria while working for one of the subsidiaries may become eligible for these other postretirement benefits, at various levels, in accordance with the applicable plans. Virtually all retirees, or their beneficiaries, contribute a portion of the total costs of postretirement medical benefits. Employees hired after 2003 are not eligible for any employer subsidy for postretirement medical benefits. |
Income Tax | Income Tax MetLife, Inc. and its includable life insurance and non-life insurance subsidiaries file a consolidated U.S. federal income tax return in accordance with the provisions of the Internal Revenue Code of 1986, as amended. Non-includable subsidiaries file either separate individual corporate tax returns or separate consolidated tax returns. The Company’s accounting for income taxes represents management’s best estimate of various events and transactions. Deferred tax assets and liabilities resulting from temporary differences between the financial reporting and tax bases of assets and liabilities are measured at the balance sheet date using enacted tax rates expected to apply to taxable income in the years the temporary differences are expected to reverse. The realization of deferred tax assets depends upon the existence of sufficient taxable income within the carryback or carryforward periods under the tax law in the applicable tax jurisdiction. Valuation allowances are established against deferred tax assets when management determines, based on available information, that it is more likely than not that deferred income tax assets will not be realized. Significant judgment is required in determining whether valuation allowances should be established, as well as the amount of such allowances. When making such determination the Company considers many factors, including: • the nature, frequency, and amount of cumulative financial reporting income and losses in recent years; • the jurisdiction in which the deferred tax asset was generated; • the length of time that carryforward can be utilized in the various taxing jurisdiction; • future taxable income exclusive of reversing temporary differences and carryforwards; • future reversals of existing taxable temporary differences; • taxable income in prior carryback years; and • tax planning strategies. The Company may be required to change its provision for income taxes when estimates used in determining valuation allowances on deferred tax assets significantly change or when receipt of new information indicates the need for adjustment in valuation allowances. Additionally, the effect of changes in tax laws, tax regulations, or interpretations of such laws or regulations, is recognized in net income tax expense (benefit) in the period of change. The Company determines whether it is more likely than not that a tax position will be sustained upon examination by the appropriate taxing authorities before any part of the benefit can be recorded on the financial statements. A tax position is measured at the largest amount of benefit that is greater than 50% likely of being realized upon settlement. Unrecognized tax benefits due to tax uncertainties that do not meet the threshold are included within other liabilities and are charged to earnings in the period that such determination is made. The Company classifies interest recognized as interest expense and penalties recognized as a component of income tax expense. |
Litigation Contingencies | Litigation Contingencies The Company is a party to a number of legal actions and is involved in a number of regulatory investigations. Given the inherent unpredictability of these matters, it is difficult to estimate the impact on the Company’s financial position. Liabilities are established when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. Except as otherwise disclosed in Note 21 , legal costs are recognized as incurred. On a quarterly and annual basis, the Company reviews relevant information with respect to liabilities for litigation, regulatory investigations and litigation-related contingencies to be reflected on the Company’s financial statements. |
Stock-based Compensation | Stock-Based Compensation The Company grants certain employees and directors stock-based compensation awards under various plans that are subject to specific vesting conditions. With the exception of performance shares granted in 2013 and after which are re-measured quarterly, the cost of all stock-based transactions is measured at fair value at grant date and recognized over the period during which a grantee is required to provide services in exchange for the award. Although the terms of the Company’s stock-based plans do not accelerate vesting upon the attainment of the applicable criteria for post-employment award continuation, the requisite service period subsequent to attaining such criteria is considered non-substantive. Accordingly, the Company recognizes compensation expense related to stock-based awards over the shorter of the requisite service period or the period to attainment of such criteria. An estimation of future forfeitures of stock-based awards is incorporated into the determination of compensation expense when recognizing expense over the requisite service period. MetLife estimates the fair value of Stock Options on the date of grant using a binomial lattice model. The significant assumptions the Company uses in its binomial lattice model are further described below. The assumptions include: expected volatility of the price of Shares; risk-free rate of return; dividend yield on Shares; exercise multiple; and the post-vesting termination rate. Expected volatility is based upon an analysis of historical prices of Shares and call options on Shares traded on the open market. The Company uses a weighted-average of the implied volatility for publicly-traded call options with the longest remaining maturity nearest to the money as of each valuation date and the historical volatility, calculated using monthly closing prices of Shares. The Company chose a monthly measurement interval for historical volatility as this interval reflects the Company’s view that employee option exercise decisions are based on longer-term trends in the price of the underlying Shares rather than on daily price movements. The binomial lattice model used by the Company incorporates different risk-free rates based on the imputed forward rates for U.S. Treasury Strips for each year over the contractual term of the option. The table below presents the full range of rates that were used for options granted during the respective periods. Dividend yield is determined based on historical dividend distributions compared to the price of the underlying Shares as of the valuation date and held constant over the life of the Stock Option. The binomial lattice model used by the Company incorporates the term of the Stock Options. The model also factors in expected exercise behavior and a post-vesting termination rate, or the rate at which vested options are exercised or expire prematurely due to termination of employment. From these factors, the model derives an expected life of the Stock Option. The exercise behavior in the model is a multiple that reflects the ratio of stock price at the time of exercise over the exercise price of the Stock Option at the time the model expects holders to exercise. The model derives the exercise multiple from actual exercise activity. The model determines the post-vesting termination rate from actual exercise experience and expiration activity under the Incentive Plans. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid securities and other investments purchased with an original or remaining maturity of three months or less at the date of purchase to be cash equivalents. Cash equivalents are stated at amortized cost, which approximates estimated fair value. |
Property, Equipment, Leasehold Improvements and Computer Software | Property, Equipment, Leasehold Improvements and Computer Software Property, equipment and leasehold improvements, which are included in other assets, are stated at cost, less accumulated depreciation and amortization. Depreciation is determined using the straight-line method over the estimated useful lives of the assets, as appropriate. The estimated life is generally 40 years for company occupied real estate property, from one to 25 years for leasehold improvements, and from three to seven years for all other property and equipment. The cost basis of the property, equipment and leasehold improvements was $2.4 billion and $2.0 billion at December 31, 2016 and 2015 , respectively. Accumulated depreciation and amortization of property, equipment and leasehold improvements was $1.1 billion at both December 31, 2016 and 2015 . Related depreciation and amortization expense was $206 million , $215 million and $181 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Computer software, which is included in other assets, is stated at cost, less accumulated amortization. Purchased software costs, as well as certain internal and external costs incurred to develop internal-use computer software during the application development stage, are capitalized. Such costs are amortized generally over a four -year period using the straight-line method. The cost basis of computer software was $2.2 billion and $2.0 billion at December 31, 2016 and 2015 , respectively. Accumulated amortization of capitalized software was $1.5 billion and $1.3 billion at December 31, 2016 and 2015 , respectively. Related amortization expense was $208 million , $212 million and $209 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. |
Other Revenues | Other Revenues Other revenues include, in addition to items described elsewhere herein, advisory fees, broker-dealer commissions and fees, administrative service fees, and changes in account value relating to corporate-owned life insurance (“COLI”). Such fees and commissions are recognized in the period in which services are performed. Under certain COLI contracts, if the Company reports certain unlikely adverse results in its financial statements, withdrawals would not be immediately available and would be subject to market value adjustment, which could result in a reduction of the account value. |
Policyholder Dividends | Policyholder Dividends Policyholder dividends are approved annually by the insurance subsidiaries’ boards of directors. The aggregate amount of policyholder dividends is related to actual interest, mortality, morbidity and expense experience for the year, as well as management’s judgment as to the appropriate level of statutory surplus to be retained by the insurance subsidiaries. |
Foreign Currency | Foreign Currency Assets, liabilities and operations of foreign affiliates and subsidiaries are recorded based on the functional currency of each entity. The determination of the functional currency is made based on the appropriate economic and management indicators. For most of the Company’s foreign operations, the local currency is the functional currency. For certain other foreign operations, such as Japan, the local currency and one or more other currencies qualify as functional currencies. Assets and liabilities of foreign affiliates and subsidiaries are translated from the functional currency to U.S. dollars at the exchange rates in effect at each year-end and revenues and expenses are translated at the average exchange rates during the year. The resulting translation adjustments are charged or credited directly to OCI, net of applicable taxes. Gains and losses from foreign currency transactions, including the effect of re-measurement of monetary assets and liabilities to the appropriate functional currency, are reported as part of net investment gains (losses) in the period in which they occur. |
Earnings Per Common Share | Earnings Per Common Share Basic earnings per common share are computed based on the weighted average number of common shares, or their equivalent, outstanding during the period. Diluted earnings per common share include the dilutive effect of the assumed: (i) exercise or issuance of stock-based awards using the treasury stock method; and (ii) settlement of stock purchase contracts underlying common equity units using the treasury stock method. Under the treasury stock method, exercise or issuance of stock-based awards and settlement of stock purchase contracts underlying common equity units is assumed to occur with the proceeds used to purchase common stock at the average market price for the period. The difference between the number of shares assumed issued and number of shares assumed purchased represents the dilutive shares. |
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. Assets have been allocated to the closed block in an amount that has been determined to produce cash flows which, together with anticipated revenues from the policies included in the closed block, are reasonably expected to be sufficient to support obligations and liabilities relating to these policies, including, but not limited to, provisions for the payment of claims and certain expenses and taxes, and to provide for the continuation of policyholder dividend scales in effect for 1999, if the experience underlying such dividend scales continues, and for appropriate adjustments in such scales if the experience changes. At least annually, the Company compares actual and projected experience against the experience assumed in the then-current dividend scales. Dividend scales are adjusted periodically to give effect to changes in experience. The closed block assets, the cash flows generated by the closed block assets and the anticipated revenues from the policies in the closed block will benefit only the holders of the policies in the closed block. To the extent that, over time, cash flows from the assets allocated to the closed block and claims and other experience related to the closed block are, in the aggregate, more or less favorable than what was assumed when the closed block was established, total dividends paid to closed block policyholders in the future may be greater than or less than the total dividends that would have been paid to these policyholders if the policyholder dividend scales in effect for 1999 had been continued. Any cash flows in excess of amounts assumed will be available for distribution over time to closed block policyholders and will not be available to stockholders. If the closed block has insufficient funds to make guaranteed policy benefit payments, such payments will be made from assets outside of the closed block. The closed block will continue in effect as long as any policy in the closed block remains in-force. The expected life of the closed block is over 100 years. The Company uses the same accounting principles to account for the participating policies included in the closed block as it used prior to the Demutualization Date. However, the Company establishes a policyholder dividend obligation for earnings that will be paid to policyholders as additional dividends as described below. The excess of closed block liabilities over closed block assets at the Demutualization Date (adjusted to eliminate the impact of related amounts in AOCI) represents the estimated maximum future earnings from the closed block expected to result from operations attributed to the closed block after income taxes. Earnings of the closed block are recognized in income over the period the policies and contracts in the closed block remain in-force. Management believes that over time the actual cumulative earnings of the closed block will approximately equal the expected cumulative earnings due to the effect of dividend changes. If, over the period the closed block remains in existence, the actual cumulative earnings of the closed block are greater than the expected cumulative earnings of the closed block, the Company will pay the excess of the actual cumulative earnings of the closed block over the expected cumulative earnings to closed block policyholders as additional policyholder dividends unless offset by future unfavorable experience of the closed block and, accordingly, will recognize only the expected cumulative earnings in income with the excess recorded as a policyholder dividend obligation. If over such period, the actual cumulative earnings of the closed block are less than the expected cumulative earnings of the closed block, the Company will recognize only the actual earnings in income. However, the Company may change policyholder dividend scales in the future, which would be intended to increase future actual earnings until the actual cumulative earnings equal the expected cumulative earnings. 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. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting Information, by Segment | Operating Results Year Ended December 31, 2016 U.S. Asia Latin America EMEA MetLife Holdings Corporate & Other Total Adjustments Total Consolidated (In millions) Revenues Premiums $ 21,501 $ 6,902 $ 2,529 $ 2,027 $ 4,506 $ 40 $ 37,505 $ (303 ) $ 37,202 Universal life and investment-type product policy fees 989 1,487 1,025 391 1,436 2 5,330 152 5,482 Net investment income 6,206 2,707 1,084 318 5,944 178 16,437 353 16,790 Other revenues 784 61 34 73 581 110 1,643 42 1,685 Net investment gains (losses) — — — — — — — 305 305 Net derivative gains (losses) — — — — — — — (874 ) (874 ) Total revenues 29,480 11,157 4,672 2,809 12,467 330 60,915 (325 ) 60,590 Expenses Policyholder benefits and claims and policyholder dividends 21,558 5,191 2,443 1,067 7,534 41 37,834 (295 ) 37,539 Interest credited to policyholder account balances 1,302 1,298 328 112 1,042 6 4,088 1,088 5,176 Capitalization of DAC (471 ) (1,668 ) (321 ) (403 ) (281 ) (7 ) (3,151 ) (1 ) (3,152 ) Amortization of DAC and VOBA 471 1,224 184 408 736 8 3,031 (325 ) 2,706 Amortization of negative VOBA — (208 ) (1 ) (13 ) — — (222 ) (47 ) (269 ) Interest expense on debt 9 — 2 — 57 1,139 1,207 (50 ) 1,157 Other expenses 3,706 3,586 1,336 1,323 2,392 595 12,938 355 13,293 Total expenses 26,575 9,423 3,971 2,494 11,480 1,782 55,725 725 56,450 Provision for income tax expense (benefit) 988 492 158 42 288 (947 ) 1,021 (355 ) 666 Operating earnings $ 1,917 $ 1,242 $ 543 $ 273 $ 699 $ (505 ) 4,169 Adjustments to: Total revenues (325 ) Total expenses (725 ) Provision for income tax (expense) benefit 355 Income (loss) from continuing operations, net of income tax $ 3,474 $ 3,474 At December 31, 2016 U.S. Asia (1) Latin America EMEA MetLife Holdings Corporate & Other (2) Total (In millions) Total assets $ 253,683 $ 120,656 $ 67,233 $ 25,596 $ 184,276 $ 247,320 $ 898,764 Separate account assets $ 85,950 $ 8,020 $ 48,455 $ 4,329 $ 48,823 $ 1 $ 195,578 Separate account liabilities $ 85,950 $ 8,020 $ 48,455 $ 4,329 $ 48,823 $ 1 $ 195,578 __________________ (1) Total assets includes $98.0 billion of assets from the Japan operations which represents 11% of total consolidated assets. (2) Includes assets of disposed subsidiary of $216,983 million at December 31, 2016. Operating Results Year Ended December 31, 2015 U.S. Asia Latin America EMEA MetLife Holdings Corporate & Other Total Adjustments Total Consolidated (In millions) Revenues Premiums $ 20,861 $ 6,937 $ 2,581 $ 2,036 $ 4,545 $ (92 ) $ 36,868 $ (465 ) $ 36,403 Universal life and investment-type product policy fees 943 1,542 1,117 424 1,482 (4 ) 5,504 66 5,570 Net investment income 6,209 2,675 1,038 326 6,201 260 16,709 (466 ) 16,243 Other revenues 751 105 41 61 930 69 1,957 (30 ) 1,927 Net investment gains (losses) — — — — — — — 646 646 Net derivative gains (losses) — — — — — — — 545 545 Total revenues 28,764 11,259 4,777 2,847 13,158 233 61,038 296 61,334 Expenses Policyholder benefits and claims and policyholder dividends 20,837 5,275 2,408 988 7,357 (114 ) 36,751 (293 ) 36,458 Interest credited to policyholder account balances 1,216 1,309 349 120 1,062 23 4,079 336 4,415 Capitalization of DAC (493 ) (1,720 ) (341 ) (472 ) (410 ) (3 ) (3,439 ) 120 (3,319 ) Amortization of DAC and VOBA 471 1,256 271 497 577 (1 ) 3,071 95 3,166 Amortization of negative VOBA — (309 ) (1 ) (16 ) — — (326 ) (35 ) (361 ) Interest expense on debt 4 — — — 55 1,169 1,228 (60 ) 1,168 Other expenses 3,685 3,611 1,429 1,469 2,694 929 13,817 282 14,099 Total expenses 25,720 9,422 4,115 2,586 11,335 2,003 55,181 445 55,626 Provision for income tax expense (benefit) 1,040 457 37 21 581 (364 ) 1,772 (72 ) 1,700 Operating earnings $ 2,004 $ 1,380 $ 625 $ 240 $ 1,242 $ (1,406 ) 4,085 Adjustments to: Total revenues 296 Total expenses (445 ) Provision for income tax (expense) benefit 72 Income (loss) from continuing operations, net of income tax $ 4,008 $ 4,008 At December 31, 2015 U.S. Asia (1) Latin EMEA MetLife Corporate Total (In millions) Total assets $ 237,858 $ 113,895 $ 64,808 $ 26,767 $ 187,677 $ 246,928 $ 877,933 Separate account assets $ 79,540 $ 8,964 $ 46,061 $ 3,996 $ 48,590 $ 1 $ 187,152 Separate account liabilities $ 79,540 $ 8,964 $ 46,061 $ 3,996 $ 48,590 $ 1 $ 187,152 __________________ (1) Total assets includes $90.0 billion of assets from the Japan operations which represents 10% of total consolidated assets. (2) Includes assets of disposed subsidiary of $216,437 million at December 31, 2015. Operating Results Year Ended December 31, 2014 U.S. Asia Latin America EMEA MetLife Holdings Corporate & Other Total Adjustments Total Consolidated (In millions) Revenues Premiums $ 20,243 $ 7,566 $ 2,796 $ 2,309 $ 4,545 $ 89 $ 37,548 $ (578 ) $ 36,970 Universal life and investment-type product policy fees 909 1,693 1,239 466 1,374 — 5,681 143 5,824 Net investment income 6,111 2,886 1,219 428 6,409 489 17,542 616 18,158 Other revenues 721 106 33 60 1,062 55 2,037 (75 ) 1,962 Net investment gains (losses) — — — — — — — 338 338 Net derivative gains (losses) — — — — — — — 722 722 Total revenues 27,984 12,251 5,287 3,263 13,390 633 62,808 1,166 63,974 Expenses Policyholder benefits and claims and policyholder dividends 20,110 5,724 2,615 1,053 7,217 49 36,768 (22 ) 36,746 Interest credited to policyholder account balances 1,168 1,544 394 148 1,098 33 4,385 1,341 5,726 Capitalization of DAC (488 ) (1,914 ) (377 ) (680 ) (326 ) (1 ) (3,786 ) 114 (3,672 ) Amortization of DAC and VOBA 458 1,397 313 613 444 (8 ) 3,217 (188 ) 3,029 Amortization of negative VOBA — (364 ) (1 ) (31 ) — — (396 ) (46 ) (442 ) Interest expense on debt 12 — — — 58 1,162 1,232 (82 ) 1,150 Other expenses 3,550 3,975 1,588 1,846 2,670 821 14,450 104 14,554 Total expenses 24,810 10,362 4,532 2,949 11,161 2,056 55,870 1,221 57,091 Provision for income tax expense (benefit) 1,073 582 129 29 714 (719 ) 1,808 128 1,936 Operating earnings $ 2,101 $ 1,307 $ 626 $ 285 $ 1,515 $ (704 ) 5,130 Adjustments to: Total revenues 1,166 Total expenses (1,221 ) Provision for income tax (expense) benefit (128 ) Income (loss) from continuing operations, net of income tax $ 4,947 $ 4,947 |
Premiums, Universal Life and Investment-Type Policy Fees and Other Revenue by Product Groups for Reportable Segment | The following table presents total premiums, universal life and investment-type product policy fees and other revenues by major product groups of the Company’s segments, as well as Corporate & Other: Years Ended December 31, 2016 2015 2014 (In millions) Life insurance $ 20,436 $ 20,847 $ 21,409 Accident & health insurance 14,127 13,109 13,427 Annuities 5,552 5,730 5,756 Property & casualty insurance 3,560 3,504 3,524 Non-insurance 694 710 640 Total $ 44,369 $ 43,900 $ 44,756 |
Total premiums, universal life & investment-type product policy fees and other revenues associated with the Company's U.S. and foreign operations | The following table presents total premiums, universal life and investment-type product policy fees and other revenues associated with the Company’s U.S. and foreign operations: Years Ended December 31, 2016 2015 2014 (In millions) U.S. $ 29,166 $ 29,094 $ 28,249 Foreign: Japan 7,088 6,264 6,917 Other 8,115 8,542 9,590 Total $ 44,369 $ 43,900 $ 44,756 |
Acquisitions and Dispositions D
Acquisitions and Dispositions Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | For the Years Ended December 31, 2016 2015 2014 (In millions) Revenues Premiums $ 1,951 $ 2,142 $ 2,098 Universal life and investment-type product policy fees 3,724 3,936 4,122 Net investment income 3,157 3,038 2,996 Other revenues 74 58 68 Total net investment gains (losses) (134 ) (49 ) (535 ) Net derivative gains (losses) (5,886 ) (507 ) 594 Total revenues 2,886 8,618 9,343 Expenses Policyholder benefits and claims 4,487 3,612 3,709 Interest credited to policyholder account balances 1,107 1,195 1,217 Policyholder dividends 34 32 23 Goodwill impairment 260 — — Other expenses 1,333 2,016 2,474 Total expenses 7,221 6,855 7,423 Income (loss) from discontinued operations before provision for income tax (4,335 ) 1,763 1,920 Provision for income tax expense (benefit) (1,665 ) 449 528 Income (loss) from discontinued operations, net of income tax $ (2,670 ) $ 1,314 $ 1,392 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 December 31, 2015 (In millions) Assets Investments: Fixed maturity securities available-for-sale $ 61,326 $ 63,619 Equity securities available-for-sale 300 457 Mortgage loans 9,378 7,524 Policy loans 1,517 1,692 Real estate and real estate joint ventures 150 595 Other limited partnership interests 1,642 1,850 Short-term investments 1,288 1,832 Other invested assets 3,881 4,917 Total investments 79,482 82,486 Cash and cash equivalents 5,226 1,570 Accrued investment income 680 598 Premiums, reinsurance and other receivables 10,636 9,476 Deferred policy acquisition costs and value of business acquired 7,207 6,711 Goodwill — 260 Other assets 709 889 Separate account assets 113,043 114,447 Total assets of disposed subsidiary $ 216,983 $ 216,437 Liabilities Future policy benefits 33,270 $ 30,612 Policyholder account balances 37,066 37,093 Other policy-related balances 1,356 1,362 Policyholder dividends payable 12 11 Payables for collateral under securities loaned and other transactions 7,390 10,637 Long-term debt 60 87 Collateral financing arrangements 2,797 2,797 Deferred income tax liability 2,594 4,058 Other liabilities 5,119 3,270 Separate account liabilities 113,043 114,447 Total liabilities of disposed subsidiary $ 202,707 $ 204,374 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 operations. For the Years Ended December 31, 2016 2015 2014 (In millions) Net cash provided by (used in): Operating activities $ 3,697 $ 4,559 $ 5,534 Investing activities $ 4,674 $ (7,042 ) $ (708 ) |
Insurance (Tables)
Insurance (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Insurance [Abstract] | |
Insurance Liabilities | Insurance liabilities are comprised of future policy benefits, policyholder account balances and other policy-related balances. Information regarding insurance liabilities by segment, as well as Corporate & Other, was as follows at: December 31, 2016 2015 (In millions) U.S. $ 128,745 $ 123,060 Asia 89,422 83,510 Latin America 14,760 14,022 EMEA 18,075 19,009 MetLife Holdings 105,017 102,853 Corporate & Other (3,120 ) (2,667 ) Total $ 352,899 $ 339,787 |
Liabilities for Guarantees | Information regarding the liabilities for guarantees (excluding base policy liabilities and embedded derivatives) relating to annuity and universal and variable life contracts was as follows: Annuity Contracts Universal and Variable GMDBs GMIBs Secondary Paid-Up Total (In millions) Direct and Assumed: Balance at January 1, 2014 $ 268 $ 521 $ 2,912 $ 266 $ 3,967 Incurred guaranteed benefits (1) 74 (58 ) (184 ) 22 (146 ) Paid guaranteed benefits (35 ) — (17 ) — (52 ) Balance at December 31, 2014 307 463 2,711 288 3,769 Incurred guaranteed benefits (1) 68 62 43 18 191 Paid guaranteed benefits (11 ) (1 ) (28 ) — (40 ) Balance at December 31, 2015 364 524 2,726 306 3,920 Incurred guaranteed benefits (1) 102 78 291 25 496 Paid guaranteed benefits (15 ) (1 ) (28 ) — (44 ) Balance at December 31, 2016 $ 451 $ 601 $ 2,989 $ 331 $ 4,372 Ceded: Balance at January 1, 2014 $ 26 $ 7 $ 168 $ 186 $ 387 Incurred guaranteed benefits — (1 ) 19 15 33 Paid guaranteed benefits (3 ) — — — (3 ) Balance at December 31, 2014 23 6 187 201 417 Incurred guaranteed benefits (1 ) — 31 13 43 Paid guaranteed benefits (3 ) — — — (3 ) Balance at December 31, 2015 19 6 218 214 457 Incurred guaranteed benefits — (1 ) (27 ) 17 (11 ) Paid guaranteed benefits 5 — — — 5 Balance at December 31, 2016 $ 24 $ 5 $ 191 $ 231 $ 451 Net: Balance at January 1, 2014 $ 242 $ 514 $ 2,744 $ 80 $ 3,580 Incurred guaranteed benefits 74 (57 ) (203 ) 7 (179 ) Paid guaranteed benefits (32 ) — (17 ) — (49 ) Balance at December 31, 2014 284 457 2,524 87 3,352 Incurred guaranteed benefits 69 62 12 5 148 Paid guaranteed benefits (8 ) (1 ) (28 ) — (37 ) Balance at December 31, 2015 345 518 2,508 92 3,463 Incurred guaranteed benefits 102 79 318 8 507 Paid guaranteed benefits (20 ) (1 ) (28 ) — (49 ) Balance at December 31, 2016 $ 427 $ 596 $ 2,798 $ 100 $ 3,921 __________________ (1) Secondary guarantees include the effects of foreign currency translation of $119 million , ($80) million and ($343) million at December 31, 2016 , 2015 and 2014 , respectively. |
Fund Groupings | Account balances of contracts with guarantees were invested in separate account asset classes as follows at: December 31, 2016 2015 (In millions) Fund Groupings: Equity $ 23,649 $ 23,563 Balanced 23,620 24,338 Bond 6,169 6,033 Money Market 528 349 Total $ 53,966 $ 54,283 |
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 reinsurance, if any, was as follows at: December 31, 2016 2015 In the At In the At (Dollars in millions) Annuity Contracts (1): Variable Annuity Guarantees: Total account value (2), (3) $ 66,176 $ 25,335 $ 67,425 $ 25,365 Separate account value $ 43,359 $ 23,330 $ 43,209 $ 23,446 Net amount at risk (2) $ 1,842 (4) $ 521 (5) $ 1,932 (4) $ 384 (5) Average attained age of contractholders 64 years 65 years 64 years 64 years Other Annuity Guarantees: Total account value (3) N/A $ 1,393 N/A $ 1,560 Net amount at risk N/A $ 490 (6 ) N/A $ 422 (6) Average attained age of contractholders N/A 50 years N/A 51 years December 31, 2016 2015 Secondary Paid-Up Secondary Paid-Up (Dollars in millions) Universal and Variable Life Contracts (1): Total account value (3) $ 8,363 $ 3,337 $ 8,097 $ 3,461 Net amount at risk (7) $ 70,225 $ 17,785 $ 72,310 $ 19,047 Average attained age of policyholders 55 years 62 years 54 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. |
Schedule of Federal Home Loan Bank, common stock holdings, by branch of FHLB Bank | Certain of the Company’s subsidiaries are members of regional banks in the Federal Home Loan Bank (“FHLB”) system (“FHLBanks”). Holdings of common stock of FHLBanks, included in equity securities, were as follows at: December 31, 2016 2015 (In millions) FHLB of New York $ 748 $ 666 FHLB of Des Moines $ 35 $ 40 FHLB of Pittsburgh $ 11 $ 11 |
Schedule of liability recorded and collateral pledged for funding agreements | Such subsidiaries have also entered into funding agreements with FHLBanks and the Federal Agricultural Mortgage Corporation, a federally chartered instrumentality of the U.S. (“Farmer Mac”). The liability for such funding agreements is included in policyholder account balances. Information related to such funding agreements was as follows at: Liability Collateral December 31, 2016 2015 2016 2015 (In millions) FHLB of New York (1) $ 14,445 $ 12,570 $ 16,828 (2) $ 14,085 (2) Farmer Mac (3) $ 2,550 $ 2,550 $ 2,645 $ 2,643 FHLB of Des Moines (1) $ 625 $ 750 $ 811 (2) $ 851 (2) FHLB of Pittsburgh (1) $ 250 $ 250 $ 383 (2) $ 322 (2) __________________ (1) Represents funding agreements issued to the applicable FHLBank in exchange for cash and for which such FHLBank has been granted a lien on certain assets, some of which are in the custody of such FHLBank, including residential mortgage-backed securities (“RMBS”), to collateralize obligations under advances evidenced by funding agreements. The Company is permitted to withdraw any portion of the collateral in the custody of such FHLBank as long as there is no event of default and the remaining qualified collateral is sufficient to satisfy the collateral maintenance level. Upon any event of default by the Company, such FHLBank’s recovery on the collateral is limited to the amount of the Company’s liability to such FHLBank. (2) Advances are collateralized by mortgage-backed securities. The amount of collateral presented is at estimated fair value. (3) Represents funding agreements issued to a subsidiary of Farmer Mac, as well as certain SPEs that have issued debt securities for which payment of interest and principal is secured by such funding agreements, and such debt securities are also guaranteed as to payment of interest and principal by Farmer Mac. The obligations under these funding agreements are secured by a pledge of certain eligible agricultural mortgage loans and may, under certain circumstances, be secured by other qualified collateral. The amount of collateral presented is at carrying value. 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: December 31, 2016 2015 (In millions) Invested assets on deposit (regulatory deposits) $ 1,925 $ 1,838 Invested assets held in trust (collateral financing arrangement and reinsurance agreements) 2,057 2,359 Invested assets pledged as collateral (1) 23,882 20,345 Total invested assets on deposit, held in trust and pledged as collateral $ 27,864 $ 24,542 __________________ (1) The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements (see Notes 4 ), collateral financing arrangement (see Note 13 ) and derivative transactions (see Note 9 ). |
Liabilities for Unpaid Claims and Claim Expenses | Information regarding the liabilities for unpaid claims and claim adjustment expenses was as follows: Years Ended December 31, 2016 2015 (1) 2014 (1) (In millions) Balance at December 31, $ 9,669 $ 9,525 $ 9,280 Less: Reinsurance recoverables 476 454 406 Net balance at December 31, 9,193 9,071 8,874 Cumulative adjustment (2) 4,897 — — Net balance at January 1, 14,090 9,071 8,874 Incurred related to: Current year 24,360 9,533 9,355 Prior years (3) 384 (78 ) (73 ) Total incurred 24,744 9,455 9,282 Paid related to: Current year (16,658 ) (6,759 ) (6,714 ) Prior years (7,251 ) (2,574 ) (2,371 ) Total paid (23,909 ) (9,333 ) (9,085 ) Net balance at December 31, 14,925 9,193 9,071 Add: Reinsurance recoverables 1,226 476 454 Balance at December 31, $ 16,151 $ 9,669 $ 9,525 __________________ (1) Limited to property & casualty, group accident and non-medical health policies and contracts. (2) 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. Prior periods have not been restated. See Note 1 . (3) During 2016, as a result of changes in estimates of insured events in the respective prior year, claims and claim adjustment expenses associated with prior years increased due to the implementation of new guidance related to short- duration contracts. During 2015 and 2014, as a result of changes in estimates of insured events in the respective prior year, claims and claim adjustment expenses associated with prior years decreased due to a reduction in prior year automobile bodily injury and homeowners’ severity. |
Short-duration Insurance Contracts, Claims Development | Group Life - Term Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance At December 31, 2016 For the Years Ended December 31, Total IBNR Liabilities Plus Expected Development on Reported Claims Cumulative Number of Reported Claims (Unaudited) Incurral Year 2011 2012 2013 2014 2015 2016 (Dollars in millions) 2011 $ 6,318 $ 6,290 $ 6,293 $ 6,269 $ 6,287 $ 6,295 $ 3 207,139 2012 6,503 6,579 6,569 6,546 6,568 3 208,441 2013 6,637 6,713 6,719 6,720 8 210,597 2014 6,986 6,919 6,913 13 210,347 2015 7,040 7,015 27 210,838 2016 7,125 825 184,085 Total 40,636 Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance (38,879 ) All outstanding liabilities for incurral years prior to 2011, net of reinsurance 12 Total unpaid claims and claim adjustment expenses, net of reinsurance $ 1,769 Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, (Unaudited) Incurral Year 2011 2012 2013 2014 2015 2016 (In millions) 2011 $ 4,982 $ 6,194 $ 6,239 $ 6,256 $ 6,281 $ 6,290 2012 5,132 6,472 6,518 6,532 6,558 2013 5,216 6,614 6,664 6,678 2014 5,428 6,809 6,858 2015 5,524 6,913 2016 5,582 Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance $ 38,879 Group Long-Term Disability Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance At December 31, 2016 For the Years Ended December 31, Total IBNR Liabilities Plus Expected Development on Reported Claims Cumulative Number of Reported Claims (Unaudited) Incurral Year 2011 2012 2013 2014 2015 2016 (Dollars in millions) 2011 $ 955 $ 916 $ 894 $ 914 $ 924 $ 923 $ — 21,187 2012 966 979 980 1,014 1,034 — 19,502 2013 1,008 1,027 1,032 1,049 — 20,547 2014 1,076 1,077 1,079 6 22,233 2015 1,082 1,105 29 18,172 2016 1,131 534 8,960 Total 6,321 Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance (2,277 ) All outstanding liabilities for incurral years prior to 2011, net of reinsurance 2,933 Total unpaid claims and claim adjustment expenses, net of reinsurance $ 6,977 Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, (Unaudited) Incurral Year 2011 2012 2013 2014 2015 2016 (In millions) 2011 $ 44 $ 217 $ 337 $ 411 $ 478 $ 537 2012 43 229 365 453 524 2013 43 234 382 475 2014 51 266 428 2015 50 264 2016 49 Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance $ 2,277 Property & Casualty - Auto Liability Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance At December 31, 2016 For the Years Ended December 31, Total IBNR Liabilities Plus Expected Development on Reported Claims Cumulative Number of Reported Claims (Unaudited) Incurral Year 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 (Dollars in millions) 2007 $ 861 $ 840 $ 825 $ 804 $ 786 $ 784 $ 781 $ 780 $ 780 $ 780 $ — 207,285 2008 818 839 828 805 799 794 793 791 790 — 200,514 2009 862 877 853 826 823 817 815 815 1 201,577 2010 863 873 853 847 833 826 825 3 202,094 2011 863 876 869 855 846 843 3 202,494 2012 882 881 869 851 846 6 196,900 2013 911 900 882 878 10 201,192 2014 897 910 913 25 203,233 2015 975 984 66 206,368 2016 1,012 160 192,197 Total 8,686 Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance (7,509 ) All outstanding liabilities for incurral years prior to 2007, net of reinsurance 28 Total unpaid claims and claim adjustment expenses, net of reinsurance $ 1,205 Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, (Unaudited) Incurral Year 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 (In millions) 2007 $ 299 $ 535 $ 649 $ 715 $ 751 $ 765 $ 773 $ 777 $ 778 $ 779 2008 304 553 657 725 764 778 785 787 788 2009 321 563 681 755 789 803 810 813 2010 319 572 695 762 796 810 816 2011 324 590 711 777 810 825 2012 333 600 715 783 815 2013 346 618 743 809 2014 352 648 777 2015 384 691 2016 396 Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance $ 7,509 Property & Casualty - Home Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance At December 31, 2016 For the Years Ended December 31, Total IBNR Liabilities Plus Expected Development on Reported Claims Cumulative Number of Reported Claims (Unaudited) Incurral Year 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 (Dollars in millions) 2007 $ 445 $ 436 $ 423 $ 421 $ 415 $ 414 $ 414 $ 414 $ 412 $ 412 $ — 86,408 2008 644 636 599 590 588 589 588 586 585 — 127,474 2009 506 523 510 507 503 501 498 497 — 106,614 2010 573 589 587 584 582 581 580 2 115,495 2011 891 868 843 840 835 835 2 166,443 2012 714 713 703 698 696 4 146,512 2013 654 652 635 635 5 107,469 2014 707 702 704 8 113,448 2015 759 753 18 106,650 2016 740 60 98,986 Total 6,437 Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance (6,210 ) All outstanding liabilities for incurral years prior to 2007, net of reinsurance 2 Total unpaid claims and claim adjustment expenses, net of reinsurance $ 229 Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, (Unaudited) Incurral Year 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 (In millions) 2007 $ 303 $ 385 $ 399 $ 405 $ 408 $ 409 $ 411 $ 412 $ 412 $ 412 2008 446 558 574 579 582 583 584 584 584 2009 385 476 486 492 495 495 496 496 2010 436 546 562 571 574 577 578 2011 690 804 819 825 827 830 2012 559 668 681 687 689 2013 505 604 618 626 2014 574 670 685 2015 603 717 2016 593 Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance $ 6,210 Group Disability & Group Life Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance At December 31, 2016 For the Years Ended December 31, Total IBNR Liabilities Plus Expected Development on Reported Claims Cumulative Number of Reported Claims (Unaudited) Incurral Year 2010 2011 2012 2013 2014 2015 2016 (Dollars in millions) 2010 $ 76 $ 72 $ 77 $ 99 $ 99 $ 96 $ 125 $ 20 2,717 2011 72 62 82 82 87 115 21 1,863 2012 91 96 95 109 110 11 2,014 2013 137 139 161 156 30 2,379 2014 274 259 240 70 3,173 2015 258 248 102 2,667 2016 213 151 1,441 Total 1,207 Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance (795 ) All outstanding liabilities for incurral years prior to 2010, net of reinsurance 41 Total unpaid claims and claim adjustment expenses, net of reinsurance $ 453 Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, (Unaudited) Incurral Year 2010 2011 2012 2013 2014 2015 2016 (In millions) 2010 $ 19 $ 37 $ 49 $ 60 $ 73 $ 82 $ 106 2011 12 37 50 62 75 94 2012 28 60 79 91 99 2013 41 92 112 126 2014 64 133 167 2015 75 142 2016 61 Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance $ 795 Average Annual Percentage Payout Protection Life Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance At December 31, 2016 For the Years Ended December 31, Total IBNR Liabilities Plus Expected Development on Reported Claims Cumulative Number of Reported Claims (Unaudited) Incurral Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 (Dollars in millions) 2008 $ 201 $ 267 $ 271 $ 273 $ 273 $ 273 $ 273 $ 274 $ 274 $ — 32,175 2009 228 308 312 314 314 314 314 314 — 32,470 2010 250 322 329 330 330 330 330 — 33,001 2011 323 224 230 231 232 232 — 27,667 2012 155 210 215 217 218 — 28,088 2013 172 240 247 248 1 32,048 2014 245 369 380 3 40,661 2015 320 456 15 45,852 2016 350 163 28,762 Total 2,802 Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance (2,500 ) All outstanding liabilities for incurral years prior to 2008, net of reinsurance 39 Total unpaid claims and claim adjustment expenses, net of reinsurance $ 341 Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, (Unaudited) Incurral Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 (In millions) 2008 $ 198 $ 262 $ 266 $ 267 $ 268 $ 268 $ 268 $ 268 $ 268 2009 226 300 305 306 306 306 306 306 2010 230 301 307 308 308 309 309 2011 144 219 225 226 226 227 2012 153 207 212 213 214 2013 168 233 238 239 2014 220 326 331 2015 263 368 2016 238 Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance $ 2,500 Protection Health Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance At December 31, 2016 For the Years Ended December 31, Total IBNR Liabilities Plus Expected Development on Reported Claims Cumulative Number of Reported Claims (Unaudited) Incurral Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 (Dollars in millions) 2008 $ 127 $ 142 $ 144 $ 144 $ 144 $ 145 $ 145 $ 145 $ 145 $ — 91,276 2009 146 163 165 165 166 166 166 166 4 92,466 2010 172 192 193 194 194 194 194 — 96,316 2011 192 229 231 232 232 232 — 105,917 2012 199 224 226 226 227 3 99,446 2013 216 244 245 246 30 103,077 2014 224 249 251 24 96,075 2015 192 219 71 84,206 2016 253 825 89,884 Total 1,933 Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance (1,915 ) All outstanding liabilities for incurral years prior to 2008, net of reinsurance 51 Total unpaid claims and claim adjustment expenses, net of reinsurance $ 69 Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, (Unaudited) Incurral Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 (In millions) 2008 $ 127 $ 142 $ 144 $ 144 $ 144 $ 145 $ 145 $ 145 $ 145 2009 146 163 165 165 166 166 166 166 2010 172 192 193 194 194 194 194 2011 206 229 231 232 232 232 2012 199 224 226 226 227 2013 216 244 245 246 2014 222 247 249 2015 192 219 2016 237 Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance $ 1,915 |
Short-duration Insurance Contracts, Schedule of Historical Claims Duration | The following is supplementary information about average historical claims duration as of December 31, 2016: Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Years 1 2 3 4 5 6 Group Life - Term 78.4 % 20.0 % 0.7 % 0.2 % 0.4 % 0.2 % The following is supplementary information about average historical claims duration as of December 31, 2016: Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Years 1 2 3 4 5 6 Group Long-Term Disability 4.4 % 18.9 % 13.8 % 8.4 % 7.1 % 6.3 % The following is supplementary information about average historical claims duration as of December 31, 2016: Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Years 1 2 3 4 5 6 7 8 9 10 Auto Liability 38.9 % 31.1 % 14.2 % 8.2 % 4.2 % 1.7 % 0.9 % 0.4 % 0.2 % 0.1 % The following is supplementary information about average historical claims duration as of December 31, 2016: Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Years 1 2 3 4 5 $ 6 7 8 9 10 Home 78.7 % 16.6 % 2.4 % 1.1 % 0.5 % 0.3 % 0.2 % 0.2 % — % — % The following is supplementary information about average historical claims duration as of December 31, 2016: Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Years 1 2 3 4 5 6 7 Group Disability & Group Life 23.2 % 25.7 % 13.2 % 9.7 % 9.5 % 11.8 % 18.8 % The following is supplementary information about average historical claims duration as of December 31, 2016: Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Years 1 2 3 4 5 6 7 8 9 Protection Life 66.4 % 25.4 % 1.9 % 0.4 % 0.2 % 0.1 % — % — % — % The following is supplementary information about average historical claims duration as of December 31, 2016: Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Years 1 2 3 4 5 6 7 8 9 Protection Health 88.8 % 10.7 % 0.7 % 0.3 % 0.2 % 0.1 % 0.1 % — % 0.1 % |
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability | The reconciliation of the net incurred and paid claims development tables to the liability for unpaid claims and claims adjustment expenses on the consolidated balance sheet were as follows at: December 31, 2016 (In millions) Short-Duration: Unpaid claims and allocated claims adjustment expenses, net of reinsurance: U.S.: Group Life - Term $ 1,769 Group Long-Term Disability 6,977 Property & Casualty - Auto 1,205 Property & Casualty - Home 229 Total $ 10,180 Asia - Group Disability & Group Life 453 Latin America: Protection Life 341 Protection Health 69 Total 410 Other insurance lines - all segments combined 888 Total unpaid claims and allocated claims adjustment expenses, net of reinsurance 11,931 Reinsurance recoverables on unpaid claims: U.S.: Group Life - Term 21 Group Long-Term Disability 74 Property & Casualty - Auto 80 Property & Casualty - Home 4 Total 179 Asia - Group Disability & Group Life 216 Latin America: Protection Life 1 Protection Health 2 Total 3 Other insurance lines - all segments combined 193 Total reinsurance recoverable on unpaid claims 591 Total unpaid claims and allocated claims adjustment expense 12,522 Unallocated claims adjustment expenses 103 Discounting (1,319 ) Liability for unpaid claims and claim adjustment liabilities - short-duration 11,306 Liability for unpaid claims and claim adjustment liabilities - all long-duration lines 4,845 Total liability for unpaid claims and claim adjustment expense (included in future policy benefits and other policy-related balances) $ 16,151 |
Deferred Policy Acquisition C41
Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Deferred Policy Acquisition Costs and Value of Business Acquired [Abstract] | |
Schedule of Deferred Policy Acquisition Costs and Value of Business Acquired | Information regarding DAC and VOBA was as follows: Years Ended December 31, 2016 2015 2014 (In millions) DAC: Balance at January 1, $ 13,464 $ 13,003 $ 13,218 Capitalizations 3,152 3,319 3,672 Amortization related to: Net investment gains (losses) and net derivative gains (losses) 229 (129 ) 156 Other expenses (2,555 ) (2,590 ) (2,605 ) Total amortization (2,326 ) (2,719 ) (2,449 ) Unrealized investment gains (losses) (171 ) 443 (609 ) Effect of foreign currency translation and other (289 ) (582 ) (829 ) Balance at December 31, 13,830 13,464 13,003 VOBA: Balance at January 1, 3,954 4,696 6,000 Amortization related to: Net investment gains (losses) and net derivative gains (losses) (3 ) (1 ) — Other expenses (377 ) (446 ) (580 ) Total amortization (380 ) (447 ) (580 ) Unrealized investment gains (losses) 8 5 3 Effect of foreign currency translation and other 178 (300 ) (727 ) Balance at December 31, 3,760 3,954 4,696 Total DAC and VOBA: Balance at December 31, $ 17,590 $ 17,418 $ 17,699 |
Schedule of Deferred Policy Acquisition Costs and Value of Business Acquired | Information regarding DAC and VOBA was as follows: Years Ended December 31, 2016 2015 2014 (In millions) DAC: Balance at January 1, $ 13,464 $ 13,003 $ 13,218 Capitalizations 3,152 3,319 3,672 Amortization related to: Net investment gains (losses) and net derivative gains (losses) 229 (129 ) 156 Other expenses (2,555 ) (2,590 ) (2,605 ) Total amortization (2,326 ) (2,719 ) (2,449 ) Unrealized investment gains (losses) (171 ) 443 (609 ) Effect of foreign currency translation and other (289 ) (582 ) (829 ) Balance at December 31, 13,830 13,464 13,003 VOBA: Balance at January 1, 3,954 4,696 6,000 Amortization related to: Net investment gains (losses) and net derivative gains (losses) (3 ) (1 ) — Other expenses (377 ) (446 ) (580 ) Total amortization (380 ) (447 ) (580 ) Unrealized investment gains (losses) 8 5 3 Effect of foreign currency translation and other 178 (300 ) (727 ) Balance at December 31, 3,760 3,954 4,696 Total DAC and VOBA: Balance at December 31, $ 17,590 $ 17,418 $ 17,699 |
Information regarding Deferred Policy Acquisition Costs and Value of Business Acquired by Segment | Information regarding total DAC and VOBA by segment, as well as Corporate & Other, was as follows at: December 31, 2016 2015 (In millions) U.S. $ 616 $ 615 Asia 8,707 8,374 Latin America 1,808 1,753 EMEA 1,472 1,532 MetLife Holdings 5,246 5,436 Corporate & Other (259 ) (292 ) Total $ 17,590 $ 17,418 |
Deferred Sales Inducements of Business Acquired | Information regarding other intangibles was as follows: Years Ended December 31, 2016 2015 2014 (In millions) DSI: Balance at January 1, $ 242 $ 224 $ 257 Capitalization 22 28 51 Amortization (23 ) (30 ) (46 ) Unrealized investment gains (losses) — 20 (36 ) Effect of foreign currency translation — — (2 ) Balance at December 31, $ 241 $ 242 $ 224 VODA and VOCRA: Balance at January 1, $ 583 $ 692 $ 801 Amortization (57 ) (56 ) (63 ) Effect of foreign currency translation (17 ) (53 ) (46 ) Balance at December 31, $ 509 $ 583 $ 692 Accumulated amortization $ 294 $ 237 $ 181 Negative VOBA: Balance at January 1, $ 1,193 $ 1,596 $ 2,162 Amortization (269 ) (361 ) (442 ) Effect of foreign currency translation and other 11 (42 ) (124 ) Balance at December 31, $ 935 $ 1,193 $ 1,596 Accumulated amortization $ 3,034 $ 2,765 $ 2,404 |
Value of Distribution Agreements and Customer Relationships Acquired and Negative Value of Business Acquired | Information regarding other intangibles was as follows: Years Ended December 31, 2016 2015 2014 (In millions) DSI: Balance at January 1, $ 242 $ 224 $ 257 Capitalization 22 28 51 Amortization (23 ) (30 ) (46 ) Unrealized investment gains (losses) — 20 (36 ) Effect of foreign currency translation — — (2 ) Balance at December 31, $ 241 $ 242 $ 224 VODA and VOCRA: Balance at January 1, $ 583 $ 692 $ 801 Amortization (57 ) (56 ) (63 ) Effect of foreign currency translation (17 ) (53 ) (46 ) Balance at December 31, $ 509 $ 583 $ 692 Accumulated amortization $ 294 $ 237 $ 181 Negative VOBA: Balance at January 1, $ 1,193 $ 1,596 $ 2,162 Amortization (269 ) (361 ) (442 ) Effect of foreign currency translation and other 11 (42 ) (124 ) Balance at December 31, $ 935 $ 1,193 $ 1,596 Accumulated amortization $ 3,034 $ 2,765 $ 2,404 |
Estimated Future Amortization Expense (Credit) | The estimated future amortization expense (credit) to be reported in other expenses for the next five years is as follows: VOBA VODA and VOCRA Negative VOBA (In millions) 2017 $ 325 $ 50 $ (131 ) 2018 $ 294 $ 47 $ (55 ) 2019 $ 270 $ 43 $ (38 ) 2020 $ 243 $ 39 $ (39 ) 2021 $ 216 $ 36 $ (38 ) |
Reinsurance (Tables)
Reinsurance (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Reinsurance Disclosures [Abstract] | |
Effect of reinsurance | The amounts on the consolidated balance sheets include the impact of reinsurance. Information regarding the significant effects of reinsurance was as follows at: December 31, 2016 2015 Direct Assumed Ceded Total Direct Assumed Ceded Total (In millions) Assets Premiums, reinsurance and other receivables $ 5,927 $ 543 $ 8,975 $ 15,445 $ 5,490 $ 523 $ 7,213 $ 13,226 Deferred policy acquisition costs and value of business acquired 17,878 16 (304 ) 17,590 17,860 22 (464 ) 17,418 Total assets $ 23,805 $ 559 $ 8,671 $ 33,035 $ 23,350 $ 545 $ 6,749 $ 30,644 Liabilities Future policy benefits $ 165,186 $ 1,515 $ — $ 166,701 $ 159,868 $ 1,398 $ — $ 161,266 Policyholder account balances 171,961 1,209 (2 ) 173,168 164,655 975 (2 ) 165,628 Other policy-related balances 12,699 324 7 13,030 12,597 290 6 12,893 Other liabilities 18,780 405 4,515 23,700 16,985 414 2,893 20,292 Total liabilities $ 368,626 $ 3,453 $ 4,520 $ 376,599 $ 354,105 $ 3,077 $ 2,897 $ 360,079 The amounts on the consolidated statements of operations include the impact of reinsurance. Information regarding the significant effects of reinsurance was as follows: Years Ended December 31, 2016 2015 2014 (In millions) Premiums Direct premiums $ 37,975 $ 37,044 $ 37,614 Reinsurance assumed 1,363 1,382 1,433 Reinsurance ceded (2,136 ) (2,023 ) (2,077 ) Net premiums $ 37,202 $ 36,403 $ 36,970 Universal life and investment-type product policy fees Direct universal life and investment-type product policy fees $ 5,883 $ 5,952 $ 6,271 Reinsurance assumed 96 105 19 Reinsurance ceded (497 ) (487 ) (466 ) Net universal life and investment-type product policy fees $ 5,482 $ 5,570 $ 5,824 Policyholder benefits and claims Direct policyholder benefits and claims $ 37,144 $ 36,101 $ 36,492 Reinsurance assumed 1,085 984 939 Reinsurance ceded (1,913 ) (1,983 ) (2,038 ) Net policyholder benefits and claims $ 36,316 $ 35,102 $ 35,393 Other expenses Direct other expenses $ 13,911 $ 14,916 $ 14,847 Reinsurance assumed 202 140 151 Reinsurance ceded (378 ) (303 ) (379 ) Net other expenses $ 13,735 $ 14,753 $ 14,619 |
Closed Block (Tables)
Closed Block (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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: December 31, 2016 2015 (In millions) Closed Block Liabilities Future policy benefits $ 40,834 $ 41,278 Other policy-related balances 257 249 Policyholder dividends payable 443 468 Policyholder dividend obligation 1,931 1,783 Current income tax payable 4 — Other liabilities 196 380 Total closed block liabilities 43,665 44,158 Assets Designated to the Closed Block Investments: Fixed maturity securities available-for-sale, at estimated fair value 27,220 27,556 Equity securities available-for-sale, at estimated fair value 100 111 Mortgage loans 5,935 6,022 Policy loans 4,553 4,642 Real estate and real estate joint ventures 655 462 Other invested assets 1,246 1,066 Total investments 39,709 39,859 Cash and cash equivalents 18 236 Accrued investment income 467 474 Premiums, reinsurance and other receivables 68 56 Current income tax recoverable — 11 Deferred income tax assets 177 234 Total assets designated to the closed block 40,439 40,870 Excess of closed block liabilities over assets designated to the closed block 3,226 3,288 Amounts included in AOCI: Unrealized investment gains (losses), net of income tax 1,517 1,382 Unrealized gains (losses) on derivatives, net of income tax 95 76 Allocated to policyholder dividend obligation, net of income tax (1,255 ) (1,159 ) Total amounts included in AOCI 357 299 Maximum future earnings to be recognized from closed block assets and liabilities $ 3,583 $ 3,587 |
Closed block policyholder dividend obligation | Information regarding the closed block policyholder dividend obligation was as follows: Years Ended December 31, 2016 2015 2014 (In millions) Balance at January 1, $ 1,783 $ 3,155 $ 1,771 Change in unrealized investment and derivative gains (losses) 148 (1,372 ) 1,384 Balance at December 31, $ 1,931 $ 1,783 $ 3,155 |
Closed block revenues and expenses | Information regarding the closed block revenues and expenses was as follows: Years Ended December 31, 2016 2015 2014 (In millions) Revenues Premiums $ 1,804 $ 1,850 $ 1,918 Net investment income 1,902 1,982 2,093 Net investment gains (losses) (10 ) (23 ) 7 Net derivative gains (losses) 25 27 20 Total revenues 3,721 3,836 4,038 Expenses Policyholder benefits and claims 2,563 2,564 2,598 Policyholder dividends 953 1,015 988 Other expenses 133 143 155 Total expenses 3,649 3,722 3,741 Revenues, net of expenses before provision for income tax expense (benefit) 72 114 297 Provision for income tax expense (benefit) 24 41 104 Revenues, net of expenses and provision for income tax expense (benefit) $ 48 $ 73 $ 193 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 RMBS, ABS and commercial mortgage-backed securities (“CMBS”) (collectively, “Structured Securities”). December 31, 2016 December 31, 2015 Cost or Amortized Cost Gross Unrealized Estimated Fair Value Cost or Amortized Cost Gross Unrealized Estimated Fair Value Gains Temporary OTTI Gains Temporary OTTI (In millions) Fixed maturity securities: U.S. corporate $ 73,280 $ 6,027 $ 764 $ — $ 78,543 $ 75,804 $ 5,471 $ 1,702 $ — $ 79,573 Foreign government 49,864 6,485 373 — 55,976 44,764 5,163 209 — 49,718 Foreign corporate (1) 49,333 2,901 1,572 (1 ) 50,663 50,155 2,845 1,588 1 51,411 U.S. government and agency 41,294 3,682 543 — 44,433 43,283 3,999 160 — 47,122 RMBS (1) 28,393 1,039 410 (10 ) 29,032 28,079 1,144 297 37 28,889 State and political subdivision 10,977 1,340 85 1 12,231 10,470 1,392 44 8 11,810 ABS 11,266 90 128 3 11,225 10,115 112 170 6 10,051 CMBS 7,294 237 71 — 7,460 8,983 316 90 — 9,209 Total fixed maturity securities $ 271,701 $ 21,801 $ 3,946 $ (7 ) $ 289,563 $ 271,653 $ 20,442 $ 4,260 $ 52 $ 287,783 Equity securities: Common stock $ 1,827 $ 464 $ 13 $ — $ 2,278 $ 1,795 $ 374 $ 103 $ — $ 2,066 Non-redeemable preferred stock 637 19 40 — 616 770 70 42 — 798 Total equity securities $ 2,464 $ 483 $ 53 $ — $ 2,894 $ 2,565 $ 444 $ 145 $ — $ 2,864 __________________ (1) The noncredit loss component of OTTI losses for foreign corporate and RMBS was in an unrealized gain position of $1 million and $10 million , respectively, at December 31, 2016, 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 December 31, 2016 : Due in One Year or Less Due After One Year Through Five Years Due After Five Years Through Ten Years Due After Ten Years Structured Securities Total Fixed Maturity Securities (In millions) Amortized cost $ 13,559 $ 59,370 $ 57,321 $ 94,498 $ 46,953 $ 271,701 Estimated fair value $ 13,647 $ 62,214 $ 59,959 $ 106,026 $ 47,717 $ 289,563 |
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: December 31, 2016 December 31, 2015 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 $ 11,471 $ 466 $ 2,938 $ 298 $ 20,928 $ 1,231 $ 2,890 $ 471 Foreign government 5,955 260 918 113 3,388 155 423 54 Foreign corporate 10,147 573 5,493 998 12,478 799 4,516 790 U.S. government and agency 9,104 523 141 20 15,361 156 298 4 RMBS 9,449 291 1,800 109 8,283 182 1,904 152 State and political subdivision 1,747 80 56 6 994 33 125 19 ABS 2,224 28 2,328 103 4,646 83 2,272 93 CMBS 998 22 564 49 2,959 49 532 41 Total fixed maturity securities $ 51,095 $ 2,243 $ 14,238 $ 1,696 $ 69,037 $ 2,688 $ 12,960 $ 1,624 Equity securities: Common stock $ 105 $ 13 $ 11 $ — $ 197 $ 100 $ 19 $ 3 Non-redeemable preferred stock 139 7 125 33 54 2 160 40 Total equity securities $ 244 $ 20 $ 136 $ 33 $ 251 $ 102 $ 179 $ 43 Total number of securities in an unrealized loss position 3,580 1,307 4,093 1,023 |
Disclosure of Mortgage Loans Net of Valuation Allowance | Mortgage loans are summarized as follows at: December 31, 2016 2015 Carrying % of Carrying % of (Dollars in millions) Mortgage loans: Commercial $ 41,512 63.7 % $ 38,497 64.6 % Agricultural 12,564 19.3 11,649 19.6 Residential 10,829 16.6 9,399 15.8 Subtotal (1) 64,905 99.6 59,545 100.0 Valuation allowances (304 ) (0.5 ) (281 ) (0.5 ) Subtotal mortgage loans, net 64,601 99.1 59,264 99.5 Residential — FVO 566 0.9 314 0.5 Total mortgage loans, net $ 65,167 100.0 % $ 59,578 100.0 % __________________ (1) Purchases of mortgage loans were $2.9 billion and $3.9 billion for the years ended December 31, 2016 and 2015 , respectively, and were primarily comprised of residential mortgage loans. |
Allowance for Loan and Lease Losses, Provision for Loss, Net | The changes in the valuation allowance, by portfolio segment, were as follows: Commercial Agricultural Residential Total (In millions) Balance at January 1, 2014 $ 226 $ 40 $ 20 $ 286 Provision (release) (1 ) (4 ) 27 22 Charge-offs, net of recoveries (23 ) (1 ) (5 ) (29 ) Balance at December 31, 2014 202 35 42 279 Provision (release) 5 2 30 37 Charge-offs, net of recoveries (19 ) — (16 ) (35 ) Balance at December 31, 2015 188 37 56 281 Provision (release) (1) 157 3 23 183 Charge-offs, net of recoveries (1) (143 ) (1 ) (16 ) (160 ) Balance at December 31, 2016 $ 202 $ 39 $ 63 $ 304 __________________ (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 year ended December 31, 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 will recover 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 December 31, 2016 December 31, 2015 December 31, 2016 December 31, 2015 December 31, 2016 December 31, 2015 (In millions) Commercial $ 3 $ 2 $ 3 $ — $ — $ — Agricultural 127 103 104 73 23 46 Residential 381 322 37 — 344 314 Total $ 511 $ 427 $ 144 $ 73 $ 367 $ 360 |
Impaired mortgage loans held-for-investment | 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 and for the years ended: 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 Average (In millions) December 31, 2016 Commercial $ — $ — $ — $ 12 $ 12 $ 41,500 $ 202 $ 12 $ 90 Agricultural 11 10 1 27 27 12,527 38 36 49 Residential — — — 265 241 10,588 63 241 188 Total $ 11 $ 10 $ 1 $ 304 $ 280 $ 64,615 $ 303 $ 289 $ 327 December 31, 2015 Commercial $ — $ — $ — $ 57 $ 57 $ 38,440 $ 188 $ 57 $ 127 Agricultural 45 44 3 22 21 11,584 34 62 60 Residential — — — 141 131 9,268 56 131 84 Total $ 45 $ 44 $ 3 $ 220 $ 209 $ 59,292 $ 278 $ 250 $ 271 |
Investment in leveraged leases | Investment in leveraged and direct financing leases consisted of the following at: December 31, 2016 2015 Leveraged Leases Direct Financing Leases Leveraged Leases Direct Financing Leases (In millions) Rental receivables, net $ 1,172 $ 1,683 $ 1,240 $ 1,508 Estimated residual values 952 71 1,062 80 Subtotal 2,124 1,754 2,302 1,588 Unearned income (603 ) (639 ) (661 ) (512 ) Investment in leases, net of non-recourse debt $ 1,521 $ 1,115 $ 1,641 $ 1,076 |
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: Years Ended December 31, 2016 2015 2014 (In millions) Fixed maturity securities $ 20,300 $ 18,164 $ 30,367 Fixed maturity securities with noncredit OTTI losses included in AOCI 8 (76 ) (112 ) Total fixed maturity securities 20,308 18,088 30,255 Equity securities 485 422 608 Derivatives 2,923 2,350 1,761 Other 23 287 149 Subtotal 23,739 21,147 32,773 Amounts allocated from: Future policy benefits (1,114 ) (163 ) (2,886 ) DAC and VOBA related to noncredit OTTI losses recognized in AOCI (3 ) — (4 ) DAC, VOBA and DSI (1,430 ) (1,273 ) (1,946 ) Policyholder dividend obligation (1,931 ) (1,783 ) (3,155 ) Subtotal (4,478 ) (3,219 ) (7,991 ) Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI (1 ) 27 42 Deferred income tax benefit (expense) (6,623 ) (6,151 ) (8,556 ) Net unrealized investment gains (losses) 12,637 11,804 16,268 Net unrealized investment gains (losses) attributable to noncontrolling interests (6 ) (31 ) (33 ) Net unrealized investment gains (losses) attributable to MetLife, Inc. $ 12,631 $ 11,773 $ 16,235 Net unrealized investment gains (losses) attributable to MetLife, Inc. in the above table include, on a net of income tax basis, $1,250 million , $1,554 million and $2,682 million for the years ended December 31, 2016, 2015 and 2014, respectively, related to assets and liabilities of a disposed subsidiary. The changes in net unrealized investment gains (losses) were as follows: Years Ended December 31, 2016 2015 2014 (In millions) Balance at January 1, $ 11,773 $ 16,235 $ 8,414 Fixed maturity securities on which noncredit OTTI losses have been recognized 84 36 106 Unrealized investment gains (losses) during the year 2,508 (11,662 ) 15,521 Unrealized investment gains (losses) relating to: Future policy benefits (951 ) 2,723 (1,988 ) DAC and VOBA related to noncredit OTTI losses recognized in AOCI (3 ) 4 (10 ) DAC, VOBA and DSI (157 ) 673 (756 ) Policyholder dividend obligation (148 ) 1,372 (1,384 ) Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI (28 ) (15 ) (31 ) Deferred income tax benefit (expense) (472 ) 2,405 (3,600 ) Net unrealized investment gains (losses) 12,606 11,771 16,272 Net unrealized investment gains (losses) attributable to noncontrolling interests 25 2 (37 ) Balance at December 31, $ 12,631 $ 11,773 $ 16,235 Change in net unrealized investment gains (losses) $ 833 $ (4,464 ) $ 7,858 Change in net unrealized investment gains (losses) attributable to noncontrolling interests 25 2 (37 ) Change in net unrealized investment gains (losses) attributable to MetLife, Inc. $ 858 $ (4,462 ) $ 7,821 Net unrealized investment gains (losses) attributable to MetLife, Inc. in the above table include, on a net of income tax basis, ($304) million , ($1,128) million and $1,669 million for the years ended December 31, 2016, 2015 and 2014, respectively, related to assets and liabilities of a disposed subsidiary. |
Other than temporary impairment, credit losses recognized earnings | The changes in fixed maturity securities with noncredit OTTI losses included in AOCI were as follows: Years Ended December 31, 2016 2015 (In millions) Balance at January 1, $ (76 ) $ (112 ) Noncredit OTTI losses and subsequent changes recognized 14 6 Securities sold with previous noncredit OTTI loss 64 125 Subsequent changes in estimated fair value 6 (95 ) Balance at December 31, $ 8 $ (76 ) Changes in fixed maturity securities with noncredit OTTI losses included in AOCI in the above table, attributable to fixed maturity securities of a disposed subsidiary were $24 million and $15 million for the years ended December 31, 2016 and 2015, respectively. |
Securities Lending | Elements of the securities lending program are presented below at: December 31, 2016 2015 (In millions) Securities on loan: (1) Amortized cost $ 18,798 $ 19,176 Estimated fair value $ 19,753 $ 20,816 Cash collateral on deposit from counterparties (2) $ 20,114 $ 21,216 Security collateral on deposit from counterparties (3) $ 20 $ 27 Reinvestment portfolio — estimated fair value $ 20,133 $ 21,320 __________________ (1) Included within fixed maturity securities and short-term investments. (2) Included within payables for collateral under securities loaned and other transactions. (3) Security collateral on deposit 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 were as follows at: December 31, 2016 December 31, 2015 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 $ 4,480 $ 6,496 $ 8,383 $ 19,359 $ 7,484 $ 8,017 $ 4,648 $ 20,149 Foreign government — 569 143 712 — 469 486 955 U.S. corporate — 43 — 43 1 78 — 79 Agency RMBS — — — — — 12 21 33 Total $ 4,480 $ 7,108 $ 8,526 $ 20,114 $ 7,485 $ 8,576 $ 5,155 $ 21,216 __________________ (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. |
Schedule of Repurchase Agreements [Table Text Block] | Elements of the short-term repurchase agreements are presented below at: December 31, 2016 December 31, 2015 (In millions) Securities on loan included within fixed maturity securities: Amortized cost $ 98 $ 51 Estimated fair value $ 113 $ 56 Cash collateral received included within other liabilities $ 102 $ 50 Reinvestment portfolio — estimated fair value $ 100 $ 50 The cash collateral liability by loaned security type and remaining tenor of the agreements were as follows at: December 31, 2016 December 31, 2015 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: Foreign corporate $ 12 $ 10 $ 22 $ — $ 25 $ 25 All other corporate and government 39 41 80 — 25 25 Total $ 51 $ 51 $ 102 $ — $ 50 $ 50 |
Invested Assets on Deposit, Held in Trust and Pledged as Collateral | Such subsidiaries have also entered into funding agreements with FHLBanks and the Federal Agricultural Mortgage Corporation, a federally chartered instrumentality of the U.S. (“Farmer Mac”). The liability for such funding agreements is included in policyholder account balances. Information related to such funding agreements was as follows at: Liability Collateral December 31, 2016 2015 2016 2015 (In millions) FHLB of New York (1) $ 14,445 $ 12,570 $ 16,828 (2) $ 14,085 (2) Farmer Mac (3) $ 2,550 $ 2,550 $ 2,645 $ 2,643 FHLB of Des Moines (1) $ 625 $ 750 $ 811 (2) $ 851 (2) FHLB of Pittsburgh (1) $ 250 $ 250 $ 383 (2) $ 322 (2) __________________ (1) Represents funding agreements issued to the applicable FHLBank in exchange for cash and for which such FHLBank has been granted a lien on certain assets, some of which are in the custody of such FHLBank, including residential mortgage-backed securities (“RMBS”), to collateralize obligations under advances evidenced by funding agreements. The Company is permitted to withdraw any portion of the collateral in the custody of such FHLBank as long as there is no event of default and the remaining qualified collateral is sufficient to satisfy the collateral maintenance level. Upon any event of default by the Company, such FHLBank’s recovery on the collateral is limited to the amount of the Company’s liability to such FHLBank. (2) Advances are collateralized by mortgage-backed securities. The amount of collateral presented is at estimated fair value. (3) Represents funding agreements issued to a subsidiary of Farmer Mac, as well as certain SPEs that have issued debt securities for which payment of interest and principal is secured by such funding agreements, and such debt securities are also guaranteed as to payment of interest and principal by Farmer Mac. The obligations under these funding agreements are secured by a pledge of certain eligible agricultural mortgage loans and may, under certain circumstances, be secured by other qualified collateral. The amount of collateral presented is at carrying value. 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: December 31, 2016 2015 (In millions) Invested assets on deposit (regulatory deposits) $ 1,925 $ 1,838 Invested assets held in trust (collateral financing arrangement and reinsurance agreements) 2,057 2,359 Invested assets pledged as collateral (1) 23,882 20,345 Total invested assets on deposit, held in trust and pledged as collateral $ 27,864 $ 24,542 __________________ (1) The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements (see Notes 4 ), collateral financing arrangement (see Note 13 ) and derivative transactions (see Note 9 ). |
Purchased credit impaired investments, by invested asset class, held | The following table presents information about PCI investments acquired during the periods indicated: Years Ended December 31, 2016 2015 2016 2015 Fixed Maturity Securities Mortgage Loans (In millions) Contractually required payments (including interest) $ 1,464 $ 1,423 $ — $ — Cash flows expected to be collected (1) $ 1,338 $ 1,243 $ — $ — Fair value of investments acquired $ 984 $ 920 $ — $ — __________________ (1) Represents undiscounted principal and interest cash flow expectations, at the date of acquisition. The Company’s PCI investments, by invested asset class, were as follows at: December 31, 2016 2015 2016 2015 Fixed Maturity Securities Mortgage Loans (In millions) Outstanding principal and interest balance (1) $ 5,624 $ 5,129 $ — $ 148 Carrying value (2) $ 4,427 $ 3,931 $ — $ 129 __________________ (1) Represents the contractually required payments, which is the sum of contractual principal, whether or not currently due, and accrued interest. (2) Estimated fair value plus accrued interest for fixed maturity securities and amortized cost, plus accrued interest, less any valuation allowances, for mortgage loans. The following table presents activity for the accretable yield on PCI investments: Years Ended December 31, 2016 2015 2016 2015 Fixed Maturity Securities Mortgage Loans (In millions) Accretable yield, January 1, $ 1,780 $ 1,874 $ 21 $ 48 Investments purchased 354 323 — — Accretion recognized in earnings (269 ) (274 ) (9 ) (56 ) Disposals (2 ) (48 ) — — Reclassification (to) from nonaccretable difference (130 ) (95 ) (12 ) 29 Accretable yield, December 31, $ 1,733 $ 1,780 $ — $ 21 |
The Components of Net Investment Income | The components of net investment income were as follows: Years Ended December 31, 2016 2015 2014 (In millions) Investment income: Fixed maturity securities $ 11,721 $ 11,809 $ 12,600 Equity securities 121 124 116 FVO and trading securities — FVO general account and Actively traded securities (1) 37 21 103 Mortgage loans 2,858 2,772 2,597 Policy loans 511 525 547 Real estate and real estate joint ventures 652 872 870 Other limited partnership interests 478 535 766 Cash, cash equivalents and short-term investments 153 140 163 Operating joint ventures 33 25 10 Other 248 238 186 Subtotal 16,812 17,061 17,958 Less: Investment expenses 972 1,082 1,067 Subtotal, net 15,840 15,979 16,891 FVO and trading securities — FVO contractholder-directed unit-linked investments (1) 950 264 1,266 FVO CSEs — interest income — securities — — 1 Subtotal 950 264 1,267 Net investment income $ 16,790 $ 16,243 $ 18,158 __________________ (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 principally from FVO contractholder-directed unit-linked investments and, to a much lesser extent, actively traded and FVO general account securities, and were $427 million , ($456) million and $642 million for the years ended December 31, 2016 , 2015 , and 2014 , respectively. |
The components of net investment gains (losses) | The components of net investment gains (losses) were as follows: Years Ended December 31, 2016 2015 2014 (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: Industrial $ (63 ) $ (2 ) $ — Utility (21 ) (15 ) — Communications (3 ) — — Consumer — (20 ) (5 ) Total U.S. and foreign corporate securities (87 ) (37 ) (5 ) RMBS (18 ) (16 ) (20 ) ABS (2 ) — (7 ) CMBS — — (13 ) State and political subdivision — (6 ) — OTTI losses on fixed maturity securities recognized in earnings (107 ) (59 ) (45 ) Fixed maturity securities — net gains (losses) on sales and disposals 251 318 651 Total gains (losses) on fixed maturity securities 144 259 606 Total gains (losses) on equity securities: Total OTTI losses recognized — by sector: Common stock (75 ) (36 ) (6 ) Non-redeemable preferred stock — (1 ) (15 ) OTTI losses on equity securities recognized in earnings (75 ) (37 ) (21 ) Equity securities — net gains (losses) on sales and disposals 19 43 87 Total gains (losses) on equity securities (56 ) 6 66 FVO and trading securities — FVO general account securities — — 9 Mortgage loans (231 ) (93 ) (53 ) Real estate and real estate joint ventures 182 433 226 Other limited partnership interests (64 ) (66 ) (69 ) Other (100 ) (4 ) (155 ) Subtotal (125 ) 535 630 FVO CSEs: Securities 1 — — Long-term debt — related to securities — — (1 ) Non-investment portfolio gains (losses) (1) 429 111 (291 ) Subtotal 430 111 (292 ) Total net investment gains (losses) $ 305 $ 646 $ 338 __________________ (1) Non-investment portfolio gains (losses) for the year ended December 31, 2016 includes a gain from the U.S. Retail Advisor Force Divestiture of $102 million as more fully described in Note 3 . Non-investment portfolio gains (losses) for the year ended December 31, 2014 includes a loss of $77 million related to the disposition of MAL as more fully described in Note 3. |
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. Years Ended December 31, 2016 2015 2014 2016 2015 2014 Fixed Maturity Securities Equity Securities (In millions) Proceeds $ 86,179 $ 82,871 $ 64,743 $ 278 $ 278 $ 487 Gross investment gains $ 1,048 $ 1,144 $ 1,144 $ 36 $ 73 $ 97 Gross investment losses (797 ) (826 ) (493 ) (17 ) (30 ) (10 ) OTTI losses (107 ) (59 ) (45 ) (75 ) (37 ) (21 ) Net investment gains (losses) $ 144 $ 259 $ 606 $ (56 ) $ 6 $ 66 |
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 OCI: Years Ended December 31, 2016 2015 (In millions) Balance at January 1, $ 211 $ 290 Additions: Initial impairments — credit loss OTTI on securities not previously impaired 1 14 Additional impairments — credit loss OTTI on securities previously impaired 18 15 Reductions: Sales (maturities, pay downs or prepayments) of securities previously impaired as credit loss OTTI (43 ) (108 ) Securities impaired to net present value of expected future cash flows (1 ) — Increase in cash flows — accretion of previous credit loss OTTI 1 — Balance at December 31, $ 187 $ 211 |
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 VIEs for which the Company has concluded that it is the primary beneficiary and which are consolidated at December 31, 2016 and 2015 . December 31, 2016 2015 Total Total Total Total (In millions) Operating joint venture (1) $ — $ — $ 2,465 $ 2,079 CSEs (assets (primarily securities) and liabilities (primarily debt)) (2) 9 12 13 13 Other investments (3) 50 — 76 — Total $ 59 $ 12 $ 2,554 $ 2,092 __________________ (1) Following a change in the foreign investment law in India, the Company no longer consolidated its India operating joint venture, effective January 1, 2016. Assets of the operating joint venture are primarily fixed maturity securities and separate account assets. Liabilities of the operating joint venture are primarily future policy benefits, other policy-related balances and separate account liabilities. (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 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: December 31, 2016 2015 Carrying Maximum Carrying Maximum (In millions) Fixed maturity securities AFS: Structured Securities (2) $ 46,773 $ 46,773 $ 48,149 $ 48,149 U.S. and foreign corporate 1,940 1,940 2,332 2,332 Other limited partnership interests 4,714 8,990 3,815 5,422 Other invested assets 2,206 2,777 1,565 2,117 Other (3) 199 215 650 663 Total $ 55,832 $ 60,695 $ 56,511 $ 58,683 __________________ (1) The maximum exposure to loss relating to fixed maturity securities AFS, FVO and trading securities 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, mortgage loans 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 $150 million and $179 million at December 31, 2016 and 2015 , 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 comprised of mortgage loans, common stock, real estate joint ventures and FVO and trading securities. |
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 Debt Service Coverage Ratios Total % of Total > 1.20x 1.00x - 1.20x < 1.00x (Dollars in millions) 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 % December 31, 2015 Loan-to-value ratios: Less than 65% $ 33,330 $ 910 $ 438 $ 34,678 90.1 % $ 35,606 90.4 % 65% to 75% 2,940 138 66 3,144 8.2 3,119 7.9 76% to 80% — — — — — — — Greater than 80% 337 115 223 675 1.7 652 1.7 Total $ 36,607 $ 1,163 $ 727 $ 38,497 100.0 % $ 39,377 100.0 % |
Agricultural Portfolio Segment [Member] | |
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: December 31, 2016 2015 Recorded Investment % of Total Recorded Investment % of Total (Dollars in millions) Loan-to-value ratios: Less than 65% $ 12,023 95.7 % $ 10,955 94.0 % 65% to 75% 436 3.5 615 5.3 76% to 80% 17 0.1 21 0.2 Greater than 80% 88 0.7 58 0.5 Total $ 12,564 100.0 % $ 11,649 100.0 % |
Residential mortgage loans portfolio segment [Member] | |
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: December 31, 2016 2015 Recorded % of Recorded % of (Dollars in millions) Performance indicators: Performing $ 10,448 96.5 % $ 9,077 96.6 % Nonperforming 381 3.5 322 3.4 Total $ 10,829 100.0 % $ 9,399 100.0 % |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location | The following table presents the gross notional amount, estimated fair value and primary underlying risk exposure of the Company’s derivatives, excluding embedded derivatives, held at: Primary Underlying Risk Exposure December 31, 2016 2015 Estimated Fair Value Estimated Fair Value Gross Notional Amount Assets Liabilities Gross Notional Amount Assets Liabilities (In millions) Derivatives Designated as Hedging Instruments: Fair value hedges: Interest rate swaps Interest rate $ 5,021 $ 2,221 $ 6 $ 5,108 $ 2,177 $ 11 Foreign currency swaps Foreign currency exchange rate 1,221 34 224 2,154 62 159 Foreign currency forwards Foreign currency exchange rate 1,085 — 54 1,685 — 52 Subtotal 7,327 2,255 284 8,947 2,239 222 Cash flow hedges: Interest rate swaps Interest rate 2,040 325 34 1,960 427 — Interest rate forwards Interest rate 4,032 — 370 70 15 — Foreign currency swaps Foreign currency exchange rate 26,680 1,877 2,054 22,607 1,157 1,800 Subtotal 32,752 2,202 2,458 24,637 1,599 1,800 Foreign operations hedges: Foreign currency forwards Foreign currency exchange rate 1,394 47 5 3,916 63 12 Currency options Foreign currency exchange rate 8,878 148 45 7,569 205 36 Subtotal 10,272 195 50 11,485 268 48 Total qualifying hedges 50,351 4,652 2,792 45,069 4,106 2,070 Derivatives Not Designated or Not Qualifying as Hedging Instruments: Interest rate swaps Interest rate 53,349 4,089 1,641 66,202 3,307 1,609 Interest rate floors Interest rate 12,101 181 7 16,801 278 24 Interest rate caps Interest rate 78,358 112 2 55,136 67 3 Interest rate futures Interest rate 4,793 3 12 5,178 2 7 Interest rate options Interest rate 5,334 628 1 11,614 705 25 Interest rate forwards Interest rate 613 — 25 43 1 — Interest rate total return swaps Interest rate 1,549 2 127 — — — Synthetic GICs Interest rate 5,566 — — 4,216 — — Foreign currency swaps Foreign currency exchange rate 11,651 1,445 462 10,399 687 431 Foreign currency forwards Foreign currency exchange rate 15,422 117 977 11,539 150 219 Currency futures Foreign currency exchange rate 915 — — 930 — — Currency options Foreign currency exchange rate 3,615 195 17 9,590 466 189 Credit default swaps — purchased Credit 2,001 14 40 1,846 28 34 Credit default swaps — written Credit 10,732 161 9 8,185 65 12 Equity futures Equity market 4,457 30 3 3,537 26 18 Equity index options Equity market 16,527 426 523 11,647 510 415 Equity variance swaps Equity market 8,263 83 240 8,571 75 202 Equity total return swaps Equity market 1,046 1 43 989 16 9 Total non-designated or nonqualifying derivatives 236,292 7,487 4,129 226,423 6,383 3,197 Total $ 286,643 $ 12,139 $ 6,921 $ 271,492 $ 10,489 $ 5,267 |
Components of Net Derivatives Gains (Losses) | The components of net derivative gains (losses) were as follows: Years Ended December 31, 2016 2015 2014 (In millions) Freestanding derivatives and hedging gains (losses) (1) $ (509 ) $ 429 $ 800 Embedded derivatives gains (losses) (365 ) 116 (78 ) Total net derivative gains (losses) $ (874 ) $ 545 $ 722 __________________ (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. |
Earned Income On Derivatives And Income Statement Location | The following table presents earned income on derivatives: Years Ended December 31, 2016 2015 2014 (In millions) Qualifying hedges: Net investment income $ 267 $ 206 $ 152 Interest credited to policyholder account balances (1 ) 27 103 Other expenses (12 ) (6 ) (3 ) Nonqualifying hedges: Net investment income (1 ) (6 ) (4 ) Net derivative gains (losses) 705 663 556 Policyholder benefits and claims 7 2 7 Total $ 965 $ 886 $ 811 |
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) Year Ended December 31, 2016 Interest rate derivatives $ (990 ) $ — $ 46 Foreign currency exchange rate derivatives 882 — (18 ) Credit derivatives — purchased (40 ) — — Credit derivatives — written 71 — — Equity derivatives (681 ) (16 ) (138 ) Total $ (758 ) $ (16 ) $ (110 ) Year Ended December 31, 2015 Interest rate derivatives $ (354 ) $ — $ — Foreign currency exchange rate derivatives 502 — — Credit derivatives — purchased 7 (3 ) — Credit derivatives — written (69 ) — — Equity derivatives (340 ) (10 ) — Total $ (254 ) $ (13 ) $ — Year Ended December 31, 2014 Interest rate derivatives $ 425 $ — $ — Foreign currency exchange rate derivatives (349 ) — — Credit derivatives — purchased 10 — — Credit derivatives — written 3 — — Equity derivatives (68 ) (10 ) (10 ) Total $ 21 $ (10 ) $ (10 ) __________________ (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) Year Ended December 31, 2016 Interest rate swaps: Fixed maturity securities $ 7 $ (9 ) $ (2 ) Policyholder liabilities (1) (108 ) 90 (18 ) Foreign currency swaps: Foreign-denominated fixed maturity securities 13 (12 ) 1 Foreign-denominated policyholder account balances (2) (95 ) 92 (3 ) Foreign currency forwards: Foreign-denominated fixed maturity securities 127 (119 ) 8 Total $ (56 ) $ 42 $ (14 ) Year Ended December 31, 2015 Interest rate swaps: Fixed maturity securities $ 4 $ (1 ) $ 3 Policyholder liabilities (1) (4 ) (6 ) (10 ) Foreign currency swaps: Foreign-denominated fixed maturity securities 15 (7 ) 8 Foreign-denominated policyholder account balances (2) (240 ) 232 (8 ) Foreign currency forwards: Foreign-denominated fixed maturity securities (75 ) 68 (7 ) Total $ (300 ) $ 286 $ (14 ) Year Ended December 31, 2014 Interest rate swaps: Fixed maturity securities $ 4 $ — $ 4 Policyholder liabilities (1) 649 (636 ) 13 Foreign currency swaps: Foreign-denominated fixed maturity securities 13 (11 ) 2 Foreign-denominated policyholder account balances (2) (283 ) 270 (13 ) Foreign currency forwards: Foreign-denominated fixed maturity securities (359 ) 330 (29 ) Total $ 24 $ (47 ) $ (23 ) __________________ (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 the consolidated statements of equity: Derivatives in Net Investment Hedging Relationships (1), (2) Amount of Gains (Losses) Deferred in AOCI Years Ended December 31, 2016 2015 2014 (In millions) Foreign currency forwards $ (267 ) $ 255 $ 407 Currency options (35 ) (138 ) 222 Total $ (302 ) $ 117 $ 629 __________________ (1) During the years ended December 31, 2016 and 2015 , 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. In May 2014, the Company sold its interest in MAL, which was a hedged item in a net investment hedging relationship. As a result, during the year ended December 31, 2014, the Company released losses of $77 million from AOCI into earnings upon the sale. See Note 3. (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: December 31, 2016 2015 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) $ 6 $ 449 3.1 $ 5 $ 454 3.0 Credit default swaps referencing indices 34 2,335 3.6 5 1,416 3.4 Subtotal 40 2,784 3.5 10 1,870 3.3 Baa Single name credit default swaps (3) 5 751 2.5 6 940 2.9 Credit default swaps referencing indices 88 6,711 5.0 29 4,619 4.8 Subtotal 93 7,462 4.8 35 5,559 4.5 Ba Single name credit default swaps (3) (2 ) 135 4.1 (2 ) 64 2.3 Credit default swaps referencing indices — — — (1 ) 100 1.0 Subtotal (2 ) 135 4.1 (3 ) 164 1.5 B Single name credit default swaps (3) 1 70 1.8 — — — Credit default swaps referencing indices 20 281 5.0 11 592 4.9 Subtotal 21 351 4.3 11 592 4.9 Total $ 152 $ 10,732 4.4 $ 53 $ 8,185 4.2 __________________ (1) The rating agency designations are based on availability and the midpoint of the applicable ratings among Moody’s Investors Service (“Moody’s”), 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: December 31, 2016 2015 Derivatives Subject to a Master Netting Arrangement or a Similar Arrangement Assets Liabilities Assets Liabilities (In millions) Gross estimated fair value of derivatives: OTC-bilateral (1) $ 9,976 $ 5,721 $ 9,123 $ 4,123 OTC-cleared (1) 2,275 1,142 1,522 1,139 Exchange-traded 33 15 28 25 Total gross estimated fair value of derivatives (1) 12,284 6,878 10,673 5,287 Amounts offset on the consolidated balance sheets — — — — Estimated fair value of derivatives presented on the consolidated balance sheets (1) 12,284 6,878 10,673 5,287 Gross amounts not offset on the consolidated balance sheets: Gross estimated fair value of derivatives: (2) OTC-bilateral (3,787 ) (3,787 ) (2,791 ) (2,791 ) OTC-cleared (903 ) (903 ) (1,130 ) (1,130 ) Exchange-traded (5 ) (5 ) (1 ) (1 ) Cash collateral: (3), (4) OTC-bilateral (4,244 ) (84 ) (4,516 ) (7 ) OTC-cleared (1,335 ) (234 ) (370 ) (2 ) Exchange-traded — (9 ) — (20 ) Securities collateral: (5) OTC-bilateral (1,640 ) (1,818 ) (1,524 ) (1,247 ) OTC-cleared — — — — Exchange-traded — — — (3 ) Net amount after application of master netting agreements and collateral $ 370 $ 38 $ 341 $ 86 __________________ (1) At December 31, 2016 and 2015 , derivative assets included income or (expense) accruals reported in accrued investment income or in other liabilities of $145 million and $184 million , respectively, and derivative liabilities included (income) or expense accruals reported in accrued investment income or in other liabilities of ($43) million and $20 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 December 31, 2016 and 2015 , the Company received excess cash collateral of $164 million and $88 million , respectively, and provided excess cash collateral of $461 million and $142 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 December 31, 2016 , 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 December 31, 2016 and 2015 , the Company received excess securities collateral with an estimated fair value of $82 million and $100 million , respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At December 31, 2016 and 2015 , the Company provided excess securities collateral with an estimated fair value of $189 million and $114 million , respectively, for its OTC-bilateral derivatives, $544 million and $280 million , respectively, for its OTC-cleared derivatives, and $116 million and $68 million , respectively, for its exchange-traded derivatives, which are not included in the table above due to the foregoing limitation. |
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 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) Year Ended December 31, 2016 Interest rate swaps $ 50 $ 56 $ 12 $ — $ (1 ) Interest rate forwards (366 ) (1 ) 4 1 — Foreign currency swaps 589 (350 ) (2 ) 2 1 Credit forwards — 3 1 — — Total $ 273 $ (292 ) $ 15 $ 3 $ — Year Ended December 31, 2015 Interest rate swaps $ 76 $ 84 $ 11 $ — $ 2 Interest rate forwards (3 ) 4 3 2 — Foreign currency swaps (194 ) (720 ) (1 ) 1 9 Credit forwards — 1 — — — Total $ (121 ) $ (631 ) $ 13 $ 3 $ 11 Year Ended December 31, 2014 Interest rate swaps $ 591 $ 41 $ 8 $ — $ 3 Interest rate forwards 31 (8 ) 3 2 — Foreign currency swaps (205 ) (762 ) (2 ) 2 1 Credit forwards — — 1 — — Total $ 417 $ (729 ) $ 10 $ 4 $ 4 |
Schedule of Derivative Instruments | OTC-bilateral derivatives that are not subject to collateral agreements are excluded from this table. December 31, 2016 2015 Derivatives Subject to Credit-Contingent Provisions Derivatives Not Subject to Credit-Contingent Provisions Total Derivatives Subject to Credit-Contingent Provisions Derivatives Not Subject to Credit-Contingent Provisions Total (In millions) Estimated Fair Value of Derivatives in a Net Liability Position (1) $ 1,909 $ 25 $ 1,934 $ 1,122 $ 207 $ 1,329 Estimated Fair Value of Collateral Provided: Fixed maturity securities $ 1,965 $ 31 $ 1,996 $ 1,186 $ 174 $ 1,360 Cash $ 91 $ — $ 91 $ 4 $ 4 $ 8 Estimated Fair Value of Incremental Collateral Provided Upon: One-notch downgrade in the Company’s credit or financial strength rating, as applicable $ 6 $ — $ 6 $ 1 $ — $ 1 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 $ 9 $ — $ 9 $ 1 $ — $ 1 __________________ (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: Years Ended December 31, 2016 2015 2014 (In millions) Net derivative gains (losses) (1) $ (365 ) $ 116 $ (78 ) __________________ (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 $293 million , $139 million and ($46) million for the years ended December 31, 2016 , 2015 and 2014 , 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: December 31, Balance Sheet Location 2016 2015 (In millions) Embedded derivatives within asset host contracts: Ceded guaranteed minimum benefits Premiums, reinsurance and other receivables $ 143 $ 118 Options embedded in debt or equity securities Investments (88 ) (157 ) Embedded derivatives within asset host contracts $ 55 $ (39 ) Embedded derivatives within liability host contracts: Direct guaranteed minimum benefits Policyholder account balances and Future policy benefits $ 361 $ (155 ) Assumed guaranteed minimum benefits Policyholder account balances 1,205 965 Funds withheld on ceded reinsurance Other liabilities (30 ) (14 ) Fixed annuities with equity indexed returns Policyholder account balances 18 (3 ) Embedded derivatives within liability host contracts $ 1,554 $ 793 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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: 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 and trading 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 Trading liabilities (6) — — — — Separate account liabilities (5) — 16 7 23 Total liabilities $ 15 $ 6,128 $ 2,355 $ 8,498 December 31, 2015 Fair Value Hierarchy Level 1 Level 2 Level 3 Total Estimated Fair Value (In millions) Assets Fixed maturity securities: U.S. corporate $ — $ 74,245 $ 5,328 $ 79,573 Foreign government — 48,889 829 49,718 Foreign corporate — 46,428 4,983 51,411 U.S. government and agency 29,487 17,635 — 47,122 RMBS — 25,508 3,381 28,889 State and political subdivision — 11,776 34 11,810 ABS — 8,840 1,211 10,051 CMBS — 8,680 529 9,209 Total fixed maturity securities 29,487 242,001 16,295 287,783 Equity securities 1,230 1,300 334 2,864 FVO and trading securities (1) 11,335 3,419 270 15,024 Short-term investments (2) 2,469 4,282 244 6,995 Residential mortgage loans — FVO — — 314 314 Other investments 109 53 — 162 Derivative assets: (3) Interest rate 2 6,960 17 6,979 Foreign currency exchange rate — 2,774 16 2,790 Credit — 87 6 93 Equity market 26 467 134 627 Total derivative assets 28 10,288 173 10,489 Embedded derivatives within asset host contracts (4) — — 118 118 Separate account assets (5) 76,456 109,138 1,558 187,152 Total assets $ 121,114 $ 370,481 $ 19,306 $ 510,901 Liabilities Derivative liabilities: (3) Interest rate $ 7 $ 1,672 $ — $ 1,679 Foreign currency exchange rate — 2,750 148 2,898 Credit — 44 2 46 Equity market 18 424 202 644 Total derivative liabilities 25 4,890 352 5,267 Embedded derivatives within liability host contracts (4) — — 793 793 Trading liabilities (6) 103 50 — 153 Separate account liabilities (5) — — — — Total liabilities $ 128 $ 4,940 $ 1,145 $ 6,213 __________________ (1) In 2016, the Company reinvested its trading securities portfolio into other asset classes and, at December 31, 2016, the Company no longer held any actively traded securities. FVO and trading securities at both December 31, 2016 and 2015 was comprised of over 90% FVO contractholder-directed unit-linked investments, with the remainder comprised of FVO general account securities and FVO securities held by CSEs at December 31, 2015 including actively traded securities. (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 December 31, 2016 and 2015 , debt and equity securities also included embedded derivatives of ($88) million and ($157) 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. (6) Trading liabilities are presented within other liabilities on the consolidated balance sheets. |
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: December 31, 2016 December 31, 2015 Impact of Valuation Techniques Significant Unobservable Inputs Range Weighted Range Weighted Fixed maturity securities (3) U.S. corporate and foreign corporate • Matrix pricing • Offered quotes (4) 18 - 138 106 39 - 111 95 Increase • Delta spread adjustments (5) (65) - 240 37 Decrease • Market pricing • Quoted prices (4) 6 - 700 116 — - 385 121 Increase • Consensus pricing • Offered quotes (4) 37 - 120 102 99 - 121 102 Increase Foreign government • Market pricing • Quoted prices (4) 98 - 124 104 96 - 135 113 Increase RMBS • Market pricing • Quoted prices (4) 19 - 137 91 19 - 121 92 Increase (6) ABS • Market pricing • Quoted prices (4) 5 - 106 99 16 - 109 101 Increase (6) • Consensus pricing • Offered quotes (4) 96 - 102 100 97 - 105 99 Increase (6) Derivatives Interest rate • Present value techniques • Swap yield (7) 200 - 300 307 - 307 Increase (8) • Repurchase rates (9) (44) - 18 Decrease (8) Foreign currency exchange rate • Present value techniques • Swap yield (7) 50 - 328 28 - 381 Increase (8) Credit • Present value techniques • Credit spreads (10) 97 - 98 98 - 100 Decrease (8) • Consensus pricing • Offered quotes (11) Equity market • Present value techniques or option pricing models • Volatility (12) 12% - 32% 15% - 36% Increase (8) • Correlation (13) 40% - 40% 70% - 70% Embedded derivatives Direct, assumed and ceded guaranteed minimum benefits • Option pricing techniques • Mortality rates: Ages 0 - 40 0% - 0.21% 0% - 0.21% Decrease (14) Ages 41 - 60 0.01% - 0.78% 0.01% - 0.78% Decrease (14) Ages 61 - 115 0.04% - 100% 0.04% - 100% Decrease (14) • Lapse rates: Durations 1 - 10 0.25% - 100% 0.25% - 100% Decrease (15) Durations 11 - 20 2% - 100% 2% - 100% Decrease (15) Durations 21 - 116 1.25% - 100% 1% - 100% Decrease (15) • Utilization rates 0% - 25% 0% - 25% Increase (16) • Withdrawal rates 0% - 20% 0% - 20% (17) • Long-term equity volatilities 9.95% - 33% 8.79% - 33% Increase (18) • Nonperformance risk spread 0.04% - 1.70% (0.47)% - 1.31% Decrease (19) __________________ (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) Range and weighted average are presented in basis points. (6) Changes in the assumptions used for the probability of default is 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. (7) 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. (8) 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. (9) Ranges represent different repurchase rates utilized as components within the valuation methodology and are presented in basis points. (10) 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. (11) At both December 31, 2016 and 2015 , independent non-binding broker quotations were used in the determination of less than 1% of the total net derivative estimated fair value. (12) 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. (13) 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. (14) 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. (15) 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. (16) The utilization rate assumption estimates the percentage of contract holders 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. (17) 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. (18) 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. (19) 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: December 31, 2016 December 31, 2015 Impact of Valuation Techniques Significant Unobservable Inputs Range Weighted Range Weighted Fixed maturity securities (3) U.S. corporate and foreign corporate • Matrix pricing • Offered quotes (4) 18 - 138 106 39 - 111 95 Increase • Delta spread adjustments (5) (65) - 240 37 Decrease • Market pricing • Quoted prices (4) 6 - 700 116 — - 385 121 Increase • Consensus pricing • Offered quotes (4) 37 - 120 102 99 - 121 102 Increase Foreign government • Market pricing • Quoted prices (4) 98 - 124 104 96 - 135 113 Increase RMBS • Market pricing • Quoted prices (4) 19 - 137 91 19 - 121 92 Increase (6) ABS • Market pricing • Quoted prices (4) 5 - 106 99 16 - 109 101 Increase (6) • Consensus pricing • Offered quotes (4) 96 - 102 100 97 - 105 99 Increase (6) Derivatives Interest rate • Present value techniques • Swap yield (7) 200 - 300 307 - 307 Increase (8) • Repurchase rates (9) (44) - 18 Decrease (8) Foreign currency exchange rate • Present value techniques • Swap yield (7) 50 - 328 28 - 381 Increase (8) Credit • Present value techniques • Credit spreads (10) 97 - 98 98 - 100 Decrease (8) • Consensus pricing • Offered quotes (11) Equity market • Present value techniques or option pricing models • Volatility (12) 12% - 32% 15% - 36% Increase (8) • Correlation (13) 40% - 40% 70% - 70% Embedded derivatives Direct, assumed and ceded guaranteed minimum benefits • Option pricing techniques • Mortality rates: Ages 0 - 40 0% - 0.21% 0% - 0.21% Decrease (14) Ages 41 - 60 0.01% - 0.78% 0.01% - 0.78% Decrease (14) Ages 61 - 115 0.04% - 100% 0.04% - 100% Decrease (14) • Lapse rates: Durations 1 - 10 0.25% - 100% 0.25% - 100% Decrease (15) Durations 11 - 20 2% - 100% 2% - 100% Decrease (15) Durations 21 - 116 1.25% - 100% 1% - 100% Decrease (15) • Utilization rates 0% - 25% 0% - 25% Increase (16) • Withdrawal rates 0% - 20% 0% - 20% (17) • Long-term equity volatilities 9.95% - 33% 8.79% - 33% Increase (18) • Nonperformance risk spread 0.04% - 1.70% (0.47)% - 1.31% Decrease (19) __________________ (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) Range and weighted average are presented in basis points. (6) Changes in the assumptions used for the probability of default is 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. (7) 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. (8) 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. (9) Ranges represent different repurchase rates utilized as components within the valuation methodology and are presented in basis points. (10) 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. (11) At both December 31, 2016 and 2015 , independent non-binding broker quotations were used in the determination of less than 1% of the total net derivative estimated fair value. (12) 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. (13) 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. (14) 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. (15) 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. (16) The utilization rate assumption estimates the percentage of contract holders 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. (17) 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. (18) 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. (19) 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 Structured Securities State and Equity FVO and (In millions) Balance, January 1, 2015 $ 10,952 $ 1,311 $ 6,187 $ — $ 245 $ 567 Total realized/unrealized gains (losses) included in net income (loss) (3) (4) 53 13 103 — 11 (30 ) Total realized/unrealized gains (losses) included in AOCI (637 ) (23 ) (77 ) 1 (54 ) — Purchases (5) 2,150 184 1,851 33 128 51 Sales (5) (1,231 ) (45 ) (1,256 ) — (81 ) (127 ) Issuances (5) — — — — — — Settlements (5) — — — — — — Transfers into Level 3 (6) 821 6 36 — 88 56 Transfers out of Level 3 (6) (1,797 ) (617 ) (1,723 ) — (3 ) (247 ) Balance, December 31, 2015 10,311 829 5,121 34 334 270 Total realized/unrealized gains (losses) included in net income (loss) (3) (4) 5 12 103 1 (24 ) 2 Total realized/unrealized gains (losses) included in AOCI 59 (42 ) 56 2 19 — Purchases (5) 2,754 44 2,221 — 23 99 Sales (5) (996 ) (45 ) (1,483 ) — (15 ) (35 ) Issuances (5) — — — — — — Settlements (5) — — — — — — Transfers into Level 3 (6) 969 3 25 7 327 18 Transfers out of Level 3 (6) (1,565 ) (512 ) (828 ) (34 ) (196 ) (67 ) Balance, December 31, 2016 $ 11,537 $ 289 $ 5,215 $ 10 $ 468 $ 287 Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2014: (7) $ 11 $ 12 $ 33 $ — $ (5 ) $ (7 ) Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2015: (7) $ 13 $ 12 $ 103 $ — $ — $ (27 ) Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2016: (7) $ 6 $ 12 $ 103 $ 1 $ (29 ) $ 3 Gains (Losses) Data for the year ended December 31, 2014: Total realized/unrealized gains (losses) included in net income (loss) (3) (4) $ 13 $ 60 $ 5 $ — $ 20 $ 8 Total realized/unrealized gains (losses) included in AOCI $ 282 $ (110 ) $ 56 $ — $ (88 ) $ — Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Short-term Investments Residential Mortgage Loans - FVO Net Derivatives (8) Net Embedded Derivatives (9) Separate Accounts (10) (In millions) Balance, January 1, 2015 $ 265 $ 308 $ (104 ) $ (519 ) $ 1,764 Total realized/unrealized gains (losses) included in net income (loss) (3) (4) 1 20 (149 ) 155 14 Total realized/unrealized gains (losses) included in AOCI (1 ) — (2 ) 1 — Purchases (5) 245 136 2 — 569 Sales (5) (27 ) (121 ) — — (522 ) Issuances (5) — — — — 98 Settlements (5) — (29 ) 74 (312 ) (60 ) Transfers into Level 3 (6) — — — — 1 Transfers out of Level 3 (6) (239 ) — — — (306 ) Balance, December 31, 2015 244 314 (179 ) (675 ) 1,558 Total realized/unrealized gains (losses) included in net income (loss) (3) (4) 1 8 (31 ) (399 ) (2 ) Total realized/unrealized gains (losses) included in AOCI 4 — (367 ) (20 ) — Purchases (5) 50 297 28 — 375 Sales (5) (50 ) (11 ) — — (512 ) Issuances (5) — — — — 62 Settlements (5) — (42 ) (13 ) (317 ) (51 ) Transfers into Level 3 (6) — — — — 19 Transfers out of Level 3 (6) (203 ) — — — (308 ) Balance, December 31, 2016 $ 46 $ 566 $ (562 ) $ (1,411 ) $ 1,141 Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2014: (7) $ 1 $ 20 $ (60 ) $ (35 ) $ — Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2015: (7) $ — $ 20 $ (170 ) $ 133 $ — Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2016: (7) $ 1 $ 8 $ (56 ) $ (426 ) $ — Gains (Losses) Data for the year ended December 31, 2014: Total realized/unrealized gains (losses) included in net income (loss) (3) (4) $ 1 $ 20 $ (79 ) $ (19 ) $ 104 Total realized/unrealized gains (losses) included in AOCI $ — $ — $ 44 $ 1,286 $ — __________________ (1) Comprised of U.S. and foreign corporate securities. (2) Comprised of FVO contractholder-directed unit-linked investments, FVO general account securities, FVO general account securities held by CSEs and actively traded securities. (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 | The following table presents information for residential mortgage loans, which are accounted for under the FVO, and were initially measured at fair value. December 31, 2016 2015 (In millions) Unpaid principal balance $ 794 $ 436 Difference between estimated fair value and unpaid principal balance (228 ) (122 ) Carrying value at estimated fair value $ 566 $ 314 Loans in nonaccrual status $ 214 $ 122 Loans more than 90 days past due $ 137 $ 72 Loans in nonaccrual status or more than 90 days past due, or both — difference between aggregate estimated fair value and unpaid principal balance $ (150 ) $ (52 ) The following table presents information for long-term debt of CSEs, which is accounted for under the FVO, and was initially measured at fair value. December 31, 2016 2015 (In millions) Contractual principal balance $ 25 $ 24 Difference between estimated fair value and contractual principal balance (13 ) (13 ) Carrying value at estimated fair value (1) $ 12 $ 11 __________________ (1) Changes in estimated fair value are recognized in net investment gains (losses). Interest expense is recognized in other expenses. |
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 December 31, Years Ended December 31, 2016 2015 2014 2016 2015 2014 Carrying Value After Measurement Gains (Losses) (In millions) Mortgage loans (1) $ 9 $ 41 $ 94 $ — $ (1 ) $ 2 Other limited partnership interests (2) $ 96 $ 57 $ 109 $ (64 ) $ (31 ) $ (70 ) Other assets (3) $ — $ — $ — $ (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. It is estimated that the underlying assets of the funds will be liquidated over the next two to 10 years . Unfunded commitments for these investments at both December 31, 2016 and 2015 were not significant. (3) As discussed in Note 3 , during the year ended December 31, 2016, the Company recognized an impairment of computer software in connection with the U.S. Retail Advisor Force Divestiture. |
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: December 31, 2016 Fair Value Hierarchy Carrying Value Level 1 Level 2 Level 3 Total Estimated Fair Value (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 December 31, 2015 Fair Value Hierarchy Carrying Value Level 1 Level 2 Level 3 Total Estimated Fair Value (In millions) Assets Mortgage loans $ 59,264 $ — $ — $ 60,878 $ 60,878 Policy loans $ 9,566 $ — $ 329 $ 11,087 $ 11,416 Real estate joint ventures $ 12 $ — $ — $ 39 $ 39 Other limited partnership interests $ 472 $ — $ — $ 558 $ 558 Other invested assets $ 537 $ 155 $ — $ 382 $ 537 Premiums, reinsurance and other receivables $ 2,517 $ — $ 409 $ 2,327 $ 2,736 Other assets $ 235 $ — $ 207 $ 60 $ 267 Liabilities Policyholder account balances $ 104,626 $ — $ — $ 107,804 $ 107,804 Long-term debt $ 17,916 $ — $ 19,315 $ — $ 19,315 Collateral financing arrangement $ 1,342 $ — $ — $ 1,102 $ 1,102 Junior subordinated debt securities $ 3,194 $ — $ 4,029 $ — $ 4,029 Other liabilities $ 2,001 $ — $ 838 $ 1,164 $ 2,002 Separate account liabilities $ 110,836 $ — $ 110,836 $ — $ 110,836 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill Rollforward and by Segment | Information regarding goodwill by segment, as well as Corporate & Other, was as follows: U.S. Asia (1) Latin America EMEA MetLife Holdings Corporate & Other Total (In millions) Balance at January 1, 2014 Goodwill $ 1,451 $ 4,898 $ 1,588 $ 1,356 $ 1,567 $ 42 $ 10,902 Accumulated impairment (2) — — — — (680 ) — (680 ) Total goodwill, net 1,451 4,898 1,588 1,356 887 42 10,222 Dispositions — (3 ) — (7 ) — — (10 ) Effect of foreign currency translation and other — (280 ) (203 ) (117 ) — — (600 ) Balance at December 31, 2014 Goodwill 1,451 4,615 1,385 1,232 1,567 42 10,292 Accumulated impairment — — — — (680 ) — (680 ) Total goodwill, net 1,451 4,615 1,385 1,232 887 42 9,612 Effect of foreign currency translation and other — (107 ) (199 ) (89 ) — — (395 ) Balance at December 31, 2015 Goodwill 1,451 4,508 1,186 1,143 1,567 42 9,897 Accumulated impairment — — — — (680 ) — (680 ) Total goodwill, net 1,451 4,508 1,186 1,143 887 42 9,217 Dispositions (3) — — — — — (42 ) (42 ) Effect of foreign currency translation and other — 88 40 (83 ) — — 45 Balance at December 31, 2016 Goodwill 1,451 4,596 1,226 1,060 1,567 — 9,900 Accumulated impairment — — — — (680 ) — (680 ) Total goodwill, net $ 1,451 $ 4,596 $ 1,226 $ 1,060 $ 887 $ — $ 9,220 __________________ (1) Includes goodwill of $4.4 billion , $4.3 billion and $4.4 billion from the Japan operations at December 31, 2016, 2015 and 2014, respectively. (2) The $680 million accumulated impairment in the MetLife Holdings segment relates to the retail annuities business impaired in 2012 that was not part of the separation of Brighthouse (see Note 3 ) and includes allocated goodwill from Corporate & Other. This accumulated impairment balance was based on estimated fair value. (3) In connection with the U.S. Retail Advisor Force Divestiture, goodwill in Corporate & Other was reduced by $42 million for the year ended December 31, 2016 . See Note 3 . |
Long-term and Short-term Debt (
Long-term and Short-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Long-term and Short-term debt outstanding | Long-term and short-term debt outstanding was as follows: December 31, Interest Rates (1) 2016 2015 Range Weighted Maturity Face Value Unamortized Discount Unamortized Issuance Costs Carrying Value Face Value Unamortized Discount Unamortized Issuance Costs Carrying Value (2) (In millions) Senior notes 1.76 % - 7.72% 4.94% 2017 - 2046 $ 15,597 $ (30 ) $ (62 ) $ 15,505 $ 17,025 $ (31 ) $ (67 ) $ 16,927 Surplus notes 7.63 % - 7.88% 7.79% 2024 - 2025 507 (4 ) (2 ) 501 507 (5 ) (2 ) 500 Other notes 1.62 % - 6.49% 4.23% 2017 - 2027 420 — (5 ) 415 420 — (5 ) 415 Capital lease obligations 8 — — 8 9 — — 9 Total long-term debt (3) 16,532 (34 ) (69 ) 16,429 17,961 (36 ) (74 ) 17,851 Total short-term debt 242 — — 242 100 — — 100 Total $ 16,774 $ (34 ) $ (69 ) $ 16,671 $ 18,061 $ (36 ) $ (74 ) $ 17,951 __________________ (1) Range of interest rates and weighted average interest rates are for the year ended December 31, 2016 . (2) Net of $74 million of unamortized issuance costs, which were reported in other assets at December 31, 2015. (3) Excludes $12 million and $11 million of long-term debt relating to CSEs — FVO at December 31, 2016 and 2015 , respectively. See Note 10 . |
Schedule of Short-term Debt | Short-term debt with maturities of one year or less was as follows: December 31, 2016 2015 (Dollars in millions) Commercial paper $ 100 $ 100 Short-term borrowings 142 — Total short-term debt $ 242 $ 100 Average daily balance $ 135 $ 100 Average days outstanding 21 days 68 days |
Schedule of Line of Credit Facilities | Information on the unsecured credit facility at December 31, 2016 was as follows: Borrower(s) Expiration Maximum Letters of Drawdowns Unused (In millions) MetLife, Inc. and MetLife Funding, Inc. May 2019 (1), (2) $ 4,000 (1) (2) $ 730 $ — $ 3,270 __________________ (1) All borrowings under this unsecured revolving credit facility must be repaid by May 30, 2019 , except that letters of credit outstanding upon termination may remain outstanding until May 30, 2020. (2) In December 2016, MetLife, Inc. and MetLife Funding, Inc. entered into an agreement to amend their existing $4.0 billion unsecured revolving credit facility, which provides, among other things, that the facility will be amended and restated upon the completion of the Separation and the satisfaction of certain other conditions. As amended and restated, the unsecured revolving credit facility will provide for borrowings and the issuance of letters of credit in an aggregate amount of up to $3.0 billion . All borrowings under this amended unsecured revolving credit facility must be repaid by December 20, 2021 , except that letters of credit outstanding upon termination may remain outstanding until December 20, 2022 . |
Committed Facilities | Information on these committed facilities at December 31, 2016 was as follows: Account Party/Borrower(s) Expiration Maximum Capacity Letters of Drawdowns Unused (In millions) MetLife, Inc. June 2018 (1) $ 425 $ 425 $ — $ — MetLife Reinsurance Company of Vermont and MetLife, Inc. December 2024 (2), (3) 400 355 — 45 MetLife Reinsurance Company of South Carolina and MetLife, Inc. June 2037 (4) 3,500 — 2,797 703 MetLife Reinsurance Company of Vermont and MetLife, Inc. December 2037 (2), (5) 2,896 2,261 — 635 MetLife Reinsurance Company of Vermont and MetLife, Inc. September 2038 (4) 4,250 3,000 — 1,250 Total $ 11,471 $ 6,041 $ 2,797 $ 2,633 __________________ (1) Capacity at December 31, 2016 of $425 million decreases in June 2017, March 2018 and June 2018 to $395 million , $200 million and $0 , respectively. (2) MetLife, Inc. is a guarantor under the applicable facility. (3) Capacity at December 31, 2016 of $400 million decreases in June 2022, December 2022, June 2023, December 2023 and December 2024 to $380 million , $360 million , $310 million , $260 million and $0 , respectively. (4) These facilities were terminated in connection with the Separation. See Note 3 . (5) Capacity at December 31, 2016 of $2.4 billion increases periodically to a maximum of $2.9 billion in 2024, decreases periodically commencing in 2025 to $2.0 billion in 2037, and decreases to $0 after maturity in December 2037. Unused commitment of $635 million is based on maximum capacity. |
Collateral Financing Arrangem49
Collateral Financing Arrangements Collateral Financing Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Secured Debt [Abstract] | |
CFA Associated with Closed Block | Information related to the collateral financing arrangement associated with the closed block was as follows at: December 31, 2016 2015 (In millions) Surplus notes outstanding (1) $ 1,274 $ 1,342 Receivable from unaffiliated financial institution (1) $ 166 $ 174 Pledged collateral (2) $ 160 $ 67 Assets held in trust (2) $ 1,211 $ 1,181 __________________ (1) Carrying value. (2) Estimated fair value. |
Junior Subordinated Debt Secu50
Junior Subordinated Debt Securities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Junior Subordinated Notes [Abstract] | |
Outstanding Junior Subordinated Debt Securities | Outstanding junior subordinated debt securities and exchangeable surplus trust securities which are exchangeable for junior subordinated debt securities prior to redemption or repayment, were as follows: December 31, 2016 2015 Issuer Issue Date Interest Rate (1) Scheduled Redemption Date Interest Rate Subsequent to Scheduled Redemption Date (2) Final Maturity Face Value Unamortized Discount Unamortized Issuance Costs Carrying Value Face Unamortized Unamortized Carrying Value (3) (In millions) MetLife, Inc. July 2009 10.750% August 2039 LIBOR + 7.548% August 2069 $ 500 $ — $ (4 ) $ 496 $ 500 $ — $ (4 ) $ 496 MetLife Capital Trust X (4), (5) April 2008 9.250% April 2038 LIBOR + 5.540% April 2068 750 — (6 ) 744 750 — (6 ) 744 MetLife Capital Trust IV (4) December 2007 7.875% December 2037 LIBOR + 3.960% December 2067 700 (4 ) (6 ) 690 700 (4 ) (7 ) 689 MetLife, Inc. December 2006 6.400% December 2036 LIBOR + 2.205% December 2066 1,250 (2 ) (9 ) 1,239 1,250 (2 ) (9 ) 1,239 $ 3,200 $ (6 ) $ (25 ) $ 3,169 $ 3,200 $ (6 ) $ (26 ) $ 3,168 _________________ (1) Prior to the scheduled redemption date, interest is payable semiannually in arrears. (2) In the event the securities are not redeemed on or before the scheduled redemption date, interest will accrue after such date at an annual rate of three-month LIBOR plus the indicated margin, payable quarterly in arrears. (3) Net of $26 million of unamortized issuance costs, which were reported in other assets at December 31, 2015. (4) MetLife Capital Trust X and MetLife Capital Trust IV are VIEs which are consolidated on the financial statements of the Company. The securities issued by these entities are exchangeable surplus trust securities, which are exchangeable for a like amount of MetLife, Inc.’s junior subordinated debt securities on the scheduled redemption date; mandatorily under certain circumstances, and at any time upon MetLife, Inc. exercising its option to redeem the securities. (5) See Note 23 for the information regarding the Junior Subordinated Debt Securities exchange transaction in February 2017. |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Class of Stock [Line Items] | |
Schedule of Stock by Class [Table Text Block] | Preferred stock authorized, issued and outstanding was as follows at both December 31, 2016 and 2015 : Series Shares Shares Shares 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 |
Schedule of Dividends Paid, Preferred Stock | Information on the declaration, record and payment dates, as well as per share and aggregate dividend amounts, for the Series A, Series B and Series C preferred stock was as follows: Dividend Declaration Date Record Date Payment Date Series A Per Share Series A Aggregate Series B Per Share Series B Aggregate Series C Per Share Series C Aggregate (In millions, except per share data) November 15, 2016 November 30, 2016 December 15, 2016 $ 0.253 $ 6 $ — $ — $ 26.250 $ 39 August 15, 2016 August 31, 2016 September 15, 2016 $ 0.256 6 $ — — $ — — May 16, 2016 May 31, 2016 June 15, 2016 $ 0.256 7 $ — — $ 26.250 39 March 7, 2016 February 29, 2016 March 15, 2016 $ 0.253 6 $ — — $ — — $ 25 $ — $ 78 November 16, 2015 November 30, 2015 December 15, 2015 $ 0.253 $ 6 $ — $ — $ 28.292 $ 43 August 17, 2015 August 31, 2015 September 15, 2015 $ 0.256 6 $ — — $ — — May 15, 2015 May 31, 2015 June 15, 2015 $ 0.256 7 $ 0.406 24 $ — — March 5, 2015 February 28, 2015 March 16, 2015 $ 0.250 6 $ 0.406 24 $ — — $ 25 $ 48 $ 43 November 17, 2014 November 30, 2014 December 15, 2014 $ 0.253 $ 7 $ 0.406 $ 24 $ — $ — August 15, 2014 August 31, 2014 September 15, 2014 $ 0.256 6 $ 0.406 24 $ — — May 15, 2014 May 31, 2014 June 16, 2014 $ 0.256 7 $ 0.406 24 $ — — March 5, 2014 February 28, 2014 March 17, 2014 $ 0.250 6 $ 0.406 24 $ — — $ 26 $ 96 $ — |
Schedule of Dividends Paid, Common Stock | The table below presents declaration, record and payment dates, as well as per share and aggregate dividend amounts, for common stock: Dividend Declaration Date Record Date Payment Date Per Share Aggregate (In millions, except per share data) October 25, 2016 November 7, 2016 December 13, 2016 $ 0.400 $ 441 July 7, 2016 August 8, 2016 September 13, 2016 $ 0.400 441 April 26, 2016 May 9, 2016 June 13, 2016 $ 0.400 441 January 6, 2016 February 5, 2016 March 14, 2016 $ 0.375 413 $ 1,736 October 27, 2015 November 6, 2015 December 11, 2015 $ 0.375 $ 419 July 7, 2015 August 7, 2015 September 11, 2015 $ 0.375 420 April 28, 2015 May 11, 2015 June 12, 2015 $ 0.375 420 January 6, 2015 February 6, 2015 March 13, 2015 $ 0.350 394 $ 1,653 October 28, 2014 November 7, 2014 December 12, 2014 $ 0.350 $ 398 July 7, 2014 August 8, 2014 September 12, 2014 $ 0.350 395 April 22, 2014 May 9, 2014 June 13, 2014 $ 0.350 395 January 6, 2014 February 6, 2014 March 13, 2014 $ 0.275 311 $ 1,499 |
Components of compensation expense related to stock based compensation | The components of compensation expense related to stock-based compensation includes compensation expense related to Phantom Stock-Based Awards, and excludes the insignificant compensation expense related to the 2015 Director Stock Plan. Those components were: Years Ended December 31, 2016 2015 2014 (In millions) Stock Options and Unit Options $ 9 $ 12 $ 26 Performance Shares and Performance Units (1) 75 59 103 Restricted Stock Units and Restricted Units 63 66 47 Total compensation expense $ 147 $ 137 $ 176 Income tax benefit $ 51 $ 48 $ 62 __________________ (1) Performance Shares expected to vest and the related compensation expenses may be further adjusted by the performance factor most likely to be achieved, as estimated by management, at the end of the performance period. |
Total unrecognized compensation expense related to stock based compensation and the expected weighted average period over which the expenses will be recognized | The following table presents the total unrecognized compensation expense related to stock-based compensation and the expected weighted average period over which these expenses will be recognized at: December 31, 2016 Expense Weighted Average Period (In millions) (Years) Stock Options $ 4 1.65 Performance Shares $ 33 1.73 Restricted Stock Units $ 41 1.80 |
Activity related to Stock Options | A summary of the activity related to Stock Options was as follows: Shares Under Option Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (1) (Years) (In millions) Outstanding at January 1, 2016 23,506,764 $ 44.50 4.09 $ 166 Granted 900,764 $ 38.42 Exercised (2,432,001 ) $ 34.36 Expired (2,429,009 ) $ 50.50 Forfeited (64,130 ) $ 45.90 Outstanding at December 31, 2016 19,482,388 $ 44.73 3.68 $ 218 Vested and expected to vest at December 31, 2016 19,314,192 $ 44.72 3.69 $ 217 Exercisable at December 31, 2016 17,913,612 $ 44.79 3.28 $ 202 __________________ (1) The intrinsic value of each Stock Option is the closing price on a particular date less the exercise price of the Stock Option, so long as the difference is greater than zero. The aggregate intrinsic value of all outstanding Stock Options is computed using the closing Share price on December 31, 2016 of $53.89 and December 31, 2015 of $48.21 , as applicable. |
Weighted average assumptions used to determine the fair value of Stock Options issued | The following table presents the weighted average assumptions, with the exception of risk-free rate, which is expressed as a range, that the model uses to determine the fair value of unexercised Stock Options that MetLife, Inc. has granted: Years Ended December 31, 2016 2015 2014 Dividend yield 3.90% 2.72% 2.18% Risk-free rate of return 0.62% - 2.85% 0.20% - 3.04% 0.12% - 5.07% Expected volatility 33.58% 32.56% 33.26% Exercise multiple 1.43 1.44 1.45 Post-vesting termination rate 2.58% 2.73% 2.93% Contractual term (years) 10 10 10 Expected life (years) 7 7 6 Weighted average exercise price of stock options granted $ 38.42 $ 51.39 $ 50.53 Weighted average fair value of stock options granted $ 9.26 $ 13.29 $ 13.84 |
Stock Option exercise activity | The following table presents a summary of Stock Option exercise activity: Years Ended December 31, 2016 2015 2014 (In millions) Total intrinsic value of stock options exercised $ 42 $ 44 $ 67 Cash received from exercise of stock options $ 84 $ 121 $ 156 Income tax benefit realized from stock options exercised $ 15 $ 15 $ 24 |
Performance Share and Restricted Stock Unit Activity | The following table presents a summary of Performance Share and Restricted Stock Unit activity: Performance Shares Restricted Stock Units Shares Weighted Units Weighted Outstanding at January 1, 2016 3,907,174 $ 44.08 3,078,959 $ 43.50 Granted 1,661,925 $ 49.65 2,075,089 $ 33.67 Forfeited (159,358 ) $ 49.91 (192,248 ) $ 39.88 Payable (1) (1,592,641 ) $ 44.57 (1,539,787 ) $ 40.52 Outstanding at December 31, 2016 3,817,100 $ 49.88 3,422,013 $ 39.08 Vested and expected to vest at December 31, 2016 3,637,175 $ 49.89 3,279,076 $ 39.23 __________________ (1) Includes both Shares paid and Deferred Shares for later payment. (2) Values for shares outstanding at January 1, 2016, represent weighted average number of shares multiplied by the fair value per share at December 31, 2015. Otherwise, all values represent weighted average of number of shares multiplied by the fair value per share at December 31, 2016 . Fair value per share of Restricted Stock Units on December 31, 2016 was equal to Grant Date fair value per share. |
Liability Award Unit Activity | The following table presents a summary of Liability Awards activity: Unit Options Restricted Units Performance Units Outstanding at January 1, 2016 975,529 661,892 611,272 Granted 27,800 485,171 278,833 Exercised (91,752 ) — — Forfeited (55,680 ) (76,651 ) (39,086 ) Paid — (306,689 ) (235,663 ) Outstanding at December 31, 2016 855,897 763,723 615,356 Vested and expected to vest at December 31, 2016 770,307 687,351 553,820 |
Schedules of statutory net income, capital and surplus and reserve strengthening by subsidiary | Statutory net income (loss) was as follows: Years Ended December 31, Company State of Domicile 2016 2015 2014 (In millions) Metropolitan Life Insurance Company (1) New York $ 3,444 $ 3,703 $ 1,487 American Life Insurance Company Delaware $ 341 $ 335 $ (36 ) Brighthouse Life Insurance Company (2) Delaware $ 1,186 $ (1,022 ) $ 1,543 Metropolitan Property and Casualty Insurance Company Rhode Island $ 171 $ 204 $ 291 Metropolitan Tower Life Insurance Company Delaware $ 8 $ (42 ) $ 51 New England Life Insurance Company (2) Massachusetts $ 109 $ 157 $ 303 General American Life Insurance Company Missouri $ (2 ) $ 204 $ 129 Other Various $ (70 ) $ 20 $ 22 __________________ (1) In December 2016, MLIC transferred all of the issued and outstanding shares of the common stock of each of New England Life Insurance Company (“NELICO”) and General American Life Insurance Company (“GALIC”) to MetLife, Inc., in the form of a non-cash extraordinary dividend. (2) Effective April 28, 2017 in connection with the Separation, MetLife, Inc. contributed all of the issued and outstanding shares of common stock of each of Brighthouse Life Insurance Company (formerly, MetLife Insurance Company USA) (“Brighthouse Insurance”) and NELICO to Brighthouse Holdings, LLC. As a result of the Separation, Brighthouse Insurance and NELICO ceased to be subsidiaries of MetLife, Inc. Statutory capital and surplus was as follows at: December 31, Company 2016 2015 (In millions) Metropolitan Life Insurance Company (1) $ 11,195 $ 14,485 (2 ) American Life Insurance Company $ 5,235 $ 6,115 Brighthouse Life Insurance Company (3) $ 4,374 $ 5,942 Metropolitan Property and Casualty Insurance Company $ 2,271 $ 2,335 Metropolitan Tower Life Insurance Company $ 669 $ 710 New England Life Insurance Company (3) $ 455 $ 632 (2 ) General American Life Insurance Company $ 923 $ 984 (2 ) Other $ 303 $ 417 __________________ (1) In December 2016, MLIC transferred all of the issued and outstanding shares of the common stock of each of NELICO and GALIC to MetLife, Inc. in the form of a non-cash extraordinary dividend. (2) In 2015, NELICO and GALIC’s capital and surplus was included in MLIC’s total as they were subsidiaries of MLIC. (3) Effective April 28, 2017 in connection with the Separation, MetLife, Inc. contributed all of the issued and outstanding shares of common stock of each of Brighthouse Insurance and NELICO to Brighthouse Holdings, LLC. As a result of the Separation, Brighthouse Insurance and NELICO ceased to be subsidiaries of MetLife, Inc. |
Dividend Payment Restrictions | The table below sets forth the dividends permitted to be paid by MetLife, Inc.’s primary insurance subsidiaries prior to the Separation without insurance regulatory approval and dividends paid: 2017 2016 2015 Company Permitted Without Paid (2) Paid (2) (In millions) Metropolitan Life Insurance Company $ 2,723 $ 5,740 (3 ) $ 1,489 American Life Insurance Company $ — $ — $ — Brighthouse Life Insurance Company $ 473 (4 ) $ 261 $ 500 Metropolitan Property and Casualty Insurance Company $ 98 $ 228 $ 235 Metropolitan Tower Life Insurance Company $ 66 $ 60 $ 102 New England Life Insurance Company $ 106 (4 ) $ 295 (5 ) $ 199 (5 ) General American Life Insurance Company $ 91 $ — $ — __________________ (1) Reflects dividend amounts that may be paid during 2017 without prior regulatory approval. However, because dividend tests may be based on dividends previously paid over rolling 12-month periods, if paid before a specified date during 2017, some or all of such dividends may require regulatory approval. See also note (4) below regarding the impact of the Separation on the dividends permitted to be paid by Brighthouse Insurance and NELICO. (2) Reflects all amounts paid, including those requiring regulatory approval. (3) In 2016, MLIC paid an ordinary cash dividend to MetLife, Inc. in the amount of $3.6 billion . In addition, in December 2016, MLIC distributed all of the issued and outstanding shares of common stock of each of NELICO and GALIC to MetLife, Inc. in the form of a non-cash extraordinary dividend in the amount of $981 million and $1.2 billion , respectively, as calculated on a statutory basis. (4) Effective April 28, 2017 in connection with the Separation, MetLife, Inc. contributed all of the issued and outstanding shares of common stock of each of Brighthouse Insurance and NELICO to Brighthouse Holdings, LLC. As a result of the Separation, Brighthouse Insurance and NELICO ceased to be subsidiaries of MetLife, Inc. Accordingly, any dividends paid by Brighthouse Insurance and NELICO following the Separation will be paid to Brighthouse Financial, Inc. or its subsidiaries. MetLife will not receive the proceeds of any such dividends after the Separation. (5) Dividends paid by NELICO in 2015 were paid to its former parent, MLIC. Dividends paid by NELICO in 2016, including a $295 million extraordinary cash dividend, were paid to MetLife, Inc. |
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: 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 at December 31, 2013 $ 8,183 $ 231 $ (1,659 ) $ (1,651 ) $ 5,104 OCI before reclassifications 11,197 669 (1,492 ) (1,150 ) 9,224 Deferred income tax benefit (expense) (3,419 ) (261 ) (208 ) 401 (3,487 ) AOCI before reclassifications, net of income tax 15,961 639 (3,359 ) (2,400 ) 10,841 Amounts reclassified from AOCI (811 ) 717 77 180 163 Deferred income tax benefit (expense) 249 (280 ) (27 ) (63 ) (121 ) Amounts reclassified from AOCI, net of income tax (562 ) 437 50 117 42 Sale of subsidiary (2) (320 ) — 6 — (314 ) Deferred income tax benefit (expense) 80 — — — 80 Sale of subsidiary, net of income tax (240 ) — 6 — (234 ) Balance at December 31, 2014 15,159 1,076 (3,303 ) (2,283 ) 10,649 OCI before reclassifications (7,218 ) (19 ) (1,646 ) 125 (8,758 ) Deferred income tax benefit (expense) 2,519 6 (1 ) (43 ) 2,481 AOCI before reclassifications, net of income tax 10,460 1,063 (4,950 ) (2,201 ) 4,372 Amounts reclassified from AOCI (223 ) 608 — 229 614 Deferred income tax benefit (expense) 78 (213 ) — (80 ) (215 ) Amounts reclassified from AOCI, net of income tax (145 ) 395 — 149 399 Balance at December 31, 2015 10,315 1,458 (4,950 ) (2,052 ) 4,771 OCI before reclassifications 764 344 (476 ) (62 ) 570 Deferred income tax benefit (expense) (325 ) (100 ) 114 24 (287 ) AOCI before reclassifications, net of income tax 10,754 1,702 (5,312 ) (2,090 ) 5,054 Amounts reclassified from AOCI 21 229 — 193 443 Deferred income tax benefit (expense) (9 ) (66 ) — (75 ) (150 ) Amounts reclassified from AOCI, net of income tax 12 163 — 118 293 Balance at December 31, 2016 $ 10,766 $ 1,865 $ (5,312 ) $ (1,972 ) $ 5,347 __________________ (1) See Note 8 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 Statement of Operations and Comprehensive Income (Loss) Locations Years Ended December 31, 2016 2015 2014 (In millions) Net unrealized investment gains (losses): Net unrealized investment gains (losses) $ 78 $ 263 $ 673 Net investment gains (losses) Net unrealized investment gains (losses) 39 35 53 Net investment income Net unrealized investment gains (losses) (37 ) 56 136 Net derivative gains (losses) Net unrealized investment gains (losses) (101 ) (131 ) (51 ) Discontinued operations Net unrealized investment gains (losses), before income tax (21 ) 223 811 Income tax (expense) benefit 9 (78 ) (249 ) Net unrealized investment gains (losses), net of income tax (12 ) 145 562 Unrealized gains (losses) on derivatives - cash flow hedges: Interest rate swaps 56 84 41 Net derivative gains (losses) Interest rate swaps 12 11 8 Net investment income Interest rate swaps 36 2 2 Discontinued operations Interest rate forwards (1 ) 4 (8 ) Net derivative gains (losses) Interest rate forwards 4 3 3 Net investment income Interest rate forwards 1 2 2 Other expenses Interest rate forwards 4 4 2 Discontinued operations Foreign currency swaps (350 ) (720 ) (762 ) Net derivative gains (losses) Foreign currency swaps (2 ) (1 ) (2 ) Net investment income Foreign currency swaps 2 1 2 Other expenses Foreign currency swaps 5 — (6 ) Discontinued operations Credit forwards 3 1 — Net derivative gains (losses) Credit forwards 1 — 1 Net investment income Credit forwards — 1 — Discontinued operations Gains (losses) on cash flow hedges, before income tax (229 ) (608 ) (717 ) Income tax (expense) benefit 66 213 280 Gains (losses) on cash flow hedges, net of income tax (163 ) (395 ) (437 ) Foreign currency translation adjustment — — (77 ) Net investment gains (losses) Income tax (expense) benefit — — 27 Foreign currency translation adjustment, net of income tax — — (50 ) Defined benefit plans adjustment: (1) Amortization of net actuarial gains (losses) (199 ) (231 ) (179 ) Amortization of prior service (costs) credit 6 6 4 Discontinued operations — (4 ) (5 ) Amortization of defined benefit plan items, before income tax (193 ) (229 ) (180 ) Income tax (expense) benefit 75 80 63 Amortization of defined benefit plan items, net of income tax (118 ) (149 ) (117 ) Total reclassifications, net of income tax $ (293 ) $ (399 ) $ (42 ) __________________ (1) These AOCI components are included in the computation of net periodic benefit costs. See Note 18 . |
Other Expenses (Tables)
Other Expenses (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Income and Expenses [Abstract] | |
Other Expenses | Information on other expenses was as follows: Years Ended December 31, 2016 2015 2014 (In millions) Compensation $ 4,742 $ 4,939 $ 4,844 Pension, postretirement and postemployment benefit costs 400 367 426 Commissions 3,537 3,673 4,332 Volume-related costs 503 610 423 Capitalization of DAC (3,152 ) (3,319 ) (3,672 ) Amortization of DAC and VOBA 2,706 3,166 3,029 Amortization of negative VOBA (269 ) (361 ) (442 ) Interest expense on debt 1,157 1,168 1,150 Premium taxes, licenses and fees 686 687 737 Professional services 1,545 1,510 1,441 Rent and related expenses, net of sublease income 364 328 366 Other (1) 1,516 1,985 1,985 Total other expenses $ 13,735 $ 14,753 $ 14,619 __________________ (1) See Note 19 for information on the charge related to income tax for the year ended December 31, 2015. See Note 3 for further information on Separation-related transaction costs. |
Restructuring charges | Years Ended December 31, 2016 2015 2014 Severance Lease and Asset Impairment Total Severance Lease and Asset Impairment Total Severance Lease and Asset Impairment Total (In millions) Balance at January 1, $ 18 $ 4 $ 22 $ 31 $ 6 $ 37 $ 40 $ 6 $ 46 Restructuring charges — 1 1 60 4 64 83 8 91 Cash payments (17 ) (4 ) (21 ) (73 ) (6 ) (79 ) (92 ) (8 ) (100 ) Balance at December 31, $ 1 $ 1 $ 2 $ 18 $ 4 $ 22 $ 31 $ 6 $ 37 Total restructuring charges incurred since inception of initiative $ 383 $ 47 $ 430 $ 383 $ 46 $ 429 $ 323 $ 42 $ 365 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Benefit Plan Obligations, Assets, Funded Status, Accumulated Other Comprehensive Income (Loss) and Accumulated Benefit Obligation | December 31, 2016 2015 Pension Other Postretirement Benefits Pension Other Postretirement Benefits (In millions) Change in benefit obligations: Benefit obligations at January 1, $ 10,293 $ 1,892 $ 10,778 $ 2,116 Service costs 272 9 275 17 Interest costs 423 82 414 89 Plan participants’ contributions — 30 — 28 Net actuarial (gains) losses 362 (115 ) (617 ) (238 ) Acquisition, divestitures, settlements and curtailments (37 ) 18 (4 ) (1 ) Change in benefits (11 ) (43 ) — (10 ) Benefits paid (582 ) (111 ) (521 ) (104 ) Effect of foreign currency translation 21 (3 ) (32 ) (5 ) Benefit obligations at December 31, 10,741 1,759 10,293 1,892 Change in plan assets: Estimated fair value of plan assets at January 1, 8,603 1,382 8,848 1,436 Actual return on plan assets 618 75 (122 ) 4 Acquisition, divestitures and settlements (7 ) (1 ) (3 ) (4 ) Plan participants’ contributions — 30 — 28 Employer contributions 374 13 416 23 Benefits paid (582 ) (111 ) (521 ) (104 ) Effect of foreign currency translation 3 (2 ) (15 ) (1 ) Estimated fair value of plan assets at December 31, 9,009 1,386 8,603 1,382 Over (under) funded status at December 31, $ (1,732 ) $ (373 ) $ (1,690 ) $ (510 ) Amounts recognized on the consolidated balance sheets: Other assets $ 3 $ 1 $ 5 $ 1 Other liabilities (1,735 ) (374 ) (1,695 ) (511 ) Net amount recognized $ (1,732 ) $ (373 ) $ (1,690 ) $ (510 ) AOCI: Net actuarial (gains) losses $ 2,993 $ 89 $ 2,945 $ 222 Prior service costs (credit) (11 ) (49 ) — (14 ) AOCI, before income tax $ 2,982 $ 40 $ 2,945 $ 208 Accumulated benefit obligation $ 10,340 N/A $ 9,870 N/A __________________ (1) Includes nonqualified unfunded plans, for which the aggregate PBO was $1.1 billion and $1.0 billion at December 31, 2016 and 2015 , respectively. |
Benefit Plan Obligations, Assets, Funded Status, Accumulated Other Comprehensive Income (Loss) and Accumulated Benefit Obligation | December 31, 2016 2015 Pension Other Postretirement Benefits Pension Other Postretirement Benefits (In millions) Change in benefit obligations: Benefit obligations at January 1, $ 10,293 $ 1,892 $ 10,778 $ 2,116 Service costs 272 9 275 17 Interest costs 423 82 414 89 Plan participants’ contributions — 30 — 28 Net actuarial (gains) losses 362 (115 ) (617 ) (238 ) Acquisition, divestitures, settlements and curtailments (37 ) 18 (4 ) (1 ) Change in benefits (11 ) (43 ) — (10 ) Benefits paid (582 ) (111 ) (521 ) (104 ) Effect of foreign currency translation 21 (3 ) (32 ) (5 ) Benefit obligations at December 31, 10,741 1,759 10,293 1,892 Change in plan assets: Estimated fair value of plan assets at January 1, 8,603 1,382 8,848 1,436 Actual return on plan assets 618 75 (122 ) 4 Acquisition, divestitures and settlements (7 ) (1 ) (3 ) (4 ) Plan participants’ contributions — 30 — 28 Employer contributions 374 13 416 23 Benefits paid (582 ) (111 ) (521 ) (104 ) Effect of foreign currency translation 3 (2 ) (15 ) (1 ) Estimated fair value of plan assets at December 31, 9,009 1,386 8,603 1,382 Over (under) funded status at December 31, $ (1,732 ) $ (373 ) $ (1,690 ) $ (510 ) Amounts recognized on the consolidated balance sheets: Other assets $ 3 $ 1 $ 5 $ 1 Other liabilities (1,735 ) (374 ) (1,695 ) (511 ) Net amount recognized $ (1,732 ) $ (373 ) $ (1,690 ) $ (510 ) AOCI: Net actuarial (gains) losses $ 2,993 $ 89 $ 2,945 $ 222 Prior service costs (credit) (11 ) (49 ) — (14 ) AOCI, before income tax $ 2,982 $ 40 $ 2,945 $ 208 Accumulated benefit obligation $ 10,340 N/A $ 9,870 N/A __________________ (1) Includes nonqualified unfunded plans, for which the aggregate PBO was $1.1 billion and $1.0 billion at December 31, 2016 and 2015 , respectively. |
Benefit Plan Obligations, Assets, Funded Status, Accumulated Other Comprehensive Income (Loss) and Accumulated Benefit Obligation | December 31, 2016 2015 Pension Other Postretirement Benefits Pension Other Postretirement Benefits (In millions) Change in benefit obligations: Benefit obligations at January 1, $ 10,293 $ 1,892 $ 10,778 $ 2,116 Service costs 272 9 275 17 Interest costs 423 82 414 89 Plan participants’ contributions — 30 — 28 Net actuarial (gains) losses 362 (115 ) (617 ) (238 ) Acquisition, divestitures, settlements and curtailments (37 ) 18 (4 ) (1 ) Change in benefits (11 ) (43 ) — (10 ) Benefits paid (582 ) (111 ) (521 ) (104 ) Effect of foreign currency translation 21 (3 ) (32 ) (5 ) Benefit obligations at December 31, 10,741 1,759 10,293 1,892 Change in plan assets: Estimated fair value of plan assets at January 1, 8,603 1,382 8,848 1,436 Actual return on plan assets 618 75 (122 ) 4 Acquisition, divestitures and settlements (7 ) (1 ) (3 ) (4 ) Plan participants’ contributions — 30 — 28 Employer contributions 374 13 416 23 Benefits paid (582 ) (111 ) (521 ) (104 ) Effect of foreign currency translation 3 (2 ) (15 ) (1 ) Estimated fair value of plan assets at December 31, 9,009 1,386 8,603 1,382 Over (under) funded status at December 31, $ (1,732 ) $ (373 ) $ (1,690 ) $ (510 ) Amounts recognized on the consolidated balance sheets: Other assets $ 3 $ 1 $ 5 $ 1 Other liabilities (1,735 ) (374 ) (1,695 ) (511 ) Net amount recognized $ (1,732 ) $ (373 ) $ (1,690 ) $ (510 ) AOCI: Net actuarial (gains) losses $ 2,993 $ 89 $ 2,945 $ 222 Prior service costs (credit) (11 ) (49 ) — (14 ) AOCI, before income tax $ 2,982 $ 40 $ 2,945 $ 208 Accumulated benefit obligation $ 10,340 N/A $ 9,870 N/A __________________ (1) Includes nonqualified unfunded plans, for which the aggregate PBO was $1.1 billion and $1.0 billion at December 31, 2016 and 2015 , respectively. |
Accumulated benefit obligations in excess of fair value of plan assets | Information for pension plans with PBOs in excess of plan assets and accumulated benefit obligations (“ABO”) in excess of plan assets was as follows at: December 31, 2016 2015 2016 2015 PBO Exceeds Estimated Fair Value of Plan Assets ABO Exceeds Estimated Fair Value of Plan Assets (In millions) Projected benefit obligations $ 10,670 $ 10,224 $ 1,894 $ 2,263 Accumulated benefit obligations $ 10,318 $ 9,839 $ 1,785 $ 2,127 Estimated fair value of plan assets $ 8,979 $ 8,567 $ 228 $ 692 |
Defined benefit plan pension plans with projected benefit obligations in excess of plan assets | Information for pension plans with PBOs in excess of plan assets and accumulated benefit obligations (“ABO”) in excess of plan assets was as follows at: December 31, 2016 2015 2016 2015 PBO Exceeds Estimated Fair Value of Plan Assets ABO Exceeds Estimated Fair Value of Plan Assets (In millions) Projected benefit obligations $ 10,670 $ 10,224 $ 1,894 $ 2,263 Accumulated benefit obligations $ 10,318 $ 9,839 $ 1,785 $ 2,127 Estimated fair value of plan assets $ 8,979 $ 8,567 $ 228 $ 692 |
Net periodic benefit costs and other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) | The components of net periodic benefit costs and other changes in plan assets and benefit obligations recognized in OCI were as follows: Years Ended December 31, 2016 2015 2014 Pension Benefits Other Postretirement Benefits Pension Benefits Other Postretirement Benefits Pension Benefits Other Postretirement Benefits (In millions) Net periodic benefit costs: Service costs $ 272 $ 9 $ 275 $ 17 $ 258 $ 15 Interest costs 423 82 414 89 447 93 Settlement and curtailment costs (1) 2 19 (1 ) 3 5 2 Expected return on plan assets (527 ) (75 ) (534 ) (80 ) (474 ) (76 ) Amortization of net actuarial (gains) losses 189 10 189 42 168 11 Amortization of prior service costs (credit) — (6 ) (1 ) (5 ) — (4 ) Total net periodic benefit costs (credit) 359 39 342 66 404 41 Other changes in plan assets and benefit obligations recognized in OCI: Net actuarial (gains) losses 238 (124 ) 43 (161 ) 960 223 Prior service costs (credit) (11 ) (41 ) — (7 ) (20 ) (13 ) Amortization of net actuarial (gains) losses (189 ) (10 ) (189 ) (42 ) (168 ) (11 ) Amortization of prior service (costs) credit — 6 1 5 — 4 Discontinued operations (1 ) 1 (2 ) (2 ) (2 ) (3 ) Total recognized in OCI 37 (168 ) (147 ) (207 ) 770 200 Total recognized in net periodic benefit costs and OCI $ 396 $ (129 ) $ 195 $ (141 ) $ 1,174 $ 241 __________________ (1) The Company recognized curtailment charges in 2016 on certain postretirement benefit plans in connection with the U.S Retail Advisor Force Divestiture. See Note 3 . The benefit obligations, funded status and net periodic benefit costs related to these pension and other postretirement benefits were comprised of the following: December 31, 2016 December 31, 2015 Pension Benefits Other Postretirement Benefits Pension Benefits Other Postretirement Benefits U.S. Plans Non- U.S. Plans Total U.S. Plans Non- U.S. Plans Total U.S. Plans Non- U.S. Plans Total U.S. Plans Non- U.S. Plans Total (In millions) Benefit obligations $ 9,859 $ 882 $ 10,741 $ 1,734 $ 25 $ 1,759 $ 9,546 $ 747 $ 10,293 $ 1,863 $ 29 $ 1,892 Estimated fair value of plan assets 8,721 288 9,009 1,379 7 1,386 8,342 261 8,603 1,373 9 1,382 Over (under) funded status $ (1,138 ) $ (594 ) $ (1,732 ) $ (355 ) $ (18 ) $ (373 ) $ (1,204 ) $ (486 ) $ (1,690 ) $ (490 ) $ (20 ) $ (510 ) Net periodic benefit costs $ 278 $ 81 $ 359 $ 37 $ 2 $ 39 $ 269 $ 73 $ 342 $ 60 $ 6 $ 66 |
Net periodic benefit costs and other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) | The components of net periodic benefit costs and other changes in plan assets and benefit obligations recognized in OCI were as follows: Years Ended December 31, 2016 2015 2014 Pension Benefits Other Postretirement Benefits Pension Benefits Other Postretirement Benefits Pension Benefits Other Postretirement Benefits (In millions) Net periodic benefit costs: Service costs $ 272 $ 9 $ 275 $ 17 $ 258 $ 15 Interest costs 423 82 414 89 447 93 Settlement and curtailment costs (1) 2 19 (1 ) 3 5 2 Expected return on plan assets (527 ) (75 ) (534 ) (80 ) (474 ) (76 ) Amortization of net actuarial (gains) losses 189 10 189 42 168 11 Amortization of prior service costs (credit) — (6 ) (1 ) (5 ) — (4 ) Total net periodic benefit costs (credit) 359 39 342 66 404 41 Other changes in plan assets and benefit obligations recognized in OCI: Net actuarial (gains) losses 238 (124 ) 43 (161 ) 960 223 Prior service costs (credit) (11 ) (41 ) — (7 ) (20 ) (13 ) Amortization of net actuarial (gains) losses (189 ) (10 ) (189 ) (42 ) (168 ) (11 ) Amortization of prior service (costs) credit — 6 1 5 — 4 Discontinued operations (1 ) 1 (2 ) (2 ) (2 ) (3 ) Total recognized in OCI 37 (168 ) (147 ) (207 ) 770 200 Total recognized in net periodic benefit costs and OCI $ 396 $ (129 ) $ 195 $ (141 ) $ 1,174 $ 241 __________________ (1) The Company recognized curtailment charges in 2016 on certain postretirement benefit plans in connection with the U.S Retail Advisor Force Divestiture. See Note 3 . |
Assumptions used in determining benefit obligations and net periodic benefit costs | Assumptions used in determining benefit obligations for the U.S. plans were as follows: Pension Benefits Other Postretirement Benefits December 31, 2016 Weighted average discount rate 4.30% 4.45% Rate of compensation increase 2.25 % - 8.50% N/A December 31, 2015 Weighted average discount rate 4.50% 4.60% Rate of compensation increase 2.25 % - 8.50% N/A Assumptions used in determining net periodic benefit costs for the U.S. Plans were as follows: Pension Benefits Other Postretirement Benefits Year Ended December 31, 2016 Weighted average discount rate 4.13% 4.37% Weighted average expected rate of return on plan assets 6.00% 5.53% Rate of compensation increase 2.25 % - 8.50% N/A Year Ended December 31, 2015 Weighted average discount rate 4.10% 4.10% Weighted average expected rate of return on plan assets 6.25% 5.70% Rate of compensation increase 2.25 % - 8.50% N/A Year Ended December 31, 2014 Weighted average discount rate 5.15% 5.15% Weighted average expected rate of return on plan assets 6.25% 5.70% Rate of compensation increase 3.50 % - 7.50% N/A |
Assumed healthcare costs trend rates | The assumed healthcare costs trend rates used in measuring the APBO and net periodic benefit costs were as follows: December 31, 2016 2015 Before Age 65 Age 65 and older Before Age 65 Age 65 and older Following year 6.8 % 13.0 % 6.3 % 10.3 % Ultimate rate to which cost increase is assumed to decline 4.0 % 4.3 % 4.2 % 4.6 % Year in which the ultimate trend rate is reached 2077 2092 2086 2091 |
One-percentage point change in assumed healthcare cost trend rates | Assumed healthcare costs trend rates may have a significant effect on the amounts reported for healthcare plans. A 1% change in assumed healthcare costs trend rates would have the following effects on the U.S. Plans as of December 31, 2016 : One Percent One Percent (In millions) Effect on total of service and interest costs components $ 12 $ (10 ) Effect of accumulated postretirement benefit obligations $ 215 $ (177 ) |
Plan Assets | The pension and other postretirement plan assets measured at estimated fair value on a recurring basis and their corresponding placement in the fair value hierarchy are summarized as follows: December 31, 2016 Pension Benefits Other Postretirement Benefits Fair Value Hierarchy Fair Value Hierarchy Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (In millions) Assets Fixed maturity securities: Corporate $ — $ 3,499 $ — $ 3,499 $ 20 $ 306 $ — $ 326 U.S. government bonds 1,656 4 — 1,660 210 1 — 211 Foreign bonds — 862 — 862 — 79 — 79 Federal agencies — 196 — 196 — 27 — 27 Municipals — 313 — 313 — 23 — 23 Short-term investments 118 217 — 335 13 416 — 429 Other (2) — 362 9 371 — 55 — 55 Total fixed maturity securities 1,774 5,453 9 7,236 243 907 — 1,150 Equity securities: Common stock - domestic 474 — — 474 113 — — 113 Common stock - foreign 380 69 — 449 122 — — 122 Total equity securities 854 69 — 923 235 — — 235 Other investments 30 105 637 772 — — — — Derivative assets 16 (3 ) 65 78 1 — — 1 Total assets $ 2,674 $ 5,624 $ 711 $ 9,009 $ 479 $ 907 $ — $ 1,386 December 31, 2015 Pension Benefits Other Postretirement Benefits Fair Value Hierarchy Fair Value Hierarchy Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (In millions) Assets Fixed maturity securities: Corporate $ — $ 2,931 $ 77 $ 3,008 $ 18 $ 281 $ 1 $ 300 U.S. government bonds 962 487 — 1,449 193 12 — 205 Foreign bonds — 752 17 769 — 69 — 69 Federal agencies — 222 — 222 — 34 — 34 Municipals — 298 — 298 — 56 — 56 Short-term investments (1) 10 307 — 317 1 431 — 432 Other (1), (2) 9 398 7 414 — 47 — 47 Total fixed maturity securities 981 5,395 101 6,477 212 930 1 1,143 Equity securities: Common stock - domestic 733 24 — 757 126 — — 126 Common stock - foreign 364 61 — 425 111 — — 111 Total equity securities 1,097 85 — 1,182 237 — — 237 Other investments 32 85 723 840 — — — — Derivative assets 25 3 76 104 2 — — 2 Total assets $ 2,135 $ 5,568 $ 900 $ 8,603 $ 451 $ 930 $ 1 $ 1,382 __________________ (1) The prior year amounts have been reclassified into fixed maturity securities to conform to the current year presentation. (2) Other primarily includes money market securities, mortgage-backed securities, collateralized mortgage obligations and ABS. The table below summarizes the actual weighted average allocation of the estimated fair value of total plan assets by asset class at December 31 for the years indicated and the approved target allocation by major asset class at December 31, 2016 for the Invested Plans: December 31, 2016 2015 U.S. Pension U.S. Other U.S. Pension Benefits U.S. Other Postretirement Benefits (2) Target Actual Target Actual Actual Allocation Actual Allocation Asset Class (1) Fixed maturity securities 82 % 81 % 76 % 76 % 75 % 75 % Equity securities (3) 10 % 11 % 24 % 24 % 15 % 25 % Alternative securities (4) 8 % 8 % — % — % 10 % — % Total assets 100 % 100 % 100 % 100 % __________________ (1) Certain prior year amounts have been reclassified from alternative securities into fixed maturity securities to conform to the current year presentation. (2) U.S. other postretirement benefits do not reflect postretirement life’s plan assets invested in fixed maturity securities. (3) Equity securities percentage includes derivative assets. (4) Alternative securities primarily include hedges, private equity and real estate funds. |
Rollforward fair value measurement using significant unobservable outputs (level 3) | A rollforward of all pension and other postretirement benefit plan assets measured at estimated fair value on a recurring basis using significant unobservable (Level 3) inputs was as follows: Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Pension Benefits Fixed Maturity Securities: Corporate Foreign Bonds Other (1) Other Investments Derivative Assets (In millions) Balance, January 1, 2015 $ 79 $ 17 $ 8 $ 745 $ 73 Realized gains (losses) 1 — — — (11 ) Unrealized gains (losses) (5 ) (1 ) 2 55 (9 ) Purchases, sales, issuances and settlements, net 8 2 (1 ) (77 ) 23 Transfers into and/or out of Level 3 (6 ) (1 ) (2 ) — — Balance, December 31, 2015 $ 77 $ 17 $ 7 $ 723 $ 76 Realized gains (losses) 2 — — — 3 Unrealized gains (losses) 3 (3 ) — 33 (18 ) Purchases, sales, issuances and settlements, net (20 ) (3 ) — (119 ) 6 Transfers into and/or out of Level 3 (62 ) (11 ) 2 — (2 ) Balance, December 31, 2016 $ — $ — $ 9 $ 637 $ 65 __________________ (1) Other includes ABS and collateralized mortgage obligations. |
Defined benefit plan estimated future benefit payments | Gross benefit payments for the next 10 years, which reflect expected future service where appropriate, are expected to be as follows: Pension Benefits Other Postretirement Benefits (In millions) 2017 $ 573 $ 85 2018 $ 589 $ 87 2019 $ 606 $ 92 2020 $ 627 $ 95 2021 $ 642 $ 96 2022-2026 $ 3,498 $ 500 |
Income Tax (Tables)
Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Provision for income tax from continuing operations | The provision for income tax from continuing operations was as follows: Years Ended December 31, 2016 2015 2014 (In millions) Current: Federal $ 520 $ 632 $ 607 State and local 3 10 9 Foreign 628 556 773 Subtotal 1,151 1,198 1,389 Deferred: Federal (867 ) 205 409 State and local — — (1 ) Foreign 382 297 139 Subtotal (485 ) 502 547 Provision for income tax expense (benefit) $ 666 $ 1,700 $ 1,936 |
Income (loss) from continuing operations before income tax expense (benefit) from domestic and foreign operations | The Company’s income (loss) from continuing operations before income tax expense (benefit) from domestic and foreign operations were as follows: Years Ended December 31, 2016 2015 2014 (In millions) Income (loss) from continuing operations: Domestic $ 239 $ 1,981 $ 4,584 Foreign 3,901 3,727 2,299 Total $ 4,140 $ 5,708 $ 6,883 |
Income tax for continuing operations effective rate reconciliation | The reconciliation of the income tax provision at the U.S. statutory rate to the provision for income tax as reported for continuing operations was as follows: Years Ended December 31, 2016 2015 2014 (In millions) Tax provision at U.S. statutory rate $ 1,450 $ 1,997 $ 2,409 Tax effect of: Dividend received deduction (69 ) (71 ) (72 ) Tax-exempt income (86 ) (70 ) (91 ) Prior year tax (1) (13 ) 559 47 Low income housing tax credits (270 ) (221 ) (205 ) Other tax credits (98 ) (67 ) (66 ) Foreign tax rate differential (2), (3), (4) (315 ) (465 ) (118 ) Change in valuation allowance (9 ) 5 (3 ) Goodwill impairment 12 — — Other, net 64 33 35 Provision for income tax expense (benefit) $ 666 $ 1,700 $ 1,936 __________________ (1) As discussed further below, for the year ended December 31, 2015, prior year tax includes a $557 million non-cash charge related to an uncertain tax position. (2) For the year ended December 31, 2016, foreign tax rate differential includes a tax benefit of $110 million in Japan related to a change in tax rate offset by a tax charge of $19 million in Chile related to a change in tax rate. (3) For the year ended December 31, 2015, foreign tax rate differential includes tax benefits of $174 million related to a Japan tax rate change, $61 million related to restructuring in Chile, $57 million related to the repatriation of earnings from Japan, $41 million related to certain non-portfolio net investment gains that were non-taxable and $31 million related to the devaluation of the peso in Argentina. These benefits were partially offset by charges of $88 million related to the impact of foreign exchange on investment gains in Argentina and $36 million as a result of a deferred tax liability true-up in Japan. (4) For the year ended December 31, 2014, foreign tax rate differential includes a tax charge of $54 million related to tax reform in Chile and $45 million related to the repatriation of earnings from Japan, partially offset by a tax benefit of $13 million related to the change in repatriation assumption for foreign earnings of the United Arab Emirates (“UAE”). |
Components of deferred tax assets and liabilities | Deferred income tax represents the tax effect of the differences between the book and tax bases of assets and liabilities. Net deferred income tax assets and liabilities consisted of the following at: December 31, 2016 2015 (In millions) Deferred income tax assets: Policyholder liabilities and receivables $ 1,921 $ 3,148 Net operating loss carryforwards 1,420 1,229 Employee benefits 1,045 1,041 Capital loss carryforwards 9 9 Tax credit carryforwards 1,375 1,081 Litigation-related and government mandated 256 260 Other 743 807 Total gross deferred income tax assets 6,769 7,575 Less: Valuation allowance 161 203 Total net deferred income tax assets 6,608 7,372 Deferred income tax liabilities: Investments, including derivatives 2,949 4,333 Intangibles 1,213 1,212 Net unrealized investment gains 5,414 4,803 DAC 3,619 3,424 Other 187 134 Total deferred income tax liabilities 13,382 13,906 Net deferred income tax asset (liability) $ (6,774 ) $ (6,534 ) |
Summary of net operating loss carryforwards for tax purposes | The following table sets forth the domestic, state, and foreign net operating loss carryforwards and the domestic capital loss carryforwards for tax purposes at December 31, 2016 . Net Operating Loss Carryforwards Capital Loss Carryforwards Domestic State Foreign Domestic (In millions) Expiration: 2017-2021 $ 1 $ 38 $ 86 $ 27 2022-2026 — 59 36 — 2027-2031 76 29 41 — 2032-2036 3,805 2 (6 ) — Indefinite — — 354 — $ 3,882 $ 128 $ 511 $ 27 |
Summary of Tax Credit Carryforwards | The following table sets forth the general business credits, foreign tax credits, and other credit carryforwards for tax purposes at December 31, 2016 . Tax Credit Carryforwards General Business Credits Foreign Tax Credits Other (In millions) Expiration: 2017-2021 $ — $ — $ — 2022-2026 — 573 — 2027-2031 181 — — 2032-2036 662 — — Indefinite — 9 223 $ 843 $ 582 $ 223 |
Reconciliation of unrecognized tax benefits | Interest was as follows: Years Ended December 31, 2016 2015 2014 (In millions) Interest recognized on the consolidated statements of operations (1) $ (41 ) $ 388 $ 27 December 31, 2016 2015 (In millions) Interest included in other liabilities on the consolidated balance sheets (1) $ 623 $ 664 __________________ (1) The significant increase in 2015 is related to the non-cash charge discussed above. A reconciliation of the beginning and ending amount of unrecognized tax benefits was as follows: Years Ended December 31, 2016 2015 2014 (In millions) Balance at January 1, $ 1,259 $ 719 $ 724 Additions for tax positions of prior years (1) 24 574 59 Reductions for tax positions of prior years (112 ) (24 ) (81 ) Additions for tax positions of current year 23 24 21 Reductions for tax positions of current year — — — Settlements with tax authorities (48 ) (34 ) (4 ) Balance at December 31, $ 1,146 $ 1,259 $ 719 Unrecognized tax benefits that, if recognized would impact the effective rate $ 1,112 $ 1,215 $ 641 __________________ (1) The significant increase in 2015 is related to a non-cash charge the Company recorded to net income of $792 million , net of tax. The charge was related to an uncertain tax position and was comprised of a $557 million charge included in provision for income tax expense (benefit) and a $362 million ( $235 million , net of tax) charge included in other expenses. This charge is the result of the Company’s consideration of recent decisions of the U.S. Court of Appeals for the Second Circuit upholding the disallowance of foreign tax credits claimed by other corporate entities not affiliated with the Company. The Company’s action relates to tax years from 2000 to 2009, during which MLIC held non-U.S. investments in support of its life insurance business through a United Kingdom investment subsidiary that was structured as a joint venture at the time. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | The following table presents the weighted average shares used in calculating basic earnings per common share and those used in calculating diluted earnings per common share for each income category presented below: Years Ended December 31, 2016 2015 2014 (In millions, except per share data) Weighted Average Shares: Weighted average common stock outstanding for basic earnings per common share 1,100.5 1,117.8 1,128.7 Incremental common shares from assumed: Stock purchase contracts underlying common equity units (1) — — 2.9 Exercise or issuance of stock-based awards 8.0 10.5 10.9 Weighted average common stock outstanding for diluted earnings per common share 1,108.5 1,128.3 1,142.5 Income (Loss) from Continuing Operations: Income (loss) from continuing operations, net of income tax $ 3,474 $ 4,008 $ 4,947 Less: Income (loss) from continuing operations, net of income tax, attributable to noncontrolling interests 4 12 27 Less: Preferred stock dividends 103 116 122 Preferred stock repurchase premium — 42 — Income (loss) from continuing operations, net of income tax, available to MetLife, Inc.’s common shareholders $ 3,367 $ 3,838 $ 4,798 Basic $ 3.06 $ 3.43 $ 4.25 Diluted $ 3.04 $ 3.40 $ 4.20 Income (Loss) from Discontinued Operations: Income (loss) from discontinued operations, net of income tax $ (2,670 ) $ 1,314 $ 1,389 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 $ (2,670 ) $ 1,314 $ 1,389 Basic $ (2.43 ) $ 1.18 $ 1.23 Diluted $ (2.41 ) $ 1.17 $ 1.22 Net Income (Loss): Net income (loss) $ 804 $ 5,322 $ 6,336 Less: Net income (loss) attributable to noncontrolling interests 4 12 27 Less: Preferred stock dividends 103 116 122 Preferred stock repurchase premium — 42 — Net income (loss) available to MetLife, Inc.’s common shareholders $ 697 $ 5,152 $ 6,187 Basic $ 0.63 $ 4.61 $ 5.48 Diluted $ 0.63 $ 4.57 $ 5.42 __________________ (1) See Note 15 for a description of the Company’s common equity units. |
Contingencies, Commitments an56
Contingencies, Commitments and Guarantees (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments - Leases | The Company, as lessee, has entered into various lease and sublease agreements for office space, information technology, aircrafts, automobiles, and other equipment. Future minimum gross rental payments relating to these lease arrangements are as follows: Amount (In millions) 2017 $ 289 2018 256 2019 219 2020 211 2021 189 Thereafter 996 Total $ 2,160 |
Asbestos Related Claims | |
Loss Contingencies [Line Items] | |
Schedule of Loss Contingencies by Contingency | The approximate total number of asbestos personal injury claims pending against MLIC as of the dates indicated, the approximate number of new claims during the years ended on those dates and the approximate total settlement payments made to resolve asbestos personal injury claims at or during those years are set forth in the following table: December 31, 2016 2015 2014 (In millions, except number of claims) Asbestos personal injury claims at year end 67,223 67,787 68,460 Number of new claims during the year 4,146 3,856 4,636 Settlement payments during the year (1) $ 50.2 $ 56.1 $ 46.0 __________________ (1) Settlement payments represent payments made by MLIC during the year in connection with settlements made in that year and in prior years. Amounts do not include MLIC’s attorneys’ fees and expenses. |
Insurance-related Assessments | |
Loss Contingencies [Line Items] | |
Schedule of Loss Contingencies by Contingency | Assets and liabilities held for insolvency assessments were as follows: December 31, 2016 2015 (In millions) Other Assets: Premium tax offset for future discounted and undiscounted assessments $ 30 $ 31 Premium tax offsets currently available for paid assessments 33 50 Total $ 63 $ 81 Other Liabilities: Insolvency assessments $ 47 $ 47 |
Quarterly Results of Operatio57
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations (Unaudited) | Three Months Ended March 31, June 30, September 30, December 31, (In millions, except per share data) 2016 Total revenues $ 16,097 $ 16,025 $ 15,833 $ 12,635 Total expenses $ 13,780 $ 13,979 $ 14,674 $ 14,017 Income (loss) from continuing operations, net of income tax $ 1,770 $ 1,475 $ 1,024 $ (795 ) Income (loss) from discontinued operations, net of income tax $ 433 $ (1,361 ) $ (451 ) $ (1,291 ) Net income (loss) $ 2,203 $ 114 $ 573 $ (2,086 ) Less: Net income (loss) attributable to noncontrolling interests $ 2 $ 4 $ (4 ) $ 2 Net income (loss) attributable to MetLife, Inc. $ 2,201 $ 110 $ 577 $ (2,088 ) Less: Preferred stock dividends $ 6 $ 46 $ 6 $ 45 Preferred stock repurchase premium $ — $ — $ — $ — Net income (loss) available to MetLife, Inc.’s common shareholders $ 2,195 $ 64 $ 571 $ (2,133 ) Basic earnings per common share Income (loss) from continuing operations, net of income tax, available to MetLife, Inc.’s common shareholders $ 1.60 $ 1.30 $ 0.93 $ (0.77 ) Income (loss) from discontinued operations, net of income tax, attributable to MetLife, Inc. $ 0.39 $ (1.24 ) $ (0.41 ) $ (1.17 ) Net income (loss) attributable to MetLife, Inc. $ 2.00 $ 0.10 $ 0.52 $ (1.90 ) Net income (loss) available to MetLife, Inc.’s common shareholders $ 1.99 $ 0.06 $ 0.52 $ (1.94 ) Diluted earnings per common share (1) Income (loss) from continuing operations, net of income tax, available to MetLife, Inc.’s common shareholders $ 1.59 $ 1.29 $ 0.92 $ (0.77 ) Income (loss) from discontinued operations, net of income tax, attributable to MetLife, Inc. $ 0.39 $ (1.23 ) $ (0.41 ) $ (1.17 ) Net income (loss) attributable to MetLife, Inc. $ 1.99 $ 0.10 $ 0.52 $ (1.90 ) Net income (loss) available to MetLife, Inc.’s common shareholders $ 1.98 $ 0.06 $ 0.51 $ (1.94 ) 2015 Total revenues $ 16,255 $ 14,225 $ 15,864 $ 14,990 Total expenses $ 13,875 $ 13,546 $ 14,079 $ 14,126 Income (loss) from continuing operations, net of income tax $ 1,685 $ 801 $ 897 $ 625 Income (loss) from discontinued operations, net of income tax $ 478 $ 318 $ 301 $ 217 Net income (loss) $ 2,163 $ 1,119 $ 1,198 $ 842 Less: Net income (loss) attributable to noncontrolling interests $ 5 $ 4 $ (5 ) $ 8 Net income (loss) attributable to MetLife, Inc. $ 2,158 $ 1,115 $ 1,203 $ 834 Less: Preferred stock dividends $ 30 $ 31 $ 6 $ 49 Preferred stock repurchase premium $ — $ 42 $ — $ — Net income (loss) available to MetLife, Inc.’s common shareholders $ 2,128 $ 1,042 $ 1,197 $ 785 Basic earnings per common share Income (loss) from continuing operations, net of income tax, available to MetLife, Inc.’s common shareholders $ 1.47 $ 0.65 $ 0.80 $ 0.51 Income (loss) from discontinued operations, net of income tax, attributable to MetLife, Inc. $ 0.42 $ 0.28 $ 0.27 $ 0.20 Net income (loss) attributable to MetLife, Inc. $ 1.92 $ 1.00 $ 1.08 $ 0.75 Net income (loss) available to MetLife, Inc.’s common shareholders $ 1.89 $ 0.93 $ 1.07 $ 0.71 Diluted earnings per common share Income (loss) from continuing operations, net of income tax, available to MetLife, Inc.’s common shareholders $ 1.45 $ 0.64 $ 0.79 $ 0.51 Income (loss) from discontinued operations, net of income tax, attributable to MetLife, Inc. $ 0.42 $ 0.28 $ 0.27 $ 0.19 Net income (loss) attributable to MetLife, Inc. $ 1.90 $ 0.99 $ 1.06 $ 0.74 Net income (loss) available to MetLife, Inc.’s common shareholders $ 1.87 $ 0.92 $ 1.06 $ 0.70 __________________ (1) For the three months ended December 31, 2016 , 9.2 million shares related to the assumed exercise or issuance of stock-based awards have been excluded from the weighted average common shares outstanding - diluted, as to include these assumed shares would be anti-dilutive to net income (loss) available to common shareholders per common share - diluted. |
Business, Basis of Presentati58
Business, Basis of Presentation and Summary of Significant Accounting Policies (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($)Segment | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Number of segments | Segment | 5 | ||
Property, Plant and Equipment [Abstract] | |||
Cost basis of property, equipment and leasehold improvements | $ 2,400 | $ 2,000 | |
Accumulated depreciation and amortization of property, equipment and leasehold improvements | 1,100 | 1,100 | |
Depreciation and amortization expense | 206 | 215 | $ 181 |
Cost basis of computer software | 2,200 | 2,000 | |
Accumulated amortization of computer software | 1,500 | 1,300 | |
Amortization expense related to computer software | $ 208 | $ 212 | $ 209 |
Minimum | |||
Real Estate Held-for-investment And Accumulated Depreciation [Line Items] | |||
Real Estate Held-for-investment And Accumulated Depreciation Life Used For Depreciation | 20 years | ||
Maximum | |||
Real Estate Held-for-investment And Accumulated Depreciation [Line Items] | |||
Real Estate Held-for-investment And Accumulated Depreciation Life Used For Depreciation | 55 years | ||
Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 40 years | ||
Other Capitalized Property Plant and Equipment [Member] | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Other Capitalized Property Plant and Equipment [Member] | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 7 years | ||
Leasehold Improvements [Member] | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 1 year | ||
Leasehold Improvements [Member] | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 25 years | ||
Computer Software, Intangible Asset [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization period | 4 years | ||
VODA and VOCRA [Member] | Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization period | 10 years | ||
VODA and VOCRA [Member] | Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization period | 40 years | ||
Accounting Standards Update 2011-06 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Adoption of the new accounting pronouncement | $ 57 | ||
Accounting Standards Update 2013-11 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Adoption of the new accounting pronouncement | $ 286 |
Business, Basis of Presentati59
Business, Basis of Presentation and Summary of Significant Accounting Policies Discontinued Operations (Details) - shares | Aug. 04, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Common Stock, Shares, Issued | 1,164,029,985 | 1,159,590,766 | |
Subsequent Event [Member] | Brighthouse Financial, INC [Member] | Impact of Separation [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Common Stock, Shares, Issued | 96,776,670 |
Segment Information (Earnings)
Segment Information (Earnings) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues | |||||||||||
Premiums | $ 37,202 | $ 36,403 | $ 36,970 | ||||||||
Universal life and investment-type product policy fees | 5,482 | 5,570 | 5,824 | ||||||||
Net investment income | 16,790 | 16,243 | 18,158 | ||||||||
Other revenues | 1,685 | 1,927 | 1,962 | ||||||||
Net investment gains (losses) | 305 | 646 | 338 | ||||||||
Net derivative gains (losses) | (874) | 545 | 722 | ||||||||
Total revenues | $ 12,635 | $ 15,833 | $ 16,025 | $ 16,097 | $ 14,990 | $ 15,864 | $ 14,225 | $ 16,255 | 60,590 | 61,334 | 63,974 |
Expenses | |||||||||||
Policyholder benefits and claims and policyholder dividends | 37,539 | 36,458 | 36,746 | ||||||||
Interest credited to policyholder account balances | 5,176 | 4,415 | 5,726 | ||||||||
Goodwill impairment | 260 | 0 | 0 | ||||||||
Capitalization of DAC | (3,152) | (3,319) | (3,672) | ||||||||
Amortization of DAC and VOBA | 2,706 | 3,166 | 3,029 | ||||||||
Amortization of negative VOBA | (269) | (361) | (442) | ||||||||
Interest expense on debt | 1,157 | 1,168 | 1,150 | ||||||||
Other expenses | 13,293 | 14,099 | 14,554 | ||||||||
Total expenses | 14,017 | 14,674 | 13,979 | 13,780 | 14,126 | 14,079 | 13,546 | 13,875 | 56,450 | 55,626 | 57,091 |
Provision for income tax expense (benefit) | 666 | 1,700 | 1,936 | ||||||||
Income (loss) from continuing operations, net of income tax | $ (795) | $ 1,024 | $ 1,475 | $ 1,770 | $ 625 | $ 897 | $ 801 | $ 1,685 | 3,474 | 4,008 | 4,947 |
U.S. | |||||||||||
Expenses | |||||||||||
Amortization of DAC and VOBA | 471 | 471 | 458 | ||||||||
Asia | |||||||||||
Expenses | |||||||||||
Amortization of DAC and VOBA | 1,338 | 1,265 | 1,394 | ||||||||
Latin America | |||||||||||
Expenses | |||||||||||
Amortization of DAC and VOBA | 184 | 271 | 313 | ||||||||
EMEA | |||||||||||
Expenses | |||||||||||
Amortization of DAC and VOBA | 408 | 492 | 626 | ||||||||
MetLife Holdings | |||||||||||
Expenses | |||||||||||
Amortization of DAC and VOBA | 424 | 701 | 199 | ||||||||
Corporate & Other | |||||||||||
Expenses | |||||||||||
Amortization of DAC and VOBA | (119) | (34) | 39 | ||||||||
Operating Segments | |||||||||||
Revenues | |||||||||||
Premiums | 37,505 | 36,868 | 37,548 | ||||||||
Universal life and investment-type product policy fees | 5,330 | 5,504 | 5,681 | ||||||||
Net investment income | 16,437 | 16,709 | 17,542 | ||||||||
Other revenues | 1,643 | 1,957 | 2,037 | ||||||||
Net investment gains (losses) | 0 | 0 | 0 | ||||||||
Net derivative gains (losses) | 0 | 0 | 0 | ||||||||
Total revenues | 60,915 | 61,038 | 62,808 | ||||||||
Expenses | |||||||||||
Policyholder benefits and claims and policyholder dividends | 37,834 | 36,751 | 36,768 | ||||||||
Interest credited to policyholder account balances | 4,088 | 4,079 | 4,385 | ||||||||
Capitalization of DAC | (3,151) | (3,439) | (3,786) | ||||||||
Amortization of DAC and VOBA | 3,031 | 3,071 | 3,217 | ||||||||
Amortization of negative VOBA | (222) | (326) | (396) | ||||||||
Interest expense on debt | 1,207 | 1,228 | 1,232 | ||||||||
Other expenses | 12,938 | 13,817 | 14,450 | ||||||||
Total expenses | 55,725 | 55,181 | 55,870 | ||||||||
Provision for income tax expense (benefit) | 1,021 | 1,772 | 1,808 | ||||||||
Operating earnings | 4,169 | 4,085 | 5,130 | ||||||||
Operating Segments | U.S. | |||||||||||
Revenues | |||||||||||
Premiums | 21,501 | 20,861 | 20,243 | ||||||||
Universal life and investment-type product policy fees | 989 | 943 | 909 | ||||||||
Net investment income | 6,206 | 6,209 | 6,111 | ||||||||
Other revenues | 784 | 751 | 721 | ||||||||
Net investment gains (losses) | 0 | 0 | 0 | ||||||||
Net derivative gains (losses) | 0 | 0 | 0 | ||||||||
Total revenues | 29,480 | 28,764 | 27,984 | ||||||||
Expenses | |||||||||||
Policyholder benefits and claims and policyholder dividends | 21,558 | 20,837 | 20,110 | ||||||||
Interest credited to policyholder account balances | 1,302 | 1,216 | 1,168 | ||||||||
Capitalization of DAC | (471) | (493) | (488) | ||||||||
Amortization of DAC and VOBA | 471 | 471 | 458 | ||||||||
Amortization of negative VOBA | 0 | 0 | 0 | ||||||||
Interest expense on debt | 9 | 4 | 12 | ||||||||
Other expenses | 3,706 | 3,685 | 3,550 | ||||||||
Total expenses | 26,575 | 25,720 | 24,810 | ||||||||
Provision for income tax expense (benefit) | 988 | 1,040 | 1,073 | ||||||||
Operating earnings | 1,917 | 2,004 | 2,101 | ||||||||
Operating Segments | Asia | |||||||||||
Revenues | |||||||||||
Premiums | 6,902 | 6,937 | 7,566 | ||||||||
Universal life and investment-type product policy fees | 1,487 | 1,542 | 1,693 | ||||||||
Net investment income | 2,707 | 2,675 | 2,886 | ||||||||
Other revenues | 61 | 105 | 106 | ||||||||
Net investment gains (losses) | 0 | 0 | 0 | ||||||||
Net derivative gains (losses) | 0 | 0 | 0 | ||||||||
Total revenues | 11,157 | 11,259 | 12,251 | ||||||||
Expenses | |||||||||||
Policyholder benefits and claims and policyholder dividends | 5,191 | 5,275 | 5,724 | ||||||||
Interest credited to policyholder account balances | 1,298 | 1,309 | 1,544 | ||||||||
Capitalization of DAC | (1,668) | (1,720) | (1,914) | ||||||||
Amortization of DAC and VOBA | 1,224 | 1,256 | 1,397 | ||||||||
Amortization of negative VOBA | (208) | (309) | (364) | ||||||||
Interest expense on debt | 0 | 0 | 0 | ||||||||
Other expenses | 3,586 | 3,611 | 3,975 | ||||||||
Total expenses | 9,423 | 9,422 | 10,362 | ||||||||
Provision for income tax expense (benefit) | 492 | 457 | 582 | ||||||||
Operating earnings | 1,242 | 1,380 | 1,307 | ||||||||
Operating Segments | Latin America | |||||||||||
Revenues | |||||||||||
Premiums | 2,529 | 2,581 | 2,796 | ||||||||
Universal life and investment-type product policy fees | 1,025 | 1,117 | 1,239 | ||||||||
Net investment income | 1,084 | 1,038 | 1,219 | ||||||||
Other revenues | 34 | 41 | 33 | ||||||||
Net investment gains (losses) | 0 | 0 | 0 | ||||||||
Net derivative gains (losses) | 0 | 0 | 0 | ||||||||
Total revenues | 4,672 | 4,777 | 5,287 | ||||||||
Expenses | |||||||||||
Policyholder benefits and claims and policyholder dividends | 2,443 | 2,408 | 2,615 | ||||||||
Interest credited to policyholder account balances | 328 | 349 | 394 | ||||||||
Capitalization of DAC | (321) | (341) | (377) | ||||||||
Amortization of DAC and VOBA | 184 | 271 | 313 | ||||||||
Amortization of negative VOBA | (1) | (1) | (1) | ||||||||
Interest expense on debt | 2 | 0 | 0 | ||||||||
Other expenses | 1,336 | 1,429 | 1,588 | ||||||||
Total expenses | 3,971 | 4,115 | 4,532 | ||||||||
Provision for income tax expense (benefit) | 158 | 37 | 129 | ||||||||
Operating earnings | 543 | 625 | 626 | ||||||||
Operating Segments | EMEA | |||||||||||
Revenues | |||||||||||
Premiums | 2,027 | 2,036 | 2,309 | ||||||||
Universal life and investment-type product policy fees | 391 | 424 | 466 | ||||||||
Net investment income | 318 | 326 | 428 | ||||||||
Other revenues | 73 | 61 | 60 | ||||||||
Net investment gains (losses) | 0 | 0 | 0 | ||||||||
Net derivative gains (losses) | 0 | 0 | 0 | ||||||||
Total revenues | 2,809 | 2,847 | 3,263 | ||||||||
Expenses | |||||||||||
Policyholder benefits and claims and policyholder dividends | 1,067 | 988 | 1,053 | ||||||||
Interest credited to policyholder account balances | 112 | 120 | 148 | ||||||||
Capitalization of DAC | (403) | (472) | (680) | ||||||||
Amortization of DAC and VOBA | 408 | 497 | 613 | ||||||||
Amortization of negative VOBA | (13) | (16) | (31) | ||||||||
Interest expense on debt | 0 | 0 | 0 | ||||||||
Other expenses | 1,323 | 1,469 | 1,846 | ||||||||
Total expenses | 2,494 | 2,586 | 2,949 | ||||||||
Provision for income tax expense (benefit) | 42 | 21 | 29 | ||||||||
Operating earnings | 273 | 240 | 285 | ||||||||
Operating Segments | MetLife Holdings | |||||||||||
Revenues | |||||||||||
Premiums | 4,506 | 4,545 | 4,545 | ||||||||
Universal life and investment-type product policy fees | 1,436 | 1,482 | 1,374 | ||||||||
Net investment income | 5,944 | 6,201 | 6,409 | ||||||||
Other revenues | 581 | 930 | 1,062 | ||||||||
Net investment gains (losses) | 0 | 0 | 0 | ||||||||
Net derivative gains (losses) | 0 | 0 | 0 | ||||||||
Total revenues | 12,467 | 13,158 | 13,390 | ||||||||
Expenses | |||||||||||
Policyholder benefits and claims and policyholder dividends | 7,534 | 7,357 | 7,217 | ||||||||
Interest credited to policyholder account balances | 1,042 | 1,062 | 1,098 | ||||||||
Capitalization of DAC | (281) | (410) | (326) | ||||||||
Amortization of DAC and VOBA | 736 | 577 | 444 | ||||||||
Amortization of negative VOBA | 0 | 0 | 0 | ||||||||
Interest expense on debt | 57 | 55 | 58 | ||||||||
Other expenses | 2,392 | 2,694 | 2,670 | ||||||||
Total expenses | 11,480 | 11,335 | 11,161 | ||||||||
Provision for income tax expense (benefit) | 288 | 581 | 714 | ||||||||
Operating earnings | 699 | 1,242 | 1,515 | ||||||||
Operating Segments | Corporate & Other | |||||||||||
Revenues | |||||||||||
Premiums | 40 | (92) | 89 | ||||||||
Universal life and investment-type product policy fees | 2 | (4) | 0 | ||||||||
Net investment income | 178 | 260 | 489 | ||||||||
Other revenues | 110 | 69 | 55 | ||||||||
Net investment gains (losses) | 0 | 0 | 0 | ||||||||
Net derivative gains (losses) | 0 | 0 | 0 | ||||||||
Total revenues | 330 | 233 | 633 | ||||||||
Expenses | |||||||||||
Policyholder benefits and claims and policyholder dividends | 41 | (114) | 49 | ||||||||
Interest credited to policyholder account balances | 6 | 23 | 33 | ||||||||
Capitalization of DAC | (7) | (3) | (1) | ||||||||
Amortization of DAC and VOBA | 8 | (1) | (8) | ||||||||
Amortization of negative VOBA | 0 | 0 | 0 | ||||||||
Interest expense on debt | 1,139 | 1,169 | 1,162 | ||||||||
Other expenses | 595 | 929 | 821 | ||||||||
Total expenses | 1,782 | 2,003 | 2,056 | ||||||||
Provision for income tax expense (benefit) | (947) | (364) | (719) | ||||||||
Operating earnings | (505) | (1,406) | (704) | ||||||||
Significant Reconciling Items | |||||||||||
Revenues | |||||||||||
Premiums | (303) | (465) | (578) | ||||||||
Universal life and investment-type product policy fees | 152 | 66 | 143 | ||||||||
Net investment income | 353 | (466) | 616 | ||||||||
Other revenues | 42 | (30) | (75) | ||||||||
Net investment gains (losses) | 305 | 646 | 338 | ||||||||
Net derivative gains (losses) | (874) | 545 | 722 | ||||||||
Total revenues | (325) | 296 | 1,166 | ||||||||
Expenses | |||||||||||
Policyholder benefits and claims and policyholder dividends | (295) | (293) | (22) | ||||||||
Interest credited to policyholder account balances | 1,088 | 336 | 1,341 | ||||||||
Capitalization of DAC | (1) | 120 | 114 | ||||||||
Amortization of DAC and VOBA | (325) | 95 | (188) | ||||||||
Amortization of negative VOBA | (47) | (35) | (46) | ||||||||
Interest expense on debt | (50) | (60) | (82) | ||||||||
Other expenses | 355 | 282 | 104 | ||||||||
Total expenses | 725 | 445 | 1,221 | ||||||||
Provision for income tax expense (benefit) | $ (355) | $ (72) | $ 128 |
Segment Information (Total Asse
Segment Information (Total Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 898,764 | $ 877,933 |
Separate account assets | 195,578 | 187,152 |
Separate account liabilities | 195,578 | 187,152 |
U.S. | ||
Segment Reporting Information [Line Items] | ||
Total assets | 253,683 | 237,858 |
Separate account assets | 85,950 | 79,540 |
Separate account liabilities | 85,950 | 79,540 |
Asia | ||
Segment Reporting Information [Line Items] | ||
Total assets | 120,656 | 113,895 |
Separate account assets | 8,020 | 8,964 |
Separate account liabilities | 8,020 | 8,964 |
Latin America | ||
Segment Reporting Information [Line Items] | ||
Total assets | 67,233 | 64,808 |
Separate account assets | 48,455 | 46,061 |
Separate account liabilities | 48,455 | 46,061 |
EMEA | ||
Segment Reporting Information [Line Items] | ||
Total assets | 25,596 | 26,767 |
Separate account assets | 4,329 | 3,996 |
Separate account liabilities | 4,329 | 3,996 |
MetLife Holdings | ||
Segment Reporting Information [Line Items] | ||
Total assets | 184,276 | 187,677 |
Separate account assets | 48,823 | 48,590 |
Separate account liabilities | 48,823 | 48,590 |
Corporate & Other | ||
Segment Reporting Information [Line Items] | ||
Total assets | 247,320 | 246,928 |
Separate account assets | 1 | 1 |
Separate account liabilities | $ 1 | $ 1 |
Segment Information (Premiums,
Segment Information (Premiums, Universal Life and Investment-Type Policy Fees and Other Revenues by Major Product Groups) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||
Total premiums, universal life and investment-type product policy fees and other revenues | $ 44,369 | $ 43,900 | $ 44,756 |
Life insurance (1) | |||
Segment Reporting Information [Line Items] | |||
Total premiums, universal life and investment-type product policy fees and other revenues | 20,436 | 20,847 | 21,409 |
Accident & health insurance | |||
Segment Reporting Information [Line Items] | |||
Total premiums, universal life and investment-type product policy fees and other revenues | 14,127 | 13,109 | 13,427 |
Annuities | |||
Segment Reporting Information [Line Items] | |||
Total premiums, universal life and investment-type product policy fees and other revenues | 5,552 | 5,730 | 5,756 |
Property & casualty insurance | |||
Segment Reporting Information [Line Items] | |||
Total premiums, universal life and investment-type product policy fees and other revenues | 3,560 | 3,504 | 3,524 |
Non-insurance | |||
Segment Reporting Information [Line Items] | |||
Total premiums, universal life and investment-type product policy fees and other revenues | $ 694 | $ 710 | $ 640 |
Segment Information (Premiums63
Segment Information (Premiums, Universal Life and Investment-Type Policy Fees and Other Revenues by US and Foreign Operations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||
Total premiums, universal life and investment-type product policy fees and other revenues | $ 44,369 | $ 43,900 | $ 44,756 |
U.S. | |||
Segment Reporting Information [Line Items] | |||
Total premiums, universal life and investment-type product policy fees and other revenues | 29,166 | 29,094 | 28,249 |
Japan | |||
Segment Reporting Information [Line Items] | |||
Total premiums, universal life and investment-type product policy fees and other revenues | 7,088 | 6,264 | 6,917 |
Other Foreign | |||
Segment Reporting Information [Line Items] | |||
Total premiums, universal life and investment-type product policy fees and other revenues | $ 8,115 | $ 8,542 | $ 9,590 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2016USD ($)Segment | Dec. 31, 2015USD ($) | |
Segment Reporting [Abstract] | ||
Number of segments | Segment | 5 | |
Segment Reporting Information [Line Items] | ||
Total assets | $ 898,764 | $ 877,933 |
Percent of total assets from Japan operations | 10.00% | 10.00% |
Assets of disposed subsidiary | $ 216,983 | $ 216,437 |
Japan | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 98,000 | $ 90,000 |
Assets, Total | Geographic Concentration Risk | Japan | ||
Segment Reporting Information [Line Items] | ||
Percent of total assets from Japan operations | 11.00% | 10.00% |
Brighthouse Financial, INC [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets of disposed subsidiary | $ 216,983 | $ 216,437 |
Acquisitions and Dispositions S
Acquisitions and Dispositions Separation of Brighthouse (Details) - USD ($) $ in Millions | Aug. 04, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Common Stock, Shares, Issued | 1,164,029,985 | 1,159,590,766 | ||||
Common Stock, Shares Authorized | 3,000,000,000 | 3,000,000,000 | ||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | $ (2,670) | $ 1,314 | $ 1,389 | |||
Net investment gains (losses) | 305 | 646 | 338 | |||
Brighthouse Financial, INC [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Disposal Group, Including Discontinued Operation, Operating Expense | 7,221 | 6,855 | 7,423 | |||
Goodwill impairment | Brighthouse Financial, INC [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Disposal Group, Including Discontinued Operation, Operating Expense | $ 260 | 260 | $ 0 | $ 0 | ||
Goodwill, Impairment Loss, Net of Tax | $ 223 | |||||
Impact of Separation [Member] | Brighthouse Financial, INC [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Discontinued Operation, Separation Costs | $ 212 | |||||
Impact of Separation [Member] | Subsequent Event [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 | $ (1,347) | |||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | (1,061) | |||||
Impact of Separation [Member] | Subsequent Event [Member] | Brighthouse Financial, INC [Member] | ||||||
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 | |||||
BHFCommonStock | 80.80% | |||||
Common Stock, Shares, Owned by MetLife, INC. | 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 | |||||
Net investment gains (losses) | (1,016) | |||||
Gain (Loss) in equity investment value | $ (45) |
Acquisitions and Dispositions66
Acquisitions and Dispositions Discontinued Operations - Income Statement (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Income (loss) from discontinued operations, net of income tax | $ (1,291) | $ (451) | $ (1,361) | $ 433 | $ 217 | $ 301 | $ 318 | $ 478 | $ (2,670) | $ 1,314 | $ 1,389 | |
Brighthouse Financial, INC [Member] | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Disposal Group, Including Discontinued Operation, Revenue | 2,886 | 8,618 | 9,343 | |||||||||
Disposal Group, Including Discontinued Operation, Other Income | 74 | 58 | 68 | |||||||||
Disposal Group, Including Discontinued Operation, Other Expense | 1,333 | 2,016 | 2,474 | |||||||||
Disposal Group, Including Discontinued Operation, Operating Expense | 7,221 | 6,855 | 7,423 | |||||||||
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | (4,335) | 1,763 | 1,920 | |||||||||
Discontinued Operation, Tax Effect of Discontinued Operation | (1,665) | 449 | 528 | |||||||||
Income (loss) from discontinued operations, net of income tax | (2,670) | 1,314 | 1,392 | |||||||||
Brighthouse Financial, INC [Member] | Premiums | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Disposal Group, Including Discontinued Operation, Revenue | 1,951 | 2,142 | 2,098 | |||||||||
Brighthouse Financial, INC [Member] | Universal life and investment-type product policy fees | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Disposal Group, Including Discontinued Operation, Revenue | 3,724 | 3,936 | 4,122 | |||||||||
Brighthouse Financial, INC [Member] | Net investment income | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Disposal Group, Including Discontinued Operation, Revenue | 3,157 | 3,038 | 2,996 | |||||||||
Brighthouse Financial, INC [Member] | Total net investment gains (losses) | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Disposal Group, Including Discontinued Operation, Revenue | (134) | (49) | (535) | |||||||||
Brighthouse Financial, INC [Member] | Net derivative gains (losses) | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Disposal Group, Including Discontinued Operation, Revenue | (5,886) | (507) | 594 | |||||||||
Brighthouse Financial, INC [Member] | Policyholder benefits and claims | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Disposal Group, Including Discontinued Operation, Operating Expense | 4,487 | 3,612 | 3,709 | |||||||||
Brighthouse Financial, INC [Member] | Interest credited to policyholder account balances | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Disposal Group, Including Discontinued Operation, Operating Expense | 1,107 | 1,195 | 1,217 | |||||||||
Brighthouse Financial, INC [Member] | Policyholder dividend expense | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Disposal Group, Including Discontinued Operation, Operating Expense | 34 | 32 | 23 | |||||||||
Brighthouse Financial, INC [Member] | Goodwill impairment | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Disposal Group, Including Discontinued Operation, Operating Expense | $ 260 | $ 260 | $ 0 | $ 0 |
Acquisitions and Dispositions67
Acquisitions and Dispositions Discontinued Operations - Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Assets of disposed subsidiary | $ 216,983 | $ 216,437 | ||
Cash and Cash Equivalents | 5,226 | 1,570 | $ 1,603 | $ 1,097 |
Liabilities of disposed subsidiary | 202,707 | 204,374 | ||
Brighthouse Financial, INC [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Assets of disposed subsidiary | 216,983 | 216,437 | ||
Cash and Cash Equivalents | 5,226 | 1,570 | ||
Disposal Group, Including Discontinued Operation, Goodwill | 0 | 260 | ||
Other Assets | 709 | 889 | ||
Liabilities of disposed subsidiary | 202,707 | 204,374 | ||
Disposal Group, Including Discontinued Operation, Deferred Tax Liabilities, Current | 2,594 | 4,058 | ||
Disposal Group, Including Discontinued Operation, Other Liabilities, Current | 5,119 | 3,270 | ||
Fixed maturity securities | Brighthouse Financial, INC [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Assets of disposed subsidiary | 61,326 | 63,619 | ||
Equity securities | Brighthouse Financial, INC [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Assets of disposed subsidiary | 300 | 457 | ||
Mortgage Loans | Brighthouse Financial, INC [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Assets of disposed subsidiary | 9,378 | 7,524 | ||
Policy loans | Brighthouse Financial, INC [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Assets of disposed subsidiary | 1,517 | 1,692 | ||
Real estate and real estate joint ventures | Brighthouse Financial, INC [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Assets of disposed subsidiary | 150 | 595 | ||
Other limited partnership interests | Brighthouse Financial, INC [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Assets of disposed subsidiary | 1,642 | 1,850 | ||
Short-term Investments | Brighthouse Financial, INC [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Assets of disposed subsidiary | 1,288 | 1,832 | ||
Other invested assets | Brighthouse Financial, INC [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Assets of disposed subsidiary | 3,881 | 4,917 | ||
Investments | Brighthouse Financial, INC [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Assets of disposed subsidiary | 79,482 | 82,486 | ||
Accrued investment income | Brighthouse Financial, INC [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Cash and Cash Equivalents | 680 | 598 | ||
Premiums, reinsurance and other receivables | Brighthouse Financial, INC [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Assets of disposed subsidiary | 10,636 | 9,476 | ||
Deferred policy acquisition costs and value of business acquired | Brighthouse Financial, INC [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Assets of disposed subsidiary | 7,207 | 6,711 | ||
Separate Accounts | Brighthouse Financial, INC [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Assets of disposed subsidiary | 113,043 | 114,447 | ||
Future policy benefits | Brighthouse Financial, INC [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Liabilities of disposed subsidiary | 33,270 | 30,612 | ||
Policyholder Account Balances | Brighthouse Financial, INC [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Liabilities of disposed subsidiary | 37,066 | 37,093 | ||
Other Policy-Related Balances | Brighthouse Financial, INC [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Liabilities of disposed subsidiary | 1,356 | 1,362 | ||
Policyholder dividends payable | Brighthouse Financial, INC [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Liabilities of disposed subsidiary | 12 | 11 | ||
Payables for collateral under securities loaned and other transactions | Brighthouse Financial, INC [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Liabilities of disposed subsidiary | 7,390 | 10,637 | ||
Long-term Debt | Brighthouse Financial, INC [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Liabilities of disposed subsidiary | 60 | 87 | ||
Secured Debt | Brighthouse Financial, INC [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Liabilities of disposed subsidiary | 2,797 | 2,797 | ||
Separate account liabilities | Brighthouse Financial, INC [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Liabilities of disposed subsidiary | $ 113,043 | $ 114,447 |
Acquisitions and Dispositions68
Acquisitions and Dispositions Discontinued Operations - Cash Flows (Details) - Brighthouse Financial, INC [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Cash Provided by (Used in) Operating Activities, Discontinued Operations | $ 3,697 | $ 4,559 | $ 5,534 |
Cash Provided by (Used in) Investing Activities, Discontinued Operations | $ 4,674 | $ (7,042) | $ (708) |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Dispositions - Narrative) (Details) ¥ in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Jul. 31, 2016USD ($) | Dec. 31, 2015JPY (¥) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Non-investment portfolio gains (losses) | $ (100) | $ (4) | $ (155) | ||||||||||
Goodwill Disposition | 42 | 10 | |||||||||||
Net investment gains (losses) | 305 | 646 | 338 | ||||||||||
Net income (loss) | $ (2,086) | $ 573 | $ 114 | $ 2,203 | $ 842 | $ 1,198 | $ 1,119 | $ 2,163 | 804 | 5,322 | 6,336 | ||
MetLife Assurance Limited | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Net consideration | $ 702 | 702 | ¥ 418 | ||||||||||
Non-investment portfolio gains (losses) | (633) | $ (77) | |||||||||||
Non-investment portfolio gains (losses), net of tax | (442) | ||||||||||||
Goodwill Disposition | 60 | ||||||||||||
Goodwill Disposition, net of tax | 51 | ||||||||||||
Net investment gains (losses) | (77) | ||||||||||||
Disposal Group, Including Discontinued Operation, Operating Income (Loss) | 77 | ||||||||||||
MetLife U.S. Retail Advisor Force | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Net consideration | $ 291 | ||||||||||||
Gain on Disposition of Business | 103 | ||||||||||||
Gain on Disposition of Business, Net of Tax | 58 | ||||||||||||
Accumulated Other Comprehensive Income (Loss) Foreign Currency Translation Adjustments | MetLife Assurance Limited | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Net investment gains (losses) | $ (77) | (77) | |||||||||||
Net income (loss) | $ (50) |
Acquisitions and Dispositions T
Acquisitions and Dispositions Transactions Prior to Separation (Details) - USD ($) $ in Millions | 1 Months Ended | ||
Apr. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | |||
Secured Debt | $ 1,274 | $ 1,342 | |
Subsequent Event [Member] | Brighthouse Financial, INC [Member] | |||
Debt Instrument [Line Items] | |||
Payments of Distributions to Affiliates | $ 590 | ||
Subsequent Event [Member] | Brighthouse Financial, INC [Member] | MetLife Reinsurance Company Of South Carolina | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Invested Assets On Deposit Held In Trust And Pledged As Collateral | 2,800 | ||
Secured Debt | 2,800 | ||
Committed Credit Facility Five [Member] | Brighthouse Financial, INC [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 3,500 | ||
Secured Debt | 2,797 | ||
Committed Credit Facility Five [Member] | Subsequent Event [Member] | Brighthouse Financial, INC [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 3,500 | ||
Committed Credit Facility Seven [Member] | Brighthouse Financial, INC [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 4,250 | ||
Secured Debt | $ 0 | ||
Committed Credit Facility Seven [Member] | Subsequent Event [Member] | Brighthouse Financial, INC [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 4,300 |
Insurance (Insurance Liabilitie
Insurance (Insurance Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Insurance Liabilities [Line Items] | ||
Insurance liabilities comprised of future policy benefits, policyholder account balances and other policy-related balances | $ 352,899 | $ 339,787 |
U.S. | ||
Insurance Liabilities [Line Items] | ||
Insurance liabilities comprised of future policy benefits, policyholder account balances and other policy-related balances | 128,745 | 123,060 |
Asia | ||
Insurance Liabilities [Line Items] | ||
Insurance liabilities comprised of future policy benefits, policyholder account balances and other policy-related balances | 89,422 | 83,510 |
Latin America | ||
Insurance Liabilities [Line Items] | ||
Insurance liabilities comprised of future policy benefits, policyholder account balances and other policy-related balances | 14,760 | 14,022 |
EMEA | ||
Insurance Liabilities [Line Items] | ||
Insurance liabilities comprised of future policy benefits, policyholder account balances and other policy-related balances | 18,075 | 19,009 |
MetLife Holdings | ||
Insurance Liabilities [Line Items] | ||
Insurance liabilities comprised of future policy benefits, policyholder account balances and other policy-related balances | 105,017 | 102,853 |
Corporate & Other | ||
Insurance Liabilities [Line Items] | ||
Insurance liabilities comprised of future policy benefits, policyholder account balances and other policy-related balances | $ (3,120) | $ (2,667) |
Insurance (Liabilities for Guar
Insurance (Liabilities for Guarantees) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Balance at January 1, | $ 3,920 | $ 3,769 | $ 3,967 |
Incurred guaranteed benefits | 496 | 191 | (146) |
Paid guaranteed benefits | (44) | (40) | (52) |
Balance at December 31, | 4,372 | 3,920 | 3,769 |
Variable Annuity Guarantees: | Guaranteed Minimum Death Benefit | |||
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Balance at January 1, | 364 | 307 | 268 |
Incurred guaranteed benefits | 102 | 68 | 74 |
Paid guaranteed benefits | (15) | (11) | (35) |
Balance at December 31, | 451 | 364 | 307 |
Variable Annuity Guarantees: | Guaranteed Minimum Income Benefit | |||
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Balance at January 1, | 524 | 463 | 521 |
Incurred guaranteed benefits | 78 | 62 | (58) |
Paid guaranteed benefits | (1) | (1) | 0 |
Balance at December 31, | 601 | 524 | 463 |
Universal and Variable Life Contracts | Secondary Guarantees | |||
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Balance at January 1, | 2,726 | 2,711 | 2,912 |
Incurred guaranteed benefits | 291 | 43 | (184) |
Paid guaranteed benefits | (28) | (28) | (17) |
Balance at December 31, | 2,989 | 2,726 | 2,711 |
Universal and Variable Life Contracts | Secondary Guarantees | Foreign Currency Translation | |||
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Incurred guaranteed benefits | 119 | (80) | (343) |
Universal and Variable Life Contracts | Paid-Up Guarantees | |||
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Balance at January 1, | 306 | 288 | 266 |
Incurred guaranteed benefits | 25 | 18 | 22 |
Paid guaranteed benefits | 0 | 0 | 0 |
Balance at December 31, | 331 | 306 | 288 |
Ceded | |||
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Balance at January 1, | 457 | 417 | 387 |
Incurred guaranteed benefits | (11) | 43 | 33 |
Paid guaranteed benefits | 5 | (3) | (3) |
Balance at December 31, | 451 | 457 | 417 |
Ceded | Secondary Guarantees | |||
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Balance at January 1, | 218 | 187 | 168 |
Incurred guaranteed benefits | (27) | 31 | 19 |
Paid guaranteed benefits | 0 | 0 | 0 |
Balance at December 31, | 191 | 218 | 187 |
Ceded | Paid-Up Guarantees | |||
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Balance at January 1, | 214 | 201 | 186 |
Incurred guaranteed benefits | 17 | 13 | 15 |
Paid guaranteed benefits | 0 | 0 | 0 |
Balance at December 31, | 231 | 214 | 201 |
Ceded | Guaranteed Minimum Death Benefit | |||
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Balance at January 1, | 19 | 23 | 26 |
Incurred guaranteed benefits | 0 | (1) | 0 |
Paid guaranteed benefits | 5 | (3) | (3) |
Balance at December 31, | 24 | 19 | 23 |
Ceded | Guaranteed Minimum Income Benefit | |||
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Balance at January 1, | 6 | 6 | 7 |
Incurred guaranteed benefits | (1) | 0 | (1) |
Paid guaranteed benefits | 0 | 0 | 0 |
Balance at December 31, | 5 | 6 | 6 |
Net | |||
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Balance at January 1, | 3,463 | 3,352 | 3,580 |
Incurred guaranteed benefits | 507 | 148 | (179) |
Paid guaranteed benefits | (49) | (37) | (49) |
Balance at December 31, | 3,921 | 3,463 | 3,352 |
Net | Secondary Guarantees | |||
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Balance at January 1, | 2,508 | 2,524 | 2,744 |
Incurred guaranteed benefits | 318 | 12 | (203) |
Paid guaranteed benefits | (28) | (28) | (17) |
Balance at December 31, | 2,798 | 2,508 | 2,524 |
Net | Paid-Up Guarantees | |||
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Balance at January 1, | 92 | 87 | 80 |
Incurred guaranteed benefits | 8 | 5 | 7 |
Paid guaranteed benefits | 0 | 0 | 0 |
Balance at December 31, | 100 | 92 | 87 |
Net | Guaranteed Minimum Death Benefit | |||
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Balance at January 1, | 345 | 284 | 242 |
Incurred guaranteed benefits | 102 | 69 | 74 |
Paid guaranteed benefits | (20) | (8) | (32) |
Balance at December 31, | 427 | 345 | 284 |
Net | Guaranteed Minimum Income Benefit | |||
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Balance at January 1, | 518 | 457 | 514 |
Incurred guaranteed benefits | 79 | 62 | (57) |
Paid guaranteed benefits | (1) | (1) | 0 |
Balance at December 31, | $ 596 | $ 518 | $ 457 |
Insurance (Guarantees Related t
Insurance (Guarantees Related to Annuity Contracts) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Variable Annuity Guarantees: | Guaranteed Death Benefits | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Total account value | $ 66,176 | $ 67,425 |
Separate account value | 43,359 | 43,209 |
Net amount at risk | $ 1,842 | $ 1,932 |
Average attained age of contractholders | 64 years | 64 years |
Variable Annuity Guarantees: | Guaranteed Annuitization Benefits | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Total account value | $ 25,335 | $ 25,365 |
Separate account value | 23,330 | 23,446 |
Net amount at risk | $ 521 | $ 384 |
Average attained age of contractholders | 65 years | 64 years |
Other Annuity Guarantees: | Guaranteed Annuitization Benefits | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Total account value | $ 1,393 | $ 1,560 |
Net amount at risk | $ 490 | $ 422 |
Average attained age of contractholders | 50 years | 51 years |
Insurance (Guarantees Related74
Insurance (Guarantees Related to Universal and Variable Life Contracts) (Details) - Universal and Variable Life Contracts - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Secondary Guarantees | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Total account value (3) | $ 8,363 | $ 8,097 |
Net amount at risk (7) | $ 70,225 | $ 72,310 |
Average attained age of policyholders | 55 years | 54 years |
Paid-Up Guarantees | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Total account value (3) | $ 3,337 | $ 3,461 |
Net amount at risk (7) | $ 17,785 | $ 19,047 |
Average attained age of policyholders | 62 years | 62 years |
Insurance (Fund Groupings) (Det
Insurance (Fund Groupings) (Details) - Variable Annuity and Variable Life - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Fund Groupings | $ 53,966 | $ 54,283 |
Equity | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Fund Groupings | 23,649 | 23,563 |
Balanced | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Fund Groupings | 23,620 | 24,338 |
Bond | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Fund Groupings | 6,169 | 6,033 |
Money Market | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Fund Groupings | $ 528 | $ 349 |
Insurance (Obligations Under Fu
Insurance (Obligations Under Funding Agreements - FHLB Common Stock) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Federal Home Loan Bank of New York | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Federal Home Loan Bank Stock | $ 748 | $ 666 |
Federal Home Loan Bank of Des Moines | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Federal Home Loan Bank Stock | 35 | 40 |
Federal Home Loan Bank of Pittsburgh | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Federal Home Loan Bank Stock | $ 11 | $ 11 |
Insurance (Obligations Under 77
Insurance (Obligations Under Funding Agreements - Liability and Collateral) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Fixed and Floating Rate Funding Agreements by Type [Line Items] | ||
Outstanding funding agreements to certain SPEs | $ 30,800 | $ 29,500 |
Invested Assets Pledged As Collateral | 23,882 | 20,345 |
Funding agreements - Federal Agricultural Mortgage Corporation | ||
Fixed and Floating Rate Funding Agreements by Type [Line Items] | ||
Outstanding funding agreements to certain SPEs | 2,550 | 2,550 |
Invested Assets Pledged As Collateral | 2,645 | 2,643 |
Federal Home Loan Bank of New York | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Federal Home Loan Bank amount of advances by branch for funding agreements | 14,445 | 12,570 |
Collateral pledged relating to obligations under funding agreements | 16,828 | 14,085 |
Federal Home Loan Bank of Des Moines | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Federal Home Loan Bank amount of advances by branch for funding agreements | 625 | 750 |
Collateral pledged relating to obligations under funding agreements | 811 | 851 |
Federal Home Loan Bank of Pittsburgh | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Federal Home Loan Bank amount of advances by branch for funding agreements | 250 | 250 |
Collateral pledged relating to obligations under funding agreements | $ 383 | $ 322 |
Insurance (Liabilities for Unpa
Insurance (Liabilities for Unpaid Claims and Claims Expense) (Details) $ in Millions | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Dec. 31, 2011USD ($) | Dec. 31, 2010USD ($) | Dec. 31, 2009USD ($) | Dec. 31, 2008USD ($) | Dec. 31, 2007USD ($) |
Claims Development [Line Items] | ||||||||||
Total unpaid claims and claim adjustment expenses, net of reinsurance | $ 11,931 | |||||||||
Group Life - Term | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 40,636 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | 38,879 | |||||||||
All outstanding liabilities for incurral years not separately stated, net of reinsurance | 12 | |||||||||
Total unpaid claims and claim adjustment expenses, net of reinsurance | 1,769 | |||||||||
Group Life - Term | Short-duration Insurance Contracts, Incurral Year 2011 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 6,295 | $ 6,287 | $ 6,269 | $ 6,293 | $ 6,290 | $ 6,318 | ||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 3 | |||||||||
Cumulative Number of Reported Claims | 207,139 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 6,290 | 6,281 | 6,256 | 6,239 | 6,194 | 4,982 | ||||
Group Life - Term | Short-duration Insurance Contracts, Incurral Year 2012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 6,568 | 6,546 | 6,569 | 6,579 | 6,503 | |||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 3 | |||||||||
Cumulative Number of Reported Claims | 208,441 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 6,558 | 6,532 | 6,518 | 6,472 | 5,132 | |||||
Group Life - Term | Short-duration Insurance Contracts, Incurral Year 2013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 6,720 | 6,719 | 6,713 | 6,637 | ||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 8 | |||||||||
Cumulative Number of Reported Claims | 210,597 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 6,678 | 6,664 | 6,614 | 5,216 | ||||||
Group Life - Term | Short-duration Insurance Contracts, Incurral Year 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 6,913 | 6,919 | 6,986 | |||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 13 | |||||||||
Cumulative Number of Reported Claims | 210,347 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 6,858 | 6,809 | 5,428 | |||||||
Group Life - Term | Short-duration Insurance Contracts, Incurral Year 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 7,015 | 7,040 | ||||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 27 | |||||||||
Cumulative Number of Reported Claims | 210,838 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 6,913 | 5,524 | ||||||||
Group Life - Term | Short-duration Insurance Contracts, Incurral Year 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 7,125 | |||||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 825 | |||||||||
Cumulative Number of Reported Claims | 184,085 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 5,582 | |||||||||
Group Life - Term | Asia | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 1,207 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | 795 | |||||||||
All outstanding liabilities for incurral years not separately stated, net of reinsurance | 41 | |||||||||
Total unpaid claims and claim adjustment expenses, net of reinsurance | 453 | |||||||||
Group Life - Term | Asia | Short-duration Insurance Contracts, Incurral Year 2010 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 125 | 96 | 99 | 99 | 77 | 72 | $ 76 | |||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 20 | |||||||||
Cumulative Number of Reported Claims | 2,717 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 106 | 82 | 73 | 60 | 49 | 37 | 19 | |||
Group Life - Term | Asia | Short-duration Insurance Contracts, Incurral Year 2011 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 115 | 87 | 82 | 82 | 62 | 72 | ||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 21 | |||||||||
Cumulative Number of Reported Claims | 1,863 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 94 | 75 | 62 | 50 | 37 | 12 | ||||
Group Life - Term | Asia | Short-duration Insurance Contracts, Incurral Year 2012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 110 | 109 | 95 | 96 | 91 | |||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 11 | |||||||||
Cumulative Number of Reported Claims | 2,014 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 99 | 91 | 79 | 60 | 28 | |||||
Group Life - Term | Asia | Short-duration Insurance Contracts, Incurral Year 2013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 156 | 161 | 139 | 137 | ||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 30 | |||||||||
Cumulative Number of Reported Claims | 2,379 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 126 | 112 | 92 | 41 | ||||||
Group Life - Term | Asia | Short-duration Insurance Contracts, Incurral Year 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 240 | 259 | 274 | |||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 70 | |||||||||
Cumulative Number of Reported Claims | 3,173 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 167 | 133 | 64 | |||||||
Group Life - Term | Asia | Short-duration Insurance Contracts, Incurral Year 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 248 | 258 | ||||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 102 | |||||||||
Cumulative Number of Reported Claims | 2,667 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 142 | 75 | ||||||||
Group Life - Term | Asia | Short-duration Insurance Contracts, Incurral Year 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 213 | |||||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 151 | |||||||||
Cumulative Number of Reported Claims | 1,441 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 61 | |||||||||
Group Long-Term Disability | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 6,321 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | 2,277 | |||||||||
All outstanding liabilities for incurral years not separately stated, net of reinsurance | 2,933 | |||||||||
Total unpaid claims and claim adjustment expenses, net of reinsurance | 6,977 | |||||||||
Group Long-Term Disability | Short-duration Insurance Contracts, Incurral Year 2011 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 923 | 924 | 914 | 894 | 916 | 955 | ||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | |||||||||
Cumulative Number of Reported Claims | 21,187 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 537 | 478 | 411 | 337 | 217 | 44 | ||||
Group Long-Term Disability | Short-duration Insurance Contracts, Incurral Year 2012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 1,034 | 1,014 | 980 | 979 | 966 | |||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | |||||||||
Cumulative Number of Reported Claims | 19,502 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 524 | 453 | 365 | 229 | 43 | |||||
Group Long-Term Disability | Short-duration Insurance Contracts, Incurral Year 2013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 1,049 | 1,032 | 1,027 | 1,008 | ||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | |||||||||
Cumulative Number of Reported Claims | 20,547 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 475 | 382 | 234 | 43 | ||||||
Group Long-Term Disability | Short-duration Insurance Contracts, Incurral Year 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 1,079 | 1,077 | 1,076 | |||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 6 | |||||||||
Cumulative Number of Reported Claims | 22,233 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 428 | 266 | 51 | |||||||
Group Long-Term Disability | Short-duration Insurance Contracts, Incurral Year 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 1,105 | 1,082 | ||||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 29 | |||||||||
Cumulative Number of Reported Claims | 18,172 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 264 | 50 | ||||||||
Group Long-Term Disability | Short-duration Insurance Contracts, Incurral Year 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 1,131 | |||||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 534 | |||||||||
Cumulative Number of Reported Claims | 8,960 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 49 | |||||||||
Property & Casualty - Auto | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 8,686 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | 7,509 | |||||||||
All outstanding liabilities for incurral years not separately stated, net of reinsurance | 28 | |||||||||
Total unpaid claims and claim adjustment expenses, net of reinsurance | 1,205 | |||||||||
Property & Casualty - Auto | Short-duration Insurance Contracts, Incurral Year 2007 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 780 | 780 | 780 | 781 | 784 | 786 | 804 | $ 825 | $ 840 | $ 861 |
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | |||||||||
Cumulative Number of Reported Claims | 207,285 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 779 | 778 | 777 | 773 | 765 | 751 | 715 | 649 | 535 | 299 |
Property & Casualty - Auto | Short-duration Insurance Contracts, Incurral Year 2008 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 790 | 791 | 793 | 794 | 799 | 805 | 828 | 839 | 818 | |
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | |||||||||
Cumulative Number of Reported Claims | 200,514 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 788 | 787 | 785 | 778 | 764 | 725 | 657 | 553 | 304 | |
Property & Casualty - Auto | Short-duration Insurance Contracts, Incurral Year 2009 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 815 | 815 | 817 | 823 | 826 | 853 | 877 | 862 | ||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 1 | |||||||||
Cumulative Number of Reported Claims | 201,577 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 813 | 810 | 803 | 789 | 755 | 681 | 563 | 321 | ||
Property & Casualty - Auto | Short-duration Insurance Contracts, Incurral Year 2010 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 825 | 826 | 833 | 847 | 853 | 873 | 863 | |||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 3 | |||||||||
Cumulative Number of Reported Claims | 202,094 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 816 | 810 | 796 | 762 | 695 | 572 | 319 | |||
Property & Casualty - Auto | Short-duration Insurance Contracts, Incurral Year 2011 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 843 | 846 | 855 | 869 | 876 | 863 | ||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 3 | |||||||||
Cumulative Number of Reported Claims | 202,494 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 825 | 810 | 777 | 711 | 590 | 324 | ||||
Property & Casualty - Auto | Short-duration Insurance Contracts, Incurral Year 2012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 846 | 851 | 869 | 881 | 882 | |||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 6 | |||||||||
Cumulative Number of Reported Claims | 196,900 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 815 | 783 | 715 | 600 | 333 | |||||
Property & Casualty - Auto | Short-duration Insurance Contracts, Incurral Year 2013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 878 | 882 | 900 | 911 | ||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 10 | |||||||||
Cumulative Number of Reported Claims | 201,192 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 809 | 743 | 618 | 346 | ||||||
Property & Casualty - Auto | Short-duration Insurance Contracts, Incurral Year 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 913 | 910 | 897 | |||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 25 | |||||||||
Cumulative Number of Reported Claims | 203,233 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 777 | 648 | 352 | |||||||
Property & Casualty - Auto | Short-duration Insurance Contracts, Incurral Year 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 984 | 975 | ||||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 66 | |||||||||
Cumulative Number of Reported Claims | 206,368 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 691 | 384 | ||||||||
Property & Casualty - Auto | Short-duration Insurance Contracts, Incurral Year 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 1,012 | |||||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 160 | |||||||||
Cumulative Number of Reported Claims | 192,197 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 396 | |||||||||
Property & Casualty - Home | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 6,437 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | 6,210 | |||||||||
All outstanding liabilities for incurral years not separately stated, net of reinsurance | 2 | |||||||||
Total unpaid claims and claim adjustment expenses, net of reinsurance | 229 | |||||||||
Property & Casualty - Home | Short-duration Insurance Contracts, Incurral Year 2007 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 412 | 412 | 414 | 414 | 414 | 415 | 421 | 423 | 436 | 445 |
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | |||||||||
Cumulative Number of Reported Claims | 86,408 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 412 | 412 | 412 | 411 | 409 | 408 | 405 | 399 | 385 | $ 303 |
Property & Casualty - Home | Short-duration Insurance Contracts, Incurral Year 2008 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 585 | 586 | 588 | 589 | 588 | 590 | 599 | 636 | 644 | |
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | |||||||||
Cumulative Number of Reported Claims | 127,474 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 584 | 584 | 584 | 583 | 582 | 579 | 574 | 558 | 446 | |
Property & Casualty - Home | Short-duration Insurance Contracts, Incurral Year 2009 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 497 | 498 | 501 | 503 | 507 | 510 | 523 | 506 | ||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | |||||||||
Cumulative Number of Reported Claims | 106,614 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 496 | 496 | 495 | 495 | 492 | 486 | 476 | 385 | ||
Property & Casualty - Home | Short-duration Insurance Contracts, Incurral Year 2010 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 580 | 581 | 582 | 584 | 587 | 589 | 573 | |||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 2 | |||||||||
Cumulative Number of Reported Claims | 115,495 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 578 | 577 | 574 | 571 | 562 | 546 | 436 | |||
Property & Casualty - Home | Short-duration Insurance Contracts, Incurral Year 2011 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 835 | 835 | 840 | 843 | 868 | 891 | ||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 2 | |||||||||
Cumulative Number of Reported Claims | 166,443 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 830 | 827 | 825 | 819 | 804 | 690 | ||||
Property & Casualty - Home | Short-duration Insurance Contracts, Incurral Year 2012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 696 | 698 | 703 | 713 | 714 | |||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 4 | |||||||||
Cumulative Number of Reported Claims | 146,512 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 689 | 687 | 681 | 668 | 559 | |||||
Property & Casualty - Home | Short-duration Insurance Contracts, Incurral Year 2013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 635 | 635 | 652 | 654 | ||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 5 | |||||||||
Cumulative Number of Reported Claims | 107,469 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 626 | 618 | 604 | 505 | ||||||
Property & Casualty - Home | Short-duration Insurance Contracts, Incurral Year 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 704 | 702 | 707 | |||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 8 | |||||||||
Cumulative Number of Reported Claims | 113,448 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 685 | 670 | 574 | |||||||
Property & Casualty - Home | Short-duration Insurance Contracts, Incurral Year 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 753 | 759 | ||||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 18 | |||||||||
Cumulative Number of Reported Claims | 106,650 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 717 | 603 | ||||||||
Property & Casualty - Home | Short-duration Insurance Contracts, Incurral Year 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 740 | |||||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 60 | |||||||||
Cumulative Number of Reported Claims | 98,986 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 593 | |||||||||
Protection Life | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 2,802 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | 2,500 | |||||||||
All outstanding liabilities for incurral years not separately stated, net of reinsurance | 39 | |||||||||
Total unpaid claims and claim adjustment expenses, net of reinsurance | 341 | |||||||||
Protection Life | Short-duration Insurance Contracts, Incurral Year 2008 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 274 | 274 | 273 | 273 | 273 | 273 | 271 | 267 | 201 | |
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | |||||||||
Cumulative Number of Reported Claims | 32,175 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 268 | 268 | 268 | 268 | 268 | 267 | 266 | 262 | 198 | |
Protection Life | Short-duration Insurance Contracts, Incurral Year 2009 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 314 | 314 | 314 | 314 | 314 | 312 | 308 | 228 | ||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | |||||||||
Cumulative Number of Reported Claims | 32,470 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 306 | 306 | 306 | 306 | 306 | 305 | 300 | 226 | ||
Protection Life | Short-duration Insurance Contracts, Incurral Year 2010 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 330 | 330 | 330 | 330 | 329 | 322 | 250 | |||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | |||||||||
Cumulative Number of Reported Claims | 33,001 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 309 | 309 | 308 | 308 | 307 | 301 | 230 | |||
Protection Life | Short-duration Insurance Contracts, Incurral Year 2011 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 232 | 232 | 231 | 230 | 224 | 323 | ||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | |||||||||
Cumulative Number of Reported Claims | 27,667 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 227 | 226 | 226 | 225 | 219 | 144 | ||||
Protection Life | Short-duration Insurance Contracts, Incurral Year 2012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 218 | 217 | 215 | 210 | 155 | |||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | |||||||||
Cumulative Number of Reported Claims | 28,088 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 214 | 213 | 212 | 207 | 153 | |||||
Protection Life | Short-duration Insurance Contracts, Incurral Year 2013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 248 | 247 | 240 | 172 | ||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 1 | |||||||||
Cumulative Number of Reported Claims | 32,048 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 239 | 238 | 233 | 168 | ||||||
Protection Life | Short-duration Insurance Contracts, Incurral Year 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 380 | 369 | 245 | |||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 3 | |||||||||
Cumulative Number of Reported Claims | 40,661 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 331 | 326 | 220 | |||||||
Protection Life | Short-duration Insurance Contracts, Incurral Year 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 456 | 320 | ||||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 15 | |||||||||
Cumulative Number of Reported Claims | 45,852 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 368 | 263 | ||||||||
Protection Life | Short-duration Insurance Contracts, Incurral Year 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 350 | |||||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 163 | |||||||||
Cumulative Number of Reported Claims | 28,762 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 238 | |||||||||
Protection Health | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 1,933 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | 1,915 | |||||||||
All outstanding liabilities for incurral years not separately stated, net of reinsurance | 51 | |||||||||
Total unpaid claims and claim adjustment expenses, net of reinsurance | 69 | |||||||||
Protection Health | Short-duration Insurance Contracts, Incurral Year 2008 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 145 | 145 | 145 | 145 | 144 | 144 | 144 | 142 | 127 | |
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | |||||||||
Cumulative Number of Reported Claims | 91,276 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 145 | 145 | 145 | 145 | 144 | 144 | 144 | 142 | $ 127 | |
Protection Health | Short-duration Insurance Contracts, Incurral Year 2009 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 166 | 166 | 166 | 166 | 165 | 165 | 163 | 146 | ||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 4 | |||||||||
Cumulative Number of Reported Claims | 92,466 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 166 | 166 | 166 | 166 | 165 | 165 | 163 | $ 146 | ||
Protection Health | Short-duration Insurance Contracts, Incurral Year 2010 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 194 | 194 | 194 | 194 | 193 | 192 | 172 | |||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | |||||||||
Cumulative Number of Reported Claims | 96,316 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 194 | 194 | 194 | 194 | 193 | 192 | $ 172 | |||
Protection Health | Short-duration Insurance Contracts, Incurral Year 2011 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 232 | 232 | 232 | 231 | 229 | 192 | ||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | |||||||||
Cumulative Number of Reported Claims | 105,917 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 232 | 232 | 232 | 231 | 229 | $ 206 | ||||
Protection Health | Short-duration Insurance Contracts, Incurral Year 2012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 227 | 226 | 226 | 224 | 199 | |||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 3 | |||||||||
Cumulative Number of Reported Claims | 99,446 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 227 | 226 | 226 | 224 | $ 199 | |||||
Protection Health | Short-duration Insurance Contracts, Incurral Year 2013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 246 | 245 | 244 | 216 | ||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 30 | |||||||||
Cumulative Number of Reported Claims | 103,077 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 246 | 245 | 244 | $ 216 | ||||||
Protection Health | Short-duration Insurance Contracts, Incurral Year 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 251 | 249 | 224 | |||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 24 | |||||||||
Cumulative Number of Reported Claims | 96,075 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 249 | 247 | $ 222 | |||||||
Protection Health | Short-duration Insurance Contracts, Incurral Year 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 219 | 192 | ||||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 71 | |||||||||
Cumulative Number of Reported Claims | 84,206 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 219 | $ 192 | ||||||||
Protection Health | Short-duration Insurance Contracts, Incurral Year 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 253 | |||||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 825 | |||||||||
Cumulative Number of Reported Claims | 89,884 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 237 |
Insurance (Short-Duration Contr
Insurance (Short-Duration Contracts Historical Claims) (Details) | Dec. 31, 2016 |
Group Life - Term | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 78.40% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 20.00% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 0.70% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 0.20% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 0.40% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Six | 0.20% |
Group Life - Term | Asia | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 23.20% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 25.70% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 13.20% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 9.70% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 9.50% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Six | 11.80% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven | 18.80% |
Group Long-Term Disability | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 4.40% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 18.90% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 13.80% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 8.40% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 7.10% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Six | 6.30% |
Property & Casualty - Auto | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 38.90% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 31.10% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 14.20% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 8.20% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 4.20% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Six | 1.70% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven | 0.90% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight | 0.40% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine | 0.20% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten | 0.10% |
Property & Casualty - Home | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 78.70% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 16.60% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 2.40% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 1.10% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 0.50% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Six | 0.30% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven | 0.20% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight | 0.20% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine | 0.00% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten | 0.00% |
Protection Life | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 66.40% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 25.40% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 1.90% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 0.40% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 0.20% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Six | 0.10% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven | 0.00% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight | 0.00% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine | 0.00% |
Protection Health | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 88.80% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 10.70% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 0.70% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 0.30% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 0.20% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Six | 0.10% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven | 0.10% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight | 0.00% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine | 0.10% |
Insurance (Reconciliation of Di
Insurance (Reconciliation of Disclosure to Liability) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net | $ 11,931 | |||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 591 | |||
Total unpaid claims and allocated claims adjustment expense | 12,522 | |||
Unallocated claims adjustment expenses | 103 | |||
Discounting | (1,319) | |||
Liability for Claims and Claims Adjustment Expense | 16,151 | $ 9,669 | $ 9,525 | $ 9,280 |
Non-US | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net | 410 | |||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 3 | |||
U.S. | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net | 10,180 | |||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 179 | |||
Group Life - Term | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net | 1,769 | |||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 21 | |||
Group Life - Term | Asia | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net | 453 | |||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 216 | |||
Group Long-Term Disability | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net | 6,977 | |||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 74 | |||
Discounting | 1,300 | $ 1,300 | ||
Property & Casualty - Auto | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net | 1,205 | |||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 80 | |||
Property & Casualty - Home | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net | 229 | |||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 4 | |||
Protection Life | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net | 341 | |||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 1 | |||
Protection Health | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net | 69 | |||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 2 | |||
Other insurance lines - all segments combined | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net | 888 | |||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 193 | |||
Short Duration Insurance Product | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Liability for Claims and Claims Adjustment Expense | 11,306 | |||
Long Duration Insurance Product Line | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Liability for Claims and Claims Adjustment Expense | $ 4,845 |
Insurance (Rollfoward of Unpaid
Insurance (Rollfoward of Unpaid Claims) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Balance at January 1, | $ 9,669 | $ 9,525 | $ 9,280 |
Less: Reinsurance recoverables | 476 | 454 | 406 |
Net balance at January 1, | 14,090 | 9,071 | 8,874 |
Incurred related to: | |||
Current year | 24,360 | 9,533 | 9,355 |
Prior years | 384 | (78) | (73) |
Total incurred | 24,744 | 9,455 | 9,282 |
Paid related to: | |||
Current year | (16,658) | (6,759) | (6,714) |
Prior years | (7,251) | (2,574) | (2,371) |
Total paid | (23,909) | (9,333) | (9,085) |
Net balance at December 31, | 14,925 | 14,090 | 9,071 |
Add: Reinsurance recoverables | 1,226 | 476 | 454 |
Balance at December 31, | 16,151 | 9,669 | 9,525 |
Scenario, Previously Reported | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Net balance at January 1, | 9,193 | 9,071 | 8,874 |
Paid related to: | |||
Net balance at December 31, | 9,193 | 9,071 | |
Cumulative adjustment | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Net balance at January 1, | $ 4,897 | 0 | 0 |
Paid related to: | |||
Net balance at December 31, | $ 4,897 | $ 0 |
Insurance (Insurance Liabilit82
Insurance (Insurance Liabilities Assumptions and Ratios - Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Liability for Future Policy Benefits and Policyholder Account Balances [Abstract] | |||
Participating business as a percentage of gross life insurance policies in-force | 4.00% | 4.00% | |
Participating business as a percentage of the gross life insurance premiums | 16.00% | 17.00% | 17.00% |
Domestic Business | Minimum | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Interest rate assumptions for the aggregate future policy benefit liabilities for individual and group traditional fixed annuities after annuitization | 2.00% | ||
Interest rate assumptions for the aggregate future policy benefit liabilities for non-medical health insurance | 4.00% | ||
Interest rate assumptions for the aggregate future policy benefit liabilities for disabled lives | 2.00% | ||
Interest rate range credited to policyholder account balances | 1.00% | ||
Domestic Business | Maximum | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Interest rate assumptions for the aggregate future policy benefit liabilities for individual and group traditional fixed annuities after annuitization | 11.00% | ||
Interest rate assumptions for the aggregate future policy benefit liabilities for non-medical health insurance | 7.00% | ||
Interest rate assumptions for the aggregate future policy benefit liabilities for disabled lives | 8.00% | ||
Interest rate range credited to policyholder account balances | 13.00% | ||
Domestic Business | Participating Life Insurance Policies | Minimum | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Interest rate assumptions for the aggregate future policy benefit liabilities for traditional life insurance policies | 3.00% | ||
Domestic Business | Participating Life Insurance Policies | Maximum | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Interest rate assumptions for the aggregate future policy benefit liabilities for traditional life insurance policies | 7.00% | ||
Domestic Business | Nonparticipating Life Insurance Policies | Minimum | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Interest rate assumptions for the aggregate future policy benefit liabilities for traditional life insurance policies | 2.00% | ||
Domestic Business | Nonparticipating Life Insurance Policies | Maximum | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Interest rate assumptions for the aggregate future policy benefit liabilities for traditional life insurance policies | 11.00% | ||
International Business | Minimum | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Interest rate assumptions for the aggregate future policy benefit liabilities for individual and group traditional fixed annuities after annuitization | 1.00% | ||
Interest rate assumptions for the aggregate future policy benefit liabilities for disabled lives | 1.00% | ||
Interest rate range credited to policyholder account balances | 1.00% | ||
International Business | Maximum | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Interest rate assumptions for the aggregate future policy benefit liabilities for individual and group traditional fixed annuities after annuitization | 12.00% | ||
Interest rate assumptions for the aggregate future policy benefit liabilities for disabled lives | 9.00% | ||
Interest rate range credited to policyholder account balances | 15.00% | ||
International Business | Participating Life Insurance Policies | Minimum | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Interest rate assumptions for the aggregate future policy benefit liabilities for traditional life insurance policies | 1.00% | ||
International Business | Participating Life Insurance Policies | Maximum | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Interest rate assumptions for the aggregate future policy benefit liabilities for traditional life insurance policies | 11.00% | ||
International Business | Nonparticipating Life Insurance Policies | Minimum | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Interest rate assumptions for the aggregate future policy benefit liabilities for traditional life insurance policies | 1.00% | ||
International Business | Nonparticipating Life Insurance Policies | Maximum | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Interest rate assumptions for the aggregate future policy benefit liabilities for traditional life insurance policies | 13.00% |
Insurance (Obligations Under 83
Insurance (Obligations Under Funding Agreements - Narrative) (Details) - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Insurance [Abstract] | |||
Funding agreements issued to certain SPEs | $ 39.7 | $ 35.1 | $ 36.7 |
Funding agreements repaid to certain SPEs | 38.5 | 35.5 | $ 31.7 |
Outstanding funding agreements to certain SPEs | $ 30.8 | $ 29.5 |
Insurance (Liabilities for Un84
Insurance (Liabilities for Unpaid Claims - Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Short-duration Insurance Contracts, Discounted Liabilities, Aggregate Discount | $ (1,319) | ||
Group Long-Term Disability | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Short-Duration Contracts, Discounted Liabilities, Amount | 5,800 | $ 5,500 | |
Short-duration Insurance Contracts, Discounted Liabilities, Aggregate Discount | 1,300 | 1,300 | |
Short-duration Insurance Contracts, Discounted Liabilities, Interest Accretion | $ 565 | 517 | $ 481 |
Group Long-Term Disability | Minimum | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Short-Duration Contracts, Discounted Liabilities, Discount Rate | 3.00% | ||
Group Long-Term Disability | Maximum | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Short-Duration Contracts, Discounted Liabilities, Discount Rate | 8.00% | ||
Group Life - Term | Asia | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Short-Duration Contracts, Discounted Liabilities, Amount | $ 627 | 619 | |
Short-duration Insurance Contracts, Discounted Liabilities, Aggregate Discount | 42 | 41 | |
Short-duration Insurance Contracts, Discounted Liabilities, Interest Accretion | $ 22 | $ 20 | $ 16 |
Group Life - Term | Minimum | Asia | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Short-Duration Contracts, Discounted Liabilities, Discount Rate | 3.00% | ||
Group Life - Term | Maximum | Asia | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Short-Duration Contracts, Discounted Liabilities, Discount Rate | 7.00% |
Insurance (Separate Accounts -
Insurance (Separate Accounts - Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule Separate Accounts [Line Items] | |||
Separate account assets | $ 195,578,000,000 | $ 187,152,000,000 | |
Gain (losses) on transfers of assets from the general account to the separate accounts | $ 0 | $ 0 | $ 0 |
Participating Policies as Percentage of Gross Insurance in Force | 4.00% | 4.00% | |
Funding Agreements and Participating Close Out Contracts Included in Separate Accounts with a Guaranteed Minimum Return or Account Value | |||
Schedule Separate Accounts [Line Items] | |||
Average interest rate credited on separate accounts with a guaranteed minimum return or account value | 2.35% | 2.37% | |
Pass Through Separate Accounts | |||
Schedule Separate Accounts [Line Items] | |||
Separate account assets | $ 134,500,000,000 | $ 130,400,000,000 | |
Separate Accounts With Minimum Return Or Account Value | |||
Schedule Separate Accounts [Line Items] | |||
Separate account assets | $ 61,100,000,000 | $ 56,800,000,000 |
Deferred Policy Acquisition C86
Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles (DAC and VOBA) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Deferred Policy Acquisition Costs and Value of Business Acquired [Abstract] | |||
Beginning Balance of DAC | $ 13,464 | $ 13,003 | $ 13,218 |
Capitalizations of DAC | 3,152 | 3,319 | 3,672 |
Net investment gains (losses) of DAC and net derivative gains (losses) of DAC | 229 | (129) | 156 |
Other expenses of DAC | (2,555) | (2,590) | (2,605) |
Total amortization of DAC | (2,326) | (2,719) | (2,449) |
Unrealized investment gains (losses) of DAC | (171) | 443 | (609) |
Effect of foreign currency translation and other of DAC | (289) | (582) | (829) |
Ending Balance of DAC | 13,830 | 13,464 | 13,003 |
Beginning Balance of VOBA | 3,954 | 4,696 | 6,000 |
Net investment gains (losses) of VOBA and net derivative gains (losses) of VOBA | (3) | (1) | 0 |
Other expenses of VOBA | (377) | (446) | (580) |
Total amortization of VOBA | (380) | (447) | (580) |
Unrealized investment gains (losses) of VOBA | 8 | 5 | 3 |
Effect of foreign currency translation and other of VOBA | 178 | (300) | (727) |
Ending Balance of VOBA | 3,760 | 3,954 | 4,696 |
Balance at December 31, | $ 17,590 | $ 17,418 | $ 17,699 |
Deferred Policy Acquisition C87
Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles (DAC and VOBA by Segment) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | |||
DAC and VOBA | $ 17,590 | $ 17,418 | $ 17,699 |
U.S. | |||
Segment Reporting Information [Line Items] | |||
DAC and VOBA | 616 | 615 | 593 |
Asia | |||
Segment Reporting Information [Line Items] | |||
DAC and VOBA | 8,707 | 8,374 | 8,217 |
Latin America | |||
Segment Reporting Information [Line Items] | |||
DAC and VOBA | 1,808 | 1,753 | 1,987 |
EMEA | |||
Segment Reporting Information [Line Items] | |||
DAC and VOBA | 1,472 | 1,532 | 1,709 |
MetLife Holdings | |||
Segment Reporting Information [Line Items] | |||
DAC and VOBA | 5,246 | 5,436 | 5,387 |
Corporate & Other | |||
Segment Reporting Information [Line Items] | |||
DAC and VOBA | $ (259) | $ (292) | $ (194) |
Deferred Policy Acquisition C88
Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles (Deferred Sales Inducements) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
DSI: | |||
Balance at January 1, | $ 242 | $ 224 | $ 257 |
Capitalization | 22 | 28 | 51 |
Amortization | (23) | (30) | (46) |
Unrealized investment gains (losses) | 0 | 20 | (36) |
Effect of foreign currency translation | 0 | 0 | (2) |
Balance at December 31, | $ 241 | $ 242 | $ 224 |
Deferred Policy Acquisition C89
Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles (VODA and VOCRA) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Insurance [Abstract] | |||
Balance at January 1, | $ 583 | $ 692 | $ 801 |
Amortization | (57) | (56) | (63) |
Effect of foreign currency translation | (17) | (53) | (46) |
Balance at December 31, | 509 | 583 | 692 |
Accumulated amortization | $ 294 | $ 237 | $ 181 |
Deferred Policy Acquisition C90
Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles (Negative VOBA) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Finite Lived Intangible Liabilities | |||
Balance at January 1, | $ 1,193 | $ 1,596 | $ 2,162 |
Amortization of negative VOBA | (269) | (361) | (442) |
Effect of foreign currency translation and other | 11 | (42) | (124) |
Balance at December 31, | 935 | 1,193 | 1,596 |
Accumulated amortization | $ 3,034 | $ 2,765 | $ 2,404 |
Deferred Policy Acquisition C91
Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles (Estimated Future Amortization) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Estimated future amortization expense allocated to other expenses for VOBA [Abstract] | |
VOBA 2,017 | $ 325 |
VOBA 2,018 | 294 |
VOBA 2,019 | 270 |
VOBA 2,020 | 243 |
VOBA 2,021 | 216 |
Value of Distribution Agreements and Customer Relationships Acquired [Abstract] | |
VODA and VOCRA 2017 | 50 |
VODA and VOCRA 2018 | 47 |
VODA and VOCRA 2019 | 43 |
VODA and VOCRA 2020 | 39 |
VODA and VOCRA 2021 | 36 |
Negative Value of Business Acquired [Abstract] | |
Negative VOBA 2017 | (131) |
Negative VOBA 2018 | (55) |
Negative VOBA 2019 | (38) |
Negative VOBA 2020 | (39) |
Negative VOBA 2021 | $ (38) |
Reinsurance (Effects of Reinsur
Reinsurance (Effects of Reinsurance on Earnings) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Premiums: | |||
Direct premiums | $ 37,975 | $ 37,044 | $ 37,614 |
Reinsurance assumed | 1,363 | 1,382 | 1,433 |
Reinsurance ceded | (2,136) | (2,023) | (2,077) |
Net premiums | 37,202 | 36,403 | 36,970 |
Universal life and investment-type product policy fees: | |||
Direct universal life and investment-type product policy fees | 5,883 | 5,952 | 6,271 |
Reinsurance assumed | 96 | 105 | 19 |
Reinsurance ceded | (497) | (487) | (466) |
Net universal life and investment-type product policy fees | 5,482 | 5,570 | 5,824 |
Policyholder benefits and claims: | |||
Direct policyholder benefits and claims | 37,144 | 36,101 | 36,492 |
Reinsurance assumed | 1,085 | 984 | 939 |
Reinsurance ceded | (1,913) | (1,983) | (2,038) |
Net policyholder benefits and claims | 36,316 | 35,102 | 35,393 |
Other expenses: | |||
Direct other expenses | 13,911 | 14,916 | 14,847 |
Reinsurance assumed | 202 | 140 | 151 |
Reinsurance ceded | (378) | (303) | (379) |
Total other expenses | $ 13,735 | $ 14,753 | $ 14,619 |
Reinsurance (Effects of Reins93
Reinsurance (Effects of Reinsurance on Balance Sheet) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | |||
Premiums and Other Receivables, Net | $ 15,445 | $ 13,226 | |
Deferred Policy Acquisition Costs and Value of Business Acquired | 17,590 | 17,418 | $ 17,699 |
Total assets | 33,035 | 30,644 | |
Liabilities | |||
Future policy benefits (includes $0 and $716, respectively, relating to variable interest entities) | 166,701 | 161,266 | |
Policyholder account balances | 173,168 | 165,628 | $ 172,315 |
Other policy-related balances (includes $0 and $238, respectively, relating to variable interest entities) | 13,030 | 12,893 | |
Other Liabilities | 23,700 | 20,292 | |
Total liabilities | 376,599 | 360,079 | |
Direct | |||
Assets | |||
Premiums and Other Receivables, Net | 5,927 | 5,490 | |
Deferred Policy Acquisition Costs and Value of Business Acquired | 17,878 | 17,860 | |
Total assets | 23,805 | 23,350 | |
Liabilities | |||
Future policy benefits (includes $0 and $716, respectively, relating to variable interest entities) | 165,186 | 159,868 | |
Policyholder account balances | 171,961 | 164,655 | |
Other policy-related balances (includes $0 and $238, respectively, relating to variable interest entities) | 12,699 | 12,597 | |
Other Liabilities | 18,780 | 16,985 | |
Total liabilities | 368,626 | 354,105 | |
Assumed | |||
Assets | |||
Premiums and Other Receivables, Net | 543 | 523 | |
Deferred Policy Acquisition Costs and Value of Business Acquired | 16 | 22 | |
Total assets | 559 | 545 | |
Liabilities | |||
Future policy benefits (includes $0 and $716, respectively, relating to variable interest entities) | 1,515 | 1,398 | |
Policyholder account balances | 1,209 | 975 | |
Other policy-related balances (includes $0 and $238, respectively, relating to variable interest entities) | 324 | 290 | |
Other Liabilities | 405 | 414 | |
Total liabilities | 3,453 | 3,077 | |
Ceded | |||
Assets | |||
Premiums and Other Receivables, Net | 8,975 | 7,213 | |
Deferred Policy Acquisition Costs and Value of Business Acquired | (304) | (464) | |
Total assets | 8,671 | 6,749 | |
Liabilities | |||
Future policy benefits (includes $0 and $716, respectively, relating to variable interest entities) | 0 | 0 | |
Policyholder account balances | (2) | (2) | |
Other policy-related balances (includes $0 and $238, respectively, relating to variable interest entities) | 7 | 6 | |
Other Liabilities | 4,515 | 2,893 | |
Total liabilities | $ 4,520 | $ 2,897 |
Reinsurance (Narrative) (Detail
Reinsurance (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Reinsurance Disclosures [Abstract] | ||
Deposit assets in premiums, reinsurance, and other receivables or secondary guarantee risk for reinsurance | $ 2,900 | $ 2,100 |
Deposit liabilities in other liabilities for reinsurance | 31 | 32 |
Ceded Credit Risk [Line Items] | ||
Reinsurance recoverables | $ 5,300 | 6,600 |
Modified Coinsurance of Closed Block [Member] | ||
Reinsurance Retention Policy [Line Items] | ||
Reinsured risk percentage | 59.25% | |
Mortality Risk on Yearly Renewable Term Basis [Member] | ||
Reinsurance Retention Policy [Line Items] | ||
Retention amount | $ 5 | |
Mortality Risk [Member] | ||
Reinsurance Retention Policy [Line Items] | ||
Percentage of reinsured risk in excess of stated amount | 90.00% | |
Retention amount | $ 2 | |
Mortality Risk on Case by Case Basis [Member] | ||
Reinsurance Retention Policy [Line Items] | ||
Percentage of reinsured risk in excess of stated amount | 100.00% | |
Retention amount | $ 20 | |
Ceded Credit Risk, Unsecured [Member] | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance recoverables | $ 3,400 | 3,500 |
MetLife Holdings | Living And Death Benefit Guarantees [Member] | ||
Reinsurance Retention Policy [Line Items] | ||
Percentage of reinsured risk in excess of stated amount | 100.00% | |
MetLife Holdings | Variable Annuity [Member] | ||
Reinsurance Retention Policy [Line Items] | ||
Percentage of reinsured risk in excess of stated amount | 100.00% | |
Five Largest Ceded Reinsurers [Member] | ||
Ceded Credit Risk [Line Items] | ||
Five largest reinsurers, reinsurance recoverables amount | $ 3,000 | $ 4,300 |
Five largest reinsurers, reinsurance recoverables percentage | 57.00% | 65.00% |
Five Largest Ceded Reinsurers [Member] | Ceded Credit Risk, Unsecured [Member] | ||
Ceded Credit Risk [Line Items] | ||
Five largest reinsurers, reinsurance recoverables amount | $ 1,800 | $ 1,800 |
Closed Block (Liabilities and A
Closed Block (Liabilities and Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Closed Block Liabilities | ||||
Future policy benefits | $ 40,834 | $ 41,278 | ||
Other policy-related balances | 257 | 249 | ||
Policyholder dividends payable | 443 | 468 | ||
Policyholder dividend obligation | 1,931 | 1,783 | $ 3,155 | $ 1,771 |
Current income tax payable | 4 | 0 | ||
Other liabilities | 196 | 380 | ||
Total closed block liabilities | 43,665 | 44,158 | ||
Assets Designated to the Closed Block | ||||
Fixed maturity securities available-for-sale, at estimated fair value | 27,220 | 27,556 | ||
Equity securities available-for-sale, at estimated fair value | 100 | 111 | ||
Mortgage loans | 5,935 | 6,022 | ||
Policy loans | 4,553 | 4,642 | ||
Real estate and real estate joint ventures | 655 | 462 | ||
Other invested assets | 1,246 | 1,066 | ||
Total investments | 39,709 | 39,859 | ||
Cash and cash equivalents | 18 | 236 | ||
Accrued investment income | 467 | 474 | ||
Premiums, reinsurance and other receivables | 68 | 56 | ||
Current income tax recoverable | 0 | 11 | ||
Deferred income tax assets | 177 | 234 | ||
Total assets designated to the closed block | 40,439 | 40,870 | ||
Excess of closed block liabilities over assets designated to the closed block | 3,226 | 3,288 | ||
Amounts included in AOCI: | ||||
Unrealized investment gains (losses), net of income tax | 1,517 | 1,382 | ||
Unrealized gains (losses) on derivatives, net of income tax | 95 | 76 | ||
Allocated to policyholder dividend obligation, net of income tax | (1,255) | (1,159) | ||
Total amounts included in AOCI | 357 | 299 | ||
Maximum future earnings to be recognized from closed block assets and liabilities | $ 3,583 | $ 3,587 |
Closed Block (Policyholder Divi
Closed Block (Policyholder Dividend Obligation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Closed block policyholder dividend obligation | |||
Balance at January 1, | $ 1,783 | $ 3,155 | $ 1,771 |
Change in unrealized investment and derivative gains (losses) | 148 | (1,372) | 1,384 |
Balance at December 31, | $ 1,931 | $ 1,783 | $ 3,155 |
Closed Block (Revenues and Expe
Closed Block (Revenues and Expenses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues | |||
Premiums | $ 1,804 | $ 1,850 | $ 1,918 |
Net investment income | 1,902 | 1,982 | 2,093 |
Net investment gains (losses) | (10) | (23) | 7 |
Net derivative gains (losses) | 25 | 27 | 20 |
Total revenues | 3,721 | 3,836 | 4,038 |
Expenses | |||
Policyholder benefits and claims | 2,563 | 2,564 | 2,598 |
Policyholder dividends | 953 | 1,015 | 988 |
Other expenses | 133 | 143 | 155 |
Total expenses | 3,649 | 3,722 | 3,741 |
Revenues, net of expenses before provision for income tax expense (benefit) | 72 | 114 | 297 |
Provision for income tax expense (benefit) | 24 | 41 | 104 |
Revenues, net of expenses and provision for income tax expense (benefit) | $ 48 | $ 73 | $ 193 |
Investments (Fixed Maturity and
Investments (Fixed Maturity and Equity Securities Available-For-Sale by Sector) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Available-for-sale Securities [Abstract] | |||
Cost or Amortized Cost | $ 271,701 | $ 271,653 | |
Cost or Amortized Cost | 2,464 | 2,565 | |
Gross Unrealized OTTI Loss | (8) | 76 | $ 112 |
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $271,701 and $271,653, respectively; includes $0 and $917, respectively, relating to variable interest entities) | 289,563 | 287,783 | |
Equity securities | 2,894 | 2,864 | |
Fixed Maturity Securities | |||
Available-for-sale Securities [Abstract] | |||
Cost or Amortized Cost | 271,701 | 271,653 | |
Gross Unrealized Gain | 21,801 | 20,442 | |
Gross Unrealized Temporary Loss | 3,946 | 4,260 | |
Gross Unrealized OTTI Loss | (7) | 52 | |
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $271,701 and $271,653, respectively; includes $0 and $917, respectively, relating to variable interest entities) | 289,563 | 287,783 | |
U.S. corporate | |||
Available-for-sale Securities [Abstract] | |||
Cost or Amortized Cost | 73,280 | 75,804 | |
Gross Unrealized Gain | 6,027 | 5,471 | |
Gross Unrealized Temporary Loss | 764 | 1,702 | |
Gross Unrealized OTTI Loss | 0 | 0 | |
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $271,701 and $271,653, respectively; includes $0 and $917, respectively, relating to variable interest entities) | 78,543 | 79,573 | |
Foreign corporate | |||
Available-for-sale Securities [Abstract] | |||
Cost or Amortized Cost | 49,333 | 50,155 | |
Gross Unrealized Gain | 2,901 | 2,845 | |
Gross Unrealized Temporary Loss | 1,572 | 1,588 | |
Gross Unrealized OTTI Loss | (1) | 1 | |
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $271,701 and $271,653, respectively; includes $0 and $917, respectively, relating to variable interest entities) | 50,663 | 51,411 | |
Foreign government | |||
Available-for-sale Securities [Abstract] | |||
Cost or Amortized Cost | 49,864 | 44,764 | |
Gross Unrealized Gain | 6,485 | 5,163 | |
Gross Unrealized Temporary Loss | 373 | 209 | |
Gross Unrealized OTTI Loss | 0 | 0 | |
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $271,701 and $271,653, respectively; includes $0 and $917, respectively, relating to variable interest entities) | 55,976 | 49,718 | |
RMBS (1) | |||
Available-for-sale Securities [Abstract] | |||
Cost or Amortized Cost | 28,393 | 28,079 | |
Gross Unrealized Gain | 1,039 | 1,144 | |
Gross Unrealized Temporary Loss | 410 | 297 | |
Gross Unrealized OTTI Loss | (10) | 37 | |
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $271,701 and $271,653, respectively; includes $0 and $917, respectively, relating to variable interest entities) | 29,032 | 28,889 | |
U.S. government and agency | |||
Available-for-sale Securities [Abstract] | |||
Cost or Amortized Cost | 41,294 | 43,283 | |
Gross Unrealized Gain | 3,682 | 3,999 | |
Gross Unrealized Temporary Loss | 543 | 160 | |
Gross Unrealized OTTI Loss | 0 | 0 | |
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $271,701 and $271,653, respectively; includes $0 and $917, respectively, relating to variable interest entities) | 44,433 | 47,122 | |
CMBS | |||
Available-for-sale Securities [Abstract] | |||
Cost or Amortized Cost | 7,294 | 8,983 | |
Gross Unrealized Gain | 237 | 316 | |
Gross Unrealized Temporary Loss | 71 | 90 | |
Gross Unrealized OTTI Loss | 0 | 0 | |
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $271,701 and $271,653, respectively; includes $0 and $917, respectively, relating to variable interest entities) | 7,460 | 9,209 | |
ABS | |||
Available-for-sale Securities [Abstract] | |||
Cost or Amortized Cost | 11,266 | 10,115 | |
Gross Unrealized Gain | 90 | 112 | |
Gross Unrealized Temporary Loss | 128 | 170 | |
Gross Unrealized OTTI Loss | 3 | 6 | |
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $271,701 and $271,653, respectively; includes $0 and $917, respectively, relating to variable interest entities) | 11,225 | 10,051 | |
State and political subdivision | |||
Available-for-sale Securities [Abstract] | |||
Cost or Amortized Cost | 10,977 | 10,470 | |
Gross Unrealized Gain | 1,340 | 1,392 | |
Gross Unrealized Temporary Loss | 85 | 44 | |
Gross Unrealized OTTI Loss | 1 | 8 | |
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $271,701 and $271,653, respectively; includes $0 and $917, respectively, relating to variable interest entities) | 12,231 | 11,810 | |
Equity securities | |||
Available-for-sale Securities [Abstract] | |||
Cost or Amortized Cost | 2,464 | 2,565 | |
Gross Unrealized Gain | 483 | 444 | |
Gross Unrealized Temporary Loss | 53 | 145 | |
Gross Unrealized OTTI Loss | 0 | 0 | |
Equity securities | 2,894 | 2,864 | |
Common stock | |||
Available-for-sale Securities [Abstract] | |||
Cost or Amortized Cost | 1,827 | 1,795 | |
Gross Unrealized Gain | 464 | 374 | |
Gross Unrealized Temporary Loss | 13 | 103 | |
Gross Unrealized OTTI Loss | 0 | 0 | |
Equity securities | 2,278 | 2,066 | |
Non-redeemable preferred stock | |||
Available-for-sale Securities [Abstract] | |||
Cost or Amortized Cost | 637 | 770 | |
Gross Unrealized Gain | 19 | 70 | |
Gross Unrealized Temporary Loss | 40 | 42 | |
Gross Unrealized OTTI Loss | 0 | 0 | |
Equity securities | $ 616 | $ 798 |
Investments (Maturities of Fixe
Investments (Maturities of Fixed Maturity Securities) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Available-for-sale Securities, Debt Maturities [Abstract] | ||
Amortized Cost, Due in one year or less | $ 13,559 | |
Amortized Cost, Due after one year through five years | 59,370 | |
Amortized Cost, Due after five years through ten years | 57,321 | |
Amortized Cost, Due after ten years | 94,498 | |
Amortized Cost, Subtotal | 271,701 | $ 271,653 |
Amortized Cost, RMBS, CMBS and ABS | 46,953 | |
Estimated Fair Value, Due in one year or less | 13,647 | |
Estimated Fair Value, Due after one year through five years | 62,214 | |
Estimated Fair Value, Due after five years through ten years | 59,959 | |
Estimated Fair Value, Due after ten years | 106,026 | |
Estimated fair value, Mortgage-backed and asset-backed securities | 47,717 | |
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $271,701 and $271,653, respectively; includes $0 and $917, respectively, relating to variable interest entities) | $ 289,563 | $ 287,783 |
Investments (Continuous Gross U
Investments (Continuous Gross Unrealized Losses for Fixed Maturity and Equity Securities Available-For-Sale) (Details) $ in Millions | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
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 | 3,580 | 4,093 |
Total number of securities in an unrealized loss position equal to or greater than 12 months | 1,307 | 1,023 |
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 | $ 51,095 | $ 69,037 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 2,243 | 2,688 |
Equal to or Greater than 12 Months Estimated Fair Value | 14,238 | 12,960 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 1,696 | 1,624 |
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 | 11,471 | 20,928 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 466 | 1,231 |
Equal to or Greater than 12 Months Estimated Fair Value | 2,938 | 2,890 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 298 | 471 |
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 | 10,147 | 12,478 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 573 | 799 |
Equal to or Greater than 12 Months Estimated Fair Value | 5,493 | 4,516 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 998 | 790 |
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 | 5,955 | 3,388 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 260 | 155 |
Equal to or Greater than 12 Months Estimated Fair Value | 918 | 423 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 113 | 54 |
RMBS (1) | ||
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale | ||
Less than 12 months Estimated Fair Value | 9,449 | 8,283 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 291 | 182 |
Equal to or Greater than 12 Months Estimated Fair Value | 1,800 | 1,904 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 109 | 152 |
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 | 9,104 | 15,361 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 523 | 156 |
Equal to or Greater than 12 Months Estimated Fair Value | 141 | 298 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 20 | 4 |
CMBS | ||
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale | ||
Less than 12 months Estimated Fair Value | 998 | 2,959 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 22 | 49 |
Equal to or Greater than 12 Months Estimated Fair Value | 564 | 532 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 49 | 41 |
ABS | ||
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale | ||
Less than 12 months Estimated Fair Value | 2,224 | 4,646 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 28 | 83 |
Equal to or Greater than 12 Months Estimated Fair Value | 2,328 | 2,272 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 103 | 93 |
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 | 1,747 | 994 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 80 | 33 |
Equal to or Greater than 12 Months Estimated Fair Value | 56 | 125 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 6 | 19 |
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 | 244 | 251 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 20 | 102 |
Equal to or Greater than 12 Months Estimated Fair Value | 136 | 179 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 33 | 43 |
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 | 105 | 197 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 13 | 100 |
Equal to or Greater than 12 Months Estimated Fair Value | 11 | 19 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 3 |
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 | 139 | 54 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 7 | 2 |
Equal to or Greater than 12 Months Estimated Fair Value | 125 | 160 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 33 | $ 40 |
Investments (Mortgage Loans by
Investments (Mortgage Loans by Portfolio Segment) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Company-held mortgage loans held-for-investment, net | ||||
Commercial mortgage loans | $ 41,512 | $ 38,497 | ||
Percentage of loans receivable on commercial mortgage loans | 63.70% | 64.60% | ||
Agricultural mortgage loans | $ 12,564 | $ 11,649 | ||
Percentage of loans receivable on agricultural mortgage loans | 19.30% | 19.60% | ||
Residential mortgage loans | $ 10,829 | $ 9,399 | ||
Percentage of loans receivable on residential mortgage loans | 16.60% | 15.80% | ||
Subtotal | $ 64,905 | $ 59,545 | ||
Percentage of loans receivable on subtotal | 99.60% | 100.00% | ||
Valuation allowances | $ (304) | $ (281) | $ (279) | $ (286) |
Percentage of loans receivable on valuation allowances | 0.50% | 0.50% | ||
Subtotal mortgage loans, net | $ 64,601 | $ 59,264 | ||
Percentage of loans receivable on subtotal mortgage loans held-for-investment, net | 99.10% | 99.50% | ||
Percentage of residential mortgage loans - FVO | 0.90% | 0.50% | ||
Total mortgage loans, net | $ 65,167 | $ 59,578 | ||
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 | $ 566 | $ 314 |
Investments (Mortgage Loans and
Investments (Mortgage Loans and Valuation Allowance by Portfolio Segment) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Mortgage Loans on Real Estate [Line Items] | |||
Unpaid Principal Balance | $ 11 | $ 45 | |
Recorded Investment | 10 | 44 | |
Valuation Allowances | 1 | 3 | |
Unpaid Principal Balance | 304 | 220 | |
Recorded Investment | 280 | 209 | |
Recorded Investment | 64,615 | 59,292 | |
Valuation Allowances | 303 | 278 | |
Carrying Value | 289 | 250 | |
Average Recorded Investment | 327 | 271 | |
Commercial | |||
Mortgage Loans on Real Estate [Line Items] | |||
Unpaid Principal Balance | 0 | 0 | |
Recorded Investment | 0 | 0 | |
Valuation Allowances | 0 | 0 | |
Unpaid Principal Balance | 12 | 57 | |
Recorded Investment | 12 | 57 | |
Recorded Investment | 41,500 | 38,440 | |
Valuation Allowances | 202 | 188 | |
Carrying Value | 12 | 57 | |
Average Recorded Investment | 90 | 127 | $ 316 |
Agricultural | |||
Mortgage Loans on Real Estate [Line Items] | |||
Unpaid Principal Balance | 11 | 45 | |
Recorded Investment | 10 | 44 | |
Valuation Allowances | 1 | 3 | |
Unpaid Principal Balance | 27 | 22 | |
Recorded Investment | 27 | 21 | |
Recorded Investment | 12,527 | 11,584 | |
Valuation Allowances | 38 | 34 | |
Carrying Value | 36 | 62 | |
Average Recorded Investment | 49 | 60 | 77 |
Residential | |||
Mortgage Loans on Real Estate [Line Items] | |||
Unpaid Principal Balance | 0 | 0 | |
Recorded Investment | 0 | 0 | |
Valuation Allowances | 0 | 0 | |
Unpaid Principal Balance | 265 | 141 | |
Recorded Investment | 241 | 131 | |
Recorded Investment | 10,588 | 9,268 | |
Valuation Allowances | 63 | 56 | |
Carrying Value | 241 | 131 | |
Average Recorded Investment | $ 188 | $ 84 | $ 19 |
Investments (Valuation Allowanc
Investments (Valuation Allowance Rollforward by Portfolio Segment) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Mortgage Loans on Real Estate [Line Items] | |||
Beginning Balance | $ 281 | $ 279 | $ 286 |
Provision (release) | 183 | 37 | 22 |
Charge-offs, net of recoveries | (160) | (35) | (29) |
Ending Balance | 304 | 281 | 279 |
Commercial | |||
Mortgage Loans on Real Estate [Line Items] | |||
Beginning Balance | 188 | 202 | 226 |
Provision (release) | 157 | 5 | (1) |
Charge-offs, net of recoveries | (143) | (19) | (23) |
Ending Balance | 202 | 188 | 202 |
Agricultural | |||
Mortgage Loans on Real Estate [Line Items] | |||
Beginning Balance | 37 | 35 | 40 |
Provision (release) | 3 | 2 | (4) |
Charge-offs, net of recoveries | (1) | 0 | (1) |
Ending Balance | 39 | 37 | 35 |
Residential | |||
Mortgage Loans on Real Estate [Line Items] | |||
Beginning Balance | 56 | 42 | 20 |
Provision (release) | 23 | 30 | 27 |
Charge-offs, net of recoveries | (16) | (16) | (5) |
Ending Balance | $ 63 | $ 56 | $ 42 |
Investments (Credit Quality of
Investments (Credit Quality of Commercial Mortgage Loans) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans | $ 41,512 | $ 38,497 |
% of Total | 100.00% | 100.00% |
Estimated Fair Value | $ 41,817 | $ 39,377 |
% of Total | 100.00% | 100.00% |
Less than 65% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans | $ 37,851 | $ 34,678 |
% of Total | 91.20% | 90.10% |
Estimated Fair Value | $ 38,237 | $ 35,606 |
% of Total | 91.50% | 90.40% |
65% to 75% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans | $ 3,246 | $ 3,144 |
% of Total | 7.80% | 8.20% |
Estimated Fair Value | $ 3,185 | $ 3,119 |
% of Total | 7.60% | 7.90% |
76% to 80% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans | $ 195 | $ 0 |
% of Total | 0.50% | 0.00% |
Estimated Fair Value | $ 182 | $ 0 |
% of Total | 0.40% | 0.00% |
Greater than 80% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans | $ 220 | $ 675 |
% of Total | 0.50% | 1.70% |
Estimated Fair Value | $ 213 | $ 652 |
% of Total | 0.50% | 1.70% |
Greater than 1.20x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans | $ 39,424 | $ 36,607 |
Greater than 1.20x | Less than 65% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans | 36,067 | 33,330 |
Greater than 1.20x | 65% to 75% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans | 3,044 | 2,940 |
Greater than 1.20x | 76% to 80% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans | 195 | 0 |
Greater than 1.20x | Greater than 80% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans | 118 | 337 |
1.00x - 1.20x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans | 1,104 | 1,163 |
1.00x - 1.20x | Less than 65% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans | 1,077 | 910 |
1.00x - 1.20x | 65% to 75% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans | 0 | 138 |
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 | 27 | 115 |
Less than 1.00x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans | 984 | 727 |
Less than 1.00x | Less than 65% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans | 707 | 438 |
Less than 1.00x | 65% to 75% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans | 202 | 66 |
Less than 1.00x | 76% to 80% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Less than 1.00x | Greater than 80% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans | $ 75 | $ 223 |
Investments (Credit Quality 105
Investments (Credit Quality of Agricultural and Residential Mortgage Loans) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Agricultural Mortgage Loans - by Credit Quality Indicator: | ||
Recorded investment in Mortgage Loan | $ 12,564 | $ 11,649 |
% of Total | 100.00% | 100.00% |
Residential Mortgage Loans - by Credit Quality Indicator: | ||
Recorded investment in Mortgage Loan | $ 10,829 | $ 9,399 |
% of Total | 100.00% | 100.00% |
Less than 65% | ||
Agricultural Mortgage Loans - by Credit Quality Indicator: | ||
Recorded investment in Mortgage Loan | $ 12,023 | $ 10,955 |
% of Total | 95.70% | 94.00% |
65% to 75% | ||
Agricultural Mortgage Loans - by Credit Quality Indicator: | ||
Recorded investment in Mortgage Loan | $ 436 | $ 615 |
% of Total | 3.50% | 5.30% |
76% to 80% | ||
Agricultural Mortgage Loans - by Credit Quality Indicator: | ||
Recorded investment in Mortgage Loan | $ 17 | $ 21 |
% of Total | 0.10% | 0.20% |
Greater than 80% | ||
Agricultural Mortgage Loans - by Credit Quality Indicator: | ||
Recorded investment in Mortgage Loan | $ 88 | $ 58 |
% of Total | 0.70% | 0.50% |
Performing | ||
Residential Mortgage Loans - by Credit Quality Indicator: | ||
Recorded investment in Mortgage Loan | $ 10,448 | $ 9,077 |
% of Total | 96.50% | 96.60% |
Nonperforming | ||
Residential Mortgage Loans - by Credit Quality Indicator: | ||
Recorded investment in Mortgage Loan | $ 381 | $ 322 |
% of Total | 3.50% | 3.40% |
Investments (Past Due and Inter
Investments (Past Due and Interest Accrual Status of Mortgage Loans) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past Due | $ 511 | $ 427 |
Loans and Leases Receivable, Nonperforming, Accrual of Interest | 144 | 73 |
Nonaccrual | 367 | 360 |
Commercial | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past Due | 3 | 2 |
Loans and Leases Receivable, Nonperforming, Accrual of Interest | 3 | 0 |
Nonaccrual | 0 | 0 |
Agricultural | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past Due | 127 | 103 |
Loans and Leases Receivable, Nonperforming, Accrual of Interest | 104 | 73 |
Nonaccrual | 23 | 46 |
Residential | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past Due | 381 | 322 |
Loans and Leases Receivable, Nonperforming, Accrual of Interest | 37 | 0 |
Nonaccrual | $ 344 | $ 314 |
Investments (Investment in Leve
Investments (Investment in Leverage Leases) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Investment in leveraged leases | ||
Rental receivables, net | $ 1,172 | $ 1,240 |
Estimated residual values | 952 | 1,062 |
Subtotal | 2,124 | 2,302 |
Unearned income | (603) | (661) |
Investment in leases, net of non-recourse debt | 1,521 | 1,641 |
Rental receivables, net | 1,683 | 1,508 |
Estimated residual values | 71 | 80 |
Subtotal | 1,754 | 1,588 |
Unearned income | (639) | (512) |
Investment in leases, net of non-recourse debt | $ 1,115 | $ 1,076 |
Investments (Net Unrealized Inv
Investments (Net Unrealized Investment Gains Losses) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Components of net unrealized investment gains (losses) included in accumulated other comprehensive loss | ||||
Fixed maturity securities | $ 20,300 | $ 18,164 | $ 30,367 | |
Fixed maturity securities with noncredit OTTI losses included in AOCI | 8 | (76) | (112) | |
Total fixed maturity securities | 20,308 | 18,088 | 30,255 | |
Equity securities | 485 | 422 | 608 | |
Derivatives | 2,923 | 2,350 | 1,761 | |
Other | 23 | 287 | 149 | |
Subtotal | 23,739 | 21,147 | 32,773 | |
Future policy benefits | (1,114) | (163) | (2,886) | |
DAC and VOBA related to noncredit OTTI losses recognized in AOCI | (3) | 0 | (4) | |
DAC, VOBA and DSI | (1,430) | (1,273) | (1,946) | |
Policyholder dividend obligation | (1,931) | (1,783) | (3,155) | |
Subtotal | (4,478) | (3,219) | (7,991) | |
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI | (1) | 27 | 42 | |
Deferred income tax benefit (expense) | (6,623) | (6,151) | (8,556) | |
Net unrealized investment gains (losses) | 12,637 | 11,804 | 16,268 | |
Net unrealized investment gains (losses) attributable to noncontrolling interests | (6) | (31) | (33) | |
Net unrealized investment gains (losses) attributable to MetLife, Inc. | 12,631 | 11,773 | 16,235 | $ 8,414 |
Net unrealized gains (losses) attributable to MetLife related to investments, derivatives , DAC, VOBA, DSI, and future policy benefits | $ 1,250 | $ 1,554 | $ 2,682 |
Investments (Changes in Fixed M
Investments (Changes in Fixed Maturity Securities with Noncredit OTTI Losses) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Changes in fixed maturity securities with noncredit OTTI losses in accumulated other comprehensive income (loss) | ||
Balance at January 1, | $ (76) | $ (112) |
Noncredit OTTI losses recognized | 14 | 6 |
Securities sold with previous noncredit OTTI loss | 64 | 125 |
Subsequent changes in estimated fair value | 6 | (95) |
Balance at December 31, | $ 8 | $ (76) |
Investments (Changes in Net Unr
Investments (Changes in Net Unrealized Investment Gains Losses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Changes In Net Unrealized Investment Gains Losses Included In Accumulated Other Comprehensive Loss [Abstract] | |||
Balance at January 1, | $ 11,773 | $ 16,235 | $ 8,414 |
Fixed maturity securities on which noncredit OTTI losses have been recognized | 84 | 36 | 106 |
Unrealized investment gains (losses) during the year | 2,508 | (11,662) | 15,521 |
Unrealized investment gains (losses) relating to: | |||
Future policy benefits | (951) | 2,723 | (1,988) |
DAC and VOBA related to noncredit OTTI losses recognized in AOCI | (3) | 4 | (10) |
DAC, VOBA and DSI | (157) | 673 | (756) |
Policyholder dividend obligation | (148) | 1,372 | (1,384) |
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI | (28) | (15) | (31) |
Deferred income tax benefit (expense) | (472) | 2,405 | (3,600) |
Net unrealized investment gains (losses) | 12,606 | 11,771 | 16,272 |
Net unrealized investment gains (losses) attributable to noncontrolling interests | 25 | 2 | (37) |
Balance at December 31, | 12,631 | 11,773 | 16,235 |
Change in net unrealized investment gains (losses) | 833 | (4,464) | 7,858 |
Change in net unrealized investment gains (losses) attributable to noncontrolling interests | 25 | 2 | (37) |
Change in net unrealized investment gains (losses) attributable to MetLife, Inc. | 858 | (4,462) | 7,821 |
Changes in Net unrealized gains (losses) attributable to MetLife related to investments, derivatives, DAC, VOBA, DSI, and future policy benefits | $ (304) | $ (1,128) | $ 1,669 |
Investments (Securities Lending
Investments (Securities Lending) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | $ 20,114 | $ 21,216 |
Security collateral on deposit from counterparties | 20 | 27 |
Reinvestment portfolio — estimated fair value | 20,133 | 21,320 |
Amortized cost | ||
Securities Financing Transaction [Line Items] | ||
Securities loaned | 18,798 | 19,176 |
Estimated fair value | ||
Securities Financing Transaction [Line Items] | ||
Securities loaned | $ 19,753 | $ 20,816 |
Investments (Securities Lend112
Investments (Securities Lending Remaining Tenor) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Securities Financing Transaction [Line Items] | ||
Total | $ 20,114 | $ 21,216 |
U.S. Treasury and agency | ||
Securities Financing Transaction [Line Items] | ||
Total | 19,359 | 20,149 |
Agency RMBS | ||
Securities Financing Transaction [Line Items] | ||
Total | 0 | 33 |
Foreign government | ||
Securities Financing Transaction [Line Items] | ||
Total | 712 | 955 |
U.S. corporate | ||
Securities Financing Transaction [Line Items] | ||
Total | 43 | 79 |
Open | ||
Securities Financing Transaction [Line Items] | ||
Total | 4,480 | 7,485 |
Open | U.S. Treasury and agency | ||
Securities Financing Transaction [Line Items] | ||
Total | 4,480 | 7,484 |
Open | Agency RMBS | ||
Securities Financing Transaction [Line Items] | ||
Total | 0 | 0 |
Open | Foreign government | ||
Securities Financing Transaction [Line Items] | ||
Total | 0 | 0 |
Open | U.S. corporate | ||
Securities Financing Transaction [Line Items] | ||
Total | 0 | 1 |
1 Month or Less | ||
Securities Financing Transaction [Line Items] | ||
Total | 7,108 | 8,576 |
1 Month or Less | U.S. Treasury and agency | ||
Securities Financing Transaction [Line Items] | ||
Total | 6,496 | 8,017 |
1 Month or Less | Agency RMBS | ||
Securities Financing Transaction [Line Items] | ||
Total | 0 | 12 |
1 Month or Less | Foreign government | ||
Securities Financing Transaction [Line Items] | ||
Total | 569 | 469 |
1 Month or Less | U.S. corporate | ||
Securities Financing Transaction [Line Items] | ||
Total | 43 | 78 |
1 to 6 Months | ||
Securities Financing Transaction [Line Items] | ||
Total | 8,526 | 5,155 |
1 to 6 Months | U.S. Treasury and agency | ||
Securities Financing Transaction [Line Items] | ||
Total | 8,383 | 4,648 |
1 to 6 Months | Agency RMBS | ||
Securities Financing Transaction [Line Items] | ||
Total | 0 | 21 |
1 to 6 Months | Foreign government | ||
Securities Financing Transaction [Line Items] | ||
Total | 143 | 486 |
1 to 6 Months | U.S. corporate | ||
Securities Financing Transaction [Line Items] | ||
Total | $ 0 | $ 0 |
Investments (Repurchase Agreeme
Investments (Repurchase Agreements - Securities Lending) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Securities Financing Transaction [Line Items] | ||
Total | $ 20,114 | $ 21,216 |
Securities Lending Reinvestment Portfolio Estimated Fair Value | 20,133 | 21,320 |
Repurchase Agreements [Member] | ||
Securities Financing Transaction [Line Items] | ||
Total | 102 | 50 |
Securities Lending Reinvestment Portfolio Estimated Fair Value | 100 | 50 |
Estimated fair value | Repurchase Agreements [Member] | ||
Securities Financing Transaction [Line Items] | ||
Securities Sold under Agreements to Repurchase | 113 | 56 |
Amortized cost | Repurchase Agreements [Member] | ||
Securities Financing Transaction [Line Items] | ||
Securities Sold under Agreements to Repurchase | $ 98 | $ 51 |
Investments (Repurchase Agre114
Investments (Repurchase Agreements - Securities Lending Remaining Tenor) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Securities Financing Transaction [Line Items] | ||
Total | $ 20,114 | $ 21,216 |
Repurchase Agreements [Member] | ||
Securities Financing Transaction [Line Items] | ||
Total | 102 | 50 |
Maturity Less than 30 Days [Member] | ||
Securities Financing Transaction [Line Items] | ||
Total | 7,108 | 8,576 |
Maturity Less than 30 Days [Member] | Repurchase Agreements [Member] | ||
Securities Financing Transaction [Line Items] | ||
Total | 51 | 0 |
Maturity 30 to 90 Days [Member] | ||
Securities Financing Transaction [Line Items] | ||
Total | 8,526 | 5,155 |
Maturity 30 to 90 Days [Member] | Repurchase Agreements [Member] | ||
Securities Financing Transaction [Line Items] | ||
Total | 51 | 50 |
Foreign corporate | Repurchase Agreements [Member] | ||
Securities Financing Transaction [Line Items] | ||
Total | 22 | 25 |
Foreign corporate | Maturity Less than 30 Days [Member] | Repurchase Agreements [Member] | ||
Securities Financing Transaction [Line Items] | ||
Total | 12 | 0 |
Foreign corporate | Maturity 30 to 90 Days [Member] | Repurchase Agreements [Member] | ||
Securities Financing Transaction [Line Items] | ||
Total | 10 | 25 |
Other Debt Obligations [Member] | Repurchase Agreements [Member] | ||
Securities Financing Transaction [Line Items] | ||
Total | 80 | 25 |
Other Debt Obligations [Member] | Maturity Less than 30 Days [Member] | Repurchase Agreements [Member] | ||
Securities Financing Transaction [Line Items] | ||
Total | 39 | 0 |
Other Debt Obligations [Member] | Maturity 30 to 90 Days [Member] | Repurchase Agreements [Member] | ||
Securities Financing Transaction [Line Items] | ||
Total | $ 41 | $ 25 |
Investments (Invested Assets on
Investments (Invested Assets on Deposit, Held In Trust and Pledged as Collateral) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Investments, Debt and Equity Securities [Abstract] | ||
Invested assets on deposit (regulatory deposits) | $ 1,925 | $ 1,838 |
Invested assets held in trust (collateral financing arrangement and reinsurance agreements) | 2,057 | 2,359 |
Invested assets pledged as collateral | 23,882 | 20,345 |
Total invested assets on deposit, held in trust and pledged as collateral | $ 27,864 | $ 24,542 |
Investments (PCI Investments by
Investments (PCI Investments by Invested Asset Class) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Fixed Maturity Securities | ||
Purchased credit impaired investments, by invested asset class, held: | ||
Outstanding principal and interest balance | $ 5,624 | $ 5,129 |
Carrying value | 4,427 | 3,931 |
CMBS | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities [Abstract] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 0 | 148 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | $ 0 | $ 129 |
Investments (PCI Investments Ac
Investments (PCI Investments Acquired) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Fixed Maturity Securities | ||
Purchased credit impaired investments as of their respective acquisition dates | ||
Contractually required payments (including interest) | $ 1,464 | $ 1,423 |
Cash flows expected to be collected | 1,338 | 1,243 |
Fair value of investments acquired | 984 | 920 |
CMBS | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition | 0 | 0 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Cash Flows Expected to be Collected at Acquisition | 0 | 0 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | $ 0 | $ 0 |
Investments (Activity For Accre
Investments (Activity For Accretable Yield on PCI Investments) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fixed Maturity Securities | ||
Accretable yield on purchased distressed assets acquired | ||
Accretable yield, January 1, | $ 1,780 | $ 1,874 |
Accretion recognized in earnings | (269) | (274) |
Disposals | (2) | (48) |
Reclassification (to) from nonaccretable difference | (130) | (95) |
Accretable yield, December 31, | 1,733 | 1,780 |
CMBS | ||
Accretable yield on purchased distressed assets acquired | ||
Accretable yield, January 1, | 21 | 48 |
Accretion recognized in earnings | (9) | (56) |
Disposals | 0 | 0 |
Reclassification (to) from nonaccretable difference | (12) | 29 |
Accretable yield, December 31, | 0 | 21 |
Investments purchased | Fixed Maturity Securities | ||
Accretable yield on purchased distressed assets acquired | ||
Investments purchased | 354 | 323 |
Investments purchased | CMBS | ||
Accretable yield on purchased distressed assets acquired | ||
Investments purchased | $ 0 | $ 0 |
Investments (Consolidated Varia
Investments (Consolidated Variable Interest Entities) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Variable Interest Entity [Line Items] | ||
Total Assets | $ 59 | $ 2,554 |
Total Liabilities | 12 | 2,092 |
Operating joint venture | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 0 | 2,465 |
Total Liabilities | 0 | 2,079 |
CSEs (assets (primarily loans) and liabilities (primarily debt)) | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 9 | 13 |
Total Liabilities | 12 | 13 |
Other | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 50 | 76 |
Total Liabilities | $ 0 | $ 0 |
Investments (Unconsolidated Var
Investments (Unconsolidated Variable Interest Entities) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Variable Interest Entity [Line Items] | ||
Carrying Amount Asset | $ 55,832 | $ 56,511 |
Carrying Amount Liability | 60,695 | 58,683 |
Other limited partnership interests | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount Asset | 4,714 | 3,815 |
Carrying Amount Liability | 8,990 | 5,422 |
Other invested assets | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount Asset | 2,206 | 1,565 |
Carrying Amount Liability | 2,777 | 2,117 |
Other | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount Asset | 199 | 650 |
Carrying Amount Liability | 215 | 663 |
Structured securities (RMBS, CMBS, and ABS) | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount Asset | 46,773 | 48,149 |
Carrying Amount Liability | 46,773 | 48,149 |
U.S. corporate and foreign corporate securities | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount Asset | 1,940 | 2,332 |
Carrying Amount Liability | $ 1,940 | $ 2,332 |
Investments (Net Investment Inc
Investments (Net Investment Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net Investment Income [Line Items] | |||
Less: Investment expenses | $ 972 | $ 1,082 | $ 1,067 |
Subtotal | 16,790 | 16,243 | 18,158 |
Securities Investment | |||
Net Investment Income [Line Items] | |||
Subtotal | 16,812 | 17,061 | 17,958 |
Subtotal | 15,840 | 15,979 | 16,891 |
Fixed Maturity Securities | |||
Net Investment Income [Line Items] | |||
Subtotal | 11,721 | 11,809 | 12,600 |
Equity securities | |||
Net Investment Income [Line Items] | |||
Subtotal | 121 | 124 | 116 |
FVO and trading securities — FVO general account and Actively traded securities (1) | |||
Net Investment Income [Line Items] | |||
Subtotal | 37 | 21 | 103 |
Mortgage Loans | |||
Net Investment Income [Line Items] | |||
Subtotal | 2,858 | 2,772 | 2,597 |
Policy loans | |||
Net Investment Income [Line Items] | |||
Subtotal | 511 | 525 | 547 |
Real estate and real estate joint ventures | |||
Net Investment Income [Line Items] | |||
Subtotal | 652 | 872 | 870 |
Other limited partnership interests | |||
Net Investment Income [Line Items] | |||
Subtotal | 478 | 535 | 766 |
Cash, cash equivalents and short-term investments | |||
Net Investment Income [Line Items] | |||
Subtotal | 153 | 140 | 163 |
Operating joint ventures | |||
Net Investment Income [Line Items] | |||
Subtotal | 33 | 25 | 10 |
Other | |||
Net Investment Income [Line Items] | |||
Subtotal | 248 | 238 | 186 |
Consolidated Securitization Entities And Fair Value Option Contractholder-Directed Unit-Linked | |||
Net Investment Income [Line Items] | |||
Subtotal | 950 | 264 | 1,267 |
FVO contractholder-directed unit-linked investments | |||
Net Investment Income [Line Items] | |||
Subtotal | 950 | 264 | 1,266 |
Changes in estimated fair value included in net investment income | 427 | (456) | 642 |
FVO CSEs — interest income — securities | Consolidated Securitization Entities | |||
Net Investment Income [Line Items] | |||
Subtotal | $ 0 | $ 0 | $ 1 |
Investments (Components of Net
Investments (Components of Net Investment Gains Losses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Marketable Securities, Gain (Loss) [Abstract] | |||
Fixed maturity securities — net gains (losses) on sales and disposals | $ 251 | $ 318 | $ 651 |
Equity securities — net gains (losses) on sales and disposals | 19 | 43 | 87 |
Other net investment gains (losses): | |||
FVO and trading securities — FVO general account securities | 0 | 0 | 9 |
Mortgage Loans | (231) | (93) | (53) |
Real estate and real estate joint ventures | 182 | 433 | 226 |
Other limited partnership interests | (64) | (66) | (69) |
Other | (100) | (4) | (155) |
Subtotal - investment portfolio gains (losses) | (125) | 535 | 630 |
FVO CSEs - changes in estimated fair value subsequent to consolidation: | |||
Securities | 1 | 0 | 0 |
Long-term debt — related to securities | 0 | 0 | (1) |
Non-investment portfolio gains (losses) | 429 | 111 | (291) |
Subtotal | 430 | 111 | (292) |
Total net investment gains (losses) | 305 | 646 | 338 |
Fixed Maturity Securities | |||
Marketable Securities, Gain (Loss) [Abstract] | |||
Total OTTI losses recognized in earnings | (107) | (59) | (45) |
Net investment gains (losses) | 144 | 259 | 606 |
Industrial | |||
Marketable Securities, Gain (Loss) [Abstract] | |||
Total OTTI losses recognized in earnings | (63) | (2) | 0 |
Utility | |||
Marketable Securities, Gain (Loss) [Abstract] | |||
Total OTTI losses recognized in earnings | (21) | (15) | 0 |
Consumer | |||
Marketable Securities, Gain (Loss) [Abstract] | |||
Total OTTI losses recognized in earnings | 0 | (20) | (5) |
Communications | |||
Marketable Securities, Gain (Loss) [Abstract] | |||
Total OTTI losses recognized in earnings | (3) | 0 | 0 |
Corporate fixed maturity securities [Member] | |||
Marketable Securities, Gain (Loss) [Abstract] | |||
Total OTTI losses recognized in earnings | (87) | (37) | (5) |
RMBS (1) | |||
Marketable Securities, Gain (Loss) [Abstract] | |||
Total OTTI losses recognized in earnings | (18) | (16) | (20) |
ABS | |||
Marketable Securities, Gain (Loss) [Abstract] | |||
Total OTTI losses recognized in earnings | (2) | 0 | (7) |
CMBS | |||
Marketable Securities, Gain (Loss) [Abstract] | |||
Total OTTI losses recognized in earnings | 0 | 0 | (13) |
State and political subdivision | |||
Marketable Securities, Gain (Loss) [Abstract] | |||
Total OTTI losses recognized in earnings | 0 | (6) | 0 |
Equity securities | |||
Marketable Securities, Gain (Loss) [Abstract] | |||
Total OTTI losses recognized in earnings | (75) | (37) | (21) |
Net investment gains (losses) | (56) | 6 | 66 |
Common stock | |||
Marketable Securities, Gain (Loss) [Abstract] | |||
Total OTTI losses recognized in earnings | (75) | (36) | (6) |
Non-redeemable preferred stock | |||
Marketable Securities, Gain (Loss) [Abstract] | |||
Total OTTI losses recognized in earnings | $ 0 | $ (1) | $ (15) |
Investments (Sales or Disposals
Investments (Sales or Disposals and Impairments of Fixed Maturity and Equity Securities) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fixed Maturity Securities | |||
Components of Sales or Disposals of Fixed Maturity and Equity Securities | |||
Proceeds | $ 86,179 | $ 82,871 | $ 64,743 |
Gross investment gains | 1,048 | 1,144 | 1,144 |
Gross investment losses | (797) | (826) | (493) |
Total OTTI losses recognized in earnings: | |||
OTTI losses | (107) | (59) | (45) |
Net investment gains (losses) | 144 | 259 | 606 |
Equity securities | |||
Components of Sales or Disposals of Fixed Maturity and Equity Securities | |||
Proceeds | 278 | 278 | 487 |
Gross investment gains | 36 | 73 | 97 |
Gross investment losses | (17) | (30) | (10) |
Total OTTI losses recognized in earnings: | |||
OTTI losses | (75) | (37) | (21) |
Net investment gains (losses) | $ (56) | $ 6 | $ 66 |
Investments (Credit Loss Rollfo
Investments (Credit Loss Rollforward) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Balance at January 1, | $ 211 | $ 290 |
Additions: | ||
Initial impairments — credit loss OTTI on securities not previously impaired | 1 | 14 |
Additional impairments — credit loss OTTI on securities previously impaired | 18 | 15 |
Reductions: | ||
Sales (maturities, pay downs or prepayments) of securities previously impaired as credit loss OTTI | (43) | (108) |
Securities impaired to net present value of expected future cash flows | (1) | 0 |
Increase in cash flows — accretion of previous credit loss OTTI | 1 | 0 |
Balance at December 31, | $ 187 | $ 211 |
Investments (Fixed Maturity 125
Investments (Fixed Maturity and Equity Securities Available-For-Sale - Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Summary of Certain Fixed Maturity Securities | |||
Gross Unrealized OTTI Loss | $ (8) | $ 76 | $ 112 |
Available-for-sale Securities, Debt Securities | 289,563 | 287,783 | |
Foreign Corporate Debt Securities [Member] | |||
Summary of Certain Fixed Maturity Securities | |||
Gross Unrealized OTTI Loss | (1) | 1 | |
Available-for-sale Securities, Debt Securities | 50,663 | 51,411 | |
Gross Unrealized Gain | 2,901 | 2,845 | |
RMBS (1) | |||
Summary of Certain Fixed Maturity Securities | |||
Gross Unrealized OTTI Loss | (10) | 37 | |
Available-for-sale Securities, Debt Securities | 29,032 | 28,889 | |
Gross Unrealized Gain | 1,039 | 1,144 | |
CMBS | |||
Summary of Certain Fixed Maturity Securities | |||
Gross Unrealized OTTI Loss | 0 | 0 | |
Available-for-sale Securities, Debt Securities | 7,460 | 9,209 | |
Gross Unrealized Gain | 237 | 316 | |
Non-income producing fixed maturity securities | |||
Summary of Certain Fixed Maturity Securities | |||
Available-for-sale Securities, Debt Securities | 1 | 43 | |
Gross Unrealized Gain | $ (3) | $ 11 |
Investments (Evaluation of Avai
Investments (Evaluation of Available-For-Sale Securities for OTTI and Evaluating Temporarily Impaired AFS Securities - Narrative) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($)Contracts | |
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 | $ 373 |
Gross Unrealized Temporary Loss | 3,900 |
Equity Securities [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Change in Gross Unrealized Temporary Loss | 92 |
Gross Unrealized Temporary Loss | 53 |
20% or more | Six months or greater | Fixed Maturity Securities | |
Schedule of Available-for-sale Securities [Line Items] | |
Gross Unrealized Temporary Loss | $ 224 |
Number of Securities | Contracts | 119 |
20% or more | Six months or greater | Fixed Maturity Securities | Investment Grade | |
Schedule of Available-for-sale Securities [Line Items] | |
Gross Unrealized Temporary Loss | $ 171 |
Number of Securities | Contracts | 78 |
Percentage of gross unrealized loss | 76.00% |
20% or more | Six months or greater | Fixed Maturity Securities | Below Investment Grade | |
Schedule of Available-for-sale Securities [Line Items] | |
Gross Unrealized Temporary Loss | $ 53 |
Number of Securities | Contracts | 41 |
Percentage of gross unrealized loss | 24.00% |
Investments (Mortgage Loans - N
Investments (Mortgage Loans - Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($)Contracts | Dec. 31, 2015USD ($)Contracts | Dec. 31, 2014USD ($) | |
Mortgage Loans on Real Estate [Line Items] | |||
Allowance for Loan and Lease Losses, Write-offs | $ 160 | $ 35 | $ 29 |
Financing Receivable, Significant Purchases | 2,900 | 3,900 | |
Average Recorded Investment | $ 327 | $ 271 | |
Percentage of Mortgage Loans Classified as Performing | 99.00% | 99.00% | |
Agricultural | |||
Mortgage Loans on Real Estate [Line Items] | |||
Allowance for Loan and Lease Losses, Write-offs | $ 1 | $ 0 | 1 |
Average Recorded Investment | 49 | 60 | 77 |
Estimated fair value of mortgage loans held-for-investment | 12,700 | 11,900 | |
Residential | |||
Mortgage Loans on Real Estate [Line Items] | |||
Allowance for Loan and Lease Losses, Write-offs | 16 | 16 | 5 |
Average Recorded Investment | 188 | 84 | 19 |
Estimated fair value of mortgage loans held-for-investment | 11,200 | 9,600 | |
Commercial mortgage loans | |||
Mortgage Loans on Real Estate [Line Items] | |||
Allowance for Loan and Lease Losses, Write-offs | 143 | 19 | 23 |
Average Recorded Investment | $ 90 | $ 127 | $ 316 |
Residential | |||
Mortgage Loans on Real Estate [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | Contracts | 557 | 460 | |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 136 | $ 108 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 122 | $ 96 |
Investments (Other Invested Ass
Investments (Other Invested Assets - Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Investments, Debt and Equity Securities [Abstract] | |||
Carrying value of Tax Credits | $ 1,700 | $ 1,600 | |
Losses From Tax Credits | $ 167 | $ 163 | $ 153 |
Investments (Leverage Leases -
Investments (Leverage Leases - Narrative) (Details) - USD ($) $ in Billions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Loans and Leases Receivable, Other Information | The payment periods for leveraged leases generally range from one to 15 years but in certain circumstances can be over 25 years, while the payment periods for direct financing leases range from one to 20 years. | |
Percentage of rental receivables performing | 100.00% | 100.00% |
Leveraged Leases [Abstract] | ||
Deferred income tax liability related to leveraged leases | $ 1.4 | $ 1.4 |
Performing Financing Receivable [Member] | Minimum | ||
Percentage of rental receivables performing | 99.00% | 99.00% |
Investments (Cash Equivalents -
Investments (Cash Equivalents - Narrative) (Details) - USD ($) $ in Billions | Dec. 31, 2016 | Dec. 31, 2015 |
Investments, Debt and Equity Securities [Abstract] | ||
Cash equivalents | $ 7.4 | $ 6.3 |
Investments (Changes in Fixe131
Investments (Changes in Fixed Maturity Securities with Noncredit OTTI Losses - Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Gain (Loss) on Investments [Line Items] | |||
Other Than Temporary Impairments On Debt Securities Transferred To Other Comprehensive Income Loss | $ 8 | $ (76) | $ (112) |
Brighthouse Financial, INC [Member] | |||
Gain (Loss) on Investments [Line Items] | |||
Other Than Temporary Impairments On Debt Securities Transferred To Other Comprehensive Income Loss | $ 24 | $ 15 |
Investments (Concentrations of
Investments (Concentrations of Credit Risk - Narrative) (Details) - USD ($) $ in Billions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
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 | $ 24.7 | $ 20.9 |
Investments (Securities Lend133
Investments (Securities Lending Remaining Tenor - Narrative) (Details) - Estimated fair value $ in Billions | Dec. 31, 2016USD ($) |
Securities Financing Transaction [Line Items] | |
Securities Loaned, Not Subject to Master Netting Arrangement | $ 4.4 |
U.S. Treasury and agency | |
Securities Financing Transaction [Line Items] | |
Percentage Of US Treasury And Agency Securities At Estimated Fair Value Of Securities On Loan Relating To Cash Collateral On Open | 99.00% |
Securities Investment | |
Securities Financing Transaction [Line Items] | |
Percentage of Reinvestment Portfolio in Fixed Maturity Securities | 63.00% |
Investments (Collectively Signi
Investments (Collectively Significant Equity Method Investments - Narrative) (Details) - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Equity Method Investment, Summarized Financial Information, Gross Profit (Loss) | |||
Carrying Value of investments accounted for under the equity method | $ 14.3 | ||
Unfunded commitments for investments accounted for under the equity method | 6 | ||
Total assets for investments accounted for under the equity method | 436.9 | $ 447.5 | |
Total liabilities for investments accounted for under the equity method | 56.4 | 72 | |
Net Income (loss) for investments accounted for under the equity method | $ 26.8 | $ 25.8 | $ 34.9 |
Aggregate Net income Exceeded Stated Percentage Of The Pre Tax Income (Loss) From Continuing Operations | 10.00% | ||
Brighthouse Financial, INC [Member] | |||
Equity Method Investment, Summarized Financial Information, Gross Profit (Loss) | |||
Carrying Value of investments accounted for under the equity method | $ 1.9 |
Investments (Consolidated Va135
Investments (Consolidated Variable Interest Entities - Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Investments, Debt and Equity Securities [Abstract] | |||
Tax credits guaranteed by third parties that reduce maximum exposure to loss related to other invested assets | $ 150 | $ 179 | |
Financial or other support to investees designated as VIEs | $ 0 | $ 0 | $ 0 |
Investments (Net Investment Gai
Investments (Net Investment Gains Losses - Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Non-investment portfolio gains (losses) | $ 100 | $ 4 | $ 155 |
Gains (losses) from foreign currency transactions | 255 | 52 | (265) |
Investments Sold [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ 102 | ||
MetLife Assurance Limited | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Non-investment portfolio gains (losses) | $ 633 | $ 77 |
Investments (Net Investment 137
Investments (Net Investment Income - Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value Option Contractholder Directed Unit Linked Investments [Member] | |||
Net Investment Income [Line Items] | |||
Trading Securities, Change in Unrealized Holding Gain (Loss) | $ 427 | $ (456) | $ 642 |
Derivatives (Primary Risks) (De
Derivatives (Primary Risks) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | $ 286,643 | $ 271,492 |
Estimated Fair Value Assets | 12,139 | 10,489 |
Estimated Fair Value Liabilities | 6,921 | 5,267 |
Derivatives Designated as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 50,351 | 45,069 |
Estimated Fair Value Assets | 4,652 | 4,106 |
Estimated Fair Value Liabilities | 2,792 | 2,070 |
Derivatives Designated as Hedging Instruments [Member] | Fair Value Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 7,327 | 8,947 |
Estimated Fair Value Assets | 2,255 | 2,239 |
Estimated Fair Value Liabilities | 284 | 222 |
Derivatives Designated as Hedging Instruments [Member] | Fair Value Hedges [Member] | Interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 5,021 | 5,108 |
Estimated Fair Value Assets | 2,221 | 2,177 |
Estimated Fair Value Liabilities | 6 | 11 |
Derivatives Designated as Hedging Instruments [Member] | Fair Value Hedges [Member] | Foreign currency swaps | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 1,221 | 2,154 |
Estimated Fair Value Assets | 34 | 62 |
Estimated Fair Value Liabilities | 224 | 159 |
Derivatives Designated as Hedging Instruments [Member] | Fair Value Hedges [Member] | Foreign currency forwards | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 1,085 | 1,685 |
Estimated Fair Value Assets | 0 | 0 |
Estimated Fair Value Liabilities | 54 | 52 |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 32,752 | 24,637 |
Estimated Fair Value Assets | 2,202 | 1,599 |
Estimated Fair Value Liabilities | 2,458 | 1,800 |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedges [Member] | Interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 2,040 | 1,960 |
Estimated Fair Value Assets | 325 | 427 |
Estimated Fair Value Liabilities | 34 | 0 |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedges [Member] | Interest rate forwards | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 4,032 | 70 |
Estimated Fair Value Assets | 0 | 15 |
Estimated Fair Value Liabilities | 370 | 0 |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedges [Member] | Foreign currency swaps | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 26,680 | 22,607 |
Estimated Fair Value Assets | 1,877 | 1,157 |
Estimated Fair Value Liabilities | 2,054 | 1,800 |
Derivatives Designated as Hedging Instruments [Member] | Foreign Operations Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 10,272 | 11,485 |
Estimated Fair Value Assets | 195 | 268 |
Estimated Fair Value Liabilities | 50 | 48 |
Derivatives Designated as Hedging Instruments [Member] | Foreign Operations Hedges [Member] | Foreign currency forwards | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 1,394 | 3,916 |
Estimated Fair Value Assets | 47 | 63 |
Estimated Fair Value Liabilities | 5 | 12 |
Derivatives Designated as Hedging Instruments [Member] | Foreign Operations Hedges [Member] | Currency options | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 8,878 | 7,569 |
Estimated Fair Value Assets | 148 | 205 |
Estimated Fair Value Liabilities | 45 | 36 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 236,292 | 226,423 |
Estimated Fair Value Assets | 7,487 | 6,383 |
Estimated Fair Value Liabilities | 4,129 | 3,197 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 53,349 | 66,202 |
Estimated Fair Value Assets | 4,089 | 3,307 |
Estimated Fair Value Liabilities | 1,641 | 1,609 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Interest rate forwards | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 613 | 43 |
Estimated Fair Value Assets | 0 | 1 |
Estimated Fair Value Liabilities | 25 | 0 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Interest rate floors | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 12,101 | 16,801 |
Estimated Fair Value Assets | 181 | 278 |
Estimated Fair Value Liabilities | 7 | 24 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Interest rate caps | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 78,358 | 55,136 |
Estimated Fair Value Assets | 112 | 67 |
Estimated Fair Value Liabilities | 2 | 3 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Interest rate futures | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 4,793 | 5,178 |
Estimated Fair Value Assets | 3 | 2 |
Estimated Fair Value Liabilities | 12 | 7 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Interest rate options | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 5,334 | 11,614 |
Estimated Fair Value Assets | 628 | 705 |
Estimated Fair Value Liabilities | 1 | 25 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Synthetic GICs | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 5,566 | 4,216 |
Estimated Fair Value Assets | 0 | 0 |
Estimated Fair Value Liabilities | 0 | 0 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Foreign currency swaps | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 11,651 | 10,399 |
Estimated Fair Value Assets | 1,445 | 687 |
Estimated Fair Value Liabilities | 462 | 431 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Foreign currency forwards | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 15,422 | 11,539 |
Estimated Fair Value Assets | 117 | 150 |
Estimated Fair Value Liabilities | 977 | 219 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Currency futures | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 915 | 930 |
Estimated Fair Value Assets | 0 | 0 |
Estimated Fair Value Liabilities | 0 | 0 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Currency options | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 3,615 | 9,590 |
Estimated Fair Value Assets | 195 | 466 |
Estimated Fair Value Liabilities | 17 | 189 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Credit default swaps — purchased | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 2,001 | 1,846 |
Estimated Fair Value Assets | 14 | 28 |
Estimated Fair Value Liabilities | 40 | 34 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Credit default swaps — written | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 10,732 | 8,185 |
Estimated Fair Value Assets | 161 | 65 |
Estimated Fair Value Liabilities | 9 | 12 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Equity futures | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 4,457 | 3,537 |
Estimated Fair Value Assets | 30 | 26 |
Estimated Fair Value Liabilities | 3 | 18 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Equity index options | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 16,527 | 11,647 |
Estimated Fair Value Assets | 426 | 510 |
Estimated Fair Value Liabilities | 523 | 415 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Equity variance swaps | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 8,263 | 8,571 |
Estimated Fair Value Assets | 83 | 75 |
Estimated Fair Value Liabilities | 240 | 202 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Total rate of return swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 1,549 | 0 |
Estimated Fair Value Assets | 2 | 0 |
Estimated Fair Value Liabilities | 127 | 0 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Equity Total Return Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 1,046 | 989 |
Estimated Fair Value Assets | 1 | 16 |
Estimated Fair Value Liabilities | $ 43 | $ 9 |
Derivatives (Net Derivative Gai
Derivatives (Net Derivative Gains Losses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Components of Net Derivatives Gains (Losses) | |||
Derivatives and hedging gains (losses) | $ (509) | $ 429 | $ 800 |
Embedded derivatives gains (losses) | (365) | 116 | (78) |
Total net derivative gains (losses) | $ (874) | $ 545 | $ 722 |
Derivatives (Earned Income On D
Derivatives (Earned Income On Derivatives) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total earned income | $ 965 | $ 886 | $ 811 |
Derivatives Designated as Hedging Instruments [Member] | Net investment income | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total earned income | 267 | 206 | 152 |
Derivatives Designated as Hedging Instruments [Member] | Interest credited to policyholder account balances | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total earned income | (1) | 27 | 103 |
Derivatives Designated as Hedging Instruments [Member] | Other expenses | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total earned income | (12) | (6) | (3) |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Net investment income | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total earned income | (1) | (6) | (4) |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Net derivative gains (losses) | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total earned income | 705 | 663 | 556 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Policyholder benefits and claims | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total earned income | $ 7 | $ 2 | $ 7 |
Derivatives (Gains Losses Recog
Derivatives (Gains Losses Recognized in Income Not Designated or Qualifying) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | $ (56) | $ (300) | $ 24 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Net derivative gains (losses) | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | (758) | (254) | 21 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Net derivative gains (losses) | Interest rate derivatives | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | (990) | (354) | 425 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Net derivative gains (losses) | Foreign currency exchange rate derivatives | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 882 | 502 | (349) |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Net derivative gains (losses) | Credit derivatives — purchased | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | (40) | 7 | 10 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Net derivative gains (losses) | Credit derivatives — written | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 71 | (69) | 3 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Net derivative gains (losses) | Equity derivatives | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | (681) | (340) | (68) |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Net Investment Income | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | (16) | (13) | (10) |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Net Investment Income | Interest rate derivatives | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Net Investment Income | Foreign currency exchange rate derivatives | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Net Investment Income | Credit derivatives — purchased | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | (3) | 0 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Net Investment Income | Credit derivatives — written | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Net Investment Income | Equity derivatives | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | (16) | (10) | (10) |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Policyholder benefits and claims | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | (110) | 0 | (10) |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Policyholder benefits and claims | Interest rate derivatives | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 46 | 0 | 0 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Policyholder benefits and claims | Foreign currency exchange rate derivatives | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | (18) | 0 | 0 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Policyholder benefits and claims | Credit derivatives — purchased | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Policyholder benefits and claims | Credit derivatives — written | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Policyholder benefits and claims | Equity derivatives | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | $ (138) | $ 0 | $ (10) |
Derivatives (Fair Value Hedges)
Derivatives (Fair Value Hedges) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net Derivative Gains (Losses) Recognized for Derivatives | $ (56) | $ (300) | $ 24 |
Net Derivative Gains (Losses) Recognized for Hedged Items | 42 | 286 | (47) |
Ineffectiveness Recognized in Net Derivative Gains (Losses) | (14) | (14) | (23) |
Interest rate swaps | Fixed Maturity Securities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net Derivative Gains (Losses) Recognized for Derivatives | 7 | 4 | 4 |
Net Derivative Gains (Losses) Recognized for Hedged Items | (9) | (1) | 0 |
Ineffectiveness Recognized in Net Derivative Gains (Losses) | (2) | 3 | 4 |
Interest rate swaps | Policyholder account balances [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net Derivative Gains (Losses) Recognized for Derivatives | (108) | (4) | 649 |
Net Derivative Gains (Losses) Recognized for Hedged Items | 90 | (6) | (636) |
Ineffectiveness Recognized in Net Derivative Gains (Losses) | (18) | (10) | 13 |
Foreign currency swaps | Foreign-denominated fixed maturity securities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net Derivative Gains (Losses) Recognized for Derivatives | 13 | 15 | 13 |
Net Derivative Gains (Losses) Recognized for Hedged Items | (12) | (7) | (11) |
Ineffectiveness Recognized in Net Derivative Gains (Losses) | 1 | 8 | 2 |
Foreign currency swaps | Foreign-denominated policyholder account balances [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net Derivative Gains (Losses) Recognized for Derivatives | (95) | (240) | (283) |
Net Derivative Gains (Losses) Recognized for Hedged Items | 92 | 232 | 270 |
Ineffectiveness Recognized in Net Derivative Gains (Losses) | (3) | (8) | (13) |
Foreign currency forwards | Foreign-denominated fixed maturity securities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net Derivative Gains (Losses) Recognized for Derivatives | 127 | (75) | (359) |
Net Derivative Gains (Losses) Recognized for Hedged Items | (119) | 68 | 330 |
Ineffectiveness Recognized in Net Derivative Gains (Losses) | $ 8 | $ (7) | $ (29) |
Derivatives (Cash Flow Hedges)
Derivatives (Cash Flow Hedges) (Details) - Cash Flow Hedges [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivatives in cash flow hedging relationships | |||
Amount of Gains (Losses) Deferred in AOCI (Effective Portion) | $ 273 | $ (121) | $ 417 |
Interest rate swaps | |||
Derivatives in cash flow hedging relationships | |||
Amount of Gains (Losses) Deferred in AOCI (Effective Portion) | 50 | 76 | 591 |
Foreign currency swaps | |||
Derivatives in cash flow hedging relationships | |||
Amount of Gains (Losses) Deferred in AOCI (Effective Portion) | 589 | (194) | (205) |
Interest rate forwards | |||
Derivatives in cash flow hedging relationships | |||
Amount of Gains (Losses) Deferred in AOCI (Effective Portion) | (366) | (3) | 31 |
Credit forwards | |||
Derivatives in cash flow hedging relationships | |||
Amount of Gains (Losses) Deferred in AOCI (Effective Portion) | 0 | 0 | 0 |
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) | (292) | (631) | (729) |
Amount and Location of Gains (Losses) Recognized In Income (Loss) on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | 0 | 11 | 4 |
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) | 56 | 84 | 41 |
Amount and Location of Gains (Losses) Recognized In Income (Loss) on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | (1) | 2 | 3 |
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) | (350) | (720) | (762) |
Amount and Location of Gains (Losses) Recognized In Income (Loss) on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | 1 | 9 | 1 |
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) | 4 | (8) |
Amount and Location of Gains (Losses) Recognized In Income (Loss) on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | 0 | 0 | 0 |
Net derivative gains (losses) | Credit 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) | 3 | 1 | 0 |
Amount and Location of Gains (Losses) Recognized In Income (Loss) on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | 0 | 0 | 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) | 15 | 13 | 10 |
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) | 12 | 11 | 8 |
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) | (2) | (1) | (2) |
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) | 4 | 3 | 3 |
Net Investment Income | Credit 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 | 1 |
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) | 3 | 3 | 4 |
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 |
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) | 2 | 1 | 2 |
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) | 1 | 2 | 2 |
Other expenses | Credit 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 | 0 |
Brighthouse Financial, INC [Member] | Discontinued Operations [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Reduction of Deferred Gains within AOCI | 71 | 102 | 252 |
Derivatives in cash flow hedging relationships | |||
Amount and Location of Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss) (Effective Portion) | $ 45 | $ 7 | $ (2) |
Derivatives (Hedges of Net Inve
Derivatives (Hedges of Net Investments in Foreign Operations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount And Location Of Gains Losses Reclassified From Accumulated Other Comprehensive Income Loss Into Income Loss Effective Portion On Net Investment In Foreign Operation Hedges | $ 0 | ||
Foreign Operations Hedges [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gains (Losses) Deferred in AOCI (Effective Portion) | (302) | $ 117 | $ 629 |
Foreign Operations Hedges [Member] | Foreign currency forwards | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gains (Losses) Deferred in AOCI (Effective Portion) | (267) | 255 | 407 |
Foreign Operations Hedges [Member] | Currency options | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gains (Losses) Deferred in AOCI (Effective Portion) | $ (35) | $ (138) | $ 222 |
Derivatives (Credit Derivatives
Derivatives (Credit Derivatives) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 152 | $ 53 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 10,732 | $ 8,185 |
Weighted Average Years to Maturity | 4 years 5 months | 4 years 2 months |
Aaa/Aa/A | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 40 | $ 10 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 2,784 | $ 1,870 |
Weighted Average Years to Maturity | 3 years 6 months | 3 years 4 months |
Aaa/Aa/A | Single name credit default swaps (3) | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 6 | $ 5 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 449 | $ 454 |
Weighted Average Years to Maturity | 3 years 1 month | 3 years |
Aaa/Aa/A | Credit default swaps referencing indices | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 34 | $ 5 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 2,335 | $ 1,416 |
Weighted Average Years to Maturity | 3 years 7 months | 3 years 5 months |
Baa | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 93 | $ 35 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 7,462 | $ 5,559 |
Weighted Average Years to Maturity | 4 years 10 months | 4 years 6 months |
Baa | Single name credit default swaps (3) | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 5 | $ 6 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 751 | $ 940 |
Weighted Average Years to Maturity | 2 years 6 months | 2 years 11 months |
Baa | Credit default swaps referencing indices | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 88 | $ 29 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 6,711 | $ 4,619 |
Weighted Average Years to Maturity | 5 years | 4 years 10 months |
Ba | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ (2) | $ (3) |
Maximum Amount of Future Payments under Credit Default Swaps | $ 135 | $ 164 |
Weighted Average Years to Maturity | 4 years 1 month | 1 year 6 months |
Ba | Single name credit default swaps (3) | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ (2) | $ (2) |
Maximum Amount of Future Payments under Credit Default Swaps | $ 135 | $ 64 |
Weighted Average Years to Maturity | 4 years 1 month | 2 years 4 months |
Ba | Credit default swaps referencing indices | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 0 | $ (1) |
Maximum Amount of Future Payments under Credit Default Swaps | $ 0 | $ 100 |
Weighted Average Years to Maturity | 0 years | 1 year |
B [Member] | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 21 | $ 11 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 351 | $ 592 |
Weighted Average Years to Maturity | 4 years 4 months | 4 years 11 months |
B [Member] | Single name credit default swaps (3) | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 1 | $ 0 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 70 | $ 0 |
Weighted Average Years to Maturity | 1 year 10 months | 0 years |
B [Member] | Credit default swaps referencing indices | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 20 | $ 11 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 281 | $ 592 |
Weighted Average Years to Maturity | 5 years | 4 years 11 months |
Derivatives (Estimated Fair Val
Derivatives (Estimated Fair Value of Derivative Assets and Liabilities after Master Netting Agreements and Cash Collateral) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Offsetting Assets [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Excluding Accruals | $ 12,284 | $ 10,673 |
Derivative Liability, Fair Value, Gross Liability Excluding Accruals | 6,878 | 5,287 |
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 | 12,284 | 10,673 |
Estimated fair value of derivative liabilities presented in the consolidated balance sheets | 6,878 | 5,287 |
Net amount of derivative assets after application of master netting agreements and cash collateral | 370 | 341 |
Net amount of derivative liabilities after application of master netting agreements and cash collateral | 38 | 86 |
Over the Counter [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Excluding Accruals | 9,976 | 9,123 |
Derivative Liability, Fair Value, Gross Liability Excluding Accruals | 5,721 | 4,123 |
Gross estimated fair value of derivative assets | (3,787) | (2,791) |
Gross estimated fair value of derivative liabilities | (3,787) | (2,791) |
Cash collateral on derivative assets | (4,244) | (4,516) |
Cash collateral on derivative liabilities | (84) | (7) |
Securities collateral on derivative assets | (1,640) | (1,524) |
Securities collateral on derivative liabilities | (1,818) | (1,247) |
Exchange Traded [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Excluding Accruals | 33 | 28 |
Derivative Liability, Fair Value, Gross Liability Excluding Accruals | 15 | 25 |
Gross estimated fair value of derivative assets | (5) | (1) |
Gross estimated fair value of derivative liabilities | (5) | (1) |
Cash collateral on derivative assets | 0 | 0 |
Cash collateral on derivative liabilities | (9) | (20) |
Securities collateral on derivative assets | 0 | 0 |
Securities collateral on derivative liabilities | 0 | (3) |
Cleared [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Excluding Accruals | 2,275 | 1,522 |
Derivative Liability, Fair Value, Gross Liability Excluding Accruals | 1,142 | 1,139 |
Gross estimated fair value of derivative assets | (903) | (1,130) |
Gross estimated fair value of derivative liabilities | (903) | (1,130) |
Cash collateral on derivative assets | (1,335) | (370) |
Cash collateral on derivative liabilities | (234) | (2) |
Securities collateral on derivative assets | 0 | 0 |
Securities collateral on derivative liabilities | $ 0 | $ 0 |
Derivatives (Credit Risk on Fre
Derivatives (Credit Risk on Freestanding Derivatives) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Derivatives in a Net Liability Position (1) | $ 1,934 | $ 1,329 |
Estimated Fair Value of Incremental Collateral Provided Upon: | 6 | 1 |
Downgrade in the company's credit rating to a level that triggers full overnight collateralization or termination of the derivative position | 9 | 1 |
Fixed maturity securities | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Collateral Provided: | 1,996 | 1,360 |
Cash | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Collateral Provided: | 91 | 8 |
Derivatives Subject to Credit-Contingent Provisions | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Derivatives in a Net Liability Position (1) | 1,909 | 1,122 |
Estimated Fair Value of Incremental Collateral Provided Upon: | 6 | 1 |
Downgrade in the company's credit rating to a level that triggers full overnight collateralization or termination of the derivative position | 9 | 1 |
Derivatives Subject to Credit-Contingent Provisions | Fixed maturity securities | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Collateral Provided: | 1,965 | 1,186 |
Derivatives Subject to Credit-Contingent Provisions | Cash | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Collateral Provided: | 91 | 4 |
Derivatives Not Subject to Credit-Contingent Provisions | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Derivatives in a Net Liability Position (1) | 25 | 207 |
Estimated Fair Value of Incremental Collateral Provided Upon: | 0 | 0 |
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: | 31 | 174 |
Derivatives Not Subject to Credit-Contingent Provisions | Cash | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Collateral Provided: | $ 0 | $ 4 |
Derivatives (Embedded Derivativ
Derivatives (Embedded Derivatives) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract] | ||
Embedded derivatives within asset host contracts | $ 55 | $ (39) |
Embedded derivatives within liability host contracts | 1,554 | 793 |
Ceded guaranteed minimum benefits | Premiums, reinsurance and other receivables | ||
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract] | ||
Embedded derivatives within asset host contracts | 143 | 118 |
Direct guaranteed minimum benefits | Policyholder account balances [Member] | ||
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract] | ||
Embedded derivatives within liability host contracts | 361 | (155) |
Assumed guaranteed minimum benefits | Policyholder account balances [Member] | ||
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract] | ||
Embedded derivatives within liability host contracts | 1,205 | 965 |
Funds withheld on ceded reinsurance | Other liabilities | ||
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract] | ||
Embedded derivatives within liability host contracts | (30) | (14) |
Fixed annuities with equity indexed returns | Policyholder account balances [Member] | ||
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract] | ||
Embedded derivatives within liability host contracts | 18 | (3) |
Options embedded in debt or equity securities [Member] | Investments | ||
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract] | ||
Embedded derivatives within asset host contracts | $ (88) | $ (157) |
Derivatives (Changes in Estimat
Derivatives (Changes in Estimated Fair Value Related to Embedded Derivatives) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net derivatives gains (losses) | $ (365) | $ 116 | $ (78) |
Net Derivative Gain (Loss) [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net derivatives gains (losses) | $ (365) | $ 116 | $ (78) |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivatives, Fair Value [Line Items] | |||
Estimated Fair Value Assets | $ 12,139 | $ 10,489 | |
Estimated Fair Value Liabilities | 6,921 | 5,267 | |
Maximum Amount of Future Payments under Credit Default Swaps | 10,732 | 8,185 | |
Estimated Fair Value of Credit Default Swaps | 152 | 53 | |
Excess cash collateral received on derivatives | 164 | 88 | |
Securities collateral received which the company is permitted to sell or repledge, amount that has been sold or repledged | 0 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net investment gains (losses) | 305 | 646 | $ 338 |
Embedded derivatives gains (losses) | (365) | 116 | (78) |
Derivative Instrument Detail [Abstract] | |||
Net amounts reclassified into net derivatives gains (losses) on discontinued cash flow hedges | $ 12 | $ 8 | (15) |
Hedging exposure to variability in future cash flows for specific length of time | 5 years | 5 years | |
Accumulated Other Comprehensive Income Loss | $ 2,900 | $ 2,400 | |
Deferred net gains (losses) expected to be reclassified to earnings | (219) | ||
Amount and Location of Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss) (Effective Portion) | $ 0 | ||
Immateriality of cash flow effectiveness | no | ||
Cumulative foreign currency translation gain (loss) recorded in accumulated other comprehensive income (loss) for net investment in foreign operations hedges | $ 800 | 1,100 | |
Potential future recoveries available to offset maximum amount of future payments under credit default swaps | 30 | 75 | |
Excess securities collateral provided on derivatives | 461 | 142 | |
Change in fair value of derivatives excluded from the assessment of hedge effectiveness | (23) | (11) | 3 |
Over the Counter [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 4,244 | 4,516 | |
Excess securities collateral received on derivatives | (82) | (100) | |
Excess securities collateral provided on derivatives | (189) | (114) | |
Exchange Cleared [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 1,335 | 370 | |
Excess securities collateral provided on derivatives | (544) | (280) | |
Exchange Traded [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 0 | 0 | |
Excess securities collateral provided on derivatives | (116) | (68) | |
Nonperformance Risk [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Embedded derivatives gains (losses) | 293 | 139 | $ (46) |
Hedge Funds [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Maximum Amount of Future Payments under Credit Default Swaps | 20 | ||
Estimated Fair Value of Credit Default Swaps | (2) | ||
MetLife Assurance Limited | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net investment gains (losses) | (77) | ||
Accumulated Other Comprehensive Income (Loss) Foreign Currency Translation Adjustments | MetLife Assurance Limited | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net investment gains (losses) | (77) | (77) | |
Accrued Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Estimated Fair Value Assets | 145 | 184 | |
Estimated Fair Value Liabilities | $ (43) | $ 20 |
Fair Value (Recurring Fair Valu
Fair Value (Recurring Fair Value Measurements) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | $ 289,563 | $ 287,783 |
Available-for-sale Securities, Equity Securities | 2,894 | 2,864 |
Fair Value Option And Trading Securities | 13,923 | 15,024 |
Short-term investments | 6,523 | 7,467 |
Mortgage loans at estimated fair value | 65,167 | 59,578 |
Derivative assets | 12,139 | 10,489 |
Net embedded derivatives within asset host contracts | 55 | (39) |
Separate account assets | 195,578 | 187,152 |
Liabilities [Abstract] | ||
Derivative liabilities | 6,921 | 5,267 |
Net embedded derivatives within liability host contracts | 1,554 | 793 |
Separate account liabilities | 195,578 | 187,152 |
Residential Mortgage Loans - FVO | ||
Assets [Abstract] | ||
Mortgage loans at estimated fair value | 566 | 314 |
Recurring | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 289,563 | 287,783 |
Available-for-sale Securities, Equity Securities | 2,894 | 2,864 |
Fair Value Option And Trading Securities | 13,923 | 15,024 |
Short-term investments | 6,005 | 6,995 |
Other investments | 157 | 162 |
Derivative assets | 12,139 | 10,489 |
Net embedded derivatives within asset host contracts | 143 | 118 |
Separate account assets | 195,578 | 187,152 |
Total assets | 520,968 | 510,901 |
Liabilities [Abstract] | ||
Derivative liabilities | 6,921 | 5,267 |
Net embedded derivatives within liability host contracts | 1,554 | 793 |
Trading liabilities | 0 | 153 |
Separate account liabilities | 23 | 0 |
Total liabilities | 8,498 | 6,213 |
Recurring | Interest rate contracts | ||
Assets [Abstract] | ||
Derivative assets | 7,561 | 6,979 |
Liabilities [Abstract] | ||
Derivative liabilities | 2,225 | 1,679 |
Recurring | Foreign currency exchange rate contracts | ||
Assets [Abstract] | ||
Derivative assets | 3,863 | 2,790 |
Liabilities [Abstract] | ||
Derivative liabilities | 3,838 | 2,898 |
Recurring | Credit contracts | ||
Assets [Abstract] | ||
Derivative assets | 175 | 93 |
Liabilities [Abstract] | ||
Derivative liabilities | 49 | 46 |
Recurring | Equity market contracts | ||
Assets [Abstract] | ||
Derivative assets | 540 | 627 |
Liabilities [Abstract] | ||
Derivative liabilities | 809 | 644 |
Recurring | Residential Mortgage Loans - FVO | ||
Assets [Abstract] | ||
Mortgage loans at estimated fair value | 566 | 314 |
Recurring | U.S. corporate | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 78,543 | 79,573 |
Recurring | Foreign government | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 55,976 | 49,718 |
Recurring | Foreign corporate | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 50,663 | 51,411 |
Recurring | U.S. government and agency | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 44,433 | 47,122 |
Recurring | RMBS (1) | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 29,032 | 28,889 |
Recurring | State and political subdivision | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 12,231 | 11,810 |
Recurring | ABS | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 11,225 | 10,051 |
Recurring | CMBS | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 7,460 | 9,209 |
Recurring | Level 1 | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 24,943 | 29,487 |
Available-for-sale Securities, Equity Securities | 1,334 | 1,230 |
Fair Value Option And Trading Securities | 11,123 | 11,335 |
Short-term investments | 4,091 | 2,469 |
Other investments | 86 | 109 |
Derivative assets | 33 | 28 |
Net embedded derivatives within asset host contracts | 0 | 0 |
Separate account assets | 82,818 | 76,456 |
Total assets | 124,428 | 121,114 |
Liabilities [Abstract] | ||
Derivative liabilities | 15 | 25 |
Net embedded derivatives within liability host contracts | 0 | 0 |
Trading liabilities | 0 | 103 |
Separate account liabilities | 0 | 0 |
Total liabilities | 15 | 128 |
Recurring | Level 1 | Interest rate contracts | ||
Assets [Abstract] | ||
Derivative assets | 3 | 2 |
Liabilities [Abstract] | ||
Derivative liabilities | 12 | 7 |
Recurring | Level 1 | Foreign currency exchange rate contracts | ||
Assets [Abstract] | ||
Derivative assets | 0 | 0 |
Liabilities [Abstract] | ||
Derivative liabilities | 0 | 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 | 30 | 26 |
Liabilities [Abstract] | ||
Derivative liabilities | 3 | 18 |
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 | 24,943 | 29,487 |
Recurring | Level 1 | RMBS (1) | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 0 | 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 | 247,569 | 242,001 |
Available-for-sale Securities, Equity Securities | 1,092 | 1,300 |
Fair Value Option And Trading Securities | 2,513 | 3,419 |
Short-term investments | 1,868 | 4,282 |
Other investments | 71 | 53 |
Derivative assets | 11,874 | 10,288 |
Net embedded derivatives within asset host contracts | 0 | 0 |
Separate account assets | 111,612 | 109,138 |
Total assets | 376,599 | 370,481 |
Liabilities [Abstract] | ||
Derivative liabilities | 6,112 | 4,890 |
Net embedded derivatives within liability host contracts | 0 | 0 |
Trading liabilities | 0 | 50 |
Separate account liabilities | 16 | 0 |
Total liabilities | 6,128 | 4,940 |
Recurring | Level 2 | Interest rate contracts | ||
Assets [Abstract] | ||
Derivative assets | 7,556 | 6,960 |
Liabilities [Abstract] | ||
Derivative liabilities | 1,713 | 1,672 |
Recurring | Level 2 | Foreign currency exchange rate contracts | ||
Assets [Abstract] | ||
Derivative assets | 3,783 | 2,774 |
Liabilities [Abstract] | ||
Derivative liabilities | 3,784 | 2,750 |
Recurring | Level 2 | Credit contracts | ||
Assets [Abstract] | ||
Derivative assets | 145 | 87 |
Liabilities [Abstract] | ||
Derivative liabilities | 49 | 44 |
Recurring | Level 2 | Equity market contracts | ||
Assets [Abstract] | ||
Derivative assets | 390 | 467 |
Liabilities [Abstract] | ||
Derivative liabilities | 566 | 424 |
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 | 72,811 | 74,245 |
Recurring | Level 2 | Foreign government | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 55,687 | 48,889 |
Recurring | Level 2 | Foreign corporate | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 44,858 | 46,428 |
Recurring | Level 2 | U.S. government and agency | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 19,490 | 17,635 |
Recurring | Level 2 | RMBS (1) | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 25,194 | 25,508 |
Recurring | Level 2 | State and political subdivision | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 12,221 | 11,776 |
Recurring | Level 2 | ABS | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 10,196 | 8,840 |
Recurring | Level 2 | CMBS | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 7,112 | 8,680 |
Recurring | Level 3 | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 17,051 | 16,295 |
Available-for-sale Securities, Equity Securities | 468 | 334 |
Fair Value Option And Trading Securities | 287 | 270 |
Short-term investments | 46 | 244 |
Other investments | 0 | 0 |
Derivative assets | 232 | 173 |
Net embedded derivatives within asset host contracts | 143 | 118 |
Separate account assets | 1,148 | 1,558 |
Total assets | 19,941 | 19,306 |
Liabilities [Abstract] | ||
Derivative liabilities | 794 | 352 |
Net embedded derivatives within liability host contracts | 1,554 | 793 |
Trading liabilities | 0 | 0 |
Separate account liabilities | 7 | 0 |
Total liabilities | 2,355 | 1,145 |
Recurring | Level 3 | Interest rate contracts | ||
Assets [Abstract] | ||
Derivative assets | 2 | 17 |
Liabilities [Abstract] | ||
Derivative liabilities | 500 | 0 |
Recurring | Level 3 | Foreign currency exchange rate contracts | ||
Assets [Abstract] | ||
Derivative assets | 80 | 16 |
Liabilities [Abstract] | ||
Derivative liabilities | 54 | 148 |
Recurring | Level 3 | Credit contracts | ||
Assets [Abstract] | ||
Derivative assets | 30 | 6 |
Liabilities [Abstract] | ||
Derivative liabilities | 0 | 2 |
Recurring | Level 3 | Equity market contracts | ||
Assets [Abstract] | ||
Derivative assets | 120 | 134 |
Liabilities [Abstract] | ||
Derivative liabilities | 240 | 202 |
Recurring | Level 3 | Residential Mortgage Loans - FVO | ||
Assets [Abstract] | ||
Mortgage loans at estimated fair value | 566 | 314 |
Recurring | Level 3 | U.S. corporate | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 5,732 | 5,328 |
Recurring | Level 3 | Foreign government | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 289 | 829 |
Recurring | Level 3 | Foreign corporate | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 5,805 | 4,983 |
Recurring | Level 3 | U.S. government and agency | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 0 | 0 |
Recurring | Level 3 | RMBS (1) | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 3,838 | 3,381 |
Recurring | Level 3 | State and political subdivision | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 10 | 34 |
Recurring | Level 3 | ABS | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 1,029 | 1,211 |
Recurring | Level 3 | CMBS | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | $ 348 | $ 529 |
Fair Value (Quantitative Inform
Fair Value (Quantitative Information) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Interest rate contracts | Minimum | Income Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Swap yield | 2.00% | 3.07% |
Fair Value Inputs, Repurchase Rate | (0.44%) | |
Interest rate contracts | Maximum | Income Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Swap yield | 3.00% | 3.07% |
Fair Value Inputs, Repurchase Rate | 0.18% | |
Foreign currency exchange rate contracts | Minimum | Income Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Swap yield | 0.50% | 0.28% |
Foreign currency exchange rate contracts | Maximum | Income Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Swap yield | 3.28% | 3.81% |
Credit contracts | Minimum | Income Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Credit spreads | 0.97% | 0.98% |
Credit contracts | Maximum | Income Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Credit spreads | 0.98% | 1.00% |
Equity market contracts | Minimum | Income Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Correlation | 40.00% | 70.00% |
Volatility | 12.00% | 15.00% |
Equity market contracts | Maximum | Income Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Correlation | 40.00% | 70.00% |
Volatility | 32.00% | 36.00% |
Embedded derivatives direct and assumed 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 | 9.95% | 8.79% |
Nonperformance risk spread | 0.04% | (0.47%) |
Embedded derivatives direct and assumed 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 and assumed 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 and assumed 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 and assumed 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 and assumed guaranteed minimum benefits | Minimum | Income Approach Valuation Technique | Ages 41 - 60 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Mortality Rate | 0.01% | 0.01% |
Embedded derivatives direct and assumed guaranteed minimum benefits | Minimum | Income Approach Valuation Technique | Ages 61 - 115 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Mortality Rate | 0.04% | 0.04% |
Embedded derivatives direct and assumed 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 | 1.70% | 1.31% |
Embedded derivatives direct and assumed 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 and assumed 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 and assumed 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 and assumed 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 and assumed guaranteed minimum benefits | Maximum | Income Approach Valuation Technique | Ages 41 - 60 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Mortality Rate | 0.78% | 0.78% |
Embedded derivatives direct and assumed 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 | $ 18 | $ 39 |
Delta spread adjustments | (0.65%) | |
Offered quotes | 37 | $ 99 |
Quoted prices | 6 | 0 |
U.S. corporate and foreign corporate securities | Maximum | Market Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Matrix Pricing - Offered quotes | 138 | $ 111 |
Delta spread adjustments | 2.40% | |
Offered quotes | 120 | $ 121 |
Quoted prices | 700 | 385 |
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 | 106 | $ 95 |
Delta spread adjustments | 0.37% | |
Offered quotes | 102 | $ 102 |
Quoted prices | 116 | 121 |
Foreign government | Minimum | Market Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Quoted prices | 98 | 96 |
Foreign government | Maximum | Market Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Quoted prices | 124 | 135 |
Foreign government | Weighted Average | Market Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Quoted prices | 104 | 113 |
RMBS (1) | Minimum | Market Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Quoted prices | 19 | 19 |
RMBS (1) | Maximum | Market Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Quoted prices | 137 | 121 |
RMBS (1) | Weighted Average | Market Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Quoted prices | 91 | 92 |
ABS | Minimum | Market Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Offered quotes | 96 | 97 |
Quoted prices | 5 | 16 |
ABS | Maximum | Market Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Offered quotes | 102 | 105 |
Quoted prices | 106 | 109 |
ABS | Weighted Average | Market Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Offered quotes | 100 | 99 |
Quoted prices | $ 99 | $ 101 |
Fair Value (Unobservable Input
Fair Value (Unobservable Input Reconciliation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Residential Mortgage Loans - FVO | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at January 1, | $ 314 | $ 308 | |
Total realized/unrealized gains (losses) included in net income (loss) | 8 | 20 | $ 20 |
Total realized/unrealized gains (losses) included in AOCI | 0 | 0 | 0 |
Purchases | 297 | 136 | |
Sales | (11) | (121) | |
Issuances | 0 | 0 | |
Settlements | (42) | (29) | |
Transfers into Level 3 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | |
Balance at December 31, | 566 | 314 | 308 |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 8 | 20 | 20 |
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 | 8 | 20 | 20 |
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 | (56) | (170) | (60) |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Balance at January 1, | (179) | (104) | |
Total realized/unrealized gains (losses) included in net income (loss) | (31) | (149) | (79) |
Total realized/unrealized gains (losses) included in AOCI | (367) | (2) | 44 |
Purchases | 28 | 2 | |
Sales | 0 | 0 | |
Issuances | 0 | 0 | |
Settlements | (13) | 74 | |
Transfers into Level 3 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | |
Balance at December 31, | (562) | (179) | (104) |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | (56) | (170) | (60) |
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 | (426) | 133 | (35) |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Balance at January 1, | (675) | (519) | |
Total realized/unrealized gains (losses) included in net income (loss) | (399) | 155 | (19) |
Total realized/unrealized gains (losses) included in AOCI | (20) | 1 | 1,286 |
Purchases | 0 | 0 | |
Sales | 0 | 0 | |
Issuances | 0 | 0 | |
Settlements | (317) | (312) | |
Transfers into Level 3 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | |
Balance at December 31, | (1,411) | (675) | (519) |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | (426) | 133 | (35) |
Corporate fixed maturity securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at January 1, | 10,311 | 10,952 | |
Total realized/unrealized gains (losses) included in net income (loss) | 5 | 53 | 13 |
Total realized/unrealized gains (losses) included in AOCI | 59 | (637) | 282 |
Purchases | 2,754 | 2,150 | |
Sales | (996) | (1,231) | |
Issuances | 0 | 0 | |
Settlements | 0 | 0 | |
Transfers into Level 3 | 969 | 821 | |
Transfers out of Level 3 | (1,565) | (1,797) | |
Balance at December 31, | 11,537 | 10,311 | 10,952 |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 6 | 13 | 11 |
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 | 6 | 13 | 11 |
Foreign government | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at January 1, | 829 | 1,311 | |
Total realized/unrealized gains (losses) included in net income (loss) | 12 | 13 | 60 |
Total realized/unrealized gains (losses) included in AOCI | (42) | (23) | (110) |
Purchases | 44 | 184 | |
Sales | (45) | (45) | |
Issuances | 0 | 0 | |
Settlements | 0 | 0 | |
Transfers into Level 3 | 3 | 6 | |
Transfers out of Level 3 | (512) | (617) | |
Balance at December 31, | 289 | 829 | 1,311 |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 12 | 12 | 12 |
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 | 12 | 12 | 12 |
Structured Securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at January 1, | 5,121 | 6,187 | |
Total realized/unrealized gains (losses) included in net income (loss) | 103 | 103 | 5 |
Total realized/unrealized gains (losses) included in AOCI | 56 | (77) | 56 |
Purchases | 2,221 | 1,851 | |
Sales | (1,483) | (1,256) | |
Issuances | 0 | 0 | |
Settlements | 0 | 0 | |
Transfers into Level 3 | 25 | 36 | |
Transfers out of Level 3 | (828) | (1,723) | |
Balance at December 31, | 5,215 | 5,121 | 6,187 |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 103 | 103 | 33 |
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 | 103 | 103 | 33 |
State and political subdivision | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at January 1, | 34 | 0 | |
Total realized/unrealized gains (losses) included in net income (loss) | 1 | 0 | 0 |
Total realized/unrealized gains (losses) included in AOCI | 2 | 1 | 0 |
Purchases | 0 | 33 | |
Sales | 0 | 0 | |
Issuances | 0 | 0 | |
Settlements | 0 | 0 | |
Transfers into Level 3 | 7 | 0 | |
Transfers out of Level 3 | (34) | 0 | |
Balance at December 31, | 10 | 34 | 0 |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 1 | 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 | 1 | 0 | 0 |
Equity securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at January 1, | 334 | 245 | |
Total realized/unrealized gains (losses) included in net income (loss) | (24) | 11 | 20 |
Total realized/unrealized gains (losses) included in AOCI | 19 | (54) | (88) |
Purchases | 23 | 128 | |
Sales | (15) | (81) | |
Issuances | 0 | 0 | |
Settlements | 0 | 0 | |
Transfers into Level 3 | 327 | 88 | |
Transfers out of Level 3 | (196) | (3) | |
Balance at December 31, | 468 | 334 | 245 |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | (29) | 0 | (5) |
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 | (29) | 0 | (5) |
FVO And Trading Securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at January 1, | 270 | 567 | |
Total realized/unrealized gains (losses) included in net income (loss) | 2 | (30) | 8 |
Total realized/unrealized gains (losses) included in AOCI | 0 | 0 | 0 |
Purchases | 99 | 51 | |
Sales | (35) | (127) | |
Issuances | 0 | 0 | |
Settlements | 0 | 0 | |
Transfers into Level 3 | 18 | 56 | |
Transfers out of Level 3 | (67) | (247) | |
Balance at December 31, | 287 | 270 | 567 |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 3 | (27) | (7) |
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 | 3 | (27) | (7) |
Short-term Investments | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at January 1, | 244 | 265 | |
Total realized/unrealized gains (losses) included in net income (loss) | 1 | 1 | 1 |
Total realized/unrealized gains (losses) included in AOCI | 4 | (1) | 0 |
Purchases | 50 | 245 | |
Sales | (50) | (27) | |
Issuances | 0 | 0 | |
Settlements | 0 | 0 | |
Transfers into Level 3 | 0 | 0 | |
Transfers out of Level 3 | (203) | (239) | |
Balance at December 31, | 46 | 244 | 265 |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 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 | 1 | 0 | 1 |
Separate Accounts | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at January 1, | 1,558 | 1,764 | |
Total realized/unrealized gains (losses) included in net income (loss) | (2) | 14 | 104 |
Total realized/unrealized gains (losses) included in AOCI | 0 | 0 | 0 |
Purchases | 375 | 569 | |
Sales | (512) | (522) | |
Issuances | 62 | 98 | |
Settlements | (51) | (60) | |
Transfers into Level 3 | 19 | 1 | |
Transfers out of Level 3 | (308) | (306) | |
Balance at December 31, | 1,141 | 1,558 | 1,764 |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 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 |
Fair Value (Fair Value Option f
Fair Value (Fair Value Option for Certain Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Carrying value at estimated fair value | $ 65,167 | $ 59,578 |
Carrying value at estimated fair value | 16,441 | 17,936 |
Residential Mortgage Loans - FVO | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Unpaid principal balance | 794 | 436 |
Difference between estimated fair value and unpaid principal balance | (228) | (122) |
Carrying value at estimated fair value | 566 | 314 |
Loans in nonaccrual status | 214 | 122 |
Loans more than 90 days past due | 137 | 72 |
Loans in nonaccrual status or more than 90 days past due, or both - difference between aggregate estimate fair value and unpaid principal balance | (150) | (52) |
Variable Interest Entity, Primary Beneficiary, Consolidated Securitization Entities [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Contractual principal balance | 25 | 24 |
Difference between estimated fair value and contractual principal balance | (13) | (13) |
Carrying value at estimated fair value | $ 12 | $ 11 |
Fair Value (Nonrecurring Fair V
Fair Value (Nonrecurring Fair Value Measurements) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Level 3 | Mortgage loans | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying Value After Measurement | $ 9 | $ 41 | $ 94 |
Level 3 | Other limited partnership interests | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying Value After Measurement | 96 | 57 | 109 |
Level 3 | Other Assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying Value After Measurement | 0 | 0 | 0 |
Nonrecurring | Mortgage loans | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Gains (Losses) | 0 | (1) | 2 |
Nonrecurring | Other limited partnership interests | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Gains (Losses) | (64) | (31) | (70) |
Nonrecurring | Other Assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Gains (Losses) | $ (30) | $ 0 | $ 0 |
Fair Value (Financial Instrumen
Fair Value (Financial Instruments Carried at Other Than Fair Value) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Policy loans | $ 9,511 | $ 9,566 |
Liabilities | ||
Collateral financing arrangement | 1,274 | 1,342 |
Junior subordinated debt securities | 3,169 | 3,194 |
Separate account liabilities | 195,578 | 187,152 |
Carrying Value | ||
Assets | ||
Mortgage loans | 64,601 | 59,264 |
Policy loans | 9,511 | 9,566 |
Real estate joint ventures | 4 | 12 |
Other limited partnership interests | 340 | 472 |
Other invested assets | 497 | 537 |
Premiums, reinsurance and other receivables | 4,088 | 2,517 |
Other assets | 237 | 235 |
Liabilities | ||
Policyholder account balances | 108,255 | 104,626 |
Long-term debt | 16,422 | 17,916 |
Collateral financing arrangement | 1,274 | 1,342 |
Junior subordinated debt securities | 3,169 | 3,194 |
Other liabilities | 1,767 | 2,001 |
Separate account liabilities | 118,385 | 110,836 |
Estimated Fair Value | ||
Assets | ||
Mortgage loans | 65,742 | 60,878 |
Policy loans | 11,256 | 11,416 |
Real estate joint ventures | 26 | 39 |
Other limited partnership interests | 371 | 558 |
Other invested assets | 497 | 537 |
Premiums, reinsurance and other receivables | 4,279 | 2,736 |
Other assets | 269 | 267 |
Liabilities | ||
Policyholder account balances | 110,359 | 107,804 |
Long-term debt | 17,972 | 19,315 |
Collateral financing arrangement | 978 | 1,102 |
Junior subordinated debt securities | 3,982 | 4,029 |
Other liabilities | 1,768 | 2,002 |
Separate account liabilities | 118,385 | 110,836 |
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 | 145 | 155 |
Premiums, reinsurance and other receivables | 0 | 0 |
Other assets | 0 | 0 |
Liabilities | ||
Policyholder account balances | 0 | 0 |
Long-term debt | 0 | 0 |
Collateral financing arrangement | 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 | 329 |
Real estate joint ventures | 0 | 0 |
Other limited partnership interests | 0 | 0 |
Other invested assets | 0 | 0 |
Premiums, reinsurance and other receivables | 1,152 | 409 |
Other assets | 198 | 207 |
Liabilities | ||
Policyholder account balances | 0 | 0 |
Long-term debt | 17,972 | 19,315 |
Collateral financing arrangement | 0 | 0 |
Junior subordinated debt securities | 3,982 | 4,029 |
Other liabilities | 1,493 | 838 |
Separate account liabilities | 118,385 | 110,836 |
Estimated Fair Value | Level 3 | ||
Assets | ||
Mortgage loans | 65,742 | 60,878 |
Policy loans | 10,921 | 11,087 |
Real estate joint ventures | 26 | 39 |
Other limited partnership interests | 371 | 558 |
Other invested assets | 352 | 382 |
Premiums, reinsurance and other receivables | 3,127 | 2,327 |
Other assets | 71 | 60 |
Liabilities | ||
Policyholder account balances | 110,359 | 107,804 |
Long-term debt | 0 | 0 |
Collateral financing arrangement | 978 | 1,102 |
Junior subordinated debt securities | 0 | 0 |
Other liabilities | 275 | 1,164 |
Separate account liabilities | $ 0 | $ 0 |
Fair Value (Recurring Fair V157
Fair Value (Recurring Fair Value Measurements) (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Net Embedded Derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | $ (88) | $ (157) |
Fair Value (Transfers Between L
Fair Value (Transfers Between Levels) (Narrative) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Fair Value Disclosures [Abstract] | |
Fair Value Assets And Liabilities Transferred Between Levels 1 And Levels 2 | $ 199 |
Fair Value (Nonrecurring Fai159
Fair Value (Nonrecurring Fair Value Measurements) (Narrative) (Details) - Private Equity And Debt Funds | 12 Months Ended |
Dec. 31, 2016 | |
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 |
Goodwill (Goodwill) (Details)
Goodwill (Goodwill) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill Rollforward and by Segment | |||
Goodwill | $ 9,897 | $ 10,292 | $ 10,902 |
Accumulated impairment (2) | (680) | (680) | (680) |
Total goodwill, net | 9,217 | 9,612 | 10,222 |
Dispositions | (42) | (10) | |
Effect of foreign currency translation and other | 45 | (395) | (600) |
Goodwill | 9,900 | 9,897 | 10,292 |
Accumulated impairment | (680) | (680) | (680) |
Total goodwill, net | 9,220 | 9,217 | 9,612 |
U.S. | |||
Goodwill Rollforward and by Segment | |||
Goodwill | 1,451 | 1,451 | 1,451 |
Accumulated impairment (2) | 0 | 0 | 0 |
Total goodwill, net | 1,451 | 1,451 | 1,451 |
Dispositions | 0 | 0 | |
Effect of foreign currency translation and other | 0 | 0 | 0 |
Goodwill | 1,451 | 1,451 | 1,451 |
Accumulated impairment | 0 | 0 | 0 |
Total goodwill, net | 1,451 | 1,451 | 1,451 |
Asia | |||
Goodwill Rollforward and by Segment | |||
Goodwill | 4,508 | 4,615 | 4,898 |
Accumulated impairment (2) | 0 | 0 | 0 |
Total goodwill, net | 4,508 | 4,615 | 4,898 |
Dispositions | 0 | (3) | |
Effect of foreign currency translation and other | 88 | (107) | (280) |
Goodwill | 4,596 | 4,508 | 4,615 |
Accumulated impairment | 0 | 0 | 0 |
Total goodwill, net | 4,596 | 4,508 | 4,615 |
Latin America | |||
Goodwill Rollforward and by Segment | |||
Goodwill | 1,186 | 1,385 | 1,588 |
Accumulated impairment (2) | 0 | 0 | 0 |
Total goodwill, net | 1,186 | 1,385 | 1,588 |
Dispositions | 0 | 0 | |
Effect of foreign currency translation and other | 40 | (199) | (203) |
Goodwill | 1,226 | 1,186 | 1,385 |
Accumulated impairment | 0 | 0 | 0 |
Total goodwill, net | 1,226 | 1,186 | 1,385 |
EMEA | |||
Goodwill Rollforward and by Segment | |||
Goodwill | 1,143 | 1,232 | 1,356 |
Accumulated impairment (2) | 0 | 0 | 0 |
Total goodwill, net | 1,143 | 1,232 | 1,356 |
Dispositions | 0 | (7) | |
Effect of foreign currency translation and other | (83) | (89) | (117) |
Goodwill | 1,060 | 1,143 | 1,232 |
Accumulated impairment | 0 | 0 | 0 |
Total goodwill, net | 1,060 | 1,143 | 1,232 |
MetLife Holdings | |||
Goodwill Rollforward and by Segment | |||
Goodwill | 1,567 | 1,567 | 1,567 |
Accumulated impairment (2) | (680) | (680) | (680) |
Total goodwill, net | 887 | 887 | 887 |
Dispositions | 0 | 0 | |
Effect of foreign currency translation and other | 0 | 0 | 0 |
Goodwill | 1,567 | 1,567 | 1,567 |
Accumulated impairment | (680) | (680) | (680) |
Total goodwill, net | 887 | 887 | 887 |
Corporate & Other | |||
Goodwill Rollforward and by Segment | |||
Goodwill | 42 | 42 | 42 |
Accumulated impairment (2) | 0 | 0 | 0 |
Total goodwill, net | 42 | 42 | 42 |
Dispositions | (42) | 0 | |
Effect of foreign currency translation and other | 0 | 0 | 0 |
Goodwill | 0 | 42 | 42 |
Accumulated impairment | 0 | 0 | 0 |
Total goodwill, net | $ 0 | $ 42 | $ 42 |
Goodwill (Narrative) (Details)
Goodwill (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill [Line Items] | ||||
Goodwill | $ 9,220 | $ 9,217 | $ 9,612 | $ 10,222 |
Impairment (5) | (260) | 0 | 0 | |
Goodwill, Impaired, Accumulated Impairment Loss | (680) | (680) | (680) | (680) |
Goodwill Disposition | 42 | 10 | ||
MetLife Assurance Limited | ||||
Goodwill [Line Items] | ||||
Goodwill Disposition | 60 | |||
Japan | ||||
Goodwill [Line Items] | ||||
Goodwill | 4,400 | 4,300 | 4,400 | |
Corporate & Other | ||||
Goodwill [Line Items] | ||||
Goodwill | 0 | 42 | 42 | 42 |
Goodwill, Impaired, Accumulated Impairment Loss | 0 | 0 | 0 | 0 |
Goodwill Disposition | 42 | 0 | ||
MetLife Holdings | ||||
Goodwill [Line Items] | ||||
Goodwill | 887 | 887 | 887 | 887 |
Goodwill, Impaired, Accumulated Impairment Loss | (680) | (680) | (680) | $ (680) |
Goodwill Disposition | 0 | 0 | ||
Parent Company | ||||
Goodwill [Line Items] | ||||
Impairment (5) | $ (147) | $ 0 | $ 0 |
Long-term and Short-term Deb162
Long-term and Short-term Debt (Long-term and Short-term Outstanding) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Debt Instrument, Unamortized Discount | $ (34) | $ (36) |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | (69) | (74) |
Capital lease obligations | 8 | 9 |
Long Term Debt Excluding Consolidated Securitization Entities Face Value | 16,532 | 17,961 |
Long-term debt | 16,429 | 17,851 |
Short-term debt | 242 | 100 |
Debt And Capital Lease Obligations Face Value | 16,774 | 18,061 |
Total | $ 16,671 | 17,951 |
Senior notes | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 4.94% | |
Debt Instrument, Maturity Date Range, Start | Dec. 15, 2017 | |
Debt Instrument, Maturity Date Range, End | May 13, 2046 | |
Long-term Debt, Gross | $ 15,597 | 17,025 |
Debt Instrument, Unamortized Discount | (30) | (31) |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | (62) | (67) |
Long-term Debt | $ 15,505 | 16,927 |
Surplus notes | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 7.79% | |
Debt Instrument, Maturity Date Range, Start | Jan. 15, 2024 | |
Debt Instrument, Maturity Date Range, End | Nov. 1, 2025 | |
Long-term Debt, Gross | $ 507 | 507 |
Debt Instrument, Unamortized Discount | (4) | (5) |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | (2) | (2) |
Long-term Debt | $ 501 | 500 |
Other notes | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 4.23% | |
Debt Instrument, Maturity Date Range, Start | Sep. 7, 2017 | |
Debt Instrument, Maturity Date Range, End | Apr. 1, 2027 | |
Long-term Debt, Gross | $ 420 | 420 |
Debt Instrument, Unamortized Discount | 0 | 0 |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | (5) | (5) |
Long-term Debt | 415 | 415 |
Capital Lease Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Unamortized Discount | 0 | 0 |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | 0 | 0 |
Short-term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Unamortized Discount | 0 | 0 |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ 0 | $ 0 |
Minimum | Senior notes | ||
Debt Instrument [Line Items] | ||
Interest Rate Range Minimum | 1.76% | |
Minimum | Surplus notes | ||
Debt Instrument [Line Items] | ||
Interest Rate Range Minimum | 7.63% | |
Minimum | Other notes | ||
Debt Instrument [Line Items] | ||
Interest Rate Range Minimum | 1.62% | |
Maximum | Senior notes | ||
Debt Instrument [Line Items] | ||
Interest Rate Range Minimum | 7.72% | |
Maximum | Surplus notes | ||
Debt Instrument [Line Items] | ||
Interest Rate Range Minimum | 7.88% | |
Maximum | Other notes | ||
Debt Instrument [Line Items] | ||
Interest Rate Range Minimum | 6.49% |
Long-term and Short-term Deb163
Long-term and Short-term Debt (Short-term with Maturities of Year or Less) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Disclosure [Abstract] | ||
Commercial paper | $ 100 | $ 100 |
Other Short-term Borrowings | 142 | 0 |
Short-term Debt | 242 | 100 |
Average daily balance | $ 135 | $ 100 |
Average days outstanding | 21 days | 68 days |
Long-term and Short-term Deb164
Long-term and Short-term Debt (Credit Facilities) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Collateral financing arrangement | $ 1,274 | $ 1,342 |
General Credit Facility Three [Member] | ||
Debt Instrument [Line Items] | ||
Borrowers | MetLife, Inc. and MetLife Funding, Inc. | |
Expiration | May 30, 2019 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 4,000 | |
Letters of Credit Issued | 730 | |
Collateral financing arrangement | 0 | |
Unused Commitments | $ 3,270 |
Long-term and Short-term Deb165
Long-term and Short-term Debt (Committed Facilities) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Collateral financing arrangement | $ 1,274 | $ 1,342 |
Committed Credit Facility Four [Member] | ||
Debt Instrument [Line Items] | ||
Borrowers | MetLife, Inc. | |
Expiration | Jun. 20, 2018 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 425 | |
Letters of Credit Issued | 425 | |
Collateral financing arrangement | 0 | |
Unused Commitments | $ 0 | |
Committed Credit Facility Three [Member] | ||
Debt Instrument [Line Items] | ||
Borrowers | MetLife Reinsurance Company of Vermont and MetLife, Inc. | |
Expiration | Dec. 28, 2024 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 400 | |
Letters of Credit Issued | 355 | |
Collateral financing arrangement | 0 | |
Unused Commitments | $ 45 | |
Committed Credit Facility Six [Member] | ||
Debt Instrument [Line Items] | ||
Borrowers | MetLife Reinsurance Company of Vermont and MetLife, Inc. | |
Expiration | Dec. 31, 2037 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,896 | |
Letters of Credit Issued | 2,261 | |
Collateral financing arrangement | 0 | |
Unused Commitments | 635 | |
Committed Credit Facility Total [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 11,471 | |
Letters of Credit Issued | 6,041 | |
Collateral financing arrangement | 2,797 | |
Unused Commitments | $ 2,633 | |
Brighthouse Financial, INC [Member] | Committed Credit Facility Five [Member] | ||
Debt Instrument [Line Items] | ||
Borrowers | MetLife Reinsurance Company of South Carolina and MetLife, Inc. | |
Expiration | Jun. 30, 2037 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,500 | |
Letters of Credit Issued | 0 | |
Collateral financing arrangement | 2,797 | |
Unused Commitments | $ 703 | |
Brighthouse Financial, INC [Member] | Committed Credit Facility Seven [Member] | ||
Debt Instrument [Line Items] | ||
Borrowers | MetLife Reinsurance Company of Vermont and MetLife, Inc. | |
Expiration | Sep. 20, 2038 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 4,250 | |
Letters of Credit Issued | 3,000 | |
Collateral financing arrangement | 0 | |
Unused Commitments | $ 1,250 |
Long-term and Short-term Deb166
Long-term and Short-term Debt (Narrative) (Details) - USD ($) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2037 | Dec. 01, 2037 | Dec. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 11, 2015 | Nov. 13, 2015 | Mar. 05, 2015 | Apr. 10, 2014 | Dec. 31, 2010 | |
Debt Instrument [Line Items] | |||||||||||||||||||
Short-term Debt, Weighted Average Interest Rate | 1.32% | 0.15% | 0.10% | ||||||||||||||||
Debt Instrument, Face Amount | $ 3,200,000,000 | $ 3,200,000,000 | |||||||||||||||||
Debt Issuance Costs, Gross | $ 10,000,000 | ||||||||||||||||||
Early Repayment of Senior Debt | $ 200,000,000 | ||||||||||||||||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | 69,000,000 | 74,000,000 | |||||||||||||||||
Long Term Debt Aggregate Maturities, Year One | 1,000,000,000 | ||||||||||||||||||
Long Term Debt Aggregate Maturities, Year Two | 1,000,000,000 | ||||||||||||||||||
Long Term Debt Aggregate Maturities, Year Three | 1,000,000,000 | ||||||||||||||||||
Long Term Debt Aggregate Maturities, Year Four | 838,000,000 | ||||||||||||||||||
Long Term Debt Aggregate Maturities, Year Five | 998,000,000 | ||||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 11,500,000,000 | ||||||||||||||||||
Interest Expense, Debt | $ 874,000,000 | 890,000,000 | $ 871,000,000 | ||||||||||||||||
Other Notes MPEH [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Maturity Date | Dec. 11, 2020 | ||||||||||||||||||
Debt Issuance Costs, Gross | $ 6,000,000 | ||||||||||||||||||
Long-term Debt | 350,000,000 | ||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | three-month LIBOR plus 3.70% | ||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000,000 | $ 100,000,000 | |||||||||||||||||
Senior notes | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.875% | ||||||||||||||||||
Long-term Debt | 15,505,000,000 | 16,927,000,000 | |||||||||||||||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | 62,000,000 | 67,000,000 | |||||||||||||||||
Consolidated Securitization Entities [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Long-term Debt | 12,000,000 | 11,000,000 | |||||||||||||||||
Committed Credit Facility [Member] | |||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 11,500,000,000 | ||||||||||||||||||
Fees associated with credit facilities | 27,000,000 | 29,000,000 | $ 24,000,000 | ||||||||||||||||
General Credit Facility [Member] | |||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||
Fees associated with credit facilities | $ 15,000,000 | 13,000,000 | $ 12,000,000 | ||||||||||||||||
General Credit Facility Amended [Member] | |||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||
Line of Credit Facility, Expiration Date | Dec. 20, 2021 | ||||||||||||||||||
General Credit Facility Amended 1 [Member] | |||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||
Line of Credit Facility, Expiration Date | Dec. 20, 2022 | ||||||||||||||||||
General Credit Facility Three [Member] | |||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||
Line of Credit Facility, Expiration Date | May 30, 2019 | ||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 4,000,000,000 | ||||||||||||||||||
Unused Commitments | 3,270,000,000 | ||||||||||||||||||
Letters of Credit Outstanding, Amount | $ 730,000,000 | ||||||||||||||||||
Committed Credit Facility Three [Member] | |||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||
Line of Credit Facility, Expiration Date | Dec. 28, 2024 | ||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 400,000,000 | ||||||||||||||||||
Unused Commitments | 45,000,000 | ||||||||||||||||||
Letters of Credit Outstanding, Amount | $ 355,000,000 | ||||||||||||||||||
Committed Credit Facility Four [Member] | |||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||
Line of Credit Facility, Expiration Date | Jun. 20, 2018 | ||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 425,000,000 | ||||||||||||||||||
Unused Commitments | 0 | ||||||||||||||||||
Letters of Credit Outstanding, Amount | $ 425,000,000 | ||||||||||||||||||
Committed Credit Facility Six [Member] | |||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||
Line of Credit Facility, Expiration Date | Dec. 31, 2037 | ||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,896,000,000 | ||||||||||||||||||
Line of Credit Facility, Current Borrowing Capacity | 2,400,000,000 | ||||||||||||||||||
Unused Commitments | 635,000,000 | ||||||||||||||||||
Letters of Credit Outstanding, Amount | $ 2,261,000,000 | ||||||||||||||||||
Senior Debt 500 Million November 2025 [Member] | Senior notes | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Face Amount | $ 500,000,000 | ||||||||||||||||||
Debt Instrument, Maturity Date | Nov. 13, 2025 | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.60% | ||||||||||||||||||
Senior Debt 750 Million May 2046 [Member] | Senior notes | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Face Amount | $ 750,000,000 | ||||||||||||||||||
Debt Instrument, Maturity Date | May 13, 2046 | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.60% | ||||||||||||||||||
Senior Debt $500 Million March 2025 [Member] | Senior notes | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Face Amount | $ 500,000,000 | ||||||||||||||||||
Debt Instrument, Maturity Date | Mar. 1, 2025 | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | ||||||||||||||||||
Senior Debt $1.0 Billion March 2045 [Member] | Senior notes | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Face Amount | $ 1,000,000,000 | ||||||||||||||||||
Debt Instrument, Maturity Date | Mar. 1, 2045 | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.05% | ||||||||||||||||||
Senior Debt March 2015 [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Issuance Costs, Gross | $ 12,000,000 | ||||||||||||||||||
Senior Debt $750M Maturing August 2042 [Member] | Senior notes | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Face Amount | $ 1,000,000,000 | ||||||||||||||||||
Debt Instrument, Maturity Date | Apr. 10, 2024 | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.60% | ||||||||||||||||||
Debt Issuance Costs, Gross | $ 5,000,000 | ||||||||||||||||||
Senior Debt Series E Tranche 1 [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Maturity Date | Dec. 15, 2017 | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.903% | ||||||||||||||||||
Senior Debt Series E Tranche 2 [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Maturity Date | Dec. 15, 2044 | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.721% | ||||||||||||||||||
Scenario, Forecast [Member] | General Credit Facility Three [Member] | |||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,000,000,000 | ||||||||||||||||||
Scenario, Forecast [Member] | Committed Credit Facility Three [Member] | |||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 0 | $ 260,000,000 | $ 310,000,000 | $ 360,000,000 | $ 380,000,000 | ||||||||||||||
Scenario, Forecast [Member] | Committed Credit Facility Four [Member] | |||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 0 | $ 200,000,000 | $ 395,000,000 | ||||||||||||||||
Scenario, Forecast [Member] | Committed Credit Facility Six [Member] | |||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 0 | $ 2,000,000,000 | |||||||||||||||||
American Life Insurance Company (''American Life'') and Delaware American Life Insurance (''DelAm'') [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Face Amount | $ 3,000,000,000 | ||||||||||||||||||
Debt Instrument, Fair Value | $ 3,000,000,000 | ||||||||||||||||||
Redemption Of Debt [Member] | Senior notes | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Maturity Date | Nov. 21, 2033 | ||||||||||||||||||
Brighthouse Financial, INC [Member] | Committed Credit Facility [Member] | |||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||
Fees associated with credit facilities | $ 69,000,000 | $ 61,000,000 | $ 71,000,000 |
Collateral Financing Arrange167
Collateral Financing Arrangements Collateral Financing Arrangements (Associated with Closed Block) (Details) - Secured Debt [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2007 | Dec. 31, 2016 | Dec. 31, 2015 | |
Met Life Reinsurance Company Of Charleston [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.55% | ||
Debt Instrument, Principal Outstanding | $ 1,274 | $ 1,342 | |
Other Receivables | 166 | 174 | |
Pledged Assets Separately Reported, Securities Pledged for Other Debt Obligations, at Fair Value | 160 | 67 | |
Invested Assets On Deposit Held In Trust And Pledged As Collateral | $ 1,211 | $ 1,181 | |
Parent Company [Member] | Secured Debt Mrc [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.12% |
Collateral Financing Arrange168
Collateral Financing Arrangements (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Apr. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2007 | |
Collateral Financing Arrangements (Textuals) [Abstract] | |||||
Debt Instrument, Face Amount | $ 3,200 | $ 3,200 | |||
MRC [Member] | Secured Debt [Member] | |||||
Collateral Financing Arrangements (Textuals) [Abstract] | |||||
Interest expense | 24 | 20 | $ 19 | ||
Debt Instrument, Face Amount | $ 2,500 | ||||
Debt Instrument, Term in Years | 35 years | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.55% | ||||
Partial repurchase | 68 | 57 | |||
Cash Received (Paid) In Connection With Collateral Financing Arrangements | 8 | ||||
Increase (Decrease) in Other Receivables | 8 | ||||
Invested Assets On Deposit Held In Trust And Pledged As Collateral | 1,211 | 1,181 | |||
MRC [Member] | Cash Received (Paid) Collateral Financing Arrangements MRC [Member] | |||||
Collateral Financing Arrangements (Textuals) [Abstract] | |||||
Cash Received (Paid) In Connection With Collateral Financing Arrangements | 8 | ||||
Increase (Decrease) in Other Receivables | (8) | ||||
Parent Company | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate Terms | six-month LIBOR plus 1.00% | ||||
Collateral Financing Arrangements (Textuals) [Abstract] | |||||
Interest expense | $ 1,152 | 1,171 | 1,151 | ||
MRC [Member] | Secured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate Terms | 3-month LIBOR plus 0.55% | ||||
MRC [Member] | Parent Company | Secured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate Terms | 3-month LIBOR plus 1.12% | ||||
Collateral Financing Arrangements (Textuals) [Abstract] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.12% | ||||
Cumulative Repayment [Member] | MRC [Member] | Secured Debt [Member] | |||||
Collateral Financing Arrangements (Textuals) [Abstract] | |||||
Partial repurchase | $ 1,200 | ||||
Transfer Assets Held In Trust [Member] | Secured Debt [Member] | |||||
Collateral Financing Arrangements (Textuals) [Abstract] | |||||
Invested Assets On Deposit Held In Trust And Pledged As Collateral | $ 1 | $ 30 | $ 467 |
Junior Subordinated Debt Sec169
Junior Subordinated Debt Securities (Junior Subordinated Debt Securities) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Face Value | $ 3,200 | $ 3,200 |
Debt Instrument, Unamortized Discount | (34) | (36) |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | (69) | (74) |
Junior Subordinated Notes | $ 3,169 | 3,194 |
MetLife Inc $500M Maturing 2069 [Member] | ||
Debt Instrument [Line Items] | ||
Issue Date | Jul. 8, 2009 | |
Face Value | $ 500 | 500 |
Debt Instrument, Unamortized Discount | 0 | 0 |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ (4) | (4) |
Debt Instrument, Interest Rate, Stated Percentage | 10.75% | |
Debt Instrument, Description of Variable Rate Basis | LIBOR + 7.548% | |
Final Maturity | Aug. 1, 2069 | |
Junior Subordinated Notes | $ 496 | 496 |
Debt Conversion, Converted Instrument, Expiration or Due Date, Month and Year | 2039-08 | |
Debt Instrument, Basis Spread on Variable Rate | 7.548% | |
MetLife Capital Trust X $750M Maturing 2068 [Member] | ||
Debt Instrument [Line Items] | ||
Issue Date | Apr. 8, 2008 | |
Face Value | $ 750 | 750 |
Debt Instrument, Unamortized Discount | 0 | 0 |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ (6) | (6) |
Debt Instrument, Interest Rate, Stated Percentage | 9.25% | |
Debt Instrument, Description of Variable Rate Basis | LIBOR + 5.540% | |
Final Maturity | Apr. 8, 2068 | |
Junior Subordinated Notes | $ 744 | 744 |
Debt Conversion, Converted Instrument, Expiration or Due Date, Month and Year | 2038-04 | |
Debt Instrument, Basis Spread on Variable Rate | 5.54% | |
MetLife Capital Trust IV $700M Maturing 2067 [Member] | ||
Debt Instrument [Line Items] | ||
Issue Date | Dec. 15, 2007 | |
Face Value | $ 700 | 700 |
Debt Instrument, Unamortized Discount | (4) | (4) |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ (6) | (7) |
Debt Instrument, Interest Rate, Stated Percentage | 7.875% | |
Debt Instrument, Description of Variable Rate Basis | LIBOR + 3.960% | |
Final Maturity | Dec. 15, 2067 | |
Junior Subordinated Notes | $ 690 | 689 |
Debt Conversion, Converted Instrument, Expiration or Due Date, Month and Year | 2037-12 | |
Debt Instrument, Basis Spread on Variable Rate | 3.96% | |
MetLife Inc $1,250M Maturing 2066 [Member] | ||
Debt Instrument [Line Items] | ||
Issue Date | Dec. 19, 2006 | |
Face Value | $ 1,250 | 1,250 |
Debt Instrument, Unamortized Discount | (2) | (2) |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ (9) | (9) |
Debt Instrument, Interest Rate, Stated Percentage | 6.40% | |
Debt Instrument, Description of Variable Rate Basis | LIBOR + 2.205% | |
Final Maturity | Dec. 15, 2066 | |
Junior Subordinated Notes | $ 1,239 | 1,239 |
Debt Conversion, Converted Instrument, Expiration or Due Date, Month and Year | 2036-12 | |
Debt Instrument, Basis Spread on Variable Rate | 2.205% | |
Junior Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Unamortized Discount | $ (6) | (6) |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ (25) | (26) |
Junior Subordinated Debt Net [Member] | ||
Debt Instrument [Line Items] | ||
Junior Subordinated Notes | $ 3,168 |
Junior Subordinated Debt Sec170
Junior Subordinated Debt Securities (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ 69 | $ 74 | |
Interest Expense, Junior Subordinated Debentures | 258 | 258 | $ 258 |
Junior Subordinated Debt [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ 25 | 26 | |
Senior Note MLINC $1B maturing in June 2035 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.70% | ||
Debt Instrument, Maturity Date | Jun. 30, 2035 | ||
Junior Subordinated Debt Instrument One [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ 4 | 4 | |
Debt Instrument, Interest Rate, Stated Percentage | 10.75% | ||
Debt Instrument, Maturity Date | Aug. 1, 2069 | ||
Junior Subordinated Debt Instrument Four [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ 9 | 9 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.40% | ||
Debt Instrument, Maturity Date | Dec. 15, 2066 | ||
Junior Subordinated Debt Instrument Three [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ 6 | 7 | |
Debt Instrument, Interest Rate, Stated Percentage | 7.875% | ||
Debt Instrument, Maturity Date | Dec. 15, 2067 | ||
Junior Subordinated Debt Instrument Two [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ 6 | $ 6 | |
Debt Instrument, Interest Rate, Stated Percentage | 9.25% | ||
Debt Instrument, Maturity Date | Apr. 8, 2068 |
Common Equity Units (Common Equ
Common Equity Units (Common Equity Units) (Details) - USD ($) $ / shares in Units, shares in Millions | 1 Months Ended | 12 Months Ended | |||||
Oct. 31, 2014 | Sep. 30, 2013 | Oct. 31, 2012 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2010 | |
Class of Stock [Line Items] | |||||||
Effective date of acquisition | Nov. 1, 2010 | ||||||
Equity Units, Shares Transferred | 40 | ||||||
Value of securities issued for business acquisition | $ 3,000,000,000 | ||||||
Equity Units, Aggregate Purchase Price per Unit | $ 75 | ||||||
Common Stock, Par, Common Equity Units | $ 0.01 | $ 0.01 | $ 0.01 | ||||
Equity Units, Purchase Price Per Contract Settlement | $ 25 | ||||||
Debt Security, Principle Amount | $ 3,200,000,000 | $ 3,200,000,000 | |||||
Proceeds from issuance of common stock | $ 0 | $ 0 | $ 1,000,000,000 | ||||
Common Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Proceeds from issuance of common stock | $ 1,000,000,000 | $ 1,000,000,000 | $ 1,000,000,000 | ||||
Alico Transaction [Member] | |||||||
Class of Stock [Line Items] | |||||||
Debt Security, Principle Amount | $ 1,000,000,000 | ||||||
Estimate of Fair Value Measurement | |||||||
Class of Stock [Line Items] | |||||||
Value of securities issued for business acquisition | $ 3,200,000,000 |
Equity (Preferred Stock) (Detai
Equity (Preferred Stock) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jun. 12, 2015 | Jun. 01, 2015 | |
Dividends Payable [Line Items] | |||||||||||||||||
Preferred Stock, Shares Authorized | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | |||||||||||||
Preferred Stock, Shares Issued | 25,500,000 | 25,500,000 | 25,500,000 | 25,500,000 | |||||||||||||
Preferred Stock, Shares Outstanding | 25,500,000 | 25,500,000 | 25,500,000 | 25,500,000 | |||||||||||||
Preferred Stock [Member] | |||||||||||||||||
Preferred Stock | |||||||||||||||||
Declaration Date | Nov. 15, 2016 | Aug. 15, 2016 | May 16, 2016 | Mar. 7, 2016 | Nov. 16, 2015 | Aug. 17, 2015 | May 15, 2015 | Mar. 5, 2015 | Nov. 17, 2014 | Aug. 15, 2014 | May 15, 2014 | Mar. 5, 2014 | |||||
Record Date | Nov. 30, 2016 | Aug. 31, 2016 | May 31, 2016 | Feb. 29, 2016 | Nov. 30, 2015 | Aug. 31, 2015 | May 31, 2015 | Feb. 28, 2015 | Nov. 30, 2014 | Aug. 31, 2014 | May 31, 2014 | Feb. 28, 2014 | |||||
Payment Date | Dec. 15, 2016 | Sep. 15, 2016 | Jun. 15, 2016 | Mar. 15, 2016 | Dec. 15, 2015 | Sep. 15, 2015 | Jun. 15, 2015 | Mar. 16, 2015 | Dec. 15, 2014 | Sep. 15, 2014 | Jun. 16, 2014 | Mar. 17, 2014 | |||||
Series A Preferred Stock [Member] | |||||||||||||||||
Dividends Payable [Line Items] | |||||||||||||||||
Preferred Stock, Shares Authorized | 27,600,000 | 27,600,000 | 27,600,000 | 27,600,000 | |||||||||||||
Preferred Stock, Shares Issued | 24,000,000 | 24,000,000 | 24,000,000 | 24,000,000 | |||||||||||||
Preferred Stock, Shares Outstanding | 24,000,000 | 24,000,000 | 24,000,000 | 24,000,000 | |||||||||||||
Preferred Stock | |||||||||||||||||
Preferred stock, dividend rate | $ 0.253 | $ 0.256 | $ 0.256 | $ 0.253 | $ 0.253 | $ 0.256 | $ 0.256 | $ 0.250 | $ 0.253 | $ 0.256 | $ 0.256 | $ 0.250 | |||||
Preferred stock, dividends | $ 6 | $ 6 | $ 7 | $ 6 | $ 6 | $ 6 | $ 7 | $ 6 | $ 7 | $ 6 | $ 7 | $ 6 | $ 25 | $ 25 | $ 26 | ||
Series B Preferred Stock [Member] | |||||||||||||||||
Dividends Payable [Line Items] | |||||||||||||||||
Preferred Stock, Shares Outstanding | 60,000,000 | ||||||||||||||||
Preferred Stock | |||||||||||||||||
Preferred stock, dividend rate | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0.406 | $ 0.406 | $ 0.406 | $ 0.406 | $ 0.406 | $ 0.406 | |||||
Preferred stock, dividends | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 24 | $ 24 | $ 24 | $ 24 | $ 24 | $ 24 | $ 0 | $ 48 | 96 | ||
Series C Preferred Stock [Member] | |||||||||||||||||
Dividends Payable [Line Items] | |||||||||||||||||
Preferred Stock, Shares Authorized | 1,500,000 | 1,500,000 | 1,500,000 | 1,500,000 | |||||||||||||
Preferred Stock, Shares Issued | 1,500,000 | 1,500,000 | 1,500,000 | 1,500,000 | 1,500,000 | ||||||||||||
Preferred Stock, Shares Outstanding | 1,500,000 | 1,500,000 | 1,500,000 | 1,500,000 | |||||||||||||
Preferred Stock | |||||||||||||||||
Preferred stock, dividend rate | $ 26.250 | $ 0 | $ 26.250 | $ 0 | $ 28.292 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||
Preferred stock, dividends | $ 39 | $ 0 | $ 39 | $ 0 | $ 43 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 78 | $ 43 | $ 0 | ||
Series A Junior Preferred Stock [Member] | |||||||||||||||||
Dividends Payable [Line Items] | |||||||||||||||||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | |||||||||||||
Preferred Stock, Shares Issued | 0 | 0 | 0 | 0 | |||||||||||||
Preferred Stock, Shares Outstanding | 0 | 0 | 0 | 0 | |||||||||||||
Not Designated Preferred Stock [Member] | |||||||||||||||||
Dividends Payable [Line Items] | |||||||||||||||||
Preferred Stock, Shares Authorized | 160,900,000 | 160,900,000 | 160,900,000 | 160,900,000 | |||||||||||||
Preferred Stock, Shares Issued | 0 | 0 | 0 | 0 | |||||||||||||
Preferred Stock, Shares Outstanding | 0 | 0 | 0 | 0 |
Equity (Preferred Stock - Narra
Equity (Preferred Stock - Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Jul. 01, 2015 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jun. 12, 2015 | Jun. 01, 2015 |
Class of Stock [Line Items] | ||||||||||||||
Preferred Stock, Shares Issued | 25,500,000 | 25,500,000 | 25,500,000 | 25,500,000 | ||||||||||
Preferred stock issued, net of issuance costs | $ 0 | $ 1,483 | $ 0 | |||||||||||
Payments of Stock Issuance Costs | $ 17 | |||||||||||||
Tender Offer Number Of Shares | 59,850,000 | |||||||||||||
Stock Redeemed or Called During Period, Shares | 22,807,587 | 37,192,413 | ||||||||||||
Preferred Stock, Redemption Amount | $ 570 | $ 932 | $ 932 | |||||||||||
Preferred stock repurchase premium | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 42 | $ 0 | $ 0 | $ 42 | $ 0 | |||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||||||||||||||
Preferred stock, shares outstanding | 25,500,000 | 25,500,000 | 25,500,000 | 25,500,000 | ||||||||||
Preferred stock, par value | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||
Preferred stock, aggregate liquidation preference | $ 2,100 | $ 2,100 | $ 2,100 | $ 2,100 | ||||||||||
Series C Preferred Stock [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Preferred Stock, Shares Issued | 1,500,000 | 1,500,000 | 1,500,000 | 1,500,000 | 1,500,000 | |||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||||||||||||||
Preferred stock, shares outstanding | 1,500,000 | 1,500,000 | 1,500,000 | 1,500,000 | ||||||||||
Preferred Stock, Dividend Payment Rate, Variable | 5.25% Fixed-to-Floating Rate | |||||||||||||
Preferred stock, par value | $ 0.01 | |||||||||||||
Preferred stock, aggregate liquidation preference | $ 1,000 | |||||||||||||
Series A Preferred Stock [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Preferred Stock, Shares Issued | 24,000,000 | 24,000,000 | 24,000,000 | 24,000,000 | ||||||||||
Preferred stock redemption price per share | $ 25 | $ 25 | ||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||||||||||||||
Preferred stock, shares outstanding | 24,000,000 | 24,000,000 | 24,000,000 | 24,000,000 | ||||||||||
Preferred Stock, Dividend Payment Rate, Variable | (i) 1.00% above three-month LIBOR on the related LIBOR determination date; or (ii) 4.00% | |||||||||||||
Series B Preferred Stock [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 6.50% | |||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||||||||||||||
Preferred stock, shares outstanding | 60,000,000 | |||||||||||||
Preferred stock, par value | $ 0.01 | $ 0.01 | ||||||||||||
Preferred stock, aggregate liquidation preference | $ 25 | |||||||||||||
Fixed Rate [Member] | Series C Preferred Stock [Member] | ||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||||||||||||||
Preferred Stock, Dividend Payment Rate, Variable | 0.0525 | |||||||||||||
Variable Rate [Member] | Series C Preferred Stock [Member] | ||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||||||||||||||
Preferred Stock, Dividend Payment Rate, Variable | three-month LIBOR plus 3.575% |
Equity (Common Stock) (Details)
Equity (Common Stock) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Dividends Payable [Line Items] | |||||||||||||||
Dividend Per Share | $ 1.575 | $ 1.475 | $ 1.325 | ||||||||||||
Dividend Aggregate | $ 1,736 | $ 1,653 | $ 1,499 | ||||||||||||
Common stock | |||||||||||||||
Dividends Payable [Line Items] | |||||||||||||||
Declaration Date | Oct. 25, 2016 | Jul. 7, 2016 | Apr. 26, 2016 | Jan. 6, 2016 | Oct. 27, 2015 | Jul. 7, 2015 | Apr. 28, 2015 | Jan. 6, 2015 | Oct. 28, 2014 | Jul. 7, 2014 | Apr. 22, 2014 | Jan. 6, 2014 | |||
Record Date | Nov. 7, 2016 | Aug. 8, 2016 | May 9, 2016 | Feb. 5, 2016 | Nov. 6, 2015 | Aug. 7, 2015 | May 11, 2015 | Feb. 6, 2015 | Nov. 7, 2014 | Aug. 8, 2014 | May 9, 2014 | Feb. 6, 2014 | |||
Payment Date | Dec. 13, 2016 | Sep. 13, 2016 | Jun. 13, 2016 | Mar. 14, 2016 | Dec. 11, 2015 | Sep. 11, 2015 | Jun. 12, 2015 | Mar. 13, 2015 | Dec. 12, 2014 | Sep. 12, 2014 | Jun. 13, 2014 | Mar. 13, 2014 | |||
Dividend Per Share | $ 0.400 | $ 0.400 | $ 0.400 | $ 0.375 | $ 0.375 | $ 0.375 | $ 0.375 | $ 0.350 | $ 0.35 | $ 0.350 | $ 0.350 | $ 0.275 | |||
Dividend Aggregate | $ 441 | $ 441 | $ 441 | $ 413 | $ 419 | $ 420 | $ 420 | $ 394 | $ 398 | $ 395 | $ 395 | $ 311 | $ 1,736 | $ 1,653 | $ 1,499 |
Equity (Common Stock - Narrativ
Equity (Common Stock - Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||||||||
Oct. 31, 2014 | Sep. 30, 2013 | Oct. 31, 2012 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Nov. 10, 2016 | Sep. 22, 2015 | Dec. 12, 2014 | Oct. 08, 2014 | |
Business Acquisition [Line Items] | ||||||||||
Common Stock, Shares, Issued | 1,164,029,985 | 1,159,590,766 | ||||||||
Proceeds from issuance of common stock | $ 0 | $ 0 | $ 1,000 | |||||||
Cost of shares issued | 195 | $ 182 | $ 267 | |||||||
Stock Repurchase Program, Authorized Amount | $ 3,000 | $ 1,000 | ||||||||
Class of Stock Disclosures [Abstract] | ||||||||||
Repurchase amount outstanding | $ 2,698 | |||||||||
Repurchase Shares | 6,948,739 | 39,491,991 | 18,876,363 | |||||||
Treasury Stock, Value, Acquired, Cost Method | $ 372 | $ 1,930 | $ 1,000 | |||||||
Common Class A [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Common Stock, Shares, Issued | 22,907,960 | |||||||||
Proceeds from issuance of common stock | $ 1,000 | $ 1,000 | $ 1,000 | |||||||
October 2012 Common Stock Issuance [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Proceeds from issuance of common stock | $ 1,000 | |||||||||
Common Shares Issued For Stock Options [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Common stock, shares issued | 4,439,219 | 5,592,622 | 5,866,160 | |||||||
Cost of shares issued | $ 166 | $ 216 | $ 220 | |||||||
Treasury Shares Issued For Stock Options [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Issued Treasury Stock | 0 | 0 | 0 | |||||||
Board Increase Of Repurchase Program [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Stock Repurchase Program, Authorized Amount | $ 739 | $ 1,000 |
Equity (Compensation Expense Re
Equity (Compensation Expense Related to Stock-Based Compensation - Related to Phantom Stock-Based Awards) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation Expense | $ 147 | $ 137 | $ 176 |
Income tax benefit | 51 | 48 | 62 |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation Expense | 9 | 12 | 26 |
Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation Expense | 75 | 59 | 103 |
Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation Expense | $ 63 | $ 66 | $ 47 |
Equity (Unrecognized Compensati
Equity (Unrecognized Compensation Expense Related to Stock-Based Compensation) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expense | $ 4 |
Weighted Average Period | 1 year 7 months 25 days |
Performance Shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expense | $ 33 |
Weighted Average Period | 1 year 8 months 22 days |
Restricted Stock Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expense | $ 41 |
Weighted Average Period | 1 year 9 months 18 days |
Equity (Summary of Activity Rel
Equity (Summary of Activity Related to Stock Options) (Details) - Stock Options - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Shares Under Option | |||
Shares Under Option Outstanding at January 1, | 23,506,764 | ||
Granted Shares Under Option | 900,764 | ||
Exercised Shares Under Option | (2,432,001) | ||
Expired Shares Under Option | (2,429,009) | ||
Forfeited Shares Under Option | (64,130) | ||
Shares Under Option Outstanding at December 31, | 19,482,388 | 23,506,764 | |
Vested and expected to vest at December 31, | 19,314,192 | ||
Shares Under Option Exercisable at December 31, | 17,913,612 | ||
Weighted Average Exercise Price | |||
Weighted Average Exercise Price Outstanding at January 1, | $ 44.50 | ||
Granted Weighted Average Exercise Price | 38.42 | $ 51.39 | $ 50.53 |
Exercised Weighted Average Exercise Price | 34.36 | ||
Expired Weighted Average Exercise Price | 50.50 | ||
Forfeited Weighted Average Exercise Price | 45.90 | ||
Weighted Average Exercise Price Outstanding at December 31, | 44.73 | $ 44.50 | |
Weighted Average Exercise Price Aggregate number of stock options expected to vest at December 31, | 44.72 | ||
Weighted Average Exercise Price Exercisable at December 31, | $ 44.79 | ||
Weighted Average Remaining Contractual Term | |||
Weighted Average Remaining Contractual Term Outstanding at January 1, | 3 years 8 months 4 days | 4 years 1 month 4 days | |
Weighted Average Remaining Contractual Term Aggregate number of stock options expected to vest at December 31, | 3 years 8 months 8 days | ||
Weighted Average Remaining Contractual Term Exercisable at December 31, | 3 years 3 months 10 days | ||
Aggregate Intrinsic Value | |||
Aggregate Intrinsic Value Outstanding at January 1, | $ 166 | ||
Aggregate Intrinsic Value Outstanding at December 31, | 218 | $ 166 | |
Aggregate Intrinsic Value Aggregate number of stock options expected to vest at December 31, | 217 | ||
Aggregate Intrinsic Value Exercisable at December 31, | $ 202 |
Equity (Weighted Average Assump
Equity (Weighted Average Assumptions Used to Determine Fair Value of Stock Options) (Details) - Stock Options | 12 Months Ended | ||
Dec. 31, 2016$ / shares | Dec. 31, 2015$ / shares | Dec. 31, 2014$ / shares | |
Equity - Stock-based Compensation Plans [Line Items] | |||
Dividend yield | 3.90% | 2.72% | 2.18% |
Risk-free rate of return, Minimum | 0.62% | 0.20% | 0.12% |
Risk-free rate of return, Maximum | 2.85% | 3.04% | 5.07% |
Expected volatility | 33.58% | 32.56% | 33.26% |
Exercise multiple | 1.43 | 1.44 | 1.45 |
Post-vesting termination rate | 2.58% | 2.73% | 2.93% |
Contractual term (years) | 10 years | 10 years | 10 years |
Expected life (years) | 7 years | 7 years | 6 years |
Weighted average exercise price of stock options granted | $ 38.42 | $ 51.39 | $ 50.53 |
Weighted average fair value of stock options granted | $ 9.26 | $ 13.29 | $ 13.84 |
Equity (Summary of Stock Option
Equity (Summary of Stock Option Exercise Activity) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | |||
Total intrinsic value of stock options exercised | $ 42 | $ 44 | $ 67 |
Cash received from exercise of stock options | 84 | 121 | 156 |
Income tax benefit realized from stock options exercised | $ 15 | $ 15 | $ 24 |
Equity (Performance Share and R
Equity (Performance Share and Restricted Stock Unit) (Details) | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Performance Shares | |
Summary of performance share activity | |
Shares Outstanding at January 1, | shares | 3,907,174 |
Granted Shares | shares | 1,661,925 |
Forfeited Shares | shares | (159,358) |
Paid | shares | (1,592,641) |
Shares Outstanding at December 31, | shares | 3,817,100 |
Vested and expected to vest at December 31, | shares | 3,637,175 |
Summary of Weighted Average Grant Date Fair Value | |
Weighted Average Grant Date Fair Value Outstanding January 1, | $ / shares | $ 44.08 |
Granted Weighted Average Grant Date Fair Value | $ / shares | 49.65 |
Forfeited Weighted Average Grant Date Fair Value | $ / shares | 49.91 |
Payable Weighted Average Grant Date Fair Value | $ / shares | 44.57 |
Weighted Average Grant Date Fair Value Outstanding December 31, | $ / shares | 49.88 |
Weighted Average Grant Date Fair Value Share expected to vest at December 31, | $ / shares | $ 49.89 |
Restricted Stock Units | |
Summary of performance share activity | |
Shares Outstanding at January 1, | shares | 3,078,959 |
Granted Shares | shares | 2,075,089 |
Forfeited Shares | shares | (192,248) |
Paid | shares | (1,539,787) |
Shares Outstanding at December 31, | shares | 3,422,013 |
Vested and expected to vest at December 31, | shares | 3,279,076 |
Summary of Weighted Average Grant Date Fair Value | |
Weighted Average Grant Date Fair Value Outstanding January 1, | $ / shares | $ 43.50 |
Granted Weighted Average Grant Date Fair Value | $ / shares | 33.67 |
Forfeited Weighted Average Grant Date Fair Value | $ / shares | 39.88 |
Payable Weighted Average Grant Date Fair Value | $ / shares | 40.52 |
Weighted Average Grant Date Fair Value Outstanding December 31, | $ / shares | 39.08 |
Weighted Average Grant Date Fair Value Share expected to vest at December 31, | $ / shares | $ 39.23 |
Equity (Liability Award Activit
Equity (Liability Award Activity) (Details) | 12 Months Ended |
Dec. 31, 2016shares | |
Stock Options | |
Summary of performance share activity | |
Exercised Shares Under Option | (2,432,001) |
Vesting period | 3 years |
Performance Shares | |
Summary of performance share activity | |
Shares Outstanding at January 1, | 3,907,174 |
Granted Shares | 1,661,925 |
Forfeited Shares | (159,358) |
Paid | (1,592,641) |
Shares Outstanding at December 31, | 3,817,100 |
Vested and expected to vest at December 31, | 3,637,175 |
Restricted Stock Units | |
Summary of performance share activity | |
Shares Outstanding at January 1, | 3,078,959 |
Granted Shares | 2,075,089 |
Forfeited Shares | (192,248) |
Paid | (1,539,787) |
Shares Outstanding at December 31, | 3,422,013 |
Vested and expected to vest at December 31, | 3,279,076 |
Vesting period | 3 years |
Liability Awards Plan | Stock Options | |
Summary of performance share activity | |
Shares Outstanding at January 1, | 975,529 |
Granted Shares | 27,800 |
Exercised Shares Under Option | (91,752) |
Forfeited Shares | (55,680) |
Paid | 0 |
Shares Outstanding at December 31, | 855,897 |
Vested and expected to vest at December 31, | 770,307 |
Liability Awards Plan | Stock Options | Minimum | |
Summary of performance share activity | |
Vesting period | 1 year |
Liability Awards Plan | Stock Options | Maximum | |
Summary of performance share activity | |
Vesting period | 3 years |
Liability Awards Plan | Performance Shares | |
Summary of performance share activity | |
Shares Outstanding at January 1, | 611,272 |
Granted Shares | 278,833 |
Exercised Shares Under Option | 0 |
Forfeited Shares | (39,086) |
Paid | (235,663) |
Shares Outstanding at December 31, | 615,356 |
Vested and expected to vest at December 31, | 553,820 |
Liability Awards Plan | Restricted Stock Units | |
Summary of performance share activity | |
Shares Outstanding at January 1, | 661,892 |
Granted Shares | 485,171 |
Exercised Shares Under Option | 0 |
Forfeited Shares | (76,651) |
Paid | (306,689) |
Shares Outstanding at December 31, | 763,723 |
Vested and expected to vest at December 31, | 687,351 |
Vesting period | 3 years |
Equity (Statutory Net Income (L
Equity (Statutory Net Income (Loss)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Metropolitan Life Insurance Company | |||
Statutory Accounting Practices [Line Items] | |||
Statutory net income (loss) | $ 3,444 | $ 3,703 | $ 1,487 |
Statutory capital and surplus | 11,195 | 14,485 | |
American Life Insurance Company | |||
Statutory Accounting Practices [Line Items] | |||
Statutory net income (loss) | 341 | 335 | (36) |
Statutory capital and surplus | 5,235 | 6,115 | |
Brighthouse Life Insurance Company [Member] | |||
Statutory Accounting Practices [Line Items] | |||
Statutory net income (loss) | 1,186 | (1,022) | 1,543 |
Statutory capital and surplus | 4,374 | 5,942 | |
Metropolitan Property and Casualty Insurance Company | |||
Statutory Accounting Practices [Line Items] | |||
Statutory net income (loss) | 171 | 204 | 291 |
Statutory capital and surplus | 2,271 | 2,335 | |
Metropolitan Tower Life Insurance Company | |||
Statutory Accounting Practices [Line Items] | |||
Statutory net income (loss) | 8 | (42) | 51 |
Statutory capital and surplus | 669 | 710 | |
New England Life Insurance Company | |||
Statutory Accounting Practices [Line Items] | |||
Statutory net income (loss) | 109 | 157 | 303 |
Statutory capital and surplus | 455 | 632 | |
General American Life Insurance Company | |||
Statutory Accounting Practices [Line Items] | |||
Statutory net income (loss) | (2) | 204 | 129 |
Statutory capital and surplus | 923 | 984 | |
Other | |||
Statutory Accounting Practices [Line Items] | |||
Statutory net income (loss) | (70) | 20 | $ 22 |
Statutory capital and surplus | $ 303 | $ 417 |
Equity (Statutory Equity & Inco
Equity (Statutory Equity & Income and Dividend Restrictions - Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
American Life Insurance Company | |||
Statutory Accounting Practices [Line Items] | |||
Statutory capital and surplus | $ 5,235 | $ 6,115 | |
Statutory net income (loss) | 341 | 335 | $ (36) |
Paid | 0 | 0 | |
MetLife Reinsurance Company of Vermont | |||
Statutory Accounting Practices [Line Items] | |||
Statutory Accounting Practices, Prescribed Practice, Amount | 5,600 | 6,000 | |
MetLife's Domestic Captive Life Reinsurance Subsidiaries | |||
Statutory Accounting Practices [Line Items] | |||
Statutory capital and surplus | 4,400 | 5,000 | |
Statutory net income (loss) | $ (344) | $ (336) | (320) |
Principal U.S. Insurance Subsidiaries, Excluding American Life | |||
Statutory Accounting Practices [Line Items] | |||
Combined RBC ratio of the principal U.S. insurance subsidiaries, including Brighthouse | in excess of 400% | in excess of 400% | |
Combined RBC ratio of the principal U.S. insurance subsidiaries, excluding American Life | in excess of 400% | in excess of 400% | |
MetLife Reinsurance Company of Delaware | |||
Statutory Accounting Practices [Line Items] | |||
Statutory Accounting Practices, Prescribed Practice, Amount | $ 260 | $ 200 | |
Metropolitan Life Insurance Company | |||
Statutory Accounting Practices [Line Items] | |||
Statutory capital and surplus | 11,195 | 14,485 | |
Statutory Accounting Practices, Prescribed Practice, Amount | 909 | 1,200 | |
Statutory net income (loss) | 3,444 | 3,703 | $ 1,487 |
Paid | 3,600 | $ 1,489 | |
Other Foreign Operations, Excluding Japan | |||
Statutory Accounting Practices [Line Items] | |||
Statutory capital and surplus required | 3,100 | ||
Statutory capital and surplus | $ 10,900 | ||
Japan | |||
Statutory Accounting Practices [Line Items] | |||
Adjusted capital | in excess of four times the 200% solvency margin ratio | in excess of four times the 200% solvency margin ratio |
Equity (Dividend Restrictions)
Equity (Dividend Restrictions) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | |
Metropolitan Life Insurance Company | |||
Statutory Accounting Practices [Line Items] | |||
Dividends | $ 5,740 | ||
Paid | 3,600 | $ 1,489 | |
Non-Cash Extraordinary Dividend of NELICO | 981 | ||
Non-Cash Extraordinary Dividend of GALIC | 1,200 | ||
Metropolitan Life Insurance Company | Scenario, Forecast | |||
Statutory Accounting Practices [Line Items] | |||
Permitted w/o Approval | $ 2,723 | ||
American Life Insurance Company | |||
Statutory Accounting Practices [Line Items] | |||
Paid | 0 | 0 | |
American Life Insurance Company | Scenario, Forecast | |||
Statutory Accounting Practices [Line Items] | |||
Permitted w/o Approval | 0 | ||
Metropolitan Property and Casualty Insurance Company | |||
Statutory Accounting Practices [Line Items] | |||
Paid | 228 | 235 | |
Metropolitan Property and Casualty Insurance Company | Scenario, Forecast | |||
Statutory Accounting Practices [Line Items] | |||
Permitted w/o Approval | 98 | ||
Metropolitan Tower Life Insurance Company | |||
Statutory Accounting Practices [Line Items] | |||
Paid | 60 | 102 | |
Metropolitan Tower Life Insurance Company | Scenario, Forecast | |||
Statutory Accounting Practices [Line Items] | |||
Permitted w/o Approval | 66 | ||
New England Life Insurance Company | |||
Statutory Accounting Practices [Line Items] | |||
Paid | 295 | 199 | |
New England Life Insurance Company | Scenario, Forecast | |||
Statutory Accounting Practices [Line Items] | |||
Permitted w/o Approval | 106 | ||
General American Life Insurance Company | |||
Statutory Accounting Practices [Line Items] | |||
Paid | 0 | 0 | |
General American Life Insurance Company | Scenario, Forecast | |||
Statutory Accounting Practices [Line Items] | |||
Permitted w/o Approval | 91 | ||
Brighthouse Life Insurance Company [Member] | |||
Statutory Accounting Practices [Line Items] | |||
Paid | $ 261 | $ 500 | |
Brighthouse Life Insurance Company [Member] | Scenario, Forecast | |||
Statutory Accounting Practices [Line Items] | |||
Permitted w/o Approval | $ 473 |
Equity (Components of Accumulat
Equity (Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance beginning of period | $ 4,771 | $ 10,649 | $ 5,104 |
OCI before reclassifications | 570 | (8,758) | 9,224 |
Deferred income tax benefit (expense) | (287) | 2,481 | (3,487) |
AOCI before reclassifications, net of income tax | 5,054 | 4,372 | 10,841 |
Amounts reclassified from AOCI | 443 | 614 | 163 |
Deferred income tax benefit (expense) | (150) | (215) | (121) |
Amounts reclassified from AOCI, net of income tax | 293 | 399 | 42 |
Balance end of period | 5,347 | 4,771 | 10,649 |
Unrealized Investment Gains (Losses), Net of Related Offsets | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance beginning of period | 10,315 | 15,159 | 8,183 |
OCI before reclassifications | 764 | (7,218) | 11,197 |
Deferred income tax benefit (expense) | (325) | 2,519 | (3,419) |
AOCI before reclassifications, net of income tax | 10,754 | 10,460 | 15,961 |
Amounts reclassified from AOCI | 21 | (223) | (811) |
Deferred income tax benefit (expense) | (9) | 78 | 249 |
Amounts reclassified from AOCI, net of income tax | 12 | (145) | (562) |
Balance end of period | 10,766 | 10,315 | 15,159 |
Unrealized Gains (Losses) on Derivatives | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance beginning of period | 1,458 | 1,076 | 231 |
OCI before reclassifications | 344 | (19) | 669 |
Deferred income tax benefit (expense) | (100) | 6 | (261) |
AOCI before reclassifications, net of income tax | 1,702 | 1,063 | 639 |
Amounts reclassified from AOCI | 229 | 608 | 717 |
Deferred income tax benefit (expense) | (66) | (213) | (280) |
Amounts reclassified from AOCI, net of income tax | 163 | 395 | 437 |
Balance end of period | 1,865 | 1,458 | 1,076 |
Foreign Currency Translation Adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance beginning of period | (4,950) | (3,303) | (1,659) |
OCI before reclassifications | (476) | (1,646) | (1,492) |
Deferred income tax benefit (expense) | 114 | (1) | (208) |
AOCI before reclassifications, net of income tax | (5,312) | (4,950) | (3,359) |
Amounts reclassified from AOCI | 0 | 0 | 77 |
Deferred income tax benefit (expense) | 0 | 0 | (27) |
Amounts reclassified from AOCI, net of income tax | 0 | 0 | 50 |
Balance end of period | (5,312) | (4,950) | (3,303) |
Defined Benefit Plans Adjustment | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance beginning of period | (2,052) | (2,283) | (1,651) |
OCI before reclassifications | (62) | 125 | (1,150) |
Deferred income tax benefit (expense) | 24 | (43) | 401 |
AOCI before reclassifications, net of income tax | (2,090) | (2,201) | (2,400) |
Amounts reclassified from AOCI | 193 | 229 | 180 |
Deferred income tax benefit (expense) | (75) | (80) | (63) |
Amounts reclassified from AOCI, net of income tax | 118 | 149 | 117 |
Balance end of period | $ (1,972) | $ (2,052) | (2,283) |
MetLife Assurance Limited | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from AOCI | (314) | ||
Deferred income tax benefit (expense) | 80 | ||
Amounts reclassified from AOCI, net of income tax | (234) | ||
MetLife Assurance Limited | Unrealized Investment Gains (Losses), Net of Related Offsets | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from AOCI | (320) | ||
Deferred income tax benefit (expense) | 80 | ||
Amounts reclassified from AOCI, net of income tax | (240) | ||
MetLife Assurance Limited | Unrealized Gains (Losses) on Derivatives | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from AOCI | 0 | ||
Deferred income tax benefit (expense) | 0 | ||
Amounts reclassified from AOCI, net of income tax | 0 | ||
MetLife Assurance Limited | Foreign Currency Translation Adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from AOCI | 6 | ||
Deferred income tax benefit (expense) | 0 | ||
Amounts reclassified from AOCI, net of income tax | 6 | ||
MetLife Assurance Limited | Defined Benefit Plans Adjustment | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from AOCI | 0 | ||
Deferred income tax benefit (expense) | 0 | ||
Amounts reclassified from AOCI, net of income tax | $ 0 |
Equity (Reclassifications Out o
Equity (Reclassifications Out of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net investment gains (losses) | $ 305 | $ 646 | $ 338 | ||||||||
Net investment income | 16,790 | 16,243 | 18,158 | ||||||||
Net derivative gains (losses) | (874) | 545 | 722 | ||||||||
Income (loss) from discontinued operations, net of income tax | $ (1,291) | $ (451) | $ (1,361) | $ 433 | $ 217 | $ 301 | $ 318 | $ 478 | (2,670) | 1,314 | 1,389 |
Other expenses | (13,735) | (14,753) | (14,619) | ||||||||
Income (loss) from continuing operations before provision for income tax | 4,140 | 5,708 | 6,883 | ||||||||
Provision for income tax expense (benefit) | (666) | (1,700) | (1,936) | ||||||||
Net income (loss) | $ (2,086) | $ 573 | $ 114 | $ 2,203 | $ 842 | $ 1,198 | $ 1,119 | $ 2,163 | 804 | 5,322 | 6,336 |
Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net income (loss) | (293) | (399) | (42) | ||||||||
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) | 78 | 263 | 673 | ||||||||
Net investment income | 39 | 35 | 53 | ||||||||
Net derivative gains (losses) | (37) | 56 | 136 | ||||||||
Income (loss) from discontinued operations, net of income tax | (101) | (131) | (51) | ||||||||
Income (loss) from continuing operations before provision for income tax | (21) | 223 | 811 | ||||||||
Provision for income tax expense (benefit) | 9 | (78) | (249) | ||||||||
Net income (loss) | (12) | 145 | 562 | ||||||||
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 provision for income tax | (229) | (608) | (717) | ||||||||
Provision for income tax expense (benefit) | 66 | 213 | 280 | ||||||||
Net income (loss) | (163) | (395) | (437) | ||||||||
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 investment income | 12 | 11 | 8 | ||||||||
Net derivative gains (losses) | 56 | 84 | 41 | ||||||||
Income (loss) from discontinued operations, net of income tax | 36 | 2 | 2 | ||||||||
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 investment income | 4 | 3 | 3 | ||||||||
Net derivative gains (losses) | (1) | 4 | (8) | ||||||||
Income (loss) from discontinued operations, net of income tax | 4 | 4 | 2 | ||||||||
Other expenses | 1 | 2 | 2 | ||||||||
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 investment income | (2) | (1) | (2) | ||||||||
Net derivative gains (losses) | (350) | (720) | (762) | ||||||||
Income (loss) from discontinued operations, net of income tax | 5 | 0 | (6) | ||||||||
Other expenses | 2 | 1 | 2 | ||||||||
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 investment income | 1 | 0 | 1 | ||||||||
Net derivative gains (losses) | 3 | 1 | 0 | ||||||||
Income (loss) from discontinued operations, net of income tax | 0 | 1 | 0 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income (Loss) Foreign Currency Translation Adjustments | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net investment gains (losses) | 0 | 0 | (77) | ||||||||
Provision for income tax expense (benefit) | 0 | 0 | 27 | ||||||||
Net income (loss) | 0 | 0 | (50) | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | Defined Benefit Plans Adjustment | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Income (loss) from discontinued operations, net of income tax | 0 | (4) | (5) | ||||||||
Amortization of net actuarial gains (losses) | (199) | (231) | (179) | ||||||||
Amortization of prior service (costs) credit | 6 | 6 | 4 | ||||||||
Income (loss) from continuing operations before provision for income tax | (193) | (229) | (180) | ||||||||
Provision for income tax expense (benefit) | 75 | 80 | 63 | ||||||||
Net income (loss) | $ (118) | $ (149) | $ (117) |
Equity (Stock-Based Compensatio
Equity (Stock-Based Compensation Plans - Narrative) (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
2015 Stock Plan | ||||
Equity - Stock-based Compensation Plans [Line Items] | ||||
Aggregate number of shares authorized for issuance | 30,225,064 | |||
Other Stock And Incentive Plans | ||||
Equity - Stock-based Compensation Plans [Line Items] | ||||
Deferred shares | 1,385,725 | |||
2015 Director Stock Plan | ||||
Equity - Stock-based Compensation Plans [Line Items] | ||||
Aggregate number of shares authorized for issuance | 1,561,333 | |||
Other Director Stock Plans | ||||
Equity - Stock-based Compensation Plans [Line Items] | ||||
Deferred shares | 193,253 | |||
Stock Options | ||||
Equity - Stock-based Compensation Plans [Line Items] | ||||
Vesting period | 3 years | |||
Award Expiration Date | 10 years | 10 years | 10 years | |
Closing share price | $ 53.89 | $ 48.21 | ||
Stock Options | Liability Awards Plan | ||||
Equity - Stock-based Compensation Plans [Line Items] | ||||
Paid | 0 | |||
Stock Options | Liability Awards Plan | Minimum | ||||
Equity - Stock-based Compensation Plans [Line Items] | ||||
Vesting period | 1 year | |||
Stock Options | Liability Awards Plan | Maximum | ||||
Equity - Stock-based Compensation Plans [Line Items] | ||||
Vesting period | 3 years | |||
Performance Shares | ||||
Equity - Stock-based Compensation Plans [Line Items] | ||||
Paid | (1,592,641) | |||
Performance Factor | 86.20% | |||
Performance Shares | Scenario, Forecast | ||||
Equity - Stock-based Compensation Plans [Line Items] | ||||
Paid | (1,066,076) | |||
Performance Shares | Minimum | ||||
Equity - Stock-based Compensation Plans [Line Items] | ||||
Future Performance Factor | 0.00% | |||
Performance Shares | Maximum | ||||
Equity - Stock-based Compensation Plans [Line Items] | ||||
Future Performance Factor | 175.00% | |||
Performance Shares | Liability Awards Plan | ||||
Equity - Stock-based Compensation Plans [Line Items] | ||||
Paid | (235,663) | |||
Restricted Stock Units | ||||
Equity - Stock-based Compensation Plans [Line Items] | ||||
Vesting period | 3 years | |||
Paid | (1,539,787) | |||
Restricted Stock Units | Liability Awards Plan | ||||
Equity - Stock-based Compensation Plans [Line Items] | ||||
Vesting period | 3 years | |||
Paid | (306,689) |
Other Expenses (Other Expenses)
Other Expenses (Other Expenses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Income and Expenses [Abstract] | |||
Compensation | $ 4,742 | $ 4,939 | $ 4,844 |
Pension, postretirement and postemployment benefit costs | 400 | 367 | 426 |
Commissions | 3,537 | 3,673 | 4,332 |
Volume-related costs | 503 | 610 | 423 |
Capitalization of DAC | (3,152) | (3,319) | (3,672) |
Amortization of DAC and VOBA | 2,706 | 3,166 | 3,029 |
Amortization of negative VOBA | (269) | (361) | (442) |
Interest expense on debt | 1,157 | 1,168 | 1,150 |
Premium taxes, licenses and fees | 686 | 687 | 737 |
Professional services | 1,545 | 1,510 | 1,441 |
Rent and related expenses, net of sublease income | 364 | 328 | 366 |
Other | 1,516 | 1,985 | 1,985 |
Total other expenses | $ 13,735 | $ 14,753 | $ 14,619 |
Other Expenses (Restructuring C
Other Expenses (Restructuring Charges) (Details) - Other expenses - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Restructuring Charges | |||
Balance at January 1, | $ 22 | $ 37 | $ 46 |
Restructuring charges | 1 | 64 | 91 |
Cash payments | (21) | (79) | (100) |
Balance at December 31, | 2 | 22 | 37 |
Total restructuring charges incurred since inception of initiative | 430 | 429 | 365 |
Severance | |||
Restructuring Charges | |||
Balance at January 1, | 18 | 31 | 40 |
Restructuring charges | 0 | 60 | 83 |
Cash payments | (17) | (73) | (92) |
Balance at December 31, | 1 | 18 | 31 |
Total restructuring charges incurred since inception of initiative | 383 | 383 | 323 |
Lease and Asset Impairment | |||
Restructuring Charges | |||
Balance at January 1, | 4 | 6 | 6 |
Restructuring charges | 1 | 4 | 8 |
Cash payments | (4) | (6) | (8) |
Balance at December 31, | 1 | 4 | 6 |
Total restructuring charges incurred since inception of initiative | 47 | $ 46 | $ 42 |
Unit Cost Initiative | |||
Restructuring Charges | |||
Restructuring charges | $ 35 |
Employee Benefit Plans Employee
Employee Benefit Plans Employee Benefit Plans (Obligations, Funded Status, and Periodic Benefit Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Pension Benefits U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligations | $ 9,859 | $ 9,546 | |
Estimated fair value of plan assets | 8,721 | 8,342 | |
Over (under) funded status | (1,138) | (1,204) | |
Net periodic benefit costs | 278 | 269 | |
Foreign Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligations | 882 | 747 | |
Estimated fair value of plan assets | 288 | 261 | |
Over (under) funded status | (594) | (486) | |
Net periodic benefit costs | 81 | 73 | |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligations | 10,741 | 10,293 | $ 10,778 |
Estimated fair value of plan assets | 9,009 | 8,603 | 8,848 |
Over (under) funded status | (1,732) | (1,690) | |
Net periodic benefit costs | 359 | 342 | 404 |
Other Postretirement Benefits U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligations | 1,734 | 1,863 | |
Estimated fair value of plan assets | 1,379 | 1,373 | |
Over (under) funded status | (355) | (490) | |
Net periodic benefit costs | 37 | 60 | |
Other Postretirement Benefits Non-U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligations | 25 | 29 | |
Estimated fair value of plan assets | 7 | 9 | |
Over (under) funded status | (18) | (20) | |
Net periodic benefit costs | 2 | 6 | |
Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligations | 1,759 | 1,892 | 2,116 |
Estimated fair value of plan assets | 1,386 | 1,382 | 1,436 |
Over (under) funded status | (373) | (510) | |
Net periodic benefit costs | $ 39 | $ 66 | $ 41 |
Employee Benefit Plans (Obligat
Employee Benefit Plans (Obligations and Funded Status) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Pension Benefits | |||
Change in benefit obligations: | |||
Benefit obligations at January 1, | $ 10,293 | $ 10,778 | |
Service costs | 272 | 275 | $ 258 |
Interest costs | 423 | 414 | 447 |
Plan participants’ contributions | 0 | 0 | |
Net actuarial (gains) losses | 362 | (617) | |
Acquisition, divestitures, settlements and curtailments | (37) | (4) | |
Change in benefits | (11) | 0 | |
Benefits paid | (582) | (521) | |
Effect of foreign currency translation | 21 | (32) | |
Benefit obligations at December 31, | 10,741 | 10,293 | 10,778 |
Change in plan assets | |||
Estimated fair value of plan assets at January 1, | 8,603 | 8,848 | |
Actual return on plan assets | 618 | (122) | |
Acquisition, divestitures and settlements | (7) | (3) | |
Plan participants’ contributions | 0 | 0 | |
Employer contributions | 374 | 416 | |
Benefits paid | (582) | (521) | |
Effect of foreign currency translation | 3 | (15) | |
Estimated fair value of plan assets at December 31, | 9,009 | 8,603 | 8,848 |
Over (under) funded status at December 31, | (1,732) | (1,690) | |
Amounts recognized in the consolidated balance sheets | |||
Other assets | 3 | 5 | |
Other liabilities | (1,735) | (1,695) | |
Net amount recognized | (1,732) | (1,690) | |
Accumulated other comprehensive (income) loss: | |||
Net actuarial (gains) losses | 2,993 | 2,945 | |
Prior service costs (credit) | (11) | 0 | |
Accumulated other comprehensive (income) loss, before income tax | 2,982 | 2,945 | |
Accumulated benefit obligation | 10,340 | 9,870 | |
Other Postretirement Benefits | |||
Change in benefit obligations: | |||
Benefit obligations at January 1, | 1,892 | 2,116 | |
Service costs | 9 | 17 | 15 |
Interest costs | 82 | 89 | 93 |
Plan participants’ contributions | 30 | 28 | |
Net actuarial (gains) losses | (115) | (238) | |
Acquisition, divestitures, settlements and curtailments | 18 | (1) | |
Change in benefits | (43) | (10) | |
Benefits paid | (111) | (104) | |
Effect of foreign currency translation | (3) | (5) | |
Benefit obligations at December 31, | 1,759 | 1,892 | 2,116 |
Change in plan assets | |||
Estimated fair value of plan assets at January 1, | 1,382 | 1,436 | |
Actual return on plan assets | 75 | 4 | |
Acquisition, divestitures and settlements | (1) | (4) | |
Plan participants’ contributions | 30 | 28 | |
Employer contributions | 13 | 23 | |
Benefits paid | (111) | (104) | |
Effect of foreign currency translation | (2) | (1) | |
Estimated fair value of plan assets at December 31, | 1,386 | 1,382 | $ 1,436 |
Over (under) funded status at December 31, | (373) | (510) | |
Amounts recognized in the consolidated balance sheets | |||
Other assets | 1 | 1 | |
Other liabilities | (374) | (511) | |
Net amount recognized | (373) | (510) | |
Accumulated other comprehensive (income) loss: | |||
Net actuarial (gains) losses | 89 | 222 | |
Prior service costs (credit) | (49) | (14) | |
Accumulated other comprehensive (income) loss, before income tax | $ 40 | $ 208 |
Employee Benefit Plans (Paid Be
Employee Benefit Plans (Paid Benefit Obligations and Accumulated Benefit Obligations in Excess of Fair Value) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Accumulated benefit obligation [Abstract] | ||
Projected benefit obligations | $ 1,894 | $ 2,263 |
Accumulated benefit obligations | 1,785 | 2,127 |
Estimated fair value of plan assets | 228 | 692 |
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets [Abstract] | ||
Projected benefit obligations | 10,670 | 10,224 |
Accumulated benefit obligations | 10,318 | 9,839 |
Estimated fair value of plan assets | $ 8,979 | $ 8,567 |
Employee Benefit Plans (Net Per
Employee Benefit Plans (Net Periodic Benefit Costs and Other Changes Recognized in OCI) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net Periodic Benefit Cost Amortized From Accumulated Other Comprehensive Income (Loss) [Abstract] | |||||||||||
Income (loss) from discontinued operations, net of income tax | $ (1,291) | $ (451) | $ (1,361) | $ 433 | $ 217 | $ 301 | $ 318 | $ 478 | $ (2,670) | $ 1,314 | $ 1,389 |
Total recognized in OCI | (131) | (354) | 970 | ||||||||
Pension Benefits | |||||||||||
Net periodic benefit costs [Abstract] | |||||||||||
Service costs | 272 | 275 | 258 | ||||||||
Interest costs | 423 | 414 | 447 | ||||||||
Settlement and curtailment costs | 2 | (1) | 5 | ||||||||
Expected return on plan assets | (527) | (534) | (474) | ||||||||
Amortization of net actuarial (gains) losses | 189 | 189 | 168 | ||||||||
Amortization of prior service costs (credit) | 0 | (1) | 0 | ||||||||
Total net periodic benefit costs (credit) | 359 | 342 | 404 | ||||||||
Net Periodic Benefit Cost Amortized From Accumulated Other Comprehensive Income (Loss) [Abstract] | |||||||||||
Net actuarial (gains) losses | 238 | 43 | 960 | ||||||||
Prior service costs (credit) | (11) | 0 | (20) | ||||||||
Amortization of net actuarial (gains) losses | (189) | (189) | (168) | ||||||||
Amortization of prior service (costs) credit | 0 | 1 | 0 | ||||||||
Income (loss) from discontinued operations, net of income tax | (1) | (2) | (2) | ||||||||
Total recognized in OCI | 37 | (147) | 770 | ||||||||
Total recognized in net periodic benefit costs and OCI | 396 | 195 | 1,174 | ||||||||
Other Postretirement Benefits | |||||||||||
Net periodic benefit costs [Abstract] | |||||||||||
Service costs | 9 | 17 | 15 | ||||||||
Interest costs | 82 | 89 | 93 | ||||||||
Settlement and curtailment costs | 19 | 3 | 2 | ||||||||
Expected return on plan assets | (75) | (80) | (76) | ||||||||
Amortization of net actuarial (gains) losses | 10 | 42 | 11 | ||||||||
Amortization of prior service costs (credit) | (6) | (5) | (4) | ||||||||
Total net periodic benefit costs (credit) | 39 | 66 | 41 | ||||||||
Net Periodic Benefit Cost Amortized From Accumulated Other Comprehensive Income (Loss) [Abstract] | |||||||||||
Net actuarial (gains) losses | (124) | (161) | 223 | ||||||||
Prior service costs (credit) | (41) | (7) | (13) | ||||||||
Amortization of net actuarial (gains) losses | (10) | (42) | (11) | ||||||||
Amortization of prior service (costs) credit | 6 | 5 | 4 | ||||||||
Income (loss) from discontinued operations, net of income tax | 1 | (2) | (3) | ||||||||
Total recognized in OCI | (168) | (207) | 200 | ||||||||
Total recognized in net periodic benefit costs and OCI | $ (129) | $ (141) | $ 241 |
Employee Benefit Plans (Assumpt
Employee Benefit Plans (Assumptions in Determining Benefit Obligations) (Details) | Dec. 31, 2016 | Dec. 31, 2015 |
Pension Benefits | ||
Assumptions used in determining benefit obligations [Abstract] | ||
Weighted average discount rate | 4.30% | 4.50% |
Pension Benefits | Minimum | ||
Assumptions used in determining benefit obligations [Abstract] | ||
Rate of compensation increase | 2.25% | 2.25% |
Pension Benefits | Maximum | ||
Assumptions used in determining benefit obligations [Abstract] | ||
Rate of compensation increase | 8.50% | 8.50% |
Other Postretirement Benefits | ||
Assumptions used in determining benefit obligations [Abstract] | ||
Weighted average discount rate | 4.45% | 4.60% |
Employee Benefit Plans (Assu196
Employee Benefit Plans (Assumptions in Determining Net Periodic Benefit Costs) (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Pension Benefits | |||
Assumptions used in determining net periodic benefit costs [Abstract] | |||
Weighted average discount rate | 4.13% | 4.10% | 5.15% |
Weighted average expected rate of return on plan assets | 6.00% | 6.25% | 6.25% |
Pension Benefits | Minimum | |||
Assumptions used in determining net periodic benefit costs [Abstract] | |||
Rate of compensation increase | 2.25% | 2.25% | 3.50% |
Pension Benefits | Maximum | |||
Assumptions used in determining net periodic benefit costs [Abstract] | |||
Rate of compensation increase | 8.50% | 8.50% | 7.50% |
Other Postretirement Benefits | |||
Assumptions used in determining net periodic benefit costs [Abstract] | |||
Weighted average discount rate | 4.37% | 4.10% | 5.15% |
Weighted average expected rate of return on plan assets | 5.53% | 5.70% | 5.70% |
Employee Benefit Plans (Assumed
Employee Benefit Plans (Assumed Healthcare Cost Trend Rates) (Details) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Before Age 65 | ||
Assumed healthcare costs trend rates | ||
Following year | 6.80% | 6.30% |
Ultimate rate to which cost increase is assumed to decline | 4.00% | 4.20% |
Year in which the ultimate trend rate is reached | 2,077 | 2,086 |
Age 65 and older | ||
Assumed healthcare costs trend rates | ||
Following year | 13.00% | 10.30% |
Ultimate rate to which cost increase is assumed to decline | 4.30% | 4.60% |
Year in which the ultimate trend rate is reached | 2,092 | 2,091 |
Employee Benefit Plans (One Per
Employee Benefit Plans (One Percent Change in Assumed Healthcare Cost Trend Rates) (Details) - Other Postretirement Benefits U.S. Plans $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
One-percentage point change in assumed healthcare cost trend rates [Abstract] | |
Effect on total of service and interest costs components, one percent increase | $ 12 |
Effect on total of service and interest costs components, one percent decrease | (10) |
Effect of accumulated postretirement benefit obligations, one percent increase | 215 |
Effect of accumulated postretirement benefit obligations, one percent decrease | $ (177) |
Employee Benefit Plans (Actual
Employee Benefit Plans (Actual & Target Allocation of Fair Value by Asset Class) (Details) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Pension Benefits U.S. Plans | ||
Actual weighted average asset allocation by major asset class for the Invested Plans [Abstract] | ||
Actual | 100.00% | 100.00% |
Pension Benefits U.S. Plans | Fixed Maturity Securities | ||
Actual weighted average asset allocation by major asset class for the Invested Plans [Abstract] | ||
Target | 82.00% | |
Actual | 81.00% | 75.00% |
Pension Benefits U.S. Plans | Equity securities | ||
Actual weighted average asset allocation by major asset class for the Invested Plans [Abstract] | ||
Target | 10.00% | |
Actual | 11.00% | 15.00% |
Pension Benefits U.S. Plans | Alternative Securities [Member] | ||
Actual weighted average asset allocation by major asset class for the Invested Plans [Abstract] | ||
Target | 8.00% | |
Actual | 8.00% | 10.00% |
Other Postretirement Benefits U.S. Plans | ||
Actual weighted average asset allocation by major asset class for the Invested Plans [Abstract] | ||
Actual | 100.00% | 100.00% |
Other Postretirement Benefits U.S. Plans | Fixed Maturity Securities | ||
Actual weighted average asset allocation by major asset class for the Invested Plans [Abstract] | ||
Target | 76.00% | |
Actual | 76.00% | 75.00% |
Other Postretirement Benefits U.S. Plans | Equity securities | ||
Actual weighted average asset allocation by major asset class for the Invested Plans [Abstract] | ||
Target | 24.00% | |
Actual | 24.00% | 25.00% |
Other Postretirement Benefits U.S. Plans | Alternative Securities [Member] | ||
Actual weighted average asset allocation by major asset class for the Invested Plans [Abstract] | ||
Target | 0.00% | |
Actual | 0.00% | 0.00% |
Employee Benefit Plans (Estimat
Employee Benefit Plans (Estimated Fair Value on a Recurring Basis) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 9,009 | $ 8,603 | $ 8,848 |
Pension Benefits | Fixed Maturity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 7,236 | 6,477 | |
Pension Benefits | Corporate fixed maturity securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3,499 | 3,008 | |
Pension Benefits | U.S. government bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,660 | 1,449 | |
Pension Benefits | Foreign government | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 862 | 769 | |
Pension Benefits | Federal agencies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 196 | 222 | |
Pension Benefits | Municipals securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 313 | 298 | |
Pension Benefits | Short-term Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 335 | 317 | |
Pension Benefits | Other (1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 371 | 414 | |
Pension Benefits | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 923 | 1,182 | |
Pension Benefits | Common stock - domestic | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 474 | 757 | |
Pension Benefits | Common stock - foreign | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 449 | 425 | |
Pension Benefits | Other investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 772 | 840 | |
Pension Benefits | Derivative assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 78 | 104 | |
Pension Benefits | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,674 | 2,135 | |
Pension Benefits | Level 1 | Fixed Maturity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,774 | 981 | |
Pension Benefits | Level 1 | Corporate fixed maturity securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | Level 1 | U.S. government bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,656 | 962 | |
Pension Benefits | Level 1 | Foreign government | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | Level 1 | Federal agencies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | Level 1 | Municipals securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | Level 1 | Short-term Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 118 | 10 | |
Pension Benefits | Level 1 | Other (1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 9 | |
Pension Benefits | Level 1 | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 854 | 1,097 | |
Pension Benefits | Level 1 | Common stock - domestic | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 474 | 733 | |
Pension Benefits | Level 1 | Common stock - foreign | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 380 | 364 | |
Pension Benefits | Level 1 | Other investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 30 | 32 | |
Pension Benefits | Level 1 | Derivative assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 16 | 25 | |
Pension Benefits | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5,624 | 5,568 | |
Pension Benefits | Level 2 | Fixed Maturity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5,453 | 5,395 | |
Pension Benefits | Level 2 | Corporate fixed maturity securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3,499 | 2,931 | |
Pension Benefits | Level 2 | U.S. government bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4 | 487 | |
Pension Benefits | Level 2 | Foreign government | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 862 | 752 | |
Pension Benefits | Level 2 | Federal agencies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 196 | 222 | |
Pension Benefits | Level 2 | Municipals securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 313 | 298 | |
Pension Benefits | Level 2 | Short-term Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 217 | 307 | |
Pension Benefits | Level 2 | Other (1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 362 | 398 | |
Pension Benefits | Level 2 | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 69 | 85 | |
Pension Benefits | Level 2 | Common stock - domestic | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 24 | |
Pension Benefits | Level 2 | Common stock - foreign | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 69 | 61 | |
Pension Benefits | Level 2 | Other investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 105 | 85 | |
Pension Benefits | Level 2 | Derivative assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | (3) | 3 | |
Pension Benefits | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 711 | 900 | |
Pension Benefits | Level 3 | Fixed Maturity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 9 | 101 | |
Pension Benefits | Level 3 | Corporate fixed maturity securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 77 | 79 |
Pension Benefits | Level 3 | U.S. government bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | Level 3 | Foreign government | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 17 | 17 |
Pension Benefits | Level 3 | Federal agencies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | Level 3 | Municipals securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | Level 3 | Short-term Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | Level 3 | Other (1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 9 | 7 | 8 |
Pension Benefits | Level 3 | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | Level 3 | Common stock - domestic | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | Level 3 | Common stock - foreign | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | Level 3 | Other investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 637 | 723 | 745 |
Pension Benefits | Level 3 | Derivative assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 65 | 76 | 73 |
Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,386 | 1,382 | $ 1,436 |
Other Postretirement Benefits | Fixed Maturity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,150 | 1,143 | |
Other Postretirement Benefits | Corporate fixed maturity securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 326 | 300 | |
Other Postretirement Benefits | U.S. government bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 211 | 205 | |
Other Postretirement Benefits | Foreign government | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 79 | 69 | |
Other Postretirement Benefits | Federal agencies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 27 | 34 | |
Other Postretirement Benefits | Municipals securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 23 | 56 | |
Other Postretirement Benefits | Short-term Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 429 | 432 | |
Other Postretirement Benefits | Other (1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 55 | 47 | |
Other Postretirement Benefits | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 235 | 237 | |
Other Postretirement Benefits | Common stock - domestic | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 113 | 126 | |
Other Postretirement Benefits | Common stock - foreign | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 122 | 111 | |
Other Postretirement Benefits | Other investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Other Postretirement Benefits | Derivative assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1 | 2 | |
Other Postretirement Benefits | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 479 | 451 | |
Other Postretirement Benefits | Level 1 | Fixed Maturity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 243 | 212 | |
Other Postretirement Benefits | Level 1 | Corporate fixed maturity securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 20 | 18 | |
Other Postretirement Benefits | Level 1 | U.S. government bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 210 | 193 | |
Other Postretirement Benefits | Level 1 | Foreign government | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Other Postretirement Benefits | Level 1 | Federal agencies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Other Postretirement Benefits | Level 1 | Municipals securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Other Postretirement Benefits | Level 1 | Short-term Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 13 | 1 | |
Other Postretirement Benefits | Level 1 | Other (1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Other Postretirement Benefits | Level 1 | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 235 | 237 | |
Other Postretirement Benefits | Level 1 | Common stock - domestic | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 113 | 126 | |
Other Postretirement Benefits | Level 1 | Common stock - foreign | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 122 | 111 | |
Other Postretirement Benefits | Level 1 | Other investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Other Postretirement Benefits | Level 1 | Derivative assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1 | 2 | |
Other Postretirement Benefits | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 907 | 930 | |
Other Postretirement Benefits | Level 2 | Fixed Maturity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 907 | 930 | |
Other Postretirement Benefits | Level 2 | Corporate fixed maturity securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 306 | 281 | |
Other Postretirement Benefits | Level 2 | U.S. government bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1 | 12 | |
Other Postretirement Benefits | Level 2 | Foreign government | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 79 | 69 | |
Other Postretirement Benefits | Level 2 | Federal agencies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 27 | 34 | |
Other Postretirement Benefits | Level 2 | Municipals securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 23 | 56 | |
Other Postretirement Benefits | Level 2 | Short-term Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 416 | 431 | |
Other Postretirement Benefits | Level 2 | Other (1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 55 | 47 | |
Other Postretirement Benefits | Level 2 | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Other Postretirement Benefits | Level 2 | Common stock - domestic | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Other Postretirement Benefits | Level 2 | Common stock - foreign | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Other Postretirement Benefits | Level 2 | Other investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Other Postretirement Benefits | Level 2 | Derivative assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Other Postretirement Benefits | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 1 | |
Other Postretirement Benefits | Level 3 | Fixed Maturity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 1 | |
Other Postretirement Benefits | Level 3 | Corporate fixed maturity securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 1 | |
Other Postretirement Benefits | Level 3 | U.S. government bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Other Postretirement Benefits | Level 3 | Foreign government | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Other Postretirement Benefits | Level 3 | Federal agencies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Other Postretirement Benefits | Level 3 | Municipals securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Other Postretirement Benefits | Level 3 | Short-term Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Other Postretirement Benefits | Level 3 | Other (1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Other Postretirement Benefits | Level 3 | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Other Postretirement Benefits | Level 3 | Common stock - domestic | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Other Postretirement Benefits | Level 3 | Common stock - foreign | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Other Postretirement Benefits | Level 3 | Other investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Other Postretirement Benefits | Level 3 | Derivative assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 0 | $ 0 |
Employee Benefit Plans (Signifi
Employee Benefit Plans (Significant Unobservable Inputs) (Details) - Pension Benefits - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | $ 8,603 | $ 8,848 |
Purchases, sales, issuances and settlements, net | (7) | (3) |
Estimated fair value of plan assets at December 31, | 9,009 | 8,603 |
Corporate fixed maturity securities [Member] | ||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | 3,008 | |
Estimated fair value of plan assets at December 31, | 3,499 | 3,008 |
Foreign government | ||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | 769 | |
Estimated fair value of plan assets at December 31, | 862 | 769 |
Other (1) | ||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | 414 | |
Estimated fair value of plan assets at December 31, | 371 | 414 |
Other investments | ||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | 840 | |
Estimated fair value of plan assets at December 31, | 772 | 840 |
Derivative assets | ||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | 104 | |
Estimated fair value of plan assets at December 31, | 78 | 104 |
Level 3 | ||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | 900 | |
Estimated fair value of plan assets at December 31, | 711 | 900 |
Level 3 | Corporate fixed maturity securities [Member] | ||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | 77 | 79 |
Realized gains (losses) | 2 | 1 |
Unrealized gains (losses) | 3 | (5) |
Purchases, sales, issuances and settlements, net | (20) | 8 |
Transfers into and/or out of Level 3 | (62) | (6) |
Estimated fair value of plan assets at December 31, | 0 | 77 |
Level 3 | Foreign government | ||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | 17 | 17 |
Realized gains (losses) | 0 | 0 |
Unrealized gains (losses) | (3) | (1) |
Purchases, sales, issuances and settlements, net | (3) | 2 |
Transfers into and/or out of Level 3 | (11) | (1) |
Estimated fair value of plan assets at December 31, | 0 | 17 |
Level 3 | Other (1) | ||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | 7 | 8 |
Realized gains (losses) | 0 | 0 |
Unrealized gains (losses) | 0 | 2 |
Purchases, sales, issuances and settlements, net | 0 | (1) |
Transfers into and/or out of Level 3 | 2 | (2) |
Estimated fair value of plan assets at December 31, | 9 | 7 |
Level 3 | Other investments | ||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | 723 | 745 |
Realized gains (losses) | 0 | 0 |
Unrealized gains (losses) | 33 | 55 |
Purchases, sales, issuances and settlements, net | (119) | (77) |
Transfers into and/or out of Level 3 | 0 | 0 |
Estimated fair value of plan assets at December 31, | 637 | 723 |
Level 3 | Derivative assets | ||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | 76 | 73 |
Realized gains (losses) | 3 | (11) |
Unrealized gains (losses) | (18) | (9) |
Purchases, sales, issuances and settlements, net | 6 | 23 |
Transfers into and/or out of Level 3 | (2) | 0 |
Estimated fair value of plan assets at December 31, | $ 65 | $ 76 |
Employee Benefit Plans (Expecte
Employee Benefit Plans (Expected Gross Benefit Payments) (Details) $ in Millions | Dec. 31, 2016USD ($) |
Pension Benefits | |
Defined benefit plan estimated future benefit payments [Abstract] | |
2,017 | $ 573 |
2,018 | 589 |
2,019 | 606 |
2,020 | 627 |
2,021 | 642 |
2022-2026 | 3,498 |
Other Postretirement Benefits | |
Defined benefit plan estimated future benefit payments [Abstract] | |
2,017 | 85 |
2,018 | 87 |
2,019 | 92 |
2,020 | 95 |
2,021 | 96 |
2022-2026 | $ 500 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Total revenue from annuity and life insurance contracts recognized | $ 58 | $ 55 | $ 50 | |
Total investment income (loss) from annuity and life insurance contracts | 660 | (125) | 1,200 | |
Defined Contribution Plan, Cost Recognized | 81 | 80 | 77 | |
Pension Benefits U.S. Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Aggregate projected benefit obligations | 9,859 | 9,546 | ||
Pension Benefits U.S. Plans | Scenario, Forecast | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Weighted average expected return on plan assets | 6.00% | |||
Foreign Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Aggregate projected benefit obligations | 882 | 747 | ||
Other Postretirement Benefits U.S. Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Aggregate projected benefit obligations | 1,734 | 1,863 | ||
Expected future discretionary contributions | 50 | |||
Other Postretirement Benefits U.S. Plans | Scenario, Forecast | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Weighted average expected return on plan assets | 5.35% | |||
Other Postretirement Benefits Non-U.S. Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Aggregate projected benefit obligations | 25 | 29 | ||
United States Pension Plan of US Entity, Qualified [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected future discretionary contributions | 225 | |||
United States Pension Plan of US Entity, Non Qualified [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Aggregate projected benefit obligations | 1,100 | 1,000 | ||
Expected future discretionary contributions | 70 | |||
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Aggregate projected benefit obligations | 10,741 | $ 10,293 | $ 10,778 | |
Estimated net actuarial losses amortized into net periodic benefit cost over the next year | 176 | |||
Estimated prior service cost amortized into net periodic benefit cost over the next year | $ (1) | |||
Weighted average expected return on plan assets | 6.00% | 6.25% | 6.25% | |
Other Postretirement Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Aggregate projected benefit obligations | $ 1,759 | $ 1,892 | $ 2,116 | |
Estimated net actuarial losses amortized into net periodic benefit cost over the next year | 0 | |||
Estimated prior service cost amortized into net periodic benefit cost over the next year | $ (22) | |||
Weighted average expected return on plan assets | 5.53% | 5.70% | 5.70% |
Income Tax (Provision for Incom
Income Tax (Provision for Income Tax from Continuing Operations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current: | |||
Federal | $ 520 | $ 632 | $ 607 |
State and local | 3 | 10 | 9 |
Foreign | 628 | 556 | 773 |
Subtotal | 1,151 | 1,198 | 1,389 |
Deferred: | |||
Federal | (867) | 205 | 409 |
State and local | 0 | 0 | (1) |
Foreign | 382 | 297 | 139 |
Subtotal | (485) | 502 | 547 |
Current and Deferred: | |||
Provision for income tax expense (benefit) | $ 666 | $ 1,700 | $ 1,936 |
Income Tax (Income Loss from Co
Income Tax (Income Loss from Continuing Operations Before Income Tax Expense from Domestic and Foreign Operations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income (loss) from continuing operations: | |||
Domestic | $ 239 | $ 1,981 | $ 4,584 |
Foreign | 3,901 | 3,727 | 2,299 |
Income (loss) from continuing operations before provision for income tax | $ 4,140 | $ 5,708 | $ 6,883 |
Income Tax (Reconciliation of I
Income Tax (Reconciliation of Income Tax Provision between US Statutory Rate and As Reported for Continuing Operations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income tax expense benefit continuing operations income tax reconciliation | |||
Tax provision at U.S. statutory rate | $ 1,450 | $ 1,997 | $ 2,409 |
Dividend received deduction | (69) | (71) | (72) |
Tax-exempt income | (86) | (70) | (91) |
Prior year tax (1) | (13) | 559 | 47 |
Low income housing tax credits | (270) | (221) | (205) |
Other tax credits | (98) | (67) | (66) |
Foreign tax rate differential | (315) | (465) | (118) |
Change in valuation allowance | (9) | 5 | (3) |
Goodwill impairment | 12 | 0 | 0 |
Other, net | 64 | 33 | 35 |
Provision for income tax expense (benefit) | $ 666 | $ 1,700 | $ 1,936 |
Income Tax (Net Deferred Income
Income Tax (Net Deferred Income Tax Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred income tax assets: | ||
Policyholder liabilities and receivables | $ 1,921 | $ 3,148 |
Net operating loss carryforwards | 1,420 | 1,229 |
Employee benefits | 1,045 | 1,041 |
Capital loss carryforwards | 9 | 9 |
Tax credit carryforwards | 1,375 | 1,081 |
Litigation-related and government mandated | 256 | 260 |
Other | 743 | 807 |
Total gross deferred income tax assets | 6,769 | 7,575 |
Less: Valuation allowance | 161 | 203 |
Total net deferred income tax assets | 6,608 | 7,372 |
Deferred income tax liabilities: | ||
Investments, including derivatives | 2,949 | 4,333 |
Intangibles | 1,213 | 1,212 |
Net unrealized investment gains | 5,414 | 4,803 |
DAC | 3,619 | 3,424 |
Other | 187 | 134 |
Total deferred income tax liabilities | 13,382 | 13,906 |
Deferred tax assets and liabilities [Abstract] | ||
Net deferred income tax asset (liability) | $ (6,774) | $ (6,534) |
Income Tax (Net Operating and C
Income Tax (Net Operating and Capital Loss Carryforwards for Tax Purposes) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Capital loss carryforwards | $ 1,375 | $ 1,081 |
Domestic Tax Authority | ||
Net Operating Loss Carryforwards | 3,882 | |
Domestic Tax Authority | Capital Loss Carryforwards | ||
Capital loss carryforwards | 27 | |
Domestic Tax Authority | 2017-2021 | ||
Net Operating Loss Carryforwards | 1 | |
Domestic Tax Authority | 2017-2021 | Capital Loss Carryforwards | ||
Capital loss carryforwards | 27 | |
Domestic Tax Authority | 2022-2026 | ||
Net Operating Loss Carryforwards | 0 | |
Domestic Tax Authority | 2022-2026 | Capital Loss Carryforwards | ||
Capital loss carryforwards | 0 | |
Domestic Tax Authority | 2027-2031 | ||
Net Operating Loss Carryforwards | 76 | |
Domestic Tax Authority | 2027-2031 | Capital Loss Carryforwards | ||
Capital loss carryforwards | 0 | |
Domestic Tax Authority | 2032-2036 | ||
Net Operating Loss Carryforwards | 3,805 | |
Domestic Tax Authority | 2032-2036 | Capital Loss Carryforwards | ||
Capital loss carryforwards | 0 | |
Domestic Tax Authority | Indefinite | ||
Net Operating Loss Carryforwards | 0 | |
Domestic Tax Authority | Indefinite | Capital Loss Carryforwards | ||
Capital loss carryforwards | 0 | |
State and Local Jurisdiction | ||
Net Operating Loss Carryforwards | 128 | |
State and Local Jurisdiction | 2017-2021 | ||
Net Operating Loss Carryforwards | 38 | |
State and Local Jurisdiction | 2022-2026 | ||
Net Operating Loss Carryforwards | 59 | |
State and Local Jurisdiction | 2027-2031 | ||
Net Operating Loss Carryforwards | 29 | |
State and Local Jurisdiction | 2032-2036 | ||
Net Operating Loss Carryforwards | 2 | |
State and Local Jurisdiction | Indefinite | ||
Net Operating Loss Carryforwards | 0 | |
Foreign Tax Authority | ||
Net Operating Loss Carryforwards | 511 | |
Capital loss carryforwards | 582 | |
Foreign Tax Authority | 2017-2021 | ||
Net Operating Loss Carryforwards | 86 | |
Capital loss carryforwards | 0 | |
Foreign Tax Authority | 2022-2026 | ||
Net Operating Loss Carryforwards | 36 | |
Capital loss carryforwards | 573 | |
Foreign Tax Authority | 2027-2031 | ||
Net Operating Loss Carryforwards | 41 | |
Capital loss carryforwards | 0 | |
Foreign Tax Authority | 2032-2036 | ||
Net Operating Loss Carryforwards | (6) | |
Capital loss carryforwards | 0 | |
Foreign Tax Authority | Indefinite | ||
Net Operating Loss Carryforwards | 354 | |
Capital loss carryforwards | $ 9 |
Income Tax (Tax Credit Carryfor
Income Tax (Tax Credit Carryforwards) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforwards | $ 1,375 | $ 1,081 |
Foreign Tax Authority | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforwards | 582 | |
Foreign Tax Authority | 2017-2021 | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforwards | 0 | |
Foreign Tax Authority | 2022-2026 | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforwards | 573 | |
Foreign Tax Authority | 2027-2031 | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforwards | 0 | |
Foreign Tax Authority | 2032-2036 | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforwards | 0 | |
Foreign Tax Authority | Indefinite | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforwards | 9 | |
General business tax credit carryforward | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforwards | 843 | |
General business tax credit carryforward | 2017-2021 | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforwards | 0 | |
General business tax credit carryforward | 2022-2026 | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforwards | 0 | |
General business tax credit carryforward | 2027-2031 | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforwards | 181 | |
General business tax credit carryforward | 2032-2036 | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforwards | 662 | |
General business tax credit carryforward | Indefinite | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforwards | 0 | |
Other tax credit carryforward | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforwards | 223 | |
Other tax credit carryforward | 2017-2021 | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforwards | 0 | |
Other tax credit carryforward | 2022-2026 | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforwards | 0 | |
Other tax credit carryforward | 2027-2031 | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforwards | 0 | |
Other tax credit carryforward | 2032-2036 | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforwards | 0 | |
Other tax credit carryforward | Indefinite | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforwards | $ 223 |
Income Tax (Reconciliation of U
Income Tax (Reconciliation of Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of Unrecognized Tax Benefits | ||||
Balance at January 1, | $ 1,259 | $ 719 | $ 724 | |
Additions for tax positions of prior years (1) | 24 | 574 | 59 | |
Reductions for tax positions of prior years | $ (792) | (112) | (24) | (81) |
Additions for tax positions of current year | 23 | 24 | 21 | |
Reductions for tax positions of current year | 0 | 0 | 0 | |
Settlements with tax authorities | (48) | (34) | (4) | |
Balance at December 31, | 1,146 | 1,259 | 719 | |
Unrecognized tax benefits that, if recognized would impact the effective rate | $ 1,112 | $ 1,215 | $ 641 |
Income Tax (Interest Accrued Re
Income Tax (Interest Accrued Related to Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Interest recognized on the consolidated statements of operations (1) | $ (41) | $ 388 | $ 27 |
Interest included in other liabilities on the consolidated balance sheets (1) | $ 623 | $ 664 |
Income Tax (Narrative) (Details
Income Tax (Narrative) (Details) - USD ($) $ in Millions | Nov. 19, 2015 | Sep. 18, 2015 | Sep. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Amounts excluded from the provision for deferred taxes on cumulative earnings of certain non-U.S. affiliates and associated companies | $ 5,400 | |||||
Federal statutory tax rate | 35.00% | |||||
Income tax benefit related to the separate account dividends received deduction | $ 63 | $ 66 | $ 78 | |||
Foreign tax rate differential | (315) | (465) | (118) | |||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | (41) | |||||
Other expenses | 13,735 | 14,753 | 14,619 | |||
Provision for income tax expense (benefit) | 666 | 1,700 | 1,936 | |||
Unrecognized tax benefits, decrease resulting from prior period tax positions | $ 792 | 112 | 24 | 81 | ||
Income tax assessment, income taxes and interest paid | $ 444 | |||||
Possible Change in Tax Assessment | ||||||
Other expenses | 362 | |||||
Provision for income tax expense (benefit) | 557 | 557 | ||||
Net amount of other expense charge | $ 235 | |||||
Income Tax Refund | ||||||
Other expenses | $ 9 | |||||
JAPAN | ||||||
Repatriation assumptions for foreign earnings | (57) | 45 | ||||
Foreign tax rate differential | 110 | (174) | ||||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 36 | |||||
CHILE | ||||||
Foreign tax rate differential | (61) | 54 | ||||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 19 | |||||
UNITED ARAB EMIRATES | ||||||
Repatriation assumptions for foreign earnings | (13) | |||||
ARGENTINA | ||||||
Foreign tax rate differential | (31) | |||||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 88 | |||||
Maximum | ||||||
True-up of the prior year tax return included in current year benefit related to the separate account dividends received deduction | 1 | $ 1 | $ 14 | |||
Certain State and Foreign Net Operating Loss Carryforwards | ||||||
Valuation allowance, change during year | 9 | |||||
Foreign Currency Movement | ||||||
Valuation allowance, change during year | 10 | |||||
Balance Sheet Reclassification With Other Deferred Tax Assets | ||||||
Valuation allowance, change during year | $ 23 |
Earnings Per Common Share (Earn
Earnings Per Common Share (Earnings Per Common Share) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Weighted Average Shares: | |||||||||||
Weighted average common stock outstanding for basic earnings per common share | 1,100,500,000 | 1,117,800,000 | 1,128,700,000 | ||||||||
Incremental common shares from assumed: | |||||||||||
Stock purchase contracts underlying common equity units | 0 | 0 | 2,900,000 | ||||||||
Exercise or issuance of stock-based awards | 9,200,000 | 8,000,000 | 10,500,000 | 10,900,000 | |||||||
Weighted average common stock outstanding for diluted earnings per common share | 1,108,500,000 | 1,128,300,000 | 1,142,500,000 | ||||||||
Income (Loss) from Continuing Operations: | |||||||||||
Income (loss) from continuing operations, net of income tax | $ (795) | $ 1,024 | $ 1,475 | $ 1,770 | $ 625 | $ 897 | $ 801 | $ 1,685 | $ 3,474 | $ 4,008 | $ 4,947 |
Less: Income (loss) from continuing operations, net of income tax, attributable to noncontrolling interests | 4 | 12 | 27 | ||||||||
Less: Preferred stock dividends | 45 | 6 | 46 | 6 | 49 | 6 | 31 | 30 | 103 | 116 | 122 |
Preferred stock repurchase premium | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 42 | $ 0 | 0 | 42 | 0 |
Income (loss) from continuing operations, net of income tax, available to MetLife, Inc.’s common shareholders | $ 3,367 | $ 3,838 | $ 4,798 | ||||||||
Basic | $ (0.77) | $ 0.93 | $ 1.30 | $ 1.60 | $ 0.51 | $ 0.80 | $ 0.65 | $ 1.47 | $ 3.06 | $ 3.43 | $ 4.25 |
Diluted | $ (0.77) | $ 0.92 | $ 1.29 | $ 1.59 | $ 0.51 | $ 0.79 | $ 0.64 | $ 1.45 | $ 3.04 | $ 3.40 | $ 4.20 |
Income (Loss) from Discontinued Operations: | |||||||||||
Income (loss) from discontinued operations, net of income tax | $ (1,291) | $ (451) | $ (1,361) | $ 433 | $ 217 | $ 301 | $ 318 | $ 478 | $ (2,670) | $ 1,314 | $ 1,389 |
Less: Income (loss) from discontinued operations, net of income tax, attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Income (loss) from discontinued operations, net of income tax, available to MetLife, Inc.’s common shareholders | $ (2,670) | $ 1,314 | $ 1,389 | ||||||||
Basic | $ (1.17) | $ (0.41) | $ (1.24) | $ 0.39 | $ 0.20 | $ 0.27 | $ 0.28 | $ 0.42 | $ (2.43) | $ 1.18 | $ 1.23 |
Diluted | $ (1.17) | $ (0.41) | $ (1.23) | $ 0.39 | $ 0.19 | $ 0.27 | $ 0.28 | $ 0.42 | $ (2.41) | $ 1.17 | $ 1.22 |
Net Income (Loss): | |||||||||||
Net income (loss) | $ (2,086) | $ 573 | $ 114 | $ 2,203 | $ 842 | $ 1,198 | $ 1,119 | $ 2,163 | $ 804 | $ 5,322 | $ 6,336 |
Less: Net income (loss) attributable to noncontrolling interests | 2 | (4) | 4 | 2 | 8 | (5) | 4 | 5 | 4 | 12 | 27 |
Less: Preferred stock dividends | 45 | 6 | 46 | 6 | 49 | 6 | 31 | 30 | 103 | 116 | 122 |
Preferred stock repurchase premium | 0 | 0 | 0 | 0 | 0 | 0 | 42 | 0 | 0 | 42 | 0 |
Net income (loss) available to MetLife, Inc.’s common shareholders | $ (2,133) | $ 571 | $ 64 | $ 2,195 | $ 785 | $ 1,197 | $ 1,042 | $ 2,128 | $ 697 | $ 5,152 | $ 6,187 |
Basic | $ (1.94) | $ 0.52 | $ 0.06 | $ 1.99 | $ 0.71 | $ 1.07 | $ 0.93 | $ 1.89 | $ 0.63 | $ 4.61 | $ 5.48 |
Diluted | $ (1.94) | $ 0.51 | $ 0.06 | $ 1.98 | $ 0.70 | $ 1.06 | $ 0.92 | $ 1.87 | $ 0.63 | $ 4.57 | $ 5.42 |
Contingencies, Commitments a214
Contingencies, Commitments and Guarantees (Asbestos Claims) (Details) - Asbestos Related Claims $ in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($)Claims | Dec. 31, 2015USD ($)Claims | Dec. 31, 2014USD ($)Claims | |
Loss Contingencies [Line Items] | |||
Asbestos personal injury claims at year end | Claims | 67,223 | 67,787 | 68,460 |
Number of new claims during the year | Claims | 4,146 | 3,856 | 4,636 |
Settlement payments during the year | $ | $ 50.2 | $ 56.1 | $ 46 |
Asbestos-related claims liability, ending balance | $ | $ 690 |
Contingencies, Commitments a215
Contingencies, Commitments and Guarantees (Insolvency Assessments) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Other Assets: | ||
Premium tax offset for future discounted and undiscounted assessments | $ 30 | $ 31 |
Premium tax offsets currently available for paid assessments | 33 | 50 |
Other Liabilities: | ||
Insolvency assessments | 47 | 47 |
Insurance-related Assessments | ||
Loss Contingencies [Line Items] | ||
Total assets held for insolvency assessments | $ 63 | $ 81 |
Contingencies, Commitments a216
Contingencies, Commitments and Guarantees (Leases) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
Gross rental payments 2017 | $ 289 | ||
Gross rental payments 2018 | 256 | ||
Gross rental payments 2019 | 219 | ||
Gross rental payments 2020 | 211 | ||
Gross rental payments 2021 | 189 | ||
Gross rental payments, thereafter | 996 | ||
Gross rental payments, total | 2,160 | ||
Operating Leases, Future Minimum Payments Due, Future Minimum Sublease Rentals | 376 | ||
Operating Leases, Rent Expense, Net | $ 383 | $ 364 | $ 347 |
Contingencies, Commitments a217
Contingencies, Commitments and Guarantees (Contingencies - Narrative) (Details) | Nov. 30, 2016USD ($) | Dec. 31, 2016USD ($)Claims |
Minimum | ||
Loss Contingencies | ||
Loss Contingency, Range of Possible Loss, Portion Not Accrued | $ 0 | |
Maximum | ||
Loss Contingencies | ||
Loss Contingency, Range of Possible Loss, Portion Not Accrued | $ 425,000,000 | |
Superfund Site Settlement Agreements | ||
Loss Contingencies | ||
Number of regulatory matters and other claims | Claims | 2 | |
Maximum estimate of costs for environmental testing | $ 100,000 | |
Superfund Site Settlement Agreements | Minimum | ||
Loss Contingencies | ||
Damages Sought | 1,000,000 | |
Superfund Site Settlement Agreements | Maximum | ||
Loss Contingencies | ||
Maximum estimate of aggregate costs to resolve matter | 1,000,000 | |
Fauley V. Metropolitan Life Insurance Company, et al | Maximum | ||
Loss Contingencies | ||
Loss Contingency, Estimate of Possible Loss | 23,000,000 | |
City of Birmingham Retirement and Relief System v. MetLife, Inc., et al. [Member] | ||
Loss Contingencies | ||
Litigation Settlement, Amount | 9,750,000 | |
Compensatory Damages | Hartshorne V. MetLife Inc., et al. | ||
Loss Contingencies | ||
Damages Sought | 200,000 | |
Punitive Damages | Hartshorne V. MetLife Inc., et al. | ||
Loss Contingencies | ||
Damages Sought | $ 7,000,000 | $ 15,000,000 |
Contingencies, Commitments a218
Contingencies, Commitments and Guarantees (Commitments and Guarantees - Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Liabilities for indemnities, guarantees and commitments | $ 10 | $ 8 |
Cumulative maximum indemnities and guarantees contractual limitation | 1,100 | |
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 | |
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 | 8,200 | 7,100 |
Mortgage Loan Commitments | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $ 4,300 | $ 4,400 |
Quarterly Results of Operati219
Quarterly Results of Operations (Unaudited) (Quarterly Results of Operations) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Results of Operations (Unaudited) | |||||||||||
Total revenues | $ 12,635 | $ 15,833 | $ 16,025 | $ 16,097 | $ 14,990 | $ 15,864 | $ 14,225 | $ 16,255 | $ 60,590 | $ 61,334 | $ 63,974 |
Total expenses | 14,017 | 14,674 | 13,979 | 13,780 | 14,126 | 14,079 | 13,546 | 13,875 | 56,450 | 55,626 | 57,091 |
Income (loss) from continuing operations, net of income tax | (795) | 1,024 | 1,475 | 1,770 | 625 | 897 | 801 | 1,685 | 3,474 | 4,008 | 4,947 |
Income (loss) from discontinued operations, net of income tax | (1,291) | (451) | (1,361) | 433 | 217 | 301 | 318 | 478 | (2,670) | 1,314 | 1,389 |
Net income (loss) | (2,086) | 573 | 114 | 2,203 | 842 | 1,198 | 1,119 | 2,163 | 804 | 5,322 | 6,336 |
Less: Net income (loss) attributable to noncontrolling interests | 2 | (4) | 4 | 2 | 8 | (5) | 4 | 5 | 4 | 12 | 27 |
Net income (loss) attributable to MetLife, Inc. | (2,088) | 577 | 110 | 2,201 | 834 | 1,203 | 1,115 | 2,158 | 800 | 5,310 | 6,309 |
Less: Preferred stock dividends | 45 | 6 | 46 | 6 | 49 | 6 | 31 | 30 | 103 | 116 | 122 |
Preferred stock repurchase premium | 0 | 0 | 0 | 0 | 0 | 0 | 42 | 0 | 0 | 42 | 0 |
Net income (loss) available to MetLife, Inc.’s common shareholders | $ (2,133) | $ 571 | $ 64 | $ 2,195 | $ 785 | $ 1,197 | $ 1,042 | $ 2,128 | $ 697 | $ 5,152 | $ 6,187 |
Basic earnings per common share | |||||||||||
Income (loss) from continuing operations, net of income tax, available to MetLife, Inc.’s common shareholders | $ (0.77) | $ 0.93 | $ 1.30 | $ 1.60 | $ 0.51 | $ 0.80 | $ 0.65 | $ 1.47 | $ 3.06 | $ 3.43 | $ 4.25 |
Income (loss) from discontinued operations, net of income tax, attributable to MetLife, Inc. | (1.17) | (0.41) | (1.24) | 0.39 | 0.20 | 0.27 | 0.28 | 0.42 | (2.43) | 1.18 | 1.23 |
Net income (loss) attributable to MetLife, Inc. | (1.90) | 0.52 | 0.10 | 2 | 0.75 | 1.08 | 1 | 1.92 | |||
Net income (loss) available to MetLife, Inc.’s common shareholders | (1.94) | 0.52 | 0.06 | 1.99 | 0.71 | 1.07 | 0.93 | 1.89 | 0.63 | 4.61 | 5.48 |
Diluted earnings per common share (1) | |||||||||||
Income (loss) from continuing operations, net of income tax, available to MetLife, Inc.’s common shareholders | (0.77) | 0.92 | 1.29 | 1.59 | 0.51 | 0.79 | 0.64 | 1.45 | 3.04 | 3.40 | 4.20 |
Income (loss) from discontinued operations, net of income tax, attributable to MetLife, Inc. | (1.17) | (0.41) | (1.23) | 0.39 | 0.19 | 0.27 | 0.28 | 0.42 | (2.41) | 1.17 | 1.22 |
Net income (loss) attributable to MetLife, Inc. | (1.90) | 0.52 | 0.10 | 1.99 | 0.74 | 1.06 | 0.99 | 1.90 | |||
Net income (loss) available to MetLife, Inc.’s common shareholders | $ (1.94) | $ 0.51 | $ 0.06 | $ 1.98 | $ 0.70 | $ 1.06 | $ 0.92 | $ 1.87 | $ 0.63 | $ 4.57 | $ 5.42 |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 9,200,000 | 8,000,000 | 10,500,000 | 10,900,000 |
Subsequent Events Subsequent Ev
Subsequent Events Subsequent Events (Common Stock Repurchases) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Subsequent Event [Line Items] | ||||
Treasury Stock, Shares, Acquired | 6,948,739 | 39,491,991 | 18,876,363 | |
Treasury Stock, Value, Acquired, Cost Method | $ 372 | $ 1,930 | $ 1,000 | |
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Treasury Stock, Shares, Acquired | 8,718,054 | |||
Treasury Stock, Value, Acquired, Cost Method | $ 468 |
Subsequent Events (Dividends -
Subsequent Events (Dividends - Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||||
Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Series A Preferred Stock [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Preferred stock, dividends | $ 6 | $ 6 | $ 7 | $ 6 | $ 6 | $ 6 | $ 7 | $ 6 | $ 7 | $ 6 | $ 7 | $ 6 | $ 25 | $ 25 | $ 26 | |
Series B Preferred Stock [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Preferred stock, dividends | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 24 | $ 24 | $ 24 | $ 24 | $ 24 | $ 24 | $ 0 | $ 48 | $ 96 | |
Subsequent Event [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Estimated aggregate dividend payment | $ 438 | |||||||||||||||
Subsequent Event [Member] | Dividends Declared [Member] | Series A Preferred Stock [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Preferred stock, dividend rate | $ 0.250 | |||||||||||||||
Preferred stock, dividends | $ 6 | |||||||||||||||
Subsequent Event [Member] | Dividends Declared [Member] | Common stock | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Approved annual dividend, amount per share | $ 0.400 |
Subsequent Events (Junior Subor
Subsequent Events (Junior Subordinated Debt Securities - Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Subsequent Event [Line Items] | |||
Debt Instrument, Face Amount | $ 3,200 | $ 3,200 | |
Junior Subordinated Debt Instrument Two [Member] | |||
Subsequent Event [Line Items] | |||
Debt Instrument, Face Amount | $ 750 | $ 750 | |
Debt Instrument, Interest Rate, Stated Percentage | 9.25% | ||
Junior Subordinated Debt Instrument Two [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Debt Instrument, Face Amount | $ 750 | ||
Debt Instrument, Interest Rate, Stated Percentage | 0.00% |
Consolidated Summary of Inve223
Consolidated Summary of Investments - Other Than Investments in Related Parties (Details) $ in Millions | Dec. 31, 2016USD ($) |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | $ 400,984 |
Estimated Fair Value | 420,911 |
Fixed Maturities [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 271,701 |
Estimated Fair Value | 289,563 |
Amount at Which Shown on Balance Sheet | 289,563 |
Foreign government | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 49,864 |
Estimated Fair Value | 55,976 |
Amount at Which Shown on Balance Sheet | 55,976 |
U.S. government and agency | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 41,294 |
Estimated Fair Value | 44,433 |
Amount at Which Shown on Balance Sheet | 44,433 |
Public utilities | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 11,670 |
Estimated Fair Value | 12,739 |
Amount at Which Shown on Balance Sheet | 12,739 |
State and political subdivision | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 10,977 |
Estimated Fair Value | 12,231 |
Amount at Which Shown on Balance Sheet | 12,231 |
All other corporate bonds | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 109,941 |
Estimated Fair Value | 115,418 |
Amount at Which Shown on Balance Sheet | 115,418 |
Total bonds | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 223,746 |
Estimated Fair Value | 240,797 |
Amount at Which Shown on Balance Sheet | 240,797 |
Mortgage-backed and asset-backed securities | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 46,953 |
Estimated Fair Value | 47,717 |
Amount at Which Shown on Balance Sheet | 47,717 |
Redeemable preferred stock | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 1,002 |
Estimated Fair Value | 1,049 |
Amount at Which Shown on Balance Sheet | 1,049 |
FVO and trading securities | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 12,288 |
Estimated Fair Value | 13,923 |
Amount at Which Shown on Balance Sheet | 13,923 |
Equity Securities, Investment Summary [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 2,464 |
Estimated Fair Value | 2,894 |
Amount at Which Shown on Balance Sheet | 2,894 |
Industrial, miscellaneous and all other | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 1,632 |
Estimated Fair Value | 2,007 |
Amount at Which Shown on Balance Sheet | 2,007 |
Public utilities | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 101 |
Estimated Fair Value | 132 |
Amount at Which Shown on Balance Sheet | 132 |
Banks, trust and insurance companies | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 94 |
Estimated Fair Value | 139 |
Amount at Which Shown on Balance Sheet | 139 |
Non-redeemable preferred stock | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 637 |
Estimated Fair Value | 616 |
Amount at Which Shown on Balance Sheet | 616 |
Held-for-investment | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 65,167 |
Estimated Fair Value | 65,167 |
Policy loans | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 9,511 |
Estimated Fair Value | 9,511 |
Real estate and real estate joint ventures | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 8,832 |
Estimated Fair Value | 8,832 |
Real estate acquired in satisfaction of debt | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 59 |
Estimated Fair Value | 59 |
Other limited partnership interests | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 5,136 |
Estimated Fair Value | 5,136 |
Short-term investments | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 6,523 |
Estimated Fair Value | 6,523 |
Other invested assets | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 19,303 |
Estimated Fair Value | $ 19,303 |
Condensed Financial Informat224
Condensed Financial Information (Parent Company) (Condensed Balance Sheet) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Apr. 01, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Investments: | |||||
Available-for-sale Securities, Debt Securities | $ 289,563 | $ 287,783 | |||
Short-term investments | 6,523 | 7,467 | |||
Other Investments | 19,303 | 17,607 | |||
Total investments | 420,911 | 412,974 | |||
Cash and Cash Equivalents, at Carrying Value | 12,651 | 11,182 | $ 9,205 | $ 6,488 | |
Accrued Investment Income Receivable | 3,308 | 3,390 | |||
Other Assets | 7,058 | 6,776 | |||
Total assets | 898,764 | 877,933 | |||
Liabilities | |||||
Payables for collateral under securities loaned and other transactions | 25,873 | 26,234 | |||
Collateral financing arrangement | 1,274 | 1,342 | |||
Junior subordinated debt securities | 3,169 | 3,194 | |||
Other Liabilities | 23,700 | 20,292 | |||
Total liabilities | 831,284 | 809,437 | |||
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; 1,164,029,985 and 1,159,590,766 shares issued, respectively; 1,095,519,005 and 1,098,028,525 shares outstanding, respectively | 12 | 12 | |||
Additional paid-in capital | 30,944 | 30,749 | |||
Retained earnings | 34,480 | 35,519 | |||
Treasury stock, at cost; 68,510,980 and 61,562,241 shares, respectively | (3,474) | (3,102) | |||
Accumulated other comprehensive income (loss) | 5,347 | 4,771 | 10,649 | 5,104 | |
Total stockholders’ equity | 67,309 | 67,949 | |||
Total liabilities and stockholders’ equity | 898,764 | 877,933 | |||
Parent Company | |||||
Investments: | |||||
Available-for-sale Securities, Debt Securities | 3,894 | 5,028 | |||
Short-term investments | 148 | 268 | |||
Other Investments | 499 | 830 | |||
Total investments | 4,541 | 6,126 | |||
Cash and Cash Equivalents, at Carrying Value | 334 | 421 | $ 443 | $ 648 | |
Accrued Investment Income Receivable | 74 | 76 | |||
Investment in subsidiaries | 85,207 | 85,977 | |||
Loans to subsidiaries | 1,200 | $ 140 | 1,200 | ||
Other Assets | 1,529 | 1,177 | |||
Total assets | 92,885 | 94,977 | |||
Liabilities | |||||
Payables for collateral under securities loaned and other transactions | 147 | 227 | |||
Long-term debt — unaffiliated | 15,505 | 16,994 | |||
Long-term debt — affiliated | 3,100 | 3,314 | |||
Collateral financing arrangement | 2,797 | 2,797 | |||
Junior subordinated debt securities | 1,734 | 1,748 | |||
Payables to subsidiaries | 0 | 147 | |||
Other Liabilities | 2,294 | 1,801 | |||
Total liabilities | 25,577 | 27,028 | |||
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; 1,164,029,985 and 1,159,590,766 shares issued, respectively; 1,095,519,005 and 1,098,028,525 shares outstanding, respectively | 12 | 12 | |||
Additional paid-in capital | 30,944 | 30,749 | |||
Retained earnings | 34,480 | 35,519 | |||
Treasury stock, at cost; 68,510,980 and 61,562,241 shares, respectively | (3,474) | (3,102) | |||
Accumulated other comprehensive income (loss) | 5,347 | 4,771 | |||
Total stockholders’ equity | 67,309 | 67,949 | |||
Total liabilities and stockholders’ equity | $ 92,886 | $ 94,977 |
Condensed Financial Informat225
Condensed Financial Information (Parent Company) (Condensed Balance Sheet - Parenthetical) (Details) - USD ($) $ / shares in Units, $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2010 |
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Amortized cost of fixed maturity securities available-for-sale | $ 271,701 | $ 271,653 | |
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 | $ 0.01 |
Common stock, shares authorized | 3,000,000,000 | 3,000,000,000 | |
Common stock, shares issued | 1,164,029,985 | 1,159,590,766 | |
Common stock, shares outstanding | 1,095,519,005 | 1,098,028,525 | |
Treasury stock, shares | 68,510,980 | 61,562,241 | |
Parent Company | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Amortized cost of fixed maturity securities available-for-sale | $ 3,900 | $ 5,023 | |
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 | 1,164,029,985 | 1,159,590,766 | |
Common stock, shares outstanding | 1,095,519,005 | 1,098,028,525 | |
Treasury stock, shares | 68,510,980 | 61,562,241 |
Condensed Financial Informat226
Condensed Financial Information (Parent Company) (Condensed Statements of Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net investment income | $ 16,790 | $ 16,243 | $ 18,158 | ||||||||
Other revenues | 1,685 | 1,927 | 1,962 | ||||||||
Net investment gains (losses) | 305 | 646 | 338 | ||||||||
Net derivative gains (losses) | (874) | 545 | 722 | ||||||||
Total revenues | $ 12,635 | $ 15,833 | $ 16,025 | $ 16,097 | $ 14,990 | $ 15,864 | $ 14,225 | $ 16,255 | 60,590 | 61,334 | 63,974 |
Expenses | |||||||||||
Goodwill impairment | 260 | 0 | 0 | ||||||||
Other expenses | 13,735 | 14,753 | 14,619 | ||||||||
Total expenses | 14,017 | 14,674 | 13,979 | 13,780 | 14,126 | 14,079 | 13,546 | 13,875 | 56,450 | 55,626 | 57,091 |
Income (loss) before provision for income tax | 4,140 | 5,708 | 6,883 | ||||||||
Provision for income tax expense (benefit) | 666 | 1,700 | 1,936 | ||||||||
Net income (loss) | (2,088) | 577 | 110 | 2,201 | 834 | 1,203 | 1,115 | 2,158 | 800 | 5,310 | 6,309 |
Less: Preferred stock dividends | 45 | 6 | 46 | 6 | 49 | 6 | 31 | 30 | 103 | 116 | 122 |
Preferred stock repurchase premium | 0 | 0 | 0 | 0 | 0 | 0 | 42 | 0 | 0 | 42 | 0 |
Net income (loss) available to common shareholders | $ (2,133) | $ 571 | $ 64 | $ 2,195 | $ 785 | $ 1,197 | $ 1,042 | $ 2,128 | 697 | 5,152 | 6,187 |
Comprehensive income (loss) | 1,376 | (568) | 11,854 | ||||||||
Parent Company | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Equity in earnings of subsidiaries | 1,783 | 5,985 | 6,907 | ||||||||
Net investment income | 129 | 170 | 371 | ||||||||
Other revenues | 151 | 124 | 128 | ||||||||
Net investment gains (losses) | 86 | 12 | (287) | ||||||||
Net derivative gains (losses) | (68) | (7) | 165 | ||||||||
Total revenues | 2,081 | 6,284 | 7,284 | ||||||||
Expenses | |||||||||||
Interest expense | 1,152 | 1,171 | 1,151 | ||||||||
Goodwill impairment | 147 | 0 | 0 | ||||||||
Other expenses | 390 | 180 | 197 | ||||||||
Total expenses | 1,689 | 1,351 | 1,348 | ||||||||
Income (loss) before provision for income tax | 392 | 4,933 | 5,936 | ||||||||
Provision for income tax expense (benefit) | (408) | (377) | (373) | ||||||||
Net income (loss) | 800 | 5,310 | 6,309 | ||||||||
Less: Preferred stock dividends | 103 | 116 | 122 | ||||||||
Preferred stock repurchase premium | 0 | 42 | 0 | ||||||||
Net income (loss) available to common shareholders | 697 | 5,152 | 6,187 | ||||||||
Comprehensive income (loss) | $ 1,376 | $ (568) | $ 11,854 |
Condensed Financial Informat227
Condensed Financial Information (Parent Company) (Condensed Statements of Cash Flows) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities | |||||||||||
Net income (loss) | $ (2,088) | $ 577 | $ 110 | $ 2,201 | $ 834 | $ 1,203 | $ 1,115 | $ 2,158 | $ 800 | $ 5,310 | $ 6,309 |
Goodwill impairment | 260 | 0 | 0 | ||||||||
Other, net | 136 | 164 | 101 | ||||||||
Net cash provided by (used in) operating activities | 14,827 | 14,129 | 16,376 | ||||||||
Cash flows from investing activities | |||||||||||
Sales of fixed maturity securities | 150,658 | 146,732 | 118,526 | ||||||||
Purchases of fixed maturity securities | (146,397) | (148,799) | (130,197) | ||||||||
Cash received in connection with freestanding derivatives | 4,259 | 2,690 | 1,760 | ||||||||
Cash paid in connection with freestanding derivatives | (6,963) | (4,211) | (4,003) | ||||||||
Net change in short-term investments | 1,270 | (777) | 5,167 | ||||||||
Other, net | (457) | (59) | (341) | ||||||||
Net cash provided by (used in) investing activities | (5,850) | (10,398) | (15,055) | ||||||||
Cash flows from financing activities | |||||||||||
Net change in payables for collateral under securities loaned and other transactions | (3,636) | 1,544 | 5,031 | ||||||||
Long-term debt issued | 0 | 3,893 | 1,000 | ||||||||
Long-term debt repaid | (1,279) | (1,438) | (2,862) | ||||||||
Common stock issued, net of issuance costs | 0 | 0 | 1,000 | ||||||||
Treasury stock acquired in connection with share repurchases | (372) | (1,930) | (1,000) | ||||||||
Preferred stock issued, net of issuance costs | 0 | 1,483 | 0 | ||||||||
Repurchase of preferred stock | 0 | (1,460) | 0 | ||||||||
Preferred stock repurchase premium | 0 | (42) | 0 | ||||||||
Dividends on preferred stock | (103) | (116) | (122) | ||||||||
Dividends on common stock | (1,736) | (1,653) | (1,499) | ||||||||
Other, net | 48 | 17 | 47 | ||||||||
Net cash provided by (used in) financing activities | (3,550) | (1,295) | 2,256 | ||||||||
Change in cash and cash equivalents | 5,125 | 1,944 | 3,223 | ||||||||
Cash and cash equivalents, from continuing operations, beginning of year | 11,182 | 9,205 | 11,182 | 9,205 | 6,488 | ||||||
Cash and cash equivalents, from continuing operations, end of year | 12,651 | 11,182 | 12,651 | 11,182 | 9,205 | ||||||
Supplemental disclosures of cash flow information: | |||||||||||
Net cash paid for Interest | 1,202 | 1,178 | 1,213 | ||||||||
Net cash paid (received) for Income tax | 672 | 1,127 | 748 | ||||||||
Parent Company | |||||||||||
Cash flows from operating activities | |||||||||||
Net income (loss) | 800 | 5,310 | 6,309 | ||||||||
Earnings of subsidiaries | (1,783) | (5,985) | (6,907) | ||||||||
Dividends from subsidiaries | 4,470 | 2,335 | 2,388 | ||||||||
Goodwill impairment | 147 | 0 | 0 | ||||||||
Other, net | 113 | (54) | 825 | ||||||||
Net cash provided by (used in) operating activities | 3,747 | 1,606 | 2,615 | ||||||||
Cash flows from investing activities | |||||||||||
Sales of fixed maturity securities | 8,603 | 7,952 | 6,611 | ||||||||
Purchases of fixed maturity securities | (7,409) | (7,957) | (7,181) | ||||||||
Cash received in connection with freestanding derivatives | 311 | 930 | 438 | ||||||||
Cash paid in connection with freestanding derivatives | (561) | (510) | (281) | ||||||||
Sales of businesses | 291 | 0 | 7 | ||||||||
Expense paid on behalf of subsidiaries | (68) | (40) | (54) | ||||||||
Receipts on loans to subsidiaries | 140 | 761 | 832 | ||||||||
Issuances of loans to subsidiaries | (140) | (300) | (370) | ||||||||
Returns of capital from subsidiaries | 80 | 5 | 0 | ||||||||
Capital contributions to subsidiaries | (1,733) | (667) | (1,262) | ||||||||
Net change in short-term investments | 120 | 110 | 182 | ||||||||
Other, net | (18) | 2 | 101 | ||||||||
Net cash provided by (used in) investing activities | (384) | 286 | (977) | ||||||||
Cash flows from financing activities | |||||||||||
Net change in payables for collateral under securities loaned and other transactions | (80) | (122) | 264 | ||||||||
Long-term debt issued | 0 | 2,739 | 1,000 | ||||||||
Long-term debt repaid | (1,250) | (1,000) | (1,550) | ||||||||
Common stock issued, net of issuance costs | 0 | 0 | 1,000 | ||||||||
Treasury stock acquired in connection with share repurchases | (372) | (1,930) | (1,000) | ||||||||
Preferred stock issued, net of issuance costs | 0 | 1,483 | 0 | ||||||||
Repurchase of preferred stock | 0 | (1,460) | 0 | ||||||||
Preferred stock repurchase premium | 0 | (42) | 0 | ||||||||
Dividends on preferred stock | (103) | (116) | (122) | ||||||||
Dividends on common stock | (1,736) | (1,653) | (1,499) | ||||||||
Other, net | 91 | 187 | 64 | ||||||||
Net cash provided by (used in) financing activities | (3,450) | (1,914) | (1,843) | ||||||||
Change in cash and cash equivalents | (87) | (22) | (205) | ||||||||
Cash and cash equivalents, from continuing operations, beginning of year | $ 421 | $ 443 | 421 | 443 | 648 | ||||||
Cash and cash equivalents, from continuing operations, end of year | $ 334 | $ 421 | 334 | 421 | 443 | ||||||
Supplemental disclosures of cash flow information: | |||||||||||
Net cash paid for Interest | 1,146 | 1,133 | 1,138 | ||||||||
Net cash paid (received) for Income tax | (433) | (171) | (862) | ||||||||
Non-cash transactions | |||||||||||
Dividends from subsidiary | 2,652 | 0 | 81 | ||||||||
Returns of capital from subsidiaries | 372 | 4,284 | 6,308 | ||||||||
Capital contributions to subsidiaries | 157 | 4,120 | 6,388 | ||||||||
Payables to subsidiaries for future capital contributions | 0 | 120 | 445 | ||||||||
Allocation of interest expense to subsidiary | 39 | 28 | 27 | ||||||||
Allocation of interest income to subsidiary | 54 | 57 | 65 | ||||||||
Amounts paid to (received from) subsidiaries, net | Parent Company | |||||||||||
Supplemental disclosures of cash flow information: | |||||||||||
Net cash paid (received) for Income tax | (569) | (226) | (1,247) | ||||||||
Income tax paid (received) by MetLife, Inc., net | Parent Company | |||||||||||
Supplemental disclosures of cash flow information: | |||||||||||
Net cash paid (received) for Income tax | $ 136 | $ 55 | $ 385 |
Condensed Financial Informat228
Condensed Financial Information (Parent Company) (Long-term Debt Outstanding) (Details) - Parent Company - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2014 | |
Long-term Debt [Abstract] | ||||
Senior Notes | $ 15,505 | $ 16,994 | ||
Notes Payable, Related Parties | 3,100 | 3,314 | ||
Long-term Debt | $ 18,605 | 20,241 | ||
Senior Notes, Unaffiliated [Member] | ||||
Long-term Debt [Abstract] | ||||
Weighted Average Interest Rate | 4.94% | |||
Debt Instrument, Maturity Date Range, Start | Dec. 15, 2017 | |||
Debt Instrument, Maturity Date Range, End | May 13, 2046 | |||
Senior Notes | $ 15,505 | 16,927 | ||
Senior Notes, Affiliated [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 3.03% | |||
Long-term Debt [Abstract] | ||||
Weighted Average Interest Rate | 4.86% | |||
Debt Instrument, Maturity Date Range, Start | Jun. 30, 2019 | |||
Debt Instrument, Maturity Date Range, End | Dec. 31, 2033 | |||
Senior Notes | $ 250 | $ 500 | ||
Notes Payable, Related Parties | $ 3,100 | 3,100 | ||
Other Affiliated Debt [Member] | ||||
Long-term Debt [Abstract] | ||||
Weighted Average Interest Rate | 1.31% | |||
Notes Payable, Related Parties | $ 0 | $ 214 | ||
Minimum | Senior Notes, Unaffiliated [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 1.76% | |||
Minimum | Senior Notes, Affiliated [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 3.03% | |||
Minimum | Other Affiliated Debt [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 0.00% | |||
Maximum | Senior Notes, Unaffiliated [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 7.72% | |||
Maximum | Senior Notes, Affiliated [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 5.86% | |||
Maximum | Other Affiliated Debt [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 0.00% |
Condensed Financial Informat229
Condensed Financial Information (Parent Company) (Interest Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Interest Expense [Abstract] | |||
Total interest expense | $ 874 | $ 890 | $ 871 |
Parent Company | |||
Interest Expense [Abstract] | |||
Total interest expense | 1,152 | 1,171 | 1,151 |
Parent Company | Long-term Debt | |||
Interest Expense [Abstract] | |||
Total interest expense | 811 | 833 | 809 |
Parent Company | Long-term Debt | Affiliated Entity [Member] | |||
Interest Expense [Abstract] | |||
Total interest expense | 160 | 168 | 173 |
Parent Company | Secured Debt [Member] | |||
Interest Expense [Abstract] | |||
Total interest expense | 47 | 36 | 35 |
Parent Company | Junior Subordinated Debt [Member] | |||
Interest Expense [Abstract] | |||
Total interest expense | $ 134 | $ 134 | $ 134 |
Condensed Financial Informat230
Condensed Financial Information (Parent Company) (Investment in Subsidiaries - Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Feb. 29, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Preferred Stock, Value, Issued | $ 0 | $ 0 | ||
Common Stock, Value, Issued | 12 | 12 | ||
Parent Company | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Non Cash Dividends From Subsidiaries | 2,652 | 0 | $ 81 | |
Capital Contributions To Subsidiaries | 1,733 | 667 | 1,262 | |
Investment in subsidiaries | 85,207 | 85,977 | ||
Preferred Stock, Value, Issued | 0 | 0 | ||
Common Stock, Value, Issued | 12 | 12 | ||
Returns of capital from subsidiaries | 372 | 4,284 | 6,308 | |
Capital contributions to subsidiaries | $ 157 | 4,120 | 6,388 | |
Parent Company | Project Flag [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Returns of capital from subsidiaries | 5,700 | |||
Capital contributions to subsidiaries | 5,700 | |||
Parent Company | Investments in Majority-owned Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Investment in subsidiaries | 2,000 | |||
MetLife Insurance Company USA | Parent Company | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Capital Contributions To Subsidiaries | $ 1,500 | |||
Metlife Reinsurance Company of Vermont | Parent Company | Investments in Majority-owned Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Investment in subsidiaries | 50 | 350 | ||
MetLife Reinsurance Company of Delaware | Parent Company | Investments in Majority-owned Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Investment in subsidiaries | 45 | $ 95 | ||
MetLife Reinsurance Company Of South Carolina | Parent Company | Investments in Majority-owned Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Investment in subsidiaries | $ 25 |
Condensed Financial Informat231
Condensed Financial Information (Parent Company) (Loans to Subsidiaries - Narrative) (Details) - Parent Company - USD ($) $ in Millions | 1 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Jul. 31, 2016 | Jun. 30, 2016 | Apr. 30, 2016 | May 31, 2015 | Apr. 30, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 01, 2016 | |
Notes to Condensed Financial Information of Parent Company (Textuals) [Abstract] | |||||||||||||
Loans to subsidiaries and affiliates | $ 1,200 | $ 1,200 | $ 140 | ||||||||||
Debt Instrument, Interest Rate Terms | six-month LIBOR plus 1.00% | ||||||||||||
Advances To Affiliate Repayment | $ 140 | ||||||||||||
Senior Notes | 15,505 | 16,994 | |||||||||||
Loans to Subsidiaries, Repayment Amount | 140 | 761 | $ 832 | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,300 | ||||||||||||
Interest Income [Member] | |||||||||||||
Notes to Condensed Financial Information of Parent Company (Textuals) [Abstract] | |||||||||||||
Loans to Subsidiaries, Interest Income | $ 64 | 91 | 155 | ||||||||||
American Life $150 Million May 2015 [Member] | |||||||||||||
Notes to Condensed Financial Information of Parent Company (Textuals) [Abstract] | |||||||||||||
Loans to subsidiaries and affiliates | $ 150 | ||||||||||||
Debt Instrument, Interest Rate Terms | six-month LIBOR plus 1.00% | ||||||||||||
Advances To Affiliate Repayment | $ 150 | ||||||||||||
American Life $150 Million April 2015 [Member] | |||||||||||||
Notes to Condensed Financial Information of Parent Company (Textuals) [Abstract] | |||||||||||||
Loans to subsidiaries and affiliates | $ 150 | ||||||||||||
Debt Instrument, Interest Rate Terms | six-month LIBOR plus 0.875% | ||||||||||||
Advances To Affiliate Repayment | $ 150 | ||||||||||||
American Life Loan One [Member] | |||||||||||||
Notes to Condensed Financial Information of Parent Company (Textuals) [Abstract] | |||||||||||||
Loans to subsidiaries and affiliates | $ 100 | ||||||||||||
Advances To Affiliate Instrument Interest Rate Effective Percentage | 3.17% | ||||||||||||
Loans to subsidiaries, maturity date | Jun. 30, 2020 | ||||||||||||
American Life Loan Two [Member] | |||||||||||||
Notes to Condensed Financial Information of Parent Company (Textuals) [Abstract] | |||||||||||||
Loans to subsidiaries and affiliates | $ 120 | ||||||||||||
Debt Instrument, Interest Rate Terms | six-month LIBOR plus 0.875% | ||||||||||||
Advances To Affiliate Repayment | $ 120 | ||||||||||||
American Life Loan Three [Member] | |||||||||||||
Notes to Condensed Financial Information of Parent Company (Textuals) [Abstract] | |||||||||||||
Loans to subsidiaries and affiliates | $ 150 | ||||||||||||
Debt Instrument, Interest Rate Terms | six-month LIBOR plus 0.875% | ||||||||||||
Advances To Affiliate Repayment | $ 150 | ||||||||||||
MetLife Ireland Treasury Limited loan from MetLife, Inc. | |||||||||||||
Notes to Condensed Financial Information of Parent Company (Textuals) [Abstract] | |||||||||||||
Loans to subsidiaries and affiliates | $ 1,500 | ||||||||||||
Advances To Affiliate Instrument Interest Rate Effective Percentage | 8.50% | ||||||||||||
Loans to subsidiaries, maturity date | Jul. 1, 2023 | ||||||||||||
Loans to Subsidiaries, Repayment Amount | $ 231 | $ 69 | $ 153 | $ 77 | $ 493 |
Condensed Financial Informat232
Condensed Financial Information (Parent Company) (Long-term Debt - Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||||
Sep. 30, 2016 | Jun. 30, 2016 | Apr. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Financial Statements, Captions [Line Items] | |||||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ 69 | $ 74 | |||||
Debt Instrument, Unamortized Discount | 34 | 36 | |||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 1,000 | ||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 1,000 | ||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 1,000 | ||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 838 | ||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 998 | ||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 11,500 | ||||||
Parent Company | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 1,000 | ||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 1,000 | ||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 1,800 | ||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 742 | ||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 2,000 | ||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 12,000 | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,300 | ||||||
Debt Instrument, Interest Rate Terms | six-month LIBOR plus 1.00% | ||||||
Senior Notes | 15,505 | 16,994 | |||||
Parent Company | Senior Notes Unaffiliated [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | 62 | 67 | |||||
Debt Instrument, Unamortized Discount | 30 | 31 | |||||
Senior Notes | $ 15,505 | 16,927 | |||||
Parent Company | Senior Notes, Affiliated [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Senior Notes | $ 250 | $ 500 | |||||
Debt Instrument, Maturity Date | Sep. 30, 2020 | Jun. 30, 2019 | |||||
Debt Instrument, Interest Rate, Effective Percentage | 3.03% | ||||||
Parent Company | Senior Notes, Affiliated [Member] | $750 Million Senior Note Issued to Metropolitan Life Insurance Company [Member] | $500 Million Senior Note Metropolitan Life Insurance Company [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.54% | ||||||
Parent Company | Senior Notes, Affiliated [Member] | $250 Million Senior Note Issued to Metropolitan Life Insurance Company [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Senior Notes | $ 500 | ||||||
MetLife Exchange Trust I [Member] | Parent Company | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Repayments of affiliated debt | $ 204 | $ 10 | $ 286 | ||||
Debt Instrument, Interest Rate Terms | three-month LIBOR plus 0.7% |
Condensed Financial Informat233
Condensed Financial Information (Parent Company) (Support Agreements - Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Financial Statements, Captions [Line Items] | ||
Derivative Assets, Fair Value, Net | $ 12,284,000,000 | $ 10,673,000,000 |
Unsecured derivative liability positions guaranteed by MetLife, Inc. | 6,878,000,000 | 5,287,000,000 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 38,000,000 | 86,000,000 |
Parent Company | Support Agreement Exeter Obligations [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Amount guaranteed under support agreement | $ 1,000,000,000 | |
Parent Company | Support Agreement MetLife Reinsurance Company of Vermont [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Guaranteed adjusted capital levels | equal to or greater than 200% of authorized control level risk-based capital | |
Parent Company | Support Agreement MetLife Reinsurance Company of Charleston [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Guaranteed adjusted capital levels | equal to or greater than 200% of the company action level risk-based capital | |
Parent Company | Support Agreement MetLife Reinsurance Company of South Carolina [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Minimum capital and surplus | $ 250,000 | |
Guaranteed adjusted capital levels | equal to or greater than 100% of authorized control level risk-based capital | |
Parent Company | Support Agreement MetLife Investors Insurance Company and First MetLife Investors Insurance Company [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Minimum capital and surplus | $ 10,000,000 | |
Guaranteed adjusted capital levels | equal to or greater than 150% of the company action level risk-based capital | |
Parent Company | Support Agreement - Guarantees of Subsidiary Derivative Obligations [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Derivative Assets, Fair Value, Net | $ 495,000,000 | 583,000,000 |
Unsecured derivative liability positions guaranteed by MetLife, Inc. | 237,000,000 | 32,000,000 |
Estimated fair value of collateral provided to counterparties by the subsidiaries | 233,000,000 | 32,000,000 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | $ 4,000,000 | $ 0 |
Parent Company | Support Agreement MRD [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Guaranteed adjusted capital levels | equal to or greater than 200% of the company action level risk-based capital | |
DELAWARE | Parent Company | Support Agreement MRD [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Guaranteed adjusted capital levels | increase such capital maintenance threshold to 300% |
Condensed Financial Informat234
Condensed Financial Information (Parent Company) (Subsequent Events - Narrative) (Details) - USD ($) $ in Millions | Aug. 03, 2017 | Apr. 30, 2017 | Apr. 28, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2017 | Feb. 10, 2017 | Apr. 01, 2016 |
Condensed Financial Statements, Captions [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 3,200 | $ 3,200 | |||||||
Secured Debt | 1,274 | 1,342 | |||||||
Other General and Administrative Expense | 1,516 | 1,985 | $ 1,985 | ||||||
Subsequent Event [Member] | |||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||
Dividends Paid To Registrant's Parent Company By Affiliates | $ 1,800 | ||||||||
Parent Company | |||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||
Advances to Affiliate | 1,200 | 1,200 | $ 140 | ||||||
Senior Notes | 15,505 | 16,994 | |||||||
Long-term Debt | 18,605 | 20,241 | |||||||
Secured Debt | 2,797 | 2,797 | |||||||
Parent Company | Subsequent Event [Member] | |||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.595% | ||||||||
Advances to Affiliate | $ 750 | ||||||||
Junior Subordinated Debt Instrument Two [Member] | |||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 750 | $ 750 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.25% | ||||||||
Debt Instrument, Maturity Date | Apr. 8, 2068 | ||||||||
Junior Subordinated Debt Instrument Two [Member] | Subsequent Event [Member] | |||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 750 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.00% | ||||||||
Junior Subordinated Debt Instrument Two [Member] | Parent Company | Subsequent Event [Member] | |||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 750 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.25% | ||||||||
Brighthouse Financial, INC [Member] | Subsequent Event [Member] | |||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||
Payments of Distributions to Affiliates | $ 590 | ||||||||
Brighthouse Financial, INC [Member] | Secured Debt [Member] | MetLife Reinsurance Company Of South Carolina | Subsequent Event [Member] | |||||||||
Condensed Financial Statements, Captions [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 | ||||||||
Senior Note Issued To Metlife Reinsurance Company Of Delaware [Member] | Senior Notes Affiliated September 2032 [Member] | Parent Company | Subsequent Event [Member] | |||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||
Senior Notes | $ 750 | ||||||||
Debt Instrument, Maturity Date | Sep. 30, 2032 | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 4.21% | ||||||||
Senior Note Issued To Metlife Reinsurance Company Of Delaware [Member] | Senior Notes Affiliated December 2033 [Member] | Parent Company | Subsequent Event [Member] | |||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||
Senior Notes | $ 350 | ||||||||
Debt Instrument, Maturity Date | Dec. 31, 2033 | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 5.10% | ||||||||
Surplus Note September 2032 [Member] | Parent Company | Subsequent Event [Member] | |||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||
Advances to Affiliate | $ 750 | ||||||||
Advances To Affiliate Instrument Interest Rate Effective Percentage | 5.13% | ||||||||
Surplus Note December 2033 [Member] | Parent Company | Subsequent Event [Member] | |||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||
Advances to Affiliate | $ 350 | ||||||||
Advances To Affiliate Instrument Interest Rate Effective Percentage | 6.00% |
Consolidated Supplementary I235
Consolidated Supplementary Insurance Information (Balance Sheet Items) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Supplementary Insurance Information, by Segment [Line Items] | |||
DAC and VOBA | $ 17,590 | $ 17,418 | $ 17,699 |
Future Policy Benefits, Other Policy-Related Balances and Policyholder Dividend Obligation | 181,662 | 175,942 | 176,854 |
Policyholder account balances | 173,168 | 165,628 | 172,315 |
Policyholder Dividends Payable | 696 | 709 | 677 |
Unearned Premiums | 4,724 | 4,401 | 4,256 |
Unearned Revenue | 2,059 | 2,135 | 2,158 |
U.S. | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
DAC and VOBA | 616 | 615 | 593 |
Future Policy Benefits, Other Policy-Related Balances and Policyholder Dividend Obligation | 61,206 | 59,074 | 57,521 |
Policyholder account balances | 67,539 | 63,986 | 65,615 |
Policyholder Dividends Payable | 0 | 0 | 0 |
Unearned Premiums | 1,843 | 1,820 | 1,801 |
Unearned Revenue | 30 | 33 | 41 |
Asia | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
DAC and VOBA | 8,707 | 8,374 | 8,217 |
Future Policy Benefits, Other Policy-Related Balances and Policyholder Dividend Obligation | 36,308 | 34,416 | 33,711 |
Policyholder account balances | 53,114 | 49,094 | 52,772 |
Policyholder Dividends Payable | 95 | 88 | 61 |
Unearned Premiums | 2,167 | 1,859 | 1,711 |
Unearned Revenue | 912 | 974 | 924 |
Latin America | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
DAC and VOBA | 1,808 | 1,753 | 1,987 |
Future Policy Benefits, Other Policy-Related Balances and Policyholder Dividend Obligation | 9,163 | 8,142 | 8,914 |
Policyholder account balances | 5,597 | 5,880 | 6,425 |
Policyholder Dividends Payable | 0 | 0 | 0 |
Unearned Premiums | 448 | 491 | 508 |
Unearned Revenue | 563 | 597 | 651 |
EMEA | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
DAC and VOBA | 1,472 | 1,532 | 1,709 |
Future Policy Benefits, Other Policy-Related Balances and Policyholder Dividend Obligation | 5,439 | 5,837 | 6,514 |
Policyholder account balances | 12,636 | 13,172 | 14,006 |
Policyholder Dividends Payable | 6 | 7 | 8 |
Unearned Premiums | 64 | 60 | 54 |
Unearned Revenue | 372 | 336 | 313 |
MetLife Holdings | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
DAC and VOBA | 5,246 | 5,436 | 5,387 |
Future Policy Benefits, Other Policy-Related Balances and Policyholder Dividend Obligation | 72,284 | 70,818 | 71,169 |
Policyholder account balances | 34,664 | 33,818 | 33,738 |
Policyholder Dividends Payable | 604 | 621 | 612 |
Unearned Premiums | 204 | 171 | 179 |
Unearned Revenue | 209 | 218 | 229 |
Corporate & Other | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
DAC and VOBA | (259) | (292) | (194) |
Future Policy Benefits, Other Policy-Related Balances and Policyholder Dividend Obligation | (2,738) | (2,345) | (975) |
Policyholder account balances | (382) | (322) | (241) |
Policyholder Dividends Payable | (9) | (7) | (4) |
Unearned Premiums | (2) | 0 | 3 |
Unearned Revenue | $ (27) | $ (23) | $ 0 |
Consolidated Supplementary I236
Consolidated Supplementary Insurance Information (Income Statement Items) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Supplementary Insurance Information, by Segment [Line Items] | |||
Premiums and Universal Life and Investment-Type Product Policy Fees | $ 42,684 | $ 41,973 | $ 42,794 |
Net Investment Income | 16,790 | 16,243 | 18,158 |
Policyholder Benefits and Claims and Interest Credited to Policyholder Account Balances | 41,492 | 39,517 | 41,119 |
Amortization of DAC and VOBA Charged to Other Expenses | 2,706 | 3,166 | 3,029 |
Other Operating Expenses (1) | 12,252 | 12,943 | 12,943 |
U.S. | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Premiums and Universal Life and Investment-Type Product Policy Fees | 22,490 | 21,804 | 21,152 |
Net Investment Income | 5,942 | 6,046 | 6,001 |
Policyholder Benefits and Claims and Interest Credited to Policyholder Account Balances | 22,859 | 22,038 | 21,292 |
Amortization of DAC and VOBA Charged to Other Expenses | 471 | 471 | 458 |
Other Operating Expenses (1) | 3,244 | 3,197 | 3,080 |
Asia | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Premiums and Universal Life and Investment-Type Product Policy Fees | 8,913 | 8,491 | 9,270 |
Net Investment Income | 2,807 | 2,859 | 3,279 |
Policyholder Benefits and Claims and Interest Credited to Policyholder Account Balances | 6,896 | 6,817 | 7,748 |
Amortization of DAC and VOBA Charged to Other Expenses | 1,338 | 1,265 | 1,394 |
Other Operating Expenses (1) | 1,795 | 1,619 | 1,724 |
Latin America | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Premiums and Universal Life and Investment-Type Product Policy Fees | 3,554 | 3,702 | 4,038 |
Net Investment Income | 1,133 | 1,046 | 1,257 |
Policyholder Benefits and Claims and Interest Credited to Policyholder Account Balances | 2,770 | 2,853 | 3,310 |
Amortization of DAC and VOBA Charged to Other Expenses | 184 | 271 | 313 |
Other Operating Expenses (1) | 1,007 | 1,075 | 1,192 |
EMEA | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Premiums and Universal Life and Investment-Type Product Policy Fees | 2,442 | 2,455 | 2,832 |
Net Investment Income | 1,229 | 347 | 1,238 |
Policyholder Benefits and Claims and Interest Credited to Policyholder Account Balances | 2,064 | 1,109 | 1,978 |
Amortization of DAC and VOBA Charged to Other Expenses | 408 | 492 | 626 |
Other Operating Expenses (1) | 924 | 998 | 1,176 |
MetLife Holdings | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Premiums and Universal Life and Investment-Type Product Policy Fees | 6,034 | 6,116 | 5,964 |
Net Investment Income | 5,670 | 5,867 | 6,012 |
Policyholder Benefits and Claims and Interest Credited to Policyholder Account Balances | 7,532 | 7,226 | 7,087 |
Amortization of DAC and VOBA Charged to Other Expenses | 424 | 701 | 199 |
Other Operating Expenses (1) | 3,392 | 3,597 | 3,636 |
Corporate & Other | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Premiums and Universal Life and Investment-Type Product Policy Fees | (749) | (595) | (462) |
Net Investment Income | 9 | 78 | 371 |
Policyholder Benefits and Claims and Interest Credited to Policyholder Account Balances | (629) | (526) | (296) |
Amortization of DAC and VOBA Charged to Other Expenses | (119) | (34) | 39 |
Other Operating Expenses (1) | $ 1,890 | $ 2,457 | $ 2,135 |
Consolidated Reinsurance (Conso
Consolidated Reinsurance (Consolidated Reinsurance) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Direct Premiums, Life Insurance in Force | $ 4,098,780 | $ 4,080,869 | $ 3,977,372 |
Ceded Premiums, Life Insurance in Force | 481,028 | 546,122 | 529,674 |
Assumed Premiums, Life Insurance in Force | 613,693 | 593,722 | 646,539 |
Premiums, Net, Life Insurance in Force | $ 4,231,445 | $ 4,128,469 | $ 4,094,237 |
Life Insurance in Force Premiums, Percentage Assumed to Net | 14.50% | 14.40% | 15.80% |
Consolidated Reinsurance | |||
Gross Amount | $ 37,975 | $ 37,044 | $ 37,614 |
Ceded | 2,136 | 2,023 | 2,077 |
Assumed | 1,363 | 1,382 | 1,433 |
Premiums | $ 37,202 | $ 36,403 | $ 36,970 |
% Amount Assumed to Net | 3.70% | 3.80% | 3.90% |
Life insurance (1) | |||
Consolidated Reinsurance | |||
Gross Amount | $ 20,857 | $ 20,854 | $ 21,157 |
Ceded | 1,614 | 1,570 | 1,666 |
Assumed | 1,089 | 1,150 | 1,185 |
Premiums | $ 20,332 | $ 20,434 | $ 20,676 |
% Amount Assumed to Net | 5.40% | 5.60% | 5.70% |
Accident & health insurance | |||
Consolidated Reinsurance | |||
Gross Amount | $ 13,551 | $ 12,677 | $ 12,998 |
Ceded | 447 | 377 | 331 |
Assumed | 257 | 219 | 239 |
Premiums | $ 13,361 | $ 12,519 | $ 12,906 |
% Amount Assumed to Net | 1.90% | 1.70% | 1.90% |
Property & casualty insurance | |||
Consolidated Reinsurance | |||
Gross Amount | $ 3,567 | $ 3,513 | $ 3,459 |
Ceded | 75 | 76 | 80 |
Assumed | 17 | 13 | 9 |
Premiums | $ 3,509 | $ 3,450 | $ 3,388 |
% Amount Assumed to Net | 0.50% | 0.40% | 0.30% |