Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 14, 2020 | Jun. 30, 2019 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Entity Registrant Name | MetLife, Inc. | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 001-15787 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 13-4075851 | ||
Entity Address, Address Line One | 200 Park Avenue, | ||
Entity Address, City or Town | New York, | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10166-0188 | ||
City Area Code | 212 | ||
Local Phone Number | 578-9500 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Central Index Key | 0001099219 | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 915,828,071 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Public Float | $ 46.5 | ||
Documents Incorporated by Reference [Text Block] | DOCUMENTS INCORPORATED BY REFERENCE Part III of this Form 10-K incorporates by reference certain information from the registrant’s definitive proxy statement for the Annual Meeting of Shareholders to be held on June 16, 2020 , to be filed by the registrant with the Securities and Exchange Commission pursuant to Regulation 14A not later than 120 days after the year ended December 31, 2019. | ||
Common Stock | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Common Stock, par value $0.01 | ||
Trading Symbol | MET | ||
Security Exchange Name | NYSE | ||
Series A [Member] | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Floating Rate Non-Cumulative Preferred Stock, Series A, par value $0.01 | ||
Trading Symbol | MET PRA | ||
Security Exchange Name | NYSE | ||
Depositary Shares each representing a 1/1,000th interest in a share of 5.625% Non-Cumulative Preferred Stock, Series E | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Depositary Shares each representing a 1/1,000th interest in a share of 5.625% Non-Cumulative Preferred Stock, Series E | ||
Trading Symbol | MET PRE | ||
Security Exchange Name | NYSE | ||
Series F Preferred Stock [Member] | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Depositary Shares, each representing a 1/1,000th interest in a share of 4.75% Non-Cumulative Preferred Stock, Series F | ||
Trading Symbol | MET PRF | ||
Security Exchange Name | NYSE | ||
Series C Preferred Stock [Member] | |||
Entity Information [Line Items] | |||
Title of 12(g) Security | Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C, par value $0.01 | ||
Series D Preferred Stock [Member] | |||
Entity Information [Line Items] | |||
Title of 12(g) Security | Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series D, par value $0.01 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Investments: | ||
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $297,655 and $286,816, respectively) | $ 327,820 | $ 298,265 |
Equity securities, at estimated fair value | 1,342 | 1,440 |
Contractholder-directed equity securities and fair value option securities, at estimated fair value (includes $3 and $4, respectively, relating to variable interest entities) | 13,102 | 12,616 |
Mortgage loans (net of valuation allowances of $353 and $342, respectively; includes $188 and $299, respectively, under the fair value option and $59 and $0, respectively, of mortgage loans held-for-sale) | 80,529 | 75,752 |
Policy loans | 9,680 | 9,699 |
Real estate and real estate joint ventures (includes $127 and $0, respectively, under the fair value option) | 10,741 | 9,698 |
Other limited partnership interests | 7,716 | 6,613 |
Short-term investments, principally at estimated fair value | 3,850 | 3,937 |
Other invested assets (includes $2,299 and $2,300, respectively, of leveraged and direct financing leases and $290 and $141, respectively, relating to variable interest entities) | 19,015 | 18,190 |
Total investments | 473,795 | 436,210 |
Cash and cash equivalents, principally at estimated fair value (includes $12 and $52, respectively, relating to variable interest entities) | 16,598 | 15,821 |
Accrued investment income | 3,523 | 3,582 |
Premiums, reinsurance and other receivables (includes $4 and $3, respectively, relating to variable interest entities) | 20,443 | 19,644 |
Deferred policy acquisition costs and value of business acquired | 17,833 | 18,895 |
Goodwill | 9,308 | 9,422 |
Other assets (includes $2 and $2, respectively, relating to variable interest entities) | 10,518 | 8,408 |
Separate account assets | 188,445 | 175,556 |
Total assets | 740,463 | 687,538 |
Liabilities | ||
Future policy benefits | 194,909 | 186,780 |
Policyholder account balances | 192,627 | 183,693 |
Other policy-related balances | 17,171 | 16,529 |
Policyholder dividends payable | 681 | 677 |
Policyholder dividend obligation | 2,020 | 428 |
Payables for collateral under securities loaned and other transactions | 26,745 | 24,794 |
Short-term debt | 235 | 268 |
Long-term debt (includes $5 and $5, respectively, at estimated fair value, relating to variable interest entities) | 13,466 | 12,829 |
Collateral financing arrangement | 993 | 1,060 |
Junior subordinated debt securities | 3,150 | 3,147 |
Current income tax payable | 363 | 441 |
Deferred income tax liability | 9,097 | 5,414 |
Other liabilities (includes $1 and $1, respectively, relating to variable interest entities) | 24,179 | 22,964 |
Separate account liabilities | 188,445 | 175,556 |
Total liabilities | 674,081 | 634,580 |
Contingencies, Commitments and Guarantees (Note 21) | ||
MetLife, Inc.’s stockholders’ equity: | ||
Preferred stock, par value $0.01 per share; $3,405 aggregate liquidation preference | 0 | 0 |
Common stock, par value $0.01 per share; 3,000,000,000 shares authorized; 1,177,680,299 and 1,171,824,242 shares issued, respectively; 915,338,098 and 958,613,542 shares outstanding, respectively | 12 | 12 |
Additional paid-in capital | 32,680 | 32,474 |
Retained earnings | 33,078 | 28,926 |
Treasury stock, at cost; 262,342,201 and 213,210,700 shares, respectively | (12,678) | (10,393) |
Accumulated other comprehensive income (loss) | 13,052 | 1,722 |
Total MetLife, Inc.’s stockholders’ equity | 66,144 | 52,741 |
Noncontrolling interests | 238 | 217 |
Total equity | 66,382 | 52,958 |
Total liabilities and equity | $ 740,463 | $ 687,538 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Amortized cost of fixed maturity securities | $ 297,655 | $ 286,816 |
Contractholder-directed equity securities and fair value option securities relating to variable interest entities | 13,102 | 12,616 |
Mortgage loans valuation allowances | 353 | 342 |
Loans Receivable Held-for-sale, Amount | 59 | 0 |
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 80,529 | 75,752 |
Real estate held-for-sale | 127 | 0 |
Other invested assets relating to variable interest entities | 19,015 | 18,190 |
Other Invested Assets - Leveraged and Direct Financing Leases | 2,299 | 2,300 |
Cash and cash equivalents relating to variable interest entities | 16,598 | 15,821 |
Premiums, reinsurance and other receivables relating to variable interest entities | 20,443 | 19,644 |
Other assets relating to variable interest entities | 10,518 | 8,408 |
Liabilities | ||
Long-term debt, at estimated fair value, relating to variable interest entities | 13,466 | 12,829 |
Other liabilities relating to variable interest entities | $ 24,179 | $ 22,964 |
MetLife, Inc.’s stockholders’ equity: | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred Stock, aggregate liquidation preference | $ 3,405 | $ 3,405 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 3,000,000,000 | 3,000,000,000 |
Common stock, shares issued | 1,177,680,299 | 1,171,824,242 |
Common stock, shares outstanding | 915,338,098 | 958,613,542 |
Treasury stock, shares | 262,342,201 | 213,210,700 |
Residential mortgage loans - FVO | ||
Assets | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | $ 188 | $ 299 |
Variable interest entities | ||
Assets | ||
Contractholder-directed equity securities and fair value option securities relating to variable interest entities | 3 | 4 |
Other invested assets relating to variable interest entities | 290 | 141 |
Cash and cash equivalents relating to variable interest entities | 12 | 52 |
Premiums, reinsurance and other receivables relating to variable interest entities | 4 | 3 |
Other assets relating to variable interest entities | 2 | 2 |
Liabilities | ||
Long-term debt, at estimated fair value, relating to variable interest entities | 5 | 5 |
Other liabilities relating to variable interest entities | $ 1 | $ 1 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues | |||
Premiums | $ 42,235 | $ 43,840 | $ 38,992 |
Universal life and investment-type product policy fees | 5,603 | 5,502 | 5,510 |
Net investment income | 18,868 | 16,166 | 17,363 |
Other revenues | 1,842 | 1,880 | 1,341 |
Net investment gains (losses): | |||
Other-than-temporary impairments on fixed maturity securities available-for-sale | (130) | (40) | (11) |
Other-than-temporary impairments on fixed maturity securities available-for-sale transferred to other comprehensive income (loss) | 0 | 0 | 1 |
Other net investment gains (losses) | 574 | (258) | (298) |
Total net investment gains (losses) | 444 | (298) | (308) |
Net derivative gains (losses) | 628 | 851 | (590) |
Total revenues | 69,620 | 67,941 | 62,308 |
Expenses | |||
Policyholder benefits and claims | 41,461 | 42,656 | 38,313 |
Interest credited to policyholder account balances | 6,464 | 4,013 | 5,607 |
Policyholder dividends | 1,211 | 1,251 | 1,231 |
Other expenses | 13,689 | 13,714 | 13,621 |
Total expenses | 62,825 | 61,634 | 58,772 |
Income (loss) from continuing operations before provision for income tax | 6,795 | 6,307 | 3,536 |
Provision for income tax expense (benefit) | 886 | 1,179 | (1,470) |
Income (loss) from continuing operations, net of income tax | 5,909 | 5,128 | 5,006 |
Income (loss) from discontinued operations, net of income tax | 0 | 0 | (986) |
Net income (loss) | 5,909 | 5,128 | 4,020 |
Less: Net income (loss) attributable to noncontrolling interests | 10 | 5 | 10 |
Net income (loss) attributable to MetLife, Inc. | 5,899 | 5,123 | 4,010 |
Less: Preferred stock dividends | 178 | 141 | 103 |
Net income (loss) available to MetLife, Inc.’s common shareholders | $ 5,721 | $ 4,982 | $ 3,907 |
Income (loss) from continuing operations, net of income tax, available to MetLife, Inc.’s common shareholders per common share: | |||
Basic | $ 6.10 | $ 4.95 | $ 4.57 |
Diluted | 6.06 | 4.91 | 4.53 |
Net income (loss) available to MetLife, Inc.’s common shareholders per common share: | |||
Basic | 6.10 | 4.95 | 3.65 |
Diluted | $ 6.06 | $ 4.91 | $ 3.62 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 5,909 | $ 5,128 | $ 4,020 |
Other comprehensive income (loss): | |||
Unrealized investment gains (losses), net of related offsets | 14,591 | (8,719) | 4,623 |
Unrealized gains (losses) on derivatives | 60 | 674 | (1,165) |
Foreign currency translation adjustments | (42) | (587) | 767 |
Defined benefit plans adjustment | 30 | 263 | 144 |
Other comprehensive income (loss), before income tax | 14,639 | (8,369) | 4,369 |
Income tax (expense) benefit related to items of other comprehensive income (loss) | (3,324) | 1,754 | (984) |
Other comprehensive income (loss), net of income tax | 11,315 | (6,615) | 3,385 |
Comprehensive income (loss) | 17,224 | (1,487) | 7,405 |
Less: Comprehensive income (loss) attributable to noncontrolling interest, net of income tax | 16 | 7 | 14 |
Comprehensive income (loss) attributable to MetLife, Inc. | $ 17,208 | $ (1,494) | $ 7,391 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Millions | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock at Cost | Accumulated Other Comprehensive Income (Loss) | Total MetLife, Inc.'s Stockholders' Equity | Noncontrolling Interests |
Beginning Balance at Dec. 31, 2016 | $ 67,702 | $ 0 | $ 12 | $ 30,944 | $ 34,683 | $ (3,474) | $ 5,366 | $ 67,531 | $ 171 |
Preferred stock issuance | 0 | ||||||||
Treasury stock acquired in connection with share repurchases | (2,927) | (2,927) | (2,927) | ||||||
Stock-based compensation | 167 | 167 | 167 | ||||||
Dividends on preferred stock | (103) | (103) | (103) | ||||||
Dividends on common stock | (1,717) | (1,717) | (1,717) | ||||||
Stockholders' Equity Note, Spinoff Transaction | (11,666) | (10,346) | (1,320) | (11,666) | |||||
Change in equity of noncontrolling interests | 9 | 0 | 9 | ||||||
Net income (loss) | 4,020 | 4,010 | 4,010 | 10 | |||||
Other comprehensive income (loss), net of income tax | 3,385 | 3,381 | 3,381 | 4 | |||||
Ending Balance at Dec. 31, 2017 | 58,870 | 0 | 12 | 31,111 | 26,527 | (6,401) | 7,427 | 58,676 | 194 |
Cumulative effects of changes in accounting principles, net of income tax | 7 | (905) | 912 | 7 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | 58,877 | 0 | 12 | 31,111 | 25,622 | (6,401) | 8,339 | 58,683 | 194 |
Preferred stock issuance | 1,274 | 1,274 | 1,274 | ||||||
Treasury stock acquired in connection with share repurchases | (3,992) | (3,992) | (3,992) | ||||||
Stock-based compensation | 89 | 89 | 89 | ||||||
Dividends on preferred stock | (141) | (141) | (141) | ||||||
Dividends on common stock | (1,678) | (1,678) | (1,678) | ||||||
Change in equity of noncontrolling interests | 16 | 0 | 16 | ||||||
Net income (loss) | 5,128 | 5,123 | 5,123 | 5 | |||||
Other comprehensive income (loss), net of income tax | (6,615) | (6,617) | (6,617) | 2 | |||||
Ending Balance at Dec. 31, 2018 | 52,958 | 0 | 12 | 32,474 | 28,926 | (10,393) | 1,722 | 52,741 | 217 |
Cumulative effects of changes in accounting principles, net of income tax | 95 | 74 | 21 | 95 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | 53,053 | 0 | 12 | 32,474 | 29,000 | (10,393) | 1,743 | 52,836 | 217 |
Preferred stock issuance | 0 | ||||||||
Treasury stock acquired in connection with share repurchases | (2,285) | (2,285) | (2,285) | ||||||
Stock-based compensation | 206 | 206 | 206 | ||||||
Dividends on preferred stock | (178) | (178) | (178) | ||||||
Dividends on common stock | (1,643) | (1,643) | (1,643) | ||||||
Change in equity of noncontrolling interests | 5 | 0 | 5 | ||||||
Net income (loss) | 5,909 | 5,899 | 5,899 | 10 | |||||
Other comprehensive income (loss), net of income tax | 11,315 | 11,309 | 11,309 | 6 | |||||
Ending Balance at Dec. 31, 2019 | $ 66,382 | $ 0 | $ 12 | $ 32,680 | $ 33,078 | $ (12,678) | $ 13,052 | $ 66,144 | $ 238 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Cash flows from operating activities | |||
Net income (loss) | $ 5,909 | $ 5,128 | $ 4,020 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Depreciation and amortization expenses | 630 | 628 | 795 |
Amortization of premiums and accretion of discounts associated with investments, net | (999) | (1,013) | (1,044) |
(Gains) losses on investments and from sales of businesses, net | (444) | 298 | 363 |
(Gains) losses on derivatives, net | (135) | (207) | 3,610 |
(Income) loss from equity method investments, net of dividends or distributions | 254 | 251 | 194 |
Interest credited to policyholder account balances | 6,464 | 4,013 | 6,260 |
Universal life and investment-type product policy fees | (5,603) | (5,502) | (7,708) |
Change in contractholder-directed equity securities and fair value option securities | (139) | 2,212 | (436) |
Change in accrued investment income | 8 | (121) | (280) |
Change in premiums, reinsurance and other receivables | (514) | (1,809) | (991) |
Change in deferred policy acquisition costs and value of business acquired, net | (463) | (249) | (693) |
Change in income tax | 233 | 940 | (2,796) |
Change in other assets | 426 | 260 | 691 |
Change in insurance-related liabilities and policy-related balances | 7,803 | 7,454 | 8,511 |
Change in other liabilities | 71 | (483) | 1,603 |
Other, net | 285 | (62) | 184 |
Net cash provided by (used in) operating activities | 13,786 | 11,738 | 12,283 |
Cash flows from investing activities | |||
Sales, maturities and repayments of fixed maturity securities available-for-sale | 77,820 | 106,677 | 95,945 |
Sales, maturities and repayments of equity securities | 294 | 342 | 1,433 |
Sales, maturities and repayments of mortgage loans | 12,838 | 9,918 | 10,353 |
Sales, maturities and repayments of real estate and real estate joint ventures | 1,123 | 1,227 | 972 |
Sales, maturities and repayments of other limited partnership interests | 625 | 675 | 1,082 |
Purchases of fixed maturity securities available-for-sale | (87,455) | (105,401) | (105,683) |
Purchases of equity securities | (130) | (235) | (920) |
Purchases of mortgage loans | (17,657) | (17,059) | (14,374) |
Purchases of real estate and real estate joint ventures | (1,962) | (1,118) | (1,446) |
Purchases of other limited partnership interests | (1,674) | (1,406) | (1,486) |
Cash received in connection with freestanding derivatives | 2,914 | 3,778 | 5,315 |
Cash paid in connection with freestanding derivatives | (3,749) | (4,173) | (8,696) |
Cash disposed due to distribution of Brighthouse | 0 | 0 | (663) |
Purchases of businesses | (32) | 0 | (211) |
Net change in policy loans | 5 | (37) | (67) |
Net change in short-term investments | 152 | 870 | 2,087 |
Net change in other invested assets | (567) | 340 | (171) |
Other, net | (131) | (32) | (346) |
Net cash provided by (used in) investing activities | (17,586) | (5,634) | (16,876) |
Cash flows from financing activities | |||
Policyholder account balances: Deposits | 92,122 | 92,327 | 88,511 |
Policyholder account balances: Withdrawals | (85,598) | (88,061) | (82,380) |
Net change in payables for collateral under securities loaned and other transactions | 2,019 | (821) | 903 |
Cash received for other transactions with tenors greater than three months | 125 | 200 | 0 |
Cash paid for other transactions with tenors greater than three months | (200) | 0 | 0 |
Long-term debt issued | 1,382 | 24 | 3,657 |
Long-term debt repaid | (906) | (1,871) | (1,073) |
Collateral financing arrangements repaid | (67) | (61) | (2,951) |
Distribution of Brighthouse | 0 | 0 | (2,793) |
Financing element on certain derivative instruments and other derivative related transactions, net | (126) | 144 | (151) |
Treasury stock acquired in connection with share repurchases | (2,285) | (3,992) | (2,927) |
Preferred stock issued, net of issuance costs | 0 | 1,274 | 0 |
Dividends on preferred stock | (178) | (141) | (103) |
Dividends on common stock | (1,643) | (1,678) | (1,717) |
Other, net | (77) | (145) | 118 |
Net cash provided by (used in) financing activities | 4,568 | (2,801) | (906) |
Effect of change in foreign currency exchange rates on cash and cash equivalents balances | 9 | (183) | 323 |
Change in cash and cash equivalents | 777 | 3,120 | (5,176) |
Cash and cash equivalents, beginning of year | 15,821 | 12,701 | 17,877 |
Cash and cash equivalents, end of year | 16,598 | 15,821 | 12,701 |
Cash and cash equivalents, of disposed subsidiary, beginning of year | 0 | 0 | 5,226 |
Cash and cash equivalents, of disposed subsidiary, end of year | 0 | 0 | 0 |
Cash and cash equivalents, from continuing operations, beginning of year | 15,821 | 12,701 | 12,651 |
Cash and cash equivalents, from continuing operations, end of year | 16,598 | 15,821 | 12,701 |
Supplemental disclosures of cash flow information | |||
Net cash paid for Interest | 964 | 1,130 | 1,118 |
Net cash paid (received) for Income tax | 1,099 | 1,935 | 1,530 |
Non-cash transactions | |||
Fixed maturity securities available-for-sale received in connection with pension risk transfer transactions | 637 | 3,016 | 0 |
Operating lease liability associated with the recognition of right-of-use assets | 341 | 0 | 0 |
Reduction of long-term debt | 0 | 944 | 0 |
Reduction of fair value option securities | 0 | 1,030 | 0 |
Reclassification of certain equity securities to other invested assets | 0 | 792 | 0 |
Assets disposed, date of Separation | 0 | 0 | 225,502 |
Liabilities disposed, date of Separation | 0 | 0 | (210,999) |
Net Assets disposed, date of Separation | 0 | 0 | 14,503 |
Cash disposed, date of Separation | 0 | 0 | (3,456) |
Net non-cash disposed, date of Separation | $ 0 | $ 0 | $ 11,047 |
Business, Basis of Presentation
Business, Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
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. 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. Discontinued Operations The results of operations of a component of the Company that has either been disposed of or is classified as held-for-sale are reported in discontinued operations if certain criteria are met. A disposal of a component is reported 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. 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”). The results of Brighthouse are reflected in MetLife, Inc.’s consolidated financial statements as discontinued operations and, therefore, are presented as income (loss) from discontinued operations on the consolidated statements of operations. Intercompany transactions between the Company and Brighthouse prior to the Separation have been eliminated. Transactions between the Company and Brighthouse after the Separation are reflected in continuing operations for the Company. See Note 3 for information on discontinued operations and transactions with Brighthouse. 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; • investment objectives 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”) securities (“FVO 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 to 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 12 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 life of the contract 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 S&P 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 variable annuity products with guaranteed minimum benefits that provide the policyholder a minimum return based on their initial deposit adjusted for 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 a 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 life-contingent portion of guaranteed minimum withdrawal benefits (“GMWBs”), elective annuitizations of guaranteed minimum income benefits (“GMIBs”), and the life contingent portion of GMIBs that require annuitization when the account balance goes to zero. Guarantees accounted for as embedded derivatives in policyholder account balances include guaranteed minimum accumulation benefits (“GMABs”), the non-life contingent portion of GMWBs and certain non-life contingent portions of GMIBs. 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, premiums received in advance, unearned revenue liabilities, obligations assumed under structured settlement assignments, policyholder dividends due and unpaid, policyholder dividends left on deposit and negative value of business acquired (“VOBA”). The liability for policy and contract claims generally relates to incurred but not reported (“IBNR”) death, disability, and dental claims. In addition, included in other policy-related balances are claims which have been reported but not yet settled for death, disability and dental. 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 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. The unearned revenue liability relates to universal life 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. See Note 3 for additional information on obligations assumed under structured settlement assignments. See “— Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles” for a discussion of negative VOBA. 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 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. 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 with 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 an offset 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 when there is a gain at inception on the ceding entity, and to other liabilities when there is a loss at inception. The net cost of reinsurance is recognized as a component of other expenses when there is a gain at inception, and as policyholder benefits and claims when there is a loss at inception and is subsequently amortized on a basis consistent with the methodology used for amortizing DAC related to the underlying reinsured contracts. 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 for 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. 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 Securities The majority of the Company’s fixed maturity 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. Sales of securities 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 premium and accretion of discount, 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 “— Fixed Maturity Securities AFS — Methodology for Amortization of Premium and Accretion of Discount on Structured Products.” The amortization of premium and accretion of discount also takes into consideration call and maturity dates. The Company periodically evaluates these 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 “ — Fixed Maturity Securities AFS — Evaluation of Fixed Maturity Securities AFS for OTTI and Evaluating Temporarily Impaired Fixed Maturity Securities AFS.” For securities in an unrealized loss position, an other-than-temporary impairment (“OTTI”) is recognized in earnings within net investment gains (losses) 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. Equity Securities Equity securities are reported at their estimated fair value, with changes in estimated fair value included in net investment gains (losses). Sales of securities are determined on a specific identification basis. Dividends are recognized in net investment income when declared. Contractholder-Directed Equity Securities and FVO Securities Contractholder-directed equity securities and FVO Securities (collectively, “Unit-linked and FVO Securities”) are investments for which the FVO has been elected, or are otherwise required to be carried at estimated fair value, and include: • contractholder-directed investments supporting unit-linked variable annuity type liabilities (“Unit-linked investments”) which do not qualify for presentation and reporting as separate account summary total assets and liabilities. These investments are primarily equity securities (including mutual funds) and, to a lesser extent, fixed maturity 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; • 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; and • securities held by consolidated securitization entities (“CSEs”). 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 held-for-investment 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 premium and accretion of discount. Also included in mortgage loans held-for-investment 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. Mortgage loans held-for-sale that were previously designated as held-for-investment, but now are designated as held-for-sale and mortgage loans originated with the intent to sell for which FVO was not elected, are stated at the lower of amortized cost or estimated fair value. 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 are 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. 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 or the FVO for real estate joint ventures and other limited partnership interests (“investee”) 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 in net investment income 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 accounts for its interest in real estate joint ventures and other limited partnership interests in which it has virtually no influence over the investee’s operations at estimated fair value. Changes in estimated fair value of these investments are included in net investment gains (losses). Because of the nature and structure of these investments, they do not meet the characteristics of an equity security in accordance with applicable accounting standards. The Company |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | 2. Segment Information 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 (“RIS”) and Property & Casualty. • The Group Benefits business offers life, dental, group short- and long-term disability, individual disability, accidental death and dismemberment, vision and accident & health coverages, as well as prepaid legal plans. This business also sells ASO arrangements to some employers. • The RIS business offers a broad range of life and annuity-based insurance and investment products, including stable value and pension risk transfer products, institutional income annuities, tort settlements, and capital markets investment products, as well as solutions for funding postretirement benefits and company-, bank- or trust-owned life insurance. • The Property & Casualty business offers personal lines of property and casualty insurance, including private passenger automobile, homeowners’ and personal excess liability insurance. Asia The Asia segment offers a broad range of products to both individuals and corporations, as well as to other institutions, and their respective employees, which include whole and term life, group life, endowments, universal and variable life, accident & health insurance and fixed and variable annuities. Latin America The Latin America segment offers a broad range of products to both individuals and corporations, as well as to other institutions, and their respective employees, which include life insurance, retirement and savings products, accident & health insurance and credit insurance. EMEA The EMEA segment offers a broad range of products to both individuals and corporations, as well as to other institutions, and their respective employees, which include life insurance, accident & health insurance, retirement and savings products and credit insurance. MetLife Holdings The MetLife Holdings segment consists of operations relating to products and businesses, previously included in MetLife’s former retail business, that the Company no longer actively markets in the United States, such as variable, universal, term and whole life insurance, variable, fixed and index-linked annuities, and long-term care insurance, as well as the assumed variable annuity guarantees from the Company’s former operating joint venture in Japan. Corporate & Other Corporate & Other contains various start-up, developing and run-off businesses. Also included in Corporate & Other are: 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 and enterprise-wide strategic initiative restructuring charges), interest expense related to the majority of the Company’s outstanding debt, expenses associated with certain legal proceedings and income tax audit issues, the elimination of intersegment amounts (which generally relate to affiliated reinsurance, investment expenses and intersegment loans, bearing interest rates commensurate with related borrowings), and the Company’s investment management business (through which the Company provides public fixed income, private capital and real estate investment solutions to institutional investors worldwide). Financial Measures and Segment Accounting Policies Adjusted earnings is used by management to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings is also the Company’s GAAP measure of segment performance and is reported below. Adjusted earnings should not be viewed as a substitute for income (loss) from continuing operations, net of income tax. The Company believes the presentation of adjusted 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. Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax. The financial measures of adjusted revenues and adjusted 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. Adjusted revenues also excludes net investment gains (losses) and net derivative gains (losses). Adjusted expenses also excludes goodwill impairments. The following additional adjustments are made to revenues, in the line items indicated, in calculating adjusted 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 adjustments for earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment, (ii) excludes post-tax adjusted earnings adjustments relating to insurance joint ventures accounted for under the equity method, (iii) excludes certain amounts related to contractholder-directed equity securities, (iv) excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP and (v) includes distributions of profits from certain other limited partnership interests that were previously accounted for under the cost method, but are now accounted for at estimated fair value, where the change in estimated fair value is recognized in net investment gains (losses) under GAAP; and • Other revenues is adjusted for settlements of foreign currency earnings hedges and excludes fees received in association with services provided under transition service agreements (“TSA fees”). The following additional adjustments are made to expenses, in the line items indicated, in calculating adjusted expenses: • Policyholder benefits and claims and policyholder dividends excludes: (i) amortization of basis adjustments associated with de-designated fair value hedges of future policy benefits, (ii) changes in the policyholder dividend obligation related to net investment gains (losses) and net derivative gains (losses), (iii) 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, (iv) benefits and hedging costs related to GMIBs (“GMIB costs”) and (v) 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 certain amounts related to net investment income earned on contractholder-directed equity securities; • 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: (i) noncontrolling interests, (ii) implementation of new insurance regulatory requirements costs, and (iii) acquisition, integration and other costs. Other expenses includes TSA fees. Adjusted 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, 2019 , 2018 and 2017 and at December 31, 2019 and 2018 . The segment accounting policies are the same as those used to prepare the Company’s consolidated financial statements, except for adjusted 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 adjusted 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. Year Ended December 31, 2019 U.S. Asia Latin America EMEA MetLife Holdings Corporate & Other Total Adjustments Total Consolidated (In millions) Revenues Premiums $ 26,801 $ 6,632 $ 2,723 $ 2,177 $ 3,748 $ 83 $ 42,164 $ 71 $ 42,235 Universal life and investment-type product policy fees 1,078 1,674 1,094 423 1,124 2 5,395 208 5,603 Net investment income 7,021 3,691 1,271 291 5,281 275 17,830 1,038 18,868 Other revenues 887 56 44 54 253 291 1,585 257 1,842 Net investment gains (losses) — — — — — — — 444 444 Net derivative gains (losses) — — — — — — — 628 628 Total revenues 35,787 12,053 5,132 2,945 10,406 651 66,974 2,646 69,620 Expenses Policyholder benefits and claims and policyholder dividends 26,165 5,185 2,623 1,176 6,970 73 42,192 480 42,672 Interest credited to policyholder account balances 1,984 1,710 332 98 905 — 5,029 1,435 6,464 Capitalization of DAC (484 ) (1,913 ) (396 ) (505 ) (28 ) (12 ) (3,338 ) (20 ) (3,358 ) Amortization of DAC and VOBA 475 1,288 291 428 299 6 2,787 109 2,896 Amortization of negative VOBA — (25 ) — (8 ) — — (33 ) — (33 ) Interest expense on debt 10 — 3 — 8 934 955 — 955 Other expenses 4,075 3,818 1,443 1,399 969 1,074 12,778 451 13,229 Total expenses 32,225 10,063 4,296 2,588 9,123 2,075 60,370 2,455 62,825 Provision for income tax expense (benefit) 724 585 227 75 249 (1,201 ) 659 227 886 Adjusted earnings $ 2,838 $ 1,405 $ 609 $ 282 $ 1,034 $ (223 ) 5,945 Adjustments to: Total revenues 2,646 Total expenses (2,455 ) Provision for income tax (expense) benefit (227 ) Income (loss) from continuing operations, net of income tax $ 5,909 $ 5,909 At December 31, 2019 U.S. Asia (1) Latin America EMEA MetLife Holdings Corporate & Other Total (In millions) Total assets $ 266,174 $ 161,018 $ 75,069 $ 27,281 $ 175,199 $ 35,722 $ 740,463 Separate account assets $ 75,929 $ 9,250 $ 52,018 $ 5,639 $ 45,609 $ — $ 188,445 Separate account liabilities $ 75,929 $ 9,250 $ 52,018 $ 5,639 $ 45,609 $ — $ 188,445 __________________ (1) Total assets includes $134.0 billion of assets from the Japan operations which represents 18% of total consolidated assets. Year Ended December 31, 2018 U.S. Asia Latin America EMEA MetLife Holdings Corporate & Other Total Adjustments Total Consolidated (In millions) Revenues Premiums $ 28,186 $ 6,766 $ 2,760 $ 2,131 $ 3,879 $ 118 $ 43,840 $ — $ 43,840 Universal life and investment-type product policy fees 1,053 1,630 1,050 431 1,218 — 5,382 120 5,502 Net investment income 6,977 3,317 1,239 293 5,379 178 17,383 (1,217 ) 16,166 Other revenues 821 51 35 66 250 333 1,556 324 1,880 Net investment gains (losses) — — — — — — — (298 ) (298 ) Net derivative gains (losses) — — — — — — — 851 851 Total revenues 37,037 11,764 5,084 2,921 10,726 629 68,161 (220 ) 67,941 Expenses Policyholder benefits and claims and policyholder dividends 27,765 5,326 2,602 1,127 6,833 80 43,733 174 43,907 Interest credited to policyholder account balances 1,790 1,465 394 100 944 — 4,693 (680 ) 4,013 Capitalization of DAC (449 ) (1,915 ) (377 ) (468 ) (36 ) (8 ) (3,253 ) (1 ) (3,254 ) Amortization of DAC and VOBA 477 1,302 209 434 332 6 2,760 215 2,975 Amortization of negative VOBA — (39 ) (1 ) (15 ) — — (55 ) (1 ) (56 ) Interest expense on debt 12 — 6 — 9 1,032 1,059 63 1,122 Other expenses 3,902 3,840 1,421 1,378 1,081 907 12,529 398 12,927 Total expenses 33,497 9,979 4,254 2,556 9,163 2,017 61,466 168 61,634 Provision for income tax expense (benefit) 736 548 238 88 308 (825 ) 1,093 86 1,179 Adjusted earnings $ 2,804 $ 1,237 $ 592 $ 277 $ 1,255 $ (563 ) 5,602 Adjustments to: Total revenues (220 ) Total expenses (168 ) Provision for income tax (expense) benefit (86 ) Income (loss) from continuing operations, net of income tax $ 5,128 $ 5,128 At December 31, 2018 U.S. Asia (1) Latin EMEA MetLife Corporate Total (In millions) Total assets $ 248,174 $ 146,278 $ 70,417 $ 27,829 $ 166,872 $ 27,968 $ 687,538 Separate account assets $ 71,436 $ 8,849 $ 47,757 $ 5,306 $ 42,208 $ — $ 175,556 Separate account liabilities $ 71,436 $ 8,849 $ 47,757 $ 5,306 $ 42,208 $ — $ 175,556 __________________ (1) Total assets includes $120.0 billion of assets from the Japan operations which represents 17% of total consolidated assets. Year Ended December 31, 2017 U.S. Asia Latin America EMEA MetLife Holdings Corporate & Other Total Adjustments Total Consolidated (In millions) Revenues Premiums $ 23,632 $ 6,755 $ 2,693 $ 2,061 $ 4,144 $ 54 $ 39,339 $ (347 ) $ 38,992 Universal life and investment-type product policy fees 1,012 1,584 1,044 405 1,361 1 5,407 103 5,510 Net investment income 6,396 2,985 1,219 309 5,607 28 16,544 819 17,363 Other revenues 806 43 32 58 244 271 1,454 (113 ) 1,341 Net investment gains (losses) — — — — — — — (308 ) (308 ) Net derivative gains (losses) — — — — — — — (590 ) (590 ) Total revenues 31,846 11,367 4,988 2,833 11,356 354 62,744 (436 ) 62,308 Expenses Policyholder benefits and claims and policyholder dividends 23,627 5,075 2,535 1,077 7,000 26 39,340 204 39,544 Interest credited to policyholder account balances 1,474 1,351 369 100 1,018 1 4,313 1,294 5,607 Capitalization of DAC (458 ) (1,710 ) (364 ) (414 ) (82 ) (8 ) (3,036 ) 34 (3,002 ) Amortization of DAC and VOBA 459 1,300 224 357 302 6 2,648 33 2,681 Amortization of negative VOBA — (111 ) (1 ) (19 ) — — (131 ) (9 ) (140 ) Interest expense on debt 11 — 5 — 24 1,105 1,145 (16 ) 1,129 Other expenses 3,682 3,613 1,479 1,376 1,365 894 12,409 544 12,953 Total expenses 28,795 9,518 4,247 2,477 9,627 2,024 56,688 2,084 58,772 Provision for income tax expense (benefit) 1,024 620 156 59 547 (688 ) 1,718 (3,188 ) (1,470 ) Adjusted earnings $ 2,027 $ 1,229 $ 585 $ 297 $ 1,182 $ (982 ) 4,338 Adjustments to: Total revenues (436 ) Total expenses (2,084 ) Provision for income tax (expense) benefit 3,188 Income (loss) from continuing operations, net of income tax $ 5,006 $ 5,006 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, 2019 2018 2017 (In millions) Life insurance $ 20,759 $ 20,550 $ 20,330 Accident & health insurance 15,159 14,489 14,002 Annuities 8,590 10,990 6,999 Property and casualty insurance 3,716 3,651 3,613 Other 1,456 1,542 899 Total $ 49,680 $ 51,222 $ 45,843 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, 2019 2018 2017 (In millions) U.S. $ 34,433 $ 36,078 $ 30,971 Foreign: Japan 6,608 6,435 6,444 Other 8,639 8,709 8,428 Total $ 49,680 $ 51,222 $ 45,843 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, 2019 and 2017. Revenues derived from one U.S. segment customer were $6.0 billion for the year ended December 31, 2018, which represented 12% of consolidated premiums, universal life and investment-type product policy fees and other revenues. The revenue was from a single premium received for a pension risk transfer. Revenues derived from any other customer did not exceed 10% of consolidated premiums, universal life and investment-type product policy fees and other revenues for the year ended December 31, 2018 . |
Dispositions - Dispositions
Dispositions - Dispositions | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Acquisitions and Dispositions | 3. Dispositions Pending Disposition of MetLife Limited and Metropolitan Life Insurance Company of Hong Kong Limited In June 2019, the Company entered into a definitive agreement to sell its two wholly-owned subsidiaries, MetLife Limited and Metropolitan Life Insurance Company of Hong Kong Limited (collectively, “MetLife Hong Kong”). As a result of the agreement, a loss of $140 million , net of income tax, was recorded for the year ended December 31, 2019 . This loss is comprised of an expected $100 million pre-tax loss, which is reflected in net investment gains (losses) and includes allocated goodwill of $71 million . Additionally, the $140 million loss includes a $40 million net tax charge, which was recorded in the provision for income tax expense (benefit) and includes previously deferred tax items and losses which are not recognized for tax purposes. At December 31, 2019 , MetLife Hong Kong reported $2.9 billion of total assets in the Asia segment. MetLife Hong Kong’s results of operations are included in continuing operations. MetLife Hong Kong’s results of operations were reported in the Asia segment adjusted earnings through June 30, 2019. See Note 2 for information on divested businesses. The transaction is expected to close in 2020 and is subject to regulatory approvals and satisfaction of other closing conditions. Disposition of MetLife Afore, S.A. de C.V. In October 2017, the Company entered into a definitive agreement to sell MetLife Afore, S.A. de C.V. (“MetLife Afore”), its pension fund management business in Mexico. As a result of the agreement, a loss of $98 million ( $73 million , net of income tax), which includes a reduction to goodwill of $16 million , was recorded for the year ended December 31, 2017 and is reflected within net investment gains (losses). MetLife Afore’s results of operations are included in continuing operations and are reported in the Latin America segment. The transaction closed on February 20, 2018. Separation of Brighthouse 2018 Sale of FVO Brighthouse Common Stock In June 2018, the Company sold Brighthouse Financial, Inc. common stock (“FVO Brighthouse Common Stock”) in exchange for $944 million aggregate principal amount of MetLife, Inc. senior notes, which MetLife, Inc. canceled. The Company recorded $327 million of mark-to-market and disposition losses on the FVO Brighthouse Common Stock to net investment gains (losses) for the year ended December 31, 2018 . At December 31, 2018 , the Company no longer held any shares of Brighthouse Financial, Inc. for its own account; however, certain insurance company separate accounts managed by the Company held shares of Brighthouse Financial, Inc. See Note 13 for further information on this transaction. 2017 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. On August 4, 2017, MetLife, Inc. completed the Separation. 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. 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. MetLife, Inc. retained the remaining outstanding shares 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 and subsequent changes in estimated fair value of the investment were recorded to net investment gains (losses). The Company recorded a $1,016 million mark-to-market loss on its retained investment in Brighthouse Financial, Inc. to net investment gains (losses) at the Separation date and an additional $95 million loss to net investment gains (losses) for the change in Brighthouse Financial, Inc.’s common stock share price from the Separation date to December 31, 2017 . The loss recognized in 2017 in connection with the Separation was $1,302 million , net of income tax, which included: (i) a $1,016 million loss on MetLife’s retained investment in Brighthouse Financial, Inc., (ii) a $42 million net tax charge and (iii) a $306 million charge, net of income tax, for transaction costs, partially offset by a $61 million gain, net of income tax, for previously deferred intercompany gains realized upon Separation. The $42 million net tax charge is comprised of a $1,093 million tax separation agreement charge offset by $1,051 million of Separation tax benefits. Of the $1,302 million total loss, net of income tax, a $131 million loss, net of income tax, was reported within continuing operations as (i) a $693 million net investment loss, (ii) a $147 million charge within policyholder benefits and claims, (iii) a $218 million charge within other expenses, and (iv) a $927 million income tax benefit. The remaining $1,171 million loss was reported within discontinued operations, which primarily includes a tax-related charge. The Company incurred pre-tax Separation-related transaction costs of $470 million for the year ended December 31, 2017 , primarily related to fees for the terminations of financing arrangements and professional services. For the year ended December 31, 2017, the Company reported $333 million within discontinued operations for fees for the terminations of financing arrangements and costs required to complete the Separation. All other Separation-related transaction costs are recorded in other expenses and reported within continuing operations. In connection with the Separation, MetLife, Inc. terminated various support agreements with Brighthouse. 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. It also sets forth other agreements governing the relationship with Brighthouse after the distribution, including certain payment obligations between the parties. Tax Agreements Immediately prior to the Separation, MetLife entered into a tax separation agreement with Brighthouse. Among other things, the tax separation agreement governs the allocation between MetLife and Brighthouse of the responsibility for the taxes of the MetLife group. The tax separation agreement also allocates rights, obligations and responsibilities in connection with certain administrative matters relating to the preparation of tax returns and control of tax audits and other proceedings relating to taxes. For the taxable periods prior to Separation, MetLife and Brighthouse have joint and several liability for the MetLife consolidated U.S. federal income tax returns’ current taxes (and the benefits of tax attributes such as losses) allocated to Brighthouse. The tax separation agreement provides that the Brighthouse allocation of taxes could vary depending upon the outcome of Internal Revenue Service (“IRS”) examinations. At December 31, 2019 , the Company reported a receivable from Brighthouse of $115 million in other assets, offset by a tax payable of $115 million , of which $70 million was reported in current income tax payable and $45 million was reported in other liabilities. At December 31, 2018 , the Company reported a receivable from Brighthouse of $111 million in other assets, offset by a tax payable of $111 million , of which $68 million was reported in current income tax payable and $43 million was reported in other liabilities. These amounts represent Brighthouse uncertain tax items and audit adjustments while it was a member of the Company’s U.S. consolidated tax return. As part of the tax separation agreement, MetLife, Inc. is liable for the U.S. federal income tax cost of a discrete Separation‑related tax charge incurred by Brighthouse. The income tax charge arises from the recapture of certain tax benefits incurred prior to Separation, and is caused by the deconsolidation of Brighthouse from the MetLife tax group at Separation. As a result, MetLife, Inc. recorded a decrease to current income tax recoverable and a charge to provision for income tax expense (benefit) of $1,093 million for the year ended December 31, 2017 , which was reported in discontinued operations for the Company. Additionally, MetLife, Inc. has the right to receive future payments from Brighthouse for a tax asset that Brighthouse received as a result of restructuring prior to the Separation. Included in other assets is a receivable from Brighthouse of $330 million at both December 31, 2019 and 2018 , related to these future payments. Ongoing Transactions with Brighthouse The Company considered all of its continuing involvement with Brighthouse in determining whether to deconsolidate and present Brighthouse results as discontinued operations, including the agreements described above and the ongoing transactions described below. The Company entered into reinsurance, committed facility, structured settlement, and contract administrative services transactions with Brighthouse in the normal course of business and such transactions will continue based upon business needs. In addition, prior to and in connection with the Separation, the Company entered into various other agreements, including investment management, transition services and employee matters agreements, with Brighthouse for services necessary for both the Company and Brighthouse to conduct their activities. Intercompany transactions prior to the Separation between the Company and Brighthouse are eliminated and excluded from the consolidated statements of operations and consolidated balance sheets. Transactions between the Company and Brighthouse that continue after the Separation are included on the Company’s consolidated statements of operations and consolidated balance sheets. In June 2018, the Company sold FVO Brighthouse Common Stock and as a result the Company no longer considers Brighthouse to be a related party. The Company considers the reinsurance transactions and the transition service agreement discussed below to have a significant continuing impact on its consolidated statements of operations and has updated these disclosures through December 31, 2019 . Reinsurance The Company entered into reinsurance transactions with Brighthouse in the normal course of business and such transactions will continue based upon business needs. Information regarding the significant effects of reinsurance transactions with Brighthouse was as follows: Included on Consolidated Statements of Operations Excluded from Consolidated Statements of Operations Years Ended December 31, Years 2019 2018 2017 (1) 2017 (2) (In millions) Premiums Reinsurance assumed $ 387 $ 401 $ 183 $ 248 Reinsurance ceded (8 ) (13 ) (4 ) (7 ) Net premiums $ 379 $ 388 $ 179 $ 241 Universal life and investment-type product policy fees Reinsurance assumed $ (16 ) $ 7 $ (4 ) $ (6 ) Reinsurance ceded (52 ) (96 ) (44 ) (55 ) Net universal life and investment-type product policy fees $ (68 ) $ (89 ) $ (48 ) $ (61 ) Policyholder benefits and claims Reinsurance assumed $ 323 $ 328 $ 150 $ 196 Reinsurance ceded (46 ) (36 ) (22 ) (16 ) Net policyholder benefits and claims $ 277 $ 292 $ 128 $ 180 Interest credited to policyholder account balances Reinsurance assumed $ 13 $ 14 $ 6 $ 10 Reinsurance ceded (75 ) (71 ) (30 ) (42 ) Net interest credited to policyholder account balances $ (62 ) $ (57 ) $ (24 ) $ (32 ) Other expenses Reinsurance assumed $ 96 $ 105 $ 39 $ 10 Reinsurance ceded (17 ) (29 ) 7 (28 ) Net other expenses $ 79 $ 76 $ 46 $ (18 ) __________________ (1) Includes transactions after the Separation. (2) Includes transactions prior to the Separation. Transition Services In connection with the Separation, the Company entered into a transition services agreement with Brighthouse for services necessary for Brighthouse to conduct its activities. The services are expected to continue up to 36 months after the date of Separation, with certain services potentially to be made available for several years thereafter. For the years ended December 31, 2019 and 2018, the Company recognized $246 million and $305 million in other revenues for services provided under such transition services agreement. After the Separation, for the year ended December 31, 2017, the Company recognized $140 million as a reduction to other expenses for transitional services provided under the agreement. Prior to the Separation, for the year ended December 31, 2017 , the Company charged Brighthouse $191 million for services provided under the agreement, which were intercompany transactions and eliminated and excluded from the consolidated statements of operations. Discontinued Operations The following table presents the amounts related to the operations and loss on disposal of Brighthouse that have been reflected in discontinued operations: For the Year Ended December 31, 2017 (In millions) Revenues Premiums $ 820 Universal life and investment-type product policy fees 2,201 Net investment income 1,783 Other revenues 150 Total net investment gains (losses) (48 ) Net derivative gains (losses) (1,061 ) Total revenues 3,845 Expenses Policyholder benefits and claims 2,217 Interest credited to policyholder account balances 620 Policyholder dividends 16 Other expenses 853 Total expenses 3,706 Income (loss) from discontinued operations before provision for income tax and loss on disposal of discontinued operations 139 Provision for income tax expense (benefit) (46 ) Income (loss) from discontinued operations before loss on disposal of discontinued operations, net of income tax 185 Transaction costs associated with the Separation, net of income tax (216 ) Tax charges associated with the Separation (955 ) Income (loss) on disposal of discontinued operations, net of income tax (1,171 ) Income (loss) from discontinued operations, net of income tax $ (986 ) In the consolidated statements of cash flows, the cash flows from discontinued operations are not separately classified. The following table presents selected financial information regarding cash flows of the discontinued operations. For the Year Ended December 31, 2017 (In millions) Net cash provided by (used in): Operating activities $ 1,329 Investing activities $ (2,732 ) Financing activities $ (367 ) |
Insurance
Insurance | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 2018 (In millions) U.S. $ 150,327 $ 141,641 Asia 118,027 108,456 Latin America 15,911 16,131 EMEA 16,951 17,069 MetLife Holdings 101,945 102,371 Corporate & Other 1,546 1,334 Total $ 404,707 $ 387,002 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 U.S. businesses and less than 1% to 13% for non-U.S. businesses and mortality rates guaranteed in calculating the cash surrender values described in such contracts); and (ii) the liability for terminal dividends for U.S. businesses. Nonparticipating life Aggregate of the present value of future expected benefit payments and related expenses less the present value of future expected 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 U.S. businesses and less than 1% to 13% for non-U.S. businesses. I ndividual and group traditional fixed annuities after annuitization Present value of future expected payments. Interest rate assumptions used in establishing such liabilities range from less than 1% to 11% for U.S. businesses and less than 1% to 11% for non-U.S. businesses. 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 1% to 7% (primarily related to U.S. businesses). 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 U.S. businesses and less than 1% to 9% for non-U.S. businesses. Property and casualty insurance The amount estimated for claims that have been reported but not settled and claims IBNR 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 3% of the Company’s life insurance in-force at both December 31, 2019 and 2018 . Participating policies represented 15% , 14% and 15% of gross traditional life insurance premiums for the years ended December 31, 2019 , 2018 and 2017 , 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 8% for U.S. businesses and less than 1% to 17% for non-U.S. businesses, 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, the non-life contingent portion of GMWBs and certain non-life contingent portions of GMIBs 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 and GMWBs GMIBs Secondary Paid-Up Total (In millions) Direct and Assumed: Balance at January 1, 2017 $ 451 $ 601 $ 2,989 $ 331 $ 4,372 Incurred guaranteed benefits (1) 91 121 233 16 461 Paid guaranteed benefits (14 ) (2 ) (34 ) — (50 ) Balance at December 31, 2017 528 720 3,188 347 4,783 Incurred guaranteed benefits (1) (78 ) 178 291 12 403 Paid guaranteed benefits (22 ) — (37 ) — (59 ) Balance at December 31, 2018 428 898 3,442 359 5,127 Incurred guaranteed benefits (1) 62 (3 ) 358 68 485 Paid guaranteed benefits (25 ) (1 ) (38 ) — (64 ) Balance at December 31, 2019 $ 465 $ 894 $ 3,762 $ 427 $ 5,548 Ceded: Balance at January 1, 2017 $ 24 $ 5 $ 191 $ 231 $ 451 Incurred guaranteed benefits 4 1 50 11 66 Paid guaranteed benefits 6 — — — 6 Balance at December 31, 2017 34 6 241 242 523 Incurred guaranteed benefits (38 ) 4 28 9 3 Paid guaranteed benefits 4 — — — 4 Balance at December 31, 2018 — 10 269 251 530 Incurred guaranteed benefits (4 ) — 80 30 106 Paid guaranteed benefits 4 — — — 4 Balance at December 31, 2019 $ — $ 10 $ 349 $ 281 $ 640 Net: Balance at January 1, 2017 $ 427 $ 596 $ 2,798 $ 100 $ 3,921 Incurred guaranteed benefits 87 120 183 5 395 Paid guaranteed benefits (20 ) (2 ) (34 ) — (56 ) Balance at December 31, 2017 494 714 2,947 105 4,260 Incurred guaranteed benefits (40 ) 174 263 3 400 Paid guaranteed benefits (26 ) — (37 ) — (63 ) Balance at December 31, 2018 428 888 3,173 108 4,597 Incurred guaranteed benefits 66 (3 ) 278 38 379 Paid guaranteed benefits (29 ) (1 ) (38 ) — (68 ) Balance at December 31, 2019 $ 465 $ 884 $ 3,413 $ 146 $ 4,908 __________________ (1) Secondary guarantees include the effects of foreign currency translation of $23 million , $62 million and $78 million at December 31, 2019 , 2018 and 2017 , respectively. Information regarding the Company’s guarantee exposure, which includes direct and assumed business, but excludes offsets from hedging or ceded reinsurance, if any, was as follows at: December 31, 2019 2018 In the At In the At (Dollars in millions) Annuity Contracts: Variable Annuity Guarantees: Total account value (1), (2), (3) $ 64,506 $ 24,036 $ 63,381 $ 23,174 Separate account value (1) $ 41,305 $ 22,291 $ 38,888 $ 21,385 Net amount at risk (2) $ 1,572 (4) $ 584 (5) $ 3,197 (4) $ 511 (5) Average attained age of contractholders 67 years 65 years 66 years 64 years Other Annuity Guarantees: Total account value (1), (3) N/A $ 5,671 N/A $ 5,787 Net amount at risk N/A $ 408 (6 ) N/A $ 549 (6) Average attained age of contractholders N/A 51 years N/A 50 years December 31, 2019 2018 Secondary Paid-Up Secondary Paid-Up (Dollars in millions) Universal and Variable Life Contracts: Total account value (1), (3) $ 11,937 $ 2,940 $ 11,205 $ 3,070 Net amount at risk (7) $ 86,221 $ 14,500 $ 93,028 $ 15,539 Average attained age of policyholders 53 years 65 years 52 years 64 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 variable annuity guarantees 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. (8) Certain of the Company’s guarantee exposure amounts at December 31, 2018 have been revised to conform to the 2019 presentation, which includes certain contracts with guarantees that were previously excluded. They include the following increases from the amounts previously reported: (i) variable annuity guarantees in the event of death: $7.1 billion from $56.2 billion for total account value, $1.5 billion from $37.3 billion for separate account value and $429 million from $2.8 billion for net amount at risk; (ii) variable annuity guarantees at annuitization: $1.5 billion from $21.6 billion for total account value, $1.5 billion from $19.8 billion for separate account value and $28 million from $483 million for net amount at risk; (iii) other annuity guarantees: $4.5 billion from $1.3 billion for total account value and $60 million from $489 million for net amount at risk; and (iv) universal and variable life contract secondary guarantees: $2.3 billion from $8.9 billion for total account value and $28.9 billion from $64.2 billion for net amount at risk. Additionally, the average attained age of contractholders at annuitization for variable annuity guarantees decreased by one year from 65 years and the average attained age of policyholders with universal and variable life contract secondary guarantees decreased by five years from 57 years. Guarantees — Separate Accounts Account balances of contracts with guarantees were invested in separate account asset classes as follows at: December 31, 2019 2018 (1) (In millions) Fund Groupings: Equity $ 25,097 $ 22,450 Balanced 19,014 18,332 Bond 5,565 5,537 Money Market 117 134 Total $ 49,793 $ 46,453 __________________ (1) In connection with the Company’s guarantee exposure amount revisions discussed above, the account balances of contracts with guarantees invested in separate account asset classes at December 31, 2018 have been revised to conform to the 2019 presentation. The total increase to the fund grouping amounts previously reported is $4.2 billion , which primarily includes asset class changes of $2.9 billion for Equity and $1.3 billion for Balanced. 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 that have issued either debt securities or commercial paper for which payment of interest and principal is secured by such funding agreements. For the years ended December 31, 2019 , 2018 and 2017 , the Company issued $37.3 billion , $41.8 billion and $42.7 billion , respectively, and repaid $36.4 billion , $43.7 billion and $41.4 billion , respectively, of such funding agreements. At December 31, 2019 and 2018 , liabilities for funding agreements outstanding, which are included in policyholder account balances, were $34.6 billion and $32.3 billion , respectively. Certain of the Company’s subsidiaries are members of regional FHLBs. Holdings of common stock of regional FHLBs, included in other invested assets, were as follows at: December 31, 2019 2018 (In millions) FHLB of New York $ 737 $ 724 FHLB of Des Moines $ 4 $ 17 FHLB of Pittsburgh $ 35 $ 19 Certain U.S. subsidiaries have also entered into funding agreements with regional FHLBs and a subsidiary of 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, 2019 2018 2019 2018 (In millions) FHLB of New York (1) $ 14,445 $ 14,245 $ 16,570 (2) $ 16,557 (2) Farmer Mac (3) $ 2,550 $ 2,550 $ 2,670 $ 2,639 FHLB of Des Moines (1) $ 100 $ 425 $ 141 (2) $ 709 (2) FHLB of Pittsburgh (1) $ 775 $ 450 $ 895 (2) $ 590 (2) __________________ (1) Represents funding agreements issued to the applicable regional FHLB in exchange for cash and for which such regional FHLB has been granted a lien on certain assets, some of which are in the custody of such regional FHLB, including residential mortgage-backed securities (“RMBS”), to collateralize obligations under such funding agreements. The applicable subsidiary of the Company is permitted to withdraw any portion of the collateral in the custody of such regional FHLB 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 such subsidiary, the applicable regional FHLB’s recovery on the collateral is limited to the amount of such subsidiary’s liability to such regional FHLB. (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. 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 at December 31, 2019 . 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 2019 year end spot rates for all periods presented. The information about incurred and paid claims development prior to 2019 U.S. Group Life - Term Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance At December 31, 2019 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 2017 2018 2019 (Dollars in millions) 2011 $ 6,318 $ 6,290 $ 6,293 $ 6,269 $ 6,287 $ 6,295 $ 6,294 $ 6,295 $ 6,297 $ 1 207,857 2012 6,503 6,579 6,569 6,546 6,568 6,569 6,569 6,572 2 209,500 2013 6,637 6,713 6,719 6,720 6,730 6,720 6,723 2 212,019 2014 6,986 6,919 6,913 6,910 6,914 6,919 4 214,563 2015 7,040 7,015 7,014 7,021 7,024 5 216,429 2016 7,125 7,085 7,095 7,104 8 215,108 2017 7,432 7,418 7,425 15 253,613 2018 7,757 7,655 37 235,820 2019 7,935 848 185,891 Total 63,654 Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance (61,612 ) All outstanding liabilities for incurral years prior to 2011, net of reinsurance 15 Total unpaid claims and claim adjustment expenses, net of reinsurance $ 2,057 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 2017 2018 2019 (In millions) 2011 $ 4,982 $ 6,194 $ 6,239 $ 6,256 $ 6,281 $ 6,290 $ 6,292 $ 6,295 $ 6,296 2012 5,132 6,472 6,518 6,532 6,558 6,565 6,566 6,569 2013 5,216 6,614 6,664 6,678 6,711 6,715 6,720 2014 5,428 6,809 6,858 6,869 6,902 6,912 2015 5,524 6,913 6,958 6,974 7,008 2016 5,582 6,980 7,034 7,053 2017 5,761 7,292 7,355 2018 6,008 7,521 2019 6,178 Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance $ 61,612 Average Annual Percentage Payout The following is supplementary information about average historical claims duration at December 31, 2019 : Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Years 1 2 3 4 5 6 7 8 9 Group Life - Term 78.3% 20.0% 0.7% 0.2% 0.4% 0.1% —% —% —% Group Long-Term Disability Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance At December 31, 2019 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 2017 2018 2019 (Dollars in millions) 2011 $ 955 $ 916 $ 894 $ 914 $ 924 $ 923 $ 918 $ 917 $ 914 $ — 21,644 2012 966 979 980 1,014 1,034 1,037 1,021 1,015 — 20,085 2013 1,008 1,027 1,032 1,049 1,070 1,069 1,044 — 21,137 2014 1,076 1,077 1,079 1,101 1,109 1,098 — 22,851 2015 1,082 1,105 1,093 1,100 1,087 — 21,203 2016 1,131 1,139 1,159 1,162 — 17,958 2017 1,244 1,202 1,203 12 16,266 2018 1,240 1,175 35 14,869 2019 1,277 657 8,350 Total 9,975 Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance (4,713 ) All outstanding liabilities for incurral years prior to 2011, net of reinsurance 1,829 Total unpaid claims and claim adjustment expenses, net of reinsurance $ 7,091 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 2017 2018 2019 (In millions) 2011 $ 44 $ 217 $ 337 $ 411 $ 478 $ 537 $ 588 $ 635 $ 670 2012 43 229 365 453 524 591 648 694 2013 43 234 382 475 551 622 676 2014 51 266 428 526 609 677 2015 50 264 427 524 601 2016 49 267 433 548 2017 56 290 476 2018 54 314 2019 57 Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance $ 4,713 Average Annual Percentage Payout The following is supplementary information about average historical claims duration at December 31, 2019 : Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Years 1 2 3 4 5 6 7 8 9 Group Long-Term Disability 4.5% 19.4% 14.3% 8.9% 7.2% 6.5% 5.5% 4.8% 4.0% 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 2019 compared to the 2018 incurral year due to the growth in the size of the business. There were no significant changes in methodologies for the year ended December 31, 2019 . 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 $6.0 billion at both December 31, 2019 and 2018 . Using interest rates ranging from 3% to 8% , based on the incurral year, the total discount applied to these liabilities was $1.2 billion and $1.3 billion at December 31, 2019 and 2018 , respectively. The amount of interest accretion recognized was $470 million , $509 million and $510 million for the years ended December 31, 2019 , 2018 and 2017 , 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, 2019 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 2017 2018 2019 (Dollars in millions) 2010 $ 863 $ 873 $ 853 $ 847 $ 833 $ 826 $ 825 $ 822 $ 823 $ 822 $ — 204,497 2011 863 876 869 855 846 843 843 842 841 1 204,972 2012 882 881 869 851 846 847 846 846 1 199,357 2013 911 900 882 878 876 876 874 1 204,372 2014 897 910 913 910 911 912 2 207,630 2015 975 984 979 980 983 5 212,806 2016 1,012 1,002 997 999 11 211,041 2017 957 960 987 33 191,978 2018 938 964 78 180,220 2019 970 203 163,655 Total 9,198 Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance (8,062 ) All outstanding liabilities for incurral years prior to 2010, net of reinsurance 26 Total unpaid claims and claim adjustment expenses, net of reinsurance $ 1,162 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 2017 2018 2019 (In millions) 2010 $ 319 $ 572 $ 695 $ 762 $ 796 $ 810 $ 816 $ 818 $ 820 $ 821 2011 324 590 711 777 810 825 831 835 837 2012 333 600 715 783 815 831 840 843 2013 346 618 743 809 843 859 869 2014 352 648 777 844 884 900 2015 384 691 822 903 956 2016 396 702 842 932 2017 379 686 838 2018 371 687 2019 379 Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance $ 8,062 Average Annual Percentage Payout The following is supplementary information about average historical claims duration at December 31, 2019 : 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 38.6% 31.5% 14.3% 8.0% 4.2% 1.8% 0.9% 0.3% 0.3% 0.1% Property & Casualty - Home Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance At December 31, 2019 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 2017 2018 2019 (Dollars in millions) 2010 $ 573 $ 589 $ 587 $ 584 $ 582 $ 581 $ 580 $ 579 $ 579 $ 579 $ — 115,522 2011 891 868 843 840 835 835 834 833 833 — 166,467 2012 714 713 703 698 696 694 693 692 — 146,559 2013 654 652 635 635 634 632 632 1 107,562 2014 707 702 704 705 701 699 1 113,679 2015 759 753 752 746 742 1 107,259 2016 740 743 743 736 3 107,271 2017 747 763 761 8 115,610 2018 671 658 9 98,754 2019 649 67 80,133 Total 6,981 Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance (6,753 ) All outstanding liabilities for incurral years prior to 2010, net of reinsurance 1 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 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 (In millions) 2010 $ 436 $ 546 $ 562 $ 571 $ 574 $ 577 $ 578 $ 578 $ 579 $ 579 2011 690 804 819 825 827 830 832 833 833 2012 559 668 681 687 689 690 690 691 2013 505 604 618 626 628 629 630 2014 574 670 685 692 695 696 2015 603 717 731 736 739 2016 593 704 720 727 2017 610 727 742 2018 529 629 2019 487 Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance $ 6,753 Average Annual Percentage Payout The following is supplementary information about average historical claims duration at December 31, 2019 : Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Years 1 2 3 4 5 6 7 8 9 10 Home 79.8% 15.4% 2.1% 1.0% 0.3% 0.3% 0.2% 0.1% 0.1% —% 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 to determine the estimated 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 for the year ended December 31, 2019 . The assumptions used in calculating the unpaid claims and claim adjustment expenses for Property & Casualty - Auto Liability and Property & Casualty - Home 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 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, 2019 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 2017 2018 2019 (Dollars in millions) 2010 $ 73 $ 70 $ 75 $ 96 $ 96 $ 93 $ 121 $ 130 $ 122 $ 118 $ 2 2,812 2011 58 61 79 80 84 112 119 116 109 5 3,021 2012 88 94 92 106 107 110 120 114 9 4,536 2013 133 135 156 151 150 159 159 15 5,210 2014 267 250 230 230 241 237 31 6,167 2015 252 240 243 237 247 37 5,970 2016 210 214 202 215 42 3,895 2017 273 253 261 56 4,056 2018 332 304 96 3,730 2019 359 185 2,390 Total 2,123 Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance (1,506 ) All outstanding liabilities for incurral years prior to 2010, net of reinsurance 10 Total unpaid claims and claim adjustment expenses, net |
Deferred Policy Acquisition Cos
Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles | 12 Months Ended |
Dec. 31, 2019 | |
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [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 and 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, 2019 2018 2017 (In millions) DAC: Balance at January 1, $ 15,570 $ 14,789 $ 13,830 Capitalizations 3,358 3,254 3,002 Amortization related to: Net investment gains (losses) and net derivative gains (losses) (117 ) (109 ) 60 Other expenses (2,534 ) (2,599 ) (2,426 ) Total amortization (2,651 ) (2,708 ) (2,366 ) Unrealized investment gains (losses) (1,461 ) 511 (525 ) Effect of foreign currency translation and other (26 ) (276 ) 848 Balance at December 31, 14,790 15,570 14,789 VOBA: Balance at January 1, 3,325 3,630 3,760 Amortization related to other expenses (245 ) (267 ) (315 ) Unrealized investment gains (losses) (4 ) 10 (4 ) Effect of foreign currency translation and other (33 ) (48 ) 189 Balance at December 31, 3,043 3,325 3,630 Total DAC and VOBA: Balance at December 31, $ 17,833 $ 18,895 $ 18,419 Information regarding total DAC and VOBA by segment, as well as Corporate & Other, was as follows at: December 31, 2019 2018 (In millions) U.S. $ 649 $ 633 Asia 9,764 10,156 Latin America 2,038 1,984 EMEA 1,701 1,622 MetLife Holdings 3,656 4,474 Corporate & Other 25 26 Total $ 17,833 $ 18,895 Information regarding other intangibles was as follows: Years Ended December 31, 2019 2018 2017 (In millions) DSI: Balance at January 1, $ 210 $ 220 $ 241 Capitalization 7 7 16 Amortization (39 ) (33 ) (29 ) Unrealized investment gains (losses) (20 ) 16 (6 ) Effect of foreign currency translation — — (2 ) Balance at December 31, $ 158 $ 210 $ 220 VODA and VOCRA: Balance at January 1, $ 384 $ 459 $ 509 Amortization (42 ) (47 ) (51 ) Effect of foreign currency translation (7 ) (28 ) 1 Balance at December 31, $ 335 $ 384 $ 459 Accumulated amortization $ 434 $ 392 $ 345 Negative VOBA: Balance at January 1, $ 779 $ 827 $ 935 Amortization (33 ) (56 ) (140 ) Effect of foreign currency translation and other 4 8 32 Balance at December 31, $ 750 $ 779 $ 827 Accumulated amortization $ 3,263 $ 3,230 $ 3,174 The estimated future amortization expense (credit) to be reported in other expenses for the next five years was as follows: VOBA VODA and VOCRA Negative VOBA (In millions) 2020 $ 238 $ 38 $ (41 ) 2021 $ 219 $ 35 $ (39 ) 2022 $ 208 $ 31 $ (37 ) 2023 $ 196 $ 29 $ (36 ) 2024 $ 187 $ 26 $ (34 ) |
Reinsurance
Reinsurance | 12 Months Ended |
Dec. 31, 2019 | |
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. Under the terms of the reinsurance agreements, the reinsurer agrees to reimburse the Company for the ceded amount in the event a claim is paid. Cessions under reinsurance agreements do not discharge the Company’s obligation as the primary insurer. In the event that reinsurers do not meet their obligations under the terms of the reinsurance agreements, reinsurance recoverable balances could become uncollectibl e. 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 risks ceded under these agreements are generally quota shares of group life and disability policies. The cessions vary from 50% to 100% of all the risks of the policies. 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 RIS 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 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 jurisdictions. 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. The Company may also reinsure certain risks with external reinsurers depending upon the nature of the risk and local regulatory requirements. 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. 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. The Company also assumes portions of the risk associated with certain whole life policies issued by a former affiliate and reinsures certain term life policies and universal life policies with secondary death benefit guarantees to such former affiliate. For its other products, the Company has a reinsurance agreement in-force to reinsure the living and death benefit guarantees issued in connection with certain variable annuity guarantees from the Company’s former operating joint venture in Japan. 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. For the U.S. and EMEA, the Company purchases catastrophe coverage to reinsure risks issued within territories that the Company believes are subject to the greatest catastrophic risks. For its 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. Excess of retention reinsurance agreements provide for a portion of a risk to remain with the direct writing company and quota share reinsurance agreements provide for the direct writing company to transfer a fixed percentage of all risks of a class of policies. 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, 2019 and 2018 , 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 $3.6 billion and $3.4 billion of unsecured reinsurance recoverable balances at December 31, 2019 and 2018 , respectively. At December 31, 2019 , the Company had $6.7 billion of net ceded reinsurance recoverables. Of this total, $4.3 billion , or 64% , were with the Company’s five largest ceded reinsurers, including $1.7 billion of net ceded reinsurance recoverables which were unsecured. At December 31, 2018 , the Company had $7.5 billion of net ceded reinsurance recoverables. Of this total, $4.5 billion , or 60% , were with the Company’s five largest ceded reinsurers, including $1.1 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, 2019 2018 2017 (In millions) Premiums Direct premiums $ 42,513 $ 44,199 $ 39,595 Reinsurance assumed 2,020 2,021 1,773 Reinsurance ceded (2,298 ) (2,380 ) (2,376 ) Net premiums $ 42,235 $ 43,840 $ 38,992 Universal life and investment-type product policy fees Direct universal life and investment-type product policy fees $ 6,109 $ 6,008 $ 5,978 Reinsurance assumed 56 86 83 Reinsurance ceded (562 ) (592 ) (551 ) Net universal life and investment-type product policy fees $ 5,603 $ 5,502 $ 5,510 Policyholder benefits and claims Direct policyholder benefits and claims $ 42,094 $ 43,456 $ 39,354 Reinsurance assumed 1,584 1,583 1,388 Reinsurance ceded (2,217 ) (2,383 ) (2,429 ) Net policyholder benefits and claims $ 41,461 $ 42,656 $ 38,313 Other expenses Direct other expenses $ 13,559 $ 13,704 $ 13,610 Reinsurance assumed 382 321 246 Reinsurance ceded (252 ) (311 ) (235 ) Net other expenses $ 13,689 $ 13,714 $ 13,621 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, 2019 2018 Direct Assumed Ceded Total Direct Assumed Ceded Total (In millions) Assets Premiums, reinsurance and other receivables $ 6,814 $ 2,190 $ 11,439 $ 20,443 $ 5,988 $ 1,603 $ 12,053 $ 19,644 Deferred policy acquisition costs and value of business acquired 17,822 301 (290 ) 17,833 18,812 385 (302 ) 18,895 Total assets $ 24,636 $ 2,491 $ 11,149 $ 38,276 $ 24,800 $ 1,988 $ 11,751 $ 38,539 Liabilities Future policy benefits $ 191,403 $ 3,506 $ — $ 194,909 $ 183,367 $ 3,413 $ — $ 186,780 Policyholder account balances 192,328 299 — 192,627 183,207 488 (2 ) 183,693 Other policy-related balances 15,806 1,351 14 17,171 15,519 986 24 16,529 Other liabilities 16,165 2,402 5,612 24,179 14,848 2,131 5,985 22,964 Total liabilities $ 415,702 $ 7,558 $ 5,626 $ 428,886 $ 396,941 $ 7,018 $ 6,007 $ 409,966 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 $2.5 billion and $2.7 billion at December 31, 2019 and 2018 , respectively. The deposit liabilities on reinsurance were $1.4 billion at both December 31, 2019 and 2018 . |
Closed Block
Closed Block | 12 Months Ended |
Dec. 31, 2019 | |
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 from the Demutualization Date. 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 net of income tax, to the closed block. 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 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, 2019 2018 (In millions) Closed Block Liabilities Future policy benefits $ 39,379 $ 40,032 Other policy-related balances 423 317 Policyholder dividends payable 432 431 Policyholder dividend obligation 2,020 428 Deferred income tax liability 79 28 Other liabilities 81 328 Total closed block liabilities 42,414 41,564 Assets Designated to the Closed Block Investments: Fixed maturity securities available-for-sale, at estimated fair value 25,977 25,354 Equity securities, at estimated fair value 49 61 Contractholder-directed equity securities and fair value option securities, at estimated fair value 53 43 Mortgage loans 7,052 6,778 Policy loans 4,489 4,527 Real estate and real estate joint ventures 544 544 Other invested assets 314 643 Total investments 38,478 37,950 Cash and cash equivalents 448 — Accrued investment income 419 443 Premiums, reinsurance and other receivables 75 83 Current income tax recoverable 91 69 Total assets designated to the closed block 39,511 38,545 Excess of closed block liabilities over assets designated to the closed block 2,903 3,019 Amounts included in AOCI: Unrealized investment gains (losses), net of income tax 2,453 1,089 Unrealized gains (losses) on derivatives, net of income tax 97 86 Allocated to policyholder dividend obligation, net of income tax (1,596 ) (338 ) Total amounts included in AOCI 954 837 Maximum future earnings to be recognized from closed block assets and liabilities $ 3,857 $ 3,856 Information regarding the closed block policyholder dividend obligation was as follows: Years Ended December 31, 2019 2018 2017 (In millions) Balance at January 1, $ 428 $ 2,121 $ 1,931 Change in unrealized investment and derivative gains (losses) 1,592 (1,693 ) 190 Balance at December 31, $ 2,020 $ 428 $ 2,121 Information regarding the closed block revenues and expenses was as follows: Years Ended December 31, 2019 2018 2017 (In millions) Revenues Premiums $ 1,580 $ 1,672 $ 1,736 Net investment income 1,740 1,758 1,818 Net investment gains (losses) (7 ) (71 ) 1 Net derivative gains (losses) 12 22 (32 ) Total revenues 3,325 3,381 3,523 Expenses Policyholder benefits and claims 2,291 2,475 2,453 Policyholder dividends 924 968 976 Other expenses 111 117 125 Total expenses 3,326 3,560 3,554 Revenues, net of expenses before provision for income tax expense (benefit) (1 ) (179 ) (31 ) Provision for income tax expense (benefit) (2 ) (39 ) 12 Revenues, net of expenses and provision for income tax expense (benefit) $ 1 $ (140 ) $ (43 ) 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, 2019 | |
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 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 Securities AFS Fixed Maturity Securities AFS by Sector The following table presents the fixed maturity securities AFS by sector. U.S. corporate and foreign corporate sectors include redeemable preferred stock. RMBS includes agency, prime, alternative and sub-prime mortgage-backed securities. ABS includes securities collateralized by corporate loans and consumer loans. Municipals includes taxable and tax-exempt revenue bonds and, to a much lesser extent, general obligations of states, municipalities and political subdivisions. Commercial mortgage-backed securities (“CMBS”) primarily includes securities collateralized by multiple commercial mortgage loans. RMBS, ABS and CMBS are collectively, “Structured Products.” December 31, 2019 December 31, 2018 Amortized Cost Gross Unrealized Estimated Fair Value Amortized Cost Gross Unrealized Estimated Fair Value Gains Temporary OTTI Gains Temporary OTTI (In millions) U.S. corporate $ 79,115 $ 8,943 $ 305 $ — $ 87,753 $ 77,761 $ 3,467 $ 2,280 $ — $ 78,948 Foreign government 58,840 8,710 321 — 67,229 56,353 6,406 471 — 62,288 Foreign corporate 59,342 5,540 717 — 64,165 56,290 2,438 2,025 — 56,703 U.S. government and agency 37,586 4,604 106 — 42,084 37,030 2,756 464 — 39,322 RMBS 27,051 1,535 72 (33 ) 28,547 27,409 920 394 (26 ) 27,961 ABS 14,547 83 88 — 14,542 12,552 74 153 1 12,472 Municipals 11,081 2,001 29 — 13,053 10,376 1,228 71 — 11,533 CMBS 10,093 396 42 — 10,447 9,045 115 122 — 9,038 Total fixed maturity securities AFS $ 297,655 $ 31,812 $ 1,680 $ (33 ) $ 327,820 $ 286,816 $ 17,404 $ 5,980 $ (25 ) $ 298,265 __________________ (1) Noncredit OTTI losses included in AOCI in an unrealized gain position are due to increases in estimated fair value subsequent to initial recognition of noncredit losses on such securities. See also “— Net Unrealized Investment Gains (Losses).” Methodology for Amortization of Premium and Accretion of Discount on Structured Products Amortization of premium and accretion of discount on Structured Products 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 Products are estimated using inputs obtained from third-party specialists and based on management’s knowledge of the current market. For credit-sensitive and certain prepayment-sensitive Structured Products, the effective yield is recalculated on a prospective basis. For all other Structured Products, the effective yield is recalculated on a retrospective basis. Maturities of Fixed Maturity Securities AFS The amortized cost and estimated fair value of fixed maturity securities AFS, by contractual maturity date, were as follows at December 31, 2019 : 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 Products Total Fixed Maturity Securities AFS (In millions) Amortized cost $ 17,822 $ 48,014 $ 58,800 $ 121,328 $ 51,691 $ 297,655 Estimated fair value $ 17,960 $ 50,058 $ 64,135 $ 142,131 $ 53,536 $ 327,820 Actual maturities may differ from contractual maturities due to the exercise of call or prepayment options. Fixed maturity securities AFS not due at a single maturity date have been presented in the year of final contractual maturity. Structured Products are shown separately, as they are not due at a single maturity. Continuous Gross Unrealized Losses for Fixed Maturity Securities AFS by Sector The following table presents the estimated fair value and gross unrealized losses of fixed maturity securities AFS in an unrealized loss position by sector and aggregated by length of time that the securities have been in a continuous unrealized loss position at: December 31, 2019 December 31, 2018 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) U.S. corporate $ 3,817 $ 107 $ 2,226 $ 198 $ 32,430 $ 1,663 $ 5,826 $ 617 Foreign government 3,295 149 1,490 172 4,392 243 2,902 228 Foreign corporate 3,188 133 5,873 584 19,564 1,230 5,765 795 U.S. government and agency 5,391 97 196 9 6,813 58 8,937 406 RMBS 2,341 25 584 14 6,506 120 6,423 248 ABS 3,692 22 4,843 66 8,230 138 392 16 Municipals 1,156 29 1 — 1,380 46 349 25 CMBS 1,926 16 487 26 3,893 67 707 55 Total fixed maturity securities AFS $ 24,806 $ 578 $ 15,700 $ 1,069 $ 83,208 $ 3,565 $ 31,301 $ 2,390 Total number of securities in an unrealized loss position 2,153 1,411 6,913 2,335 Evaluation of Fixed Maturity Securities AFS for OTTI and Evaluating Temporarily Impaired Fixed Maturity Securities AFS 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 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) 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 Products, 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 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 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 Products 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 the following types of securities: U.S. and foreign corporate, foreign government and municipals, 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 amortized cost of 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 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 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 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, 2019 . Future OTTI will depend primarily on economic fundamentals, issuer performance (including changes in the present value of future cash flows expected to be collected), and changes in credit ratings, collateral valuation and foreign currency exchange rates. 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 AFS decreased $4.3 billion for the year ended December 31, 2019 to $1.6 billion . The decrease in gross unrealized losses for the year ended December 31, 2019 was primarily attributable to decreases in interest rates, narrowing credit spreads and, to a lesser extent, foreign currency exchange rate movements. At December 31, 2019 , $161 million of the total $1.6 billion of gross unrealized losses were from 70 fixed maturity securities AFS with an unrealized loss position of 20% or more of amortized cost for six months or greater. Investment Grade Fixed Maturity Securities AFS Of the $161 million of gross unrealized losses on fixed maturity securities AFS with an unrealized loss of 20% or more of amortized cost for six months or greater, $92 million , or 57% , were related to gross unrealized losses on 23 investment grade fixed maturity securities AFS. Unrealized losses on investment grade fixed maturity securities AFS are principally related to widening credit spreads since purchase and, with respect to fixed-rate fixed maturity securities AFS, rising interest rates since purchase. Below Investment Grade Fixed Maturity Securities AFS Of the $161 million of gross unrealized losses on fixed maturity securities AFS with an unrealized loss of 20% or more of amortized cost for six months or greater, $69 million , or 43% , were related to gross unrealized losses on 47 below investment grade fixed maturity securities AFS. Unrealized losses on below investment grade fixed maturity securities AFS are principally related to U.S. and foreign corporate securities (primarily industrial and financial institutions) and foreign government securities which have experienced significantly wider credit spreads since purchase, largely due to economic and market uncertainty. Management evaluates U.S. and foreign corporate securities based on factors such as expected cash flows, financial condition and near-term and long-term prospects of the issuers. Management evaluates foreign government securities based on factors impacting the issuers such as expected cash flows and financial condition of the issuers and any country-specific economic conditions or public sector programs. Equity Securities Equity securities are summarized as follows at: December 31, 2019 December 31, 2018 Estimated Fair Value % of Total Estimated Fair Value % of Total (Dollars in millions) Common stock $ 944 70.3 % $ 1,037 72.0 % Non-redeemable preferred stock 398 29.7 403 28.0 Total equity securities $ 1,342 100.0 % $ 1,440 100.0 % Mortgage Loans Mortgage Loans by Portfolio Segment Mortgage loans are summarized as follows at: December 31, 2019 2018 Carrying % of Carrying % of (Dollars in millions) Mortgage loans: Commercial $ 49,624 61.6 % $ 48,463 64.0 % Agricultural 16,695 20.7 14,905 19.7 Residential 14,316 17.8 12,427 16.4 Total recorded investment 80,635 100.1 75,795 100.1 Valuation allowances (353 ) (0.4 ) (342 ) (0.5 ) Subtotal mortgage loans, net 80,282 99.7 75,453 99.6 Residential — FVO (1) 188 0.2 299 0.4 Total mortgage loans held-for-investment, net 80,470 99.9 75,752 100.0 Mortgage loans held-for-sale 59 0.1 — — Total mortgage loans, net $ 80,529 100.0 % $ 75,752 100.0 % ____________________ (1) Information on residential mortgage loans — FVO is presented in Note 10 . The Company elects the FVO for certain residential mortgage loans that are managed on a total return basis. The amount of net discounts, included within total recorded investment, primarily residential, was $867 million and $944 million at December 31, 2019 and 2018 , respectively. Purchases of mortgage loans, primarily residential, were $4.8 billion , $3.5 billion and $3.1 billion for the years ended December 31, 2019 , 2018 and 2017 , respectively. Mortgage Loans, Valuation Allowance and Impaired Loans by Portfolio Segment Mortgage loans held-for-investment 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, 2019 Commercial $ — $ — $ — $ — $ — $ 49,624 $ 246 $ — $ — Agricultural 56 56 3 201 201 16,438 49 254 201 Residential — — — 473 427 13,889 55 427 406 Total $ 56 $ 56 $ 3 $ 674 $ 628 $ 79,951 $ 350 $ 681 $ 607 December 31, 2018 Commercial $ — $ — $ — $ — $ — $ 48,463 $ 238 $ — $ — Agricultural 31 31 3 169 169 14,705 43 197 123 Residential — — — 431 386 12,041 58 386 358 Total $ 31 $ 31 $ 3 $ 600 $ 555 $ 75,209 $ 339 $ 583 $ 481 The average recorded investment for impaired commercial, agricultural and residential mortgage loans was $5 million , $32 million and $285 million , respectively, for the year ended December 31, 2017 . 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, 2017 $ 202 $ 39 $ 63 $ 304 Provision (release) 12 4 8 24 Charge-offs, net of recoveries — (2 ) (12 ) (14 ) Balance at December 31, 2017 214 41 59 314 Provision (release) 24 5 7 36 Charge-offs, net of recoveries — — (8 ) (8 ) Balance at December 31, 2018 238 46 58 342 Provision (release) 8 11 7 26 Charge-offs, net of recoveries — (5 ) (10 ) (15 ) Balance at December 31, 2019 $ 246 $ 52 $ 55 $ 353 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 with 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 capture 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 held-for-investment 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, 2019 Loan-to-value ratios: Less than 65% $ 38,926 $ 1,195 $ 619 $ 40,740 82.1 % $ 42,330 82.4 % 65% to 75% 6,975 54 398 7,427 15.0 7,589 14.8 76% to 80% 564 17 237 818 1.6 805 1.6 Greater than 80% 405 234 — 639 1.3 616 1.2 Total $ 46,870 $ 1,500 $ 1,254 $ 49,624 100.0 % $ 51,340 100.0 % December 31, 2018 Loan-to-value ratios: Less than 65% $ 40,360 $ 827 $ 101 $ 41,288 85.2 % $ 41,599 85.3 % 65% to 75% 5,790 — 25 5,815 12.0 5,849 12.0 76% to 80% 423 209 56 688 1.4 664 1.4 Greater than 80% 496 176 — 672 1.4 635 1.3 Total $ 47,069 $ 1,212 $ 182 $ 48,463 100.0 % $ 48,747 100.0 % Credit Quality of Agricultural Mortgage Loans The credit quality of agricultural mortgage loans held-for-investment was as follows at: December 31, 2019 2018 Recorded Investment % of Total Recorded Investment % of Total (Dollars in millions) Loan-to-value ratios: Less than 65% $ 15,618 93.5 % $ 13,704 92.0 % 65% to 75% 963 5.8 1,145 7.7 76% to 80% 71 0.4 33 0.2 Greater than 80% 43 0.3 23 0.1 Total $ 16,695 100.0 % $ 14,905 100.0 % Credit Quality of Residential Mortgage Loans The credit quality of residential mortgage loans held-for-investment was as follows at: December 31, 2019 2018 Recorded % of Recorded % of (Dollars in millions) Performance indicators: Performing $ 13,864 96.8 % $ 11,956 96.2 % Nonperforming (1) 452 3.2 471 3.8 Total $ 14,316 100.0 % $ 12,427 100.0 % __________________ (1) Includes residential mortgage loans held-for-investment in process of foreclosure of $118 million and $140 million at December 31, 2019 and 2018 , 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, 2019 and 2018 . 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, 2019 December 31, 2018 December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 (In millions) Commercial $ 10 $ 9 $ 9 $ 9 $ 176 $ 176 Agricultural 129 204 7 109 137 105 Residential 452 471 35 35 418 436 Total $ 591 $ 684 $ 51 $ 153 $ 731 $ 717 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. For the year ended December 31, 2019 , the Company had 396 residential mortgage loans modified in a troubled debt restructuring with carrying value of $97 million and $87 million pre-modification and post-modification, respectively. For the year ended December 31, 2018 , the Company had 440 residential mortgage loans modified in a troubled debt restructuring with carrying value of $96 million and $92 million pre-modification and post-modification, respectively. For the year ended December 31, 2019 , the Company had three agricultural mortgage loans modified in a troubled debt restructuring with carrying value of $111 million for both pre-modification and post-modification. For the year ended December 31, 2018 , the Company did not have a significant amount of agricultural mortgage loans modified in a troubled debt restructuring. For both years ended December 31, 2019 and 2018 , the Company did not have commercial mortgage loans modified in a troubled debt restructuring. Real Estate and Real Estate Joint Ventures The Company’s real estate investment portfolio is diversified by property type, geography and income stream, including income from operating leases, operating income and equity in earnings from equity method real estate joint ventures. Real estate investments, by income type, as well as income earned, are as follows at and for the periods indicated: December 31, 2019 December 31, 2018 Years Ended December 31, 2019 2018 2017 Carrying Value Income (In millions) Leased real estate investments $ 4,893 $ 4,132 $ 380 $ 399 $ 379 Other real estate investments 420 461 192 188 189 Real estate joint ventures 5,428 5,105 104 107 78 Total real estate and real estate joint ventures $ 10,741 $ 9,698 $ 676 $ 694 $ 646 The carrying value of real estate investments acquired through foreclosure was $36 million and $45 million at December 31, 2019 and 2018, respectively. Depreciation expense on real estate investments was $100 million , $92 million and $103 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. Real estate investments were net of accumulated depreciation of $957 million and $931 million at December 31, 2019 and 2018, respectively. Leases Leased Real Estate Investments - Operating Leases The Company, as lessor, leases investment real estate, principally commercial real estate for office and retail use, through a variety of operating lease arrangements, which typically include tenant reimbursement for property operating costs and options to renew or extend the lease. In some circumstances, leases may include an option for the lessee to purchase the property. In addition, certain leases of retail space may stipulate that a portion of the income earned is contingent upon the level of the tenants’ revenues. The Company has elected a practical expedient of not separating non-lease components related to reimbursement of property operating costs from associated lease components. These property operating costs have the same timing and pattern of transfer as the related lease component, because they are incurred over the same period of time as the operating lease. Therefore, the combined component is accounted for as a single operating lease. Risk is managed through lessee credit analysis, property type diversification, and geographic diversification, primarily across the United States. Leased real estate investments and income earned, by property type, are as follows at and for the periods indicated: December 31, 2019 December 31, 2018 Years Ended December 31, 2019 2018 2017 Carrying Value Income (In millions) Leased real estate investments: Office $ 1,999 $ 1,999 $ 175 $ 169 $ 157 Retail 1,127 1,006 102 95 92 Apartment 778 253 24 70 72 Industrial 306 223 46 38 39 Land 514 489 21 19 13 Hotel 93 94 7 3 2 Other 76 68 5 5 4 Total leased real estate investments $ 4,893 $ 4,132 $ 380 $ 399 $ 379 Future contractual receipts under operating leases as of December 31, 2019 are $288 million in 2020, $240 million in 2021 , $205 million in 2022 , $186 mill |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2019 | |
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 securities AFS. 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 a benchmark interest rate, 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 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, and interest rate floors primarily to protect its minimum rate guarantee liabilities against declines in interest rates below a specified level. 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, to post variation margin on a daily basis in an amount equal to the difference in the daily market values of those contracts and to pledge initial margin based on futures exchange requirements. 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 issued 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. A synthetic GIC is a contract that simulates the performance of a traditional GIC through the use of financial instruments. The policyholder owns the underlying assets, and the Company provides a guarantee (or “wrap”) on the participant funds for an annual risk charge. The Company’s maximum exposure to loss on synthetic GICs is the notional amount, in the event the values of all of the underlying assets were reduced to zero. The Company’s risk is substantially lower due to contractual provisions that limit the portfolio to high quality assets, which are pre-approved and monitored for compliance, as well as the collection of risk charges. In addition, the crediting rates reset periodically to amortize market value gains and losses over a period equal to the duration of the wrapped portfolio, subject to a 0% floor. While plan participants may transact at book value, contract holder withdrawals may only occur immediately at market value, or at book value paid over a period of time per contract provisions. Synthetic GICs are not designated as hedging instruments. 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, NIFO hedges 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 non-U.S. subsidiaries. The Company utilizes currency options in NIFO hedges 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 issued 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 and involuntary restructuring for corporate obligors, as well as repudiation, moratorium or governmental intervention for sovereign obligors. 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, or other fixed maturity securities AFS. These credit default swaps are not designated as hedging instruments. The Company enters into forwards to lock in the price to be paid for forward purchases of certain securities. The price is agreed upon at the time of the contract and payment for the contract is made at a specified future date. When the primary purpose of entering into these transactions is to hedge against the risk of changes in purchase price due to changes in credit spreads, the Company designates these transactions as credit forwards. The Company utilizes credit forwards in cash flow hedging relationships. Equity Derivatives The Company uses a variety of equity derivatives to reduce its exposure to equity market risk, including equity index options, equity variance swaps, exchange-traded equity futures and equity total return swaps. Equity index options are used by the Company primarily to hedge minimum guarantees embedded in certain variable annuity products issued by the Company. To hedge against adverse changes in equity indices, the Company enters into contracts to sell the underlying 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 issued 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, to post variation margin on a daily basis in an amount equal to the difference in the daily market values of those contracts and to pledge initial margin based on futures exchange requirements. 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 issued 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 a benchmark interest rate, calculated by reference to an agreed notional amount. No cash is exchanged at the outset of the contract. Cash is paid and received over the life of the contract based on the terms of the swap. The Company uses equity total return swaps to hedge its equity market guarantees in certain of its insurance products. Equity total return swaps can be used as hedges or to synthetically create investments. The Company utilizes equity total return swaps in nonqualifying hedging relationships. Primary Risks Managed by Derivatives The following table presents the primary underlying risk exposure, gross notional amount, and estimated fair value of the Company’s derivatives, excluding embedded derivatives, held at: Primary Underlying Risk Exposure December 31, 2019 2018 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 $ 2,369 $ 2,667 $ 2 $ 2,446 $ 2,197 $ 2 Foreign currency swaps Foreign currency exchange rate 1,304 16 17 1,233 54 — Foreign currency forwards Foreign currency exchange rate 2,336 1 40 2,140 28 18 Subtotal 6,009 2,684 59 5,819 2,279 20 Cash flow hedges: Interest rate swaps Interest rate 3,675 145 27 3,515 143 1 Interest rate forwards Interest rate 7,364 83 144 3,022 — 216 Foreign currency swaps Foreign currency exchange rate 36,983 1,627 1,430 35,931 1,796 1,831 Subtotal 48,022 1,855 1,601 42,468 1,939 2,048 NIFO hedges: Foreign currency forwards Foreign currency exchange rate 1,059 — 10 960 4 27 Currency options Foreign currency exchange rate 4,200 33 91 5,137 3 202 Subtotal 5,259 33 101 6,097 7 229 Total qualifying hedges 59,290 4,572 1,761 54,384 4,225 2,297 Derivatives Not Designated or Not Qualifying as Hedging Instruments: Interest rate swaps Interest rate 58,083 2,867 185 54,891 1,796 175 Interest rate floors Interest rate 12,701 155 — 12,701 102 — Interest rate caps Interest rate 42,622 18 5 54,575 154 1 Interest rate futures Interest rate 2,423 2 3 2,353 1 3 Interest rate options Interest rate 27,344 764 1 26,690 416 — Interest rate forwards Interest rate 129 1 2 234 1 15 Interest rate total return swaps Interest rate 1,048 5 49 1,048 33 2 Synthetic GICs Interest rate 30,341 — — 25,700 — — Foreign currency swaps Foreign currency exchange rate 13,699 644 461 11,388 884 458 Foreign currency forwards Foreign currency exchange rate 13,507 50 393 13,417 198 213 Currency futures Foreign currency exchange rate 880 7 — 847 4 — Currency options Foreign currency exchange rate 1,801 — — 2,040 7 — Credit default swaps — purchased Credit 2,944 4 102 1,903 25 39 Credit default swaps — written Credit 11,520 272 1 11,391 95 13 Equity futures Equity market 4,540 6 8 2,992 13 77 Equity index options Equity market 27,105 694 677 27,707 884 550 Equity variance swaps Equity market 1,115 23 19 2,269 40 87 Equity total return swaps Equity market 761 — 70 929 91 — Total non-designated or nonqualifying derivatives 252,563 5,512 1,976 253,075 4,744 1,633 Total $ 311,853 $ 10,084 $ 3,737 $ 307,459 $ 8,969 $ 3,930 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, 2019 and 2018 . The Company’s use of derivatives includes (i) derivatives that serve as macro hedges of the Company’s exposure to various risks and that generally do not qualify for hedge accounting due to the criteria required under the portfolio hedging rules; (ii) derivatives that economically hedge insurance liabilities that contain mortality or morbidity risk and that generally do not qualify for hedge accounting because the lack of these risks in the derivatives cannot support an expectation of a highly effective hedging relationship; (iii) derivatives that economically hedge embedded derivatives that do not qualify for hedge accounting because the changes in estimated fair value of the embedded derivatives are already recorded in net income; and (iv) written credit default swaps and interest rate swaps that are used to synthetically create investments and that do not qualify for hedge accounting because they do not involve a hedging relationship. For these nonqualified derivatives, changes in market factors can lead to the recognition of fair value changes on the statement of operations without an offsetting gain or loss recognized in earnings for the item being hedged. The Effects of Derivatives on the Consolidated Statements of Operations and Comprehensive Income (Loss) The following table presents the consolidated financial statement location and amount of gain (loss) recognized on fair value, cash flow, NIFO, nonqualifying hedging relationships and embedded derivatives: Year Ended December 31, 2019 Net Investment Income Net Investment Gains (Losses) Net Derivative Gains (Losses) Policyholder Benefits and Claims Interest Credited to Policyholder Account Balances Other Expenses OCI (In millions) Gain (Loss) on Fair Value Hedges: Interest rate derivatives: Derivatives designated as hedging instruments (1) $ (3 ) $ — $ — $ 339 $ 1 $ — N/A Hedged items 4 — — (369 ) — — N/A Foreign currency exchange rate derivatives: Derivatives designated as hedging instruments (1) (55 ) 24 — — — — N/A Hedged items 56 (23 ) — — — — N/A Amount excluded from the assessment of hedge effectiveness — (72 ) — — — — N/A Subtotal 2 (71 ) — (30 ) 1 — N/A Gain (Loss) on Cash Flow Hedges: Interest rate derivatives: (1) Amount of gains (losses) deferred in AOCI N/A N/A N/A N/A N/A N/A $ 622 Amount of gains (losses) reclassified from AOCI into income 23 4 — — — 2 (29 ) Foreign currency exchange rate derivatives: (1) Amount of gains (losses) deferred in AOCI N/A N/A N/A N/A N/A N/A (278 ) Amount of gains (losses) reclassified from AOCI into income (4 ) 240 — — — 2 (238 ) Foreign currency transaction gains (losses) on hedged items — (236 ) — — — — — Credit derivatives: (1) Amount of gains (losses) deferred in AOCI N/A N/A N/A N/A N/A N/A 6 Amount of gains (losses) reclassified from AOCI into income 1 — — — — — (1 ) Subtotal 20 8 — — — 4 82 Gain (Loss) on NIFO Hedges: Foreign currency exchange rate derivatives (1) N/A N/A N/A N/A N/A N/A (32 ) Non-derivative hedging instruments N/A N/A N/A N/A N/A N/A (4 ) Subtotal N/A N/A N/A N/A N/A N/A (36 ) Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments: Interest rate derivatives (1) (3 ) — 1,263 39 — — N/A Foreign currency exchange rate derivatives (1) — — (346 ) 2 — — N/A Credit derivatives — purchased (1) — — (38 ) — — — N/A Credit derivatives — written (1) — — 248 — — — N/A Equity derivatives (1) — — (1,339 ) (205 ) — — N/A Foreign currency transaction gains (losses) on hedged items — — 55 — — — N/A Subtotal (3 ) — (157 ) (164 ) — — N/A Earned income on derivatives 237 — 513 138 (147 ) — — Embedded derivatives (2) N/A N/A 272 — N/A N/A N/A Total $ 256 $ (63 ) $ 628 $ (56 ) $ (146 ) $ 4 $ 46 Year Ended December 31, 2018 Net Investment Income Net Investment Gains (Losses) Net Derivative Gains (Losses) Policyholder Benefits and Claims Interest Credited to Policyholder Account Balances Other Expenses OCI (In millions) Gain (Loss) on Fair Value Hedges: Interest rate derivatives: Derivatives designated as hedging instruments (1) $ — $ — $ (220 ) $ — $ — $ — N/A Hedged items — — 226 — — — N/A Foreign currency exchange rate derivatives: Derivatives designated as hedging instruments (1) — — 156 — — — N/A Hedged items — — (150 ) — — — N/A Amount excluded from the assessment of hedge effectiveness — — (58 ) — — — N/A Subtotal — — (46 ) — — — N/A Gain (Loss) on Cash Flow Hedges: Interest rate derivatives: (1) Amount of gains (losses) deferred in AOCI N/A N/A N/A N/A N/A N/A $ (257 ) Amount of gains (losses) reclassified from AOCI into income 20 — 21 — — 1 (42 ) Foreign currency exchange rate derivatives: (1) Amount of gains (losses) deferred in AOCI N/A N/A N/A N/A N/A N/A 414 Amount of gains (losses) reclassified from AOCI into income (5 ) — (558 ) — — 2 561 Foreign currency transaction gains (losses) on hedged items — — 569 — — — — Credit derivatives: (1) Amount of gains (losses) deferred in AOCI N/A N/A N/A N/A N/A N/A — Amount of gains (losses) reclassified from AOCI into income 1 — 1 — — — (2 ) Subtotal 16 — 33 — — 3 674 Gain (Loss) on NIFO Hedges: Foreign currency exchange rate derivatives (1) N/A N/A N/A N/A N/A N/A (125 ) Non-derivative hedging instruments N/A N/A N/A N/A N/A N/A — Subtotal N/A N/A N/A N/A N/A N/A (125 ) Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments: Interest rate derivatives (1) 4 — (158 ) (6 ) — — N/A Foreign currency exchange rate derivatives (1) — — 518 (6 ) — — N/A Credit derivatives — purchased (1) — — 6 — — — N/A Credit derivatives — written (1) — — (132 ) — — — N/A Equity derivatives (1) 1 — 360 60 — — N/A Foreign currency transaction gains (losses) on hedged items — — (127 ) — — — N/A Subtotal 5 — 467 48 — — N/A Earned income on derivatives 360 — 547 11 (113 ) (11 ) — Embedded derivatives (2) N/A N/A (150 ) — N/A N/A N/A Total $ 381 $ — $ 851 $ 59 $ (113 ) $ (8 ) $ 549 Year Ended December 31, 2017 Net Investment Income Net Investment Gains (Losses) Net Derivative Gains (Losses) Policyholder Benefits and Claims Interest Credited to Policyholder Account Balances Other Expenses OCI (In millions) Gain (Loss) on Fair Value Hedges: Interest rate derivatives: Derivatives designated as hedging instruments (1) $ — $ — $ (65 ) $ — $ — $ — N/A Hedged items — — 130 — — — N/A Foreign currency exchange rate derivatives: Derivatives designated as hedging instruments (1) — — 51 — — — N/A Hedged items — — (26 ) — — — N/A Amount excluded from the assessment of hedge effectiveness — — (40 ) — — — N/A Subtotal — — 50 — — — N/A Gain (Loss) on Cash Flow Hedges: Interest rate derivatives: (1) Amount of gains (losses) deferred in AOCI N/A N/A N/A N/A N/A N/A $ 288 Amount of gains (losses) reclassified from AOCI into income 18 — 13 — — 1 (32 ) Foreign currency exchange rate derivatives: (1) Amount of gains (losses) deferred in AOCI N/A N/A N/A N/A N/A N/A (335 ) Amount of gains (losses) reclassified from AOCI into income — — 974 — — 2 (976 ) Foreign currency transaction gains (losses) on hedged items — — (960 ) — — — — Credit derivatives: (1) Amount of gains (losses) deferred in AOCI N/A N/A N/A N/A N/A N/A — Amount of gains (losses) reclassified from AOCI into income — — 1 — — — (1 ) Subtotal 18 — 28 — — 3 (1,056 ) Gain (Loss) on NIFO Hedges: Foreign currency exchange rate derivatives (1) N/A N/A N/A N/A N/A N/A (445 ) Non-derivative hedging instruments N/A N/A N/A N/A N/A N/A — Subtotal N/A N/A N/A N/A N/A N/A (445 ) Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments: Interest rate derivatives (1) 1 — (549 ) (1 ) — — N/A Foreign currency exchange rate derivatives (1) — — (742 ) 5 — — N/A Credit derivatives — purchased (1) — — (24 ) — — — N/A Credit derivatives — written (1) — — 145 — — — N/A Equity derivatives (1) (9 ) — (1,046 ) (252 ) — — N/A Foreign currency transaction gains (losses) on hedged items — — 198 — — — N/A Subtotal (8 ) — (2,018 ) (248 ) — — N/A Earned income on derivatives 299 — 551 9 (64 ) (10 ) — Embedded derivatives (2) N/A N/A 799 — N/A N/A N/A Total $ 309 $ — $ (590 ) $ (239 ) $ (64 ) $ (7 ) $ (1,501 ) __________________ (1) Excludes earned income on derivatives. (2) 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 ($116) million, $133 million and ($190) million for the years ended December 31, 2019 , 2018 and 2017 , respectively. 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 following table presents the balance sheet classification, carrying amount and cumulative fair value hedging adjustments for items designated and qualifying as hedged items in fair value hedges: December 31, 2019 Balance Sheet Line Item Carrying Amount of the Hedged Cumulative Amount (In millions) Fixed maturity securities AFS $ 2,736 $ (1 ) Mortgage loans $ 1,159 $ 2 Future policy benefits $ (4,475 ) $ (908 ) __________________ (1) Includes ($1) million of hedging adjustments on discontinued hedging relationships. 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. The Company has elected to record changes in estimated fair value of excluded components in earnings. For all other derivatives, all components of each derivative’s gain or loss were included in the assessment of hedge effectiveness. 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 income. These amounts were $58 million , $5 million and $13 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. At December 31, 2019 and 2018 , 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 eight years and four years , respectively. At December 31, 2019 and 2018 , the balance in AOCI associated with cash flow hedges was $2.2 billion and $2.1 billion , respectively. All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness. At December 31, 2019 , the Company expected to reclassify $37 million of deferred net gains (losses) on derivatives in AOCI to earnings within the next 12 months. NIFO Hedges 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 also designates a portion of its foreign-denominated debt as a non-derivative hedging instrument of its net investments in foreign operations. The Company assesses hedge effectiveness of its derivatives based upon the change in forward rates and assesses its non-derivative hedging instruments based upon the change in spot rates. All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness. When net investments in foreign operations are sold or substantially liquidated, the amounts in AOCI are reclassified to the statement of operations. At December 31, 2019 and 2018 , the cumulative foreign currency translation gain (loss) recorded in AOCI related to NIFO hedges was $148 million and $184 million , respectively. At December 31, 2019 and 2018 , the carrying amount of debt designated as a non-derivative hedging instrument was $387 million and $0 , respectively. See Note 13 for additional information on foreign-denominated debt. Credit Derivatives In connection with synthetically created credit investment transactions, 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 $11.5 billion and $11.4 billion at December 31, 2019 and 2018 , 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, 2019 and 2018 , the Company would have received $271 million and $82 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, 2019 2018 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) $ 4 $ 298 1.7 $ 4 $ 354 1.7 Credit default swaps referencing indices 35 2,175 2.2 28 2,154 2.5 Subtotal 39 2,473 2.2 32 2,508 2.4 Baa Single name credit default swaps (3) 3 216 1.5 3 482 1.5 Credit default swaps referencing indices 203 8,539 5.0 40 8,056 5.0 Subtotal 206 8,755 4.9 43 8,538 4.8 Ba Single name credit default swaps (3) — 9 5.0 — 15 2.0 Credit default swaps referencing indices — — — — — — Subtotal — 9 5.0 — 15 2.0 B Single name credit default swaps (3) — 10 0.5 — — — Credit default swaps referencing indices 26 273 5.0 7 330 5.0 Subtotal 26 283 4.8 7 330 5.0 Total $ 271 $ 11,520 4.3 $ 82 $ 11,391 4.3 __________________ (1) The rating agency designations are based on availabi |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value | 10. Fair Value When developing estimated fair values, the Company considers three broad valuation approaches: (i) the market approach, (ii) the income approach, and (iii) the cost approach. The Company determines the most appropriate valuation approach 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 AFS. 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, as well as 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, 2019 Fair Value Hierarchy Level 1 Level 2 Level 3 Total (In millions) Assets Fixed maturity securities AFS: U.S. corporate $ — $ 81,501 $ 6,252 $ 87,753 Foreign government — 67,112 117 67,229 Foreign corporate — 56,188 7,977 64,165 U.S. government and agency 21,058 21,026 — 42,084 RMBS 3 25,682 2,862 28,547 ABS — 13,326 1,216 14,542 Municipals — 13,046 7 13,053 CMBS — 10,067 380 10,447 Total fixed maturity securities AFS 21,061 287,948 18,811 327,820 Equity securities 794 118 430 1,342 Unit-linked and FVO Securities (1) 10,598 1,879 625 13,102 Short-term investments (2) 2,042 1,108 32 3,182 Residential mortgage loans — FVO — — 188 188 Other investments 74 160 455 689 Derivative assets: (3) Interest rate 2 6,616 89 6,707 Foreign currency exchange rate 7 2,336 35 2,378 Credit — 244 32 276 Equity market 6 686 31 723 Total derivative assets 15 9,882 187 10,084 Embedded derivatives within asset host contracts (4) — — 60 60 Separate account assets (5) 86,790 100,668 987 188,445 Total assets (6) $ 121,374 $ 401,763 $ 21,775 $ 544,912 Liabilities Derivative liabilities: (3) Interest rate $ 3 $ 220 $ 195 $ 418 Foreign currency exchange rate — 2,324 118 2,442 Credit — 102 1 103 Equity market 8 747 19 774 Total derivative liabilities 11 3,393 333 3,737 Embedded derivatives within liability host contracts (4) — — 802 802 Separate account liabilities (5) 1 14 7 22 Total liabilities $ 12 $ 3,407 $ 1,142 $ 4,561 December 31, 2018 Fair Value Hierarchy Level 1 Level 2 Level 3 Total Estimated Fair Value (In millions) Assets Fixed maturity securities AFS: U.S. corporate $ — $ 74,874 $ 4,074 $ 78,948 Foreign government — 62,150 138 62,288 Foreign corporate — 50,310 6,393 56,703 U.S. government and agency 19,656 19,666 — 39,322 RMBS — 24,734 3,227 27,961 ABS — 11,775 697 12,472 Municipals — 11,533 — 11,533 CMBS — 8,696 342 9,038 Total fixed maturity securities AFS 19,656 263,738 14,871 298,265 Equity securities 916 105 419 1,440 Unit-linked and FVO Securities (1) 10,216 1,995 405 12,616 Short-term investments (2) 1,470 1,746 33 3,249 Residential mortgage loans — FVO — — 299 299 Other investments 80 118 39 237 Derivative assets: (3) Interest rate 1 4,809 33 4,843 Foreign currency exchange rate 4 2,922 52 2,978 Credit — 91 29 120 Equity market 13 956 59 1,028 Total derivative assets 18 8,778 173 8,969 Embedded derivatives within asset host contracts (4) — — 71 71 Separate account assets (5) 79,726 94,886 944 175,556 Total assets (6) $ 112,082 $ 371,366 $ 17,254 $ 500,702 Liabilities Derivative liabilities: (3) Interest rate $ 3 $ 194 $ 218 $ 415 Foreign currency exchange rate — 2,660 89 2,749 Credit — 48 4 52 Equity market 77 550 87 714 Total derivative liabilities 80 3,452 398 3,930 Embedded derivatives within liability host contracts (4) — — 810 810 Separate account liabilities (5) 1 20 7 28 Total liabilities $ 81 $ 3,472 $ 1,215 $ 4,768 __________________ (1) Unit-linked and FVO Securities were primarily comprised of Unit-linked investments at both December 31, 2019 and 2018 . (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 and other liabilities on the consolidated balance sheets. (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) Total assets included in the fair value hierarchy exclude other limited partnership interests that are measured at estimated fair value using the net asset value (“NAV”) per share (or its equivalent) practical expedient. At December 31, 2019 and 2018 , the estimated fair value of such investments was $95 million and $145 million , respectively. The following describes the valuation methodologies used to measure assets and liabilities at fair value. Investments Securities, Short-term Investments and Other Investments When available, the estimated fair value of these financial instruments is based on quoted prices in active markets that are readily and regularly obtainable. Generally, these are the most liquid of the Company’s securities holdings and valuation of these securities does not involve management’s judgment. When quoted prices in active markets are not available, the determination of estimated fair value is based on market standard valuation methodologies, giving priority to observable inputs. The significant inputs to the market standard valuation methodologies for certain types of securities with reasonable levels of price transparency are inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. When observable inputs are not available, the market standard valuation methodologies rely on inputs that are significant to the estimated fair value that are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. These unobservable inputs can be based in large part on management’s judgment or estimation and cannot be supported by reference to market activity. Even though these inputs are unobservable, management believes they are consistent with what other market participants would use when pricing such securities and are considered appropriate given the circumstances. The estimated fair value of other investments is determined on a basis consistent with the methodologies described herein for securities. The valuation approaches and key inputs for each category of assets or liabilities that are classified within Level 2 and Level 3 of the fair value hierarchy are presented below. The primary valuation approaches are the market approach, which considers recent prices from market transactions involving identical or similar assets or liabilities, and the income approach, which converts expected future amounts (e.g. cash flows) to a single current, discounted amount. 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 AFS U.S. corporate and Foreign corporate securities Valuation Approaches: Principally the market and income approaches. Valuation Approaches: Principally the market approach. Key Inputs: Key Inputs: • quoted prices in markets that are not active • illiquidity premium • benchmark yields; spreads off benchmark yields; new issuances; issuer ratings • 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 securities, U.S. government and agency securities and Municipals Valuation Approaches: Principally the market approach. Valuation Approaches: Principally the market approach. Key Inputs: Key Inputs: • quoted prices in markets that are not active • independent non-binding broker quotations • benchmark U.S. Treasury yield or other yields • quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2 • the spread off the U.S. Treasury yield curve for the identical security • issuer ratings and issuer spreads; broker-dealer quotes • credit spreads • comparable securities that are actively traded Structured Products Valuation Approaches: Principally the market and income approaches. Valuation Approaches: Principally the market and income approaches. Key Inputs: Key Inputs: • quoted prices in markets that are not active • credit spreads • spreads for actively traded securities; spreads off benchmark yields • quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2 • expected prepayment speeds and volumes • current and forecasted loss severity; ratings; geographic region • independent non-binding broker quotations • weighted average coupon and weighted average maturity • credit ratings • average delinquency rates; debt-service coverage ratios • credit ratings • issuance-specific information, including, but not limited to: • collateral type; structure of the security; vintage of the loans • payment terms of the underlying assets • payment priority within the tranche; deal performance Instrument Level 2 Observable Inputs Level 3 Unobservable Inputs Equity securities Valuation Approaches: Principally the market approach. Valuation Approaches: Principally the market and income approaches. Key Input: Key Inputs: • quoted prices in markets that are not considered active • credit ratings; issuance structures • quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2 • independent non-binding broker quotations Unit-linked and FVO Securities, Short-term investments and Other investments • Unit-linked and FVO Securities 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 NAV provided by the fund managers, which were based on observable inputs. • Unit-linked and FVO Securities, short-term investments and other investments are of a similar nature and class to the fixed maturity securities AFS and equity securities described above; accordingly, the valuation approaches and unobservable inputs used in their valuation are also similar to those described above. • Short-term investments and other investments are of a similar nature and class to the fixed maturity securities AFS and equity securities described above; accordingly, the valuation approaches and observable inputs used in their valuation are also similar to those described above. Residential mortgage loans — FVO • N/A Valuation Approaches: Principally the market approach. Valuation Techniques and Key Inputs: These investments are based primarily on matrix pricing or other similar techniques that utilize inputs from mortgage servicers that are unobservable or cannot be derived principally from, or corroborated by, observable market data. Separate account assets and Separate account liabilities (1) Mutual funds and hedge funds without readily determinable fair values as prices are not published publicly Key Input: • N/A • quoted prices or reported NAV provided by the fund managers Other limited partnership interests • N/A Valued giving consideration to the underlying holdings of the partnerships and adjusting, if appropriate. Key Inputs: • liquidity; bid/ask spreads; performance record of the fund manager • other relevant variables that may impact the exit value of the particular partnership interest __________________ (1) Estimated fair value equals carrying value, based on the value of the underlying assets, including: mutual fund interests, fixed maturity securities, equity securities, derivatives, hedge funds, other limited partnership interests, short-term investments and cash and cash equivalents. Fixed maturity securities, equity securities, derivatives, short-term investments and cash and cash equivalents are similar in nature to the instruments described under “— Securities, Short-term Investments and Other Investments” and “— Derivatives — Freestanding Derivatives.” Derivatives The estimated fair value of derivatives is determined through the use of quoted market prices for exchange-traded derivatives, or through the use of pricing models for OTC-bilateral and OTC-cleared derivatives. The determination of estimated fair value, when quoted market values are not available, is based on market standard valuation methodologies and inputs that management believes are consistent with what other market participants would use when pricing such instruments. Derivative valuations can be affected by changes in interest rates, foreign currency exchange rates, financial indices, credit spreads, default risk, nonperformance risk, volatility, liquidity and changes in estimates and assumptions used in the pricing models. The significant inputs to the pricing models for most OTC-bilateral and OTC-cleared derivatives are inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. Certain OTC-bilateral and OTC-cleared derivatives may rely on inputs that are significant to the estimated fair value that are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. These unobservable inputs may involve significant management judgment or estimation. Even though unobservable, these inputs are based on assumptions deemed appropriate given the circumstances and management believes they are consistent with what other market participants would use when pricing such instruments. Most inputs for OTC-bilateral and OTC-cleared derivatives are mid-market inputs but, in certain cases, liquidity adjustments are made when they are deemed more representative of exit value. Market liquidity, as well as the use of different methodologies, assumptions and inputs, may have a material effect on the estimated fair values of the Company’s derivatives and could materially affect net income. The credit risk of both the counterparty and the Company are considered in determining the estimated fair value for all OTC-bilateral and OTC-cleared derivatives, and any potential credit adjustment is based on the net exposure by counterparty after taking into account the effects of netting agreements and collateral arrangements. The Company values its OTC-bilateral and OTC-cleared derivatives using standard swap curves which may include a spread to the risk-free rate, depending upon specific collateral arrangements. This credit spread is appropriate for those parties that execute trades at pricing levels consistent with similar collateral arrangements. As the Company and its significant derivative counterparties generally execute trades at such pricing levels and hold sufficient collateral, additional credit risk adjustments are not currently required in the valuation process. The Company’s ability to consistently execute at such pricing levels is in part due to the netting agreements and collateral arrangements that are in place with all of its significant derivative counterparties. An evaluation of the requirement to make additional credit risk adjustments is performed by the Company each reporting period. Freestanding Derivatives Level 2 Valuation Approaches and Key Inputs: This level includes all types of derivatives utilized by the Company with the exception of exchange-traded derivatives included within Level 1 and those derivatives with unobservable inputs as described in Level 3. Level 3 Valuation Approaches and Key Inputs: These valuation methodologies generally use the same inputs as described in the corresponding sections for Level 2 measurements of derivatives. However, these derivatives result in Level 3 classification because one or more of the significant inputs are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. Freestanding derivatives are principally valued using the income approach. Valuations of non-option-based derivatives utilize present value techniques, whereas valuations of option-based derivatives utilize option pricing models. Key inputs are as follows: Instrument Interest Rate Foreign Currency Exchange Rate Credit Equity Market Inputs common to Level 2 and Level 3 by instrument type • swap yield curves • swap yield curves • swap yield curves • swap yield curves • basis curves • basis curves • credit curves • spot equity index levels • interest rate volatility (1) • currency spot rates • recovery rates • dividend yield curves • cross currency basis curves • equity volatility (1) • currency volatility (1) Level 3 • swap yield curves (2) • swap yield curves (2) • swap yield curves (2) • dividend yield curves (2) • basis curves (2) • basis curves (2) • credit curves (2) • equity volatility (1), (2) • 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, annuity contracts, and investment risk within funds withheld related to certain reinsurance agreements. Embedded derivatives are recorded at estimated fair value with changes in estimated fair value reported in net income. The Company issues certain variable annuity products with guaranteed minimum benefits. GMWBs, GMABs and certain GMIBs contain embedded derivatives, which are measured at estimated fair value separately from the host variable annuity contract, with changes in estimated fair value reported in net derivative gains (losses). These embedded derivatives are classified within policyholder account balances on the consolidated balance sheets. The Company 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, projecting future cash flows from the embedded derivative over multiple risk neutral stochastic scenarios using observable risk-free rates. Capital market assumptions, such as risk-free rates and implied volatilities, are based on market prices for publicly traded instruments to the extent that prices for such instruments are observable. Implied volatilities beyond the observable period are extrapolated based on observable implied volatilities and historical volatilities. Actuarial assumptions, including mortality, lapse, withdrawal and utilization, are unobservable and are reviewed at least annually based on actuarial studies of historical experience. The valuation of these guarantee liabilities includes nonperformance risk adjustments and adjustments for a risk margin related to non-capital market inputs. The nonperformance adjustment is determined by taking into consideration publicly available information relating to spreads in the secondary market for MetLife, Inc.’s debt, including related credit default swaps. These observable spreads are then adjusted, as necessary, to reflect the priority of these liabilities and the claims paying ability of the issuing insurance subsidiaries as compared to MetLife, Inc. Risk margins are established to capture the non-capital market risks of the instrument which represent the additional compensation a market participant would require to assume the risks related to the uncertainties of such actuarial assumptions as annuitization, premium persistency, partial withdrawal and surrenders. The establishment of risk margins requires the use of significant management judgment, including assumptions of the amount and cost of capital needed to cover the guarantees. These guarantees may be more costly than expected in volatile or declining equity markets. Market conditions including, but not limited to, changes in interest rates, equity indices, market volatility and foreign currency exchange rates; changes in nonperformance risk; and variations in actuarial assumptions regarding policyholder behavior, mortality and risk margins related to non-capital market inputs, may result in significant fluctuations in the estimated fair value of the guarantees that could materially affect net income. The Company ceded the risk associated with certain of the GMIBs previously described. These reinsurance agreements contain embedded derivatives which are included within premiums, reinsurance and other receivables on the consolidated balance sheets with changes in estimated fair value reported in net derivative gains (losses) or policyholder benefits and claims depending on the statement of operations classification of the direct risk. The value of the embedded derivatives on the ceded risk is determined using a methodology consistent with that described previously for the guarantees directly written by the Company with the exception of the input for nonperformance risk that reflects the credit of the reinsurer. The estimated fair value of the embedded derivatives within funds withheld related to certain ceded reinsurance is determined based on the change in estimated fair value of the underlying assets held by the Company in a reference portfolio backing the funds withheld liability. The estimated fair value of the underlying assets is determined as described in “— Investments — Securities, Short-term Investments and Other Investments.” The estimated fair value of these embedded derivatives is included, along with their funds withheld hosts, in other liabilities on the consolidated balance sheets with changes in estimated fair value recorded in net derivative gains (losses). Changes in the credit spreads on the underlying assets, interest rates and market volatility may result in significant fluctuations in the estimated fair value of these embedded derivatives that could materially affect net income. The Company issues certain annuity contracts which allow the policyholder to participate in returns from equity indices. These equity indexed features are embedded derivatives which are measured at estimated fair value separately from the host fixed annuity contract, with changes in estimated fair value reported in net derivative gains (losses). These embedded derivatives are classified within policyholder account balances on the consolidated balance sheets. The estimated fair value of the embedded equity indexed derivatives, based on the present value of future equity returns to the policyholder using actuarial and present value assumptions including expectations concerning policyholder behavior, is calculated by the Company’s actuarial department. The calculation is based on in-force business and uses standard capital market techniques, such as Black-Scholes, to calculate the value of the portion of the embedded derivative for which the terms are set. The portion of the embedded derivative covering the period beyond where terms are set is calculated as the present value of amounts expected to be spent to provide equity indexed returns in those periods. The valuation of these embedded derivatives also includes the establishment of a risk margin, as well as changes in nonperformance risk. Embedded Derivatives Within Asset and Liability Host Contracts Level 3 Valuation Approaches and Key Inputs: Direct and assumed guaranteed minimum benefits These embedded derivatives are principally valued using the income approach. Valuations are based on option pricing techniques, which utilize significant inputs that may include swap yield curves, currency exchange rates and implied volatilities. These embedded derivatives result in Level 3 classification because one or more of the significant inputs are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. Significant unobservable inputs generally include: the extrapolation beyond observable limits of the swap yield curves and implied volatilities, actuarial assumptions for policyholder behavior and mortality and the potential variability in policyholder behavior and mortality, nonperformance risk and cost of capital for purposes of calculating the risk margin. Reinsurance ceded on certain guaranteed minimum benefits These embedded derivatives are principally valued using the income approach. The valuation techniques and significant market standard unobservable inputs used in their valuation are similar to those described above in “— Direct and assumed guaranteed minimum benefits” and also include counterparty credit spreads. Transfers between Levels Overall, transfers between levels occur when there are changes in the observability of inputs and market activity. Transfers into or out of Level 3: Assets and liabilities are transferred into Level 3 when a significant input cannot be corroborated with market observable data. This occurs when market activity decreases significantly and underlying inputs cannot be observed, current prices are not available, and/or when there are significant variances in quoted prices, thereby affecting transparency. Assets and liabilities are transferred out of Level 3 when circumstances change such that a significant input can be corroborated with market observable data. This may be due to a significant increase in market activity, a specific event, or one or more significant input(s) becoming observable. Assets and Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3) The following table presents certain quantitative information about the significant unobservable inputs used in the fair value measurement, and the sensitivity of the estimated fair value to changes in those inputs, for the more significant asset and liability classes measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at: December 31, 2019 December 31, 2018 Impact of Valuation Techniques Significant Unobservable Inputs Range Weighted Range Weighted Fixed maturity securities AFS (3) U.S. corporate and foreign corporate • Matrix pricing • Offered quotes (4) 5 - 145 110 85 - 134 104 Increase • Market pricing • Quoted prices (4) 25 - 131 100 25 - 638 110 Increase • Consensus pricing • Offered quotes (4) 81 - 109 102 100 - 110 102 Increase RMBS • Market pricing • Quoted prices (4) — - 119 95 — - 106 94 Increase (5) ABS • Market pricing • Quoted prices (4) 3 - 119 98 3 - 116 97 Increase (5) • Consensus pricing • Offered quotes (4) 99 - 104 100 100 - 103 101 Increase (5) Derivatives Interest rate • Present value techniques • Swap yield (6) 190 - 251 268 - 317 Increase (7) • Repurchase rates (8) (6) - 6 (5) - 6 Decrease (7) Foreign currency exchange rate • Present value techniques • Swap yield (6) (125) - 328 (20) - 328 Increase (7) Credit • Present value techniques • Credit spreads (9) 96 - 100 97 - 103 Decrease (7) • Consensus pricing • Offered quotes (10) Equity market • Present value techniques or option pricing models • Volatility (11) 14% - 23% 21% - 26% Increase (7) • Correlation (12) 10% - 30% 10% - 30% Embedded derivatives Direct, assumed and ceded guaranteed minimum benefits • Option pricing techniques • Mortality rates: Ages 0 - 40 0% - 0.18% 0% - 0.18% Decrease (13) Ages 41 - 60 0.03% - 0.80% 0.03% - 0.80% Decrease (13) Ages 61 - 115 0.13% - 100% 0.12% - 100% Decrease (13) • Lapse rates: Durations 1 - 10 0.25% - 100% 0.25% - 100% Decrease (14) Durations 11 - 20 0.50% - 100% 2% - 100% Decrease (14) Durations 21 - 116 0.50% - 100% 1.25% - 100% Decrease (14) • Utilization rates 0% - 22% 0% - 25% Increase (15) • Withdrawal rates 0% - 20% 0% - 20% (16) • Long-term equity volatilities 6.01% - 30% 7.16% - 30% Increase (17) • Nonperformance risk spread 0.03% - 1.30% 0.04% - 1.77% Decrease (18) __________________ (1) The weighted average for fixed maturity securities AFS is determined based on the estimated fair value of the securities. (2) The impact of a decrease in input would have resulted in 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 have resulted in substantially lower (higher) valuations. (4) Range and weighted average are presented in accordance with the market convention for fixed maturity securities AFS of dollars per hundred dollars of par. (5) Changes in the assumptions used for the probability of default would have been accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumptions used for prepayment rates. (6) Ranges represent the rates across different yi |
Leases Leases
Leases Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Lessee, Operating Leases | 11. Leases The Company, as lessee, has entered into various lease and sublease agreements primarily for office space. The Company has operating leases with remaining lease terms of less than one year to 15 years . The remaining lease terms for the subleases are less than one year to 10 years . ROU Asset and Lease Liability ROU assets and lease liabilities for operating leases were: December 31, 2019 (In millions) ROU asset (1) $ 1,488 Lease liability (1) $ 1,654 __________________ (1) Assets and liabilities include amounts recognized upon adoption of ASU 2016-02. See Note 1 . Lease Costs The components of operating lease costs were as follows: For the Year Ended December 31 2019 (In millions) Operating lease cost $ 282 Variable lease cost 49 Sublease income (89 ) Net lease cost $ 242 Operating lease expense was $342 million and $374 million for the years ended December 31, 2018 and 2017, respectively. Non-cancelable sublease income was $72 million and $46 million for the years ended December 31, 2018 and 2017, respectively. Other Information Supplemental other information related to operating leases was as follows: December 31, 2019 (Dollars in millions) Cash paid for amounts included in the measurement of lease liability - operating cash flows $ 285 ROU assets obtained in exchange for new lease liabilities $ 341 Weighted-average remaining lease term 8 years Weighted-average discount rate 3.3 % Maturities of Lease Liabilities Maturities of operating lease liabilities were as follows: December 31, 2019 (In millions) 2020 $ 285 2021 266 2022 229 2023 213 2024 193 Thereafter 716 Total undiscounted cash flows 1,902 Less: interest 248 Present value of lease liability $ 1,654 Future minimum gross rental payments relating to lease arrangements in effect as determined prior to the adoption of ASU 2016-02 were as follows: December 31, 2018 (In millions) 2019 $ 292 2020 282 2021 260 2022 224 2023 209 Thereafter 859 Total $ 2,126 See Notes 8 and 13 for information about the Company’s investments in leased real estate, leveraged and direct financing leases, and financing lease obligations. See Note 17 for information on lease impairment charges. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | 12. 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 quantitative test. The qualitative impairment 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 impairment assessment for some or all of its reporting units and perform a quantitative impairment test. In performing the 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 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. 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, 2017 Goodwill $ 1,451 $ 4,596 $ 1,226 $ 1,060 $ 1,567 $ — $ 9,900 Accumulated impairment (2) — — — — (680 ) — (680 ) Total goodwill, net 1,451 4,596 1,226 1,060 887 — 9,220 Acquisition — — — — — 103 103 Disposition (3) — — (16 ) — — — (16 ) Effect of foreign currency translation and other — 77 96 110 — — 283 Balance at December 31, 2017 Goodwill 1,451 4,673 1,306 1,170 1,567 103 10,270 Accumulated impairment — — — — (680 ) — (680 ) Total goodwill, net 1,451 4,673 1,306 1,170 887 103 9,590 Effect of foreign currency translation and other — 17 (134 ) (51 ) — — (168 ) Balance at December 31, 2018 Goodwill 1,451 4,690 1,172 1,119 1,567 103 10,102 Accumulated impairment — — — — (680 ) — (680 ) Total goodwill, net 1,451 4,690 1,172 1,119 887 103 9,422 Acquisitions 15 4 — — — — 19 Disposition (4) — (71 ) — — — — (71 ) Effect of foreign currency translation and other — 13 (73 ) (2 ) — — (62 ) Balance at December 31, 2019 Goodwill 1,466 4,636 1,099 1,117 1,567 103 9,988 Accumulated impairment — — — — (680 ) — (680 ) Total goodwill, net $ 1,466 $ 4,636 $ 1,099 $ 1,117 $ 887 $ 103 $ 9,308 __________________ (1) Includes goodwill of $4.5 billion from the Japan operations at December 31, 2019, 2018 and 2017. (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. See Note 3. (3) In connection with the disposition of MetLife Afore, goodwill was reduced by $16 million for the year ended December 31, 2017. See Note 3 . (4) In connection with the pending disposition of MetLife Hong Kong, goodwill was reduced by $71 million for the year ended December 31, 2019. See Note 3 . |
Long-term and Short-term Debt
Long-term and Short-term Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Long-term and Short-term Debt | 13. Long-term and Short-term Debt Long-term and short-term debt outstanding, excluding debt relating to CSEs, was as follows: December 31, Interest Rates (1) 2019 2018 Range Weighted Maturity Face Value Unamortized Discount and Issuance Costs Carrying Value Face Value Unamortized Discount and Issuance Costs Carrying Value (In millions) Senior notes 0.50 % - 6.50% 4.72% 2022 - 2046 $ 12,460 $ (81 ) $ 12,379 $ 11,923 $ (79 ) $ 11,844 Surplus notes 7.63 % - 7.88% 7.79% 2024 - 2025 507 (4 ) 503 507 (4 ) 503 Other notes 1.76 % - 6.50% 4.62% 2020 - 2058 457 (3 ) 454 477 (4 ) 473 Financing lease obligations 125 — 125 4 — 4 Total long-term debt 13,549 (88 ) 13,461 12,911 (87 ) 12,824 Total short-term debt 235 — 235 268 — 268 Total $ 13,784 $ (88 ) $ 13,696 $ 13,179 $ (87 ) $ 13,092 __________________ (1) Range of interest rates and weighted average interest rates are for the year ended December 31, 2019 . The aggregate maturities of long-term debt at December 31, 2019 for the next five years and thereafter are $33 million in 2020, $27 million in 2021, $527 million in 2022, $1.0 billion in 2023, $2.0 billion in 2024 and $9.8 billion thereafter. Financing 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 15 ). Payments of interest and principal on the Company’s surplus notes, which are subordinate to all other obligations of the operating company issuing the notes and are senior to obligations of MetLife, Inc., may be made only with the prior approval of the insurance department of the state of domicile of the notes issuer. The Company’s collateral financing arrangement (see Note 14 ) is supported by surplus notes of a subsidiary and, accordingly, has priority consistent with surplus notes. Certain of the Company’s debt instruments and committed facilities, as well as its unsecured revolving credit facility, contain various administrative, reporting, legal and financial covenants. The Company believes it was in compliance with all applicable financial covenants at December 31, 2019 . Senior Notes In June 2019, MetLife, Inc. redeemed for cash and canceled its £400 million ( $509 million at repayment) aggregate principal amount 5.250% senior notes due June 2020 and the remaining $368 million aggregate principal amount of its 4.750% senior notes due February 2021. The Company recorded a premium of $40 million paid in excess of the debt principal and accrued and unpaid interest to other expenses for the year ended December 31, 2019 . In May 2019, MetLife, Inc. issued the following fixed rate senior notes (“Senior Notes”), interest on which is payable semi-annually beginning in November 2019: • ¥25.2 billion ( $230 million at issuance) due May 2026 which bear interest annually at 0.495% ; • ¥64.9 billion ( $591 million at issuance) due May 2029 which bear interest annually at 0.769% ; • ¥10.7 billion ( $98 million at issuance) due May 2031 which bear interest annually at 0.898% ; • ¥26.5 billion ( $241 million at issuance) due May 2034 which bear interest annually at 1.189% ; and • ¥24.4 billion ( $222 million at issuance) due May 2039 which bear interest annually at 1.385% . In connection with the issuances, MetLife, Inc. incurred $9 million of related costs which are amortized over the applicable term of each series of the Senior Notes. MetLife, Inc. may redeem each series of the Senior Notes at its option, in whole, but not in part, at a redemption price equal to 100% of the principal amount of the Senior Notes to be redeemed, plus accrued and unpaid interest thereon, if certain events occur affecting the U.S. tax treatment of the Senior Notes. In June 2018, MetLife, Inc. sold FVO Brighthouse Common Stock in exchange for $944 million aggregate principal amount of MetLife Inc.’s senior notes. MetLife, Inc. purchased and canceled $343 million of its $1,035 million aggregate principal amount 6.817% senior notes due August 2018; $469 million of its $1,035 million aggregate principal amount 7.717% senior notes due February 2019 and $132 million of its $1,000 million aggregate principal amount 4.750% senior notes due February 2021. In June 2018, MetLife, Inc. additionally purchased for cash and canceled $160 million of its $1,035 million aggregate principal amount 6.817% senior notes due August 2018. The Company recorded a premium of $30 million paid in excess of the debt principal and incurred $37 million of advisory and other fees related to the exchange transaction to other expenses for the year ended December 31, 2018. See Note 3 for additional information on the FVO Brighthouse Common Stock exchange transaction. In August 2018, MetLife, Inc. purchased for cash and canceled the remaining $566 million of its $1,035 million aggregate principal amount 7.717% senior notes due February 2019. The Company recorded a premium of $14 million paid in excess of the debt principal and accrued, unpaid interest to other expenses for the year ended December 31, 2018. In December 2018, MetLife, Inc. purchased for cash and canceled an additional $500 million of its $1,000 million aggregate principal amount 4.750% senior notes due February 2021. The Company recorded a premium of $18 million paid in excess of the debt principal and accrued, unpaid interest to other expenses for the year ended December 31, 2018. Term Loans MetLife Private Equity Holdings, LLC (“MPEH”), a wholly-owned indirect investment subsidiary of MLIC, borrowed $350 million in December 2015 under a five-year credit agreement included within other notes in the table above. MPEH has pledged invested assets to secure the loans; however, these loans are non-recourse to MLIC and MetLife, Inc. In November 2017, this agreement was amended to extend the maturity to November 2022 , change the amount MPEH may borrow on a revolving basis to $75 million from $100 million , and change the interest rate to a variable rate of three-month London Interbank Offered Rate (“LIBOR”) plus 3.25% , payable quarterly, from a variable rate of three-month LIBOR plus 3.70% . In December 2018, this agreement was further amended to change the interest rate to a variable rate of three-month LIBOR plus 3.10% . In December 2018, MPEH repaid $50 million of the initial borrowing. In November 2019, this agreement was further amended to extend the maturity to November 2024 and change the interest rate to a variable rate of three-month LIBOR plus 2.75% . Short-term Debt Short-term debt with maturities of one year or less was as follows: December 31, 2019 2018 (Dollars in millions) Commercial paper $ 99 $ 99 Short-term borrowings (1) 136 169 Total short-term debt $ 235 $ 268 Average daily balance $ 216 $ 429 Average days outstanding 34 days 32 days __________________ (1) Includes $136 million and $169 million at December 31, 2019 and 2018 , respectively, of short-term debt related to repurchase agreements, secured by assets of subsidiaries. For the years ended December 31, 2019 , 2018 and 2017 , the weighted average interest rate on short-term debt was 2.88% , 3.02% and 2.41% , respectively. Interest Expense Interest expense included in other expenses was $656 million , $827 million and $841 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. Such amounts do not include interest expense on long-term debt related to CSEs, the collateral financing arrangement, or junior subordinated debt securities. See Notes 14 and 15 . Credit and Committed Facilities At December 31, 2019 , the Company maintained a $3.0 billion unsecured revolving credit facility (the “Credit Facility”) and certain committed facilities (the “Committed Facilities”) aggregating $3.3 billion . When drawn upon, these facilities bear interest at varying rates in accordance with the respective agreements. Credit Facility The Company’s 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 the Credit Facility were $12 million , $10 million and $13 million for the years ended December 31, 2019 , 2018 and 2017 , respectively, and were included in other expenses. Information on the Credit Facility at December 31, 2019 was as follows: Borrower(s) Expiration Maximum Letters of Drawdowns Unused (In millions) MetLife, Inc. and MetLife Funding, Inc. December 2021 (1) $ 3,000 (1) $ 746 $ — $ 2,254 __________________ (1) All borrowings under the 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 Letters of credit issued under the Committed Facilities are used for collateral for certain of the Company’s affiliated reinsurance liabilities. Total fees associated with the Committed Facilities, included in other expenses, were $12 million , $15 million and $21 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. Information on the Committed Facilities at December 31, 2019 was as follows: Account Party/Borrower(s) Expiration Maximum Letters of Drawdowns Unused (In millions) MetLife Reinsurance Company of Vermont and MetLife, Inc. December 2024 (1), (2) $ 400 $ 396 $ — $ 4 MetLife Reinsurance Company of Vermont and MetLife, Inc. December 2037 (1), (3) 2,896 2,460 — 436 Total $ 3,296 $ 2,856 $ — $ 440 __________________ (1) MetLife, Inc. is a guarantor under the applicable facility. (2) Capacity 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. (3) Capacity at December 31, 2019 of $2.7 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 at expiration in December 2037. Unused commitment of $436 million is based on maximum capacity. At December 31, 2019 , Brighthouse is a beneficiary of $2.5 billion of letters of credit issued under this facility and, in consideration, Brighthouse reimburses MetLife, Inc. for a portion of the letter of credit fees. In addition to the Committed Facilities, see also “— Term Loans” for information about the undrawn line of credit facility in the amount of $75 million . |
Collateral Financing Arrangemen
Collateral Financing Arrangements | 12 Months Ended |
Dec. 31, 2019 | |
Secured Debt [Abstract] | |
Collateral Financing Arrangements | 14. Collateral Financing Arrangement Information related to the collateral financing arrangement associated with the closed block (see Note 7 ) was as follows at: December 31, 2019 2018 (In millions) Surplus notes outstanding (1) $ 993 $ 1,060 Receivable from unaffiliated financial institution (1) $ 130 $ 139 Pledged collateral (2) $ 58 $ 83 Assets held in trust (2) $ 1,390 $ 1,370 __________________ (1) Carrying value. (2) Estimated fair value. Interest expense on the collateral financing arrangement was $38 million , $37 million and $30 million for the years ended December 31, 2019 , 2018 and 2017 , respectively, which is included in other expenses. In December 2007, MLIC reinsured a portion of its closed block liabilities to MetLife Reinsurance Company of Charleston (“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. For the years ended December 31, 2019 , 2018 and 2017 , following regulatory approval, MRC repurchased $67 million , $61 million and $153 million , respectively, in aggregate principal amount of the surplus notes. Cumulatively, since December 2007, MRC repurchased $1.5 billion in aggregate principal amount of the surplus notes as of December 31, 2019 . Payments made by the Company in 2019 , 2018 and 2017 associated with the repurchases were exclusive of accrued interest on the surplus notes. In connection with the repurchases for the years ended December 31, 2019 , 2018 and 2017 , the Company received payments in the aggregate amount of $9 million , $7 million and $20 million , respectively, from the unaffiliated financial institution, which reduced the amount receivable from the unaffiliated financial institution by the same amounts. 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 for the years ended December 31, 2019 , 2018 or 2017 . 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. For the years ended December 31, 2019 and 2018, MRC transferred $2 million and $97 million , respectively, to the trust out of its general account. For the year ended December 31, 2017 , MRC transferred $3 million out of the trust to its general account. The assets are principally invested in fixed maturity securities AFS 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, 2019 | |
Junior Subordinated Notes [Abstract] | |
Junior Subordinated Debt Securities | 15. 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, 2019 2018 Issuer Issue Date Interest Rate (1) Scheduled Redemption Date Interest Rate Subsequent to Scheduled Redemption Date (2) Final Maturity Face Value Unamortized Discount and Issuance Costs Carrying Value Face Unamortized Carrying Value (In millions) MetLife, Inc. December 2006 6.400% December 2036 LIBOR + 2.205% December 2066 $ 1,250 $ (18 ) $ 1,232 $ 1,250 $ (19 ) $ 1,231 MetLife Capital Trust IV (3) December 2007 7.875% December 2037 LIBOR + 3.960% December 2067 700 (15 ) 685 700 (16 ) 684 MetLife, Inc. April 2008 9.250% April 2038 LIBOR + 5.540% April 2068 750 (10 ) 740 750 (11 ) 739 MetLife, Inc. July 2009 10.750% August 2039 LIBOR + 7.548% August 2069 500 (7 ) 493 500 (7 ) 493 $ 3,200 $ (50 ) $ 3,150 $ 3,200 $ (53 ) $ 3,147 _________________ (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) MetLife Capital Trust IV is a VIE which is consolidated on the financial statements of the Company. The securities issued by this entity 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. 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, Inc.’s 9.250% Fixed-to-Floating Rate Junior Subordinated Debentures 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 $261 million , $258 million and $258 million for the years ended December 31, 2019 , 2018 and 2017 , respectively, which is included in other expenses. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Equity | 16. Equity Preferred Stock Preferred stock authorized, issued and outstanding was as follows at both December 31, 2019 and 2018 : Series Shares Shares Shares Series A preferred stock 27,600,000 24,000,000 24,000,000 Series C preferred stock 1,500,000 1,500,000 1,500,000 Series D preferred stock 500,000 500,000 500,000 Series E preferred stock 32,200 32,200 32,200 Series A Junior Participating Preferred Stock 10,000,000 — — Not designated 160,367,800 — — Total 200,000,000 26,032,200 26,032,200 In June 2018, MetLife, Inc. issued 32,200 shares of 5.625% Non-Cumulative Preferred Stock, Series E (the “Series E preferred stock”) with a $0.01 par value per share and a liquidation preference of $25,000 per share, for aggregate net proceeds of $780 million . MetLife, Inc. deposited the Series E preferred stock under a deposit agreement with a depositary, which issued interests in fractional shares of the Series E preferred stock in the form of depositary shares (“Series E Depositary Shares”) evidenced by depositary receipts; each Series E Depositary Share representing 1/1,000th interest in a share of the Series E preferred stock. In connection with the offering of the Series E Depositary Shares, MetLife, Inc. incurred approximately $25 million of issuance costs which have been recorded as a reduction of additional paid-in capital. In March 2018, MetLife, Inc. issued 500,000 shares of 5.875% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series D (the “Series D preferred stock”) with a $0.01 par value per share and a liquidation preference of $1,000 per share, for aggregate net proceeds of $494 million . In connection with the offering of the Series D preferred stock, MetLife, Inc. incurred $6 million of issuance costs which have been recorded as a reduction of additional paid-in capital. See Note 23 for information on MetLife, Inc.’s issuance of preferred stock subsequent to December 31, 2019 . 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 thereof. 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. The table below presents the dividend rates of MetLife, Inc.’s preferred stock outstanding at December 31, 2019 : Series Per Annum Dividend Rate A Three-month LIBOR + 1.00%, with floor of 4.00%, payable quarterly in March, June, September and December C 5.250% from issuance date to, but excluding, June 15, 2020, payable semiannually in June and December; three-month LIBOR + 3.575%, payable quarterly in March, June, September and December, thereafter D 5.875% from issuance date to, but excluding, March 15, 2028, payable semiannually in March and September commencing in September 2018; three-month LIBOR + 2.959% payable quarterly in March, June, September and December, thereafter E 5.625% from issuance date, payable quarterly in March, June, September and December, commencing in September 2018 In the table above, dividends on each series of preferred stock are payable in arrears for the periods specified, if declared. MetLife, Inc. is prohibited from declaring dividends on the Floating Rate Non-Cumulative Preferred Stock, Series A (the “Series A preferred stock”) if it fails to meet specified capital adequacy, net income and stockholders’ equity levels. 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 5.25% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C (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. MetLife, Inc. may, at its option, redeem the Series D preferred stock, (i) in whole but not in part at any time prior to March 15, 2028, within 90 days after the occurrence of a “rating agency event,” at a redemption price equal to $1,020 per share of Series D preferred stock, plus an amount equal to any dividends per share that have accrued but have not been declared and paid for the then-current dividend period to, but excluding, the redemption date; (ii) in whole but not in part, at any time prior to March 15, 2028, within 90 days after the occurrence of a “regulatory capital event”; and (iii) in whole or in part, at any time or from time to time, on or after March 15, 2028, in the case of (ii) or (iii), at a redemption price equal to $1,000 per share of Series D preferred stock, 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. MetLife, Inc. may, at its option, redeem the Series E preferred stock, (i) in whole but not in part at any time prior to June 15, 2023, within 90 days after the occurrence of a “rating agency event,” at a redemption price equal to $25,500 per share of Series E preferred stock (equivalent to $25.50 per Series E Depositary Share), plus an amount equal to any dividends per share that have accrued but have not been declared and paid for the then-current dividend period to, but excluding, the redemption date; (ii) in whole but not in part, at any time prior to June 15, 2023, within 90 days after the occurrence of a “regulatory capital event”; and (iii) in whole or in part, at any time or from time to time, on or after June 15, 2023, in the case of (ii) or (iii), at a redemption price equal to $25,000 per share of Series E preferred stock (equivalent to $25 per Series E Depositary 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 “rating agency event” means that any nationally recognized statistical rating organization that then publishes a rating for MetLife, Inc. amends, clarifies or changes the criteria used to assign equity credit to securities like the Series D preferred stock or Series E preferred stock, which results in the lowering of the equity credit assigned to the Series D preferred stock or Series E preferred stock, as applicable, or shortens the length of time that the Series D preferred stock or Series E preferred stock, as applicable, is assigned a particular level of equity credit. 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) of any capital regulator, including but not limited to the Board of Governors of the Federal Reserve System (the “Federal Reserve Board”), the Federal Insurance Office, the National Association of Insurance Commissioners (“NAIC”) or any state insurance regulator as may then have group-wide oversight of MetLife, Inc.’s regulatory capital, from rules (or the interpretation or application thereof) in effect as of March 22, 2018, in the case of the Series D preferred stock, or June 4, 2018, in the case of the Series E preferred stock, that would create a more than insubstantial risk, as determined by MetLife, Inc., that the Series D preferred stock or the Series E preferred stock, as applicable, would not be treated as “Tier 1 capital” or as capital with attributes similar to those of Tier 1 capital, except that a “regulatory capital event” will not include a change or proposed change (or the interpretation or application thereof) that would result in the adoption of any criteria substantially the same as the criteria in the capital adequacy rules of the Federal Reserve Board applicable to bank holding companies as of March 22, 2018, in the case of the Series D preferred stock, or June 4, 2018, in the case of the Series E preferred stock. On December 31, 2018, RCCs related to the Series A preferred stock and the Series C preferred stock expired. The declaration, record and payment dates, as well as per share and aggregate dividend amounts, for MetLife, Inc.’s preferred stock were as follows for the years ended December 31, 2019 , 2018 and 2017 : Preferred Stock Dividend Series A Series C Series D Series E Declaration Date Record Date Payment Date Per Share Aggregate Per Share Aggregate Per Share Aggregate Per Share Aggregate (In millions, except per share data) Year Ended December 31, 2019 November 15, 2019 December 1, 2019 December 16, 2019 $ 0.253 $ 6 $ — $ — $ — $ — $ — $ — November 15, 2019 November 30, 2019 December 16, 2019 — — 26.250 40 — — 351.563 11 August 15, 2019 September 1, 2019 September 16, 2019 0.253 6 — — — — — — August 15, 2019 August 31, 2019 September 16, 2019 — — — — 29.375 15 351.563 11 May 15, 2019 May 31, 2019 June 17, 2019 0.261 6 26.250 39 — — 351.563 12 March 5, 2019 February 28, 2019 March 15, 2019 0.250 6 — — — — — — February 15, 2019 February 28, 2019 March 15, 2019 — — — — 29.375 15 351.563 11 Total $ 1.017 $ 24 $ 52.500 $ 79 $ 58.750 $ 30 $ 1,406.252 $ 45 Year Ended December 31, 2018 November 15, 2018 November 30, 2018 December 17, 2018 $ 0.253 $ 6 $ 26.250 $ 40 $ — $ — $ 351.563 $ 11 August 15, 2018 August 31, 2018 September 17, 2018 0.256 6 — — 28.233 14 394.531 12 May 15, 2018 May 31, 2018 June 15, 2018 0.256 7 26.250 39 — — — — March 5, 2018 February 28, 2018 March 15, 2018 0.250 6 — — — — — — Total $ 1.015 $ 25 $ 52.500 $ 79 $ 28.233 $ 14 $ 746.094 $ 23 Year Ended December 31, 2017 November 15, 2017 November 30, 2017 December 15, 2017 $ 0.253 $ 6 $ 26.250 $ 39 $ — $ — $ — $ — August 15, 2017 August 31, 2017 September 15, 2017 0.256 6 — — — — — — May 15, 2017 May 31, 2017 June 15, 2017 0.256 7 26.250 39 — — — — March 6, 2017 February 28, 2017 March 15, 2017 0.250 6 — — — — — — Total $ 1.015 $ 25 $ 52.500 $ 78 $ — $ — $ — $ — See Note 23 for information on subsequent preferred stock dividends declared. Common Stock Issuances For the years ended December 31, 2019 , 2018 and 2017 , MetLife, Inc. issued 5,856,057 shares, 3,114,141 shares and 4,680,116 shares of its common stock for $199 million , $108 million and $158 million , respectively, in connection with stock option exercises and other stock-based awards. There were no shares of common stock issued from treasury stock for each of the years ended December 31, 2019 , 2018 and 2017 . Repurchase Authorizations MetLife, Inc. announced that its Board of Directors authorized common stock repurchases as follows: Authorization Remaining at Announcement Date Authorization Amount December 31, 2019 (In millions) July 31, 2019 $ 2,000 $ 985 November 1, 2018 $ 2,000 $ — May 22, 2018 $ 1,500 $ — November 1, 2017 $ 2,000 $ — 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 subject to the discretion of MetLife, Inc.’s Board of Directors and will depend upon 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, applicable regulatory approvals, and other legal and accounting factors. For the years ended December 31, 2019 , 2018 and 2017 , MetLife, Inc. repurchased 49,131,501 shares, 88,029,138 shares and 56,599,540 shares under these repurchase authorizations for $2.3 billion , $4.0 billion , and $2.9 billion , respectively. At December 31, 2019 , MetLife, Inc. had $985 million remaining under its common stock repurchase authorization. See Note 23 for information on subsequent common stock repurchases. Dividends The declaration, record and payment dates, as well as per share and aggregate dividend amounts, for MetLife, Inc.’s common stock were as follows for the years ended December 31, 2019 , 2018 and 2017 : Common Stock Dividend Declaration Date Record Date Payment Date Per Share Aggregate (In millions, except per share data) Year Ended December 31, 2019 October 22, 2019 November 5, 2019 December 13, 2019 $ 0.440 $ 406 July 8, 2019 August 6, 2019 September 13, 2019 0.440 413 April 23, 2019 May 7, 2019 June 13, 2019 0.440 419 January 7, 2019 February 5, 2019 March 13, 2019 0.420 405 Total $ 1.740 $ 1,643 Year Ended December 31, 2018 October 23, 2018 November 6, 2018 December 13, 2018 $ 0.420 $ 415 July 6, 2018 August 6, 2018 September 13, 2018 0.420 419 April 24, 2018 May 7, 2018 June 13, 2018 0.420 428 January 5, 2018 February 5, 2018 March 13, 2018 0.400 416 Total $ 1.660 $ 1,678 Year Ended December 31, 2017 October 24, 2017 November 6, 2017 December 13, 2017 $ 0.400 $ 422 July 7, 2017 August 7, 2017 September 13, 2017 0.400 427 April 25, 2017 May 8, 2017 June 13, 2017 0.400 431 January 6, 2017 February 6, 2017 March 13, 2017 0.400 437 Total $ 1.600 $ 1,717 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 Insurance Company (“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, Performance Shares or Performance Share Units, Restricted Stock or Restricted Stock 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, 2019 . MetLife, Inc. granted all awards to employees and agents in 2019 under the 2015 Stock Plan. The aggregate number of Shares authorized for issuance under the 2015 Stock Plan at December 31, 2019 was 35,579,009 . With the exception of cash-settled awards and Performance Shares MetLife, Inc. granted in 2013 through 2018, which are re-measured quarterly, 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 MetLife observes a material deviation from the assumed forfeiture rate 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 principally relates 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. Awards that have become payable in Shares but the issuance of which has been deferred (“Deferred Shares”), payable to employees or agents related to awards under all plans equaled 902,102 Shares at December 31, 2019 . MetLife granted cash-settled awards based in whole or in part on the price of Shares or changes in the price of Shares (“Phantom Stock-Based 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, 2019 were Stock-Based Awards that vested immediately. As a result, no awards under the 2005 Director Stock Plan or 2015 Director Stock Plan remained outstanding at December 31, 2019 . The aggregate number of Shares authorized for issuance under the 2015 Director Stock Plan at December 31, 2019 was 1,612,301 . MetLife recognizes compensation expense related to awards under the 2015 Director Stock Plan based on the number of Shares awarded. Deferred Shares payable to Directors related to awards under the 2005 Director Stock Plan, 2015 Director Stock Plan, or earlier applicable plans equaled 275,521 Shares at December 31, 2019 . 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, 2019 2018 2017 (In millions) Stock Options and Unit Options $ 7 $ 6 $ 8 Performance Shares and Performance Units (1) 89 23 62 Restricted Stock Units and Restricted Units 54 57 58 Total compensation expense $ 150 $ 86 $ 128 Income tax benefit $ 32 $ 18 $ 45 __________________ (1) The Company may further adjust the number of Performance Shares and Performance Units it expects to vest, and the related compensation expense, if management changes its estimate of the most likely final performance factor. 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, 2019 Expense Weighted Average Period (In millions) (Years) Stock Options $ 3 1.74 Performance Shares $ 31 1.69 Restricted Stock Units $ 39 1.91 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 (“NYSE”) on the date of grant and have a maximum term of 10 years. The majority of Stock Options MetLife, Inc. has granted have 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. Stock Option Activity A summary of the activity related to Stock Options was as follows: Shares Weighted Weighted Aggregate (Years) (In millions) Outstanding at January 1, 2019 12,355,294 $ 36.70 3.56 $ 66 Granted 657,226 $ 44.65 Exercised (3,846,478 ) $ 32.38 Expired (2) (113,847 ) $ 28.35 Forfeited (3) (40,872 ) $ 44.97 Outstanding at December 31, 2019 9,011,323 $ 39.20 3.73 $ 106 Vested and expected to vest at December 31, 2019 8,996,220 $ 39.20 3.73 $ 106 Exercisable at December 31, 2019 7,833,189 $ 38.28 3.02 $ 99 __________________ (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, 2019 of $50.97 and December 31, 2018 of $41.06 , as applicable. (2) Expired options were exercisable, but unexercised, as of their expiration date. (3) Forfeited awards were either (a) unvested or unexercisable at the end of the awardholder’s employment, where the awardholder did not meet the criteria for post-employment award continuation; or (b) held by awardholders the Company terminated from employment for cause as defined in the terms of the awards. 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 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. MetLife bases expected volatility on 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 Company’s binomial lattice model 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. The Company determines dividend yield 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 Company’s binomial lattice model incorporates the term of the Stock Options, 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 model’s exercise behavior 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: Years Ended December 31, 2019 2018 2017 Dividend yield 3.76% 3.52% 3.05% Risk-free rate of return 2.52% - 3.32% 2.02% - 3.40% 0.94% - 3.22% Expected volatility 30.27% 34.18% 34.19% Exercise multiple 1.43 1.43 1.43 Post-vesting termination rate 3.86% 3.77% 2.94% Contractual term (years) 10 10 10 Expected life (years) 6 6 6 Weighted average exercise price of stock options granted $44.65 $45.50 $46.85 Weighted average fair value of stock options granted $10.36 $11.87 $12.36 The following table presents a summary of Stock Option exercise activity: Years Ended December 31, 2019 2018 2017 (In millions) Total intrinsic value of stock options exercised $ 60 $ 24 $ 59 Cash received from exercise of stock options $ 125 $ 54 $ 116 Income tax benefit realized from stock options exercised $ 13 $ 5 $ 20 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 2018 – 2020 and earlier performance periods in progress through December 31, 2019 , the vested Performance Shares will be multiplied by a performance factor of 0% to 175% that the MetLife, Inc. Compensation Committee will determine in its discretion (subject to MetLife, Inc. meeting threshold performance goals related to its adjusted income or total shareholder return). In doing so, the Compensation Committee may consider MetLife, Inc.’s total shareholder return relative to the performance of its competitors and adjusted return on MetLife, Inc.’s common stockholders’ equity relative to its financial plan. MetLife estimates the fair value of Performance Shares each quarter until they become payable. For awards granted for the 2019 – 2021 and later performance periods in progress through December 31, 2019, the vested Performance Shares will be multiplied by a performance factor of 0% to 175% that the MetLife, Inc. Compensation Committee will determine by (a) the Company’s annual adjusted return on equity performance over the three-year period compared to the Company’s three-year business plan goal; (b) the Company’s total shareholder return over the same three-year period compared to a peer group of companies; and (c) a cap of 100% if the Company’s total shareholder return for the three-year period is zero or less. The Compensation Committee will exclude the impact of a “Significant Event” from the Company’s adjusted return on equity or the business plan goal, to the extent the Committee determines in its informed judgment that the event changed the adjusted return on equity performance factor component. “Significant Events” include accounting changes, business combinations, restructuring, nonrecurring tax events, common share issuance or repurchases, catastrophes, litigation and regulatory settlements, asbestos and environment events, certain specified classes of non-coupon investments, and other significant nonrecurring, infrequent, or unusual items. The performance factor for the 2016 - 2018 performance period was 87.7% . 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 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. 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, 2019 4,044,234 $ 34.18 2,946,269 $ 38.52 Granted 1,645,468 $ 39.35 1,610,594 $ 39.71 Forfeited (2) (149,114 ) $ 41.29 (161,131 ) $ 40.37 Payable (3) (1,594,846 ) $ 34.30 (1,501,304 ) $ 36.16 Outstanding at December 31, 2019 3,945,742 $ 43.40 2,894,428 $ 40.31 Vested and expected to vest at December 31, 2019 3,872,543 $ 43.40 2,837,658 $ 40.31 __________________ (1) Values for awards outstanding at January 1, 2019 , represent weighted average number of awards multiplied by the fair value per Share at December 31, 2018 . Otherwise, all values represent weighted average of number of awards multiplied by the fair value per Share at December 31, 2019 . Fair value of Restricted Stock Units on December 31, 2019 was equal to Grant Date fair value. (2) Forfeited awards were either (a) unvested or unexercisable at the end of the awardholder’s employment, where the awardholder did not meet the criteria for post-employment award continuation; or (b) held by awardholders the Company terminated from employment for cause as defined in the terms of the awards. (3) Includes both Shares paid and Deferred Shares for later payment. Performance Share amounts above represent aggregate awards at target, and do not reflect potential increases or decreases that may result from the performance factor. At December 31, 2019 , the performance period for the 2017 — 2019 Performance Share grants was completed, but the performance factor had not yet been determined. Included in the immediately preceding table are 1,068,099 outstanding Performance Shares to which the 2017 — 2019 performance factor will be applied. Liability Awards (Phantom Stock-Based Awards) Certain MetLife subsidiaries have a liability for Phantom Stock-Based Awards in the f |
Other Revenues and Other Expens
Other Revenues and Other Expenses | 12 Months Ended |
Dec. 31, 2019 | |
Other Income and Expenses [Abstract] | |
Other Revenues and Other Expenses Disclosure | 17. Other Revenues and Other Expenses Other Revenues Information on other revenues, which primarily includes fees related to service contracts from customers, was as follows: Years Ended December 31, 2019 2018 (In millions) Prepaid legal plans $ 347 $ 296 Fee-based investment management 286 293 Recordkeeping and administrative services (1) 206 221 Administrative services-only contracts 210 205 Other revenue from service contracts from customers 240 241 Total revenues from service contracts from customers 1,289 1,256 Other 553 624 Total other revenues $ 1,842 $ 1,880 __________________ (1) Related to products and businesses no longer actively marketed by the Company. Other Expenses Information on other expenses was as follows: Years Ended December 31, 2019 2018 2017 (In millions) Employee related costs (1) $ 3,665 $ 3,664 $ 3,595 Third party staffing costs 1,755 1,703 1,693 General and administrative expenses 901 910 1,129 Pension, postretirement and postemployment benefit costs 233 185 307 Premium taxes, other taxes, and licenses & fees 674 758 842 Commissions and other variable expenses 6,001 5,707 5,387 Capitalization of DAC (3,358 ) (3,254 ) (3,002 ) Amortization of DAC and VOBA 2,896 2,975 2,681 Amortization of negative VOBA (33 ) (56 ) (140 ) Interest expense on debt 955 1,122 1,129 Total other expenses $ 13,689 $ 13,714 $ 13,621 __________________ (1) Includes ($219) million , $0 and ($124) million for the years ended December 31, 2019 , 2018 and 2017 , respectively, for the net change in cash surrender value of investments in certain life insurance policies, net of premiums paid. 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. Expenses related to Debt See Notes 13 , 14 , and 15 Restructuring Charges In December 2019, the Company incurred the remaining restructuring charges related to its unit cost improvement program. During this program period, restructuring charges were included in other expenses and reported in Corporate & Other. Such restructuring charges were as follows: Years Ended December 31, 2019 2018 2017 Severance (In millions) Balance at January 1, $ 23 $ 22 $ 35 Restructuring charges 108 63 38 Cash payments (74 ) (62 ) (51 ) Balance at December 31, $ 57 $ 23 $ 22 Total severance charges incurred since inception of initiative $ 244 $ 136 $ 73 In addition to the above severance charges, the Company recognized lease and asset impairment charges of $43 million and $12 million for the years ended December 31, 2019 and 2018, respectively. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | 18. Employee Benefit Plans Pension and Other Postretirement Benefit Plans Certain subsidiaries of MetLife, Inc. sponsor a U.S. qualified and various U.S. and non-U.S. nonqualified defined benefit pension plans covering employees 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 final 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. In September 2018, the U.S. qualified and nonqualified defined benefit pension plans were amended, effective January 1, 2023, to provide benefits accruals for all active participants under the cash balance formula and to cease future accruals under the traditional formula. 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. and non-U.S. retired employees. U.S. 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. U.S. employees hired after 2003 are not eligible for any employer subsidy for postretirement medical benefits. In September 2018, the U.S. postretirement medical and life insurance benefit plans were amended, effective January 1, 2023, to discontinue the accrual of the employer subsidy credits for eligible employees. 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, 2019 December 31, 2018 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 $ 10,824 $ 1,126 $ 11,950 $ 1,247 $ 42 $ 1,289 $ 9,580 $ 1,011 $ 10,591 $ 1,288 $ 36 $ 1,324 Estimated fair value of plan assets 9,742 488 10,230 1,441 27 1,468 8,615 333 8,948 1,334 26 1,360 Over (under) funded status $ (1,082 ) $ (638 ) $ (1,720 ) $ 194 $ (15 ) $ 179 $ (965 ) $ (678 ) $ (1,643 ) $ 46 $ (10 ) $ 36 Net periodic benefit costs $ 244 $ 92 $ 336 $ (70 ) $ 3 $ (67 ) $ 176 $ 83 $ 259 $ (66 ) $ 2 $ (64 ) Obligations and Funded Status December 31, 2019 2018 Pension Other Postretirement Benefits Pension Other Postretirement Benefits (In millions) Change in benefit obligations: Benefit obligations at January 1, $ 10,591 $ 1,324 $ 11,409 $ 1,674 Service costs 214 5 223 6 Interest costs 425 53 391 55 Plan participants’ contributions — 32 — 30 Plan amendments 3 — (110 ) (7 ) Net actuarial (gains) losses (2) 1,360 (31 ) (713 ) (348 ) Acquisition, divestitures, settlements and curtailments (5 ) (3 ) (6 ) 13 Benefits paid (647 ) (93 ) (623 ) (97 ) Effect of foreign currency translation 9 2 20 (2 ) Benefit obligations at December 31, 11,950 1,289 10,591 1,324 Change in plan assets: Estimated fair value of plan assets at January 1, 8,948 1,360 9,688 1,434 Actual return on plan assets 1,619 173 (423 ) (27 ) Acquisition, divestitures and settlements (5 ) (3 ) (5 ) 16 Plan participants’ contributions — 32 — 32 Employer contributions 311 (2 ) 306 4 Benefits paid (647 ) (93 ) (623 ) (97 ) Effect of foreign currency translation 4 1 5 (2 ) Estimated fair value of plan assets at December 31, 10,230 1,468 8,948 1,360 Over (under) funded status at December 31, $ (1,720 ) $ 179 $ (1,643 ) $ 36 Amounts recognized on the consolidated balance sheets: Other assets $ 147 $ 617 $ 135 $ 373 Other liabilities (1,867 ) (438 ) (1,778 ) (337 ) Net amount recognized $ (1,720 ) $ 179 $ (1,643 ) $ 36 AOCI: Net actuarial (gains) losses $ 3,009 $ (359 ) $ 2,979 $ (269 ) Prior service costs (credit) (100 ) (2 ) (118 ) (14 ) AOCI, before income tax $ 2,909 $ (361 ) $ 2,861 $ (283 ) Accumulated benefit obligation $ 11,616 N/A $ 10,301 N/A __________________ (1) Includes nonqualified unfunded plans, for which the aggregate PBO was $1.2 billion and $1.1 billion at December 31, 2019 and 2018 , respectively. (2) Significant sources of actuarial (gains) losses for pension and other postretirement benefits during 2019 include the impact of changes to the financial assumptions of $1.2 billion and $66 million , respectively, and plan experience of $103 million and ($97) million , respectively. Significant sources of actuarial (gains) losses for pension and other postretirement benefits during 2018 include the impact of changes to the financial assumptions of ($796) million and ($192) million , respectively, demographic assumptions of $23 million and ($48) million , respectively, and plan experience of $60 million and ($108) million , respectively. Information for pension plans and other postretirement benefit plans with PBOs and/or accumulated benefit obligations (“ABO”) or APBO in excess of plan assets was as follows at: December 31, 2019 2018 2019 2018 2019 2018 PBO Exceeds Estimated Fair Value of Plan Assets ABO Exceeds Estimated Fair Value of Plan Assets APBO Exceeds Estimated Fair Value of Plan Assets (In millions) Projected benefit obligations $ 2,287 $ 2,021 $ 2,227 $ 1,999 N/A N/A Accumulated benefit obligations $ 2,162 $ 1,921 $ 2,113 $ 1,906 N/A N/A Accumulated postretirement benefit obligations N/A N/A N/A N/A $ 812 $ 724 Estimated fair value of plan assets $ 487 $ 301 $ 430 $ 280 $ 375 $ 388 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, 2019 2018 2017 Pension Benefits Other Postretirement Benefits Pension Benefits Other Postretirement Benefits Pension Benefits Other Postretirement Benefits (In millions) Net periodic benefit costs: Service costs $ 214 $ 5 $ 223 $ 6 $ 238 $ 6 Interest costs 425 53 391 55 429 76 Settlement and curtailment costs — 2 (1 ) — 4 2 Expected return on plan assets (489 ) (67 ) (533 ) (71 ) (516 ) (72 ) Amortization of net actuarial (gains) losses 201 (48 ) 182 (34 ) 195 — Amortization of prior service costs (credit) (15 ) (12 ) (3 ) (20 ) (1 ) (22 ) Total net periodic benefit costs (credit) 336 (67 ) 259 (64 ) 349 (10 ) Other changes in plan assets and benefit obligations recognized in OCI: Net actuarial (gains) losses 231 (138 ) 244 (248 ) 149 (146 ) Prior service costs (credit) 3 — (110 ) (7 ) (1 ) — Amortization of net actuarial (gains) losses (201 ) 48 (182 ) 34 (195 ) — Amortization of prior service (costs) credit 15 12 3 20 1 22 Disposal of subsidiary — — — — (30 ) 2 Total recognized in OCI 48 (78 ) (45 ) (201 ) (76 ) (122 ) Total recognized in net periodic benefit costs and OCI $ 384 $ (145 ) $ 214 $ (265 ) $ 273 $ (132 ) Assumptions Assumptions used in determining benefit obligations for the U.S. plans were as follows: Pension Benefits Other Postretirement Benefits December 31, 2019 Weighted average discount rate 3.30% 3.45% Weighted average interest crediting rate 3.99% N/A Rate of compensation increase 2.25% - 8.50% N/A December 31, 2018 Weighted average discount rate 4.35% 4.35% Weighted average interest crediting rate 4.09% N/A 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, 2019 Weighted average discount rate 4.35% 4.35% Weighted average interest crediting rate 4.01% N/A Weighted average expected rate of return on plan assets 5.75% 5.04% Rate of compensation increase 2.25% - 8.50% N/A Year Ended December 31, 2018 Weighted average discount rate 3.65% 3.70% Weighted average interest crediting rate 4.13% N/A Weighted average expected rate of return on plan assets 5.75% 5.11% Rate of compensation increase 2.25% - 8.50% N/A Year Ended December 31, 2017 Weighted average discount rate 4.30% 4.45% Weighted average interest crediting rate 5.46% N/A Weighted average expected rate of return on plan assets 6.00% 5.36% Rate of compensation increase 2.25% - 8.50% 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 measurement 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 2020 is currently anticipated to be 5.50% for U.S. pension benefits and 4.31% for U.S. other postretirement benefits. The weighted average interest crediting rate is determined annually based on the plan selected rate, long-term financial forecasts of that rate and the demographics of the plan participants. The assumed healthcare costs trend rates used in measuring the APBO and net periodic benefit costs were as follows: December 31, 2019 2018 Before Age 65 Age 65 and older Before Age 65 Age 65 and older Following year 4.9 % (1.0 %) 5.4 % 2.8 % Ultimate rate to which cost increase is assumed to decline 3.8 % 3.8 % 3.9 % 4.2 % Year in which the ultimate trend rate is reached 2074 2074 2080 2097 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 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 securities AFS, equity securities, derivatives, real estate and private equity investments. The assets backing the retiree life coverage also utilize insurance contracts issued by the Company’s insurance affiliate and are held in a general account Life Insurance Funding Agreement. 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, 2019 for the Invested Plans: December 31, 2019 2018 U.S. Pension U.S. Other Postretirement Benefits (1) U.S. Pension Benefits U.S. Other Postretirement Benefits (1) Target Actual Target Actual Actual Allocation Actual Allocation Asset Class Fixed maturity securities AFS 82 % 81 % 95 % 95 % 82 % 82 % Equity securities (2) 15 % 12 % 5 % 5 % 10 % 18 % Alternative securities (3) 3 % 7 % — % — % 8 % — % Total assets 100 % 100 % 100 % 100 % __________________ (1) U.S. other postretirement benefits do not reflect postretirement life’s plan assets invested in fixed maturity securities AFS. (2) Equity securities percentage includes derivative assets. (3) Alternative securities primarily include 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, 2019 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 AFS: Corporate $ — $ 3,750 $ — $ 3,750 $ — $ 278 $ — $ 278 U.S. government bonds 1,599 457 — 2,056 259 — — 259 Foreign bonds — 996 — 996 — 63 — 63 Federal agencies — 106 — 106 — 9 — 9 Municipals — 280 — 280 — 20 — 20 Short-term investments — 192 — 192 24 383 — 407 Other (1) 328 620 — 948 151 219 3 373 Total fixed maturity securities AFS 1,927 6,401 — 8,328 434 972 3 1,409 Equity securities 962 215 — 1,177 59 — — 59 Other investments 23 3 686 712 — — — — Derivative assets 10 3 — 13 — — — — Total assets $ 2,922 $ 6,622 $ 686 $ 10,230 $ 493 $ 972 $ 3 $ 1,468 December 31, 2018 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 AFS: Corporate $ — $ 3,350 $ 1 $ 3,351 $ — $ 313 $ — $ 313 U.S. government bonds 1,314 471 — 1,785 268 — — 268 Foreign bonds — 837 — 837 — 90 — 90 Federal agencies — 88 — 88 — 16 — 16 Municipals — 240 — 240 — 29 — 29 Short-term investments 1 198 — 199 1 397 — 398 Other (1) 210 590 1 801 3 69 — 72 Total fixed maturity securities AFS 1,525 5,774 2 7,301 272 914 — 1,186 Equity securities 706 195 — 901 155 18 — 173 Other investments 20 — 688 708 — — — — Derivative assets 33 4 1 38 1 — — 1 Total assets $ 2,284 $ 5,973 $ 691 $ 8,948 $ 428 $ 932 $ — $ 1,360 __________________ (1) 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) Fixed Maturity Securities AFS: Corporate Other (1) Equity Securities Other Investments Derivative Assets (In millions) Balance, January 1, 2018 $ 1 $ 10 $ 3 $ 622 $ — Realized gains (losses) — — — — — Unrealized gains (losses) — — — 23 — Purchases, sales, issuances and settlements, net — (3 ) — 43 — Transfers into and/or out of Level 3 — (6 ) (3 ) — 1 Balance, December 31, 2018 $ 1 $ 1 $ — $ 688 $ 1 Realized gains (losses) — — — — — Unrealized gains (losses) — — — (1 ) (1 ) Purchases, sales, issuances and settlements, net (1 ) 2 — (1 ) — Transfers into and/or out of Level 3 — — — — — Balance, December 31, 2019 $ — $ 3 $ — $ 686 $ — __________________ (1) Other includes ABS and collateralized mortgage obligations. For the year ended December 31, 2018 , there were no o ther postretirement benefit plan assets measured at estimated fair value on a recurring basis using significant unobservable (Level 3) inputs. 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 expected to be required for 2020 . The subsidiaries expect to make discretionary contributions to the qualified pension plan of $125 million in 2020 . 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 provisions of the plans, and therefore benefit payments equal employer contributions. The U.S. subsidiaries expect to make contributions of $70 million to fund the benefit payments in 2020 . 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 $40 million towards benefit obligations in 2020 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) 2020 $ 649 $ 78 2021 $ 658 $ 74 2022 $ 670 $ 73 2023 $ 688 $ 72 2024 $ 711 $ 74 2025-2029 $ 3,690 $ 361 Defined Contribution Plans Certain subsidiaries sponsor defined contribution plans under which a portion of employee contributions are matched. These subsidiaries contributed $96 million , $63 million and $72 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. |
Income Tax
Income Tax | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Tax | 19. Income Tax The provision for income tax from continuing operations was as follows: Years Ended December 31, 2019 2018 2017 (In millions) Current: U.S. federal $ (189 ) $ (207 ) $ (246 ) U.S. state and local 4 11 5 Non-U.S. 850 932 891 Subtotal 665 736 650 Deferred: U.S. federal (235 ) 342 (2,373 ) Non-U.S. 456 101 253 Subtotal 221 443 (2,120 ) Provision for income tax expense (benefit) $ 886 $ 1,179 $ (1,470 ) The Company’s income (loss) from continuing operations before income tax expense (benefit) was as follows: Years Ended December 31, 2019 2018 2017 (In millions) Income (loss) from continuing operations: U.S. $ 2,094 $ (803 ) $ 684 Non-U.S. 4,701 7,110 2,852 Total $ 6,795 $ 6,307 $ 3,536 The reconciliation of the income tax provision at the U.S. statutory rate (21% in 2019 and 2018; 35% in 2017) to the provision for income tax as reported for continuing operations was as follows: Years Ended December 31, 2019 2018 2017 (In millions) Tax provision at U.S. statutory rate $ 1,427 $ 1,325 $ 1,238 Tax effect of: Dividend received deduction (37 ) (35 ) (67 ) Tax-exempt income (64 ) (29 ) (97 ) Prior year tax (1) (179 ) (197 ) (27 ) Low income housing tax credits (254 ) (284 ) (278 ) Other tax credits (52 ) (79 ) (102 ) Foreign tax rate differential (2), (3), (4) 395 335 (95 ) Change in valuation allowance (22 ) (2 ) (8 ) Separation tax benefits — — (540 ) U.S. Tax Reform impact (5), (6), (7) (326 ) 78 (1,519 ) Other, net (8) (2 ) 67 25 Provision for income tax expense (benefit) $ 886 $ 1,179 $ (1,470 ) __________________ (1) As discussed further below, prior year tax includes a non-cash benefit related to an uncertain tax position of $158 million and $168 million for the years ended December 31, 2019 and 2018, respectively. (2) For the year ended December 31, 2019, foreign tax rate differential includes tax charges of $61 million from the definitive agreement to sell MetLife Hong Kong and $12 million related to the U.S. tax on Global Intangible Low-Taxed Income (“GILTI”), of which $35 million is a current year charge offset by a $23 million tax benefit revising the 2018 estimate. (3) For the year ended December 31, 2018 , foreign tax rate differential includes tax charges of $45 million related to GILTI, $17 million related to a tax adjustment in Chile and $13 million from changes in the valuation of the peso in Argentina. (4) For the year ended December 31, 2017, foreign tax rate differential includes a net tax charge of $180 million as a result of repatriation. Included in the net tax charge of $180 million is a $444 million tax charge related to the repatriation of approximately $3.0 billion of pre-2017 earnings following the post-Separation review of the Company’s capital needs. This charge was partially offset by a $264 million tax benefit associated with dividends from other non-U.S. operations. This charge was recorded prior to U.S. Tax Reform. (5) For the year ended December 31, 2019, U.S. Tax Reform impact includes a $317 million tax benefit related to the deemed repatriation transition tax and $9 million related to the effect of sequestration on the alternative minimum tax credit. (6) For the year ended December 31, 2018 , U.S. Tax Reform impact includes a $468 million tax charge related to the deemed repatriation transition tax, offset by a $390 million tax benefit related to the adjustment of deferred taxes due to the U.S. tax rate change. This excludes $12 million of tax provision at the U.S. statutory rate for a total tax reform charge of $66 million . (7) For the year ended December 31, 2017, U.S. Tax Reform impact of ($1.5) billion excludes ($101) million of tax provision at the U.S. statutory rate for a total tax reform benefit of ($1.6) billion . (8) For the year ended December 31, 2018 , other includes tax charges of $69 million related to the non-deductible loss incurred on the mark-to-market and exchange of FVO Brighthouse Common Stock and $18 million related to a non-deductible Patient Protection and Affordable Care Act excise tax, offset by a tax benefit of $36 million related to a non-cash transfer of assets from a wholly-owned U.K. subsidiary to its U.S. parent. On December 22, 2017, President Trump signed into law U.S. Tax Reform. U.S. Tax Reform includes numerous changes in tax law, including a permanent reduction in the U.S. federal corporate income tax rate from 35% to 21% , which took effect for taxable years beginning on or after January 1, 2018. U.S. Tax Reform moves the United States from a worldwide tax system to a participation exemption system by providing corporations a 100% dividends received deduction for dividends distributed by a controlled foreign corporation. To transition to that new system, U.S. Tax Reform imposed a one-time deemed repatriation tax on unremitted earnings and profits at a rate of 8.0% for illiquid assets and 15.5% for cash and cash equivalents. The Company recorded estimates of the impacts of U.S. Tax Reform in the period of enactment, the fourth quarter of 2017. In 2018, these estimates were updated in accordance with SAB 118. However, the impact of certain provisions of U.S. Tax Reform remains uncertain. For instance, many regulations under the new law have not been finalized or have only recently been finalized, including certain rules on international taxation. As a result, the Company continued to report additional revisions resulting from U.S. Tax Reform in 2019. The incremental financial statement impact related to U.S. Tax Reform was as follows: Years Ended December 31, 2019 2018 2017 (In millions) Income (loss) from continuing operations before provision for income tax $ — $ (58 ) $ (289 ) Provision for income tax expense (benefit): Deemed repatriation (317 ) 468 170 Deferred tax revaluation (9 ) (402 ) (1,790 ) Total provision for income tax expense (benefit) (326 ) 66 (1,620 ) Income (loss) from continuing operations, net of income tax 326 (124 ) 1,331 Income tax (expense) benefit related to items of other comprehensive income (loss) — — 144 Increase to net equity from U.S. Tax Reform $ 326 $ (124 ) $ 1,475 In accordance with SAB 118 issued by the SEC in December 2017, the Company recorded provisional amounts for certain items for which the income tax accounting was not complete. For these items, the Company recorded a reasonable estimate of the tax effects of U.S. Tax Reform. The estimates were reported as provisional amounts during the measurement period, which did not exceed one year from the date of enactment of U.S. Tax Reform. In 2018, the Company reflected adjustments to its provisional amounts upon obtaining, preparing, or analyzing additional information about facts and circumstances that existed as of the enactment date that, if known, would have affected the income tax effects initially reported as provisional amounts. While the SAB 118 provisional measurement period ended December 31, 2018, the Company continued to revise certain U.S. Tax Reform amounts in 2019. As of December 31, 2017, the following items were considered provisional estimates due to complexities and ambiguities in U.S. Tax Reform which resulted in incomplete accounting for the tax effects of these provisions. Further guidance, either legislative or interpretive, and analysis were completed and updates were made to complete the accounting for these items during the measurement period as of December 31, 2018 and subsequent to the measurement period as of December 31, 2019: • Deemed Repatriation Transition Tax - The Company recorded a $170 million charge for this item for the year ended December 31, 2017. This charge was in addition to the $180 million charge recorded in the third quarter of 2017 resulting from the post-Separation review of the Company’s capital needs. The total transition tax liability recorded for the year ended December 31, 2017 was $350 million . In 2018, the IRS issued proposed regulations related to the transition tax. As a result, for the year ended December 31, 2018 , the Company recorded a $468 million charge. In 2019, as a result of executing a binding agreement with the IRS, the Company recorded a tax benefit of $317 million to settle this matter. This agreement resolved uncertainty regarding the taxation of certain dividends from certain foreign subsidiaries paid prior to U.S. Tax Reform. • GILTI - U.S. Tax Reform imposes a minimum tax on GILTI, which is generally the excess income of foreign subsidiaries over a 10% rate of routine return on tangible business assets. For the year ended December 31, 2017, the Company did not record a tax charge for this item. In 2018, the Company established an accounting policy in which it treats taxes due on GILTI as a current-period expense when incurred. Accordingly, the Company recorded tax charges of $12 million and $45 million related to this income for the periods ended December 31, 2019 and 2018, respectively. • Compensation and Fringe Benefits - U.S. Tax Reform limits certain employer deductions for fringe benefit and related expenses and also repeals the exception allowing the deduction of certain performance-based compensation paid to certain senior executives. The Company recorded an $8 million tax charge, included within the deferred tax revaluation as of December 31, 2017. The Company determined that no additional adjustment was required for the years ended December 31, 2019 and 2018 . • Alternative Minimum Tax Credits - U.S. Tax Reform eliminates the corporate alternative minimum tax and allows for minimum tax credit carryforwards to be used to offset future regular tax or to be refunded 50% each tax year beginning in 2018, with any remaining balance fully refunded in 2021. However, pursuant to the requirements of the Balanced Budget and Emergency Deficit Control Act of 1985, as amended, refund payments issued for corporations claiming refundable prior year alternative minimum tax credits are subject to a sequestration rate of 6.2% . The application of this fee to refunds in future years is subject to further guidance. Additionally, the sequestration reduction rate in effect at the time is subject to uncertainty. For the year ended December 31, 2017, the Company recorded a $9 million tax charge, included within the deferred tax revaluation. For the year ended December 31, 2018 , the Company determined that no additional adjustment was required. In early 2019, the IRS issued guidance indicating that for years beginning after December 31, 2017, refund payments and credit elect and refund offset transactions due to refundable alternative minimum tax credits will not be subject to the sequestration fee. Accordingly, to reflect this guidance the Company recorded a $9 million tax benefit in 2019. • Tax Credit Partnerships - The reduction in the federal corporate income tax rate due to U.S. Tax Reform required adjustments for multiple investment portfolios, including tax credit partnerships and tax-advantaged leveraged leases. Certain tax credit partnership investments derive returns in part from income tax credits. The Company recognizes changes in tax attributes at the partnership level when reported by the investee in its financial information. The Company did not receive the necessary investee financial information to determine the impact of U.S. Tax Reform on the tax attributes of its tax credit partnership investments until the third quarter of 2018. Accordingly, prior to the third quarter of 2018, the Company applied prior law to these equity method investments in accordance with SAB 118. For the year ended December 31, 2018 , after receiving additional investee information, a reduction in tax credit partnerships’ equity method income of $46 million , net of income tax, was included in net investment income. The tax-advantaged leveraged lease portfolio is valued on an after-tax yield basis. In 2018, the Company received third party data that was used to complete a comprehensive review of its portfolio to determine the full and complete impact of U.S. Tax Reform on these investments. As a result of this review, a tax benefit of $125 million was recorded for the year ended December 31, 2018. No additional adjustment was required for the year ended December 31, 2019. U.S. Tax Reform required the Company to recognize a transition tax on all previously unremitted non-U.S. earnings at December 31, 2017. However, the Company has not provided for U.S. deferred taxes on the remaining excess of book bases over tax bases of certain investments in non-U.S. subsidiaries that are essentially permanent in duration. The amount of deferred tax liability related to the Company’s remaining basis difference in these non-U.S. subsidiaries is $193 million at December 31, 2019. 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, 2019 2018 (In millions) Deferred income tax assets: Policyholder liabilities and receivables $ 3,635 $ 3,558 Net operating loss carryforwards (1) 240 237 Employee benefits 692 705 Capital loss carryforwards 10 — Tax credit carryforwards (2) 1,296 1,113 Litigation-related and government mandated 151 161 Other 127 365 Total gross deferred income tax assets 6,151 6,139 Less: Valuation allowance (1) 294 302 Total net deferred income tax assets 5,857 5,837 Deferred income tax liabilities: Investments, including derivatives 4,170 3,854 Intangibles 1,181 1,256 Net unrealized investment gains 6,226 2,898 DAC 3,312 3,243 Total deferred income tax liabilities 14,889 11,251 Net deferred income tax asset (liability) (3) $ (9,032 ) $ (5,414 ) __________________ (1) The Company has recorded a deferred tax asset of $240 million related to U.S. state and non-U.S. net operating loss carryforwards and an offsetting valuation allowance for the year ended December 31, 2019 . Certain net operating loss carryforwards will expire between 2020 and 2039, whereas others have an unlimited carryforward period. 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 U.S. state and non-U.S. 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. (2) Tax credit carryforwards for the year ended December 31, 2019 primarily reflect general business credits expiring between 2036 and 2039 and are reduced by $113 million related to unrecognized tax benefits. (3) On the consolidated balance sheet at December 31, 2019 , $9,097 million is reported in Deferred income tax liability for jurisdictions in a net deferred income tax liability position and $65 million of a deferred income tax asset is reported in Other assets for jurisdictions in a net deferred income tax asset position. Certain deferred income tax amounts at December 31, 2018 have been reclassified to conform to the 2019 presentation. The reclassification did not result in a change to the prior year net deferred income tax asset (liability) balance. The significant impacts related to deferred income tax assets were a $671 million increase to Policyholder liabilities and receivables and a $173 million increase to Other. The significant impacts related to deferred income tax liabilities were a $1.4 billion increase to Investments, including derivatives, and a $495 million decrease to Other. Additionally, the deferred income tax asset for Net operating loss carryforwards and offsetting Valuation allowance both increased by $133 million . The reclassifications resulted from a comprehensive review in 2019 of the tax effects between the book and tax bases of assets and liabilities, primarily with respect to the Company’s U.S. businesses. The Company files income tax returns with the U.S. federal government and various U.S. state and local jurisdictions, as well as non-U.S. 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 refund claims filed in 2017 with the IRS for 2000 through 2002 to recover tax and interest predominantly related to the disallowance of certain foreign tax credits for which the Company received a statutory notice of deficiency in 2015 and paid the tax thereon. The disallowed foreign tax credits relate to certain non-U.S. investments held by MLIC in support of its life insurance business through a United Kingdom investment subsidiary that was structured as a joint venture until early 2009. For tax years 2000 through 2002 and tax years 2007 through 2009, the Company entered into binding agreements with the IRS in 2019 under which all remaining issues regarding the foreign tax credit matter noted above were resolved. Accordingly, in 2019, the Company recorded a non-cash benefit to net income of $226 million , net of tax, comprised of a $158 million tax benefit recorded in provision for income tax expense (benefit) and a $86 million interest benefit ( $68 million , net of tax) included in other expenses. For tax years 2003 through 2006, the Company entered into binding agreements with the IRS in 2018 under which all remaining issues, including the foreign tax credit matter noted above, were resolved. Accordingly, in 2018, the Company recorded a non-cash benefit to net income of $349 million , net of tax, comprised of a $168 million tax benefit recorded in provision for income tax expense (benefit) and a $229 million interest benefit ( $181 million , net of tax) included in other expenses. For tax years 2007 through 2009 (which are the subject of the current IRS examination), the Company has established adequate reserves for tax liabilities. In material non-U.S. jurisdictions, the Company is no longer subject to income tax examinations for years prior to 2013. The Company’s overall liability for unrecognized tax benefits may increase or decrease in the next 12 months. For example, U.S. federal tax legislation and regulation could impact unrecognized tax benefits. 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, 2019 2018 2017 (In millions) Balance at January 1, $ 1,111 $ 1,102 $ 1,146 Additions for tax positions of prior years (1) 6 269 70 Reductions for tax positions of prior years (2) (493 ) (195 ) (101 ) Additions for tax positions of current year (1) 13 226 33 Reductions for tax positions of current year — (3 ) (3 ) Settlements with tax authorities (3) (381 ) (288 ) (43 ) Balance at December 31, $ 256 $ 1,111 $ 1,102 Unrecognized tax benefits that, if recognized, would impact the effective rate $ 194 $ 1,046 $ 1,073 __________________ (1) The increase in 2018 is primarily related to the deemed repatriation transition tax and related IRS regulations. (2) The decreases are primarily related to non-cash benefits from tax audit settlements. (3) The decreases in 2019 and 2018 are primarily related to the tax audit settlement, of which $377 million and $284 million , respectively, was reclassified to the current income tax payable account. The Company classifies interest accrued related to unrecognized tax benefits in interest expense, included within other expenses. Interest was as follows: Years Ended December 31, 2019 2018 2017 (In millions) Interest expense (benefit) recognized on the consolidated statements of operations (1) $ (179 ) $ (441 ) $ 37 December 31, 2019 2018 (In millions) Interest included in other liabilities on the consolidated balance sheets $ 39 $ 218 __________________ (1) The decreases in 2019 and 2018 are primarily related to the tax audit settlement, of which $60 million and $168 million , respectively, was recorded in other expenses and $119 million and $273 million , respectively, was reclassified to the current income tax payable account. |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | 20. Earnings Per Common Share The following table presents the weighted average shares, basic earnings per common share and diluted earnings per common share: Years Ended December 31, 2019 2018 2017 (In millions, except per share data) Weighted Average Shares: Weighted average common stock outstanding - basic 937.6 1,005.9 1,069.7 Incremental common shares from assumed exercise or issuance of stock-based awards 6.8 8.0 8.8 Weighted average common stock outstanding - diluted 944.4 1,013.9 1,078.5 Income (Loss) from Continuing Operations: Income (loss) from continuing operations, net of income tax $ 5,909 $ 5,128 $ 5,006 Less: Income (loss) from continuing operations, net of income tax, attributable to noncontrolling interests 10 5 10 Less: Preferred stock dividends 178 141 103 Income (loss) from continuing operations, net of income tax, available to MetLife, Inc.’s common shareholders $ 5,721 $ 4,982 $ 4,893 Basic $ 6.10 $ 4.95 $ 4.57 Diluted $ 6.06 $ 4.91 $ 4.53 Income (Loss) from Discontinued Operations: Income (loss) from discontinued operations, net of income tax $ — $ — $ (986 ) 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 $ — $ — $ (986 ) Basic $ — $ — $ (0.92 ) Diluted $ — $ — $ (0.91 ) Net Income (Loss): Net income (loss) $ 5,909 $ 5,128 $ 4,020 Less: Net income (loss) attributable to noncontrolling interests 10 5 10 Less: Preferred stock dividends 178 141 103 Net income (loss) available to MetLife, Inc.’s common shareholders $ 5,721 $ 4,982 $ 3,907 Basic $ 6.10 $ 4.95 $ 3.65 Diluted $ 6.06 $ 4.91 $ 3.62 |
Contingencies, Commitments and
Contingencies, Commitments and Guarantees | 12 Months Ended |
Dec. 31, 2019 | |
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. Putative or certified class action litigation and other litigation and claims and assessments against the Company, in addition to those discussed below 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, broker-dealer, and taxpayer. The Company also 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, as well as from local and national regulators and government authorities in jurisdictions outside the United States where the Company conducts business. The issues involved in information requests and regulatory matters vary widely, but can include inquiries or investigations concerning the Company’s compliance with applicable insurance and other laws and regulations. The Company cooperates in these inquiries. 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. It is not possible to predict the ultimate outcome of all pending investigations and legal proceedings. 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, 2019. 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. 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. 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 matters where a loss is believed to be reasonably possible, but not probable, the Company has not made an accrual. As of December 31, 2019 , the Company estimates the aggregate range of reasonably possible losses in excess of amounts accrued for these matters to be $0 to $250 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, 2019 2018 2017 (In millions, except number of claims) Asbestos personal injury claims at year end 61,134 62,522 62,930 Number of new claims during the year 3,187 3,359 3,514 Settlement payments during the year (1) $ 49.4 $ 51.4 $ 48.6 __________________ (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 United States, assessing relevant trends impacting asbestos liability and considering numerous variables that can affect its asbestos liability exposure on an overall or per claim basis. These variables include bankruptcies of other companies involved in asbestos litigation, legislative and judicial developments, the number of pending claims involving serious disease, the number of new claims filed against it and other defendants and the jurisdictions in which claims are pending. Based upon its regular reevaluation of its exposure from asbestos litigation, MLIC has updated its recorded liability for asbestos-related claims to $457 million at December 31, 2019. 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. 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 (the “Ontario Litigation”). 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. In September 2018, the Court of Appeal for Ontario affirmed the lower court’s decision to not certify the sales practices claims in the Ontario Litigation. 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. City of Westland Police and Fire Retirement System v. MetLife, Inc., et. al. (S.D.N.Y., filed January 12, 2012) Plaintiff filed this class action on behalf of a class of persons who either purchased MetLife, Inc. common shares between February 9, 2011, and October 6, 2011, or purchased or acquired MetLife, Inc. common stock in the Company’s August 3, 2010 offering or the Company’s March 4, 2011 offering. Plaintiff alleges that MetLife, Inc. and several current and former directors and executive officers of MetLife, Inc. violated the Securities Act of 1933, as well as the 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 purportedly 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. Owens v. Metropolitan Life Insurance Company (N.D. Ga., filed April 17, 2014) Plaintiff filed this class action lawsuit on behalf of persons for whom MLIC established a Total Control Account (“TCA”) to pay death benefits under an ERISA plan. The action alleged that MLIC’s use of the TCA as the settlement option for life insurance benefits under some group life insurance policies violated MLIC’s fiduciary duties under ERISA. On September 27, 2016, the court denied MLIC’s summary judgment motion in full and granted plaintiff’s partial summary judgment motion. On September 29, 2017, the court certified a nationwide class. On November 19, 2019, the court approved a settlement in which MLIC agreed to pay $80 million to resolve the claims of all class members. The settlement does not include or constitute an admission, concession, or finding of any fault, liability, or wrongdoing by MLIC. The Company accrued the full amount of the settlement payment in prior periods and the payment was made. 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. Plaintiffs assert causes of action for declaratory relief, violation of California’s Unfair Competition Law and Usury Law, and unjust enrichment. Plaintiffs seek 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 appealed this ruling to the United States Court of Appeals for the Ninth Circuit. The Ninth Circuit dismissed the appeal on December 2, 2019. 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, on behalf of herself and all persons over age 65 who selected a Reduced Pay at Age 65 payment feature on their long-term care insurance policies and whose premium rates were increased after age 65. Plaintiff seeks unspecified compensatory, statutory and punitive damages, as well as recessionary and injunctive relief. On April 12, 2017, the court granted MLIC’s motion to dismiss the action. Plaintiff appealed this ruling and the United States Court of Appeals for the Seventh Circuit reversed and remanded the case to the district court for further proceedings. The parties reached an agreement on a nationwide class settlement of the case, which the district court preliminarily approved on November 7, 2019, subject to a final fairness hearing on February 20, 2020. The Company accrued the full amount of the expected settlement payment in prior periods. Julian & McKinney v. Metropolitan Life Insurance Company (S.D.N.Y., filed February 9, 2017) Plaintiffs filed this putative class and collective action on behalf of themselves and all current and former long-term disability (“LTD”) claims specialists between February 2011 and the present for alleged wage and hour violations under the Fair Labor Standards Act, the New York Labor Law, and the Connecticut Minimum Wage Act. The suit alleges that MLIC improperly reclassified the plaintiffs and similarly situated LTD claims specialists from non-exempt to exempt from overtime pay in November 2013. As a result, they and members of the putative class were no longer eligible for overtime pay even though they allege they continued to work more than 40 hours per week. Plaintiffs seek unspecified compensatory and punitive damages, as well as other relief. On March 22, 2018, the court conditionally certified the case as a collective action, requiring that notice be mailed to LTD claims specialists who worked for MLIC from February 8, 2014 to the present. MLIC intends to defend this action vigorously. Total Asset Recovery Services, LLC. v. MetLife, Inc., et al. (Supreme Court of the State of New York, County of New York, filed December 27, 2017) Total Asset Recovery Services (“The Relator”) brought an action under the qui tam provision of the New York False Claims Act (the “Act”) on behalf of itself and the State of New York. The Relator originally filed this action under seal in 2010, and the complaint was unsealed on December 19, 2017. The Relator alleges that MetLife, Inc., MLIC, and several other insurance companies violated the Act by filing false unclaimed property reports with the State of New York from 1986 to 2017, to avoid having to escheat the proceeds of more than 25,000 life insurance policies, including policies for which the defendants escheated funds as part of their demutualizations in the late 1990s. The Relator seeks treble damages and other relief. On April 3, 2019, the court granted MetLife, Inc.’s and MLIC’s motion to dismiss and dismissed the complaint in its entirety. The Relator filed an appeal with the Appellate Division of the New York State Supreme Court, First Division. Matters Related to Group Annuity Benefits and Assumed Variable Annuity Guarantee Reserves In 2018, the Company announced that it identified two material weaknesses in its internal control over financial reporting related to the practices and procedures for estimating reserves for certain group annuity benefits and the calculation of reserves associated with certain variable annuity guarantees assumed from the former operating joint venture in Japan. The Company is exposed to lawsuits and regulatory investigations, and could be exposed to additional legal actions relating to these issues. These may result in payments, including damages, fines, penalties, interest and other amounts assessed or awarded by courts or regulatory authorities under applicable escheat, tax, securities, ERISA, or other laws or regulations. The Company could incur significant costs in connection with these actions. Regulatory Matters The Company settled the SEC charges related to these matters without admitting or denying the SEC’s findings. Other jurisdictions may pursue similar investigations or inquiries. Litigation Matters Parchmann v. MetLife, Inc., et. al. (E.D.N.Y., filed February 5, 2018) Plaintiff filed this putative class action seeking to represent a class of persons who purchased MetLife, Inc. common stock from February 27, 2013 through January 29, 2018. Plaintiff alleges that MetLife, Inc., its Chief Executive Officer and Chairman of the Board, and its Chief Financial Officer violated Section 10(b) of the Exchange Act and Rule 10b-5 promulgated thereunder by issuing materially false and/or misleading financial statements. Plaintiff alleges that MetLife’s practices and procedures for estimating reserves for certain group annuity benefits were inadequate, and that MetLife had inadequate internal control over financial reporting. Plaintiff seeks unspecified compensatory damages and other relief. Defendants intend to defend this action vigorously. Atkins et. al. v. MetLife, Inc., et. al. (D.Nev., filed November 18, 2019) Plaintiffs filed this putative class action on behalf of all persons due benefits under group annuity contracts but who did not receive the entire amount to which they were entitled. Plaintiffs assert claims for breach of contract, breach of fiduciary duty, breach of implied covenant of good faith and fair dealing, unjust enrichment, and conversion based on allegations that the defendants failed to timely pay annuity benefits to certain group annuitants. Plaintiffs seek declaratory and injunctive relief, as well as unspecified compensatory and punitive damages, and other relief. Defendants intend to defend this action vigorously. Derivative Actions and Demands Shareholders, seeking to sue derivatively on behalf of MetLife, Inc., commenced three separate actions against certain current and former members of the MetLife, Inc. Board of Directors and/or certain current and former officers of MetLife, Inc., alleging that, among other things, they breached their fiduciary and other duties to the Company. In Kates v. Kandarian, et al. (E.D.N.Y., filed January 18, 2019) and Felt, et al. v. Grise, et al. (D. Del., filed April 29, 2019), plaintiffs allege that the defendants disseminated or approved public statements that failed to disclose that MetLife’s practices and procedures for estimating reserves for certain group annuity benefits were inadequate and that MetLife had inadequate internal control over financial reporting. In Lifschitz v. Kandarian, et al. (Del. Ch., filed June 19, 2019), plaintiff alleges that the MetLife, Inc. Board of Directors knew or should have known that MetLife’s practices and procedures for estimating reserves for certain group annuity benefits were inadequate. In all three actions, plaintiffs allege that because of the defendants’ breaches of duty, MetLife, Inc. has incurred damage to its reputation and has suffered other unspecified damages. The defendants intend to defend these actions vigorously. The MetLife, Inc. Board of Directors received five letters, dated March 28, 2018, May 11, 2018, July 16, 2018, December 20, 2018 and February 5, 2019, written on behalf of individual stockholders, demanding that MetLife, Inc. take action against current and former directors and officers for alleged breaches of fiduciary duty and/or investigate, remediate, and recover damages allegedly suffered by the Company as a result of (i) the Company’s allegedly inadequate practices and procedures for estimating reserves for certain group annuity benefits, (ii) the Company’s allegedly inadequate internal controls over financial reporting and corporate governance practices and procedures, and (iii) the alleged dissemination of false or misleading information related to these issues. The MetLife, Inc. Board of Directors appointed a special committee to investigate the allegations set forth in these five letters. Insolvency Assessments Many 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 or those that may become impaired, insolvent or fail. These associations levy assessments, up to prescribed limits, on all member insurers in a particular jurisdiction 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. In addition, certain jurisdictions have government owned or controlled organizations providing life, health and property and casualty insurance to their citizens, whose activities could place additional stress on the adequacy of guaranty fund assessments. Many of these organizations have the power to levy assessments similar to those of the guaranty associations. Some jurisdictions permit member insurers to recover assessments paid through full or partial premium tax offsets. Assets and liabilities held for insolvency assessments were as follows: December 31, 2019 2018 (In millions) Other Assets: Premium tax offset for future discounted and undiscounted assessments $ 43 $ 47 Premium tax offset currently available for paid assessments 43 46 Total $ 86 $ 93 Other Liabilities: Insolvency assessments $ 62 $ 67 Mortgage Loan Commitments The Company commits to lend funds under mortgage loan commitments. The amounts of these mortgage loan commitments were $4.1 billion and $4.0 billion at December 31, 2019 and 2018 , respectively. Commitments to Fund Partnership Investments, Bank Credit Facilities, Bridge Loans and Private Corporate Bond Investments The Company commits to fund partnership investments and to lend funds under bank credit facilities, bridge loans and private corporate bond investments. The amounts of these unfunded commitments were $8.1 billion and $7.7 billion at December 31, 2019 and 2018 , respectively. Guarantees In the normal course of its business, the Company has provided certain indemnities, guarantees and commitments to third parties such that it may be required to make payments now or in the future. In the context of acquisition, disposition, investment and other transactions, the Company has provided indemnities and guarantees, including those related to tax, environmental and other specific liabilities and other indemnities and guarantees that are triggered by, among other things, breaches of representations, warranties or covenants provided by the Company. In addition, in the normal course of business, the Company provides indemnifications to counterparties in contracts with triggers similar to the foregoing, as well as for certain other liabilities, such as third-party lawsuits. These obligations are often subject to time limitations that vary in duration, including contractual limitations and those that arise by operation of law, such as applicable statutes of limitation. In some cases, the maximum potential obligation under the indemnities and guarantees is subject to a contractual limitation ranging from less than $1 million to $329 million , with a cumulative maximum of $536 million , while in other cases such limitations are not specified or applicable. Since certain of these obligations are not subject to limitations, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these guarantees in the future. Management believes that it is unlikely the Company will have to make any material payments under these indemnities, guarantees, or commitments. In addition, the Company indemnifies its directors and officers as provided in its charters and by-laws. Also, the Company indemnifies its agents for liabilities incurred as a result of their representation of the Company’s interests. Since these indemnities are generally not subject to limitation with respect to duration or amount, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these indemnities in the future. The Company also has minimum fund yield requirements on certain pension funds. Since these guarantees are not subject to limitation with respect to duration or amount, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these guarantees in the future. The Company’s recorded liabilities were $6 million and $7 million at December 31, 2019 and 2018 , respectively, for indemnities, guarantees and commitments. |
Quarterly Results of Operations
Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations (Unaudited) | 22. Quarterly Results of Operations (Unaudited) The unaudited quarterly results of operations for 2019 and 2018 are summarized in the table below: Three Months Ended March 31, June 30, September 30, December 31, (In millions, except per share data) 2019 Total revenues $ 16,302 $ 17,497 $ 18,678 $ 17,143 Total expenses $ 14,558 $ 15,200 $ 15,887 $ 17,180 Net income (loss) $ 1,385 $ 1,746 $ 2,190 $ 588 Less: Net income (loss) attributable to noncontrolling interests $ 4 $ 5 $ 6 $ (5 ) Net income (loss) attributable to MetLife, Inc. $ 1,381 $ 1,741 $ 2,184 $ 593 Less: Preferred stock dividends $ 32 $ 57 $ 32 $ 57 Net income (loss) available to MetLife, Inc.’s common shareholders $ 1,349 $ 1,684 $ 2,152 $ 536 Basic earnings per common share Net income (loss) attributable to MetLife, Inc. $ 1.44 $ 1.84 $ 2.35 $ 0.65 Net income (loss) available to MetLife, Inc.’s common shareholders $ 1.41 $ 1.78 $ 2.31 $ 0.58 Diluted earnings per common share Net income (loss) attributable to MetLife, Inc. $ 1.43 $ 1.83 $ 2.33 $ 0.64 Net income (loss) available to MetLife, Inc.’s common shareholders $ 1.40 $ 1.77 $ 2.30 $ 0.58 2018 Total revenues $ 14,805 $ 21,185 $ 16,289 $ 15,662 Total expenses $ 13,149 $ 20,084 $ 15,210 $ 13,191 Net income (loss) $ 1,257 $ 894 $ 915 $ 2,062 Less: Net income (loss) attributable to noncontrolling interests $ 4 $ 3 $ 3 $ (5 ) Net income (loss) attributable to MetLife, Inc. $ 1,253 $ 891 $ 912 $ 2,067 Less: Preferred stock dividends $ 6 $ 46 $ 32 $ 57 Net income (loss) available to MetLife, Inc.’s common shareholders $ 1,247 $ 845 $ 880 $ 2,010 Basic earnings per common share Net income (loss) attributable to MetLife, Inc. $ 1.21 $ 0.88 $ 0.92 $ 2.11 Net income (loss) available to MetLife, Inc.’s common shareholders $ 1.20 $ 0.83 $ 0.89 $ 2.05 Diluted earnings per common share Net income (loss) attributable to MetLife, Inc. $ 1.20 $ 0.87 $ 0.91 $ 2.09 Net income (loss) available to MetLife, Inc.’s common shareholders $ 1.19 $ 0.83 $ 0.88 $ 2.04 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Event | 23. Subsequent Events Preferred Stock Issuance On January 15, 2020, MetLife, Inc. issued 40,000 shares of 4.75% Non-Cumulative Preferred Stock, Series F (the “Series F preferred stock”) with a $0.01 par value per share and a liquidation preference of $25,000 per share, for aggregate net proceeds of $972 million . MetLife, Inc. deposited the Series F preferred stock under a deposit agreement with a depositary, which issued interests in fractional shares of the Series F preferred stock in the form of depositary shares (“Series F Depositary Shares”) evidenced by depositary receipts; each Series F Depositary Share representing 1/1,000th interest in a share of the Series F preferred stock. In connection with the offering of the Series F Depositary Shares, MetLife, Inc. incurred approximately $28 million of issuance costs which have been recorded as a reduction of additional paid-in capital. MetLife, Inc. will pay dividends on the Series F Preferred Stock only when, as and if declared by MetLife, Inc.’s Board of Directors (or a duly authorized committee thereof), out of funds legally available for the payment of dividends. Any such dividends will be payable on a non-cumulative basis from the date of original issue, quarterly in arrears on the 15th day of March, June, September and December of each year, commencing on June 15, 2020. MetLife, Inc. may, at its option, redeem the Series F preferred stock, (i) in whole but not in part at any time prior to March 15, 2025, within 90 days after the occurrence of a “rating agency event,” at a redemption price equal to $25,500 per share of Series F preferred stock (equivalent to $25.50 per Series F Depositary Share), plus an amount equal to any accrued and unpaid dividends per share that have accrued but have not been declared and paid for the then-current dividend period to, but excluding, the redemption date; (ii) in whole but not in part, at any time prior to March 15, 2025, within 90 days after the occurrence of a “regulatory capital event”; and (iii) in whole or in part, at any time or from time to time, on or after March 15, 2025, in the case of (ii) or (iii), at a redemption price equal to $25,000 per share of Series F preferred stock (equivalent to $25 per Series F Depositary 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 “rating agency event” means that any nationally recognized statistical rating organization that then publishes a rating for MetLife, Inc. amends, clarifies or changes the criteria used to assign equity credit to securities like the Series F preferred stock, which results in the lowering of the equity credit assigned to the Series F preferred stock or shortens the length of time that the Series F preferred stock is assigned a particular level of equity credit. 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) of any capital regulator, including but not limited to the Federal Reserve Board, the Federal Insurance Office, the NAIC or any state insurance regulator as may then have group-wide oversight of MetLife, Inc.’s regulatory capital, from rules (or the interpretation or application thereof) in effect as of January 15, 2020, that would create a more than insubstantial risk, as determined by MetLife, Inc., that the Series F preferred stock would not be treated as “Tier 1 capital” or as capital with attributes similar to those of Tier 1 capital, except that a “regulatory capital event” will not include a change or proposed change (or the interpretation or application thereof) that would result in the adoption of any criteria substantially the same as the criteria in the capital adequacy rules of the Federal Reserve Board applicable to bank holding companies as of January 15, 2020. Preferred Stock Dividends On February 18, 2020 , MetLife, Inc. announced a first quarter 2020 dividend of $0.253 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 5, 2020 . The dividend will be payable on March 16, 2020 to shareholders of record as of March 1, 2020 . On February 18, 2020 , MetLife, Inc. announced a first quarter 2020 dividend of $29.375 per share, for a total of $15 million , on its Series D preferred stock, and $351.563 per share, for a total of $11 million , on its Series E preferred stock. Both dividends will be payable on March 16, 2020 to shareholders of record as of February 29, 2020 . Common Stock Repurchases In 2019, through February 14, 2020, MetLife, Inc. repurchased 973,315 shares of its common stock in the open market for $51 million . Common Stock Dividend On January 7, 2020 , the MetLife, Inc. Board of Directors declared a first quarter 2020 common stock dividend of $0.44 per share payable on March 13, 2020 to shareholders of record as of February 4, 2020 . The Company estimates that the aggregate dividend payment will be $404 million . |
Consolidated Summary of Investm
Consolidated Summary of Investments - Other Than Investments in Related Parties | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-15, Insurance Companies, 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, 2019 (In millions) Types of Investments Cost or Estimated Fair Amount at Fixed maturity securities AFS: Bonds: Foreign government $ 58,840 $ 67,229 $ 67,229 U.S. government and agency 37,586 42,084 42,084 Public utilities 12,067 13,807 13,807 Municipals 11,081 13,053 13,053 All other corporate bonds 125,296 136,914 136,914 Total bonds 244,870 273,087 273,087 Mortgage-backed and asset-backed securities 51,691 53,536 53,536 Redeemable preferred stock 1,094 1,197 1,197 Total fixed maturity securities AFS 297,655 327,820 327,820 Unit-linked and FVO Securities 11,329 13,102 13,102 Equity securities: Common stock: Industrial, miscellaneous and all other 508 700 700 Banks, trust and insurance companies 105 178 178 Public utilities 67 66 66 Non-redeemable preferred stock 385 398 398 Total equity securities 1,065 1,342 1,342 Mortgage loans 80,529 80,529 Policy loans 9,680 9,680 Real estate and real estate joint ventures 10,705 10,705 Real estate acquired in satisfaction of debt 36 36 Other limited partnership interests 7,716 7,716 Short-term investments 3,850 3,850 Other invested assets 19,015 19,015 Total investments $ 441,580 $ 473,795 __________________ (1) The Unit-linked and FVO Securities are primarily equity securities (including mutual funds) and fixed maturity securities. Amortized cost for fixed maturity securities AFS, mortgage loans and short-term investments 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 premium or accretion of discount; for equity securities, cost represents original cost; for real estate, cost represents original cost reduced by impairments and depreciation; for real estate joint ventures and other limited partnership interests, 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, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Financial Information (Parent Company) | MetLife, Inc. Schedule II Condensed Financial Information (Parent Company Only) December 31, 2019 and 2018 (In millions, except share and per share data) 2019 2018 Condensed Balance Sheets Assets Investments: Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $3,062 and $2,745, respectively) $ 3,073 $ 2,726 Short-term investments, principally at estimated fair value 2 16 Other invested assets, at estimated fair value 120 87 Total investments 3,195 2,829 Cash and cash equivalents 377 376 Accrued investment income 12 53 Investment in subsidiaries 79,571 66,567 Loans to subsidiaries 100 100 Other assets 747 843 Total assets $ 84,002 $ 70,768 Liabilities and Stockholders’ Equity Liabilities Payables for collateral under derivatives transactions $ 16 $ 9 Long-term debt — unaffiliated 12,379 11,844 Long-term debt — affiliated 1,976 1,957 Junior subordinated debt securities 2,458 2,456 Other liabilities 1,029 1,761 Total liabilities 17,858 18,027 Stockholders’ Equity Preferred stock, par value $0.01 per share; $3,405 aggregate liquidation preference — — Common stock, par value $0.01 per share; 3,000,000,000 shares authorized; 1,177,680,299 and 1,171,824,242 shares issued, respectively; 915,338,098 and 958,613,542 shares outstanding, respectively 12 12 Additional paid-in capital 32,680 32,474 Retained earnings 33,078 28,926 Treasury stock, at cost; 262,342,201 and 213,210,700 shares, respectively (12,678 ) (10,393 ) Accumulated other comprehensive income (loss) 13,052 1,722 Total stockholders’ equity 66,144 52,741 Total liabilities and stockholders’ equity $ 84,002 $ 70,768 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, 2019 , 2018 and 2017 (In millions) 2019 2018 2017 Condensed Statements of Operations Revenues Equity in earnings of subsidiaries $ 6,301 $ 6,466 $ 7,162 Net investment income 77 87 101 Other revenues 27 19 59 Net investment gains (losses) (40 ) (277 ) (1,142 ) Net derivative gains (losses) (45 ) (56 ) (186 ) Total revenues 6,320 6,239 5,994 Expenses Interest expense 850 1,009 1,108 Termination of financing arrangements — — 294 Other expenses 153 158 657 Total expenses 1,003 1,167 2,059 Income (loss) before provision for income tax 5,317 5,072 3,935 Provision for income tax expense (benefit) (582 ) (51 ) (75 ) Net income (loss) 5,899 5,123 4,010 Less: Preferred stock dividends 178 141 103 Net income (loss) available to common shareholders $ 5,721 $ 4,982 $ 3,907 Comprehensive income (loss) $ 17,208 $ (1,494 ) $ 7,391 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, 2019 , 2018 and 2017 (In millions) 2019 2018 2017 Condensed Statements of Cash Flows Cash flows from operating activities Net income (loss) $ 5,899 $ 5,123 $ 4,010 Earnings of subsidiaries (6,301 ) (6,466 ) (7,162 ) Dividends from subsidiaries 4,790 7,367 6,745 (Gains) losses on investments and from sales of businesses, net 40 277 1,142 Tax separation agreement charge — — 1,093 Other, net (251 ) (807 ) 634 Net cash provided by (used in) operating activities 4,177 5,494 6,462 Cash flows from investing activities Sales of fixed maturity securities available-for-sale 3,153 9,635 7,217 Purchases of fixed maturity securities available-for-sale (3,380 ) (8,178 ) (7,733 ) Cash received in connection with freestanding derivatives 101 227 452 Cash paid in connection with freestanding derivatives (392 ) (237 ) (629 ) Expense paid on behalf of subsidiaries (13 ) (14 ) (42 ) Returns of capital from subsidiaries 10 87 610 Capital contributions to subsidiaries (75 ) (767 ) (339 ) Net change in short-term investments 14 14 118 Other, net 28 (3 ) (14 ) Net cash provided by (used in) investing activities (554 ) 764 (360 ) Cash flows from financing activities Net change in payables for collateral under derivative transactions 7 (27 ) (111 ) Long-term debt issued 1,382 — — Long-term debt repaid (877 ) (1,759 ) (1,000 ) Fees paid for the termination of a committed facility related to Separation — — (244 ) Treasury stock acquired in connection with share repurchases (2,285 ) (3,992 ) (2,927 ) Preferred stock issued, net of issuance costs — 1,274 — Dividends on preferred stock (178 ) (141 ) (103 ) Dividends on common stock (1,643 ) (1,678 ) (1,717 ) Other, net (28 ) (75 ) 182 Net cash provided by (used in) financing activities (3,622 ) (6,398 ) (5,920 ) Change in cash and cash equivalents 1 (140 ) 182 Cash and cash equivalents, beginning of year 376 516 334 Cash and cash equivalents, end of year $ 377 $ 376 $ 516 MetLife, Inc. Schedule II Condensed Financial Information — (continued) (Parent Company Only) For the Years Ended December 31, 2019 , 2018 and 2017 (In millions) 2019 2018 2017 Supplemental disclosures of cash flow information Net cash paid (received) for: Interest $ 864 $ 1,040 $ 1,096 Income tax: Amounts paid to (received from) subsidiaries, net $ (152 ) $ (33 ) $ (1,552 ) Amounts paid to Brighthouse in accordance with the tax separation agreement — 909 729 Income tax paid (received) by MetLife, Inc., net (3 ) 1 (37 ) Total income tax, net $ (155 ) $ 877 $ (860 ) Non-cash transactions Returns of capital from subsidiaries $ 29 $ 3,844 $ 17,518 Capital contributions to subsidiaries $ 30 $ 3,844 $ 15,655 Distribution of Brighthouse $ — $ — $ 10,346 Allocation of interest expense to subsidiary $ — $ — $ 15 Allocation of interest income to subsidiary $ — $ — $ 4 Brighthouse common stock exchange transaction (Note 3): Reduction of long-term debt $ — $ 944 $ — Reduction of fair value option securities $ — $ 1,030 $ — MetLife, Inc. Schedule II Notes to the Condensed Financial Information (Parent Company Only) 1. Basis of Presentation The condensed financial information of MetLife, Inc. (parent company only) 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 On August 3, 2017, Brighthouse Financial, Inc. paid a cash dividend to MetLife, Inc. of $1.8 billion in connection with the Separation. 3. Loans to Subsidiaries MetLife, Inc. lends funds as necessary, through credit agreements or otherwise to its subsidiaries, some of which are regulated, to meet their capital requirements or to provide liquidity. 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 2017, in connection with the Separation, MetLife, Inc. repaid $750 million and $350 million senior notes to MetLife Reinsurance Company of Delaware (“MRD”) due September 2032 and December 2033 , respectively, in an exchange transaction . 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 of 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% (the “MRD Notes Exchange”). Interest income earned on loans to subsidiaries of $3 million , $3 million and $44 million for the years ended December 31, 2019 , 2018 and 2017 , 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 2019 2018 (Dollars in millions) Senior notes — unaffiliated (2) 0.50% - 6.50% 4.72% 2022 - 2046 $ 12,379 $ 11,844 Senior notes — affiliated 0.82% - 3.14% 2.25% 2020 - 2029 1,976 1,957 Total $ 14,355 $ 13,801 __________________ (1) Range of interest rates and weighted average interest rates are for the year ended December 31, 2019 . (2) Net of $81 million and $79 million of unamortized issuance costs and net premiums and discounts at December 31, 2019 and 2018 , respectively. See Note 13 of the Notes to the Consolidated Financial Statements. The aggregate maturities of long-term debt at December 31, 2019 for the next five years and thereafter are $244 million in 2020, $997 million in 2021, $500 million in 2022, $1.3 billion in 2023, $1.5 billion in 2024 and $9.8 billion thereafter. Senior Notes – Affiliated In May 2018, $500 million in senior notes previously issued by MetLife, Inc. to MLIC and other subsidiaries were redenominated to new ¥ 54.6 billion senior notes. The ¥ 54.6 billion senior notes mature in December 2021 and bear interest at a rate per annum of 3.14% , payable semi-annually. In April 2018, $500 million in senior notes previously issued by MetLife, Inc. to MLIC and other subsidiaries were redenominated to new ¥ 53.7 billion senior notes. The ¥ 53.7 billion senior notes mature in July 2021 and bear interest at a rate per annum of 2.97% , payable semi-annually. In March 2018, three senior notes previously issued by MetLife, Inc. to MLIC were redenominated to Japanese yen, two of which have been refinanced upon maturity. • A $500 million senior note was redenominated to a new ¥ 53.3 billion senior note. The ¥ 53.3 billion senior note bore interest at a rate per annum of 1.45% , payable semi-annually. In July 2019 , this note matured and was refinanced with a ¥ 37.3 billion 1.602% senior note due July 2023 and a ¥ 16.0 billion 1.637% senior note due July 2026, both issued to MLIC and payable semi-annually. • A $250 million senior note was redenominated to a new ¥ 26.5 billion senior note. The ¥ 26.5 billion senior note bore interest at a rate per annum of 1.72% payable semi-annually. In October 2019 , this note matured and was refinanced with a ¥ 26.5 billion 1.81% senior note due October 2029 issued to MLIC, payable semi-annually. • A $250 million senior note was also redenominated to a new ¥ 26.5 billion senior note. The ¥ 26.5 billion senior note matures in September 2020 and bears interest at a rate per annum of 0.82% , payable semi-annually. See Note 3 for information on the MRD Notes Exchange in 2017. Interest Expense Interest expense was comprised of the following: Years Ended December 31, 2019 2018 2017 (In millions) Long-term debt — unaffiliated $ 591 $ 755 $ 774 Long-term debt — affiliated 48 45 112 Collateral financing arrangements 6 6 27 Junior subordinated debt securities 205 203 195 Total $ 850 $ 1,009 $ 1,108 See Notes 14 and 15 of the Notes to the Consolidated Financial Statements for information about the collateral financing arrangement 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. guarantees the obligations of its subsidiary, Missouri Reinsurance, Inc. (“MoRe”), under a retrocession agreement with RGA Reinsurance (Barbados) Inc., pursuant to which MoRe retrocedes 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. under which MrB reinsured the guaranteed living benefits and guaranteed death benefits associated with certain unit-linked variable annuity type liability contracts issued by MetLife Europe d.a.c. 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 two 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 13 of the Notes to the Consolidated Financial Statements. 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 14 of the Notes to the Consolidated Financial Statements. MetLife, Inc. guarantees obligations arising from OTC-bilateral 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, 2019 and 2018 , derivative transactions with positive mark-to-market values (in-the-money) were $360 million and $302 million , respectively, and derivative transactions with negative mark-to-market values (out-of-the-money) were $197 million and $84 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 $196 million and $84 million at December 31, 2019 and 2018 , respectively. Accordingly, unsecured derivative liabilities guaranteed by MetLife, Inc. were $1 million and $0 at December 31, 2019 and 2018 , respectively. MetLife, Inc. also guarantees the obligations of certain of its subsidiaries under committed facilities with third-party banks. See Note 13 of the Notes to the Consolidated Financial Statements. |
Consolidated Supplementary Insu
Consolidated Supplementary Insurance Information | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract] | |
Consolidated Supplementary Insurance Information | MetLife, Inc. Schedule III Consolidated Supplementary Insurance Information December 31, 2019 and 2018 (In millions) Segment DAC and VOBA Future Policy Benefits, Policyholder Account Balances Policyholder Dividends Payable Unearned Premiums (1), (2) Unearned 2019 U.S. $ 649 $ 79,147 $ 71,180 $ — $ 2,062 $ 41 Asia 9,764 42,328 75,699 75 2,275 973 Latin America 2,038 10,840 5,071 — 123 762 EMEA 1,701 5,221 11,730 5 23 509 MetLife Holdings 3,656 74,999 28,966 601 164 193 Corporate & Other 25 1,565 (19 ) — — — Total $ 17,833 $ 214,100 $ 192,627 $ 681 $ 4,647 $ 2,478 2018 U.S. $ 633 $ 72,639 $ 69,002 $ — $ 1,945 $ 36 Asia 10,156 41,846 66,610 86 2,381 1,299 Latin America 1,984 10,170 5,961 — 119 719 EMEA 1,622 5,357 11,712 5 19 464 MetLife Holdings 4,474 72,405 30,394 586 162 192 Corporate & Other 26 1,320 14 — — — Total $ 18,895 $ 203,737 $ 183,693 $ 677 $ 4,626 $ 2,710 __________________ (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) For the Years Ended December 31, 2019 , 2018 and 2017 (In millions) Segment Premiums and Net Policyholder Amortization of Other 2019 U.S. $ 27,879 $ 6,821 $ 28,165 $ 475 $ 3,603 Asia 8,482 3,920 7,278 1,380 1,907 Latin America 3,817 1,262 3,210 291 1,039 EMEA 2,615 1,442 2,361 420 921 MetLife Holdings 4,960 5,140 6,842 324 2,246 Corporate & Other 85 283 69 6 2,288 Total $ 47,838 $ 18,868 $ 47,925 $ 2,896 $ 12,004 2018 U.S. $ 29,239 $ 6,703 $ 29,539 $ 477 $ 3,466 Asia 8,390 3,055 6,559 1,297 1,903 Latin America 3,817 1,194 3,057 209 1,044 EMEA 2,587 (195 ) 772 433 909 MetLife Holdings 5,191 5,222 6,662 553 2,286 Corporate & Other 118 187 80 6 2,382 Total $ 49,342 $ 16,166 $ 46,669 $ 2,975 $ 11,990 2017 U.S. $ 24,644 $ 6,201 $ 25,103 $ 459 $ 3,235 Asia 8,352 3,299 6,799 1,310 1,802 Latin America 3,737 1,288 2,973 224 1,111 EMEA 2,492 1,157 2,012 356 966 MetLife Holdings 5,603 5,426 7,097 234 2,550 Corporate & Other (326 ) (8 ) (64 ) 98 2,507 Total $ 44,502 $ 17,363 $ 43,920 $ 2,681 $ 12,171 ______________ (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, 2019 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract] | |
Consolidated Reinsurance | MetLife, Inc. Schedule IV Consolidated Reinsurance December 31, 2019 , 2018 and 2017 (Dollars in millions) Gross Amount Ceded Assumed Net Amount % Amount Assumed to Net 2019 Life insurance in-force $ 5,100,675 $ 488,958 $ 623,662 $ 5,235,379 11.9 % Insurance premium Life insurance (1) $ 23,938 $ 1,704 $ 1,794 $ 24,028 7.5 % Accident & health insurance 14,835 523 207 14,519 1.4 % Property and casualty insurance 3,740 71 19 3,688 0.5 % Total insurance premium $ 42,513 $ 2,298 $ 2,020 $ 42,235 4.8 % 2018 Life insurance in-force $ 4,963,820 $ 507,589 $ 532,511 $ 4,988,742 10.7 % Insurance premium Life insurance (1) $ 26,356 $ 1,792 $ 1,791 $ 26,355 6.8 % Accident & health insurance 14,166 515 212 13,863 1.5 % Property and casualty insurance 3,677 73 18 3,622 0.5 % Total insurance premium $ 44,199 $ 2,380 $ 2,021 $ 43,840 4.6 % 2017 Life insurance in-force $ 4,594,523 $ 513,091 $ 581,246 $ 4,662,678 12.5 % Insurance premium Life insurance (1) $ 22,379 $ 1,863 $ 1,531 $ 22,047 6.9 % Accident & health insurance 13,593 442 223 13,374 1.7 % Property and casualty insurance 3,623 71 19 3,571 0.5 % Total insurance premium $ 39,595 $ 2,376 $ 1,773 $ 38,992 4.5 % __________________ (1) Includes annuities with life contingencies. |
Business, Basis of Presentati_2
Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
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 | 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. 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. |
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. 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. |
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; • investment objectives 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”) securities (“FVO 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. |
Reclassification | Reclassifications Certain amounts in the prior years’ consolidated financial statements and related footnotes thereto have been reclassified to conform to the current year presentation as discussed throughout the Notes to the Consolidated Financial Statements. |
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 life of the contract 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 S&P 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. 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 U.S. businesses and less than 1% to 13% for non-U.S. businesses and mortality rates guaranteed in calculating the cash surrender values described in such contracts); and (ii) the liability for terminal dividends for U.S. businesses. Nonparticipating life Aggregate of the present value of future expected benefit payments and related expenses less the present value of future expected 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 U.S. businesses and less than 1% to 13% for non-U.S. businesses. I ndividual and group traditional fixed annuities after annuitization Present value of future expected payments. Interest rate assumptions used in establishing such liabilities range from less than 1% to 11% for U.S. businesses and less than 1% to 11% for non-U.S. businesses. 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 1% to 7% (primarily related to U.S. businesses). 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 U.S. businesses and less than 1% to 9% for non-U.S. businesses. Property and casualty insurance The amount estimated for claims that have been reported but not settled and claims IBNR 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 8% for U.S. businesses and less than 1% to 17% for non-U.S. businesses, 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 variable annuity products with guaranteed minimum benefits that provide the policyholder a minimum return based on their initial deposit adjusted for 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 a 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 life-contingent portion of guaranteed minimum withdrawal benefits (“GMWBs”), elective annuitizations of guaranteed minimum income benefits (“GMIBs”), and the life contingent portion of GMIBs that require annuitization when the account balance goes to zero. Guarantees accounted for as embedded derivatives in policyholder account balances include guaranteed minimum accumulation benefits (“GMABs”), the non-life contingent portion of GMWBs and certain non-life contingent portions of GMIBs. 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, the non-life contingent portion of GMWBs and certain non-life contingent portions of GMIBs 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 | Other Policy-Related Balances Other policy-related balances include policy and contract claims, premiums received in advance, unearned revenue liabilities, obligations assumed under structured settlement assignments, policyholder dividends due and unpaid, policyholder dividends left on deposit and negative value of business acquired (“VOBA”). The liability for policy and contract claims generally relates to incurred but not reported (“IBNR”) death, disability, and dental claims. In addition, included in other policy-related balances are claims which have been reported but not yet settled for death, disability and dental. 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 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. The unearned revenue liability relates to universal life 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. See Note 3 for additional information on obligations assumed under structured settlement assignments. See “— Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles” for a discussion of negative VOBA. 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 an offset in other expenses. |
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 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. 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 with 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 and 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. |
Intangible Assets Arising from Insurance Contracts Acquired in Business Combination, Policy | 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. 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 with 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. 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 and 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 when there is a gain at inception on the ceding entity, and to other liabilities when there is a loss at inception. The net cost of reinsurance is recognized as a component of other expenses when there is a gain at inception, and as policyholder benefits and claims when there is a loss at inception and is subsequently amortized on a basis consistent with the methodology used for amortizing DAC related to the underlying reinsured contracts. 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 for 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. 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 . |
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 Securities The majority of the Company’s fixed maturity 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. Sales of securities 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 premium and accretion of discount, 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 “— Fixed Maturity Securities AFS — Methodology for Amortization of Premium and Accretion of Discount on Structured Products.” The amortization of premium and accretion of discount also takes into consideration call and maturity dates. The Company periodically evaluates these 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 “ — Fixed Maturity Securities AFS — Evaluation of Fixed Maturity Securities AFS for OTTI and Evaluating Temporarily Impaired Fixed Maturity Securities AFS.” For securities in an unrealized loss position, an other-than-temporary impairment (“OTTI”) is recognized in earnings within net investment gains (losses) 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. Equity Securities Equity securities are reported at their estimated fair value, with changes in estimated fair value included in net investment gains (losses). Sales of securities are determined on a specific identification basis. Dividends are recognized in net investment income when declared. Contractholder-Directed Equity Securities and FVO Securities Contractholder-directed equity securities and FVO Securities (collectively, “Unit-linked and FVO Securities”) are investments for which the FVO has been elected, or are otherwise required to be carried at estimated fair value, and include: • contractholder-directed investments supporting unit-linked variable annuity type liabilities (“Unit-linked investments”) which do not qualify for presentation and reporting as separate account summary total assets and liabilities. These investments are primarily equity securities (including mutual funds) and, to a lesser extent, fixed maturity 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; • 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; and • securities held by consolidated securitization entities (“CSEs”). 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 held-for-investment 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 premium and accretion of discount. Also included in mortgage loans held-for-investment 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. Mortgage loans held-for-sale that were previously designated as held-for-investment, but now are designated as held-for-sale and mortgage loans originated with the intent to sell for which FVO was not elected, are stated at the lower of amortized cost or estimated fair value. 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 are 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. 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 or the FVO for real estate joint ventures and other limited partnership interests (“investee”) 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 in net investment income 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 accounts for its interest in real estate joint ventures and other limited partnership interests in which it has virtually no influence over the investee’s operations at estimated fair value. Changes in estimated fair value of these investments are included in net investment gains (losses). Because of the nature and structure of these investments, they do not meet the characteristics of an equity security in accordance with applicable accounting standards. The Company routinely evaluates its equity 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. Short-term Investments Short-term investments include highly liquid securities and other investments with remaining maturities of one year or less, but greater than three months, at the time of purchase. Securities included within short-term investments are stated at estimated fair value, while other investments included within short-term investments are stated at 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. See Note 19 . • Annuities funding structured settlement claims represent annuities funding claims assumed by the Company in its capacity as a structured settlements assignment company. The annuities are stated at their contract value, which represents the present value of the future periodic claim payments to be provided. The net investment income recognized reflects the amortization of discount of the annuity at its implied effective interest rate. • Direct financing leases net investment is equal to the minimum lease payments plus the unguaranteed residual value, less the unearned income. Income is determined 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. • Leveraged leases net investment is equal to the minimum lease payments plus the unguaranteed residual value, less the unearned income, and is recorded net of non-recourse debt. Income is determined by applying the leveraged lease’s estimated rate of return to the net investment in the lease in those periods in which the net investment at the beginning of the period is positive. Leveraged leases derive investment returns in part from their income tax treatment. The Company regularly reviews residual values for impairment. • Investments in operating joint ventures that engage in insurance underwriting activities are accounted for under the equity method. • Investments in Federal Home Loan Bank (“FHLB”) common stock are carried at redemption value and are considered restricted investments until redeemed by the respective regional FHLBs. • 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. Securities Lending, Repurchase Agreements and FHLB of Boston Advance Agreements The Company accounts for securities lending transactions and repurchase agreements as financing arrangements and the associated liability is recorded at the amount of cash received. Income and expenses associated with securities lending transactions and repurchase agreements are reported as investment income and investment expense, respectively, within net investment income. While the collateral management practices are unique to the FHLB of Boston short-term advance agreements program, these transactions are accounted for, have collateral maintenance requirements and have restrictions on securities pledged similar to securities lending transactions. Securities Lending The Company enters into securities lending transactions, whereby blocks of securities are loaned to third parties, primarily brokerage firms and commercial banks. 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 consolidated financial statements. The Company monitors the ratio of the collateral held to 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. Repurchase Agreements 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 Company monitors the ratio of the collateral held to the estimated fair value of 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. FHLB of Boston Advance Agreements A subsidiary of the Company has entered into short-term advance agreements with the FHLB of Boston. Under these advance agreements, the subsidiary pledges fixed maturity securities AFS as collateral and receives cash, which is segregated and reinvested, primarily into fixed maturity securities AFS and cash equivalents. Securities pledged as collateral may not 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 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. Actual maturities may differ from contractual maturities due to the exercise of call or prepayment options. Fixed maturity securities AFS not due at a single maturity date have been presented in the year of final contractual maturity. Structured Products are shown separately, as they are not due at a single maturity. Methodology for Amortization of Premium and Accretion of Discount on Structured Products Amortization of premium and accretion of discount on Structured Products 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 Products are estimated using inputs obtained from third-party specialists and based on management’s knowledge of the current market. For credit-sensitive and certain prepayment-sensitive Structured Products, the effective yield is recalculated on a prospective basis. For all other Structured Products, the effective yield is recalculated on a retrospective basis. Maturities of Fixed Maturity Securities AFS 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 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) 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 Products, 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 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 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 Products 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 the following types of securities: U.S. and foreign corporate, foreign government and municipals, 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 amortized cost of 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 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 security in a prospective manner based on the amount and timing of estimated future cash flows. Past Due and Nonaccrual Mortgage Loans 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. 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 with 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 capture 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. Leased Real Estate Investments - Operating 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 purchased credit impaired (“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 in 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 in net investment income. Decreases in cash flows expected to be collected can result in OTTI. 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 derivative’s 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 • Derivatives held within 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 the same line item as the earnings effect of the hedged item. The carrying value of the hedged recognized asset or liability is adjusted for changes in its estimated fair value due to the hedged risk. • 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 - in OCI and reclassified into the statement of operations when the Company’s earnings are affected by the variability in cash flows of the hedged item. • Net investment in a foreign operation (“NIFO”) hedge - in OCI, consistent with the translation adjustment for the hedged net investment in the foreign operation. 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. 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 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 occurring, 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 of occurring are recognized immediately in net investment 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 issues certain insurance products, which include variable annuities, 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). 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. Derivative Strategies 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. 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. NIFO Hedges 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 also designates a portion of its foreign-denominated debt as a non-derivative hedging instrument of its net investments in foreign operations. The Company assesses hedge effectiveness of its derivatives based upon the change in forward rates and assesses its non-derivative hedging instruments based upon the change in spot rates. All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness. When net investments in foreign operations are sold or substantially liquidated, the amounts in AOCI are reclassified to the statement of operations. 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. |
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 unadjusted quoted prices are not available, estimated 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’s judgment are used to determine the estimated fair value of assets and liabilities. When developing estimated fair values, the Company considers three broad valuation approaches: (i) the market approach, (ii) the income approach, and (iii) the cost approach. The Company determines the most appropriate valuation approach 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 AFS. 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, as well as 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. |
Fair Value Transfer | Transfers between Levels Overall, transfers between levels occur when there are changes in the observability of inputs and market activity. Transfers into or out of Level 3: Assets and liabilities are transferred into Level 3 when a significant input cannot be corroborated with market observable data. This occurs when market activity decreases significantly and underlying inputs cannot be observed, current prices are not available, and/or when there are significant variances in quoted prices, thereby affecting transparency. Assets and liabilities are transferred out of Level 3 when circumstances change such that a significant input can be corroborated with market observable data. This may be due to a significant increase in market activity, a specific event, or one or more significant input(s) becoming observable. |
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 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 quantitative test. The qualitative impairment 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 impairment assessment for some or all of its reporting units and perform a quantitative impairment test. In performing the 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 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. |
Employee Benefit Plans | Employee Benefit Plans Certain subsidiaries of MetLife, Inc. sponsor defined benefit pension plans and other postretirement benefit plans covering eligible employees. 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 benefit 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’s 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 a U.S. qualified and various U.S. and non-U.S. nonqualified defined benefit pension plans covering employees 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 final 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. In September 2018, the U.S. qualified and nonqualified defined benefit pension plans were amended, effective January 1, 2023, to provide benefits accruals for all active participants under the cash balance formula and to cease future accruals under the traditional formula. 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. |
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 jurisdictions; • 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 defendant in a large number of litigation matters and is involved in a number of regulatory investigations. 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. 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 consolidated 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 through 2018, and cash-payable awards, each of which are re-measured quarterly, the Company measures the cost of all stock-based transactions at fair value at grant date and recognizes it over the period during which a grantee must provide services in exchange for the award. Employees who meet certain age-and-service criteria receive payment or may exercise their awards regardless of ending employment. However, the award’s payment or exercisability takes place at the originally-scheduled time, i.e., is not accelerated. As a result, the award does not require the employee to provide any substantive service after attaining those age-and-service criteria. Accordingly, the Company recognizes compensation expense related to stock-based awards from the beginning of the vesting to the earlier of the end of the vesting period or the date the employee attains the age-and-service criteria. The Company incorporates an estimation of future forfeitures of stock-based awards 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 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. MetLife bases expected volatility on 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 Company’s binomial lattice model 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. The Company determines dividend yield 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. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers 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. Securities included within cash equivalents are stated at estimated fair value, while other investments included within 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 $2.7 billion and $2.6 billion at December 31, 2019 and 2018 , respectively. Accumulated depreciation and amortization of property, equipment and leasehold improvements was $1.4 billion and $1.2 billion at December 31, 2019 and 2018 , respectively. Related depreciation and amortization expense was $207 million , $191 million and $207 million for the years ended December 31, 2019 , 2018 and 2017 , 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 $3.4 billion and $3.1 billion at December 31, 2019 and 2018 , respectively. Accumulated amortization of capitalized software was $2.5 billion and $2.2 billion at December 31, 2019 and 2018 , respectively. Related amortization expense was $262 million , $276 million and $250 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. |
Leases | Leases The Company, as lessee, has entered into various lease and sublease agreements for office space and equipment. At contract inception, the Company determines that an arrangement contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. For contracts that contain a lease, the Company recognizes the right-of-use (“ROU”) asset in Other assets and the lease liability in Other liabilities. Leases with an initial term of 12 months or less are not recorded on the balance sheet. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are determined using the Company’s incremental borrowing rate based upon information available at commencement date to recognize the present value of lease payments over the lease term. ROU assets also include lease payments and excludes lease incentives. Lease terms may include options to extend or terminate the lease and are included in the lease measurement when it is reasonably certain that the Company will exercise that option. The Company has lease agreements with lease and non-lease components. The Company does not separate lease and non-lease components and accounts for these items as a single lease component for all asset classes. The majority of the Company’s leases and subleases are operating leases related to office space. The Company recognizes lease expense for operating leases on a straight-line basis over the lease term. |
Other Revenues | Other Revenues Other revenues primarily include fees related to service contracts from customers for prepaid legal plans, administrative services-only (“ASO”) contracts, and investment management services. Substantially all of the revenue from the services is recognized over time as the applicable services are provided or are made available to the customers. The revenue recognized includes variable consideration to the extent it is probable that a significant reversal will not occur. In addition to the service fees, other revenues also include certain stable value fees and other miscellaneous revenues. These fees and miscellaneous revenues are recognized as earned. |
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 exercise or issuance of stock-based awards using the treasury stock method. Under the treasury stock method, exercise or issuance of stock-based awards 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 from the Demutualization Date. 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 net of income tax, to the closed block. 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 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. |
New Accounting Pronouncements | Recent Accounting Pronouncements Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASUs”) to the FASB Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. The following tables provide a description of new ASUs issued by the FASB and the impact of the adoption on the Company’s consolidated financial statements. Adoption of New Accounting Pronouncements Except as noted below, the ASUs adopted by the Company effective January 1, 2019 did not have a material impact on its consolidated financial statements or disclosures. Standard Description Effective Date and Method of Adoption Impact on Financial Statements ASU 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans The new guidance removes certain disclosures that no longer are considered cost beneficial, clarifies the specific requirements of certain disclosures, and adds disclosure requirements identified as relevant for employers that sponsor defined benefit pension or other postretirement plans. December 31, 2020. The Company early adopted using a retrospective approach to all periods presented. The adoption of the new guidance did not have an impact on the Company’s consolidated financial statements. The Company has included updated disclosures within Note 18. ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, as clarified and amended by ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments The new guidance simplifies the application of hedge accounting in certain situations and amends the hedge accounting model to enable entities to better portray the economics of their risk management activities in their financial statements. January 1, 2019. The Company adopted using a modified retrospective approach. The adoption of the guidance resulted in an $18 million, net of income tax, increase to AOCI with a corresponding decrease to retained earnings due to the reclassification of hedge ineffectiveness for cash flow hedging relationships existing as of January 1, 2019. The Company has included expanded disclosures within Note 9. ASU 2016-02, Leases (Topic 842), as clarified and amended by ASU 2018-10, Codification Improvements to Topic 842, Leases, ASU 2018-11 , Leases (Topic 842): Targeted Improvements, and ASU 2018-20 , Leases (Topic 842): Narrow-Scope Improvements for Lessors The new guidance requires a lessee to recognize assets and liabilities for leases with lease terms of more than 12 months. Leases are classified as finance or operating leases and both types of leases are recognized on the balance sheet. Lessor accounting remains largely unchanged from previous guidance except for certain targeted changes. The new guidance also requires new qualitative and quantitative disclosures. In July 2018, two amendments to the new guidance were issued. The amendments provide the option to adopt the new guidance prospectively without adjusting comparative periods. Also, the amendments provide lessors with a practical expedient not to separate lease and non-lease components for certain operating leases. In December 2018, an amendment was issued to clarify lessor accounting relating to taxes, certain lessor’s costs and variable payments related to both lease and non-lease components. January 1, 2019. The Company adopted using a modified retrospective approach. The Company elected the package of practical expedients allowed under the transition guidance. This allowed the Company to carry forward its historical lease classification. In addition, the Company elected all other practical expedients that were allowed under the new guidance and were applicable, including the practical expedient to combine lease and non-lease components into one lease component for certain real estate leases. The adoption of this guidance resulted in the recording of additional net ROU assets and lease liabilities of approximately $1.5 billion and $1.7 billion, respectively, as of January 1, 2019. The reduction of ROU assets was a result of adjustments for prepaid/deferred rent, unamortized initial direct costs and impairment of certain ROU assets based on the net present value of the remaining minimum lease payments and sublease revenues. In addition, retained earnings increased by $95 million, net of income tax, as a result of the recognition of deferred gains on previous sale leaseback transactions. The guidance did not have a material impact on the Company’s consolidated net income and cash flows. The Company has included expanded disclosures on the consolidated balance sheets and in Notes 8 and 11. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting Information, by Segment | Year Ended December 31, 2019 U.S. Asia Latin America EMEA MetLife Holdings Corporate & Other Total Adjustments Total Consolidated (In millions) Revenues Premiums $ 26,801 $ 6,632 $ 2,723 $ 2,177 $ 3,748 $ 83 $ 42,164 $ 71 $ 42,235 Universal life and investment-type product policy fees 1,078 1,674 1,094 423 1,124 2 5,395 208 5,603 Net investment income 7,021 3,691 1,271 291 5,281 275 17,830 1,038 18,868 Other revenues 887 56 44 54 253 291 1,585 257 1,842 Net investment gains (losses) — — — — — — — 444 444 Net derivative gains (losses) — — — — — — — 628 628 Total revenues 35,787 12,053 5,132 2,945 10,406 651 66,974 2,646 69,620 Expenses Policyholder benefits and claims and policyholder dividends 26,165 5,185 2,623 1,176 6,970 73 42,192 480 42,672 Interest credited to policyholder account balances 1,984 1,710 332 98 905 — 5,029 1,435 6,464 Capitalization of DAC (484 ) (1,913 ) (396 ) (505 ) (28 ) (12 ) (3,338 ) (20 ) (3,358 ) Amortization of DAC and VOBA 475 1,288 291 428 299 6 2,787 109 2,896 Amortization of negative VOBA — (25 ) — (8 ) — — (33 ) — (33 ) Interest expense on debt 10 — 3 — 8 934 955 — 955 Other expenses 4,075 3,818 1,443 1,399 969 1,074 12,778 451 13,229 Total expenses 32,225 10,063 4,296 2,588 9,123 2,075 60,370 2,455 62,825 Provision for income tax expense (benefit) 724 585 227 75 249 (1,201 ) 659 227 886 Adjusted earnings $ 2,838 $ 1,405 $ 609 $ 282 $ 1,034 $ (223 ) 5,945 Adjustments to: Total revenues 2,646 Total expenses (2,455 ) Provision for income tax (expense) benefit (227 ) Income (loss) from continuing operations, net of income tax $ 5,909 $ 5,909 At December 31, 2019 U.S. Asia (1) Latin America EMEA MetLife Holdings Corporate & Other Total (In millions) Total assets $ 266,174 $ 161,018 $ 75,069 $ 27,281 $ 175,199 $ 35,722 $ 740,463 Separate account assets $ 75,929 $ 9,250 $ 52,018 $ 5,639 $ 45,609 $ — $ 188,445 Separate account liabilities $ 75,929 $ 9,250 $ 52,018 $ 5,639 $ 45,609 $ — $ 188,445 __________________ (1) Total assets includes $134.0 billion of assets from the Japan operations which represents 18% of total consolidated assets. Year Ended December 31, 2018 U.S. Asia Latin America EMEA MetLife Holdings Corporate & Other Total Adjustments Total Consolidated (In millions) Revenues Premiums $ 28,186 $ 6,766 $ 2,760 $ 2,131 $ 3,879 $ 118 $ 43,840 $ — $ 43,840 Universal life and investment-type product policy fees 1,053 1,630 1,050 431 1,218 — 5,382 120 5,502 Net investment income 6,977 3,317 1,239 293 5,379 178 17,383 (1,217 ) 16,166 Other revenues 821 51 35 66 250 333 1,556 324 1,880 Net investment gains (losses) — — — — — — — (298 ) (298 ) Net derivative gains (losses) — — — — — — — 851 851 Total revenues 37,037 11,764 5,084 2,921 10,726 629 68,161 (220 ) 67,941 Expenses Policyholder benefits and claims and policyholder dividends 27,765 5,326 2,602 1,127 6,833 80 43,733 174 43,907 Interest credited to policyholder account balances 1,790 1,465 394 100 944 — 4,693 (680 ) 4,013 Capitalization of DAC (449 ) (1,915 ) (377 ) (468 ) (36 ) (8 ) (3,253 ) (1 ) (3,254 ) Amortization of DAC and VOBA 477 1,302 209 434 332 6 2,760 215 2,975 Amortization of negative VOBA — (39 ) (1 ) (15 ) — — (55 ) (1 ) (56 ) Interest expense on debt 12 — 6 — 9 1,032 1,059 63 1,122 Other expenses 3,902 3,840 1,421 1,378 1,081 907 12,529 398 12,927 Total expenses 33,497 9,979 4,254 2,556 9,163 2,017 61,466 168 61,634 Provision for income tax expense (benefit) 736 548 238 88 308 (825 ) 1,093 86 1,179 Adjusted earnings $ 2,804 $ 1,237 $ 592 $ 277 $ 1,255 $ (563 ) 5,602 Adjustments to: Total revenues (220 ) Total expenses (168 ) Provision for income tax (expense) benefit (86 ) Income (loss) from continuing operations, net of income tax $ 5,128 $ 5,128 At December 31, 2018 U.S. Asia (1) Latin EMEA MetLife Corporate Total (In millions) Total assets $ 248,174 $ 146,278 $ 70,417 $ 27,829 $ 166,872 $ 27,968 $ 687,538 Separate account assets $ 71,436 $ 8,849 $ 47,757 $ 5,306 $ 42,208 $ — $ 175,556 Separate account liabilities $ 71,436 $ 8,849 $ 47,757 $ 5,306 $ 42,208 $ — $ 175,556 __________________ (1) Total assets includes $120.0 billion of assets from the Japan operations which represents 17% of total consolidated assets. Year Ended December 31, 2017 U.S. Asia Latin America EMEA MetLife Holdings Corporate & Other Total Adjustments Total Consolidated (In millions) Revenues Premiums $ 23,632 $ 6,755 $ 2,693 $ 2,061 $ 4,144 $ 54 $ 39,339 $ (347 ) $ 38,992 Universal life and investment-type product policy fees 1,012 1,584 1,044 405 1,361 1 5,407 103 5,510 Net investment income 6,396 2,985 1,219 309 5,607 28 16,544 819 17,363 Other revenues 806 43 32 58 244 271 1,454 (113 ) 1,341 Net investment gains (losses) — — — — — — — (308 ) (308 ) Net derivative gains (losses) — — — — — — — (590 ) (590 ) Total revenues 31,846 11,367 4,988 2,833 11,356 354 62,744 (436 ) 62,308 Expenses Policyholder benefits and claims and policyholder dividends 23,627 5,075 2,535 1,077 7,000 26 39,340 204 39,544 Interest credited to policyholder account balances 1,474 1,351 369 100 1,018 1 4,313 1,294 5,607 Capitalization of DAC (458 ) (1,710 ) (364 ) (414 ) (82 ) (8 ) (3,036 ) 34 (3,002 ) Amortization of DAC and VOBA 459 1,300 224 357 302 6 2,648 33 2,681 Amortization of negative VOBA — (111 ) (1 ) (19 ) — — (131 ) (9 ) (140 ) Interest expense on debt 11 — 5 — 24 1,105 1,145 (16 ) 1,129 Other expenses 3,682 3,613 1,479 1,376 1,365 894 12,409 544 12,953 Total expenses 28,795 9,518 4,247 2,477 9,627 2,024 56,688 2,084 58,772 Provision for income tax expense (benefit) 1,024 620 156 59 547 (688 ) 1,718 (3,188 ) (1,470 ) Adjusted earnings $ 2,027 $ 1,229 $ 585 $ 297 $ 1,182 $ (982 ) 4,338 Adjustments to: Total revenues (436 ) Total expenses (2,084 ) Provision for income tax (expense) benefit 3,188 Income (loss) from continuing operations, net of income tax $ 5,006 $ 5,006 |
Revenue from External Customers by Products and Services | 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, 2019 2018 2017 (In millions) Life insurance $ 20,759 $ 20,550 $ 20,330 Accident & health insurance 15,159 14,489 14,002 Annuities 8,590 10,990 6,999 Property and casualty insurance 3,716 3,651 3,613 Other 1,456 1,542 899 Total $ 49,680 $ 51,222 $ 45,843 |
Revenue from External Customers by Geographic Areas | 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, 2019 2018 2017 (In millions) U.S. $ 34,433 $ 36,078 $ 30,971 Foreign: Japan 6,608 6,435 6,444 Other 8,639 8,709 8,428 Total $ 49,680 $ 51,222 $ 45,843 |
Dispositions - Dispositions (Ta
Dispositions - Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Effects of Reinsurance [Table Text Block] | The Company entered into reinsurance transactions with Brighthouse in the normal course of business and such transactions will continue based upon business needs. Information regarding the significant effects of reinsurance transactions with Brighthouse was as follows: Included on Consolidated Statements of Operations Excluded from Consolidated Statements of Operations Years Ended December 31, Years 2019 2018 2017 (1) 2017 (2) (In millions) Premiums Reinsurance assumed $ 387 $ 401 $ 183 $ 248 Reinsurance ceded (8 ) (13 ) (4 ) (7 ) Net premiums $ 379 $ 388 $ 179 $ 241 Universal life and investment-type product policy fees Reinsurance assumed $ (16 ) $ 7 $ (4 ) $ (6 ) Reinsurance ceded (52 ) (96 ) (44 ) (55 ) Net universal life and investment-type product policy fees $ (68 ) $ (89 ) $ (48 ) $ (61 ) Policyholder benefits and claims Reinsurance assumed $ 323 $ 328 $ 150 $ 196 Reinsurance ceded (46 ) (36 ) (22 ) (16 ) Net policyholder benefits and claims $ 277 $ 292 $ 128 $ 180 Interest credited to policyholder account balances Reinsurance assumed $ 13 $ 14 $ 6 $ 10 Reinsurance ceded (75 ) (71 ) (30 ) (42 ) Net interest credited to policyholder account balances $ (62 ) $ (57 ) $ (24 ) $ (32 ) Other expenses Reinsurance assumed $ 96 $ 105 $ 39 $ 10 Reinsurance ceded (17 ) (29 ) 7 (28 ) Net other expenses $ 79 $ 76 $ 46 $ (18 ) __________________ (1) Includes transactions after the Separation. (2) Includes transactions prior to the Separation. 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, 2019 2018 Direct Assumed Ceded Total Direct Assumed Ceded Total (In millions) Assets Premiums, reinsurance and other receivables $ 6,814 $ 2,190 $ 11,439 $ 20,443 $ 5,988 $ 1,603 $ 12,053 $ 19,644 Deferred policy acquisition costs and value of business acquired 17,822 301 (290 ) 17,833 18,812 385 (302 ) 18,895 Total assets $ 24,636 $ 2,491 $ 11,149 $ 38,276 $ 24,800 $ 1,988 $ 11,751 $ 38,539 Liabilities Future policy benefits $ 191,403 $ 3,506 $ — $ 194,909 $ 183,367 $ 3,413 $ — $ 186,780 Policyholder account balances 192,328 299 — 192,627 183,207 488 (2 ) 183,693 Other policy-related balances 15,806 1,351 14 17,171 15,519 986 24 16,529 Other liabilities 16,165 2,402 5,612 24,179 14,848 2,131 5,985 22,964 Total liabilities $ 415,702 $ 7,558 $ 5,626 $ 428,886 $ 396,941 $ 7,018 $ 6,007 $ 409,966 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, 2019 2018 2017 (In millions) Premiums Direct premiums $ 42,513 $ 44,199 $ 39,595 Reinsurance assumed 2,020 2,021 1,773 Reinsurance ceded (2,298 ) (2,380 ) (2,376 ) Net premiums $ 42,235 $ 43,840 $ 38,992 Universal life and investment-type product policy fees Direct universal life and investment-type product policy fees $ 6,109 $ 6,008 $ 5,978 Reinsurance assumed 56 86 83 Reinsurance ceded (562 ) (592 ) (551 ) Net universal life and investment-type product policy fees $ 5,603 $ 5,502 $ 5,510 Policyholder benefits and claims Direct policyholder benefits and claims $ 42,094 $ 43,456 $ 39,354 Reinsurance assumed 1,584 1,583 1,388 Reinsurance ceded (2,217 ) (2,383 ) (2,429 ) Net policyholder benefits and claims $ 41,461 $ 42,656 $ 38,313 Other expenses Direct other expenses $ 13,559 $ 13,704 $ 13,610 Reinsurance assumed 382 321 246 Reinsurance ceded (252 ) (311 ) (235 ) Net other expenses $ 13,689 $ 13,714 $ 13,621 |
Disposal Groups, Including Discontinued Operations [Table Text Block] | For the Year Ended December 31, 2017 (In millions) Revenues Premiums $ 820 Universal life and investment-type product policy fees 2,201 Net investment income 1,783 Other revenues 150 Total net investment gains (losses) (48 ) Net derivative gains (losses) (1,061 ) Total revenues 3,845 Expenses Policyholder benefits and claims 2,217 Interest credited to policyholder account balances 620 Policyholder dividends 16 Other expenses 853 Total expenses 3,706 Income (loss) from discontinued operations before provision for income tax and loss on disposal of discontinued operations 139 Provision for income tax expense (benefit) (46 ) Income (loss) from discontinued operations before loss on disposal of discontinued operations, net of income tax 185 Transaction costs associated with the Separation, net of income tax (216 ) Tax charges associated with the Separation (955 ) Income (loss) on disposal of discontinued operations, net of income tax (1,171 ) Income (loss) from discontinued operations, net of income tax $ (986 ) In the consolidated statements of cash flows, the cash flows from discontinued operations are not separately classified. The following table presents selected financial information regarding cash flows of the discontinued operations. For the Year Ended December 31, 2017 (In millions) Net cash provided by (used in): Operating activities $ 1,329 Investing activities $ (2,732 ) Financing activities $ (367 ) |
Insurance (Tables)
Insurance (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 2018 (In millions) U.S. $ 150,327 $ 141,641 Asia 118,027 108,456 Latin America 15,911 16,131 EMEA 16,951 17,069 MetLife Holdings 101,945 102,371 Corporate & Other 1,546 1,334 Total $ 404,707 $ 387,002 |
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 and GMWBs GMIBs Secondary Paid-Up Total (In millions) Direct and Assumed: Balance at January 1, 2017 $ 451 $ 601 $ 2,989 $ 331 $ 4,372 Incurred guaranteed benefits (1) 91 121 233 16 461 Paid guaranteed benefits (14 ) (2 ) (34 ) — (50 ) Balance at December 31, 2017 528 720 3,188 347 4,783 Incurred guaranteed benefits (1) (78 ) 178 291 12 403 Paid guaranteed benefits (22 ) — (37 ) — (59 ) Balance at December 31, 2018 428 898 3,442 359 5,127 Incurred guaranteed benefits (1) 62 (3 ) 358 68 485 Paid guaranteed benefits (25 ) (1 ) (38 ) — (64 ) Balance at December 31, 2019 $ 465 $ 894 $ 3,762 $ 427 $ 5,548 Ceded: Balance at January 1, 2017 $ 24 $ 5 $ 191 $ 231 $ 451 Incurred guaranteed benefits 4 1 50 11 66 Paid guaranteed benefits 6 — — — 6 Balance at December 31, 2017 34 6 241 242 523 Incurred guaranteed benefits (38 ) 4 28 9 3 Paid guaranteed benefits 4 — — — 4 Balance at December 31, 2018 — 10 269 251 530 Incurred guaranteed benefits (4 ) — 80 30 106 Paid guaranteed benefits 4 — — — 4 Balance at December 31, 2019 $ — $ 10 $ 349 $ 281 $ 640 Net: Balance at January 1, 2017 $ 427 $ 596 $ 2,798 $ 100 $ 3,921 Incurred guaranteed benefits 87 120 183 5 395 Paid guaranteed benefits (20 ) (2 ) (34 ) — (56 ) Balance at December 31, 2017 494 714 2,947 105 4,260 Incurred guaranteed benefits (40 ) 174 263 3 400 Paid guaranteed benefits (26 ) — (37 ) — (63 ) Balance at December 31, 2018 428 888 3,173 108 4,597 Incurred guaranteed benefits 66 (3 ) 278 38 379 Paid guaranteed benefits (29 ) (1 ) (38 ) — (68 ) Balance at December 31, 2019 $ 465 $ 884 $ 3,413 $ 146 $ 4,908 __________________ (1) Secondary guarantees include the effects of foreign currency translation of $23 million , $62 million and $78 million at December 31, 2019 , 2018 and 2017 , respectively. |
Fund Groupings | Account balances of contracts with guarantees were invested in separate account asset classes as follows at: December 31, 2019 2018 (1) (In millions) Fund Groupings: Equity $ 25,097 $ 22,450 Balanced 19,014 18,332 Bond 5,565 5,537 Money Market 117 134 Total $ 49,793 $ 46,453 __________________ (1) In connection with the Company’s guarantee exposure amount revisions discussed above, the account balances of contracts with guarantees invested in separate account asset classes at December 31, 2018 have been revised to conform to the 2019 presentation. The total increase to the fund grouping amounts previously reported is $4.2 billion , which primarily includes asset class changes of $2.9 billion for Equity and $1.3 billion for Balanced. |
Guarantees related to Annuity, Universal and Variable Life Contracts | Information regarding the Company’s guarantee exposure, which includes direct and assumed business, but excludes offsets from hedging or ceded reinsurance, if any, was as follows at: December 31, 2019 2018 In the At In the At (Dollars in millions) Annuity Contracts: Variable Annuity Guarantees: Total account value (1), (2), (3) $ 64,506 $ 24,036 $ 63,381 $ 23,174 Separate account value (1) $ 41,305 $ 22,291 $ 38,888 $ 21,385 Net amount at risk (2) $ 1,572 (4) $ 584 (5) $ 3,197 (4) $ 511 (5) Average attained age of contractholders 67 years 65 years 66 years 64 years Other Annuity Guarantees: Total account value (1), (3) N/A $ 5,671 N/A $ 5,787 Net amount at risk N/A $ 408 (6 ) N/A $ 549 (6) Average attained age of contractholders N/A 51 years N/A 50 years December 31, 2019 2018 Secondary Paid-Up Secondary Paid-Up (Dollars in millions) Universal and Variable Life Contracts: Total account value (1), (3) $ 11,937 $ 2,940 $ 11,205 $ 3,070 Net amount at risk (7) $ 86,221 $ 14,500 $ 93,028 $ 15,539 Average attained age of policyholders 53 years 65 years 52 years 64 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 variable annuity guarantees 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. (8) Certain of the Company’s guarantee exposure amounts at December 31, 2018 have been revised to conform to the 2019 presentation, which includes certain contracts with guarantees that were previously excluded. They include the following increases from the amounts previously reported: (i) variable annuity guarantees in the event of death: $7.1 billion from $56.2 billion for total account value, $1.5 billion from $37.3 billion for separate account value and $429 million from $2.8 billion for net amount at risk; (ii) variable annuity guarantees at annuitization: $1.5 billion from $21.6 billion for total account value, $1.5 billion from $19.8 billion for separate account value and $28 million from $483 million for net amount at risk; (iii) other annuity guarantees: $4.5 billion from $1.3 billion for total account value and $60 million from $489 million for net amount at risk; and (iv) universal and variable life contract secondary guarantees: $2.3 billion from $8.9 billion for total account value and $28.9 billion from $64.2 billion for net amount at risk. Additionally, the average attained age of contractholders at annuitization for variable annuity guarantees decreased by one year from 65 years and the average attained age of policyholders with universal and variable life contract secondary guarantees decreased by five years from 57 years. |
Schedule of Federal Home Loan Bank, common stock holdings, by branch of FHLB Bank | Certain of the Company’s subsidiaries are members of regional FHLBs. Holdings of common stock of regional FHLBs, included in other invested assets, were as follows at: December 31, 2019 2018 (In millions) FHLB of New York $ 737 $ 724 FHLB of Des Moines $ 4 $ 17 FHLB of Pittsburgh $ 35 $ 19 |
Schedule of liability recorded and collateral pledged for funding agreements | Certain U.S. subsidiaries have also entered into funding agreements with regional FHLBs and a subsidiary of 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, 2019 2018 2019 2018 (In millions) FHLB of New York (1) $ 14,445 $ 14,245 $ 16,570 (2) $ 16,557 (2) Farmer Mac (3) $ 2,550 $ 2,550 $ 2,670 $ 2,639 FHLB of Des Moines (1) $ 100 $ 425 $ 141 (2) $ 709 (2) FHLB of Pittsburgh (1) $ 775 $ 450 $ 895 (2) $ 590 (2) __________________ (1) Represents funding agreements issued to the applicable regional FHLB in exchange for cash and for which such regional FHLB has been granted a lien on certain assets, some of which are in the custody of such regional FHLB, including residential mortgage-backed securities (“RMBS”), to collateralize obligations under such funding agreements. The applicable subsidiary of the Company is permitted to withdraw any portion of the collateral in the custody of such regional FHLB 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 such subsidiary, the applicable regional FHLB’s recovery on the collateral is limited to the amount of such subsidiary’s liability to such regional FHLB. (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. 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, 2019 2018 (In millions) Invested assets on deposit (regulatory deposits) $ 2,034 $ 1,788 Invested assets held in trust (collateral financing arrangement and reinsurance agreements) 2,991 2,971 Invested assets pledged as collateral (1) 24,493 24,168 Total invested assets on deposit, held in trust and pledged as collateral $ 29,518 $ 28,927 __________________ (1) The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements (see Note 4 ), derivative transactions (see Note 9 ), secured debt (see Note 13 ), and a collateral financing arrangement (see Note 14 ). |
Short-duration Insurance Contracts, Claims Development | Group Life - Term Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance At December 31, 2019 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 2017 2018 2019 (Dollars in millions) 2011 $ 6,318 $ 6,290 $ 6,293 $ 6,269 $ 6,287 $ 6,295 $ 6,294 $ 6,295 $ 6,297 $ 1 207,857 2012 6,503 6,579 6,569 6,546 6,568 6,569 6,569 6,572 2 209,500 2013 6,637 6,713 6,719 6,720 6,730 6,720 6,723 2 212,019 2014 6,986 6,919 6,913 6,910 6,914 6,919 4 214,563 2015 7,040 7,015 7,014 7,021 7,024 5 216,429 2016 7,125 7,085 7,095 7,104 8 215,108 2017 7,432 7,418 7,425 15 253,613 2018 7,757 7,655 37 235,820 2019 7,935 848 185,891 Total 63,654 Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance (61,612 ) All outstanding liabilities for incurral years prior to 2011, net of reinsurance 15 Total unpaid claims and claim adjustment expenses, net of reinsurance $ 2,057 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 2017 2018 2019 (In millions) 2011 $ 4,982 $ 6,194 $ 6,239 $ 6,256 $ 6,281 $ 6,290 $ 6,292 $ 6,295 $ 6,296 2012 5,132 6,472 6,518 6,532 6,558 6,565 6,566 6,569 2013 5,216 6,614 6,664 6,678 6,711 6,715 6,720 2014 5,428 6,809 6,858 6,869 6,902 6,912 2015 5,524 6,913 6,958 6,974 7,008 2016 5,582 6,980 7,034 7,053 2017 5,761 7,292 7,355 2018 6,008 7,521 2019 6,178 Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance $ 61,612 Group Long-Term Disability Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance At December 31, 2019 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 2017 2018 2019 (Dollars in millions) 2011 $ 955 $ 916 $ 894 $ 914 $ 924 $ 923 $ 918 $ 917 $ 914 $ — 21,644 2012 966 979 980 1,014 1,034 1,037 1,021 1,015 — 20,085 2013 1,008 1,027 1,032 1,049 1,070 1,069 1,044 — 21,137 2014 1,076 1,077 1,079 1,101 1,109 1,098 — 22,851 2015 1,082 1,105 1,093 1,100 1,087 — 21,203 2016 1,131 1,139 1,159 1,162 — 17,958 2017 1,244 1,202 1,203 12 16,266 2018 1,240 1,175 35 14,869 2019 1,277 657 8,350 Total 9,975 Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance (4,713 ) All outstanding liabilities for incurral years prior to 2011, net of reinsurance 1,829 Total unpaid claims and claim adjustment expenses, net of reinsurance $ 7,091 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 2017 2018 2019 (In millions) 2011 $ 44 $ 217 $ 337 $ 411 $ 478 $ 537 $ 588 $ 635 $ 670 2012 43 229 365 453 524 591 648 694 2013 43 234 382 475 551 622 676 2014 51 266 428 526 609 677 2015 50 264 427 524 601 2016 49 267 433 548 2017 56 290 476 2018 54 314 2019 57 Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance $ 4,713 Property & Casualty - Auto Liability Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance At December 31, 2019 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 2017 2018 2019 (Dollars in millions) 2010 $ 863 $ 873 $ 853 $ 847 $ 833 $ 826 $ 825 $ 822 $ 823 $ 822 $ — 204,497 2011 863 876 869 855 846 843 843 842 841 1 204,972 2012 882 881 869 851 846 847 846 846 1 199,357 2013 911 900 882 878 876 876 874 1 204,372 2014 897 910 913 910 911 912 2 207,630 2015 975 984 979 980 983 5 212,806 2016 1,012 1,002 997 999 11 211,041 2017 957 960 987 33 191,978 2018 938 964 78 180,220 2019 970 203 163,655 Total 9,198 Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance (8,062 ) All outstanding liabilities for incurral years prior to 2010, net of reinsurance 26 Total unpaid claims and claim adjustment expenses, net of reinsurance $ 1,162 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 2017 2018 2019 (In millions) 2010 $ 319 $ 572 $ 695 $ 762 $ 796 $ 810 $ 816 $ 818 $ 820 $ 821 2011 324 590 711 777 810 825 831 835 837 2012 333 600 715 783 815 831 840 843 2013 346 618 743 809 843 859 869 2014 352 648 777 844 884 900 2015 384 691 822 903 956 2016 396 702 842 932 2017 379 686 838 2018 371 687 2019 379 Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance $ 8,062 Property & Casualty - Home Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance At December 31, 2019 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 2017 2018 2019 (Dollars in millions) 2010 $ 573 $ 589 $ 587 $ 584 $ 582 $ 581 $ 580 $ 579 $ 579 $ 579 $ — 115,522 2011 891 868 843 840 835 835 834 833 833 — 166,467 2012 714 713 703 698 696 694 693 692 — 146,559 2013 654 652 635 635 634 632 632 1 107,562 2014 707 702 704 705 701 699 1 113,679 2015 759 753 752 746 742 1 107,259 2016 740 743 743 736 3 107,271 2017 747 763 761 8 115,610 2018 671 658 9 98,754 2019 649 67 80,133 Total 6,981 Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance (6,753 ) All outstanding liabilities for incurral years prior to 2010, net of reinsurance 1 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 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 (In millions) 2010 $ 436 $ 546 $ 562 $ 571 $ 574 $ 577 $ 578 $ 578 $ 579 $ 579 2011 690 804 819 825 827 830 832 833 833 2012 559 668 681 687 689 690 690 691 2013 505 604 618 626 628 629 630 2014 574 670 685 692 695 696 2015 603 717 731 736 739 2016 593 704 720 727 2017 610 727 742 2018 529 629 2019 487 Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance $ 6,753 Group Disability & Group Life Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance At December 31, 2019 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 2017 2018 2019 (Dollars in millions) 2010 $ 73 $ 70 $ 75 $ 96 $ 96 $ 93 $ 121 $ 130 $ 122 $ 118 $ 2 2,812 2011 58 61 79 80 84 112 119 116 109 5 3,021 2012 88 94 92 106 107 110 120 114 9 4,536 2013 133 135 156 151 150 159 159 15 5,210 2014 267 250 230 230 241 237 31 6,167 2015 252 240 243 237 247 37 5,970 2016 210 214 202 215 42 3,895 2017 273 253 261 56 4,056 2018 332 304 96 3,730 2019 359 185 2,390 Total 2,123 Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance (1,506 ) All outstanding liabilities for incurral years prior to 2010, net of reinsurance 10 Total unpaid claims and claim adjustment expenses, net of reinsurance $ 627 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 2017 2018 2019 (In millions) 2010 $ 18 $ 36 $ 48 $ 58 $ 71 $ 80 $ 102 $ 108 $ 113 $ 116 2011 11 36 49 60 73 92 98 100 104 2012 27 58 77 89 96 101 102 105 2013 39 89 109 123 134 147 144 2014 62 130 161 182 204 205 2015 73 139 173 187 212 2016 59 122 138 173 2017 79 144 190 2018 87 160 2019 97 Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance $ 1,506 Protection Life Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance At December 31, 2019 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 2017 2018 2019 (Dollars in millions) 2010 $ 259 $ 333 $ 340 $ 341 $ 341 $ 341 $ 341 $ 342 $ 344 $ 344 $ — 34,663 2011 144 222 229 230 230 231 227 230 230 — 28,955 2012 153 208 213 214 215 212 215 216 — 29,014 2013 168 236 243 244 243 246 247 — 33,259 2014 247 376 387 354 358 359 — 41,648 2015 324 463 432 438 438 — 47,505 2016 347 447 459 466 1 41,590 2017 358 350 349 5 33,396 2018 334 324 16 31,302 2019 364 124 24,180 Total 3,337 Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance (3,030 ) All outstanding liabilities for incurral years prior to 2010, net of reinsurance 10 Total unpaid claims and claim adjustment expenses, net of reinsurance $ 317 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 2017 2018 2019 (In millions) 2010 $ 238 $ 310 $ 317 $ 318 $ 318 $ 318 $ 318 $ 320 $ 321 $ 324 2011 141 218 224 225 225 225 226 227 228 2012 151 205 209 211 211 210 211 213 2013 165 229 234 234 234 236 238 2014 221 330 336 339 343 346 2015 264 372 395 403 410 2016 242 432 452 460 2017 210 318 335 2018 169 287 2019 189 Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance $ 3,030 Protection Health Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance At December 31, 2019 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 2017 2018 2019 (Dollars in millions) 2010 $ 187 $ 208 $ 210 $ 210 $ 211 $ 211 $ 211 $ 215 $ 215 $ 215 $ — 96,784 2011 224 249 251 252 252 252 249 249 249 — 106,631 2012 216 243 245 246 246 244 245 245 — 100,400 2013 235 265 266 267 264 264 264 — 104,234 2014 243 271 273 271 270 270 — 97,755 2015 209 237 239 238 238 — 87,108 2016 274 316 313 313 1 105,877 2017 397 370 370 3 120,142 2018 425 447 6 140,671 2019 142 19 87,541 Total 2,753 Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance (2,689 ) All outstanding liabilities for incurral years prior to 2010, net of reinsurance 9 Total unpaid claims and claim adjustment expenses, net of reinsurance $ 73 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 2017 2018 2019 (In millions) 2010 $ 187 $ 208 $ 210 $ 210 $ 211 $ 211 $ 211 $ 214 $ 214 $ 215 2011 224 249 251 252 252 252 249 249 249 2012 216 243 245 246 246 245 245 245 2013 235 265 266 267 264 264 264 2014 241 269 271 267 267 267 2015 209 237 236 237 237 2016 258 308 311 312 2017 324 365 367 2018 363 414 2019 119 Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance $ 2,689 |
Short-duration Insurance Contracts, Schedule of Historical Claims Duration | The following is supplementary information about average historical claims duration at December 31, 2019 : Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Years 1 2 3 4 5 6 7 8 9 Group Life - Term 78.3% 20.0% 0.7% 0.2% 0.4% 0.1% —% —% —% The following is supplementary information about average historical claims duration at December 31, 2019 : Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Years 1 2 3 4 5 6 7 8 9 Group Long-Term Disability 4.5% 19.4% 14.3% 8.9% 7.2% 6.5% 5.5% 4.8% 4.0% The following is supplementary information about average historical claims duration at December 31, 2019 : 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 38.6% 31.5% 14.3% 8.0% 4.2% 1.8% 0.9% 0.3% 0.3% 0.1% The following is supplementary information about average historical claims duration at December 31, 2019 : Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Years 1 2 3 4 5 6 7 8 9 10 Home 79.8% 15.4% 2.1% 1.0% 0.3% 0.3% 0.2% 0.1% 0.1% —% The following is supplementary information about average historical claims duration at December 31, 2019 : Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Years 1 2 3 4 5 6 7 8 9 10 Group Disability & Group Life 24.4% 25.3% 13.0% 9.8% 9.1% 7.5% 6.0% 3.2% 3.7% 3.9% The following is supplementary information about average historical claims duration at December 31, 2019 : Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Years 1 2 3 4 5 6 7 8 9 10 Protection Life 60.5% 29.8% 3.1% 0.9% 0.5% 0.3% 0.4% 0.6% 0.5% 1.0% The following is supplementary information about average historical claims duration at December 31, 2019 : Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Years 1 2 3 4 5 6 7 8 9 10 Protection Health 86.6% 11.5% 0.6% —% (0.1%) —% (0.3%) 0.5% 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 was as follows at: December 31, 2019 (In millions) Short-Duration: Unpaid claims and allocated claims adjustment expenses, net of reinsurance: U.S.: Group Life - Term $ 2,057 Group Long-Term Disability 7,091 Property & Casualty - Auto 1,162 Property & Casualty - Home 229 Total $ 10,539 Asia - Group Disability & Group Life 627 Latin America: Protection Life 317 Protection Health 73 Total 390 Other insurance lines - all segments combined 2,031 Total unpaid claims and allocated claims adjustment expenses, net of reinsurance 13,587 Reinsurance recoverables on unpaid claims: U.S.: Group Life - Term 13 Group Long-Term Disability 133 Property & Casualty - Auto 68 Property & Casualty - Home 1 Total 215 Asia - Group Disability & Group Life 238 Latin America: Protection Life 7 Protection Health 18 Total 25 Other insurance lines - all segments combined 333 Total reinsurance recoverable on unpaid claims 811 Total unpaid claims and allocated claims adjustment expense 14,398 Unallocated claims adjustment expenses 98 Discounting (1,285 ) Liability for unpaid claims and claim adjustment liabilities - short-duration 13,211 Liability for unpaid claims and claim adjustment liabilities - all long-duration lines 6,005 Total liability for unpaid claims and claim adjustment expense (included in future policy benefits and other policy-related balances) $ 19,216 |
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, 2019 2018 2017 (In millions) Balance at January 1, $ 17,788 $ 17,094 $ 16,157 Less: Reinsurance recoverables 2,332 2,198 1,968 Net balance at January 1, 15,456 14,896 14,189 Incurred related to: Current year 27,093 24,571 24,370 Prior years (1) 313 454 133 Total incurred 27,406 25,025 24,503 Paid related to: Current year (20,141 ) (18,757 ) (18,525 ) Prior years (5,882 ) (5,708 ) (5,271 ) Total paid (26,023 ) (24,465 ) (23,796 ) Net balance at December 31, 16,839 15,456 14,896 Add: Reinsurance recoverables 2,377 2,332 2,198 Balance at December 31, $ 19,216 $ 17,788 $ 17,094 __________________ (1) For the years ended December 31, 2019 , 2018 and 2017 , claims and claim adjustment expenses associated with prior years increased due to events incurred in prior years but reported in the current year. |
Deferred Policy Acquisition C_2
Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract] | |
Schedule of Deferred Policy Acquisition Costs and Value of Business Acquired | Information regarding DAC and VOBA was as follows: Years Ended December 31, 2019 2018 2017 (In millions) DAC: Balance at January 1, $ 15,570 $ 14,789 $ 13,830 Capitalizations 3,358 3,254 3,002 Amortization related to: Net investment gains (losses) and net derivative gains (losses) (117 ) (109 ) 60 Other expenses (2,534 ) (2,599 ) (2,426 ) Total amortization (2,651 ) (2,708 ) (2,366 ) Unrealized investment gains (losses) (1,461 ) 511 (525 ) Effect of foreign currency translation and other (26 ) (276 ) 848 Balance at December 31, 14,790 15,570 14,789 VOBA: Balance at January 1, 3,325 3,630 3,760 Amortization related to other expenses (245 ) (267 ) (315 ) Unrealized investment gains (losses) (4 ) 10 (4 ) Effect of foreign currency translation and other (33 ) (48 ) 189 Balance at December 31, 3,043 3,325 3,630 Total DAC and VOBA: Balance at December 31, $ 17,833 $ 18,895 $ 18,419 |
Schedule of Deferred Policy Acquisition Costs and Value of Business Acquired | Information regarding DAC and VOBA was as follows: Years Ended December 31, 2019 2018 2017 (In millions) DAC: Balance at January 1, $ 15,570 $ 14,789 $ 13,830 Capitalizations 3,358 3,254 3,002 Amortization related to: Net investment gains (losses) and net derivative gains (losses) (117 ) (109 ) 60 Other expenses (2,534 ) (2,599 ) (2,426 ) Total amortization (2,651 ) (2,708 ) (2,366 ) Unrealized investment gains (losses) (1,461 ) 511 (525 ) Effect of foreign currency translation and other (26 ) (276 ) 848 Balance at December 31, 14,790 15,570 14,789 VOBA: Balance at January 1, 3,325 3,630 3,760 Amortization related to other expenses (245 ) (267 ) (315 ) Unrealized investment gains (losses) (4 ) 10 (4 ) Effect of foreign currency translation and other (33 ) (48 ) 189 Balance at December 31, 3,043 3,325 3,630 Total DAC and VOBA: Balance at December 31, $ 17,833 $ 18,895 $ 18,419 |
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, 2019 2018 (In millions) U.S. $ 649 $ 633 Asia 9,764 10,156 Latin America 2,038 1,984 EMEA 1,701 1,622 MetLife Holdings 3,656 4,474 Corporate & Other 25 26 Total $ 17,833 $ 18,895 |
Deferred Sales Inducements of Business Acquired | Information regarding other intangibles was as follows: Years Ended December 31, 2019 2018 2017 (In millions) DSI: Balance at January 1, $ 210 $ 220 $ 241 Capitalization 7 7 16 Amortization (39 ) (33 ) (29 ) Unrealized investment gains (losses) (20 ) 16 (6 ) Effect of foreign currency translation — — (2 ) Balance at December 31, $ 158 $ 210 $ 220 VODA and VOCRA: Balance at January 1, $ 384 $ 459 $ 509 Amortization (42 ) (47 ) (51 ) Effect of foreign currency translation (7 ) (28 ) 1 Balance at December 31, $ 335 $ 384 $ 459 Accumulated amortization $ 434 $ 392 $ 345 Negative VOBA: Balance at January 1, $ 779 $ 827 $ 935 Amortization (33 ) (56 ) (140 ) Effect of foreign currency translation and other 4 8 32 Balance at December 31, $ 750 $ 779 $ 827 Accumulated amortization $ 3,263 $ 3,230 $ 3,174 |
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, 2019 2018 2017 (In millions) DSI: Balance at January 1, $ 210 $ 220 $ 241 Capitalization 7 7 16 Amortization (39 ) (33 ) (29 ) Unrealized investment gains (losses) (20 ) 16 (6 ) Effect of foreign currency translation — — (2 ) Balance at December 31, $ 158 $ 210 $ 220 VODA and VOCRA: Balance at January 1, $ 384 $ 459 $ 509 Amortization (42 ) (47 ) (51 ) Effect of foreign currency translation (7 ) (28 ) 1 Balance at December 31, $ 335 $ 384 $ 459 Accumulated amortization $ 434 $ 392 $ 345 Negative VOBA: Balance at January 1, $ 779 $ 827 $ 935 Amortization (33 ) (56 ) (140 ) Effect of foreign currency translation and other 4 8 32 Balance at December 31, $ 750 $ 779 $ 827 Accumulated amortization $ 3,263 $ 3,230 $ 3,174 |
Estimated Future Amortization Expense (Credit) | The estimated future amortization expense (credit) to be reported in other expenses for the next five years was as follows: VOBA VODA and VOCRA Negative VOBA (In millions) 2020 $ 238 $ 38 $ (41 ) 2021 $ 219 $ 35 $ (39 ) 2022 $ 208 $ 31 $ (37 ) 2023 $ 196 $ 29 $ (36 ) 2024 $ 187 $ 26 $ (34 ) |
Reinsurance (Tables)
Reinsurance (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Reinsurance Disclosures [Abstract] | |
Effect of reinsurance | The Company entered into reinsurance transactions with Brighthouse in the normal course of business and such transactions will continue based upon business needs. Information regarding the significant effects of reinsurance transactions with Brighthouse was as follows: Included on Consolidated Statements of Operations Excluded from Consolidated Statements of Operations Years Ended December 31, Years 2019 2018 2017 (1) 2017 (2) (In millions) Premiums Reinsurance assumed $ 387 $ 401 $ 183 $ 248 Reinsurance ceded (8 ) (13 ) (4 ) (7 ) Net premiums $ 379 $ 388 $ 179 $ 241 Universal life and investment-type product policy fees Reinsurance assumed $ (16 ) $ 7 $ (4 ) $ (6 ) Reinsurance ceded (52 ) (96 ) (44 ) (55 ) Net universal life and investment-type product policy fees $ (68 ) $ (89 ) $ (48 ) $ (61 ) Policyholder benefits and claims Reinsurance assumed $ 323 $ 328 $ 150 $ 196 Reinsurance ceded (46 ) (36 ) (22 ) (16 ) Net policyholder benefits and claims $ 277 $ 292 $ 128 $ 180 Interest credited to policyholder account balances Reinsurance assumed $ 13 $ 14 $ 6 $ 10 Reinsurance ceded (75 ) (71 ) (30 ) (42 ) Net interest credited to policyholder account balances $ (62 ) $ (57 ) $ (24 ) $ (32 ) Other expenses Reinsurance assumed $ 96 $ 105 $ 39 $ 10 Reinsurance ceded (17 ) (29 ) 7 (28 ) Net other expenses $ 79 $ 76 $ 46 $ (18 ) __________________ (1) Includes transactions after the Separation. (2) Includes transactions prior to the Separation. 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, 2019 2018 Direct Assumed Ceded Total Direct Assumed Ceded Total (In millions) Assets Premiums, reinsurance and other receivables $ 6,814 $ 2,190 $ 11,439 $ 20,443 $ 5,988 $ 1,603 $ 12,053 $ 19,644 Deferred policy acquisition costs and value of business acquired 17,822 301 (290 ) 17,833 18,812 385 (302 ) 18,895 Total assets $ 24,636 $ 2,491 $ 11,149 $ 38,276 $ 24,800 $ 1,988 $ 11,751 $ 38,539 Liabilities Future policy benefits $ 191,403 $ 3,506 $ — $ 194,909 $ 183,367 $ 3,413 $ — $ 186,780 Policyholder account balances 192,328 299 — 192,627 183,207 488 (2 ) 183,693 Other policy-related balances 15,806 1,351 14 17,171 15,519 986 24 16,529 Other liabilities 16,165 2,402 5,612 24,179 14,848 2,131 5,985 22,964 Total liabilities $ 415,702 $ 7,558 $ 5,626 $ 428,886 $ 396,941 $ 7,018 $ 6,007 $ 409,966 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, 2019 2018 2017 (In millions) Premiums Direct premiums $ 42,513 $ 44,199 $ 39,595 Reinsurance assumed 2,020 2,021 1,773 Reinsurance ceded (2,298 ) (2,380 ) (2,376 ) Net premiums $ 42,235 $ 43,840 $ 38,992 Universal life and investment-type product policy fees Direct universal life and investment-type product policy fees $ 6,109 $ 6,008 $ 5,978 Reinsurance assumed 56 86 83 Reinsurance ceded (562 ) (592 ) (551 ) Net universal life and investment-type product policy fees $ 5,603 $ 5,502 $ 5,510 Policyholder benefits and claims Direct policyholder benefits and claims $ 42,094 $ 43,456 $ 39,354 Reinsurance assumed 1,584 1,583 1,388 Reinsurance ceded (2,217 ) (2,383 ) (2,429 ) Net policyholder benefits and claims $ 41,461 $ 42,656 $ 38,313 Other expenses Direct other expenses $ 13,559 $ 13,704 $ 13,610 Reinsurance assumed 382 321 246 Reinsurance ceded (252 ) (311 ) (235 ) Net other expenses $ 13,689 $ 13,714 $ 13,621 |
Closed Block (Tables)
Closed Block (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 2018 (In millions) Closed Block Liabilities Future policy benefits $ 39,379 $ 40,032 Other policy-related balances 423 317 Policyholder dividends payable 432 431 Policyholder dividend obligation 2,020 428 Deferred income tax liability 79 28 Other liabilities 81 328 Total closed block liabilities 42,414 41,564 Assets Designated to the Closed Block Investments: Fixed maturity securities available-for-sale, at estimated fair value 25,977 25,354 Equity securities, at estimated fair value 49 61 Contractholder-directed equity securities and fair value option securities, at estimated fair value 53 43 Mortgage loans 7,052 6,778 Policy loans 4,489 4,527 Real estate and real estate joint ventures 544 544 Other invested assets 314 643 Total investments 38,478 37,950 Cash and cash equivalents 448 — Accrued investment income 419 443 Premiums, reinsurance and other receivables 75 83 Current income tax recoverable 91 69 Total assets designated to the closed block 39,511 38,545 Excess of closed block liabilities over assets designated to the closed block 2,903 3,019 Amounts included in AOCI: Unrealized investment gains (losses), net of income tax 2,453 1,089 Unrealized gains (losses) on derivatives, net of income tax 97 86 Allocated to policyholder dividend obligation, net of income tax (1,596 ) (338 ) Total amounts included in AOCI 954 837 Maximum future earnings to be recognized from closed block assets and liabilities $ 3,857 $ 3,856 |
Closed block policyholder dividend obligation | Information regarding the closed block policyholder dividend obligation was as follows: Years Ended December 31, 2019 2018 2017 (In millions) Balance at January 1, $ 428 $ 2,121 $ 1,931 Change in unrealized investment and derivative gains (losses) 1,592 (1,693 ) 190 Balance at December 31, $ 2,020 $ 428 $ 2,121 |
Closed block revenues and expenses | Information regarding the closed block revenues and expenses was as follows: Years Ended December 31, 2019 2018 2017 (In millions) Revenues Premiums $ 1,580 $ 1,672 $ 1,736 Net investment income 1,740 1,758 1,818 Net investment gains (losses) (7 ) (71 ) 1 Net derivative gains (losses) 12 22 (32 ) Total revenues 3,325 3,381 3,523 Expenses Policyholder benefits and claims 2,291 2,475 2,453 Policyholder dividends 924 968 976 Other expenses 111 117 125 Total expenses 3,326 3,560 3,554 Revenues, net of expenses before provision for income tax expense (benefit) (1 ) (179 ) (31 ) Provision for income tax expense (benefit) (2 ) (39 ) 12 Revenues, net of expenses and provision for income tax expense (benefit) $ 1 $ (140 ) $ (43 ) |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Fixed Maturity Available-for-Sale and Equity Securities | The following table presents the fixed maturity securities AFS by sector. U.S. corporate and foreign corporate sectors include redeemable preferred stock. RMBS includes agency, prime, alternative and sub-prime mortgage-backed securities. ABS includes securities collateralized by corporate loans and consumer loans. Municipals includes taxable and tax-exempt revenue bonds and, to a much lesser extent, general obligations of states, municipalities and political subdivisions. Commercial mortgage-backed securities (“CMBS”) primarily includes securities collateralized by multiple commercial mortgage loans. RMBS, ABS and CMBS are collectively, “Structured Products.” December 31, 2019 December 31, 2018 Amortized Cost Gross Unrealized Estimated Fair Value Amortized Cost Gross Unrealized Estimated Fair Value Gains Temporary OTTI Gains Temporary OTTI (In millions) U.S. corporate $ 79,115 $ 8,943 $ 305 $ — $ 87,753 $ 77,761 $ 3,467 $ 2,280 $ — $ 78,948 Foreign government 58,840 8,710 321 — 67,229 56,353 6,406 471 — 62,288 Foreign corporate 59,342 5,540 717 — 64,165 56,290 2,438 2,025 — 56,703 U.S. government and agency 37,586 4,604 106 — 42,084 37,030 2,756 464 — 39,322 RMBS 27,051 1,535 72 (33 ) 28,547 27,409 920 394 (26 ) 27,961 ABS 14,547 83 88 — 14,542 12,552 74 153 1 12,472 Municipals 11,081 2,001 29 — 13,053 10,376 1,228 71 — 11,533 CMBS 10,093 396 42 — 10,447 9,045 115 122 — 9,038 Total fixed maturity securities AFS $ 297,655 $ 31,812 $ 1,680 $ (33 ) $ 327,820 $ 286,816 $ 17,404 $ 5,980 $ (25 ) $ 298,265 __________________ (1) Noncredit OTTI losses included in AOCI in an unrealized gain position are due to increases in estimated fair value subsequent to initial recognition of noncredit losses on such securities. See also “— Net Unrealized Investment Gains (Losses).” Equity securities are summarized as follows at: December 31, 2019 December 31, 2018 Estimated Fair Value % of Total Estimated Fair Value % of Total (Dollars in millions) Common stock $ 944 70.3 % $ 1,037 72.0 % Non-redeemable preferred stock 398 29.7 403 28.0 Total equity securities $ 1,342 100.0 % $ 1,440 100.0 % |
Available-for-sale fixed maturity securities by contractual maturity date | The amortized cost and estimated fair value of fixed maturity securities AFS, by contractual maturity date, were as follows at December 31, 2019 : 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 Products Total Fixed Maturity Securities AFS (In millions) Amortized cost $ 17,822 $ 48,014 $ 58,800 $ 121,328 $ 51,691 $ 297,655 Estimated fair value $ 17,960 $ 50,058 $ 64,135 $ 142,131 $ 53,536 $ 327,820 |
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity Securities Available-for-Sale | The following table presents the estimated fair value and gross unrealized losses of fixed maturity securities AFS in an unrealized loss position by sector and aggregated by length of time that the securities have been in a continuous unrealized loss position at: December 31, 2019 December 31, 2018 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) U.S. corporate $ 3,817 $ 107 $ 2,226 $ 198 $ 32,430 $ 1,663 $ 5,826 $ 617 Foreign government 3,295 149 1,490 172 4,392 243 2,902 228 Foreign corporate 3,188 133 5,873 584 19,564 1,230 5,765 795 U.S. government and agency 5,391 97 196 9 6,813 58 8,937 406 RMBS 2,341 25 584 14 6,506 120 6,423 248 ABS 3,692 22 4,843 66 8,230 138 392 16 Municipals 1,156 29 1 — 1,380 46 349 25 CMBS 1,926 16 487 26 3,893 67 707 55 Total fixed maturity securities AFS $ 24,806 $ 578 $ 15,700 $ 1,069 $ 83,208 $ 3,565 $ 31,301 $ 2,390 Total number of securities in an unrealized loss position 2,153 1,411 6,913 2,335 |
Disclosure of Mortgage Loans Net of Valuation Allowance | Mortgage loans are summarized as follows at: December 31, 2019 2018 Carrying % of Carrying % of (Dollars in millions) Mortgage loans: Commercial $ 49,624 61.6 % $ 48,463 64.0 % Agricultural 16,695 20.7 14,905 19.7 Residential 14,316 17.8 12,427 16.4 Total recorded investment 80,635 100.1 75,795 100.1 Valuation allowances (353 ) (0.4 ) (342 ) (0.5 ) Subtotal mortgage loans, net 80,282 99.7 75,453 99.6 Residential — FVO (1) 188 0.2 299 0.4 Total mortgage loans held-for-investment, net 80,470 99.9 75,752 100.0 Mortgage loans held-for-sale 59 0.1 — — Total mortgage loans, net $ 80,529 100.0 % $ 75,752 100.0 % ____________________ (1) Information on residential mortgage loans — FVO is presented in Note 10 . The Company elects the FVO for certain residential mortgage loans that are managed on a total return basis. |
Disclosure of mortgage loans held-for-investment and valuation allowance by method of evaluation for credit loss | Mortgage loans held-for-investment 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, 2019 Commercial $ — $ — $ — $ — $ — $ 49,624 $ 246 $ — $ — Agricultural 56 56 3 201 201 16,438 49 254 201 Residential — — — 473 427 13,889 55 427 406 Total $ 56 $ 56 $ 3 $ 674 $ 628 $ 79,951 $ 350 $ 681 $ 607 December 31, 2018 Commercial $ — $ — $ — $ — $ — $ 48,463 $ 238 $ — $ — Agricultural 31 31 3 169 169 14,705 43 197 123 Residential — — — 431 386 12,041 58 386 358 Total $ 31 $ 31 $ 3 $ 600 $ 555 $ 75,209 $ 339 $ 583 $ 481 |
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, 2017 $ 202 $ 39 $ 63 $ 304 Provision (release) 12 4 8 24 Charge-offs, net of recoveries — (2 ) (12 ) (14 ) Balance at December 31, 2017 214 41 59 314 Provision (release) 24 5 7 36 Charge-offs, net of recoveries — — (8 ) (8 ) Balance at December 31, 2018 238 46 58 342 Provision (release) 8 11 7 26 Charge-offs, net of recoveries — (5 ) (10 ) (15 ) Balance at December 31, 2019 $ 246 $ 52 $ 55 $ 353 |
Schedule of Past Due and Non-Accrual Mortgage Loans | 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, 2019 December 31, 2018 December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 (In millions) Commercial $ 10 $ 9 $ 9 $ 9 $ 176 $ 176 Agricultural 129 204 7 109 137 105 Residential 452 471 35 35 418 436 Total $ 591 $ 684 $ 51 $ 153 $ 731 $ 717 |
Disclosure of Real Estate and Real Estate Joint Ventures | Real estate investments, by income type, as well as income earned, are as follows at and for the periods indicated: December 31, 2019 December 31, 2018 Years Ended December 31, 2019 2018 2017 Carrying Value Income (In millions) Leased real estate investments $ 4,893 $ 4,132 $ 380 $ 399 $ 379 Other real estate investments 420 461 192 188 189 Real estate joint ventures 5,428 5,105 104 107 78 Total real estate and real estate joint ventures $ 10,741 $ 9,698 $ 676 $ 694 $ 646 |
Schedule of Operating Leases by Property Type | Leased real estate investments and income earned, by property type, are as follows at and for the periods indicated: December 31, 2019 December 31, 2018 Years Ended December 31, 2019 2018 2017 Carrying Value Income (In millions) Leased real estate investments: Office $ 1,999 $ 1,999 $ 175 $ 169 $ 157 Retail 1,127 1,006 102 95 92 Apartment 778 253 24 70 72 Industrial 306 223 46 38 39 Land 514 489 21 19 13 Hotel 93 94 7 3 2 Other 76 68 5 5 4 Total leased real estate investments $ 4,893 $ 4,132 $ 380 $ 399 $ 379 |
Components of Leveraged and Direct Financing Leases | Investment in leveraged and direct financing leases consisted of the following at: December 31, 2019 December 31, 2018 Leveraged Direct Leveraged Direct (In millions) Lease receivables, net (1) $ 666 $ 1,931 $ 715 $ 1,855 Estimated residual values 751 42 807 42 Subtotal 1,417 1,973 1,522 1,897 Unearned income (365 ) (726 ) (414 ) (705 ) Investment in leases $ 1,052 $ 1,247 $ 1,108 $ 1,192 __________________ (1) Future contractual receipts under direct financing leases as of December 31, 2019 are $104 million in 2020, $98 million in 2021 , $104 million in 2022 , $108 million in 2023 , $95 million in 2024 , $1.4 billion thereafter, and in total $1.9 billion . |
Schedule of Net Income From Investment In Leveraged and Direct Financing Leases | The components of income from investment in leveraged and direct financing leases, excluding net investment gains (losses), were as follows: Years Ended December 31, 2019 2018 2017 Leveraged Leases Direct Financing Leases Leveraged Leases Direct Financing Leases Leveraged Leases Direct Financing Leases (In millions) Lease investment income $ 48 $ 109 $ 47 $ 95 $ 19 $ 89 Less: Income tax expense 10 23 10 20 7 31 Lease investment income, net of income tax $ 38 $ 86 $ 37 $ 75 $ 12 $ 58 |
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, 2019 2018 2017 (In millions) Fixed maturity securities AFS $ 30,050 $ 11,356 $ 22,645 Fixed maturity securities AFS with noncredit OTTI losses included in AOCI 33 25 41 Total fixed maturity securities AFS 30,083 11,381 22,686 Equity securities — — 421 Derivatives 2,209 2,127 1,453 Other 310 290 46 Subtotal 32,602 13,798 24,606 Amounts allocated from: Future policy benefits (1,019 ) 31 (77 ) DAC and VOBA related to noncredit OTTI losses recognized in AOCI — — — DAC, VOBA and DSI (2,716 ) (1,231 ) (1,768 ) Policyholder dividend obligation (2,020 ) (428 ) (2,121 ) Subtotal (5,755 ) (1,628 ) (3,966 ) Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI (4 ) (3 ) (12 ) Deferred income tax benefit (expense) (6,846 ) (3,502 ) (6,958 ) Net unrealized investment gains (losses) 19,997 8,665 13,670 Net unrealized investment gains (losses) attributable to noncontrolling interests (16 ) (10 ) (8 ) Net unrealized investment gains (losses) attributable to MetLife, Inc. $ 19,981 $ 8,655 $ 13,662 The changes in net unrealized investment gains (losses) were as follows: Years Ended December 31, 2019 2018 2017 (In millions) Balance at January 1, $ 8,655 $ 13,662 $ 12,650 Cumulative effects of changes in accounting principles, net of income tax (Note 1) 21 1,258 — Fixed maturity securities AFS on which noncredit OTTI losses have been recognized 8 (16 ) 33 Unrealized investment gains (losses) during the year 18,770 (10,367 ) 804 Unrealized investment gains (losses) relating to: Future policy benefits (1,050 ) 108 1,037 DAC and VOBA related to noncredit OTTI losses recognized in AOCI — — 3 DAC, VOBA and DSI (1,485 ) 537 (338 ) Policyholder dividend obligation (1,592 ) 1,693 (190 ) Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI (1 ) 9 (11 ) Deferred income tax benefit (expense) (3,339 ) 1,773 (324 ) Net unrealized investment gains (losses) 19,987 8,657 13,664 Net unrealized investment gains (losses) attributable to noncontrolling interests (6 ) (2 ) (2 ) Balance at December 31, $ 19,981 $ 8,655 $ 13,662 Change in net unrealized investment gains (losses) $ 11,332 $ (5,005 ) $ 1,014 Change in net unrealized investment gains (losses) attributable to noncontrolling interests (6 ) (2 ) (2 ) Change in net unrealized investment gains (losses) attributable to MetLife, Inc. $ 11,326 $ (5,007 ) $ 1,012 |
Securities Lending and Repurchase Agreements | A summary of the remaining contractual maturities of securities lending, repurchase agreements and FHLB of Boston short-term advance agreements is as follows: December 31, 2019 2018 Remaining Maturities Remaining Maturities Open (1) 1 Month or Less Over 1 to 6 Months Over 6 Months to 1 Year Total Open (1) 1 Month or Less Over 1 to 6 Months Over 6 Months to 1 Year Total (In millions) Cash collateral liability by loaned security type: Securities lending: U.S. government and agency $ 2,928 $ 6,676 $ 6,663 $ — $ 16,267 $ 2,736 $ 8,995 $ 5,220 $ — $ 16,951 Foreign government — 259 767 — 1,026 — 214 761 — 975 Agency RMBS — 76 — — 76 — 79 — — 79 Total securities lending $ 2,928 $ 7,011 $ 7,430 $ — $ 17,369 $ 2,736 $ 9,288 $ 5,981 $ — $ 18,005 Cash collateral liability by loaned security type: Repurchase agreements: U.S. government and agency $ — $ 2,310 $ — $ — $ 2,310 $ — $ 1,000 $ — $ — $ 1,000 All other corporate and government — — — — — — — 67 — 67 Total repurchase agreements $ — $ 2,310 $ — $ — $ 2,310 $ — $ 1,000 $ 67 $ — $ 1,067 Cash collateral liability by pledged security type: (2) FHLB of Boston: Municipals $ — $ 250 $ 475 $ 75 $ 800 $ — $ 150 $ 650 $ — $ 800 __________________ (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. (2) The Company is permitted to withdraw any portion of the pledged collateral over the minimum collateral requirement at any time, other than in the event of a default by the Company. A summary of the outstanding securities lending, repurchase agreements and FHLB of Boston short-term advance agreements is as follows: December 31, 2019 2018 Securities (1) Securities (1) Estimated Fair Value Cash Collateral Received from Counterparties (2), (3) Reinvestment Portfolio at Estimated Fair Value Estimated Fair Value Cash Collateral Received from Counterparties (2), (3) Reinvestment Portfolio at Estimated Fair Value (In millions) Securities lending $ 16,926 $ 17,369 $ 17,451 $ 17,724 $ 18,005 $ 18,074 Repurchase agreements $ 2,333 $ 2,310 $ 2,320 $ 1,093 $ 1,067 $ 1,069 FHLB of Boston advance agreements $ 1,083 $ 800 $ 843 $ 1,200 $ 800 $ 799 __________________ (1) Securities on loan or securities pledged in connection with these programs are included within fixed maturities securities AFS, short-term investments and cash equivalents. (2) In connection with securities lending, in addition to cash collateral received, the Company received from counterparties security collateral of $0 and $78 million at December 31, 2019 and 2018 , respectively , which may not be sold or re-pledged, unless the counterparty is in default, and is not reflected on the consolidated financial statements. (3) The liability for cash collateral for these programs is included within payables for collateral under securities loaned, other transactions and other liabilities. |
Invested Assets on Deposit, Held in Trust and Pledged as Collateral | Certain U.S. subsidiaries have also entered into funding agreements with regional FHLBs and a subsidiary of 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, 2019 2018 2019 2018 (In millions) FHLB of New York (1) $ 14,445 $ 14,245 $ 16,570 (2) $ 16,557 (2) Farmer Mac (3) $ 2,550 $ 2,550 $ 2,670 $ 2,639 FHLB of Des Moines (1) $ 100 $ 425 $ 141 (2) $ 709 (2) FHLB of Pittsburgh (1) $ 775 $ 450 $ 895 (2) $ 590 (2) __________________ (1) Represents funding agreements issued to the applicable regional FHLB in exchange for cash and for which such regional FHLB has been granted a lien on certain assets, some of which are in the custody of such regional FHLB, including residential mortgage-backed securities (“RMBS”), to collateralize obligations under such funding agreements. The applicable subsidiary of the Company is permitted to withdraw any portion of the collateral in the custody of such regional FHLB 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 such subsidiary, the applicable regional FHLB’s recovery on the collateral is limited to the amount of such subsidiary’s liability to such regional FHLB. (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. 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, 2019 2018 (In millions) Invested assets on deposit (regulatory deposits) $ 2,034 $ 1,788 Invested assets held in trust (collateral financing arrangement and reinsurance agreements) 2,991 2,971 Invested assets pledged as collateral (1) 24,493 24,168 Total invested assets on deposit, held in trust and pledged as collateral $ 29,518 $ 28,927 __________________ (1) The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements (see Note 4 ), derivative transactions (see Note 9 ), secured debt (see Note 13 ), and a collateral financing arrangement (see Note 14 ). |
Components of Net Investment Income | The components of net investment income were as follows: Years Ended December 31, 2019 2018 2017 (In millions) Investment income: Fixed maturity securities AFS $ 11,886 $ 11,946 $ 11,497 Equity securities 61 64 129 FVO Securities (1) 184 51 68 Mortgage loans 3,782 3,340 3,082 Policy loans 512 506 517 Real estate and real estate joint ventures 676 694 646 Other limited partnership interests 825 731 798 Cash, cash equivalents and short-term investments 457 387 228 Operating joint ventures 84 51 28 Other 348 364 192 Subtotal 18,815 18,134 17,185 Less: Investment expenses 1,422 1,285 1,122 Subtotal, net 17,393 16,849 16,063 Unit-linked investments (1) 1,475 (683 ) 1,300 Net investment income $ 18,868 $ 16,166 $ 17,363 __________________ (1) Changes in estimated fair value subsequent to purchase for investments still held as of the end of the respective periods included in net investment income were principally from Unit-linked investments, and were $1.0 billion , ($771) million and $662 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. |
Components of net investment gains (losses) | The components of net investment gains (losses) were as follows: Years Ended December 31, 2019 2018 2017 (In millions) Total gains (losses) on fixed maturity securities AFS: Total OTTI losses recognized — by sector and industry: U.S. and foreign corporate securities — by industry: Consumer $ (23 ) $ (20 ) $ (4 ) Finance (1 ) (9 ) — Industrial (22 ) (2 ) — Total U.S. and foreign corporate securities (46 ) (31 ) (4 ) Foreign government (81 ) (9 ) — ABS — — (3 ) RMBS (2 ) — — Municipals — — (3 ) OTTI losses on fixed maturity securities AFS recognized in earnings (129 ) (40 ) (10 ) Fixed maturity securities AFS — net gains (losses) on sales and disposals (1) 396 45 328 Total gains (losses) on fixed maturity securities AFS 267 5 318 Total gains (losses) on equity securities: Total OTTI losses recognized — by security type: Common stock — — (24 ) Non-redeemable preferred stock — — (1 ) OTTI losses on equity securities recognized in earnings — — (25 ) Equity securities — net gains (losses) on sales and disposals 50 118 117 Change in estimated fair value of equity securities (2) 84 (193 ) — Total gains (losses) on equity securities 134 (75 ) 92 Mortgage loans (1) (11 ) (56 ) 14 Real estate and real estate joint ventures 399 326 603 Other limited partnership interests 6 9 (59 ) Other (3) (142 ) (169 ) (113 ) Subtotal 653 40 855 Change in estimated fair value of other limited partnership interests (14 ) 12 — Non-investment portfolio gains (losses) (4), (5) (195 ) (350 ) (1,162 ) Other — — (1 ) Subtotal (209 ) (338 ) (1,163 ) Total net investment gains (losses) $ 444 $ (298 ) $ (308 ) __________________ (1) Fixed maturity securities AFS — net gains (losses) on sales and disposals and mortgage loans for the year ended December 31, 2017, included $276 million and $47 million , respectively, in previously deferred gains on prior period transfers of such investments to Brighthouse. Such gains are no longer eliminated in consolidation after the Separation. See Note 3 . (2) Changes in estimated fair value subsequent to purchase for equity securities still held as of the end of the period included in net investment gains (losses) were $122 million and ($81) million for the years ended December 31, 2019 and 2018 , respectively. (3) Other gains (losses) included tax credit partnership impairment losses of $92 million , leveraged lease impairment losses of $30 million and a renewable energy partnership disposal gain of $46 million for the year ended December 31, 2019 . Other gains (losses) included renewable energy partnership disposal losses of $83 million and leveraged lease impairment losses of $105 million for the year ended December 31, 2018 . Other gains (losses) included leveraged lease impairment losses of $79 million for the year ended December 31, 2017. (4) Non-investment portfolio gains (losses) for the year ended December 31, 2018 includes a loss of $327 million which represents both the change in estimated fair value of FVO Brighthouse Common Stock held by the Company through the date of disposal and the loss on disposal in June 2018. Non-investment portfolio gains (losses) for the year ended December 31, 2017 included (i) a loss of $1,016 million which represents a mark-to-market loss on the Company’s retained investment in Brighthouse Financial, Inc. at Separation and (ii) a loss of $95 million which represents the change in estimated fair value of FVO Brighthouse Common Stock held by the Company from the date of Separation to December 31, 2017. See Note 3 . (5) Non-investment portfolio gains (losses) for the year ended December 31, 2017 includes a $98 million loss due to the disposition of MetLife Afore. See Note 3 . |
Proceeds from sales or disposals of fixed maturity securities and the components of fixed maturity securities net investment gains and losses | Sales of securities are determined on a specific identification basis. Proceeds from sales or disposals and the components of net investment gains (losses) were as shown in the table below: Years Ended December 31, 2019 2018 2017 (In millions) Proceeds $ 51,052 $ 85,058 $ 56,509 Gross investment gains $ 889 $ 856 $ 753 Gross investment (losses) (493 ) (811 ) (425 ) OTTI losses (129 ) (40 ) (10 ) Net investment gains (losses) $ 267 $ 5 $ 318 |
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 AFS still held for which a portion of the OTTI loss was recognized in OCI: Years Ended December 31, 2019 2018 (In millions) Balance at January 1, $ 89 $ 138 Sales (maturities, pay downs or prepayments) of securities previously impaired as credit loss OTTI (16 ) (47 ) Increase in cash flows — accretion of previous credit loss OTTI (1 ) (2 ) Balance at December 31, $ 72 $ 89 |
Commercial Mortgage Loans | |
Accounts, Notes, Loans and Financing Receivable [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 held-for-investment 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, 2019 Loan-to-value ratios: Less than 65% $ 38,926 $ 1,195 $ 619 $ 40,740 82.1 % $ 42,330 82.4 % 65% to 75% 6,975 54 398 7,427 15.0 7,589 14.8 76% to 80% 564 17 237 818 1.6 805 1.6 Greater than 80% 405 234 — 639 1.3 616 1.2 Total $ 46,870 $ 1,500 $ 1,254 $ 49,624 100.0 % $ 51,340 100.0 % December 31, 2018 Loan-to-value ratios: Less than 65% $ 40,360 $ 827 $ 101 $ 41,288 85.2 % $ 41,599 85.3 % 65% to 75% 5,790 — 25 5,815 12.0 5,849 12.0 76% to 80% 423 209 56 688 1.4 664 1.4 Greater than 80% 496 176 — 672 1.4 635 1.3 Total $ 47,069 $ 1,212 $ 182 $ 48,463 100.0 % $ 48,747 100.0 % |
Residential Mortgage Loans | |
Accounts, Notes, Loans and Financing Receivable [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 held-for-investment was as follows at: December 31, 2019 2018 Recorded % of Recorded % of (Dollars in millions) Performance indicators: Performing $ 13,864 96.8 % $ 11,956 96.2 % Nonperforming (1) 452 3.2 471 3.8 Total $ 14,316 100.0 % $ 12,427 100.0 % __________________ (1) Includes residential mortgage loans held-for-investment in process of foreclosure of $118 million and $140 million at December 31, 2019 and 2018 , respectively. |
Variable Interest Entity, Primary Beneficiary | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Schedule of Variable Interest Entities | The following table presents the total assets and total liabilities relating to investment related VIEs for which the Company has concluded that it is the primary beneficiary and which are consolidated at: December 31, 2019 2018 Total Total Total Total (In millions) Renewable energy partnership (1) $ 94 $ — $ 102 $ — Investment funds (2) 207 1 79 1 Other investments (1) 10 5 21 5 Total $ 311 $ 6 $ 202 $ 6 __________________ (1) Assets of the renewable energy partnership and other investments primarily consisted of other invested assets. (2) Assets of the investment funds primarily consisted of other invested assets at December 31, 2019 and cash and cash equivalents at December 31, 2018 . |
Variable Interest Entity, Not Primary Beneficiary | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Schedule of Variable Interest Entities | Unconsolidated VIEs The carrying amount and maximum exposure to loss relating to VIEs in which the Company holds a significant variable interest but is not the primary beneficiary and which have not been consolidated were as follows at: December 31, 2019 2018 Carrying Maximum Carrying Maximum (In millions) Fixed maturity securities AFS: Structured Products (2) $ 51,962 $ 51,962 $ 47,874 $ 47,874 U.S. and foreign corporate 1,764 1,764 932 932 Foreign government 136 136 — — Other limited partnership interests 6,674 12,016 5,641 9,888 Other invested assets 1,495 1,621 1,906 2,063 Other investments 450 497 296 300 Total $ 62,481 $ 67,996 $ 56,649 $ 61,057 __________________ (1) The maximum exposure to loss relating to fixed maturity 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 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 $6 million and $94 million at December 31, 2019 and 2018 , 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. |
Agricultural Mortgage Loans | |
Accounts, Notes, Loans and Financing Receivable [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 held-for-investment was as follows at: December 31, 2019 2018 Recorded Investment % of Total Recorded Investment % of Total (Dollars in millions) Loan-to-value ratios: Less than 65% $ 15,618 93.5 % $ 13,704 92.0 % 65% to 75% 963 5.8 1,145 7.7 76% to 80% 71 0.4 33 0.2 Greater than 80% 43 0.3 23 0.1 Total $ 16,695 100.0 % $ 14,905 100.0 % |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location | The following table presents the primary underlying risk exposure, gross notional amount, and estimated fair value of the Company’s derivatives, excluding embedded derivatives, held at: Primary Underlying Risk Exposure December 31, 2019 2018 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 $ 2,369 $ 2,667 $ 2 $ 2,446 $ 2,197 $ 2 Foreign currency swaps Foreign currency exchange rate 1,304 16 17 1,233 54 — Foreign currency forwards Foreign currency exchange rate 2,336 1 40 2,140 28 18 Subtotal 6,009 2,684 59 5,819 2,279 20 Cash flow hedges: Interest rate swaps Interest rate 3,675 145 27 3,515 143 1 Interest rate forwards Interest rate 7,364 83 144 3,022 — 216 Foreign currency swaps Foreign currency exchange rate 36,983 1,627 1,430 35,931 1,796 1,831 Subtotal 48,022 1,855 1,601 42,468 1,939 2,048 NIFO hedges: Foreign currency forwards Foreign currency exchange rate 1,059 — 10 960 4 27 Currency options Foreign currency exchange rate 4,200 33 91 5,137 3 202 Subtotal 5,259 33 101 6,097 7 229 Total qualifying hedges 59,290 4,572 1,761 54,384 4,225 2,297 Derivatives Not Designated or Not Qualifying as Hedging Instruments: Interest rate swaps Interest rate 58,083 2,867 185 54,891 1,796 175 Interest rate floors Interest rate 12,701 155 — 12,701 102 — Interest rate caps Interest rate 42,622 18 5 54,575 154 1 Interest rate futures Interest rate 2,423 2 3 2,353 1 3 Interest rate options Interest rate 27,344 764 1 26,690 416 — Interest rate forwards Interest rate 129 1 2 234 1 15 Interest rate total return swaps Interest rate 1,048 5 49 1,048 33 2 Synthetic GICs Interest rate 30,341 — — 25,700 — — Foreign currency swaps Foreign currency exchange rate 13,699 644 461 11,388 884 458 Foreign currency forwards Foreign currency exchange rate 13,507 50 393 13,417 198 213 Currency futures Foreign currency exchange rate 880 7 — 847 4 — Currency options Foreign currency exchange rate 1,801 — — 2,040 7 — Credit default swaps — purchased Credit 2,944 4 102 1,903 25 39 Credit default swaps — written Credit 11,520 272 1 11,391 95 13 Equity futures Equity market 4,540 6 8 2,992 13 77 Equity index options Equity market 27,105 694 677 27,707 884 550 Equity variance swaps Equity market 1,115 23 19 2,269 40 87 Equity total return swaps Equity market 761 — 70 929 91 — Total non-designated or nonqualifying derivatives 252,563 5,512 1,976 253,075 4,744 1,633 Total $ 311,853 $ 10,084 $ 3,737 $ 307,459 $ 8,969 $ 3,930 |
Components of Net Derivatives Gains (Losses) | Year Ended December 31, 2018 Net Investment Income Net Investment Gains (Losses) Net Derivative Gains (Losses) Policyholder Benefits and Claims Interest Credited to Policyholder Account Balances Other Expenses OCI (In millions) Gain (Loss) on Fair Value Hedges: Interest rate derivatives: Derivatives designated as hedging instruments (1) $ — $ — $ (220 ) $ — $ — $ — N/A Hedged items — — 226 — — — N/A Foreign currency exchange rate derivatives: Derivatives designated as hedging instruments (1) — — 156 — — — N/A Hedged items — — (150 ) — — — N/A Amount excluded from the assessment of hedge effectiveness — — (58 ) — — — N/A Subtotal — — (46 ) — — — N/A Gain (Loss) on Cash Flow Hedges: Interest rate derivatives: (1) Amount of gains (losses) deferred in AOCI N/A N/A N/A N/A N/A N/A $ (257 ) Amount of gains (losses) reclassified from AOCI into income 20 — 21 — — 1 (42 ) Foreign currency exchange rate derivatives: (1) Amount of gains (losses) deferred in AOCI N/A N/A N/A N/A N/A N/A 414 Amount of gains (losses) reclassified from AOCI into income (5 ) — (558 ) — — 2 561 Foreign currency transaction gains (losses) on hedged items — — 569 — — — — Credit derivatives: (1) Amount of gains (losses) deferred in AOCI N/A N/A N/A N/A N/A N/A — Amount of gains (losses) reclassified from AOCI into income 1 — 1 — — — (2 ) Subtotal 16 — 33 — — 3 674 Gain (Loss) on NIFO Hedges: Foreign currency exchange rate derivatives (1) N/A N/A N/A N/A N/A N/A (125 ) Non-derivative hedging instruments N/A N/A N/A N/A N/A N/A — Subtotal N/A N/A N/A N/A N/A N/A (125 ) Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments: Interest rate derivatives (1) 4 — (158 ) (6 ) — — N/A Foreign currency exchange rate derivatives (1) — — 518 (6 ) — — N/A Credit derivatives — purchased (1) — — 6 — — — N/A Credit derivatives — written (1) — — (132 ) — — — N/A Equity derivatives (1) 1 — 360 60 — — N/A Foreign currency transaction gains (losses) on hedged items — — (127 ) — — — N/A Subtotal 5 — 467 48 — — N/A Earned income on derivatives 360 — 547 11 (113 ) (11 ) — Embedded derivatives (2) N/A N/A (150 ) — N/A N/A N/A Total $ 381 $ — $ 851 $ 59 $ (113 ) $ (8 ) $ 549 Year Ended December 31, 2017 Net Investment Income Net Investment Gains (Losses) Net Derivative Gains (Losses) Policyholder Benefits and Claims Interest Credited to Policyholder Account Balances Other Expenses OCI (In millions) Gain (Loss) on Fair Value Hedges: Interest rate derivatives: Derivatives designated as hedging instruments (1) $ — $ — $ (65 ) $ — $ — $ — N/A Hedged items — — 130 — — — N/A Foreign currency exchange rate derivatives: Derivatives designated as hedging instruments (1) — — 51 — — — N/A Hedged items — — (26 ) — — — N/A Amount excluded from the assessment of hedge effectiveness — — (40 ) — — — N/A Subtotal — — 50 — — — N/A Gain (Loss) on Cash Flow Hedges: Interest rate derivatives: (1) Amount of gains (losses) deferred in AOCI N/A N/A N/A N/A N/A N/A $ 288 Amount of gains (losses) reclassified from AOCI into income 18 — 13 — — 1 (32 ) Foreign currency exchange rate derivatives: (1) Amount of gains (losses) deferred in AOCI N/A N/A N/A N/A N/A N/A (335 ) Amount of gains (losses) reclassified from AOCI into income — — 974 — — 2 (976 ) Foreign currency transaction gains (losses) on hedged items — — (960 ) — — — — Credit derivatives: (1) Amount of gains (losses) deferred in AOCI N/A N/A N/A N/A N/A N/A — Amount of gains (losses) reclassified from AOCI into income — — 1 — — — (1 ) Subtotal 18 — 28 — — 3 (1,056 ) Gain (Loss) on NIFO Hedges: Foreign currency exchange rate derivatives (1) N/A N/A N/A N/A N/A N/A (445 ) Non-derivative hedging instruments N/A N/A N/A N/A N/A N/A — Subtotal N/A N/A N/A N/A N/A N/A (445 ) Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments: Interest rate derivatives (1) 1 — (549 ) (1 ) — — N/A Foreign currency exchange rate derivatives (1) — — (742 ) 5 — — N/A Credit derivatives — purchased (1) — — (24 ) — — — N/A Credit derivatives — written (1) — — 145 — — — N/A Equity derivatives (1) (9 ) — (1,046 ) (252 ) — — N/A Foreign currency transaction gains (losses) on hedged items — — 198 — — — N/A Subtotal (8 ) — (2,018 ) (248 ) — — N/A Earned income on derivatives 299 — 551 9 (64 ) (10 ) — Embedded derivatives (2) N/A N/A 799 — N/A N/A N/A Total $ 309 $ — $ (590 ) $ (239 ) $ (64 ) $ (7 ) $ (1,501 ) Year Ended December 31, 2019 Net Investment Income Net Investment Gains (Losses) Net Derivative Gains (Losses) Policyholder Benefits and Claims Interest Credited to Policyholder Account Balances Other Expenses OCI (In millions) Gain (Loss) on Fair Value Hedges: Interest rate derivatives: Derivatives designated as hedging instruments (1) $ (3 ) $ — $ — $ 339 $ 1 $ — N/A Hedged items 4 — — (369 ) — — N/A Foreign currency exchange rate derivatives: Derivatives designated as hedging instruments (1) (55 ) 24 — — — — N/A Hedged items 56 (23 ) — — — — N/A Amount excluded from the assessment of hedge effectiveness — (72 ) — — — — N/A Subtotal 2 (71 ) — (30 ) 1 — N/A Gain (Loss) on Cash Flow Hedges: Interest rate derivatives: (1) Amount of gains (losses) deferred in AOCI N/A N/A N/A N/A N/A N/A $ 622 Amount of gains (losses) reclassified from AOCI into income 23 4 — — — 2 (29 ) Foreign currency exchange rate derivatives: (1) Amount of gains (losses) deferred in AOCI N/A N/A N/A N/A N/A N/A (278 ) Amount of gains (losses) reclassified from AOCI into income (4 ) 240 — — — 2 (238 ) Foreign currency transaction gains (losses) on hedged items — (236 ) — — — — — Credit derivatives: (1) Amount of gains (losses) deferred in AOCI N/A N/A N/A N/A N/A N/A 6 Amount of gains (losses) reclassified from AOCI into income 1 — — — — — (1 ) Subtotal 20 8 — — — 4 82 Gain (Loss) on NIFO Hedges: Foreign currency exchange rate derivatives (1) N/A N/A N/A N/A N/A N/A (32 ) Non-derivative hedging instruments N/A N/A N/A N/A N/A N/A (4 ) Subtotal N/A N/A N/A N/A N/A N/A (36 ) Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments: Interest rate derivatives (1) (3 ) — 1,263 39 — — N/A Foreign currency exchange rate derivatives (1) — — (346 ) 2 — — N/A Credit derivatives — purchased (1) — — (38 ) — — — N/A Credit derivatives — written (1) — — 248 — — — N/A Equity derivatives (1) — — (1,339 ) (205 ) — — N/A Foreign currency transaction gains (losses) on hedged items — — 55 — — — N/A Subtotal (3 ) — (157 ) (164 ) — — N/A Earned income on derivatives 237 — 513 138 (147 ) — — Embedded derivatives (2) N/A N/A 272 — N/A N/A N/A Total $ 256 $ (63 ) $ 628 $ (56 ) $ (146 ) $ 4 $ 46 |
Net derivatives gains (losses) recognized on fair value derivatives and the related hedged items | The following table presents the balance sheet classification, carrying amount and cumulative fair value hedging adjustments for items designated and qualifying as hedged items in fair value hedges: December 31, 2019 Balance Sheet Line Item Carrying Amount of the Hedged Cumulative Amount (In millions) Fixed maturity securities AFS $ 2,736 $ (1 ) Mortgage loans $ 1,159 $ 2 Future policy benefits $ (4,475 ) $ (908 ) __________________ (1) Includes ($1) million of hedging adjustments on discontinued hedging relationships. |
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, 2019 2018 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) $ 4 $ 298 1.7 $ 4 $ 354 1.7 Credit default swaps referencing indices 35 2,175 2.2 28 2,154 2.5 Subtotal 39 2,473 2.2 32 2,508 2.4 Baa Single name credit default swaps (3) 3 216 1.5 3 482 1.5 Credit default swaps referencing indices 203 8,539 5.0 40 8,056 5.0 Subtotal 206 8,755 4.9 43 8,538 4.8 Ba Single name credit default swaps (3) — 9 5.0 — 15 2.0 Credit default swaps referencing indices — — — — — — Subtotal — 9 5.0 — 15 2.0 B Single name credit default swaps (3) — 10 0.5 — — — Credit default swaps referencing indices 26 273 5.0 7 330 5.0 Subtotal 26 283 4.8 7 330 5.0 Total $ 271 $ 11,520 4.3 $ 82 $ 11,391 4.3 __________________ (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) |
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, 2019 2018 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) $ 9,574 $ 3,624 $ 8,805 $ 3,758 OTC-cleared (1) 606 81 245 33 Exchange-traded 15 11 18 80 Total gross estimated fair value of derivatives presented on the consolidated balance sheets (1) 10,195 3,716 9,068 3,871 Gross amounts not offset on the consolidated balance sheets: Gross estimated fair value of derivatives: (2) OTC-bilateral (2,664 ) (2,664 ) (2,570 ) (2,570 ) OTC-cleared (38 ) (38 ) (25 ) (25 ) Exchange-traded (2 ) (2 ) (1 ) (1 ) Cash collateral: (3), (4) OTC-bilateral (5,317 ) — (4,709 ) — OTC-cleared (560 ) (4 ) (145 ) — Exchange-traded — (5 ) — (57 ) Securities collateral: (5) OTC-bilateral (1,521 ) (935 ) (1,266 ) (1,134 ) OTC-cleared — (39 ) — (8 ) Exchange-traded — (4 ) — (7 ) Net amount after application of master netting agreements and collateral $ 93 $ 25 $ 352 $ 69 __________________ (1) At December 31, 2019 and 2018 , derivative assets included income or (expense) accruals reported in accrued investment income or in other liabilities of $ 111 million and $ 99 million , respectively, and derivative liabilities included (income) or expense accruals reported in accrued investment income or in other liabilities of ($21) million and ($59) 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 AFS, 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, 2019 and 2018 , the Company received excess cash collateral of $389 million and $135 million , respectively, and provided excess cash collateral of $266 million and $226 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, 2019 , none of the collateral had been sold or re-pledged. Securities collateral pledged by the Company is reported in fixed maturity securities AFS 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, 2019 and 2018 , the Company received excess securities collateral with an estimated fair value of $156 million and $70 million , respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At December 31, 2019 and 2018 , the Company provided excess securities collateral with an estimated fair value of $189 million and $212 million , respectively, for its OTC-bilateral derivatives, $1.0 billion and $601 million , respectively, for its OTC-cleared derivatives, and $143 million and $90 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 Derivative Instruments | December 31, 2019 2018 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) $ 874 $ 85 $ 959 $ 1,148 $ 40 $ 1,188 Estimated Fair Value of Collateral Provided: Fixed maturity securities AFS $ 983 $ 80 $ 1,063 $ 1,218 $ 9 $ 1,227 Cash $ — $ — $ — $ 6 $ — $ 6 __________________ (1) After taking into consideration the existence of netting agreements. |
Embedded Derivative Financial Instruments [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
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 2019 2018 (In millions) Embedded derivatives within asset host contracts: Ceded guaranteed minimum benefits Premiums, reinsurance and other receivables $ 60 $ 71 Embedded derivatives within liability host contracts: Direct guaranteed minimum benefits Policyholder account balances $ 312 $ 298 Assumed guaranteed minimum benefits Policyholder account balances 312 495 Funds withheld on ceded reinsurance Other liabilities 36 (41 ) Fixed annuities with equity indexed returns Policyholder account balances 130 58 Other guarantees Policyholder account balances 12 — Embedded derivatives within liability host contracts $ 802 $ 810 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 Fair Value Hierarchy Level 1 Level 2 Level 3 Total (In millions) Assets Fixed maturity securities AFS: U.S. corporate $ — $ 81,501 $ 6,252 $ 87,753 Foreign government — 67,112 117 67,229 Foreign corporate — 56,188 7,977 64,165 U.S. government and agency 21,058 21,026 — 42,084 RMBS 3 25,682 2,862 28,547 ABS — 13,326 1,216 14,542 Municipals — 13,046 7 13,053 CMBS — 10,067 380 10,447 Total fixed maturity securities AFS 21,061 287,948 18,811 327,820 Equity securities 794 118 430 1,342 Unit-linked and FVO Securities (1) 10,598 1,879 625 13,102 Short-term investments (2) 2,042 1,108 32 3,182 Residential mortgage loans — FVO — — 188 188 Other investments 74 160 455 689 Derivative assets: (3) Interest rate 2 6,616 89 6,707 Foreign currency exchange rate 7 2,336 35 2,378 Credit — 244 32 276 Equity market 6 686 31 723 Total derivative assets 15 9,882 187 10,084 Embedded derivatives within asset host contracts (4) — — 60 60 Separate account assets (5) 86,790 100,668 987 188,445 Total assets (6) $ 121,374 $ 401,763 $ 21,775 $ 544,912 Liabilities Derivative liabilities: (3) Interest rate $ 3 $ 220 $ 195 $ 418 Foreign currency exchange rate — 2,324 118 2,442 Credit — 102 1 103 Equity market 8 747 19 774 Total derivative liabilities 11 3,393 333 3,737 Embedded derivatives within liability host contracts (4) — — 802 802 Separate account liabilities (5) 1 14 7 22 Total liabilities $ 12 $ 3,407 $ 1,142 $ 4,561 December 31, 2018 Fair Value Hierarchy Level 1 Level 2 Level 3 Total Estimated Fair Value (In millions) Assets Fixed maturity securities AFS: U.S. corporate $ — $ 74,874 $ 4,074 $ 78,948 Foreign government — 62,150 138 62,288 Foreign corporate — 50,310 6,393 56,703 U.S. government and agency 19,656 19,666 — 39,322 RMBS — 24,734 3,227 27,961 ABS — 11,775 697 12,472 Municipals — 11,533 — 11,533 CMBS — 8,696 342 9,038 Total fixed maturity securities AFS 19,656 263,738 14,871 298,265 Equity securities 916 105 419 1,440 Unit-linked and FVO Securities (1) 10,216 1,995 405 12,616 Short-term investments (2) 1,470 1,746 33 3,249 Residential mortgage loans — FVO — — 299 299 Other investments 80 118 39 237 Derivative assets: (3) Interest rate 1 4,809 33 4,843 Foreign currency exchange rate 4 2,922 52 2,978 Credit — 91 29 120 Equity market 13 956 59 1,028 Total derivative assets 18 8,778 173 8,969 Embedded derivatives within asset host contracts (4) — — 71 71 Separate account assets (5) 79,726 94,886 944 175,556 Total assets (6) $ 112,082 $ 371,366 $ 17,254 $ 500,702 Liabilities Derivative liabilities: (3) Interest rate $ 3 $ 194 $ 218 $ 415 Foreign currency exchange rate — 2,660 89 2,749 Credit — 48 4 52 Equity market 77 550 87 714 Total derivative liabilities 80 3,452 398 3,930 Embedded derivatives within liability host contracts (4) — — 810 810 Separate account liabilities (5) 1 20 7 28 Total liabilities $ 81 $ 3,472 $ 1,215 $ 4,768 __________________ (1) Unit-linked and FVO Securities were primarily comprised of Unit-linked investments at both December 31, 2019 and 2018 . (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 and other liabilities on the consolidated balance sheets. (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) Total assets included in the fair value hierarchy exclude other limited partnership interests that are measured at estimated fair value using the net asset value (“NAV”) per share (or its equivalent) practical expedient. At December 31, 2019 and 2018 , the estimated fair value of such investments was $95 million and $145 million , respectively. |
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, 2019 December 31, 2018 Impact of Valuation Techniques Significant Unobservable Inputs Range Weighted Range Weighted Fixed maturity securities AFS (3) U.S. corporate and foreign corporate • Matrix pricing • Offered quotes (4) 5 - 145 110 85 - 134 104 Increase • Market pricing • Quoted prices (4) 25 - 131 100 25 - 638 110 Increase • Consensus pricing • Offered quotes (4) 81 - 109 102 100 - 110 102 Increase RMBS • Market pricing • Quoted prices (4) — - 119 95 — - 106 94 Increase (5) ABS • Market pricing • Quoted prices (4) 3 - 119 98 3 - 116 97 Increase (5) • Consensus pricing • Offered quotes (4) 99 - 104 100 100 - 103 101 Increase (5) Derivatives Interest rate • Present value techniques • Swap yield (6) 190 - 251 268 - 317 Increase (7) • Repurchase rates (8) (6) - 6 (5) - 6 Decrease (7) Foreign currency exchange rate • Present value techniques • Swap yield (6) (125) - 328 (20) - 328 Increase (7) Credit • Present value techniques • Credit spreads (9) 96 - 100 97 - 103 Decrease (7) • Consensus pricing • Offered quotes (10) Equity market • Present value techniques or option pricing models • Volatility (11) 14% - 23% 21% - 26% Increase (7) • Correlation (12) 10% - 30% 10% - 30% Embedded derivatives Direct, assumed and ceded guaranteed minimum benefits • Option pricing techniques • Mortality rates: Ages 0 - 40 0% - 0.18% 0% - 0.18% Decrease (13) Ages 41 - 60 0.03% - 0.80% 0.03% - 0.80% Decrease (13) Ages 61 - 115 0.13% - 100% 0.12% - 100% Decrease (13) • Lapse rates: Durations 1 - 10 0.25% - 100% 0.25% - 100% Decrease (14) Durations 11 - 20 0.50% - 100% 2% - 100% Decrease (14) Durations 21 - 116 0.50% - 100% 1.25% - 100% Decrease (14) • Utilization rates 0% - 22% 0% - 25% Increase (15) • Withdrawal rates 0% - 20% 0% - 20% (16) • Long-term equity volatilities 6.01% - 30% 7.16% - 30% Increase (17) • Nonperformance risk spread 0.03% - 1.30% 0.04% - 1.77% Decrease (18) __________________ (1) The weighted average for fixed maturity securities AFS is determined based on the estimated fair value of the securities. (2) The impact of a decrease in input would have resulted in 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 have resulted in substantially lower (higher) valuations. (4) Range and weighted average are presented in accordance with the market convention for fixed maturity securities AFS of dollars per hundred dollars of par. (5) Changes in the assumptions used for the probability of default would have been accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumptions used for prepayment rates. (6) Ranges represent the rates across different yield curves and are presented in basis points. The swap yield curves are utilized among different types of derivatives to project cash flows, as well as to discount future cash flows to present value. Since this valuation methodology uses a range of inputs across a yield curve to value the derivative, presenting a range is more representative of the unobservable input used in the valuation. (7) Changes in estimated fair value are based on long U.S. dollar net asset positions and will be inversely impacted for short U.S. dollar net asset positions. (8) Ranges represent different repurchase rates utilized as components within the valuation methodology and are presented in basis points. (9) Represents the risk quoted in basis points of a credit default event on the underlying instrument. Credit derivatives with significant unobservable inputs are primarily comprised of written credit default swaps. (10) At both December 31, 2019 and 2018 , independent non-binding broker quotations were used in the determination of less than 1% of the total net derivative estimated fair value. (11) Ranges represent the underlying equity volatility quoted in percentage points. Since this valuation methodology uses a range of inputs across multiple volatility surfaces to value the derivative, presenting a range is more representative of the unobservable input used in the valuation. (12) Ranges represent the different correlation factors utilized as components within the valuation methodology. Presenting a range of correlation factors is more representative of the unobservable input used in the valuation. Increases (decreases) in correlation in isolation will increase (decrease) the significance of the change in valuations. (13) Mortality rates vary by age and by demographic characteristics such as gender. Mortality rate assumptions are based on company experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative. (14) Base lapse rates are adjusted at the contract level based on a comparison of the actuarially calculated guaranteed values and the current policyholder account value, as well as other factors, such as the applicability of any surrender charges. A dynamic lapse function reduces the base lapse rate when the guaranteed amount is greater than the account value as in the money contracts are less likely to lapse. Lapse rates are also generally assumed to be lower in periods when a surrender charge applies. For any given contract, lapse rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative. (15) The utilization rate assumption estimates the percentage of contractholders with a GMIB or lifetime withdrawal benefit who will elect to utilize the benefit upon becoming eligible. The rates may vary by the type of guarantee, the amount by which the guaranteed amount is greater than the account value, the contract’s withdrawal history and by the age of the policyholder. For any given contract, utilization rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative. (16) The withdrawal rate represents the percentage of account balance that any given policyholder will elect to withdraw from the contract each year. The withdrawal rate assumption varies by age and duration of the contract, and also by other factors such as benefit type. For any given contract, withdrawal rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative. For GMWBs, any increase (decrease) in withdrawal rates results in an increase (decrease) in the estimated fair value of the guarantees. For GMABs and GMIBs, any increase (decrease) in withdrawal rates results in a decrease (increase) in the estimated fair value. (17) Long-term equity volatilities represent equity volatility beyond the period for which observable equity volatilities are available. For any given contract, long-term equity volatility rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative. (18) Nonperformance risk spread varies by duration and by currency. For any given contract, multiple nonperformance risk spreads will apply, depending on the duration of the cash flow being discounted for purposes of valuing the embedded derivative. |
Fair Value, Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables summarize the change of all assets (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 AFS Corporate (1) Foreign Structured Products Municipals Equity Unit-linked and FVO (In millions) Balance, January 1, 2018 $ 11,219 $ 209 $ 4,841 $ — $ 428 $ 362 Total realized/unrealized gains (losses) included in net income (loss) (2), (3) 9 3 82 — (36 ) 6 Total realized/unrealized gains (losses) included in AOCI (745 ) (14 ) (23 ) — — — Purchases (4) 1,903 5 1,142 — 13 263 Sales (4) (1,464 ) (47 ) (946 ) — (28 ) (176 ) Issuances (4) — — — — — — Settlements (4) — — — — — — Transfers into Level 3 (5) 152 — 59 — 52 9 Transfers out of Level 3 (5) (607 ) (18 ) (889 ) — (10 ) (59 ) Balance, December 31, 2018 10,467 138 4,266 — 419 405 Total realized/unrealized gains (losses) included in net income (loss) (2), (3) (49 ) — 46 — 47 48 Total realized/unrealized gains (losses) included in AOCI 893 (2 ) 42 — — — Purchases (4) 3,689 10 1,338 7 65 203 Sales (4) (870 ) (24 ) (737 ) — (98 ) (39 ) Issuances (4) — — — — — — Settlements (4) — — — — — — Transfers into Level 3 (5) 606 20 — — — 20 Transfers out of Level 3 (5) (507 ) (25 ) (497 ) — (3 ) (12 ) Balance, December 31, 2019 $ 14,229 $ 117 $ 4,458 $ 7 $ 430 $ 625 Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2017 (6) $ 1 $ 4 $ 84 $ — $ (17 ) $ 19 Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2018 (6) $ 1 $ 1 $ 70 $ — $ (26 ) $ 8 Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2019 (6) $ (50 ) $ — $ 44 $ — $ 39 $ 48 Gains (Losses) Data for the year ended December 31, 2017: Total realized/unrealized gains (losses) included in net income (loss) (2), (3) $ 3 $ 4 $ 94 $ — $ — $ 22 Total realized/unrealized gains (losses) included in AOCI $ 708 $ — $ 133 $ — $ 19 $ — Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Short-term Investments Residential Mortgage Loans - FVO Other Investments Net Derivatives (7) Net Embedded Derivatives (8) Separate Accounts (9) (In millions) Balance, January 1, 2018 $ 33 $ 520 $ — $ (132 ) $ (274 ) $ 959 Total realized/unrealized gains (losses) included in net income (loss) (2), (3) (1 ) 7 — (161 ) (150 ) 7 Total realized/unrealized gains (losses) included in AOCI (1 ) — — (140 ) (15 ) — Purchases (4) 34 — 39 5 — 198 Sales (4) (12 ) (162 ) — — — (168 ) Issuances (4) — — — (1 ) — (3 ) Settlements (4) — (66 ) — 204 (300 ) (1 ) Transfers into Level 3 (5) — — — — — 53 Transfers out of Level 3 (5) (20 ) — — — — (108 ) Balance, December 31, 2018 33 299 39 (225 ) (739 ) 937 Total realized/unrealized gains (losses) included in net income (loss) (2), (3) — 7 — (108 ) 274 7 Total realized/unrealized gains (losses) included in AOCI (1 ) — — 157 (2 ) — Purchases (4) 31 — 416 4 — 191 Sales (4) (33 ) (87 ) — — — (151 ) Issuances (4) — — — (2 ) — (3 ) Settlements (4) — (31 ) — 29 (275 ) 2 Transfers into Level 3 (5) 2 — — (1 ) — — Transfers out of Level 3 (5) — — — — — (3 ) Balance, December 31, 2019 $ 32 $ 188 $ 455 $ (146 ) $ (742 ) $ 980 Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2017 (6) $ — $ 27 $ — $ 53 $ 793 $ — Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2018 (6) $ (1 ) $ (15 ) $ — $ (59 ) $ (150 ) $ — Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2019 (6) $ — $ (14 ) $ — $ (129 ) $ 264 $ — Gains (Losses) Data for the year ended December 31, 2017: Total realized/unrealized gains (losses) included in net income (loss) (2), (3) $ — $ 40 $ — $ 87 $ 823 $ (8 ) Total realized/unrealized gains (losses) included in AOCI $ — $ — $ — $ 216 $ (46 ) $ — __________________ (1) Comprised of U.S. and foreign corporate securities. (2) 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 derivative gains (losses). (3) Interest and dividend accruals, as well as cash interest coupons and dividends received, are excluded from the rollforward. (4) 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. (5) Items transferred into and then out of Level 3 in the same period are excluded from the rollforward. (6) 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). (7) Freestanding derivative assets and liabilities are presented net for purposes of the rollforward. (8) Embedded derivative assets and liabilities are presented net for purposes of the rollforward. (9) 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, 2019 2018 (In millions) Unpaid principal balance $ 209 $ 344 Difference between estimated fair value and unpaid principal balance (21 ) (45 ) Carrying value at estimated fair value $ 188 $ 299 Loans in nonaccrual status $ 47 $ 89 Loans more than 90 days past due $ 18 $ 41 Loans in nonaccrual status or more than 90 days past due, or both — difference between aggregate estimated fair value and unpaid principal balance $ (19 ) $ (36 ) |
Nonrecurring Fair Value Measurements | 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, 2019 2018 2019 2018 2017 Carrying Value After Measurement Gains (Losses) (In millions) Other limited partnership interests (1) N/A (2) N/A (2) N/A (2) N/A (2) $ (65 ) Other assets $ — $ — $ — $ — $ 10 __________________ (1) 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 leveraged buyout funds; power, energy, timber and infrastructure development funds; venture capital funds; and below investment grade debt and mezzanine debt funds. In the future, distributions will be generated from investment gains, from operating income from the underlying investments of the funds and from liquidation of the underlying assets of the funds, the exact timing of which is uncertain. (2) In connection with the 2018 adoption of guidance related to the recognition and measurement of financial instruments, other limited partnership interests for which the Company has virtually no influence over the investee’s operations are measured at estimated fair value on a recurring basis effective January 1, 2018. |
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, 2019 Fair Value Hierarchy Carrying Value Level 1 Level 2 Level 3 Total Estimated Fair Value (In millions) Assets Mortgage loans $ 80,341 $ — $ — $ 83,079 $ 83,079 Policy loans $ 9,680 $ — $ 326 $ 11,329 $ 11,655 Other invested assets $ 1,183 $ — $ 809 $ 374 $ 1,183 Premiums, reinsurance and other receivables $ 3,678 $ — $ 1,178 $ 2,706 $ 3,884 Other assets $ 318 $ — $ 131 $ 188 $ 319 Liabilities Policyholder account balances $ 119,262 $ — $ — $ 122,998 $ 122,998 Long-term debt $ 13,336 $ — $ 15,830 $ — $ 15,830 Collateral financing arrangement $ 993 $ — $ — $ 810 $ 810 Junior subordinated debt securities $ 3,150 $ — $ 4,405 $ — $ 4,405 Other liabilities $ 2,045 $ — $ 540 $ 2,279 $ 2,819 Separate account liabilities $ 110,837 $ — $ 110,837 $ — $ 110,837 December 31, 2018 Fair Value Hierarchy Carrying Value Level 1 Level 2 Level 3 Total Estimated Fair Value (In millions) Assets Mortgage loans $ 75,453 $ — $ — $ 76,379 $ 76,379 Policy loans $ 9,699 $ — $ 338 $ 11,028 $ 11,366 Other invested assets $ 1,177 $ — $ 793 $ 383 $ 1,176 Premiums, reinsurance and other receivables $ 3,658 $ — $ 903 $ 2,894 $ 3,797 Other assets $ 326 $ — $ 164 $ 186 $ 350 Liabilities Policyholder account balances $ 114,040 $ — $ — $ 114,924 $ 114,924 Long-term debt $ 12,820 $ — $ 13,611 $ — $ 13,611 Collateral financing arrangement $ 1,060 $ — $ — $ 853 $ 853 Junior subordinated debt securities $ 3,147 $ — $ 3,738 $ — $ 3,738 Other liabilities $ 2,963 $ — $ 1,324 $ 2,194 $ 3,518 Separate account liabilities $ 104,010 $ — $ 104,010 $ — $ 104,010 |
Leases Leases (Tables)
Leases Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Lease, Cost | The components of operating lease costs were as follows: For the Year Ended December 31 2019 (In millions) Operating lease cost $ 282 Variable lease cost 49 Sublease income (89 ) Net lease cost $ 242 |
Lessee, Operating Lease, Disclosure | Supplemental other information related to operating leases was as follows: December 31, 2019 (Dollars in millions) Cash paid for amounts included in the measurement of lease liability - operating cash flows $ 285 ROU assets obtained in exchange for new lease liabilities $ 341 Weighted-average remaining lease term 8 years Weighted-average discount rate 3.3 % ROU assets and lease liabilities for operating leases were: December 31, 2019 (In millions) ROU asset (1) $ 1,488 Lease liability (1) $ 1,654 __________________ (1) Assets and liabilities include amounts recognized upon adoption of ASU 2016-02. See Note 1 . |
Lessee, Operating Lease, Liability, Maturity | Maturities of operating lease liabilities were as follows: December 31, 2019 (In millions) 2020 $ 285 2021 266 2022 229 2023 213 2024 193 Thereafter 716 Total undiscounted cash flows 1,902 Less: interest 248 Present value of lease liability $ 1,654 |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum gross rental payments relating to lease arrangements in effect as determined prior to the adoption of ASU 2016-02 were as follows: December 31, 2018 (In millions) 2019 $ 292 2020 282 2021 260 2022 224 2023 209 Thereafter 859 Total $ 2,126 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2017 Goodwill $ 1,451 $ 4,596 $ 1,226 $ 1,060 $ 1,567 $ — $ 9,900 Accumulated impairment (2) — — — — (680 ) — (680 ) Total goodwill, net 1,451 4,596 1,226 1,060 887 — 9,220 Acquisition — — — — — 103 103 Disposition (3) — — (16 ) — — — (16 ) Effect of foreign currency translation and other — 77 96 110 — — 283 Balance at December 31, 2017 Goodwill 1,451 4,673 1,306 1,170 1,567 103 10,270 Accumulated impairment — — — — (680 ) — (680 ) Total goodwill, net 1,451 4,673 1,306 1,170 887 103 9,590 Effect of foreign currency translation and other — 17 (134 ) (51 ) — — (168 ) Balance at December 31, 2018 Goodwill 1,451 4,690 1,172 1,119 1,567 103 10,102 Accumulated impairment — — — — (680 ) — (680 ) Total goodwill, net 1,451 4,690 1,172 1,119 887 103 9,422 Acquisitions 15 4 — — — — 19 Disposition (4) — (71 ) — — — — (71 ) Effect of foreign currency translation and other — 13 (73 ) (2 ) — — (62 ) Balance at December 31, 2019 Goodwill 1,466 4,636 1,099 1,117 1,567 103 9,988 Accumulated impairment — — — — (680 ) — (680 ) Total goodwill, net $ 1,466 $ 4,636 $ 1,099 $ 1,117 $ 887 $ 103 $ 9,308 __________________ (1) Includes goodwill of $4.5 billion from the Japan operations at December 31, 2019, 2018 and 2017. (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. See Note 3. (3) In connection with the disposition of MetLife Afore, goodwill was reduced by $16 million for the year ended December 31, 2017. See Note 3 . (4) In connection with the pending disposition of MetLife Hong Kong, goodwill was reduced by $71 million for the year ended December 31, 2019. See Note 3 . |
Long-term and Short-term Debt (
Long-term and Short-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Long-term and Short-term debt outstanding | Long-term and short-term debt outstanding, excluding debt relating to CSEs, was as follows: December 31, Interest Rates (1) 2019 2018 Range Weighted Maturity Face Value Unamortized Discount and Issuance Costs Carrying Value Face Value Unamortized Discount and Issuance Costs Carrying Value (In millions) Senior notes 0.50 % - 6.50% 4.72% 2022 - 2046 $ 12,460 $ (81 ) $ 12,379 $ 11,923 $ (79 ) $ 11,844 Surplus notes 7.63 % - 7.88% 7.79% 2024 - 2025 507 (4 ) 503 507 (4 ) 503 Other notes 1.76 % - 6.50% 4.62% 2020 - 2058 457 (3 ) 454 477 (4 ) 473 Financing lease obligations 125 — 125 4 — 4 Total long-term debt 13,549 (88 ) 13,461 12,911 (87 ) 12,824 Total short-term debt 235 — 235 268 — 268 Total $ 13,784 $ (88 ) $ 13,696 $ 13,179 $ (87 ) $ 13,092 __________________ (1) Range of interest rates and weighted average interest rates are for the year ended December 31, 2019 . |
Schedule of Short-term Debt | Short-term Debt Short-term debt with maturities of one year or less was as follows: December 31, 2019 2018 (Dollars in millions) Commercial paper $ 99 $ 99 Short-term borrowings (1) 136 169 Total short-term debt $ 235 $ 268 Average daily balance $ 216 $ 429 Average days outstanding 34 days 32 days __________________ (1) Includes $136 million and $169 million at December 31, 2019 and 2018 |
Schedule of Line of Credit Facilities | Information on the Credit Facility at December 31, 2019 was as follows: Borrower(s) Expiration Maximum Letters of Drawdowns Unused (In millions) MetLife, Inc. and MetLife Funding, Inc. December 2021 (1) $ 3,000 (1) $ 746 $ — $ 2,254 __________________ (1) All borrowings under the 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 the Committed Facilities at December 31, 2019 was as follows: Account Party/Borrower(s) Expiration Maximum Letters of Drawdowns Unused (In millions) MetLife Reinsurance Company of Vermont and MetLife, Inc. December 2024 (1), (2) $ 400 $ 396 $ — $ 4 MetLife Reinsurance Company of Vermont and MetLife, Inc. December 2037 (1), (3) 2,896 2,460 — 436 Total $ 3,296 $ 2,856 $ — $ 440 __________________ (1) MetLife, Inc. is a guarantor under the applicable facility. (2) Capacity 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. (3) Capacity at December 31, 2019 of $2.7 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 at expiration in December 2037. Unused commitment of $436 million is based on maximum capacity. At December 31, 2019 , Brighthouse is a beneficiary of $2.5 billion of letters of credit issued under this facility and, in consideration, Brighthouse reimburses MetLife, Inc. for a portion of the letter of credit fees. |
Collateral Financing Arrangem_2
Collateral Financing Arrangements Collateral Financing Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Secured Debt [Abstract] | |
CFA Associated with Closed Block | Information related to the collateral financing arrangement associated with the closed block (see Note 7 ) was as follows at: December 31, 2019 2018 (In millions) Surplus notes outstanding (1) $ 993 $ 1,060 Receivable from unaffiliated financial institution (1) $ 130 $ 139 Pledged collateral (2) $ 58 $ 83 Assets held in trust (2) $ 1,390 $ 1,370 __________________ (1) Carrying value. (2) Estimated fair value. |
Junior Subordinated Debt Secu_2
Junior Subordinated Debt Securities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 2018 Issuer Issue Date Interest Rate (1) Scheduled Redemption Date Interest Rate Subsequent to Scheduled Redemption Date (2) Final Maturity Face Value Unamortized Discount and Issuance Costs Carrying Value Face Unamortized Carrying Value (In millions) MetLife, Inc. December 2006 6.400% December 2036 LIBOR + 2.205% December 2066 $ 1,250 $ (18 ) $ 1,232 $ 1,250 $ (19 ) $ 1,231 MetLife Capital Trust IV (3) December 2007 7.875% December 2037 LIBOR + 3.960% December 2067 700 (15 ) 685 700 (16 ) 684 MetLife, Inc. April 2008 9.250% April 2038 LIBOR + 5.540% April 2068 750 (10 ) 740 750 (11 ) 739 MetLife, Inc. July 2009 10.750% August 2039 LIBOR + 7.548% August 2069 500 (7 ) 493 500 (7 ) 493 $ 3,200 $ (50 ) $ 3,150 $ 3,200 $ (53 ) $ 3,147 _________________ (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) MetLife Capital Trust IV is a VIE which is consolidated on the financial statements of the Company. The securities issued by this entity 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. |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Class of Stock [Line Items] | |
Schedule of Stock by Class | Preferred stock authorized, issued and outstanding was as follows at both December 31, 2019 and 2018 : Series Shares Shares Shares Series A preferred stock 27,600,000 24,000,000 24,000,000 Series C preferred stock 1,500,000 1,500,000 1,500,000 Series D preferred stock 500,000 500,000 500,000 Series E preferred stock 32,200 32,200 32,200 Series A Junior Participating Preferred Stock 10,000,000 — — Not designated 160,367,800 — — Total 200,000,000 26,032,200 26,032,200 |
Schedule of Dividends Paid, Preferred Stock | The declaration, record and payment dates, as well as per share and aggregate dividend amounts, for MetLife, Inc.’s preferred stock were as follows for the years ended December 31, 2019 , 2018 and 2017 : Preferred Stock Dividend Series A Series C Series D Series E Declaration Date Record Date Payment Date Per Share Aggregate Per Share Aggregate Per Share Aggregate Per Share Aggregate (In millions, except per share data) Year Ended December 31, 2019 November 15, 2019 December 1, 2019 December 16, 2019 $ 0.253 $ 6 $ — $ — $ — $ — $ — $ — November 15, 2019 November 30, 2019 December 16, 2019 — — 26.250 40 — — 351.563 11 August 15, 2019 September 1, 2019 September 16, 2019 0.253 6 — — — — — — August 15, 2019 August 31, 2019 September 16, 2019 — — — — 29.375 15 351.563 11 May 15, 2019 May 31, 2019 June 17, 2019 0.261 6 26.250 39 — — 351.563 12 March 5, 2019 February 28, 2019 March 15, 2019 0.250 6 — — — — — — February 15, 2019 February 28, 2019 March 15, 2019 — — — — 29.375 15 351.563 11 Total $ 1.017 $ 24 $ 52.500 $ 79 $ 58.750 $ 30 $ 1,406.252 $ 45 Year Ended December 31, 2018 November 15, 2018 November 30, 2018 December 17, 2018 $ 0.253 $ 6 $ 26.250 $ 40 $ — $ — $ 351.563 $ 11 August 15, 2018 August 31, 2018 September 17, 2018 0.256 6 — — 28.233 14 394.531 12 May 15, 2018 May 31, 2018 June 15, 2018 0.256 7 26.250 39 — — — — March 5, 2018 February 28, 2018 March 15, 2018 0.250 6 — — — — — — Total $ 1.015 $ 25 $ 52.500 $ 79 $ 28.233 $ 14 $ 746.094 $ 23 Year Ended December 31, 2017 November 15, 2017 November 30, 2017 December 15, 2017 $ 0.253 $ 6 $ 26.250 $ 39 $ — $ — $ — $ — August 15, 2017 August 31, 2017 September 15, 2017 0.256 6 — — — — — — May 15, 2017 May 31, 2017 June 15, 2017 0.256 7 26.250 39 — — — — March 6, 2017 February 28, 2017 March 15, 2017 0.250 6 — — — — — — Total $ 1.015 $ 25 $ 52.500 $ 78 $ — $ — $ — $ — |
Schedule of Dividends Paid, Common Stock | The declaration, record and payment dates, as well as per share and aggregate dividend amounts, for MetLife, Inc.’s common stock were as follows for the years ended December 31, 2019 , 2018 and 2017 : Common Stock Dividend Declaration Date Record Date Payment Date Per Share Aggregate (In millions, except per share data) Year Ended December 31, 2019 October 22, 2019 November 5, 2019 December 13, 2019 $ 0.440 $ 406 July 8, 2019 August 6, 2019 September 13, 2019 0.440 413 April 23, 2019 May 7, 2019 June 13, 2019 0.440 419 January 7, 2019 February 5, 2019 March 13, 2019 0.420 405 Total $ 1.740 $ 1,643 Year Ended December 31, 2018 October 23, 2018 November 6, 2018 December 13, 2018 $ 0.420 $ 415 July 6, 2018 August 6, 2018 September 13, 2018 0.420 419 April 24, 2018 May 7, 2018 June 13, 2018 0.420 428 January 5, 2018 February 5, 2018 March 13, 2018 0.400 416 Total $ 1.660 $ 1,678 Year Ended December 31, 2017 October 24, 2017 November 6, 2017 December 13, 2017 $ 0.400 $ 422 July 7, 2017 August 7, 2017 September 13, 2017 0.400 427 April 25, 2017 May 8, 2017 June 13, 2017 0.400 431 January 6, 2017 February 6, 2017 March 13, 2017 0.400 437 Total $ 1.600 $ 1,717 |
Components of compensation expense related to stock based compensation | 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, 2019 2018 2017 (In millions) Stock Options and Unit Options $ 7 $ 6 $ 8 Performance Shares and Performance Units (1) 89 23 62 Restricted Stock Units and Restricted Units 54 57 58 Total compensation expense $ 150 $ 86 $ 128 Income tax benefit $ 32 $ 18 $ 45 __________________ (1) The Company may further adjust the number of Performance Shares and Performance Units it expects to vest, and the related compensation expense, if management changes its estimate of the most likely final performance factor. |
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, 2019 Expense Weighted Average Period (In millions) (Years) Stock Options $ 3 1.74 Performance Shares $ 31 1.69 Restricted Stock Units $ 39 1.91 |
Activity related to Stock Options | Stock Option Activity A summary of the activity related to Stock Options was as follows: Shares Weighted Weighted Aggregate (Years) (In millions) Outstanding at January 1, 2019 12,355,294 $ 36.70 3.56 $ 66 Granted 657,226 $ 44.65 Exercised (3,846,478 ) $ 32.38 Expired (2) (113,847 ) $ 28.35 Forfeited (3) (40,872 ) $ 44.97 Outstanding at December 31, 2019 9,011,323 $ 39.20 3.73 $ 106 Vested and expected to vest at December 31, 2019 8,996,220 $ 39.20 3.73 $ 106 Exercisable at December 31, 2019 7,833,189 $ 38.28 3.02 $ 99 __________________ (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, 2019 of $50.97 and December 31, 2018 of $41.06 , as applicable. (2) Expired options were exercisable, but unexercised, as of their expiration date. (3) Forfeited awards were either (a) unvested or unexercisable at the end of the awardholder’s employment, where the awardholder did not meet the criteria for post-employment award continuation; or (b) held by awardholders the Company terminated from employment for cause as defined in the terms of the awards. The following table presents a summary of Stock Option exercise activity: Years Ended December 31, 2019 2018 2017 (In millions) Total intrinsic value of stock options exercised $ 60 $ 24 $ 59 Cash received from exercise of stock options $ 125 $ 54 $ 116 Income tax benefit realized from stock options exercised $ 13 $ 5 $ 20 |
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: Years Ended December 31, 2019 2018 2017 Dividend yield 3.76% 3.52% 3.05% Risk-free rate of return 2.52% - 3.32% 2.02% - 3.40% 0.94% - 3.22% Expected volatility 30.27% 34.18% 34.19% Exercise multiple 1.43 1.43 1.43 Post-vesting termination rate 3.86% 3.77% 2.94% Contractual term (years) 10 10 10 Expected life (years) 6 6 6 Weighted average exercise price of stock options granted $44.65 $45.50 $46.85 Weighted average fair value of stock options granted $10.36 $11.87 $12.36 |
Performance Share and Restricted Stock Unit Activity | 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, 2019 4,044,234 $ 34.18 2,946,269 $ 38.52 Granted 1,645,468 $ 39.35 1,610,594 $ 39.71 Forfeited (2) (149,114 ) $ 41.29 (161,131 ) $ 40.37 Payable (3) (1,594,846 ) $ 34.30 (1,501,304 ) $ 36.16 Outstanding at December 31, 2019 3,945,742 $ 43.40 2,894,428 $ 40.31 Vested and expected to vest at December 31, 2019 3,872,543 $ 43.40 2,837,658 $ 40.31 __________________ (1) Values for awards outstanding at January 1, 2019 , represent weighted average number of awards multiplied by the fair value per Share at December 31, 2018 . Otherwise, all values represent weighted average of number of awards multiplied by the fair value per Share at December 31, 2019 . Fair value of Restricted Stock Units on December 31, 2019 was equal to Grant Date fair value. (2) Forfeited awards were either (a) unvested or unexercisable at the end of the awardholder’s employment, where the awardholder did not meet the criteria for post-employment award continuation; or (b) held by awardholders the Company terminated from employment for cause as defined in the terms of the awards. (3) Includes both Shares paid and Deferred Shares for later payment. |
Liability Award Unit Activity | Liability Award Activity The following table presents a summary of Liability Awards activity: Unit Options Performance Restricted Outstanding at January 1, 2019 546,448 594,599 669,102 Granted 20,750 201,840 361,956 Exercised (64,437 ) — — Expired (1) (1,074 ) — — Forfeited (2) — (53,978 ) (80,115 ) Paid — (212,464 ) (327,848 ) Outstanding at December 31, 2019 501,687 529,997 623,095 Vested and expected to vest at December 31, 2019 500,904 512,752 605,633 __________________ (1) Expired options were exercisable, but unexercised, as of their expiration date. (2) Forfeited awards were either (a) unvested or unexercisable at the end of the awardholder’s employment, where the awardholder did not meet the criteria for post-employment award continuation; or (b) held by awardholders the Company terminated from employment for cause as defined in the terms of the awards. |
Schedules of statutory net income, capital and surplus and reserve strengthening by subsidiary | Statutory capital and surplus was as follows at: December 31, Company 2019 2018 (In millions) Metropolitan Life Insurance Company $ 10,915 $ 11,098 American Life Insurance Company $ 4,970 $ 4,921 Metropolitan Property and Casualty Insurance Company $ 2,159 $ 2,322 Metropolitan Tower Life Insurance Company $ 1,502 $ 1,549 Other $ 105 $ 106 Statutory net income (loss) was as follows: Years Ended December 31, Company State of Domicile 2019 2018 2017 (In millions) Metropolitan Life Insurance Company New York $ 3,859 $ 3,656 $ 1,982 American Life Insurance Company Delaware $ 1,386 $ 2,086 $ 3,077 Metropolitan Property and Casualty Insurance Company Rhode Island $ 245 $ 345 $ 197 Metropolitan Tower Life Insurance Company Nebraska (1) $ (13 ) $ 76 $ 164 Other Various $ 12 $ 16 $ 11 __________________ (1) |
Dividend Payment Restrictions | The table below sets forth the dividends permitted to be paid by MetLife, Inc.’s primary insurance subsidiaries without insurance regulatory approval and the actual dividends paid: 2020 2019 2018 Company Permitted Without Paid (2) Paid (2) (In millions) Metropolitan Life Insurance Company $ 3,272 $ 3,065 $ 3,736 American Life Insurance Company $ 51 $ 1,100 $ 3,200 Metropolitan Property and Casualty Insurance Company $ 114 $ 430 $ 233 Metropolitan Tower Life Insurance Company $ 149 $ — $ 191 __________________ (1) Reflects dividend amounts that may be paid by the end of 2020 without prior regulatory approval. (2) Reflects all amounts paid, including those where regulatory approval was obtained as required. |
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, 2016 $ 10,785 $ 1,865 $ (5,312 ) $ (1,972 ) $ 5,366 OCI before reclassifications 5,392 (140 ) 765 (23 ) 5,994 Deferred income tax benefit (expense) (1,732 ) 47 125 8 (1,552 ) AOCI before reclassifications, net of income tax 14,445 1,772 (4,422 ) (1,987 ) 9,808 Amounts reclassified from AOCI (289 ) (1,025 ) — 167 (1,147 ) Deferred income tax benefit (expense) 87 356 — (43 ) 400 Amounts reclassified from AOCI, net of income tax (202 ) (669 ) — 124 (747 ) Disposal of subsidiary (2) (2,286 ) (305 ) 51 28 (2,512 ) Deferred income tax benefit (expense) 800 107 (19 ) (10 ) 878 Disposal of subsidiary, net of income tax (1,486 ) (198 ) 32 18 (1,634 ) Balance at December 31, 2017 12,757 905 (4,390 ) (1,845 ) 7,427 OCI before reclassifications (8,735 ) 157 (679 ) 143 (9,114 ) Deferred income tax benefit (expense) 1,961 (41 ) 36 (35 ) 1,921 AOCI before reclassifications, net of income tax 5,983 1,021 (5,033 ) (1,737 ) 234 Amounts reclassified from AOCI 14 517 — 120 651 Deferred income tax benefit (expense) (3 ) (135 ) — (29 ) (167 ) Amounts reclassified from AOCI, net of income tax 11 382 — 91 484 Cumulative effects of changes in accounting principles (425 ) — — — (425 ) Deferred income tax benefit (expense), cumulative effects of changes in accounting principles 1,473 210 36 (382 ) 1,337 Cumulative effects of changes in accounting principles, net of income tax 1,048 210 36 (382 ) 912 Sale of subsidiary (2) — — 92 — 92 Balance at December 31, 2018 7,042 1,613 (4,905 ) (2,028 ) 1,722 OCI before reclassifications 14,850 328 (43 ) (88 ) 15,047 Deferred income tax benefit (expense) (3,408 ) 34 21 14 (3,339 ) AOCI before reclassifications, net of income tax 18,484 1,975 (4,927 ) (2,102 ) 13,430 Amounts reclassified from AOCI (265 ) (268 ) — 118 (415 ) Deferred income tax benefit (expense) 61 (27 ) — (18 ) 16 Amounts reclassified from AOCI, net of income tax (204 ) (295 ) — 100 (399 ) Cumulative effects of changes in accounting principles 4 22 — — 26 Deferred income tax benefit (expense), cumulative effects of changes in accounting principles (1 ) (4 ) — — (5 ) Cumulative effects of changes in accounting principles, net of income tax (3) 3 18 — — 21 Balance at December 31, 2019 $ 18,283 $ 1,698 $ (4,927 ) $ (2,002 ) $ 13,052 __________________ (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. (3) See Note 1 for further information on adoption of new accounting pronouncements. |
Reclassification out of Accumulated Other Comprehensive Income (Loss) | Information regarding amounts reclassified out of each component of AOCI was as follows: Years Ended December 31, 2019 2018 2017 AOCI Components Amounts Reclassified from AOCI Consolidated Statements of (In millions) Net unrealized investment gains (losses): Net unrealized investment gains (losses) $ 270 $ 6 $ 404 Net investment gains (losses) Net unrealized investment gains (losses) (30 ) (1 ) 20 Net investment income Net unrealized investment gains (losses) 25 (19 ) (49 ) Net derivative gains (losses) Net unrealized investment gains (losses) — — (86 ) Discontinued operations Net unrealized investment gains (losses), before income tax 265 (14 ) 289 Income tax (expense) benefit (61 ) 3 (87 ) Net unrealized investment gains (losses), net of income tax 204 (11 ) 202 Unrealized gains (losses) on derivatives - cash flow hedges: Interest rate derivatives 23 20 18 Net investment income Interest rate derivatives 4 — — Net investment gains (losses) Interest rate derivatives — 21 13 Net derivative gains (losses) Interest rate derivatives 2 1 1 Other expenses Interest rate derivatives — — 5 Discontinued operations Foreign currency exchange rate derivatives (4 ) (5 ) — Net investment income Foreign currency exchange rate derivatives 240 — — Net investment gains (losses) Foreign currency exchange rate derivatives — (558 ) 974 Net derivative gains (losses) Foreign currency exchange rate derivatives 2 2 2 Other expenses Foreign currency exchange rate derivatives — — 11 Discontinued operations Credit derivatives 1 1 — Net investment income Credit derivatives — 1 1 Net derivative gains (losses) Gains (losses) on cash flow hedges, before income tax 268 (517 ) 1,025 Income tax (expense) benefit 27 135 (356 ) Gains (losses) on cash flow hedges, net of income tax 295 (382 ) 669 Defined benefit plans adjustment: (1) Amortization of net actuarial gains (losses) (145 ) (145 ) (190 ) Amortization of prior service (costs) credit 27 25 23 Amortization of defined benefit plan items, before income tax (118 ) (120 ) (167 ) Income tax (expense) benefit 18 29 43 Amortization of defined benefit plan items, net of income tax (100 ) (91 ) (124 ) Total reclassifications, net of income tax $ 399 $ (484 ) $ 747 __________________ (1) These AOCI components are included in the computation of net periodic benefit costs. See Note 18 . |
Other Revenues and Other Expe_2
Other Revenues and Other Expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Income and Expenses [Abstract] | |
Disaggregation of Revenue | Information on other revenues, which primarily includes fees related to service contracts from customers, was as follows: Years Ended December 31, 2019 2018 (In millions) Prepaid legal plans $ 347 $ 296 Fee-based investment management 286 293 Recordkeeping and administrative services (1) 206 221 Administrative services-only contracts 210 205 Other revenue from service contracts from customers 240 241 Total revenues from service contracts from customers 1,289 1,256 Other 553 624 Total other revenues $ 1,842 $ 1,880 __________________ (1) Related to products and businesses no longer actively marketed by the Company. |
Other Expenses | Information on other expenses was as follows: Years Ended December 31, 2019 2018 2017 (In millions) Employee related costs (1) $ 3,665 $ 3,664 $ 3,595 Third party staffing costs 1,755 1,703 1,693 General and administrative expenses 901 910 1,129 Pension, postretirement and postemployment benefit costs 233 185 307 Premium taxes, other taxes, and licenses & fees 674 758 842 Commissions and other variable expenses 6,001 5,707 5,387 Capitalization of DAC (3,358 ) (3,254 ) (3,002 ) Amortization of DAC and VOBA 2,896 2,975 2,681 Amortization of negative VOBA (33 ) (56 ) (140 ) Interest expense on debt 955 1,122 1,129 Total other expenses $ 13,689 $ 13,714 $ 13,621 __________________ (1) Includes ($219) million , $0 and ($124) million for the years ended December 31, 2019 , 2018 and 2017 , respectively, for the net change in cash surrender value of investments in certain life insurance policies, net of premiums paid. |
Restructuring charges | In December 2019, the Company incurred the remaining restructuring charges related to its unit cost improvement program. During this program period, restructuring charges were included in other expenses and reported in Corporate & Other. Such restructuring charges were as follows: Years Ended December 31, 2019 2018 2017 Severance (In millions) Balance at January 1, $ 23 $ 22 $ 35 Restructuring charges 108 63 38 Cash payments (74 ) (62 ) (51 ) Balance at December 31, $ 57 $ 23 $ 22 Total severance charges incurred since inception of initiative $ 244 $ 136 $ 73 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Benefit Plan Obligations, Assets, Funded Status, Accumulated Other Comprehensive Income (Loss) and Accumulated Benefit Obligation | December 31, 2019 2018 Pension Other Postretirement Benefits Pension Other Postretirement Benefits (In millions) Change in benefit obligations: Benefit obligations at January 1, $ 10,591 $ 1,324 $ 11,409 $ 1,674 Service costs 214 5 223 6 Interest costs 425 53 391 55 Plan participants’ contributions — 32 — 30 Plan amendments 3 — (110 ) (7 ) Net actuarial (gains) losses (2) 1,360 (31 ) (713 ) (348 ) Acquisition, divestitures, settlements and curtailments (5 ) (3 ) (6 ) 13 Benefits paid (647 ) (93 ) (623 ) (97 ) Effect of foreign currency translation 9 2 20 (2 ) Benefit obligations at December 31, 11,950 1,289 10,591 1,324 Change in plan assets: Estimated fair value of plan assets at January 1, 8,948 1,360 9,688 1,434 Actual return on plan assets 1,619 173 (423 ) (27 ) Acquisition, divestitures and settlements (5 ) (3 ) (5 ) 16 Plan participants’ contributions — 32 — 32 Employer contributions 311 (2 ) 306 4 Benefits paid (647 ) (93 ) (623 ) (97 ) Effect of foreign currency translation 4 1 5 (2 ) Estimated fair value of plan assets at December 31, 10,230 1,468 8,948 1,360 Over (under) funded status at December 31, $ (1,720 ) $ 179 $ (1,643 ) $ 36 Amounts recognized on the consolidated balance sheets: Other assets $ 147 $ 617 $ 135 $ 373 Other liabilities (1,867 ) (438 ) (1,778 ) (337 ) Net amount recognized $ (1,720 ) $ 179 $ (1,643 ) $ 36 AOCI: Net actuarial (gains) losses $ 3,009 $ (359 ) $ 2,979 $ (269 ) Prior service costs (credit) (100 ) (2 ) (118 ) (14 ) AOCI, before income tax $ 2,909 $ (361 ) $ 2,861 $ (283 ) Accumulated benefit obligation $ 11,616 N/A $ 10,301 N/A __________________ (1) Includes nonqualified unfunded plans, for which the aggregate PBO was $1.2 billion and $1.1 billion at December 31, 2019 and 2018 , respectively. (2) Significant sources of actuarial (gains) losses for pension and other postretirement benefits during 2019 include the impact of changes to the financial assumptions of $1.2 billion and $66 million , respectively, and plan experience of $103 million and ($97) million , respectively. Significant sources of actuarial (gains) losses for pension and other postretirement benefits during 2018 include the impact of changes to the financial assumptions of ($796) million and ($192) million , respectively, demographic assumptions of $23 million and ($48) million , respectively, and plan experience of $60 million and ($108) million , respectively. |
Benefit Plan Obligations, Assets, Funded Status, Accumulated Other Comprehensive Income (Loss) and Accumulated Benefit Obligation | December 31, 2019 2018 Pension Other Postretirement Benefits Pension Other Postretirement Benefits (In millions) Change in benefit obligations: Benefit obligations at January 1, $ 10,591 $ 1,324 $ 11,409 $ 1,674 Service costs 214 5 223 6 Interest costs 425 53 391 55 Plan participants’ contributions — 32 — 30 Plan amendments 3 — (110 ) (7 ) Net actuarial (gains) losses (2) 1,360 (31 ) (713 ) (348 ) Acquisition, divestitures, settlements and curtailments (5 ) (3 ) (6 ) 13 Benefits paid (647 ) (93 ) (623 ) (97 ) Effect of foreign currency translation 9 2 20 (2 ) Benefit obligations at December 31, 11,950 1,289 10,591 1,324 Change in plan assets: Estimated fair value of plan assets at January 1, 8,948 1,360 9,688 1,434 Actual return on plan assets 1,619 173 (423 ) (27 ) Acquisition, divestitures and settlements (5 ) (3 ) (5 ) 16 Plan participants’ contributions — 32 — 32 Employer contributions 311 (2 ) 306 4 Benefits paid (647 ) (93 ) (623 ) (97 ) Effect of foreign currency translation 4 1 5 (2 ) Estimated fair value of plan assets at December 31, 10,230 1,468 8,948 1,360 Over (under) funded status at December 31, $ (1,720 ) $ 179 $ (1,643 ) $ 36 Amounts recognized on the consolidated balance sheets: Other assets $ 147 $ 617 $ 135 $ 373 Other liabilities (1,867 ) (438 ) (1,778 ) (337 ) Net amount recognized $ (1,720 ) $ 179 $ (1,643 ) $ 36 AOCI: Net actuarial (gains) losses $ 3,009 $ (359 ) $ 2,979 $ (269 ) Prior service costs (credit) (100 ) (2 ) (118 ) (14 ) AOCI, before income tax $ 2,909 $ (361 ) $ 2,861 $ (283 ) Accumulated benefit obligation $ 11,616 N/A $ 10,301 N/A __________________ (1) Includes nonqualified unfunded plans, for which the aggregate PBO was $1.2 billion and $1.1 billion at December 31, 2019 and 2018 , respectively. (2) Significant sources of actuarial (gains) losses for pension and other postretirement benefits during 2019 include the impact of changes to the financial assumptions of $1.2 billion and $66 million , respectively, and plan experience of $103 million and ($97) million , respectively. Significant sources of actuarial (gains) losses for pension and other postretirement benefits during 2018 include the impact of changes to the financial assumptions of ($796) million and ($192) million , respectively, demographic assumptions of $23 million and ($48) million , respectively, and plan experience of $60 million and ($108) million , respectively. |
Benefit Plan Obligations, Assets, Funded Status, Accumulated Other Comprehensive Income (Loss) and Accumulated Benefit Obligation | December 31, 2019 2018 Pension Other Postretirement Benefits Pension Other Postretirement Benefits (In millions) Change in benefit obligations: Benefit obligations at January 1, $ 10,591 $ 1,324 $ 11,409 $ 1,674 Service costs 214 5 223 6 Interest costs 425 53 391 55 Plan participants’ contributions — 32 — 30 Plan amendments 3 — (110 ) (7 ) Net actuarial (gains) losses (2) 1,360 (31 ) (713 ) (348 ) Acquisition, divestitures, settlements and curtailments (5 ) (3 ) (6 ) 13 Benefits paid (647 ) (93 ) (623 ) (97 ) Effect of foreign currency translation 9 2 20 (2 ) Benefit obligations at December 31, 11,950 1,289 10,591 1,324 Change in plan assets: Estimated fair value of plan assets at January 1, 8,948 1,360 9,688 1,434 Actual return on plan assets 1,619 173 (423 ) (27 ) Acquisition, divestitures and settlements (5 ) (3 ) (5 ) 16 Plan participants’ contributions — 32 — 32 Employer contributions 311 (2 ) 306 4 Benefits paid (647 ) (93 ) (623 ) (97 ) Effect of foreign currency translation 4 1 5 (2 ) Estimated fair value of plan assets at December 31, 10,230 1,468 8,948 1,360 Over (under) funded status at December 31, $ (1,720 ) $ 179 $ (1,643 ) $ 36 Amounts recognized on the consolidated balance sheets: Other assets $ 147 $ 617 $ 135 $ 373 Other liabilities (1,867 ) (438 ) (1,778 ) (337 ) Net amount recognized $ (1,720 ) $ 179 $ (1,643 ) $ 36 AOCI: Net actuarial (gains) losses $ 3,009 $ (359 ) $ 2,979 $ (269 ) Prior service costs (credit) (100 ) (2 ) (118 ) (14 ) AOCI, before income tax $ 2,909 $ (361 ) $ 2,861 $ (283 ) Accumulated benefit obligation $ 11,616 N/A $ 10,301 N/A __________________ (1) Includes nonqualified unfunded plans, for which the aggregate PBO was $1.2 billion and $1.1 billion at December 31, 2019 and 2018 , respectively. (2) Significant sources of actuarial (gains) losses for pension and other postretirement benefits during 2019 include the impact of changes to the financial assumptions of $1.2 billion and $66 million , respectively, and plan experience of $103 million and ($97) million , respectively. Significant sources of actuarial (gains) losses for pension and other postretirement benefits during 2018 include the impact of changes to the financial assumptions of ($796) million and ($192) million , respectively, demographic assumptions of $23 million and ($48) million , respectively, and plan experience of $60 million and ($108) million , respectively. |
Accumulated benefit obligations in excess of fair value of plan assets | Information for pension plans and other postretirement benefit plans with PBOs and/or accumulated benefit obligations (“ABO”) or APBO in excess of plan assets was as follows at: December 31, 2019 2018 2019 2018 2019 2018 PBO Exceeds Estimated Fair Value of Plan Assets ABO Exceeds Estimated Fair Value of Plan Assets APBO Exceeds Estimated Fair Value of Plan Assets (In millions) Projected benefit obligations $ 2,287 $ 2,021 $ 2,227 $ 1,999 N/A N/A Accumulated benefit obligations $ 2,162 $ 1,921 $ 2,113 $ 1,906 N/A N/A Accumulated postretirement benefit obligations N/A N/A N/A N/A $ 812 $ 724 Estimated fair value of plan assets $ 487 $ 301 $ 430 $ 280 $ 375 $ 388 |
Defined benefit plan pension plans with projected benefit obligations in excess of plan assets | Information for pension plans and other postretirement benefit plans with PBOs and/or accumulated benefit obligations (“ABO”) or APBO in excess of plan assets was as follows at: December 31, 2019 2018 2019 2018 2019 2018 PBO Exceeds Estimated Fair Value of Plan Assets ABO Exceeds Estimated Fair Value of Plan Assets APBO Exceeds Estimated Fair Value of Plan Assets (In millions) Projected benefit obligations $ 2,287 $ 2,021 $ 2,227 $ 1,999 N/A N/A Accumulated benefit obligations $ 2,162 $ 1,921 $ 2,113 $ 1,906 N/A N/A Accumulated postretirement benefit obligations N/A N/A N/A N/A $ 812 $ 724 Estimated fair value of plan assets $ 487 $ 301 $ 430 $ 280 $ 375 $ 388 |
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, 2019 2018 2017 Pension Benefits Other Postretirement Benefits Pension Benefits Other Postretirement Benefits Pension Benefits Other Postretirement Benefits (In millions) Net periodic benefit costs: Service costs $ 214 $ 5 $ 223 $ 6 $ 238 $ 6 Interest costs 425 53 391 55 429 76 Settlement and curtailment costs — 2 (1 ) — 4 2 Expected return on plan assets (489 ) (67 ) (533 ) (71 ) (516 ) (72 ) Amortization of net actuarial (gains) losses 201 (48 ) 182 (34 ) 195 — Amortization of prior service costs (credit) (15 ) (12 ) (3 ) (20 ) (1 ) (22 ) Total net periodic benefit costs (credit) 336 (67 ) 259 (64 ) 349 (10 ) Other changes in plan assets and benefit obligations recognized in OCI: Net actuarial (gains) losses 231 (138 ) 244 (248 ) 149 (146 ) Prior service costs (credit) 3 — (110 ) (7 ) (1 ) — Amortization of net actuarial (gains) losses (201 ) 48 (182 ) 34 (195 ) — Amortization of prior service (costs) credit 15 12 3 20 1 22 Disposal of subsidiary — — — — (30 ) 2 Total recognized in OCI 48 (78 ) (45 ) (201 ) (76 ) (122 ) Total recognized in net periodic benefit costs and OCI $ 384 $ (145 ) $ 214 $ (265 ) $ 273 $ (132 ) 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, 2019 December 31, 2018 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 $ 10,824 $ 1,126 $ 11,950 $ 1,247 $ 42 $ 1,289 $ 9,580 $ 1,011 $ 10,591 $ 1,288 $ 36 $ 1,324 Estimated fair value of plan assets 9,742 488 10,230 1,441 27 1,468 8,615 333 8,948 1,334 26 1,360 Over (under) funded status $ (1,082 ) $ (638 ) $ (1,720 ) $ 194 $ (15 ) $ 179 $ (965 ) $ (678 ) $ (1,643 ) $ 46 $ (10 ) $ 36 Net periodic benefit costs $ 244 $ 92 $ 336 $ (70 ) $ 3 $ (67 ) $ 176 $ 83 $ 259 $ (66 ) $ 2 $ (64 ) |
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, 2019 2018 2017 Pension Benefits Other Postretirement Benefits Pension Benefits Other Postretirement Benefits Pension Benefits Other Postretirement Benefits (In millions) Net periodic benefit costs: Service costs $ 214 $ 5 $ 223 $ 6 $ 238 $ 6 Interest costs 425 53 391 55 429 76 Settlement and curtailment costs — 2 (1 ) — 4 2 Expected return on plan assets (489 ) (67 ) (533 ) (71 ) (516 ) (72 ) Amortization of net actuarial (gains) losses 201 (48 ) 182 (34 ) 195 — Amortization of prior service costs (credit) (15 ) (12 ) (3 ) (20 ) (1 ) (22 ) Total net periodic benefit costs (credit) 336 (67 ) 259 (64 ) 349 (10 ) Other changes in plan assets and benefit obligations recognized in OCI: Net actuarial (gains) losses 231 (138 ) 244 (248 ) 149 (146 ) Prior service costs (credit) 3 — (110 ) (7 ) (1 ) — Amortization of net actuarial (gains) losses (201 ) 48 (182 ) 34 (195 ) — Amortization of prior service (costs) credit 15 12 3 20 1 22 Disposal of subsidiary — — — — (30 ) 2 Total recognized in OCI 48 (78 ) (45 ) (201 ) (76 ) (122 ) Total recognized in net periodic benefit costs and OCI $ 384 $ (145 ) $ 214 $ (265 ) $ 273 $ (132 ) |
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, 2019 Weighted average discount rate 3.30% 3.45% Weighted average interest crediting rate 3.99% N/A Rate of compensation increase 2.25% - 8.50% N/A December 31, 2018 Weighted average discount rate 4.35% 4.35% Weighted average interest crediting rate 4.09% N/A 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, 2019 Weighted average discount rate 4.35% 4.35% Weighted average interest crediting rate 4.01% N/A Weighted average expected rate of return on plan assets 5.75% 5.04% Rate of compensation increase 2.25% - 8.50% N/A Year Ended December 31, 2018 Weighted average discount rate 3.65% 3.70% Weighted average interest crediting rate 4.13% N/A Weighted average expected rate of return on plan assets 5.75% 5.11% Rate of compensation increase 2.25% - 8.50% N/A Year Ended December 31, 2017 Weighted average discount rate 4.30% 4.45% Weighted average interest crediting rate 5.46% N/A Weighted average expected rate of return on plan assets 6.00% 5.36% Rate of compensation increase 2.25% - 8.50% 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, 2019 2018 Before Age 65 Age 65 and older Before Age 65 Age 65 and older Following year 4.9 % (1.0 %) 5.4 % 2.8 % Ultimate rate to which cost increase is assumed to decline 3.8 % 3.8 % 3.9 % 4.2 % Year in which the ultimate trend rate is reached 2074 2074 2080 2097 |
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, 2019 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 AFS: Corporate $ — $ 3,750 $ — $ 3,750 $ — $ 278 $ — $ 278 U.S. government bonds 1,599 457 — 2,056 259 — — 259 Foreign bonds — 996 — 996 — 63 — 63 Federal agencies — 106 — 106 — 9 — 9 Municipals — 280 — 280 — 20 — 20 Short-term investments — 192 — 192 24 383 — 407 Other (1) 328 620 — 948 151 219 3 373 Total fixed maturity securities AFS 1,927 6,401 — 8,328 434 972 3 1,409 Equity securities 962 215 — 1,177 59 — — 59 Other investments 23 3 686 712 — — — — Derivative assets 10 3 — 13 — — — — Total assets $ 2,922 $ 6,622 $ 686 $ 10,230 $ 493 $ 972 $ 3 $ 1,468 December 31, 2018 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 AFS: Corporate $ — $ 3,350 $ 1 $ 3,351 $ — $ 313 $ — $ 313 U.S. government bonds 1,314 471 — 1,785 268 — — 268 Foreign bonds — 837 — 837 — 90 — 90 Federal agencies — 88 — 88 — 16 — 16 Municipals — 240 — 240 — 29 — 29 Short-term investments 1 198 — 199 1 397 — 398 Other (1) 210 590 1 801 3 69 — 72 Total fixed maturity securities AFS 1,525 5,774 2 7,301 272 914 — 1,186 Equity securities 706 195 — 901 155 18 — 173 Other investments 20 — 688 708 — — — — Derivative assets 33 4 1 38 1 — — 1 Total assets $ 2,284 $ 5,973 $ 691 $ 8,948 $ 428 $ 932 $ — $ 1,360 __________________ (1) 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, 2019 for the Invested Plans: December 31, 2019 2018 U.S. Pension U.S. Other Postretirement Benefits (1) U.S. Pension Benefits U.S. Other Postretirement Benefits (1) Target Actual Target Actual Actual Allocation Actual Allocation Asset Class Fixed maturity securities AFS 82 % 81 % 95 % 95 % 82 % 82 % Equity securities (2) 15 % 12 % 5 % 5 % 10 % 18 % Alternative securities (3) 3 % 7 % — % — % 8 % — % Total assets 100 % 100 % 100 % 100 % __________________ (1) U.S. other postretirement benefits do not reflect postretirement life’s plan assets invested in fixed maturity securities AFS. (2) Equity securities percentage includes derivative assets. (3) Alternative securities primarily include 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) Fixed Maturity Securities AFS: Corporate Other (1) Equity Securities Other Investments Derivative Assets (In millions) Balance, January 1, 2018 $ 1 $ 10 $ 3 $ 622 $ — Realized gains (losses) — — — — — Unrealized gains (losses) — — — 23 — Purchases, sales, issuances and settlements, net — (3 ) — 43 — Transfers into and/or out of Level 3 — (6 ) (3 ) — 1 Balance, December 31, 2018 $ 1 $ 1 $ — $ 688 $ 1 Realized gains (losses) — — — — — Unrealized gains (losses) — — — (1 ) (1 ) Purchases, sales, issuances and settlements, net (1 ) 2 — (1 ) — Transfers into and/or out of Level 3 — — — — — Balance, December 31, 2019 $ — $ 3 $ — $ 686 $ — __________________ (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) 2020 $ 649 $ 78 2021 $ 658 $ 74 2022 $ 670 $ 73 2023 $ 688 $ 72 2024 $ 711 $ 74 2025-2029 $ 3,690 $ 361 |
Income Tax (Tables)
Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 2018 2017 (In millions) Current: U.S. federal $ (189 ) $ (207 ) $ (246 ) U.S. state and local 4 11 5 Non-U.S. 850 932 891 Subtotal 665 736 650 Deferred: U.S. federal (235 ) 342 (2,373 ) Non-U.S. 456 101 253 Subtotal 221 443 (2,120 ) Provision for income tax expense (benefit) $ 886 $ 1,179 $ (1,470 ) |
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) was as follows: Years Ended December 31, 2019 2018 2017 (In millions) Income (loss) from continuing operations: U.S. $ 2,094 $ (803 ) $ 684 Non-U.S. 4,701 7,110 2,852 Total $ 6,795 $ 6,307 $ 3,536 |
Income tax for continuing operations effective rate reconciliation | The reconciliation of the income tax provision at the U.S. statutory rate (21% in 2019 and 2018; 35% in 2017) to the provision for income tax as reported for continuing operations was as follows: Years Ended December 31, 2019 2018 2017 (In millions) Tax provision at U.S. statutory rate $ 1,427 $ 1,325 $ 1,238 Tax effect of: Dividend received deduction (37 ) (35 ) (67 ) Tax-exempt income (64 ) (29 ) (97 ) Prior year tax (1) (179 ) (197 ) (27 ) Low income housing tax credits (254 ) (284 ) (278 ) Other tax credits (52 ) (79 ) (102 ) Foreign tax rate differential (2), (3), (4) 395 335 (95 ) Change in valuation allowance (22 ) (2 ) (8 ) Separation tax benefits — — (540 ) U.S. Tax Reform impact (5), (6), (7) (326 ) 78 (1,519 ) Other, net (8) (2 ) 67 25 Provision for income tax expense (benefit) $ 886 $ 1,179 $ (1,470 ) __________________ (1) As discussed further below, prior year tax includes a non-cash benefit related to an uncertain tax position of $158 million and $168 million for the years ended December 31, 2019 and 2018, respectively. (2) For the year ended December 31, 2019, foreign tax rate differential includes tax charges of $61 million from the definitive agreement to sell MetLife Hong Kong and $12 million related to the U.S. tax on Global Intangible Low-Taxed Income (“GILTI”), of which $35 million is a current year charge offset by a $23 million tax benefit revising the 2018 estimate. (3) For the year ended December 31, 2018 , foreign tax rate differential includes tax charges of $45 million related to GILTI, $17 million related to a tax adjustment in Chile and $13 million from changes in the valuation of the peso in Argentina. (4) For the year ended December 31, 2017, foreign tax rate differential includes a net tax charge of $180 million as a result of repatriation. Included in the net tax charge of $180 million is a $444 million tax charge related to the repatriation of approximately $3.0 billion of pre-2017 earnings following the post-Separation review of the Company’s capital needs. This charge was partially offset by a $264 million tax benefit associated with dividends from other non-U.S. operations. This charge was recorded prior to U.S. Tax Reform. (5) For the year ended December 31, 2019, U.S. Tax Reform impact includes a $317 million tax benefit related to the deemed repatriation transition tax and $9 million related to the effect of sequestration on the alternative minimum tax credit. (6) For the year ended December 31, 2018 , U.S. Tax Reform impact includes a $468 million tax charge related to the deemed repatriation transition tax, offset by a $390 million tax benefit related to the adjustment of deferred taxes due to the U.S. tax rate change. This excludes $12 million of tax provision at the U.S. statutory rate for a total tax reform charge of $66 million . (7) For the year ended December 31, 2017, U.S. Tax Reform impact of ($1.5) billion excludes ($101) million of tax provision at the U.S. statutory rate for a total tax reform benefit of ($1.6) billion . (8) For the year ended December 31, 2018 , other includes tax charges of $69 million related to the non-deductible loss incurred on the mark-to-market and exchange of FVO Brighthouse Common Stock and $18 million related to a non-deductible Patient Protection and Affordable Care Act excise tax, offset by a tax benefit of $36 million related to a non-cash transfer of assets from a wholly-owned U.K. subsidiary to its U.S. parent. |
Impact of U.S. Tax Reform [Table Text Block] | The incremental financial statement impact related to U.S. Tax Reform was as follows: Years Ended December 31, 2019 2018 2017 (In millions) Income (loss) from continuing operations before provision for income tax $ — $ (58 ) $ (289 ) Provision for income tax expense (benefit): Deemed repatriation (317 ) 468 170 Deferred tax revaluation (9 ) (402 ) (1,790 ) Total provision for income tax expense (benefit) (326 ) 66 (1,620 ) Income (loss) from continuing operations, net of income tax 326 (124 ) 1,331 Income tax (expense) benefit related to items of other comprehensive income (loss) — — 144 Increase to net equity from U.S. Tax Reform $ 326 $ (124 ) $ 1,475 |
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, 2019 2018 (In millions) Deferred income tax assets: Policyholder liabilities and receivables $ 3,635 $ 3,558 Net operating loss carryforwards (1) 240 237 Employee benefits 692 705 Capital loss carryforwards 10 — Tax credit carryforwards (2) 1,296 1,113 Litigation-related and government mandated 151 161 Other 127 365 Total gross deferred income tax assets 6,151 6,139 Less: Valuation allowance (1) 294 302 Total net deferred income tax assets 5,857 5,837 Deferred income tax liabilities: Investments, including derivatives 4,170 3,854 Intangibles 1,181 1,256 Net unrealized investment gains 6,226 2,898 DAC 3,312 3,243 Total deferred income tax liabilities 14,889 11,251 Net deferred income tax asset (liability) (3) $ (9,032 ) $ (5,414 ) __________________ (1) The Company has recorded a deferred tax asset of $240 million related to U.S. state and non-U.S. net operating loss carryforwards and an offsetting valuation allowance for the year ended December 31, 2019 . Certain net operating loss carryforwards will expire between 2020 and 2039, whereas others have an unlimited carryforward period. 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 U.S. state and non-U.S. 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. (2) Tax credit carryforwards for the year ended December 31, 2019 primarily reflect general business credits expiring between 2036 and 2039 and are reduced by $113 million related to unrecognized tax benefits. (3) On the consolidated balance sheet at December 31, 2019 , $9,097 million is reported in Deferred income tax liability for jurisdictions in a net deferred income tax liability position and $65 million of a deferred income tax asset is reported in Other assets for jurisdictions in a net deferred income tax asset position. |
Reconciliation of unrecognized tax benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits was as follows: Years Ended December 31, 2019 2018 2017 (In millions) Balance at January 1, $ 1,111 $ 1,102 $ 1,146 Additions for tax positions of prior years (1) 6 269 70 Reductions for tax positions of prior years (2) (493 ) (195 ) (101 ) Additions for tax positions of current year (1) 13 226 33 Reductions for tax positions of current year — (3 ) (3 ) Settlements with tax authorities (3) (381 ) (288 ) (43 ) Balance at December 31, $ 256 $ 1,111 $ 1,102 Unrecognized tax benefits that, if recognized, would impact the effective rate $ 194 $ 1,046 $ 1,073 __________________ (1) The increase in 2018 is primarily related to the deemed repatriation transition tax and related IRS regulations. (2) The decreases are primarily related to non-cash benefits from tax audit settlements. (3) The decreases in 2019 and 2018 are primarily related to the tax audit settlement, of which $377 million and $284 million , respectively, was reclassified to the current income tax payable account. Interest was as follows: Years Ended December 31, 2019 2018 2017 (In millions) Interest expense (benefit) recognized on the consolidated statements of operations (1) $ (179 ) $ (441 ) $ 37 December 31, 2019 2018 (In millions) Interest included in other liabilities on the consolidated balance sheets $ 39 $ 218 __________________ (1) The decreases in 2019 and 2018 are primarily related to the tax audit settlement, of which $60 million and $168 million , respectively, was recorded in other expenses and $119 million and $273 million , respectively, was reclassified to the current income tax payable account. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | The following table presents the weighted average shares, basic earnings per common share and diluted earnings per common share: Years Ended December 31, 2019 2018 2017 (In millions, except per share data) Weighted Average Shares: Weighted average common stock outstanding - basic 937.6 1,005.9 1,069.7 Incremental common shares from assumed exercise or issuance of stock-based awards 6.8 8.0 8.8 Weighted average common stock outstanding - diluted 944.4 1,013.9 1,078.5 Income (Loss) from Continuing Operations: Income (loss) from continuing operations, net of income tax $ 5,909 $ 5,128 $ 5,006 Less: Income (loss) from continuing operations, net of income tax, attributable to noncontrolling interests 10 5 10 Less: Preferred stock dividends 178 141 103 Income (loss) from continuing operations, net of income tax, available to MetLife, Inc.’s common shareholders $ 5,721 $ 4,982 $ 4,893 Basic $ 6.10 $ 4.95 $ 4.57 Diluted $ 6.06 $ 4.91 $ 4.53 Income (Loss) from Discontinued Operations: Income (loss) from discontinued operations, net of income tax $ — $ — $ (986 ) 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 $ — $ — $ (986 ) Basic $ — $ — $ (0.92 ) Diluted $ — $ — $ (0.91 ) Net Income (Loss): Net income (loss) $ 5,909 $ 5,128 $ 4,020 Less: Net income (loss) attributable to noncontrolling interests 10 5 10 Less: Preferred stock dividends 178 141 103 Net income (loss) available to MetLife, Inc.’s common shareholders $ 5,721 $ 4,982 $ 3,907 Basic $ 6.10 $ 4.95 $ 3.65 Diluted $ 6.06 $ 4.91 $ 3.62 |
Contingencies, Commitments an_2
Contingencies, Commitments and Guarantees (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments - Leases | Future minimum gross rental payments relating to lease arrangements in effect as determined prior to the adoption of ASU 2016-02 were as follows: December 31, 2018 (In millions) 2019 $ 292 2020 282 2021 260 2022 224 2023 209 Thereafter 859 Total $ 2,126 |
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, 2019 2018 2017 (In millions, except number of claims) Asbestos personal injury claims at year end 61,134 62,522 62,930 Number of new claims during the year 3,187 3,359 3,514 Settlement payments during the year (1) $ 49.4 $ 51.4 $ 48.6 __________________ (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, 2019 2018 (In millions) Other Assets: Premium tax offset for future discounted and undiscounted assessments $ 43 $ 47 Premium tax offset currently available for paid assessments 43 46 Total $ 86 $ 93 Other Liabilities: Insolvency assessments $ 62 $ 67 |
Quarterly Results of Operatio_2
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations (Unaudited) | The unaudited quarterly results of operations for 2019 and 2018 are summarized in the table below: Three Months Ended March 31, June 30, September 30, December 31, (In millions, except per share data) 2019 Total revenues $ 16,302 $ 17,497 $ 18,678 $ 17,143 Total expenses $ 14,558 $ 15,200 $ 15,887 $ 17,180 Net income (loss) $ 1,385 $ 1,746 $ 2,190 $ 588 Less: Net income (loss) attributable to noncontrolling interests $ 4 $ 5 $ 6 $ (5 ) Net income (loss) attributable to MetLife, Inc. $ 1,381 $ 1,741 $ 2,184 $ 593 Less: Preferred stock dividends $ 32 $ 57 $ 32 $ 57 Net income (loss) available to MetLife, Inc.’s common shareholders $ 1,349 $ 1,684 $ 2,152 $ 536 Basic earnings per common share Net income (loss) attributable to MetLife, Inc. $ 1.44 $ 1.84 $ 2.35 $ 0.65 Net income (loss) available to MetLife, Inc.’s common shareholders $ 1.41 $ 1.78 $ 2.31 $ 0.58 Diluted earnings per common share Net income (loss) attributable to MetLife, Inc. $ 1.43 $ 1.83 $ 2.33 $ 0.64 Net income (loss) available to MetLife, Inc.’s common shareholders $ 1.40 $ 1.77 $ 2.30 $ 0.58 2018 Total revenues $ 14,805 $ 21,185 $ 16,289 $ 15,662 Total expenses $ 13,149 $ 20,084 $ 15,210 $ 13,191 Net income (loss) $ 1,257 $ 894 $ 915 $ 2,062 Less: Net income (loss) attributable to noncontrolling interests $ 4 $ 3 $ 3 $ (5 ) Net income (loss) attributable to MetLife, Inc. $ 1,253 $ 891 $ 912 $ 2,067 Less: Preferred stock dividends $ 6 $ 46 $ 32 $ 57 Net income (loss) available to MetLife, Inc.’s common shareholders $ 1,247 $ 845 $ 880 $ 2,010 Basic earnings per common share Net income (loss) attributable to MetLife, Inc. $ 1.21 $ 0.88 $ 0.92 $ 2.11 Net income (loss) available to MetLife, Inc.’s common shareholders $ 1.20 $ 0.83 $ 0.89 $ 2.05 Diluted earnings per common share Net income (loss) attributable to MetLife, Inc. $ 1.20 $ 0.87 $ 0.91 $ 2.09 Net income (loss) available to MetLife, Inc.’s common shareholders $ 1.19 $ 0.83 $ 0.88 $ 2.04 |
Business, Basis of Presentati_3
Business, Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)Segment | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Number of segments | Segment | 5 | ||
Property, Plant and Equipment [Line Items] | |||
Cost basis of property, equipment and leasehold improvements | $ 2,700 | $ 2,600 | |
Accumulated depreciation and amortization of property, equipment and leasehold improvements | 1,400 | 1,200 | |
Depreciation and amortization expense | $ 207 | 191 | $ 207 |
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 | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 40 years | ||
Leasehold Improvements | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 1 year | ||
Leasehold Improvements | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 25 years | ||
Other Capitalized Property Plant and Equipment | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Other Capitalized Property Plant and Equipment | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 7 years | ||
VODA and VOCRA | Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization period | 10 years | ||
VODA and VOCRA | Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization period | 40 years | ||
Computer Software, Intangible Asset | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization period | 4 years | ||
Cost basis of computer software | $ 3,400 | 3,100 | |
Accumulated amortization of computer software | 2,500 | 2,200 | |
Amortization expense related to computer software | $ 262 | $ 276 | $ 250 |
Business, Basis of Presentati_4
Business, Basis of Presentation and Summary of Significant Accounting Policies - New Accounting Pronouncements (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Allowance for Credit Losses as a Percentage of Amortized Costs | 0.50% | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ 13,052 | $ 1,722 | $ 7,427 | $ 5,366 | ||
Retained Earnings (Accumulated Deficit) | 33,078 | $ 28,926 | ||||
Operating Lease, Right-of-Use Asset | 1,488 | |||||
Operating Lease, Right-of-Use Liability | $ 1,654 | |||||
Accounting Standards Update 2017-12 | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ 18 | |||||
Retained Earnings (Accumulated Deficit) | (18) | |||||
Accounting Standards Update 2016-02 | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Retained Earnings (Accumulated Deficit) | 95 | |||||
Operating Lease, Right-of-Use Asset | 1,500 | |||||
Operating Lease, Right-of-Use Liability | $ 1,700 | |||||
Maximum | Accounting Standards Update 2016-13 | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Allowance for Credit Losses as a Percentage of Amortized Costs | 1.00% |
Business, Basis of Presentati_5
Business, Basis of Presentation and Summary of Significant Accounting Policies Discontinued Operations (Details) | Aug. 04, 2017shares |
Brighthouse Financial, Inc | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Brighthouse common stock issued | 96,776,670 |
Segment Information (Earnings)
Segment Information (Earnings) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues | |||||||||||
Premiums | $ 42,235 | $ 43,840 | $ 38,992 | ||||||||
Universal life and investment-type product policy fees | 5,603 | 5,502 | 5,510 | ||||||||
Net investment income | 18,868 | 16,166 | 17,363 | ||||||||
Other revenues | 1,842 | 1,880 | 1,341 | ||||||||
Net investment gains (losses) | 444 | (298) | (308) | ||||||||
Net derivative gains (losses) | 628 | 851 | (590) | ||||||||
Total revenues | $ 17,143 | $ 18,678 | $ 17,497 | $ 16,302 | $ 15,662 | $ 16,289 | $ 21,185 | $ 14,805 | 69,620 | 67,941 | 62,308 |
Expenses | |||||||||||
Policyholder benefits and claims and policyholder dividends | 42,672 | 43,907 | 39,544 | ||||||||
Interest credited to policyholder account balances | 6,464 | 4,013 | 5,607 | ||||||||
Capitalization of DAC | (3,358) | (3,254) | (3,002) | ||||||||
Amortization of DAC and VOBA | 2,896 | 2,975 | 2,681 | ||||||||
Amortization of negative VOBA | (33) | (56) | (140) | ||||||||
Interest expense on debt | 955 | 1,122 | 1,129 | ||||||||
Other expenses | 13,229 | 12,927 | 12,953 | ||||||||
Total expenses | $ 17,180 | $ 15,887 | $ 15,200 | $ 14,558 | $ 13,191 | $ 15,210 | $ 20,084 | $ 13,149 | 62,825 | 61,634 | 58,772 |
Provision for income tax expense (benefit) | 886 | 1,179 | (1,470) | ||||||||
Income (loss) from continuing operations, net of income tax | 5,909 | 5,128 | 5,006 | ||||||||
U.S. | |||||||||||
Expenses | |||||||||||
Amortization of DAC and VOBA | 475 | 477 | 459 | ||||||||
Asia | |||||||||||
Expenses | |||||||||||
Amortization of DAC and VOBA | 1,380 | 1,297 | 1,310 | ||||||||
Latin America | |||||||||||
Expenses | |||||||||||
Amortization of DAC and VOBA | 291 | 209 | 224 | ||||||||
EMEA | |||||||||||
Expenses | |||||||||||
Amortization of DAC and VOBA | 420 | 433 | 356 | ||||||||
MetLife Holdings | |||||||||||
Expenses | |||||||||||
Amortization of DAC and VOBA | 324 | 553 | 234 | ||||||||
Corporate & Other | |||||||||||
Expenses | |||||||||||
Amortization of DAC and VOBA | 6 | 6 | 98 | ||||||||
Operating Segments | |||||||||||
Revenues | |||||||||||
Premiums | 42,164 | 43,840 | 39,339 | ||||||||
Universal life and investment-type product policy fees | 5,395 | 5,382 | 5,407 | ||||||||
Net investment income | 17,830 | 17,383 | 16,544 | ||||||||
Other revenues | 1,585 | 1,556 | 1,454 | ||||||||
Net investment gains (losses) | 0 | 0 | 0 | ||||||||
Net derivative gains (losses) | 0 | 0 | 0 | ||||||||
Total revenues | 66,974 | 68,161 | 62,744 | ||||||||
Expenses | |||||||||||
Policyholder benefits and claims and policyholder dividends | 42,192 | 43,733 | 39,340 | ||||||||
Interest credited to policyholder account balances | 5,029 | 4,693 | 4,313 | ||||||||
Capitalization of DAC | (3,338) | (3,253) | (3,036) | ||||||||
Amortization of DAC and VOBA | 2,787 | 2,760 | 2,648 | ||||||||
Amortization of negative VOBA | (33) | (55) | (131) | ||||||||
Interest expense on debt | 955 | 1,059 | 1,145 | ||||||||
Other expenses | 12,778 | 12,529 | 12,409 | ||||||||
Total expenses | 60,370 | 61,466 | 56,688 | ||||||||
Provision for income tax expense (benefit) | 659 | 1,093 | 1,718 | ||||||||
Adjusted earnings | 5,945 | 5,602 | 4,338 | ||||||||
Operating Segments | U.S. | |||||||||||
Revenues | |||||||||||
Premiums | 26,801 | 28,186 | 23,632 | ||||||||
Universal life and investment-type product policy fees | 1,078 | 1,053 | 1,012 | ||||||||
Net investment income | 7,021 | 6,977 | 6,396 | ||||||||
Other revenues | 887 | 821 | 806 | ||||||||
Net investment gains (losses) | 0 | 0 | 0 | ||||||||
Net derivative gains (losses) | 0 | 0 | 0 | ||||||||
Total revenues | 35,787 | 37,037 | 31,846 | ||||||||
Expenses | |||||||||||
Policyholder benefits and claims and policyholder dividends | 26,165 | 27,765 | 23,627 | ||||||||
Interest credited to policyholder account balances | 1,984 | 1,790 | 1,474 | ||||||||
Capitalization of DAC | (484) | (449) | (458) | ||||||||
Amortization of DAC and VOBA | 475 | 477 | 459 | ||||||||
Amortization of negative VOBA | 0 | 0 | 0 | ||||||||
Interest expense on debt | 10 | 12 | 11 | ||||||||
Other expenses | 4,075 | 3,902 | 3,682 | ||||||||
Total expenses | 32,225 | 33,497 | 28,795 | ||||||||
Provision for income tax expense (benefit) | 724 | 736 | 1,024 | ||||||||
Adjusted earnings | 2,838 | 2,804 | 2,027 | ||||||||
Operating Segments | Asia | |||||||||||
Revenues | |||||||||||
Premiums | 6,632 | 6,766 | 6,755 | ||||||||
Universal life and investment-type product policy fees | 1,674 | 1,630 | 1,584 | ||||||||
Net investment income | 3,691 | 3,317 | 2,985 | ||||||||
Other revenues | 56 | 51 | 43 | ||||||||
Net investment gains (losses) | 0 | 0 | 0 | ||||||||
Net derivative gains (losses) | 0 | 0 | 0 | ||||||||
Total revenues | 12,053 | 11,764 | 11,367 | ||||||||
Expenses | |||||||||||
Policyholder benefits and claims and policyholder dividends | 5,185 | 5,326 | 5,075 | ||||||||
Interest credited to policyholder account balances | 1,710 | 1,465 | 1,351 | ||||||||
Capitalization of DAC | (1,913) | (1,915) | (1,710) | ||||||||
Amortization of DAC and VOBA | 1,288 | 1,302 | 1,300 | ||||||||
Amortization of negative VOBA | (25) | (39) | (111) | ||||||||
Interest expense on debt | 0 | 0 | 0 | ||||||||
Other expenses | 3,818 | 3,840 | 3,613 | ||||||||
Total expenses | 10,063 | 9,979 | 9,518 | ||||||||
Provision for income tax expense (benefit) | 585 | 548 | 620 | ||||||||
Adjusted earnings | 1,405 | 1,237 | 1,229 | ||||||||
Operating Segments | Latin America | |||||||||||
Revenues | |||||||||||
Premiums | 2,723 | 2,760 | 2,693 | ||||||||
Universal life and investment-type product policy fees | 1,094 | 1,050 | 1,044 | ||||||||
Net investment income | 1,271 | 1,239 | 1,219 | ||||||||
Other revenues | 44 | 35 | 32 | ||||||||
Net investment gains (losses) | 0 | 0 | 0 | ||||||||
Net derivative gains (losses) | 0 | 0 | 0 | ||||||||
Total revenues | 5,132 | 5,084 | 4,988 | ||||||||
Expenses | |||||||||||
Policyholder benefits and claims and policyholder dividends | 2,623 | 2,602 | 2,535 | ||||||||
Interest credited to policyholder account balances | 332 | 394 | 369 | ||||||||
Capitalization of DAC | (396) | (377) | (364) | ||||||||
Amortization of DAC and VOBA | 291 | 209 | 224 | ||||||||
Amortization of negative VOBA | 0 | (1) | (1) | ||||||||
Interest expense on debt | 3 | 6 | 5 | ||||||||
Other expenses | 1,443 | 1,421 | 1,479 | ||||||||
Total expenses | 4,296 | 4,254 | 4,247 | ||||||||
Provision for income tax expense (benefit) | 227 | 238 | 156 | ||||||||
Adjusted earnings | 609 | 592 | 585 | ||||||||
Operating Segments | EMEA | |||||||||||
Revenues | |||||||||||
Premiums | 2,177 | 2,131 | 2,061 | ||||||||
Universal life and investment-type product policy fees | 423 | 431 | 405 | ||||||||
Net investment income | 291 | 293 | 309 | ||||||||
Other revenues | 54 | 66 | 58 | ||||||||
Net investment gains (losses) | 0 | 0 | 0 | ||||||||
Net derivative gains (losses) | 0 | 0 | 0 | ||||||||
Total revenues | 2,945 | 2,921 | 2,833 | ||||||||
Expenses | |||||||||||
Policyholder benefits and claims and policyholder dividends | 1,176 | 1,127 | 1,077 | ||||||||
Interest credited to policyholder account balances | 98 | 100 | 100 | ||||||||
Capitalization of DAC | (505) | (468) | (414) | ||||||||
Amortization of DAC and VOBA | 428 | 434 | 357 | ||||||||
Amortization of negative VOBA | (8) | (15) | (19) | ||||||||
Interest expense on debt | 0 | 0 | 0 | ||||||||
Other expenses | 1,399 | 1,378 | 1,376 | ||||||||
Total expenses | 2,588 | 2,556 | 2,477 | ||||||||
Provision for income tax expense (benefit) | 75 | 88 | 59 | ||||||||
Adjusted earnings | 282 | 277 | 297 | ||||||||
Operating Segments | MetLife Holdings | |||||||||||
Revenues | |||||||||||
Premiums | 3,748 | 3,879 | 4,144 | ||||||||
Universal life and investment-type product policy fees | 1,124 | 1,218 | 1,361 | ||||||||
Net investment income | 5,281 | 5,379 | 5,607 | ||||||||
Other revenues | 253 | 250 | 244 | ||||||||
Net investment gains (losses) | 0 | 0 | 0 | ||||||||
Net derivative gains (losses) | 0 | 0 | 0 | ||||||||
Total revenues | 10,406 | 10,726 | 11,356 | ||||||||
Expenses | |||||||||||
Policyholder benefits and claims and policyholder dividends | 6,970 | 6,833 | 7,000 | ||||||||
Interest credited to policyholder account balances | 905 | 944 | 1,018 | ||||||||
Capitalization of DAC | (28) | (36) | (82) | ||||||||
Amortization of DAC and VOBA | 299 | 332 | 302 | ||||||||
Amortization of negative VOBA | 0 | 0 | 0 | ||||||||
Interest expense on debt | 8 | 9 | 24 | ||||||||
Other expenses | 969 | 1,081 | 1,365 | ||||||||
Total expenses | 9,123 | 9,163 | 9,627 | ||||||||
Provision for income tax expense (benefit) | 249 | 308 | 547 | ||||||||
Adjusted earnings | 1,034 | 1,255 | 1,182 | ||||||||
Operating Segments | Corporate & Other | |||||||||||
Revenues | |||||||||||
Premiums | 83 | 118 | 54 | ||||||||
Universal life and investment-type product policy fees | 2 | 0 | 1 | ||||||||
Net investment income | 275 | 178 | 28 | ||||||||
Other revenues | 291 | 333 | 271 | ||||||||
Net investment gains (losses) | 0 | 0 | 0 | ||||||||
Net derivative gains (losses) | 0 | 0 | 0 | ||||||||
Total revenues | 651 | 629 | 354 | ||||||||
Expenses | |||||||||||
Policyholder benefits and claims and policyholder dividends | 73 | 80 | 26 | ||||||||
Interest credited to policyholder account balances | 0 | 0 | 1 | ||||||||
Capitalization of DAC | (12) | (8) | (8) | ||||||||
Amortization of DAC and VOBA | 6 | 6 | 6 | ||||||||
Amortization of negative VOBA | 0 | 0 | 0 | ||||||||
Interest expense on debt | 934 | 1,032 | 1,105 | ||||||||
Other expenses | 1,074 | 907 | 894 | ||||||||
Total expenses | 2,075 | 2,017 | 2,024 | ||||||||
Provision for income tax expense (benefit) | (1,201) | (825) | (688) | ||||||||
Adjusted earnings | (223) | (563) | (982) | ||||||||
Significant Reconciling Items | |||||||||||
Revenues | |||||||||||
Premiums | 71 | 0 | (347) | ||||||||
Universal life and investment-type product policy fees | 208 | 120 | 103 | ||||||||
Net investment income | 1,038 | (1,217) | 819 | ||||||||
Other revenues | 257 | 324 | (113) | ||||||||
Net investment gains (losses) | 444 | (298) | (308) | ||||||||
Net derivative gains (losses) | 628 | 851 | (590) | ||||||||
Total revenues | 2,646 | (220) | (436) | ||||||||
Expenses | |||||||||||
Policyholder benefits and claims and policyholder dividends | 480 | 174 | 204 | ||||||||
Interest credited to policyholder account balances | 1,435 | (680) | 1,294 | ||||||||
Capitalization of DAC | (20) | (1) | 34 | ||||||||
Amortization of DAC and VOBA | 109 | 215 | 33 | ||||||||
Amortization of negative VOBA | 0 | (1) | (9) | ||||||||
Interest expense on debt | 0 | 63 | (16) | ||||||||
Other expenses | 451 | 398 | 544 | ||||||||
Total expenses | 2,455 | 168 | 2,084 | ||||||||
Provision for income tax expense (benefit) | $ 227 | $ 86 | $ (3,188) |
Segment Information (Total Asse
Segment Information (Total Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Segment Reporting Information [Line Items] | ||
Separate account assets | $ 188,445 | $ 175,556 |
Separate account liabilities | 188,445 | 175,556 |
Total assets | 740,463 | 687,538 |
U.S. | ||
Segment Reporting Information [Line Items] | ||
Separate account assets | 75,929 | 71,436 |
Separate account liabilities | 75,929 | 71,436 |
Total assets | 266,174 | 248,174 |
Asia | ||
Segment Reporting Information [Line Items] | ||
Separate account assets | 9,250 | 8,849 |
Separate account liabilities | 9,250 | 8,849 |
Total assets | 161,018 | 146,278 |
Latin America | ||
Segment Reporting Information [Line Items] | ||
Separate account assets | 52,018 | 47,757 |
Separate account liabilities | 52,018 | 47,757 |
Total assets | 75,069 | 70,417 |
EMEA | ||
Segment Reporting Information [Line Items] | ||
Separate account assets | 5,639 | 5,306 |
Separate account liabilities | 5,639 | 5,306 |
Total assets | 27,281 | 27,829 |
MetLife Holdings | ||
Segment Reporting Information [Line Items] | ||
Separate account assets | 45,609 | 42,208 |
Separate account liabilities | 45,609 | 42,208 |
Total assets | 175,199 | 166,872 |
Corporate & Other | ||
Segment Reporting Information [Line Items] | ||
Separate account assets | 0 | 0 |
Separate account liabilities | 0 | 0 |
Total assets | $ 35,722 | $ 27,968 |
Segment Information (Product Ta
Segment Information (Product Table) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Premiums, Fees & Other Revenues | $ 49,680 | $ 51,222 | $ 45,843 |
Life insurance | |||
Segment Reporting Information [Line Items] | |||
Premiums, Fees & Other Revenues | 20,759 | 20,550 | 20,330 |
Accident & health insurance | |||
Segment Reporting Information [Line Items] | |||
Premiums, Fees & Other Revenues | 15,159 | 14,489 | 14,002 |
Annuities | |||
Segment Reporting Information [Line Items] | |||
Premiums, Fees & Other Revenues | 8,590 | 10,990 | 6,999 |
Property and casualty insurance | |||
Segment Reporting Information [Line Items] | |||
Premiums, Fees & Other Revenues | 3,716 | 3,651 | 3,613 |
Other | |||
Segment Reporting Information [Line Items] | |||
Premiums, Fees & Other Revenues | $ 1,456 | $ 1,542 | $ 899 |
Segment Information (Premiums,
Segment Information (Premiums, Fees and Other Revenues by US and Foreign Operations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Premiums, Fees & Other Revenues | $ 49,680 | $ 51,222 | $ 45,843 |
U.S. | |||
Segment Reporting Information [Line Items] | |||
Premiums, Fees & Other Revenues | 34,433 | 36,078 | 30,971 |
Japan | |||
Segment Reporting Information [Line Items] | |||
Premiums, Fees & Other Revenues | 6,608 | 6,435 | 6,444 |
Other Foreign | |||
Segment Reporting Information [Line Items] | |||
Premiums, Fees & Other Revenues | $ 8,639 | $ 8,709 | $ 8,428 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)Segment | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Segment Reporting [Abstract] | |||||||||||
Number of segments | Segment | 5 | ||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 17,143 | $ 18,678 | $ 17,497 | $ 16,302 | $ 15,662 | $ 16,289 | $ 21,185 | $ 14,805 | $ 69,620 | $ 67,941 | $ 62,308 |
Total assets | 740,463 | 687,538 | $ 740,463 | $ 687,538 | |||||||
Concentration Risk, Percentage | 10.00% | 10.00% | 10.00% | ||||||||
Japan | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total assets | 134,000 | 120,000 | $ 134,000 | $ 120,000 | |||||||
Assets, Total | Geographic Concentration Risk | Japan | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration Risk, Percentage | 18.00% | 17.00% | |||||||||
U.S. | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total assets | $ 266,174 | $ 248,174 | $ 266,174 | $ 248,174 | |||||||
U.S. | One U.S. Customer | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 6,000 | ||||||||||
U.S. | One U.S. Customer | Sales | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration Risk, Percentage | 12.00% |
Acquisitions and Dispositions D
Acquisitions and Dispositions Dispositions - Pending Disposition of MetLife Hong Kong (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Goodwill, Written off Related to Sale of Business Unit | $ 71 | $ 16 |
MetLife Hong Kong | ||
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 | (140) | |
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | (100) | |
Goodwill, Written off Related to Sale of Business Unit | 71 | |
Discontinued Operation, Tax (Expense) Benefit from Provision for (Gain) Loss on Disposal | (40) | |
Disposal Group, Including Discontinued Operation, Assets | $ 2,900 |
Dispositions - Disposition of M
Dispositions - Disposition of MetLife Afore (Details) - MetLife Afore $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Group, Including Discontinued Operation, Gross Profit (Loss) | $ (98) |
Income (loss) on disposal of discontinued operations, net of income tax | (73) |
Disposal Group, Including Discontinued Operation, Goodwill | $ 16 |
Dispositions - Separation of Br
Dispositions - Separation of Brighthouse (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Aug. 04, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Reduction of long-term debt | $ 0 | $ 944 | $ 0 | ||
Gain (Loss) on Disposition of Other Assets | $ (195) | $ (350) | (1,162) | ||
Common Stock, Shares, Issued | 1,177,680,299 | 1,171,824,242 | |||
Common Stock, Shares Authorized | 3,000,000,000 | 3,000,000,000 | |||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | $ 0 | $ 0 | (986) | ||
Discontinued Operation, Separation Costs | 470 | ||||
Income (loss) from continuing operations before provision for income tax | 6,795 | 6,307 | 3,536 | ||
Policyholder benefits and claims | 41,461 | 42,656 | 38,313 | ||
Other expenses | 13,689 | 13,714 | 13,621 | ||
Income Tax Expense (Benefit) | 886 | 1,179 | (1,470) | ||
Income (loss) from discontinued operations, net of income tax | 0 | 0 | (986) | ||
Discontinued Operation, Other fees and costs required | 333 | ||||
Net investment gains (losses) | $ 444 | (298) | (308) | ||
Brighthouse Financial, Inc | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Reduction of long-term debt | $ 944 | ||||
Gain (Loss) on Disposition of Other Assets | 1,016 | ||||
Income (loss) on disposal of discontinued operations, net of income tax | (1,171) | ||||
Policyholder benefits and claims | 180 | ||||
Other expenses | (18) | ||||
Income (loss) from discontinued operations, net of income tax | (986) | ||||
Common Stock, Shares, Owned by MetLife, INC. | 0 | ||||
Net investment gains (losses) | (1,016) | ||||
Gain (loss) in equity investment value | (95) | ||||
Impact of Separation | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Income (loss) on disposal of discontinued operations, net of income tax | (1,302) | ||||
Discontinued Operation, Tax Effect of Gain (Loss) from Disposal of Discontinued Operation | 42 | ||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | (1,016) | ||||
Realized intercompany gains upon Separation | 61 | ||||
Discontinued Operation, Tax separation agreement Expense | 1,093 | ||||
Discontinued Operation, Tax (Expense) Benefit from Provision for (Gain) Loss on Disposal | 1,051 | ||||
Discontinued Operation, Separation Costs | 306 | ||||
Income (loss) from continuing operations before provision for income tax | (131) | ||||
Realized Investment Gains (Losses) | (693) | ||||
Policyholder benefits and claims | 147 | ||||
Other expenses | 218 | ||||
Income Tax Expense (Benefit) | (927) | ||||
Income (loss) from discontinued operations, net of income tax | (1,171) | ||||
Impact of Separation | Brighthouse Financial, Inc | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Common Stock, Shares, Issued | 96,776,670 | ||||
Common Stock, Shares Authorized | 119,773,106 | ||||
BHF Common Stock | 80.80% | ||||
FVO Common Stock | Brighthouse Financial, Inc | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Gain (Loss) on Disposition of Other Assets | $ (327) | $ (327) | $ 95 |
Dispositions - Separation of _2
Dispositions - Separation of Brighthouse - Agreements (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Other Liabilities | $ 24,179 | $ 22,964 | |
Net cash paid (received) for Income tax | 1,099 | 1,935 | $ 1,530 |
Increase (Decrease) in Income Taxes Payable | 233 | 940 | (2,796) |
Other Assets | 10,518 | 8,408 | |
Taxes Payable, Current | 363 | 441 | |
Brighthouse Financial, Inc | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Decrease to current income tax recoverable | $ 1,093 | ||
Brighthouse Financial, Inc | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Other Assets | 330 | 330 | |
Possible Change in Tax Assessment | Brighthouse Financial, Inc | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Other Liabilities | 45 | 43 | |
Increase (Decrease) in Income Taxes Payable | 70 | 68 | |
Other Assets | 115 | 111 | |
Taxes Payable, Current | $ 115 | $ 111 |
Dispositions - Separation of _3
Dispositions - Separation of Brighthouse - Ongoing Reinsurance Transactions (Effects of Reinsurance on Earnings) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Premiums: | |||
Reinsurance assumed | $ 2,020 | $ 2,021 | $ 1,773 |
Reinsurance ceded | (2,298) | (2,380) | (2,376) |
Net premiums | 42,235 | 43,840 | 38,992 |
Fees and Commissions [Abstract] (Deprecated 2018-01-31) | |||
Assumed Insurance Commissions And Fees | 56 | 86 | 83 |
Ceded Insurance Commissions And Fees | (562) | (592) | (551) |
Universal life and investment-type product policy fees | 5,603 | 5,502 | 5,510 |
Policyholder benefits and claims: | |||
Reinsurance assumed | 1,584 | 1,583 | 1,388 |
Reinsurance ceded | (2,217) | (2,383) | (2,429) |
Net policyholder benefits and claims | 41,461 | 42,656 | 38,313 |
Interest Credited To Policyholder Account Balances [Abstract] | |||
Policyholder Account Balance, Interest Expense | 6,464 | 4,013 | 5,607 |
Other expenses: | |||
Reinsurance assumed | 382 | 321 | 246 |
Reinsurance ceded | 252 | 311 | 235 |
Other expenses | 13,689 | 13,714 | 13,621 |
Affiliated Entity [Member] | |||
Premiums: | |||
Reinsurance assumed | 387 | 401 | 183 |
Reinsurance ceded | (8) | (13) | (4) |
Net premiums | 379 | 388 | 179 |
Fees and Commissions [Abstract] (Deprecated 2018-01-31) | |||
Assumed Insurance Commissions And Fees | (16) | 7 | (4) |
Ceded Insurance Commissions And Fees | (52) | (96) | (44) |
Universal life and investment-type product policy fees | (68) | (89) | (48) |
Policyholder benefits and claims: | |||
Reinsurance assumed | 323 | 328 | 150 |
Reinsurance ceded | (46) | (36) | (22) |
Net policyholder benefits and claims | 277 | 292 | 128 |
Interest Credited To Policyholder Account Balances [Abstract] | |||
Assumed Interest Credited To Policyholders Account Balances | 13 | 14 | 6 |
Ceded Interest Credited To Policyholders Account Balances | (75) | (71) | (30) |
Policyholder Account Balance, Interest Expense | (62) | (57) | (24) |
Other expenses: | |||
Reinsurance assumed | 96 | 105 | 39 |
Reinsurance ceded | 17 | 29 | (7) |
Other expenses | $ 79 | $ 76 | 46 |
Brighthouse Financial, Inc | |||
Premiums: | |||
Reinsurance assumed | 248 | ||
Reinsurance ceded | (7) | ||
Net premiums | 241 | ||
Fees and Commissions [Abstract] (Deprecated 2018-01-31) | |||
Assumed Insurance Commissions And Fees | (6) | ||
Ceded Insurance Commissions And Fees | (55) | ||
Universal life and investment-type product policy fees | (61) | ||
Policyholder benefits and claims: | |||
Reinsurance assumed | 196 | ||
Reinsurance ceded | (16) | ||
Net policyholder benefits and claims | 180 | ||
Interest Credited To Policyholder Account Balances [Abstract] | |||
Assumed Interest Credited To Policyholders Account Balances | 10 | ||
Ceded Interest Credited To Policyholders Account Balances | (42) | ||
Policyholder Account Balance, Interest Expense | (32) | ||
Other expenses: | |||
Reinsurance assumed | 10 | ||
Reinsurance ceded | 28 | ||
Other expenses | $ (18) |
Dispositions - Separation of _4
Dispositions - Separation of Brighthouse - Service Agreements and Other (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Other Income | $ 1,842 | $ 1,880 | $ 1,341 |
Brighthouse Financial, Inc | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Discontinued Operation, Period of Continuing Involvement after Disposal | 36 months | ||
Other Income | $ 246 | $ 305 | |
Brighthouse Financial, Inc | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Discontinued Operation, Intra-Entity Amounts, Discontinued Operation after Disposal, Revenue | 140 | ||
Revenue from Related Parties | $ 191 |
Dispositions - Separation of _5
Dispositions - Separation of Brighthouse - Income Statement (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Income (loss) from discontinued operations, net of income tax | $ 0 | $ 0 | $ (986) |
Brighthouse Financial, Inc | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Disposal Group, Including Discontinued Operation, Other Income | 150 | ||
Disposal Group, Including Discontinued Operation, Revenue | 3,845 | ||
Disposal Group, Including Discontinued Operation, Other Expenses | 853 | ||
Disposal Group, Including Discontinued Operation, Operating Expenses | 3,706 | ||
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | 139 | ||
Discontinued Operation, Tax Effect of Discontinued Operation | (46) | ||
Income (loss) from discontinued operations before loss on disposal of discontinued operations, net of income tax | 185 | ||
Discontinued Operation, Separation cost, net | (216) | ||
Tax charges associated with the Separation | (955) | ||
Income (loss) on disposal of discontinued operations, net of income tax | (1,171) | ||
Income (loss) from discontinued operations, net of income tax | (986) | ||
Brighthouse Financial, Inc | Premiums | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Disposal Group, Including Discontinued Operation, Revenue | 820 | ||
Brighthouse Financial, Inc | 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 | 2,201 | ||
Brighthouse Financial, Inc | Net investment income | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Disposal Group, Including Discontinued Operation, Revenue | 1,783 | ||
Brighthouse Financial, Inc | 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 | (48) | ||
Brighthouse Financial, Inc | 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 | (1,061) | ||
Brighthouse Financial, Inc | 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 Expenses | 2,217 | ||
Brighthouse Financial, Inc | 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 Expenses | 620 | ||
Brighthouse Financial, Inc | Policyholder dividend expense | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Disposal Group, Including Discontinued Operation, Operating Expenses | $ 16 |
Dispositions - Separation of _6
Dispositions - Separation of Brighthouse - Cash Flows (Details) - Brighthouse Financial, Inc $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Operating activities | $ 1,329 |
Investing activities | (2,732) |
Financing activities | $ (367) |
Insurance (Insurance Liabilitie
Insurance (Insurance Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Insurance Liabilities [Line Items] | ||
Insurance liabilities comprised of future policy benefits, policyholder account balances and other policy-related balances | $ 404,707 | $ 387,002 |
U.S. | ||
Insurance Liabilities [Line Items] | ||
Insurance liabilities comprised of future policy benefits, policyholder account balances and other policy-related balances | 150,327 | 141,641 |
Asia | ||
Insurance Liabilities [Line Items] | ||
Insurance liabilities comprised of future policy benefits, policyholder account balances and other policy-related balances | 118,027 | 108,456 |
Latin America | ||
Insurance Liabilities [Line Items] | ||
Insurance liabilities comprised of future policy benefits, policyholder account balances and other policy-related balances | 15,911 | 16,131 |
EMEA | ||
Insurance Liabilities [Line Items] | ||
Insurance liabilities comprised of future policy benefits, policyholder account balances and other policy-related balances | 16,951 | 17,069 |
MetLife Holdings | ||
Insurance Liabilities [Line Items] | ||
Insurance liabilities comprised of future policy benefits, policyholder account balances and other policy-related balances | 101,945 | 102,371 |
Corporate & Other | ||
Insurance Liabilities [Line Items] | ||
Insurance liabilities comprised of future policy benefits, policyholder account balances and other policy-related balances | $ 1,546 | $ 1,334 |
Insurance (Insurance Liabilit_2
Insurance (Insurance Liabilities Assumptions and Ratios - Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Liability for Future Policy Benefits and Policyholder Contract Deposits, Assumptions [Abstract] | |||
Participating business as a percentage of gross life insurance policies in-force | 3.00% | 3.00% | |
Participating business as a percentage of the gross life insurance premiums | 15.00% | 14.00% | 15.00% |
Domestic Business | Minimum | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
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 range credited to policyholder account balances | 8.00% | ||
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% | ||
Domestic Business | Individual and Group Traditional Fixed annuities [Member] | 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% | ||
Domestic Business | Individual and Group Traditional Fixed annuities [Member] | 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% | ||
Domestic Business | Non-medical Health Insurance [Member] | 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% | ||
Domestic Business | Non-medical Health Insurance [Member] | 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 | Group Long-Term Disability | 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 | Group Long-Term Disability | 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 | 8.00% | ||
International Business | Minimum | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
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 range credited to policyholder account balances | 17.00% | ||
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 | 13.00% | ||
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% | ||
International Business | Individual and Group Traditional Fixed annuities [Member] | 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 | Individual and Group Traditional Fixed annuities [Member] | 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 | Group Long-Term Disability | 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 | Group Long-Term Disability | 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 | 9.00% |
Insurance (Liabilities for Guar
Insurance (Liabilities for Guarantees) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Balance at January 1, | $ 5,127 | $ 4,783 | $ 4,372 |
Incurred guaranteed benefits | 485 | 403 | 461 |
Paid guaranteed benefits | (64) | (59) | (50) |
Balance at December 31, | 5,548 | 5,127 | 4,783 |
Variable Annuity Guarantees: | Guaranteed Minimum Death and Withdrawal Benefit [Member] | |||
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Balance at January 1, | 428 | 528 | 451 |
Incurred guaranteed benefits | 62 | (78) | 91 |
Paid guaranteed benefits | (25) | (22) | (14) |
Balance at December 31, | 465 | 428 | 528 |
Variable Annuity Guarantees: | Guaranteed Minimum Income Benefit | |||
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Balance at January 1, | 898 | 720 | 601 |
Incurred guaranteed benefits | (3) | 178 | 121 |
Paid guaranteed benefits | (1) | 0 | (2) |
Balance at December 31, | 894 | 898 | 720 |
Universal and Variable Life Contracts | Secondary Guarantees | |||
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Balance at January 1, | 3,442 | 3,188 | 2,989 |
Incurred guaranteed benefits | 358 | 291 | 233 |
Paid guaranteed benefits | (38) | (37) | (34) |
Balance at December 31, | 3,762 | 3,442 | 3,188 |
Universal and Variable Life Contracts | Secondary Guarantees | Foreign Currency Translation | |||
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Incurred guaranteed benefits | 23 | 62 | 78 |
Universal and Variable Life Contracts | Paid-Up Guarantees | |||
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Balance at January 1, | 359 | 347 | 331 |
Incurred guaranteed benefits | 68 | 12 | 16 |
Paid guaranteed benefits | 0 | 0 | 0 |
Balance at December 31, | 427 | 359 | 347 |
Ceded | |||
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Balance at January 1, | 530 | 523 | 451 |
Incurred guaranteed benefits | 106 | 3 | 66 |
Paid guaranteed benefits | 4 | 4 | 6 |
Balance at December 31, | 640 | 530 | 523 |
Ceded | Secondary Guarantees | |||
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Balance at January 1, | 269 | 241 | 191 |
Incurred guaranteed benefits | 80 | 28 | 50 |
Paid guaranteed benefits | 0 | 0 | 0 |
Balance at December 31, | 349 | 269 | 241 |
Ceded | Paid-Up Guarantees | |||
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Balance at January 1, | 251 | 242 | 231 |
Incurred guaranteed benefits | 30 | 9 | 11 |
Paid guaranteed benefits | 0 | 0 | 0 |
Balance at December 31, | 281 | 251 | 242 |
Ceded | Guaranteed Minimum Death and Withdrawal Benefit [Member] | |||
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Balance at January 1, | 0 | 34 | 24 |
Incurred guaranteed benefits | (4) | (38) | 4 |
Paid guaranteed benefits | 4 | 4 | 6 |
Balance at December 31, | 0 | 0 | 34 |
Ceded | Guaranteed Minimum Income Benefit | |||
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Balance at January 1, | 10 | 6 | 5 |
Incurred guaranteed benefits | 0 | 4 | 1 |
Paid guaranteed benefits | 0 | 0 | 0 |
Balance at December 31, | 10 | 10 | 6 |
Net | |||
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Balance at January 1, | 4,597 | 4,260 | 3,921 |
Incurred guaranteed benefits | 379 | 400 | 395 |
Paid guaranteed benefits | (68) | (63) | (56) |
Balance at December 31, | 4,908 | 4,597 | 4,260 |
Net | Secondary Guarantees | |||
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Balance at January 1, | 3,173 | 2,947 | 2,798 |
Incurred guaranteed benefits | 278 | 263 | 183 |
Paid guaranteed benefits | (38) | (37) | (34) |
Balance at December 31, | 3,413 | 3,173 | 2,947 |
Net | Paid-Up Guarantees | |||
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Balance at January 1, | 108 | 105 | 100 |
Incurred guaranteed benefits | 38 | 3 | 5 |
Paid guaranteed benefits | 0 | 0 | 0 |
Balance at December 31, | 146 | 108 | 105 |
Net | Guaranteed Minimum Death and Withdrawal Benefit [Member] | |||
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Balance at January 1, | 428 | 494 | 427 |
Incurred guaranteed benefits | 66 | (40) | 87 |
Paid guaranteed benefits | (29) | (26) | (20) |
Balance at December 31, | 465 | 428 | 494 |
Net | Guaranteed Minimum Income Benefit | |||
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Balance at January 1, | 888 | 714 | 596 |
Incurred guaranteed benefits | (3) | 174 | 120 |
Paid guaranteed benefits | (1) | 0 | (2) |
Balance at December 31, | $ 884 | $ 888 | $ 714 |
Insurance (Guarantees Related t
Insurance (Guarantees Related to Annuity Contracts) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Variable Annuity Guarantees: | Guaranteed Death Benefits | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Total account value | $ 64,506 | $ 63,381 |
Separate account value (1) | 41,305 | 38,888 |
Net amount at risk | $ 1,572 | $ 3,197 |
Average attained age of contractholders | 67 years | 66 years |
Variable Annuity Guarantees: | Guaranteed Annuitization Benefits | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Total account value | $ 24,036 | $ 23,174 |
Separate account value (1) | 22,291 | 21,385 |
Net amount at risk | $ 584 | $ 511 |
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 | $ 5,671 | $ 5,787 |
Net amount at risk | $ 408 | $ 549 |
Average attained age of contractholders | 51 years | 50 years |
Restatement Adjustment | Variable Annuity Guarantees: | Guaranteed Death Benefits | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Total account value | $ 7,100 | |
Separate account value (1) | 1,500 | |
Net amount at risk | 429 | |
Restatement Adjustment | Variable Annuity Guarantees: | Guaranteed Annuitization Benefits | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Total account value | 1,500 | |
Separate account value (1) | 1,500 | |
Net amount at risk | $ 28 | |
Average attained age of contractholders | 1 year | |
Restatement Adjustment | Other Annuity Guarantees: | Guaranteed Annuitization Benefits | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Total account value | $ 4,500 | |
Net amount at risk | 60 | |
Previously Reported | Variable Annuity Guarantees: | Guaranteed Death Benefits | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Total account value | 56,200 | |
Separate account value (1) | 37,300 | |
Net amount at risk | 2,800 | |
Previously Reported | Variable Annuity Guarantees: | Guaranteed Annuitization Benefits | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Total account value | 21,600 | |
Separate account value (1) | 19,800 | |
Net amount at risk | $ 483 | |
Average attained age of contractholders | 65 years | |
Previously Reported | Other Annuity Guarantees: | Guaranteed Annuitization Benefits | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Total account value | $ 1,300 | |
Net amount at risk | $ 489 |
Insurance (Guarantees Related_2
Insurance (Guarantees Related to Universal and Variable Life Contracts) (Details) - Universal and Variable Life Contracts - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Secondary Guarantees | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Total account value (1), (3) | $ 11,937 | $ 11,205 |
Net amount at risk (7) | $ 86,221 | $ 93,028 |
Average attained age of policyholders | 53 years | 52 years |
Paid-Up Guarantees | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Total account value (1), (3) | $ 2,940 | $ 3,070 |
Net amount at risk (7) | $ 14,500 | $ 15,539 |
Average attained age of policyholders | 65 years | 64 years |
Restatement Adjustment | Secondary Guarantees | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Total account value (1), (3) | $ 2,300 | |
Net amount at risk (7) | $ 28,900 | |
Average attained age of policyholders | 5 years | |
Previously Reported | Secondary Guarantees | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Total account value (1), (3) | $ 8,900 | |
Net amount at risk (7) | $ 64,200 | |
Average attained age of policyholders | 57 years |
Insurance (Fund Groupings) (Det
Insurance (Fund Groupings) (Details) - Variable Annuity and Variable Life - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Separate Account Investment [Line Items] | ||
Fund Groupings | $ 49,793 | $ 46,453 |
Equity | ||
Fair Value, Separate Account Investment [Line Items] | ||
Fund Groupings | 25,097 | 22,450 |
Balanced | ||
Fair Value, Separate Account Investment [Line Items] | ||
Fund Groupings | 19,014 | 18,332 |
Bond | ||
Fair Value, Separate Account Investment [Line Items] | ||
Fund Groupings | 5,565 | 5,537 |
Money Market | ||
Fair Value, Separate Account Investment [Line Items] | ||
Fund Groupings | $ 117 | 134 |
Restatement Adjustment | ||
Fair Value, Separate Account Investment [Line Items] | ||
Fund Groupings | 4,200 | |
Restatement Adjustment | Equity | ||
Fair Value, Separate Account Investment [Line Items] | ||
Fund Groupings | 2,900 | |
Restatement Adjustment | Balanced | ||
Fair Value, Separate Account Investment [Line Items] | ||
Fund Groupings | $ 1,300 |
Insurance (Obligations Under Fu
Insurance (Obligations Under Funding Agreements - FHLB Common Stock) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Federal Home Loan Bank Stock | $ 809 | $ 793 |
Federal Home Loan Bank of New York | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Federal Home Loan Bank Stock | 737 | 724 |
Federal Home Loan Bank of Des Moines | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Federal Home Loan Bank Stock | 4 | 17 |
Federal Home Loan Bank of Pittsburgh | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Federal Home Loan Bank Stock | $ 35 | $ 19 |
Insurance (Obligations Under _2
Insurance (Obligations Under Funding Agreements - Liability and Collateral) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Outstanding Funding Agreements To Certain SPEs | $ 34,600 | $ 32,300 |
Funding Agreements Farmer Mac | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Outstanding Funding Agreements To Certain SPEs | 2,550 | 2,550 |
Invested Assets Pledged As Collateral | 2,670 | 2,639 |
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 | 14,245 |
Collateral pledged relating to obligations under funding agreements | 16,570 | 16,557 |
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 | 100 | 425 |
Collateral pledged relating to obligations under funding agreements | 141 | 709 |
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 | 775 | 450 |
Collateral pledged relating to obligations under funding agreements | $ 895 | $ 590 |
Insurance (Obligations Under _3
Insurance (Obligations Under Funding Agreements - Narrative) (Details) - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Insurance [Abstract] | |||
Funding agreements issued to certain SPEs | $ 37.3 | $ 41.8 | $ 42.7 |
Funding agreements repaid to certain SPEs | 36.4 | 43.7 | $ 41.4 |
Outstanding funding agreements to certain SPEs | $ 34.6 | $ 32.3 |
Insurance (Liabilities for Unpa
Insurance (Liabilities for Unpaid Claims and Claims Expense - Development Tables) (Details) $ in Millions | Dec. 31, 2019USD ($)Claims | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Dec. 31, 2011USD ($) | Dec. 31, 2010USD ($) |
Claims Development [Line Items] | ||||||||||
Total unpaid claims and claim adjustment expenses, net of reinsurance | $ 13,587 | |||||||||
Group Life - Term | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 63,654 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | 61,612 | |||||||||
All outstanding liabilities for incurral years not separately stated, net of reinsurance | 15 | |||||||||
Total unpaid claims and claim adjustment expenses, net of reinsurance | 2,057 | |||||||||
Group Life - Term | Short-duration Insurance Contracts, Accident Year 2011 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 6,297 | $ 6,295 | $ 6,294 | $ 6,295 | $ 6,287 | $ 6,269 | $ 6,293 | $ 6,290 | $ 6,318 | |
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 1 | |||||||||
Cumulative Number of Reported Claims | Claims | 207,857 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 6,296 | 6,295 | 6,292 | 6,290 | 6,281 | 6,256 | 6,239 | 6,194 | 4,982 | |
Group Life - Term | Short-duration Insurance Contracts, Accident Year 2012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 6,572 | 6,569 | 6,569 | 6,568 | 6,546 | 6,569 | 6,579 | 6,503 | ||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 2 | |||||||||
Cumulative Number of Reported Claims | Claims | 209,500 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 6,569 | 6,566 | 6,565 | 6,558 | 6,532 | 6,518 | 6,472 | 5,132 | ||
Group Life - Term | Short-duration Insurance Contracts, Accident Year 2013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 6,723 | 6,720 | 6,730 | 6,720 | 6,719 | 6,713 | 6,637 | |||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 2 | |||||||||
Cumulative Number of Reported Claims | Claims | 212,019 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 6,720 | 6,715 | 6,711 | 6,678 | 6,664 | 6,614 | 5,216 | |||
Group Life - Term | Short-duration Insurance Contracts, Accident Year 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 6,919 | 6,914 | 6,910 | 6,913 | 6,919 | 6,986 | ||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 4 | |||||||||
Cumulative Number of Reported Claims | Claims | 214,563 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 6,912 | 6,902 | 6,869 | 6,858 | 6,809 | 5,428 | ||||
Group Life - Term | Short-duration Insurance Contracts, Accident Year 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 7,024 | 7,021 | 7,014 | 7,015 | 7,040 | |||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 5 | |||||||||
Cumulative Number of Reported Claims | Claims | 216,429 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 7,008 | 6,974 | 6,958 | 6,913 | 5,524 | |||||
Group Life - Term | Short-duration Insurance Contracts, Accident Year 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 7,104 | 7,095 | 7,085 | 7,125 | ||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 8 | |||||||||
Cumulative Number of Reported Claims | Claims | 215,108 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 7,053 | 7,034 | 6,980 | 5,582 | ||||||
Group Life - Term | Short-duration Insurance Contracts, Accident Year 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 7,425 | 7,418 | 7,432 | |||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 15 | |||||||||
Cumulative Number of Reported Claims | Claims | 253,613 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 7,355 | 7,292 | 5,761 | |||||||
Group Life - Term | Short-duration Insurance Contracts, Accident Year 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 7,655 | 7,757 | ||||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 37 | |||||||||
Cumulative Number of Reported Claims | Claims | 235,820 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 7,521 | 6,008 | ||||||||
Group Life - Term | Short-Duration Insurance Contracts, Accident Year 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 7,935 | |||||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 848 | |||||||||
Cumulative Number of Reported Claims | Claims | 185,891 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 6,178 | |||||||||
Group Life - Term | Asia | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 2,123 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | 1,506 | |||||||||
All outstanding liabilities for incurral years not separately stated, net of reinsurance | 10 | |||||||||
Total unpaid claims and claim adjustment expenses, net of reinsurance | 627 | |||||||||
Group Life - Term | Asia | Short-duration Insurance Contracts, Accident Year 2010 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 118 | 122 | 130 | 121 | 93 | 96 | 96 | 75 | 70 | $ 73 |
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 2 | |||||||||
Cumulative Number of Reported Claims | Claims | 2,812 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 116 | 113 | 108 | 102 | 80 | 71 | 58 | 48 | 36 | 18 |
Group Life - Term | Asia | Short-duration Insurance Contracts, Accident Year 2011 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 109 | 116 | 119 | 112 | 84 | 80 | 79 | 61 | 58 | |
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 5 | |||||||||
Cumulative Number of Reported Claims | Claims | 3,021 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 104 | 100 | 98 | 92 | 73 | 60 | 49 | 36 | 11 | |
Group Life - Term | Asia | Short-duration Insurance Contracts, Accident Year 2012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 114 | 120 | 110 | 107 | 106 | 92 | 94 | 88 | ||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 9 | |||||||||
Cumulative Number of Reported Claims | Claims | 4,536 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 105 | 102 | 101 | 96 | 89 | 77 | 58 | 27 | ||
Group Life - Term | Asia | Short-duration Insurance Contracts, Accident Year 2013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 159 | 159 | 150 | 151 | 156 | 135 | 133 | |||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 15 | |||||||||
Cumulative Number of Reported Claims | Claims | 5,210 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 144 | 147 | 134 | 123 | 109 | 89 | 39 | |||
Group Life - Term | Asia | Short-duration Insurance Contracts, Accident Year 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 237 | 241 | 230 | 230 | 250 | 267 | ||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 31 | |||||||||
Cumulative Number of Reported Claims | Claims | 6,167 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 205 | 204 | 182 | 161 | 130 | 62 | ||||
Group Life - Term | Asia | Short-duration Insurance Contracts, Accident Year 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 247 | 237 | 243 | 240 | 252 | |||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 37 | |||||||||
Cumulative Number of Reported Claims | Claims | 5,970 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 212 | 187 | 173 | 139 | 73 | |||||
Group Life - Term | Asia | Short-duration Insurance Contracts, Accident Year 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 215 | 202 | 214 | 210 | ||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 42 | |||||||||
Cumulative Number of Reported Claims | Claims | 3,895 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 173 | 138 | 122 | 59 | ||||||
Group Life - Term | Asia | Short-duration Insurance Contracts, Accident Year 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 261 | 253 | 273 | |||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 56 | |||||||||
Cumulative Number of Reported Claims | Claims | 4,056 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 190 | 144 | 79 | |||||||
Group Life - Term | Asia | Short-duration Insurance Contracts, Accident Year 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 304 | 332 | ||||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 96 | |||||||||
Cumulative Number of Reported Claims | Claims | 3,730 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 160 | 87 | ||||||||
Group Life - Term | Asia | Short-Duration Insurance Contracts, Accident Year 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 359 | |||||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 185 | |||||||||
Cumulative Number of Reported Claims | Claims | 2,390 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 97 | |||||||||
Group Long-Term Disability | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 9,975 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | 4,713 | |||||||||
All outstanding liabilities for incurral years not separately stated, net of reinsurance | 1,829 | |||||||||
Total unpaid claims and claim adjustment expenses, net of reinsurance | 7,091 | |||||||||
Group Long-Term Disability | Short-duration Insurance Contracts, Accident Year 2011 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 914 | 917 | 918 | 923 | 924 | 914 | 894 | 916 | 955 | |
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | |||||||||
Cumulative Number of Reported Claims | Claims | 21,644 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 670 | 635 | 588 | 537 | 478 | 411 | 337 | 217 | 44 | |
Group Long-Term Disability | Short-duration Insurance Contracts, Accident Year 2012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 1,015 | 1,021 | 1,037 | 1,034 | 1,014 | 980 | 979 | 966 | ||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | |||||||||
Cumulative Number of Reported Claims | Claims | 20,085 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 694 | 648 | 591 | 524 | 453 | 365 | 229 | 43 | ||
Group Long-Term Disability | Short-duration Insurance Contracts, Accident Year 2013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 1,044 | 1,069 | 1,070 | 1,049 | 1,032 | 1,027 | 1,008 | |||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | |||||||||
Cumulative Number of Reported Claims | Claims | 21,137 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 676 | 622 | 551 | 475 | 382 | 234 | 43 | |||
Group Long-Term Disability | Short-duration Insurance Contracts, Accident Year 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 1,098 | 1,109 | 1,101 | 1,079 | 1,077 | 1,076 | ||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | |||||||||
Cumulative Number of Reported Claims | Claims | 22,851 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 677 | 609 | 526 | 428 | 266 | 51 | ||||
Group Long-Term Disability | Short-duration Insurance Contracts, Accident Year 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 1,087 | 1,100 | 1,093 | 1,105 | 1,082 | |||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | |||||||||
Cumulative Number of Reported Claims | Claims | 21,203 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 601 | 524 | 427 | 264 | 50 | |||||
Group Long-Term Disability | Short-duration Insurance Contracts, Accident Year 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 1,162 | 1,159 | 1,139 | 1,131 | ||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | |||||||||
Cumulative Number of Reported Claims | Claims | 17,958 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 548 | 433 | 267 | 49 | ||||||
Group Long-Term Disability | Short-duration Insurance Contracts, Accident Year 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 1,203 | 1,202 | 1,244 | |||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 12 | |||||||||
Cumulative Number of Reported Claims | Claims | 16,266 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 476 | 290 | 56 | |||||||
Group Long-Term Disability | Short-duration Insurance Contracts, Accident Year 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 1,175 | 1,240 | ||||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 35 | |||||||||
Cumulative Number of Reported Claims | Claims | 14,869 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 314 | 54 | ||||||||
Group Long-Term Disability | Short-Duration Insurance Contracts, Accident Year 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 1,277 | |||||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 657 | |||||||||
Cumulative Number of Reported Claims | Claims | 8,350 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 57 | |||||||||
Property & Casualty - Auto | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 9,198 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | 8,062 | |||||||||
All outstanding liabilities for incurral years not separately stated, net of reinsurance | 26 | |||||||||
Total unpaid claims and claim adjustment expenses, net of reinsurance | 1,162 | |||||||||
Property & Casualty - Auto | Short-duration Insurance Contracts, Accident Year 2010 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 822 | 823 | 822 | 825 | 826 | 833 | 847 | 853 | 873 | 863 |
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | |||||||||
Cumulative Number of Reported Claims | Claims | 204,497 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 821 | 820 | 818 | 816 | 810 | 796 | 762 | 695 | 572 | 319 |
Property & Casualty - Auto | Short-duration Insurance Contracts, Accident Year 2011 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 841 | 842 | 843 | 843 | 846 | 855 | 869 | 876 | 863 | |
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 1 | |||||||||
Cumulative Number of Reported Claims | Claims | 204,972 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 837 | 835 | 831 | 825 | 810 | 777 | 711 | 590 | 324 | |
Property & Casualty - Auto | Short-duration Insurance Contracts, Accident Year 2012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 846 | 846 | 847 | 846 | 851 | 869 | 881 | 882 | ||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 1 | |||||||||
Cumulative Number of Reported Claims | Claims | 199,357 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 843 | 840 | 831 | 815 | 783 | 715 | 600 | 333 | ||
Property & Casualty - Auto | Short-duration Insurance Contracts, Accident Year 2013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 874 | 876 | 876 | 878 | 882 | 900 | 911 | |||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 1 | |||||||||
Cumulative Number of Reported Claims | Claims | 204,372 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 869 | 859 | 843 | 809 | 743 | 618 | 346 | |||
Property & Casualty - Auto | Short-duration Insurance Contracts, Accident Year 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 912 | 911 | 910 | 913 | 910 | 897 | ||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 2 | |||||||||
Cumulative Number of Reported Claims | Claims | 207,630 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 900 | 884 | 844 | 777 | 648 | 352 | ||||
Property & Casualty - Auto | Short-duration Insurance Contracts, Accident Year 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 983 | 980 | 979 | 984 | 975 | |||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 5 | |||||||||
Cumulative Number of Reported Claims | Claims | 212,806 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 956 | 903 | 822 | 691 | 384 | |||||
Property & Casualty - Auto | Short-duration Insurance Contracts, Accident Year 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 999 | 997 | 1,002 | 1,012 | ||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 11 | |||||||||
Cumulative Number of Reported Claims | Claims | 211,041 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 932 | 842 | 702 | 396 | ||||||
Property & Casualty - Auto | Short-duration Insurance Contracts, Accident Year 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 987 | 960 | 957 | |||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 33 | |||||||||
Cumulative Number of Reported Claims | Claims | 191,978 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 838 | 686 | 379 | |||||||
Property & Casualty - Auto | Short-duration Insurance Contracts, Accident Year 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 964 | 938 | ||||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 78 | |||||||||
Cumulative Number of Reported Claims | Claims | 180,220 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 687 | 371 | ||||||||
Property & Casualty - Auto | Short-Duration Insurance Contracts, Accident Year 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 970 | |||||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 203 | |||||||||
Cumulative Number of Reported Claims | Claims | 163,655 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 379 | |||||||||
Property & Casualty - Home | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 6,981 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | 6,753 | |||||||||
All outstanding liabilities for incurral years not separately stated, net of reinsurance | 1 | |||||||||
Total unpaid claims and claim adjustment expenses, net of reinsurance | 229 | |||||||||
Property & Casualty - Home | Short-duration Insurance Contracts, Accident Year 2010 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 579 | 579 | 579 | 580 | 581 | 582 | 584 | 587 | 589 | 573 |
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | |||||||||
Cumulative Number of Reported Claims | Claims | 115,522 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 579 | 579 | 578 | 578 | 577 | 574 | 571 | 562 | 546 | 436 |
Property & Casualty - Home | Short-duration Insurance Contracts, Accident Year 2011 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 833 | 833 | 834 | 835 | 835 | 840 | 843 | 868 | 891 | |
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | |||||||||
Cumulative Number of Reported Claims | Claims | 166,467 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 833 | 833 | 832 | 830 | 827 | 825 | 819 | 804 | 690 | |
Property & Casualty - Home | Short-duration Insurance Contracts, Accident Year 2012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 692 | 693 | 694 | 696 | 698 | 703 | 713 | 714 | ||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | |||||||||
Cumulative Number of Reported Claims | Claims | 146,559 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 691 | 690 | 690 | 689 | 687 | 681 | 668 | 559 | ||
Property & Casualty - Home | Short-duration Insurance Contracts, Accident Year 2013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 632 | 632 | 634 | 635 | 635 | 652 | 654 | |||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 1 | |||||||||
Cumulative Number of Reported Claims | Claims | 107,562 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 630 | 629 | 628 | 626 | 618 | 604 | 505 | |||
Property & Casualty - Home | Short-duration Insurance Contracts, Accident Year 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 699 | 701 | 705 | 704 | 702 | 707 | ||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 1 | |||||||||
Cumulative Number of Reported Claims | Claims | 113,679 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 696 | 695 | 692 | 685 | 670 | 574 | ||||
Property & Casualty - Home | Short-duration Insurance Contracts, Accident Year 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 742 | 746 | 752 | 753 | 759 | |||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 1 | |||||||||
Cumulative Number of Reported Claims | Claims | 107,259 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 739 | 736 | 731 | 717 | 603 | |||||
Property & Casualty - Home | Short-duration Insurance Contracts, Accident Year 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 736 | 743 | 743 | 740 | ||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 3 | |||||||||
Cumulative Number of Reported Claims | Claims | 107,271 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 727 | 720 | 704 | 593 | ||||||
Property & Casualty - Home | Short-duration Insurance Contracts, Accident Year 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 761 | 763 | 747 | |||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 8 | |||||||||
Cumulative Number of Reported Claims | Claims | 115,610 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 742 | 727 | 610 | |||||||
Property & Casualty - Home | Short-duration Insurance Contracts, Accident Year 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 658 | 671 | ||||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 9 | |||||||||
Cumulative Number of Reported Claims | Claims | 98,754 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 629 | 529 | ||||||||
Property & Casualty - Home | Short-Duration Insurance Contracts, Accident Year 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 649 | |||||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 67 | |||||||||
Cumulative Number of Reported Claims | Claims | 80,133 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 487 | |||||||||
Protection Life | ||||||||||
Claims Development [Line Items] | ||||||||||
Total unpaid claims and claim adjustment expenses, net of reinsurance | 317 | |||||||||
Protection Life | Latin America | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 3,337 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | 3,030 | |||||||||
All outstanding liabilities for incurral years not separately stated, net of reinsurance | 10 | |||||||||
Total unpaid claims and claim adjustment expenses, net of reinsurance | 317 | |||||||||
Protection Life | Latin America | Short-duration Insurance Contracts, Accident Year 2010 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 344 | 344 | 342 | 341 | 341 | 341 | 341 | 340 | 333 | 259 |
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | |||||||||
Cumulative Number of Reported Claims | Claims | 34,663 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 324 | 321 | 320 | 318 | 318 | 318 | 318 | 317 | 310 | 238 |
Protection Life | Latin America | Short-duration Insurance Contracts, Accident Year 2011 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 230 | 230 | 227 | 231 | 230 | 230 | 229 | 222 | 144 | |
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | |||||||||
Cumulative Number of Reported Claims | Claims | 28,955 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 228 | 227 | 226 | 225 | 225 | 225 | 224 | 218 | 141 | |
Protection Life | Latin America | Short-duration Insurance Contracts, Accident Year 2012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 216 | 215 | 212 | 215 | 214 | 213 | 208 | 153 | ||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | |||||||||
Cumulative Number of Reported Claims | Claims | 29,014 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 213 | 211 | 210 | 211 | 211 | 209 | 205 | 151 | ||
Protection Life | Latin America | Short-duration Insurance Contracts, Accident Year 2013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 247 | 246 | 243 | 244 | 243 | 236 | 168 | |||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | |||||||||
Cumulative Number of Reported Claims | Claims | 33,259 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 238 | 236 | 234 | 234 | 234 | 229 | 165 | |||
Protection Life | Latin America | Short-duration Insurance Contracts, Accident Year 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 359 | 358 | 354 | 387 | 376 | 247 | ||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | |||||||||
Cumulative Number of Reported Claims | Claims | 41,648 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 346 | 343 | 339 | 336 | 330 | 221 | ||||
Protection Life | Latin America | Short-duration Insurance Contracts, Accident Year 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 438 | 438 | 432 | 463 | 324 | |||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | |||||||||
Cumulative Number of Reported Claims | Claims | 47,505 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 410 | 403 | 395 | 372 | 264 | |||||
Protection Life | Latin America | Short-duration Insurance Contracts, Accident Year 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 466 | 459 | 447 | 347 | ||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 1 | |||||||||
Cumulative Number of Reported Claims | Claims | 41,590 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 460 | 452 | 432 | 242 | ||||||
Protection Life | Latin America | Short-duration Insurance Contracts, Accident Year 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 349 | 350 | 358 | |||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 5 | |||||||||
Cumulative Number of Reported Claims | Claims | 33,396 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 335 | 318 | 210 | |||||||
Protection Life | Latin America | Short-duration Insurance Contracts, Accident Year 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 324 | 334 | ||||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 16 | |||||||||
Cumulative Number of Reported Claims | Claims | 31,302 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 287 | 169 | ||||||||
Protection Life | Latin America | Short-Duration Insurance Contracts, Accident Year 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 364 | |||||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 124 | |||||||||
Cumulative Number of Reported Claims | Claims | 24,180 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 189 | |||||||||
Protection Health | ||||||||||
Claims Development [Line Items] | ||||||||||
Total unpaid claims and claim adjustment expenses, net of reinsurance | 73 | |||||||||
Protection Health | Latin America | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 2,753 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | 2,689 | |||||||||
All outstanding liabilities for incurral years not separately stated, net of reinsurance | 9 | |||||||||
Total unpaid claims and claim adjustment expenses, net of reinsurance | 73 | |||||||||
Protection Health | Latin America | Short-duration Insurance Contracts, Accident Year 2010 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 215 | 215 | 215 | 211 | 211 | 211 | 210 | 210 | 208 | 187 |
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | |||||||||
Cumulative Number of Reported Claims | Claims | 96,784 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 215 | 214 | 214 | 211 | 211 | 211 | 210 | 210 | 208 | $ 187 |
Protection Health | Latin America | Short-duration Insurance Contracts, Accident Year 2011 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 249 | 249 | 249 | 252 | 252 | 252 | 251 | 249 | 224 | |
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | |||||||||
Cumulative Number of Reported Claims | Claims | 106,631 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 249 | 249 | 249 | 252 | 252 | 252 | 251 | 249 | $ 224 | |
Protection Health | Latin America | Short-duration Insurance Contracts, Accident Year 2012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 245 | 245 | 244 | 246 | 246 | 245 | 243 | 216 | ||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | |||||||||
Cumulative Number of Reported Claims | Claims | 100,400 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 245 | 245 | 245 | 246 | 246 | 245 | 243 | $ 216 | ||
Protection Health | Latin America | Short-duration Insurance Contracts, Accident Year 2013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 264 | 264 | 264 | 267 | 266 | 265 | 235 | |||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | |||||||||
Cumulative Number of Reported Claims | Claims | 104,234 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 264 | 264 | 264 | 267 | 266 | 265 | $ 235 | |||
Protection Health | Latin America | Short-duration Insurance Contracts, Accident Year 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 270 | 270 | 271 | 273 | 271 | 243 | ||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | |||||||||
Cumulative Number of Reported Claims | Claims | 97,755 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 267 | 267 | 267 | 271 | 269 | $ 241 | ||||
Protection Health | Latin America | Short-duration Insurance Contracts, Accident Year 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 238 | 238 | 239 | 237 | 209 | |||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | |||||||||
Cumulative Number of Reported Claims | Claims | 87,108 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 237 | 237 | 236 | 237 | $ 209 | |||||
Protection Health | Latin America | Short-duration Insurance Contracts, Accident Year 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 313 | 313 | 316 | 274 | ||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 1 | |||||||||
Cumulative Number of Reported Claims | Claims | 105,877 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 312 | 311 | 308 | $ 258 | ||||||
Protection Health | Latin America | Short-duration Insurance Contracts, Accident Year 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 370 | 370 | 397 | |||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 3 | |||||||||
Cumulative Number of Reported Claims | Claims | 120,142 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 367 | 365 | $ 324 | |||||||
Protection Health | Latin America | Short-duration Insurance Contracts, Accident Year 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 447 | 425 | ||||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 6 | |||||||||
Cumulative Number of Reported Claims | Claims | 140,671 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 414 | $ 363 | ||||||||
Protection Health | Latin America | Short-Duration Insurance Contracts, Accident Year 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 142 | |||||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 19 | |||||||||
Cumulative Number of Reported Claims | Claims | 87,541 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 119 |
Insurance (Short-Duration Contr
Insurance (Short-Duration Contracts Historical Claims) (Details) | Dec. 31, 2019 |
Group Life - Term | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 78.30% |
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 | 0.10% |
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% |
Group Life - Term | Asia | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 24.40% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 25.30% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 13.00% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 9.80% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 9.10% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Six | 7.50% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven | 6.00% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight | 3.20% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine | 3.70% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten | 3.90% |
Group Long-Term Disability | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 4.50% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 19.40% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 14.30% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 8.90% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 7.20% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Six | 6.50% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven | 5.50% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight | 4.80% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine | 4.00% |
Property & Casualty - Auto | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 38.60% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 31.50% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 14.30% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 8.00% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 4.20% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Six | 1.80% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven | 0.90% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight | 0.30% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine | 0.30% |
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 | 79.80% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 15.40% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 2.10% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 1.00% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 0.30% |
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 | 0.10% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine | 0.10% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten | 0.00% |
Protection Life | Latin America | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 60.50% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 29.80% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 3.10% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 0.90% |
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 | 0.40% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight | 0.60% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine | 0.50% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten | 1.00% |
Protection Health | Latin America | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 86.60% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 11.50% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 0.60% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 0.00% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | (0.10%) |
Short-duration Insurance Contracts, Historical Claims Duration, Year Six | 0.00% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven | (0.30%) |
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight | 0.50% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine | 0.10% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten | 0.00% |
Insurance (Liabilities for Un_2
Insurance (Liabilities for Unpaid Claims - Methodology) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Short-duration Insurance Contract, Discounted Liability, Discount | $ 1,285 | ||
Group Long-Term Disability | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Short-Duration Contracts, Discounted Liabilities, Amount | 6,000 | $ 6,000 | |
Short-duration Insurance Contract, Discounted Liability, Discount | 1,200 | 1,300 | |
Short-duration Insurance Contracts, Discounted Liabilities, Interest Accretion | $ 470 | 509 | $ 510 |
Group Long-Term Disability | Minimum | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Short-Duration Contract, Discounted Liability, Discount Rate | 3.00% | ||
Group Long-Term Disability | Maximum | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Short-Duration Contract, Discounted Liability, Discount Rate | 8.00% | ||
Group Life - Term | Asia | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Short-Duration Contracts, Discounted Liabilities, Amount | $ 814 | 733 | |
Short-duration Insurance Contract, Discounted Liability, Discount | 52 | 61 | |
Short-duration Insurance Contracts, Discounted Liabilities, Interest Accretion | $ 20 | $ 19 | $ 26 |
Group Life - Term | Minimum | Asia | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Short-Duration Contract, Discounted Liability, Discount Rate | 1.00% | ||
Group Life - Term | Maximum | Asia | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Short-Duration Contract, Discounted Liability, Discount Rate | 7.00% |
Insurance (Reconciliation of Di
Insurance (Reconciliation of Disclosure to Liability) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
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 | $ 13,587 | |||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 811 | |||
Total unpaid claims and allocated claims adjustment expense | 14,398 | |||
Unallocated claims adjustment expenses | 98 | |||
Discounting | (1,285) | |||
Liability for unpaid claims and claim adjustment liabilities - short-duration | 13,211 | |||
Liability for unpaid claims and claim adjustment liabilities - long-duration | 6,005 | |||
Liability for Claims and Claims Adjustment Expense | 19,216 | $ 17,788 | $ 17,094 | $ 16,157 |
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 | 10,539 | |||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 215 | |||
Latin America | ||||
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 | 390 | |||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 25 | |||
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 | 2,057 | |||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 13 | |||
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 | 627 | |||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 238 | |||
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 | 7,091 | |||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 133 | |||
Discounting | (1,200) | $ (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 | 1,162 | |||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 68 | |||
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 | 1 | |||
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 | 317 | |||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 7 | |||
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 | 73 | |||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 18 | |||
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 | 2,031 | |||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | $ 333 |
Insurance (Rollforward of Unpai
Insurance (Rollforward of Unpaid Claims) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Balance at January 1, | $ 17,788 | $ 17,094 | $ 16,157 |
Less: Reinsurance recoverables | 2,332 | 2,198 | 1,968 |
Net Balance at January 1, | 15,456 | 14,896 | 14,189 |
Incurred related to: | |||
Current year | 27,093 | 24,571 | 24,370 |
Prior years | 313 | 454 | 133 |
Total incurred | 27,406 | 25,025 | 24,503 |
Paid related to: | |||
Current year | (20,141) | (18,757) | (18,525) |
Prior years | (5,882) | (5,708) | (5,271) |
Total paid | (26,023) | (24,465) | (23,796) |
Net Balance at December 31, | 16,839 | 15,456 | 14,896 |
Add: Reinsurance recoverables | 2,377 | 2,332 | 2,198 |
Balance at December 31, | $ 19,216 | $ 17,788 | $ 17,094 |
Insurance (Separate Accounts -
Insurance (Separate Accounts - Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule Separate Accounts [Line Items] | |||
Separate account assets | $ 188,445 | $ 175,556 | |
Gain (Loss) Recognized on Assets Transferred to Separate Account | $ 0 | $ 0 | $ 0 |
Participating Insurance, Percentage of Gross Insurance in Force | 3.00% | 3.00% | |
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 | 2.92% | 2.60% | |
Pass Through Separate Accounts | |||
Schedule Separate Accounts [Line Items] | |||
Separate account assets | $ 142,500 | $ 129,200 | |
Separate Accounts With Minimum Return Or Account Value | |||
Schedule Separate Accounts [Line Items] | |||
Separate account assets | $ 45,900 | $ 46,400 |
Deferred Policy Acquisition C_3
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract] | |||
Beginning Balance of DAC | $ 15,570 | $ 14,789 | $ 13,830 |
Capitalization of DAC | 3,358 | 3,254 | 3,002 |
Net investment gains (losses) of DAC and net derivative gains (losses) of DAC | (117) | (109) | 60 |
Other expenses of DAC | (2,534) | (2,599) | (2,426) |
Total amortization of DAC | (2,651) | (2,708) | (2,366) |
Unrealized investment gains (losses) of DAC | (1,461) | 511 | (525) |
Effect of foreign currency translation and other of DAC | (26) | (276) | 848 |
Ending Balance of DAC | 14,790 | 15,570 | 14,789 |
Beginning Balance of VOBA | 3,325 | 3,630 | 3,760 |
Other expenses of VOBA | (245) | (267) | (315) |
Unrealized investment gains (losses) of VOBA | (4) | 10 | (4) |
Effect of foreign currency translation and other of VOBA | (33) | (48) | 189 |
Ending Balance of VOBA | 3,043 | 3,325 | 3,630 |
Balance at December 31, | $ 17,833 | $ 18,895 | $ 18,419 |
Deferred Policy Acquisition C_4
Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles (DAC and VOBA by Segment) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Segment Reporting Information [Line Items] | |||
DAC and VOBA | $ 17,833 | $ 18,895 | $ 18,419 |
U.S. | |||
Segment Reporting Information [Line Items] | |||
DAC and VOBA | 649 | 633 | |
Asia | |||
Segment Reporting Information [Line Items] | |||
DAC and VOBA | 9,764 | 10,156 | |
Latin America | |||
Segment Reporting Information [Line Items] | |||
DAC and VOBA | 2,038 | 1,984 | |
EMEA | |||
Segment Reporting Information [Line Items] | |||
DAC and VOBA | 1,701 | 1,622 | |
MetLife Holdings | |||
Segment Reporting Information [Line Items] | |||
DAC and VOBA | 3,656 | 4,474 | |
Corporate & Other | |||
Segment Reporting Information [Line Items] | |||
DAC and VOBA | $ 25 | $ 26 |
Deferred Policy Acquisition C_5
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
DSI: | |||
Balance at January 1, | $ 210 | $ 220 | $ 241 |
Capitalization | 7 | 7 | 16 |
Amortization | (39) | (33) | (29) |
Unrealized investment gains (losses) | (20) | 16 | (6) |
Effect of foreign currency translation | 0 | 0 | (2) |
Balance at December 31, | $ 158 | $ 210 | $ 220 |
Deferred Policy Acquisition C_6
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Insurance [Abstract] | |||
Balance at January 1, | $ 384 | $ 459 | $ 509 |
Amortization | (42) | (47) | (51) |
Effect of foreign currency translation | (7) | (28) | 1 |
Balance at December 31, | 335 | 384 | 459 |
Accumulated amortization | $ 434 | $ 392 | $ 345 |
Deferred Policy Acquisition C_7
Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles (Negative VOBA) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Finite Lived Intangible Liabilities | |||
Balance at January 1, | $ 779 | $ 827 | $ 935 |
Amortization of negative VOBA | (33) | (56) | (140) |
Effect of foreign currency translation and other | 4 | 8 | 32 |
Balance at December 31, | 750 | 779 | 827 |
Accumulated amortization | $ 3,263 | $ 3,230 | $ 3,174 |
Deferred Policy Acquisition C_8
Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles (Estimated Future Amortization) (Details) $ in Millions | Dec. 31, 2019USD ($) |
Estimated future amortization expense allocated to other expenses for VOBA [Abstract] | |
VOBA 2020 | $ 238 |
VOBA 2021 | 219 |
VOBA 2022 | 208 |
VOBA 2023 | 196 |
VOBA 2024 | 187 |
Value of Distribution Agreements and Customer Relationships Acquired [Abstract] | |
VODA and VOCRA 2020 | 38 |
VODA and VOCRA 2021 | 35 |
VODA and VOCRA 2022 | 31 |
VODA and VOCRA 2023 | 29 |
VODA and VOCRA 2024 | 26 |
Negative Value of Business Acquired [Abstract] | |
Negative VOBA 2020 | (41) |
Negative VOBA 2021 | (39) |
Negative VOBA 2022 | (37) |
Negative VOBA 2023 | (36) |
Negative VOBA 2024 | $ (34) |
Reinsurance (Effects of Reinsur
Reinsurance (Effects of Reinsurance on Earnings) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Premiums: | |||
Direct Premiums | $ 42,513 | $ 44,199 | $ 39,595 |
Reinsurance assumed | 2,020 | 2,021 | 1,773 |
Reinsurance ceded | (2,298) | (2,380) | (2,376) |
Net premiums | 42,235 | 43,840 | 38,992 |
Universal life and investment-type product policy fees: | |||
Direct universal life and investment-type product policy fees | 6,109 | 6,008 | 5,978 |
Reinsurance assumed | 56 | 86 | 83 |
Reinsurance ceded | (562) | (592) | (551) |
Net universal life and investment product policy fees | 5,603 | 5,502 | 5,510 |
Policyholder Benefits and Claims: | |||
Direct policyholder benefits and claims | 42,094 | 43,456 | 39,354 |
Reinsurance assumed | 1,584 | 1,583 | 1,388 |
Reinsurance ceded | (2,217) | (2,383) | (2,429) |
Net policyholder benefits and claims | 41,461 | 42,656 | 38,313 |
Other expenses: | |||
Direct other expenses | 13,559 | 13,704 | 13,610 |
Reinsurance assumed | 382 | 321 | 246 |
Reinsurance ceded | 252 | 311 | 235 |
Total other expenses | $ 13,689 | $ 13,714 | $ 13,621 |
Reinsurance (Effects of Reins_2
Reinsurance (Effects of Reinsurance on Balance Sheet) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Assets | |||
Premiums and Other Receivables, Net | $ 20,443 | $ 19,644 | |
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net | 17,833 | 18,895 | $ 18,419 |
Total assets | 38,276 | 38,539 | |
Liabilities | |||
Future policy benefits | 194,909 | 186,780 | |
Policyholder account balances | 192,627 | 183,693 | |
Other policy-related balances | 17,171 | 16,529 | |
Other Liabilities | 24,179 | 22,964 | |
Total liabilities | 428,886 | 409,966 | |
Direct Reinsurance [Member] | |||
Assets | |||
Premiums and Other Receivables, Net | 6,814 | 5,988 | |
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net | 17,822 | 18,812 | |
Total assets | 24,636 | 24,800 | |
Liabilities | |||
Future policy benefits | 191,403 | 183,367 | |
Policyholder account balances | 192,328 | 183,207 | |
Other policy-related balances | 15,806 | 15,519 | |
Other Liabilities | 16,165 | 14,848 | |
Total liabilities | 415,702 | 396,941 | |
Assumed Reinsurance [Member] | |||
Assets | |||
Premiums and Other Receivables, Net | 2,190 | 1,603 | |
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net | 301 | 385 | |
Total assets | 2,491 | 1,988 | |
Liabilities | |||
Future policy benefits | 3,506 | 3,413 | |
Policyholder account balances | 299 | 488 | |
Other policy-related balances | 1,351 | 986 | |
Other Liabilities | 2,402 | 2,131 | |
Total liabilities | 7,558 | 7,018 | |
Ceded Reinsurance [Member] | |||
Assets | |||
Premiums and Other Receivables, Net | 11,439 | 12,053 | |
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net | (290) | (302) | |
Total assets | 11,149 | 11,751 | |
Liabilities | |||
Future policy benefits | 0 | 0 | |
Policyholder account balances | 0 | (2) | |
Other policy-related balances | 14 | 24 | |
Other Liabilities | 5,612 | 5,985 | |
Total liabilities | $ 5,626 | $ 6,007 |
Reinsurance (Narrative) (Detail
Reinsurance (Narrative) (Details) - USD ($) $ in Billions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Reinsurance Disclosures [Abstract] | ||
Deposit assets in premiums, reinsurance, and other receivables or secondary guarantee risk for reinsurance | $ 2.5 | $ 2.7 |
Deposit liabilities in other liabilities for reinsurance | 1.4 | 1.4 |
Ceded Credit Risk [Line Items] | ||
Reinsurance recoverables | 6.7 | 7.5 |
Ceded Credit Risk, Unsecured [Member] | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance recoverables | $ 3.6 | 3.4 |
Modified Coinsurance of Closed Block [Member] | ||
Reinsurance Retention Policy [Line Items] | ||
Reinsurance Retention Policy, Reinsured Risk, Percentage | 59.25% | |
Five Largest Ceded Reinsurers [Member] | ||
Ceded Credit Risk [Line Items] | ||
Five largest reinsurers, reinsurance recoverables amount | $ 4.3 | $ 4.5 |
Five largest reinsurers, reinsurance recoverables percentage | 64.00% | 60.00% |
Five Largest Ceded Reinsurers [Member] | Ceded Credit Risk, Unsecured [Member] | ||
Ceded Credit Risk [Line Items] | ||
Five largest reinsurers, reinsurance recoverables amount | $ 1.7 | $ 1.1 |
Closed Block (Liabilities and A
Closed Block (Liabilities and Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Closed Block Liabilities | ||||
Future policy benefits | $ 39,379 | $ 40,032 | ||
Other policy-related balances | 423 | 317 | ||
Policyholder dividends payable | 432 | 431 | ||
Policyholder dividend obligation | 2,020 | 428 | $ 2,121 | $ 1,931 |
Deferred income tax liability | 79 | 28 | ||
Other liabilities | 81 | 328 | ||
Total closed block liabilities | 42,414 | 41,564 | ||
Assets Designated to the Closed Block | ||||
Fixed maturity securities available-for-sale, at estimated fair value | 25,977 | 25,354 | ||
Equity securities, at estimated fair value | 49 | 61 | ||
Contractholder-directed equity securities and fair value option securities, at estimated fair value | 53 | 43 | ||
Mortgage loans | 7,052 | 6,778 | ||
Policy loans | 4,489 | 4,527 | ||
Real estate and real estate joint ventures | 544 | 544 | ||
Other invested assets | 314 | 643 | ||
Total investments | 38,478 | 37,950 | ||
Cash and cash equivalents | 448 | 0 | ||
Accrued investment income | 419 | 443 | ||
Premiums, reinsurance and other receivables | 75 | 83 | ||
Current income tax recoverable | 91 | 69 | ||
Total assets designated to the closed block | 39,511 | 38,545 | ||
Excess of closed block liabilities over assets designated to the closed block | 2,903 | 3,019 | ||
Amounts included in AOCI: | ||||
Unrealized investment gains (losses), net of income tax | 2,453 | 1,089 | ||
Unrealized gains (losses) on derivatives, net of income tax | 97 | 86 | ||
Allocated to policyholder dividend obligation, net of income tax | (1,596) | (338) | ||
Total amounts included in AOCI | 954 | 837 | ||
Maximum future earnings to be recognized from closed block assets and liabilities | $ 3,857 | $ 3,856 |
Closed Block (Policyholder Divi
Closed Block (Policyholder Dividend Obligation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Closed block policyholder dividend obligation | |||
Balance at January 1, | $ 428 | $ 2,121 | $ 1,931 |
Change in unrealized investment and derivative gains (losses) | 1,592 | (1,693) | 190 |
Balance at December 31, | $ 2,020 | $ 428 | $ 2,121 |
Closed Block (Revenues and Expe
Closed Block (Revenues and Expenses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues | |||
Premiums | $ 1,580 | $ 1,672 | $ 1,736 |
Net investment income | 1,740 | 1,758 | 1,818 |
Net investment gains (losses) | (7) | (71) | 1 |
Net derivative gains (losses) | 12 | 22 | (32) |
Total revenues | 3,325 | 3,381 | 3,523 |
Expenses | |||
Policyholder benefits and claims | 2,291 | 2,475 | 2,453 |
Policyholder dividends | 924 | 968 | 976 |
Other expenses | 111 | 117 | 125 |
Total expenses | 3,326 | 3,560 | 3,554 |
Revenues, net of expenses before provision for income tax expense (benefit) | (1) | (179) | (31) |
Provision for income tax expense (benefit) | (2) | (39) | 12 |
Revenues, net of expenses and provision for income tax expense (benefit) | $ 1 | $ (140) | $ (43) |
Investments (Fixed Maturity Sec
Investments (Fixed Maturity Securities Available-For-Sale by Sector) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | $ 297,655 | $ 286,816 | |
Gross Unrealized OTTI Loss | (33) | (25) | $ (41) |
Debt Securities, Available-for-sale | 327,820 | 298,265 | |
Fixed Maturity Securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Gross Unrealized Gain | 31,812 | 17,404 | |
Gross Unrealized Temporary Loss | 1,680 | 5,980 | |
Gross Unrealized OTTI Loss | (33) | (25) | |
U.S. corporate | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 79,115 | 77,761 | |
Gross Unrealized Gain | 8,943 | 3,467 | |
Gross Unrealized Temporary Loss | 305 | 2,280 | |
Gross Unrealized OTTI Loss | 0 | 0 | |
Debt Securities, Available-for-sale | 87,753 | 78,948 | |
Foreign government | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 58,840 | 56,353 | |
Gross Unrealized Gain | 8,710 | 6,406 | |
Gross Unrealized Temporary Loss | 321 | 471 | |
Gross Unrealized OTTI Loss | 0 | 0 | |
Debt Securities, Available-for-sale | 67,229 | 62,288 | |
Foreign corporate | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 59,342 | 56,290 | |
Gross Unrealized Gain | 5,540 | 2,438 | |
Gross Unrealized Temporary Loss | 717 | 2,025 | |
Gross Unrealized OTTI Loss | 0 | 0 | |
Debt Securities, Available-for-sale | 64,165 | 56,703 | |
U.S. government and agency | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 37,586 | 37,030 | |
Gross Unrealized Gain | 4,604 | 2,756 | |
Gross Unrealized Temporary Loss | 106 | 464 | |
Gross Unrealized OTTI Loss | 0 | 0 | |
Debt Securities, Available-for-sale | 42,084 | 39,322 | |
RMBS | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 27,051 | 27,409 | |
Gross Unrealized Gain | 1,535 | 920 | |
Gross Unrealized Temporary Loss | 72 | 394 | |
Gross Unrealized OTTI Loss | (33) | (26) | |
Debt Securities, Available-for-sale | 28,547 | 27,961 | |
ABS | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 14,547 | 12,552 | |
Gross Unrealized Gain | 83 | 74 | |
Gross Unrealized Temporary Loss | 88 | 153 | |
Gross Unrealized OTTI Loss | 0 | (1) | |
Debt Securities, Available-for-sale | 14,542 | 12,472 | |
Municipals | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 11,081 | 10,376 | |
Gross Unrealized Gain | 2,001 | 1,228 | |
Gross Unrealized Temporary Loss | 29 | 71 | |
Gross Unrealized OTTI Loss | 0 | 0 | |
Debt Securities, Available-for-sale | 13,053 | 11,533 | |
CMBS | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 10,093 | 9,045 | |
Gross Unrealized Gain | 396 | 115 | |
Gross Unrealized Temporary Loss | 42 | 122 | |
Gross Unrealized OTTI Loss | 0 | 0 | |
Debt Securities, Available-for-sale | $ 10,447 | $ 9,038 |
Investments (Maturities of Fixe
Investments (Maturities of Fixed Maturity Securities) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Available-for-sale Securities, Debt Maturities [Abstract] | ||
Amortized Cost, Due in one year or less | $ 17,822 | |
Amortized Cost, Due after one year through five years | 48,014 | |
Amortized Cost, Due after five years through ten years | 58,800 | |
Amortized Cost, Due after ten years | 121,328 | |
Amortized Cost, Structured Securities | 51,691 | |
Amortized Cost, Subtotal | 297,655 | $ 286,816 |
Estimated Fair Value, Due in one year or less | 17,960 | |
Estimated Fair Value, Due after one year through five years | 50,058 | |
Estimated Fair Value, Due after five years through ten years | 64,135 | |
Estimated Fair Value, Due after ten years | 142,131 | |
Estimated Fair Value, Structured Securities | 53,536 | |
Debt Securities, Available-for-sale | $ 327,820 | $ 298,265 |
Investments (Continuous Gross U
Investments (Continuous Gross Unrealized Losses for Fixed Maturity Securities Available-For-Sale) (Details) $ in Millions | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Debt Securities, Available-for-sale [Line Items] | ||
Total number of securities in an unrealized loss position less than 12 months | 2,153 | 6,913 |
Total number of securities in an unrealized loss position equal to or greater than 12 months | 1,411 | 2,335 |
Fixed Maturity Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months Estimated Fair Value | $ 24,806 | $ 83,208 |
Less than 12 months Gross Unrealized Loss | 578 | 3,565 |
Equal to or Greater than 12 Months Estimated Fair Value | 15,700 | 31,301 |
Equal to or Greater than 12 Months Gross Unrealized Loss | 1,069 | 2,390 |
U.S. corporate | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months Estimated Fair Value | 3,817 | 32,430 |
Less than 12 months Gross Unrealized Loss | 107 | 1,663 |
Equal to or Greater than 12 Months Estimated Fair Value | 2,226 | 5,826 |
Equal to or Greater than 12 Months Gross Unrealized Loss | 198 | 617 |
Foreign government | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months Estimated Fair Value | 3,295 | 4,392 |
Less than 12 months Gross Unrealized Loss | 149 | 243 |
Equal to or Greater than 12 Months Estimated Fair Value | 1,490 | 2,902 |
Equal to or Greater than 12 Months Gross Unrealized Loss | 172 | 228 |
Foreign corporate | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months Estimated Fair Value | 3,188 | 19,564 |
Less than 12 months Gross Unrealized Loss | 133 | 1,230 |
Equal to or Greater than 12 Months Estimated Fair Value | 5,873 | 5,765 |
Equal to or Greater than 12 Months Gross Unrealized Loss | 584 | 795 |
U.S. government and agency | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months Estimated Fair Value | 5,391 | 6,813 |
Less than 12 months Gross Unrealized Loss | 97 | 58 |
Equal to or Greater than 12 Months Estimated Fair Value | 196 | 8,937 |
Equal to or Greater than 12 Months Gross Unrealized Loss | 9 | 406 |
RMBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months Estimated Fair Value | 2,341 | 6,506 |
Less than 12 months Gross Unrealized Loss | 25 | 120 |
Equal to or Greater than 12 Months Estimated Fair Value | 584 | 6,423 |
Equal to or Greater than 12 Months Gross Unrealized Loss | 14 | 248 |
ABS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months Estimated Fair Value | 3,692 | 8,230 |
Less than 12 months Gross Unrealized Loss | 22 | 138 |
Equal to or Greater than 12 Months Estimated Fair Value | 4,843 | 392 |
Equal to or Greater than 12 Months Gross Unrealized Loss | 66 | 16 |
Municipals | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months Estimated Fair Value | 1,156 | 1,380 |
Less than 12 months Gross Unrealized Loss | 29 | 46 |
Equal to or Greater than 12 Months Estimated Fair Value | 1 | 349 |
Equal to or Greater than 12 Months Gross Unrealized Loss | 0 | 25 |
CMBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months Estimated Fair Value | 1,926 | 3,893 |
Less than 12 months Gross Unrealized Loss | 16 | 67 |
Equal to or Greater than 12 Months Estimated Fair Value | 487 | 707 |
Equal to or Greater than 12 Months Gross Unrealized Loss | $ 26 | $ 55 |
Investments (Equity Securities)
Investments (Equity Securities) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Equity securities | $ 1,342 | $ 1,440 |
Percentage of Equity Securities | 100.00% | 100.00% |
Equity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Equity securities | $ 1,342 | $ 1,440 |
Common Stock | ||
Debt Securities, Available-for-sale [Line Items] | ||
Equity securities | $ 944 | $ 1,037 |
Percentage of Equity Securities | 70.30% | 72.00% |
Non-redeemable Preferred Stock | ||
Debt Securities, Available-for-sale [Line Items] | ||
Equity securities | $ 398 | $ 403 |
Percentage of Equity Securities | 29.70% | 28.00% |
Investments (Mortgage Loans by
Investments (Mortgage Loans by Portfolio Segment) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage Loans, Gross | $ 80,635 | $ 75,795 | ||
Valuation allowances | 353 | 342 | $ 314 | $ 304 |
Subtotal mortgage loans, net | 80,282 | 75,453 | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 80,529 | 75,752 | ||
Total mortgage loans held-for-investment, net | 80,470 | 75,752 | ||
Loans Receivable Held-for-sale, Amount | $ 59 | $ 0 | ||
Percentage Of mortgage total recorded investment To Mortgage Loans On Real Estate Commercial And Consumer Net | 100.10% | 100.10% | ||
Percentage Of Valuation Allowance To Mortgage Loans On Real Estate Commercial And Consumer Net | (0.40%) | (0.50%) | ||
Percentage Of Mortgage Loans Held For Investment Net To Mortgage Loans On Real Estate Commercial And Consumer Net | 99.70% | 99.60% | ||
Percentage Of Loans And Leases Receivable Consumer Other To Mortgage Loans On Real Estate Commercial And Consumer Net | 0.20% | 0.40% | ||
Percentage of total mortgage loans held-for-investments | 99.90% | 100.00% | ||
Percentage of mortgage loans held-for-sale | 0.10% | 0.00% | ||
Percentage Of Mortgage Loans On Real Estate To Mortgage Loans On Real Estate Commercial And Consumer Net | 100.00% | 100.00% | ||
Residential mortgage loans - FVO | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | $ 188 | $ 299 | ||
Commercial Mortgage Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage Loans, Gross | 49,624 | 48,463 | ||
Valuation allowances | $ 246 | $ 238 | 214 | 202 |
Percentage Of Mortgage Loans, Gross | 61.60% | 64.00% | ||
Residential Mortgage Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage Loans, Gross | $ 14,316 | $ 12,427 | ||
Valuation allowances | $ 55 | $ 58 | 59 | 63 |
Percentage Of Mortgage Loans, Gross | 17.80% | 16.40% | ||
Agricultural Mortgage Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage Loans, Gross | $ 16,695 | $ 14,905 | ||
Valuation allowances | $ 52 | $ 46 | $ 41 | $ 39 |
Percentage Of Mortgage Loans, Gross | 20.70% | 19.70% |
Investments (Mortgage Loans and
Investments (Mortgage Loans and Valuation Allowance by Portfolio Segment) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | $ 56 | $ 31 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 56 | 31 | |
Impaired Financing Receivable, Related Allowance | 3 | 3 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 674 | 600 | |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 628 | 555 | |
Financing Receivable, Collectively Evaluated for Impairment | 79,951 | 75,209 | |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 350 | 339 | |
Impaired Financing Receivable, Recorded Investment | 681 | 583 | |
Impaired Financing Receivable, Average Recorded Investment | 607 | 481 | |
Commercial Mortgage Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 | |
Impaired Financing Receivable, Related Allowance | 0 | 0 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 0 | |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 0 | 0 | |
Financing Receivable, Collectively Evaluated for Impairment | 49,624 | 48,463 | |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 246 | 238 | |
Impaired Financing Receivable, Recorded Investment | 0 | 0 | |
Impaired Financing Receivable, Average Recorded Investment | 0 | 0 | $ 5 |
Residential Mortgage Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 | |
Impaired Financing Receivable, Related Allowance | 0 | 0 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 473 | 431 | |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 427 | 386 | |
Financing Receivable, Collectively Evaluated for Impairment | 13,889 | 12,041 | |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 55 | 58 | |
Impaired Financing Receivable, Recorded Investment | 427 | 386 | |
Impaired Financing Receivable, Average Recorded Investment | 406 | 358 | 285 |
Agricultural Mortgage Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 56 | 31 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 56 | 31 | |
Impaired Financing Receivable, Related Allowance | 3 | 3 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 201 | 169 | |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 201 | 169 | |
Financing Receivable, Collectively Evaluated for Impairment | 16,438 | 14,705 | |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 49 | 43 | |
Impaired Financing Receivable, Recorded Investment | 254 | 197 | |
Impaired Financing Receivable, Average Recorded Investment | $ 201 | $ 123 | $ 32 |
Investments (Valuation Allowanc
Investments (Valuation Allowance Rollforward by Portfolio Segment) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Balance ALLL, Beginning of Period | $ 342 | $ 314 | $ 304 |
Provision (release) | 26 | 36 | 24 |
Charge-offs, net of recoveries | (15) | (8) | (14) |
Balance ALLL, Ending of Period | 353 | 342 | 314 |
Commercial Mortgage Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Balance ALLL, Beginning of Period | 238 | 214 | 202 |
Provision (release) | 8 | 24 | 12 |
Charge-offs, net of recoveries | 0 | 0 | 0 |
Balance ALLL, Ending of Period | 246 | 238 | 214 |
Residential Mortgage Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Balance ALLL, Beginning of Period | 58 | 59 | 63 |
Provision (release) | 7 | 7 | 8 |
Charge-offs, net of recoveries | (10) | (8) | (12) |
Balance ALLL, Ending of Period | 55 | 58 | 59 |
Agricultural Mortgage Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Balance ALLL, Beginning of Period | 46 | 41 | 39 |
Provision (release) | 11 | 5 | 4 |
Charge-offs, net of recoveries | (5) | 0 | (2) |
Balance ALLL, Ending of Period | $ 52 | $ 46 | $ 41 |
Investments (Credit Quality of
Investments (Credit Quality of Commercial Mortgage Loans) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage Loans, Gross | $ 80,635 | $ 75,795 |
Loans Receivable Commercial Mortgage Percentage | 100.00% | 100.00% |
Fair Value Mortgage loans | $ 51,340 | $ 48,747 |
Estimated Fair Value Commercial Mortgage Percentage | 100.00% | 100.00% |
Less than 65% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable Commercial Mortgage Percentage | 82.10% | 85.20% |
Fair Value Mortgage loans | $ 42,330 | $ 41,599 |
Estimated Fair Value Commercial Mortgage Percentage | 82.40% | 85.30% |
65% to 75% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable Commercial Mortgage Percentage | 15.00% | 12.00% |
Fair Value Mortgage loans | $ 7,589 | $ 5,849 |
Estimated Fair Value Commercial Mortgage Percentage | 14.80% | 12.00% |
76% to 80% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable Commercial Mortgage Percentage | 1.60% | 1.40% |
Fair Value Mortgage loans | $ 805 | $ 664 |
Estimated Fair Value Commercial Mortgage Percentage | 1.60% | 1.40% |
Greater than 80% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable Commercial Mortgage Percentage | 1.30% | 1.40% |
Fair Value Mortgage loans | $ 616 | $ 635 |
Estimated Fair Value Commercial Mortgage Percentage | 1.20% | 1.30% |
Commercial Mortgage Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage Loans, Gross | $ 49,624 | $ 48,463 |
Commercial Mortgage Loans | Less than 65% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage Loans, Gross | 40,740 | 41,288 |
Commercial Mortgage Loans | 65% to 75% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage Loans, Gross | 7,427 | 5,815 |
Commercial Mortgage Loans | 76% to 80% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage Loans, Gross | 818 | 688 |
Commercial Mortgage Loans | Greater than 80% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage Loans, Gross | 639 | 672 |
Commercial Mortgage Loans | Greater than 1.20x | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage Loans, Gross | 46,870 | 47,069 |
Commercial Mortgage Loans | Greater than 1.20x | Less than 65% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage Loans, Gross | 38,926 | 40,360 |
Commercial Mortgage Loans | Greater than 1.20x | 65% to 75% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage Loans, Gross | 6,975 | 5,790 |
Commercial Mortgage Loans | Greater than 1.20x | 76% to 80% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage Loans, Gross | 564 | 423 |
Commercial Mortgage Loans | Greater than 1.20x | Greater than 80% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage Loans, Gross | 405 | 496 |
Commercial Mortgage Loans | 1.00x - 1.20x | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage Loans, Gross | 1,500 | 1,212 |
Commercial Mortgage Loans | 1.00x - 1.20x | Less than 65% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage Loans, Gross | 1,195 | 827 |
Commercial Mortgage Loans | 1.00x - 1.20x | 65% to 75% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage Loans, Gross | 54 | 0 |
Commercial Mortgage Loans | 1.00x - 1.20x | 76% to 80% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage Loans, Gross | 17 | 209 |
Commercial Mortgage Loans | 1.00x - 1.20x | Greater than 80% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage Loans, Gross | 234 | 176 |
Commercial Mortgage Loans | Less than 1.00x | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage Loans, Gross | 1,254 | 182 |
Commercial Mortgage Loans | Less than 1.00x | Less than 65% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage Loans, Gross | 619 | 101 |
Commercial Mortgage Loans | Less than 1.00x | 65% to 75% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage Loans, Gross | 398 | 25 |
Commercial Mortgage Loans | Less than 1.00x | 76% to 80% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage Loans, Gross | 237 | 56 |
Commercial Mortgage Loans | Less than 1.00x | Greater than 80% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage Loans, Gross | $ 0 | $ 0 |
Investments (Credit Quality o_2
Investments (Credit Quality of Agricultural and Residential Mortgage Loans) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage Loans, Gross | $ 80,635 | $ 75,795 |
Loans Receivable Agricultural Mortgage Percentage | 100.00% | 100.00% |
Loans Receivable Residential Mortgage Percentage | 100.00% | 100.00% |
Mortgage Loans in Process of Foreclosure, Amount | $ 118 | $ 140 |
Less than 65% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable Agricultural Mortgage Percentage | 93.50% | 92.00% |
65% to 75% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable Agricultural Mortgage Percentage | 5.80% | 7.70% |
76% to 80% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable Agricultural Mortgage Percentage | 0.40% | 0.20% |
Greater than 80% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable Agricultural Mortgage Percentage | 0.30% | 0.10% |
Performing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable Residential Mortgage Percentage | 96.80% | 96.20% |
Nonperforming (1) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable Residential Mortgage Percentage | 3.20% | 3.80% |
Agricultural Mortgage Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage Loans, Gross | $ 16,695 | $ 14,905 |
Agricultural Mortgage Loans | Less than 65% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage Loans, Gross | 15,618 | 13,704 |
Agricultural Mortgage Loans | 65% to 75% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage Loans, Gross | 963 | 1,145 |
Agricultural Mortgage Loans | 76% to 80% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage Loans, Gross | 71 | 33 |
Agricultural Mortgage Loans | Greater than 80% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage Loans, Gross | 43 | 23 |
Residential Mortgage Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage Loans, Gross | 14,316 | 12,427 |
Residential Mortgage Loans | Performing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage Loans, Gross | 13,864 | 11,956 |
Residential Mortgage Loans | Nonperforming (1) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage Loans, Gross | $ 452 | $ 471 |
Investments (Past Due and Inter
Investments (Past Due and Interest Accrual Status of Mortgage Loans) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | $ 591 | $ 684 |
Greater than 90 Days Past Due and Still Accruing Interest | 51 | 153 |
Nonaccrual | 731 | 717 |
Commercial Mortgage Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 10 | 9 |
Greater than 90 Days Past Due and Still Accruing Interest | 9 | 9 |
Nonaccrual | 176 | 176 |
Residential Mortgage Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 452 | 471 |
Greater than 90 Days Past Due and Still Accruing Interest | 35 | 35 |
Nonaccrual | 418 | 436 |
Agricultural Mortgage Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 129 | 204 |
Greater than 90 Days Past Due and Still Accruing Interest | 7 | 109 |
Nonaccrual | $ 137 | $ 105 |
Investments (Real Estate and Re
Investments (Real Estate and Real Estate Joint Ventures) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Real Estate [Line Items] | |||
Leased real estate investments, carrying value | $ 4,893 | $ 4,132 | |
Other real estate investments, carrying value | 420 | 461 | |
Real estate joint ventures, carrying value | 5,428 | 5,105 | |
Real estate and real estate joint ventures (includes $127 and $0, respectively, under the fair value option) | 10,741 | 9,698 | |
Leased real estate investments | |||
Real Estate [Line Items] | |||
Operating Lease, Lease Income | 380 | 399 | $ 379 |
Other real estate investments | |||
Real Estate [Line Items] | |||
Operating Lease, Lease Income | 192 | 188 | 189 |
Real estate joint ventures | |||
Real Estate [Line Items] | |||
Income (Loss) from Equity Method Investments | 104 | 107 | 78 |
Real estate and real estate joint ventures | |||
Real Estate [Line Items] | |||
Gross Investment Income, Operating | $ 676 | $ 694 | $ 646 |
Investments (Leased Real Estate
Investments (Leased Real Estate Investments - Operating Leases) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Operating Leases by Property Type [Line Items] | |||
Leased real estate investments, carrying value | $ 4,893 | $ 4,132 | |
Office | |||
Schedule of Operating Leases by Property Type [Line Items] | |||
Leased real estate investments, carrying value | 1,999 | 1,999 | |
Operating Lease, Lease Income | 175 | 169 | $ 157 |
Retail | |||
Schedule of Operating Leases by Property Type [Line Items] | |||
Leased real estate investments, carrying value | 1,127 | 1,006 | |
Operating Lease, Lease Income | 102 | 95 | 92 |
Apartment | |||
Schedule of Operating Leases by Property Type [Line Items] | |||
Leased real estate investments, carrying value | 778 | 253 | |
Operating Lease, Lease Income | 24 | 70 | 72 |
Industrial | |||
Schedule of Operating Leases by Property Type [Line Items] | |||
Leased real estate investments, carrying value | 306 | 223 | |
Operating Lease, Lease Income | 46 | 38 | 39 |
Land | |||
Schedule of Operating Leases by Property Type [Line Items] | |||
Leased real estate investments, carrying value | 514 | 489 | |
Operating Lease, Lease Income | 21 | 19 | 13 |
Hotel | |||
Schedule of Operating Leases by Property Type [Line Items] | |||
Leased real estate investments, carrying value | 93 | 94 | |
Operating Lease, Lease Income | 7 | 3 | 2 |
Other | |||
Schedule of Operating Leases by Property Type [Line Items] | |||
Leased real estate investments, carrying value | 76 | 68 | |
Operating Lease, Lease Income | 5 | 5 | 4 |
Leased real estate investments | |||
Schedule of Operating Leases by Property Type [Line Items] | |||
Operating Lease, Lease Income | $ 380 | $ 399 | $ 379 |
Investments (Components of Leve
Investments (Components of Leveraged and Direct Financing Leases) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Investments, All Other Investments [Abstract] | ||
Leveraged Leases, Net Investment in Leveraged Leases Disclosure, Rental Receivables, Net | $ 666 | $ 715 |
Leveraged Leases, Net Investment in Leveraged Leases Disclosure, Residual Value of Leased Assets | 751 | 807 |
Investment In Leveraged Leases | 1,417 | 1,522 |
Leveraged Leases, Net Investment in Leveraged Leases Disclosure, Deferred Income | (365) | (414) |
Leveraged Leases, Net Investment in Leveraged Leases Disclosure, Investment in Leveraged Leases, Net | 1,052 | 1,108 |
Direct Financing Lease, Lease Receivable | 1,931 | 1,855 |
Direct Financing Lease, Unguaranteed Residual Asset | 42 | 42 |
Investment In Direct Financing Leases | 1,973 | 1,897 |
Direct Financing Lease, Deferred Selling Profit | (726) | (705) |
Direct Financing Lease, Net Investment in Lease | 1,247 | $ 1,192 |
Capital Leases, Future Minimum Payments Receivable, Next Twelve Months | 104 | |
Capital Leases, Future Minimum Payments, Receivable in Two Years | 98 | |
Capital Leases, Future Minimum Payments, Receivable in Three Years | 104 | |
Capital Leases, Future Minimum Payments, Receivable in Four Years | 108 | |
Capital Leases, Future Minimum Payments, Receivable in Five Years | 95 | |
Capital Leases, Future Minimum Payments, Receivable Thereafter | 1,400 | |
Capital Leases, Future Minimum Payments Receivable | $ 1,900 |
Investments (Net Investment Inc
Investments (Net Investment Income on Leveraged and Direct Financing Leases) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Investments, All Other Investments [Abstract] | |||
Leveraged Leases, Income Statement, Income from Leveraged Leases | $ 48 | $ 47 | $ 19 |
Leveraged Leases, Income Statement, Income Tax Expense on Leveraged Leases | (10) | (10) | (7) |
Leveraged Leases, Income (Loss) | 38 | 37 | 12 |
Capital Leases, Income Statement, Direct Financing Lease Revenue | 109 | 95 | 89 |
Direct Financing Leases Income Statement Tax Expense on Direct Financing Leases | (23) | (20) | (31) |
Direct Financing Leases Income Statement Net Income from Direct Financing Leases | $ 86 | $ 75 | $ 58 |
Investments (Net Unrealized Inv
Investments (Net Unrealized Investment Gains Losses) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Components of net unrealized investment gains (losses) included in accumulated other comprehensive loss | ||||
Fixed maturity securities AFS | $ 30,050 | $ 11,356 | $ 22,645 | |
Fixed maturity securities AFS with noncredit OTTI losses included in AOCI | 33 | 25 | 41 | |
Total fixed maturity securities AFS | 30,083 | 11,381 | 22,686 | |
Equity securities | 0 | 0 | 421 | |
Derivatives | 2,209 | 2,127 | 1,453 | |
Other | 310 | 290 | 46 | |
Subtotal | 32,602 | 13,798 | 24,606 | |
Future policy benefits | (1,019) | 31 | (77) | |
DAC and VOBA related to noncredit OTTI losses recognized in AOCI | 0 | 0 | 0 | |
DAC, VOBA and DSI | (2,716) | (1,231) | (1,768) | |
Policyholder dividend obligation | (2,020) | (428) | (2,121) | |
Subtotal | (5,755) | (1,628) | (3,966) | |
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI | (4) | (3) | (12) | |
Deferred income tax benefit (expense) | (6,846) | (3,502) | (6,958) | |
Net unrealized investment gains (losses) | 19,997 | 8,665 | 13,670 | |
Net unrealized investment gains (losses) attributable to noncontrolling interests | (16) | (10) | (8) | |
Net unrealized investment gains (losses) attributable to MetLife, Inc. | $ 19,981 | $ 8,655 | $ 13,662 | $ 12,650 |
Investments (Changes in Net Unr
Investments (Changes in Net Unrealized Investment Gains Losses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Changes In Net Unrealized Investment Gains Losses Included In Accumulated Other Comprehensive Loss [Abstract] | |||
Balance at January 1, | $ 8,655 | $ 13,662 | $ 12,650 |
Changes In Net Unrealized Investment Gains Losses Related To Cumulative Effects Of Changes In Accounting Principles, Net Of Income Tax | 21 | 1,258 | 0 |
Fixed maturity securities AFS on which noncredit OTTI losses have been recognized | 8 | (16) | 33 |
Unrealized investment gains (losses) during the year | 18,770 | (10,367) | 804 |
Unrealized investment gains (losses) relating to: | |||
Future policy benefits | (1,050) | 108 | 1,037 |
DAC and VOBA related to noncredit OTTI losses recognized in AOCI | 0 | 0 | 3 |
DAC, VOBA and DSI | (1,485) | 537 | (338) |
Policyholder dividend obligation | (1,592) | 1,693 | (190) |
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI | (1) | 9 | (11) |
Deferred income tax benefit (expense) | (3,339) | 1,773 | (324) |
Net unrealized investment gains (losses) | 19,987 | 8,657 | 13,664 |
Net unrealized investment gains (losses) attributable to noncontrolling interests | (6) | (2) | (2) |
Balance at December 31, | 19,981 | 8,655 | 13,662 |
Change in net unrealized investment gains (losses) | 11,332 | (5,005) | 1,014 |
Change in net unrealized investment gains (losses) attributable to noncontrolling interests | (6) | (2) | (2) |
Change in net unrealized investment gains (losses) attributable to MetLife, Inc. | $ 11,326 | $ (5,007) | $ 1,012 |
Investments (Securities Lending
Investments (Securities Lending, Repurchase Agreements and FHLB Agreements) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | $ 17,369 | $ 18,005 |
Reinvestment portfolio — estimated fair value | 17,451 | 18,074 |
Security collateral on deposit from counterparties | 0 | 78 |
Estimated fair value | ||
Securities Financing Transaction [Line Items] | ||
Securities loaned | 16,926 | 17,724 |
Repurchase Agreements | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 2,310 | 1,067 |
Reinvestment portfolio — estimated fair value | 2,320 | 1,069 |
Repurchase Agreements | Estimated fair value | ||
Securities Financing Transaction [Line Items] | ||
Securities Sold under Agreements to Repurchase | 2,333 | 1,093 |
Federal Home Loan Bank of Boston | ||
Securities Financing Transaction [Line Items] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | 800 | 800 |
Federal Home Loan Bank of Boston | Estimated fair value | ||
Securities Financing Transaction [Line Items] | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 1,083 | 1,200 |
Fixed Maturity Securities | Federal Home Loan Bank of Boston | ||
Securities Financing Transaction [Line Items] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | $ 843 | $ 799 |
Investments (Securities Lendi_2
Investments (Securities Lending, Repurchase Agreements and FHLB Agreements Remaining Tenor) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | $ 17,369 | $ 18,005 |
U.S. government and agency | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 16,267 | 16,951 |
Foreign government | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 1,026 | 975 |
RMBS | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 76 | 79 |
Municipals | ||
Securities Financing Transaction [Line Items] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | 800 | 800 |
Open | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 2,928 | 2,736 |
Open | U.S. government and agency | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 2,928 | 2,736 |
Open | Foreign government | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 0 | 0 |
Open | RMBS | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 0 | 0 |
Open | Municipals | ||
Securities Financing Transaction [Line Items] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | 0 | 0 |
1 Month or Less | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 7,011 | 9,288 |
1 Month or Less | U.S. government and agency | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 6,676 | 8,995 |
1 Month or Less | Foreign government | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 259 | 214 |
1 Month or Less | RMBS | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 76 | 79 |
1 Month or Less | Municipals | ||
Securities Financing Transaction [Line Items] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | 250 | 150 |
Over 1 to 6 Months | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 7,430 | 5,981 |
Over 1 to 6 Months | U.S. government and agency | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 6,663 | 5,220 |
Over 1 to 6 Months | Foreign government | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 767 | 761 |
Over 1 to 6 Months | RMBS | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 0 | 0 |
Over 1 to 6 Months | Municipals | ||
Securities Financing Transaction [Line Items] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | 475 | 650 |
Over 6 Months to 1 Year | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 0 | 0 |
Over 6 Months to 1 Year | U.S. government and agency | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 0 | 0 |
Over 6 Months to 1 Year | Foreign government | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 0 | 0 |
Over 6 Months to 1 Year | RMBS | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 0 | 0 |
Over 6 Months to 1 Year | Municipals | ||
Securities Financing Transaction [Line Items] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | 75 | 0 |
Repurchase Agreements | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 2,310 | 1,067 |
Repurchase Agreements | U.S. government and agency | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 2,310 | 1,000 |
Repurchase Agreements | All other corporate and government | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 0 | 67 |
Repurchase Agreements | Open | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 0 | 0 |
Repurchase Agreements | Open | U.S. government and agency | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 0 | 0 |
Repurchase Agreements | Open | All other corporate and government | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 0 | 0 |
Repurchase Agreements | 1 Month or Less | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 2,310 | 1,000 |
Repurchase Agreements | 1 Month or Less | U.S. government and agency | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 2,310 | 1,000 |
Repurchase Agreements | 1 Month or Less | All other corporate and government | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 0 | 0 |
Repurchase Agreements | Over 1 to 6 Months | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 0 | 67 |
Repurchase Agreements | Over 1 to 6 Months | U.S. government and agency | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 0 | 0 |
Repurchase Agreements | Over 1 to 6 Months | All other corporate and government | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 0 | 67 |
Repurchase Agreements | Over 6 Months to 1 Year | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 0 | 0 |
Repurchase Agreements | Over 6 Months to 1 Year | U.S. government and agency | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 0 | 0 |
Repurchase Agreements | Over 6 Months to 1 Year | All other corporate and government | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | $ 0 | $ 0 |
Investments (Invested Assets on
Investments (Invested Assets on Deposit, Held In Trust and Pledged as Collateral) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Investments, Debt and Equity Securities [Abstract] | ||
Invested assets on deposit (regulatory deposits) | $ 2,034 | $ 1,788 |
Invested assets held in trust (collateral financing arrangement and reinsurance agreements) | 2,991 | 2,971 |
Invested assets pledged as collateral (1) | 24,493 | 24,168 |
Total invested assets on deposit, held in trust and pledged as collateral | $ 29,518 | $ 28,927 |
Investments (Consolidated Varia
Investments (Consolidated Variable Interest Entities) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Variable Interest Entity [Line Items] | ||
Total Assets | $ 311 | $ 202 |
Total Liabilities | 6 | 6 |
Renewable energy partnership (1) | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 94 | 102 |
Total Liabilities | 0 | 0 |
Investment funds (2) | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 207 | 79 |
Total Liabilities | 1 | 1 |
Other | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 10 | 21 |
Total Liabilities | $ 5 | $ 5 |
Investments (Unconsolidated Var
Investments (Unconsolidated Variable Interest Entities) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Variable Interest Entity [Line Items] | ||
Carrying Amount Asset | $ 62,481 | $ 56,649 |
Maximum Exposure to Loss | 67,996 | 61,057 |
Tax Credits Guaranteed By Third Parties Amount That Reduces Maximum Exposure To Loss Related To Other Invested Assets | 6 | 94 |
Other limited partnership interests | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount Asset | 6,674 | 5,641 |
Maximum Exposure to Loss | 12,016 | 9,888 |
Other invested assets | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount Asset | 1,495 | 1,906 |
Maximum Exposure to Loss | 1,621 | 2,063 |
Other | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount Asset | 450 | 296 |
Maximum Exposure to Loss | 497 | 300 |
Structured Products (RMBS, CMBS, and ABS) | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount Asset | 51,962 | 47,874 |
Maximum Exposure to Loss | 51,962 | 47,874 |
U.S. corporate and foreign corporate securities | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount Asset | 1,764 | 932 |
Maximum Exposure to Loss | 1,764 | 932 |
Foreign government | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount Asset | 136 | 0 |
Maximum Exposure to Loss | $ 136 | $ 0 |
Investments (Net Investment I_2
Investments (Net Investment Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net Investment Income [Line Items] | |||
Less: Investment expenses | $ 1,422 | $ 1,285 | $ 1,122 |
Net Investment Income | 18,868 | 16,166 | 17,363 |
Securities Investment | |||
Net Investment Income [Line Items] | |||
Gross Investment Income, Operating | 18,815 | 18,134 | 17,185 |
Net Investment Income | 17,393 | 16,849 | 16,063 |
Fixed Maturity Securities | |||
Net Investment Income [Line Items] | |||
Gross Investment Income, Operating | 11,886 | 11,946 | 11,497 |
Equity securities | |||
Net Investment Income [Line Items] | |||
Gross Investment Income, Operating | 61 | 64 | 129 |
FVO Securities (1) | |||
Net Investment Income [Line Items] | |||
Gross Investment Income, Operating | 184 | 51 | 68 |
Mortgage loans | |||
Net Investment Income [Line Items] | |||
Gross Investment Income, Operating | 3,782 | 3,340 | 3,082 |
Policy loans | |||
Net Investment Income [Line Items] | |||
Gross Investment Income, Operating | 512 | 506 | 517 |
Real estate and real estate joint ventures | |||
Net Investment Income [Line Items] | |||
Gross Investment Income, Operating | 676 | 694 | 646 |
Other limited partnership interests | |||
Net Investment Income [Line Items] | |||
Gross Investment Income, Operating | 825 | 731 | 798 |
Cash, cash equivalents and short-term investments | |||
Net Investment Income [Line Items] | |||
Gross Investment Income, Operating | 457 | 387 | 228 |
Operating joint ventures | |||
Net Investment Income [Line Items] | |||
Gross Investment Income, Operating | 84 | 51 | 28 |
Other | |||
Net Investment Income [Line Items] | |||
Gross Investment Income, Operating | 348 | 364 | 192 |
Unit-linked investments (1) | |||
Net Investment Income [Line Items] | |||
Net Investment Income | 1,475 | (683) | 1,300 |
Trading Securities, Change in Unrealized Holding Gain (Loss) | $ 1,000 | $ (771) | $ 662 |
Investments (Components of Net
Investments (Components of Net Investment Gains Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Marketable Securities, Gain (Loss) [Abstract] | ||||
Fixed maturity securities AFS — net gains (losses) on sales and disposals (1) | $ 396 | $ 45 | $ 328 | |
Equity securities — net gains (losses) on sales and disposals | 50 | 118 | 117 | |
Change In Estimated Fair Value Of Equity Securities | 84 | (193) | 0 | |
Other net investment gains (losses): | ||||
Mortgage Loans | (11) | (56) | 14 | |
Real estate and real estate joint ventures | 399 | 326 | 603 | |
Other limited partnership interests | 6 | 9 | (59) | |
Other (3) | (142) | (169) | (113) | |
Subtotal - investment portfolio gains (losses) | 653 | 40 | 855 | |
Change In Estimated Fair Value Of Other Limited Partnership Interests And Real Estate Joint Ventures | (14) | 12 | 0 | |
Non-investment portfolio gains (losses) | (195) | (350) | (1,162) | |
Subtotal | (209) | (338) | (1,163) | |
Total net investment gains (losses) | 444 | (298) | (308) | |
Changes In Estimated Fair Value Subsequent To Purchase For Equity Securities | 122 | (81) | ||
Fixed Maturity Securities | ||||
Marketable Securities, Gain (Loss) [Abstract] | ||||
Total OTTI losses recognized in earnings | (129) | (40) | (10) | |
Net investment gains (losses) | 267 | 5 | 318 | |
U.S. corporate and foreign corporate securities | ||||
Marketable Securities, Gain (Loss) [Abstract] | ||||
Total OTTI losses recognized in earnings | (46) | (31) | (4) | |
Consumer | ||||
Marketable Securities, Gain (Loss) [Abstract] | ||||
Total OTTI losses recognized in earnings | (23) | (20) | (4) | |
Finance | ||||
Marketable Securities, Gain (Loss) [Abstract] | ||||
Total OTTI losses recognized in earnings | (1) | (9) | 0 | |
Industrial | ||||
Marketable Securities, Gain (Loss) [Abstract] | ||||
Total OTTI losses recognized in earnings | (22) | (2) | 0 | |
Foreign government | ||||
Marketable Securities, Gain (Loss) [Abstract] | ||||
Total OTTI losses recognized in earnings | (81) | (9) | 0 | |
ABS | ||||
Marketable Securities, Gain (Loss) [Abstract] | ||||
Total OTTI losses recognized in earnings | 0 | 0 | (3) | |
RMBS | ||||
Marketable Securities, Gain (Loss) [Abstract] | ||||
Total OTTI losses recognized in earnings | (2) | 0 | 0 | |
Municipals | ||||
Marketable Securities, Gain (Loss) [Abstract] | ||||
Total OTTI losses recognized in earnings | 0 | 0 | (3) | |
Equity securities | ||||
Marketable Securities, Gain (Loss) [Abstract] | ||||
Total OTTI losses recognized in earnings | 0 | 0 | (25) | |
Net investment gains (losses) | 134 | (75) | 92 | |
Common Stock | ||||
Marketable Securities, Gain (Loss) [Abstract] | ||||
Total OTTI losses recognized in earnings | 0 | 0 | (24) | |
Non-redeemable Preferred Stock | ||||
Marketable Securities, Gain (Loss) [Abstract] | ||||
Total OTTI losses recognized in earnings | 0 | 0 | (1) | |
Fair Value Option, Other Eligible Items [Member] | ||||
Other net investment gains (losses): | ||||
Non-investment portfolio gains (losses) | 0 | 0 | (1) | |
Lease Agreements [Member] | ||||
Marketable Securities, Gain (Loss) [Abstract] | ||||
Total OTTI losses recognized in earnings | (30) | (105) | (79) | |
Tax credit partnerships [Member] | ||||
Marketable Securities, Gain (Loss) [Abstract] | ||||
Total OTTI losses recognized in earnings | (92) | |||
Brighthouse Financial, Inc | ||||
Marketable Securities, Gain (Loss) [Abstract] | ||||
Fixed maturity securities AFS — net gains (losses) on sales and disposals (1) | 276 | |||
Other net investment gains (losses): | ||||
Mortgage Loans | 47 | |||
Non-investment portfolio gains (losses) | 1,016 | |||
Total net investment gains (losses) | (1,016) | |||
Brighthouse Financial, Inc | FVO Common Stock | ||||
Other net investment gains (losses): | ||||
Non-investment portfolio gains (losses) | $ (327) | (327) | 95 | |
MetLife Afore | ||||
Other net investment gains (losses): | ||||
Non-investment portfolio gains (losses) | $ 98 | |||
Other limited partnership interests | ||||
Marketable Securities, Gain (Loss) [Abstract] | ||||
Total OTTI losses recognized in earnings | $ (83) | |||
Other net investment gains (losses): | ||||
Other (3) | $ 46 |
Investments (Sales or Disposals
Investments (Sales or Disposals and Impairments of Fixed Maturity AFS Securities) (Details) - Fixed Maturity Securities - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Securities, Available-for-sale [Line Items] | |||
Proceeds | $ 51,052 | $ 85,058 | $ 56,509 |
Gross investment gains | 889 | 856 | 753 |
Gross investment (losses) | (493) | (811) | (425) |
OTTI losses | (129) | (40) | (10) |
Net investment gains (losses) | $ 267 | $ 5 | $ 318 |
Investments (Credit Loss Rollfo
Investments (Credit Loss Rollforward) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Balance at January 1, | $ 89 | $ 138 |
Reductions: | ||
Sales (maturities, pay downs or prepayments) of securities previously impaired as credit loss OTTI | (16) | (47) |
Increase in cash flows — accretion of previous credit loss OTTI | (1) | (2) |
Balance at December 31, | $ 72 | $ 89 |
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, 2019USD ($)Contracts | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Debt Securities, Available-for-sale [Line Items] | |||
Change in Gross Unrealized Temporary Loss | $ (14,591) | $ 8,719 | $ (4,623) |
Debt Securities Available For Sale With Gross Unrealized Loss Of Equal To Or Greater Than Stated Percentage | 20.00% | ||
Fixed Maturity Securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Change in Gross Unrealized Temporary Loss | $ 4,300 | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 1,600 | ||
20% or more | Six months or greater | Fixed Maturity Securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 161 | ||
Number of Securities | Contracts | 70 | ||
20% or more | Six months or greater | Fixed Maturity Securities | Investment Grade | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 92 | ||
Number of Securities | Contracts | 23 | ||
Percentage of gross unrealized loss | 57.00% | ||
20% or more | Six months or greater | Fixed Maturity Securities | Below Investment Grade | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 69 | ||
Number of Securities | Contracts | 47 | ||
Percentage of gross unrealized loss | 43.00% |
Investments (Mortgage Loans - N
Investments (Mortgage Loans - Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)Contracts | Dec. 31, 2018USD ($)Contracts | Dec. 31, 2017USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | $ 867 | $ 944 | |
Financing Receivable, Purchase | 4,800 | 3,500 | $ 3,100 |
Impaired Financing Receivable, Average Recorded Investment | $ 607 | $ 481 | |
Percentage of Mortgage Loans Classified as Performing | 99.00% | 99.00% | |
Commercial Mortgage Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired Financing Receivable, Average Recorded Investment | $ 0 | $ 0 | 5 |
Financing Receivable, Modifications, Number of Contracts | Contracts | 0 | 0 | |
Residential Mortgage Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired Financing Receivable, Average Recorded Investment | $ 406 | $ 358 | 285 |
Financing Receivable, Modifications, Number of Contracts | Contracts | 396 | 440 | |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 97 | $ 96 | |
Financing Receivable, Troubled Debt Restructuring, Postmodification | 87 | 92 | |
Agricultural Mortgage Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired Financing Receivable, Average Recorded Investment | $ 201 | $ 123 | $ 32 |
Financing Receivable, Modifications, Number of Contracts | Contracts | 3 | ||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 111 | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 111 |
Investments (Real Estate and _2
Investments (Real Estate and Real Estate Joint Ventures - Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Real Estate [Line Items] | |||
Real Estate Acquired Through Foreclosure | $ 36 | $ 45 | |
Depreciation | 207 | 191 | $ 207 |
Real Estate Investment Property, Net | 957 | 931 | |
Real estate and real estate joint ventures | |||
Real Estate [Line Items] | |||
Depreciation | $ 100 | $ 92 | $ 103 |
Investments (Operating Leases -
Investments (Operating Leases - Narrative) (Details) $ in Millions | Dec. 31, 2019USD ($) |
Investments, All Other Investments [Abstract] | |
Operating Leases, Future Minimum Payments Receivable, Current | $ 288 |
Operating Leases, Future Minimum Payments Receivable, in Two Years | 240 |
Operating Leases, Future Minimum Payments Receivable, in Three Years | 205 |
Operating Leases, Future Minimum Payments Receivable, in Four Years | 186 |
Operating Leases, Future Minimum Payments Receivable, in Five Years | 159 |
Operating Leases, Future Minimum Payments Receivable, Thereafter | 1,100 |
Operating Leases, Future Minimum Payments Receivable | $ 2,200 |
Investments (Leveraged and Dire
Investments (Leveraged and Direct Financing Leases - Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Lessor, Lease, Description [Line Items] | ||
Loan and Leases Receivable Other Information | The remaining life of the payment periods for leveraged leases generally range from one to 15 years but in certain circumstances can be over 25 years, while the remaining life of the payment periods for direct financing leases generally range from one to 25 years but in certain circumstances can be over 25 years. | |
Loans and Leases Receivable, Ratio of Performing Loans to All Loans | 100.00% | 100.00% |
Leveraged Leases, Net Investment in Leveraged Leases Disclosure, Deferred Taxes Arising from Leveraged Leases | $ 467 | $ 519 |
Minimum | Performing Financial Instruments [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Loans and Leases Receivable, Ratio of Performing Loans to All Loans | 94.00% | 94.00% |
Investments (Other Invested Ass
Investments (Other Invested Assets - Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |||
Carrying value of Tax Credits | $ 1,300 | $ 1,700 | |
Losses From Tax Credits | $ 240 | $ 257 | $ 259 |
Investments (Cash Equivalents -
Investments (Cash Equivalents - Narrative) (Details) - USD ($) $ in Billions | Dec. 31, 2019 | Dec. 31, 2018 |
Investments, Debt and Equity Securities [Abstract] | ||
Cash equivalents | $ 8.6 | $ 9 |
Investments (Concentrations of
Investments (Concentrations of Credit Risk - Narrative) (Details) - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
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% | 10.00% |
Japan | Foreign government | |||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |||
Government and agency fixed maturity securities | $ 33.7 | $ 30.2 | |
Republic of Korea | Foreign government | |||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |||
Government and agency fixed maturity securities | $ 7.3 | $ 7.1 |
Investments Investments (Invest
Investments Investments (Invested Assets on Deposit, Held in Trust and Pledged as Collateral - Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Investments, Debt and Equity Securities [Abstract] | ||
Federal Home Loan Bank Stock | $ 809 | $ 793 |
Investments Investments (Purcha
Investments Investments (Purchased Credit Impaired Investments - Narrative) (Details) - Fixed Maturity Securities - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Securities, Available-for-sale [Line Items] | ||
Certain Loans Acquired in Transfer Accounted for as Available-for-sale Debt Securities, Outstanding Balance | $ 3,300 | $ 4,000 |
Certain Loans Acquired in Transfer Accounted for as Available-for-sale Debt Securities, Carrying Amount, Net | 2,700 | 3,300 |
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield, Accretion | $ 178 | $ 275 |
Investments (Collectively Signi
Investments (Collectively Significant Equity Method Investments - Narrative) (Details) - USD ($) $ in Billions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Equity Method Investment, Summarized Financial Information, Gross Profit (Loss) | ||||
Carrying Value of investments accounted for under the equity method | $ 15.6 | |||
Unfunded commitments for investments accounted for under the equity method | $ 6.1 | |||
Aggregate Net income Exceeded Stated Percentage Of The Pre Tax Income (Loss) From Continuing Operations | 10.00% | 10.00% | ||
Total assets for investments accounted for under the equity method | $ 585.3 | $ 529.1 | ||
Total liabilities for investments accounted for under the equity method | 86.1 | 65.5 | ||
Net Income (loss) for investments accounted for under the equity method | $ 47 | $ 52.5 | $ 37.9 |
Investments (Variable Interest
Investments (Variable Interest Entities - Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Variable Interest Entity [Line Items] | |||
Financial or other support to investees designated as VIEs | $ 0 | $ 0 | $ 0 |
Proceeds From Securitizations of Loans Held-for-Investment, Carry Value | 443 | 451 | |
Proceeds from Securitizations of Loans Held-for-investment | 467 | 478 | |
Gain (Loss) on Securitization of Financial Assets | 24 | 27 | |
RMBS | |||
Variable Interest Entity [Line Items] | |||
Transfers of Financial Assets Accounted for as Sale, Initial Fair Value of Assets Obtained as Proceeds | $ 131 | $ 98 |
Investments (Net Investment I_3
Investments (Net Investment Income - Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Equity Method Investments | |||
Net Investment Income [Line Items] | |||
Gross Investment Income, Operating | $ 795 | $ 592 | $ 495 |
Investments (Net Investment Gai
Investments (Net Investment Gains Losses - Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |||
Foreign Currency Transaction Gain (Loss), Realized | $ (124) | $ (16) | $ (6) |
Derivatives (Primary Risks) (De
Derivatives (Primary Risks) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 311,853 | $ 307,459 |
Estimated Fair Value Assets | 10,084 | 8,969 |
Estimated Fair Value Liabilities | 3,737 | 3,930 |
Derivatives Designated as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 59,290 | 54,384 |
Estimated Fair Value Assets | 4,572 | 4,225 |
Estimated Fair Value Liabilities | 1,761 | 2,297 |
Derivatives Designated as Hedging Instruments [Member] | Fair Value Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 6,009 | 5,819 |
Estimated Fair Value Assets | 2,684 | 2,279 |
Estimated Fair Value Liabilities | 59 | 20 |
Derivatives Designated as Hedging Instruments [Member] | Fair Value Hedges [Member] | Interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 2,369 | 2,446 |
Estimated Fair Value Assets | 2,667 | 2,197 |
Estimated Fair Value Liabilities | 2 | 2 |
Derivatives Designated as Hedging Instruments [Member] | Fair Value Hedges [Member] | Foreign currency swaps | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 1,304 | 1,233 |
Estimated Fair Value Assets | 16 | 54 |
Estimated Fair Value Liabilities | 17 | 0 |
Derivatives Designated as Hedging Instruments [Member] | Fair Value Hedges [Member] | Foreign currency forwards | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 2,336 | 2,140 |
Estimated Fair Value Assets | 1 | 28 |
Estimated Fair Value Liabilities | 40 | 18 |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 48,022 | 42,468 |
Estimated Fair Value Assets | 1,855 | 1,939 |
Estimated Fair Value Liabilities | 1,601 | 2,048 |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedges [Member] | Interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 3,675 | 3,515 |
Estimated Fair Value Assets | 145 | 143 |
Estimated Fair Value Liabilities | 27 | 1 |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedges [Member] | Interest rate forwards | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 7,364 | 3,022 |
Estimated Fair Value Assets | 83 | 0 |
Estimated Fair Value Liabilities | 144 | 216 |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedges [Member] | Foreign currency swaps | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 36,983 | 35,931 |
Estimated Fair Value Assets | 1,627 | 1,796 |
Estimated Fair Value Liabilities | 1,430 | 1,831 |
Derivatives Designated as Hedging Instruments [Member] | Foreign Operations Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 5,259 | 6,097 |
Estimated Fair Value Assets | 33 | 7 |
Estimated Fair Value Liabilities | 101 | 229 |
Derivatives Designated as Hedging Instruments [Member] | Foreign Operations Hedges [Member] | Foreign currency forwards | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 1,059 | 960 |
Estimated Fair Value Assets | 0 | 4 |
Estimated Fair Value Liabilities | 10 | 27 |
Derivatives Designated as Hedging Instruments [Member] | Foreign Operations Hedges [Member] | Currency options | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 4,200 | 5,137 |
Estimated Fair Value Assets | 33 | 3 |
Estimated Fair Value Liabilities | 91 | 202 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 252,563 | 253,075 |
Estimated Fair Value Assets | 5,512 | 4,744 |
Estimated Fair Value Liabilities | 1,976 | 1,633 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 58,083 | 54,891 |
Estimated Fair Value Assets | 2,867 | 1,796 |
Estimated Fair Value Liabilities | 185 | 175 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Interest rate forwards | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 129 | 234 |
Estimated Fair Value Assets | 1 | 1 |
Estimated Fair Value Liabilities | 2 | 15 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Interest rate floors | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 12,701 | 12,701 |
Estimated Fair Value Assets | 155 | 102 |
Estimated Fair Value Liabilities | 0 | 0 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Interest rate caps | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 42,622 | 54,575 |
Estimated Fair Value Assets | 18 | 154 |
Estimated Fair Value Liabilities | 5 | 1 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Interest rate futures | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 2,423 | 2,353 |
Estimated Fair Value Assets | 2 | 1 |
Estimated Fair Value Liabilities | 3 | 3 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Interest rate options | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 27,344 | 26,690 |
Estimated Fair Value Assets | 764 | 416 |
Estimated Fair Value Liabilities | 1 | 0 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Synthetic GICs | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 30,341 | 25,700 |
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] | ||
Derivative, Notional Amount | 13,699 | 11,388 |
Estimated Fair Value Assets | 644 | 884 |
Estimated Fair Value Liabilities | 461 | 458 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Foreign currency forwards | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 13,507 | 13,417 |
Estimated Fair Value Assets | 50 | 198 |
Estimated Fair Value Liabilities | 393 | 213 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Currency futures | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 880 | 847 |
Estimated Fair Value Assets | 7 | 4 |
Estimated Fair Value Liabilities | 0 | 0 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Currency options | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 1,801 | 2,040 |
Estimated Fair Value Assets | 0 | 7 |
Estimated Fair Value Liabilities | 0 | 0 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Credit default swaps — purchased | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 2,944 | 1,903 |
Estimated Fair Value Assets | 4 | 25 |
Estimated Fair Value Liabilities | 102 | 39 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Credit default swaps — written | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 11,520 | 11,391 |
Estimated Fair Value Assets | 272 | 95 |
Estimated Fair Value Liabilities | 1 | 13 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Equity futures | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 4,540 | 2,992 |
Estimated Fair Value Assets | 6 | 13 |
Estimated Fair Value Liabilities | 8 | 77 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Equity index options | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 27,105 | 27,707 |
Estimated Fair Value Assets | 694 | 884 |
Estimated Fair Value Liabilities | 677 | 550 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Equity variance swaps | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 1,115 | 2,269 |
Estimated Fair Value Assets | 23 | 40 |
Estimated Fair Value Liabilities | 19 | 87 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Total rate of return swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 1,048 | 1,048 |
Estimated Fair Value Assets | 5 | 33 |
Estimated Fair Value Liabilities | 49 | 2 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Equity Total Return Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 761 | 929 |
Estimated Fair Value Assets | 0 | 91 |
Estimated Fair Value Liabilities | $ 70 | $ 0 |
Derivatives Derivatives (Effect
Derivatives Derivatives (Effects on the Consolidated Statement of Operations and Comprehensive Income (Loss)) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | $ 628,000,000 | $ 851,000,000 | $ (590,000,000) |
Net Investment Income | 18,868,000,000 | 16,166,000,000 | 17,363,000,000 |
Net investment gains (losses) | 444,000,000 | (298,000,000) | (308,000,000) |
Policyholder benefits and claims | 41,461,000,000 | 42,656,000,000 | 38,313,000,000 |
Policyholder Account Balance, Interest Expense | 6,464,000,000 | 4,013,000,000 | 5,607,000,000 |
Operating Expenses | 13,689,000,000 | 13,714,000,000 | 13,621,000,000 |
Other Comprehensive Income (Loss), before Tax | 14,639,000,000 | (8,369,000,000) | 4,369,000,000 |
Nonperformance Risk [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net | (116,000,000) | 133,000,000 | (190,000,000) |
Fair Value Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | (46,000,000) | 50,000,000 |
Net Investment Income | 2,000,000 | 0 | 0 |
Net investment gains (losses) | (71,000,000) | 0 | 0 |
Policyholder benefits and claims | (30,000,000) | 0 | 0 |
Policyholder Account Balance, Interest Expense | 1,000,000 | 0 | 0 |
Operating Expenses | 0 | 0 | 0 |
Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | 33,000,000 | 28,000,000 |
Net Investment Income | 20,000,000 | 16,000,000 | 18,000,000 |
Net investment gains (losses) | 8,000,000 | 0 | 0 |
Policyholder Account Balance, Interest Expense | 0 | 0 | 0 |
Operating Expenses | 4,000,000 | 3,000,000 | 3,000,000 |
Other Comprehensive Income (Loss), before Tax | 82,000,000 | 674,000,000 | (1,056,000,000) |
Net Investment Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Tax | (36,000,000) | (125,000,000) | (445,000,000) |
Foreign Exchange Forward [Member] | Net Investment Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Tax | (125,000,000) | (445,000,000) | |
Designated as Hedging Instrument [Member] | Net Investment Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Tax | (32,000,000) | ||
Interest Rate Contract [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | 21,000,000 | 13,000,000 |
Net Investment Income | 23,000,000 | 20,000,000 | 18,000,000 |
Net investment gains (losses) | 4,000,000 | 0 | 0 |
Policyholder benefits and claims | 0 | 0 | 0 |
Policyholder Account Balance, Interest Expense | 0 | 0 | 0 |
Operating Expenses | 2,000,000 | 1,000,000 | 1,000,000 |
Other Comprehensive Income (Loss), before Tax | (29,000,000) | (42,000,000) | (32,000,000) |
Credit forwards [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | 1,000,000 | 1,000,000 |
Net Investment Income | 1,000,000 | 1,000,000 | 0 |
Net investment gains (losses) | 0 | 0 | 0 |
Policyholder benefits and claims | 0 | 0 | 0 |
Policyholder Account Balance, Interest Expense | 0 | 0 | 0 |
Operating Expenses | 0 | 0 | 0 |
Other Comprehensive Income (Loss), before Tax | (1,000,000) | (2,000,000) | (1,000,000) |
Currency Swap [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | (558,000,000) | 974,000,000 |
Net Investment Income | (4,000,000) | (5,000,000) | 0 |
Net investment gains (losses) | 240,000,000 | 0 | 0 |
Policyholder benefits and claims | 0 | 0 | 0 |
Policyholder Account Balance, Interest Expense | 0 | 0 | 0 |
Operating Expenses | 2,000,000 | 2,000,000 | 2,000,000 |
Other Comprehensive Income (Loss), before Tax | (238,000,000) | 561,000,000 | (976,000,000) |
Derivative [Member] | Fair Value Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | (58,000,000) | (40,000,000) |
Net Investment Income | 0 | 0 | 0 |
Net investment gains (losses) | (72,000,000) | 0 | 0 |
Policyholder benefits and claims | 0 | 0 | 0 |
Policyholder Account Balance, Interest Expense | 0 | 0 | 0 |
Operating Expenses | 0 | 0 | 0 |
Derivative [Member] | Interest rate swaps | Fair Value Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | (220,000,000) | (65,000,000) |
Net Investment Income | (3,000,000) | 0 | 0 |
Net investment gains (losses) | 0 | 0 | 0 |
Policyholder benefits and claims | 339,000,000 | 0 | 0 |
Policyholder Account Balance, Interest Expense | 1,000,000 | 0 | 0 |
Operating Expenses | 0 | 0 | 0 |
Derivative [Member] | Currency Swap [Member] | Fair Value Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | 156,000,000 | 51,000,000 |
Net Investment Income | (55,000,000) | 0 | 0 |
Net investment gains (losses) | 24,000,000 | 0 | 0 |
Policyholder benefits and claims | 0 | 0 | 0 |
Policyholder Account Balance, Interest Expense | 0 | 0 | 0 |
Operating Expenses | 0 | 0 | 0 |
Debt Securities [Member] | Interest rate swaps | Fair Value Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | 226,000,000 | 130,000,000 |
Net Investment Income | 4,000,000 | 0 | 0 |
Net investment gains (losses) | 0 | 0 | 0 |
Policyholder benefits and claims | (369,000,000) | 0 | 0 |
Policyholder Account Balance, Interest Expense | 0 | 0 | 0 |
Operating Expenses | 0 | 0 | 0 |
Debt Securities [Member] | Currency Swap [Member] | Fair Value Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | (150,000,000) | (26,000,000) |
Net Investment Income | 56,000,000 | 0 | 0 |
Net investment gains (losses) | (23,000,000) | 0 | 0 |
Policyholder benefits and claims | 0 | 0 | 0 |
Policyholder Account Balance, Interest Expense | 0 | 0 | 0 |
Operating Expenses | 0 | 0 | 0 |
Foreign Currency Gain (Loss) [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | 569,000,000 | (960,000,000) |
Net Investment Income | 0 | 0 | 0 |
Net investment gains (losses) | (236,000,000) | 0 | 0 |
Policyholder benefits and claims | 0 | 0 | 0 |
Policyholder Account Balance, Interest Expense | 0 | 0 | 0 |
Operating Expenses | 0 | 0 | 0 |
Other Comprehensive Income (Loss), before Tax | 0 | 0 | 0 |
Non-derivative [Domain] [Member] | Net Investment Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Tax | (4,000,000) | 0 | 0 |
Accumulated Other Comprehensive Income (Loss) | Credit forwards [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Tax | 6,000,000 | 0 | 0 |
Accumulated Other Comprehensive Income (Loss) | Currency Swap [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Tax | (278,000,000) | 414,000,000 | (335,000,000) |
Accumulated Other Comprehensive Income (Loss) | Interest rate swaps | Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Tax | 622,000,000 | (257,000,000) | 288,000,000 |
Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | (157,000,000) | 467,000,000 | (2,018,000,000) |
Net Investment Income | (3,000,000) | 5,000,000 | (8,000,000) |
Net investment gains (losses) | 0 | 0 | 0 |
Policyholder benefits and claims | (164,000,000) | 48,000,000 | (248,000,000) |
Policyholder Account Balance, Interest Expense | 0 | 0 | 0 |
Operating Expenses | 0 | 0 | 0 |
Foreign Exchange [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | (346,000,000) | 518,000,000 | (742,000,000) |
Net Investment Income | 0 | 0 | 0 |
Net investment gains (losses) | 0 | 0 | 0 |
Policyholder benefits and claims | 2,000,000 | (6,000,000) | 5,000,000 |
Policyholder Account Balance, Interest Expense | 0 | 0 | 0 |
Operating Expenses | 0 | 0 | 0 |
Credit derivatives — purchased | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | (38,000,000) | 6,000,000 | (24,000,000) |
Net Investment Income | 0 | 0 | 0 |
Net investment gains (losses) | 0 | 0 | 0 |
Policyholder benefits and claims | 0 | 0 | 0 |
Policyholder Account Balance, Interest Expense | 0 | 0 | 0 |
Operating Expenses | 0 | 0 | 0 |
Credit derivatives — written | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 248,000,000 | (132,000,000) | 145,000,000 |
Net Investment Income | 0 | 0 | 0 |
Net investment gains (losses) | 0 | 0 | 0 |
Policyholder benefits and claims | 0 | 0 | 0 |
Policyholder Account Balance, Interest Expense | 0 | 0 | 0 |
Operating Expenses | 0 | 0 | 0 |
Equity Market Risk [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | (1,339,000,000) | 360,000,000 | (1,046,000,000) |
Net Investment Income | 0 | 1,000,000 | (9,000,000) |
Net investment gains (losses) | 0 | 0 | 0 |
Policyholder benefits and claims | (205,000,000) | 60,000,000 | (252,000,000) |
Policyholder Account Balance, Interest Expense | 0 | 0 | 0 |
Operating Expenses | 0 | 0 | 0 |
Foreign Currency Gain (Loss) [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 55,000,000 | (127,000,000) | 198,000,000 |
Net Investment Income | 0 | 0 | 0 |
Net investment gains (losses) | 0 | 0 | 0 |
Policyholder benefits and claims | 0 | 0 | 0 |
Policyholder Account Balance, Interest Expense | 0 | 0 | 0 |
Operating Expenses | 0 | 0 | 0 |
Interest Rate Risk [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 1,263,000,000 | (158,000,000) | (549,000,000) |
Net Investment Income | (3,000,000) | 4,000,000 | 1,000,000 |
Net investment gains (losses) | 0 | 0 | 0 |
Policyholder benefits and claims | 39,000,000 | (6,000,000) | (1,000,000) |
Policyholder Account Balance, Interest Expense | 0 | 0 | 0 |
Operating Expenses | 0 | 0 | 0 |
Nonoperating Income (Expense) [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 513,000,000 | 547,000,000 | 551,000,000 |
Net Investment Income | 237,000,000 | 360,000,000 | 299,000,000 |
Net investment gains (losses) | 0 | 0 | 0 |
Policyholder benefits and claims | 138,000,000 | 11,000,000 | 9,000,000 |
Policyholder Account Balance, Interest Expense | (147,000,000) | (113,000,000) | (64,000,000) |
Operating Expenses | 0 | (11,000,000) | (10,000,000) |
Other Comprehensive Income (Loss), before Tax | 0 | 0 | 0 |
Embedded Derivative Financial Instruments [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 272,000,000 | (150,000,000) | 799,000,000 |
Policyholder benefits and claims | 0 | 0 | 0 |
Effects of Derivatives on Consolidated Statements of Operations and Comprehensive Income (Loss) [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net Investment Income | 256,000,000 | 381,000,000 | 309,000,000 |
Net investment gains (losses) | (63,000,000) | 0 | 0 |
Policyholder benefits and claims | (56,000,000) | 59,000,000 | (239,000,000) |
Policyholder Account Balance, Interest Expense | (146,000,000) | (113,000,000) | (64,000,000) |
Operating Expenses | 4,000,000 | (8,000,000) | (7,000,000) |
Other Comprehensive Income (Loss), before Tax | $ 46,000,000 | $ 549,000,000 | $ (1,501,000,000) |
Derivatives (Fair Value Hedges)
Derivatives (Fair Value Hedges) (Details) - Designated as Hedging Instrument [Member] $ in Millions | Dec. 31, 2019USD ($) |
Fixed Maturities [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Hedged Asset, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | $ (1) |
Debt Instruments, Carrying Amount | 2,736 |
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | (1) |
Mortgages [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Debt Instruments, Carrying Amount | 1,159 |
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | 2 |
Future policy benefits [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Debt Instruments, Carrying Amount | (4,475) |
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | $ (908) |
Derivatives (Cash Flow Hedges)
Derivatives (Cash Flow Hedges) (Details) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Maximum Length of Time Hedged in Cash Flow Hedge | 8 years | 4 years |
Derivative, Average Remaining Maturity | 4 years 3 months 18 days | 4 years 3 months 18 days |
B [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Average Remaining Maturity | 4 years 9 months 18 days | 5 years |
B [Member] | Single name credit default swaps (3) | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Average Remaining Maturity | 6 months | 0 years |
Derivatives (Hedges of Net Inve
Derivatives (Hedges of Net Investments in Foreign Operations) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Debt Designated as Non-derivative Hedging Instrument | $ 387 | $ 0 |
Derivatives (Credit Derivatives
Derivatives (Credit Derivatives) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 271 | $ 82 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 11,520 | $ 11,391 |
Weighted Average Years to Maturity | 4 years 3 months 18 days | 4 years 3 months 18 days |
Aaa/Aa/A | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 39 | $ 32 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 2,473 | $ 2,508 |
Weighted Average Years to Maturity | 2 years 2 months 12 days | 2 years 4 months 24 days |
Aaa/Aa/A | Single name credit default swaps (3) | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 4 | $ 4 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 298 | $ 354 |
Weighted Average Years to Maturity | 1 year 8 months 12 days | 1 year 8 months 12 days |
Aaa/Aa/A | Credit default swaps referencing indices | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 35 | $ 28 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 2,175 | $ 2,154 |
Weighted Average Years to Maturity | 2 years 2 months 12 days | 2 years 6 months |
Baa | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 206 | $ 43 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 8,755 | $ 8,538 |
Weighted Average Years to Maturity | 4 years 10 months 24 days | 4 years 9 months 18 days |
Baa | Single name credit default swaps (3) | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 3 | $ 3 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 216 | $ 482 |
Weighted Average Years to Maturity | 1 year 6 months | 1 year 6 months |
Baa | Credit default swaps referencing indices | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 203 | $ 40 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 8,539 | $ 8,056 |
Weighted Average Years to Maturity | 5 years | 5 years |
Ba | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 0 | $ 0 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 9 | $ 15 |
Weighted Average Years to Maturity | 5 years | 2 years |
Ba | Single name credit default swaps (3) | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 0 | $ 0 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 9 | $ 15 |
Weighted Average Years to Maturity | 5 years | 2 years |
Ba | Credit default swaps referencing indices | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 0 | |
Maximum Amount of Future Payments under Credit Default Swaps | $ 0 | $ 0 |
Weighted Average Years to Maturity | 0 years | 0 years |
Credit Risk Derivatives, at Fair Value, Net | $ 0 | |
B [Member] | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | 26 | $ 7 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 283 | $ 330 |
Weighted Average Years to Maturity | 4 years 9 months 18 days | 5 years |
B [Member] | Single name credit default swaps (3) | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 0 | $ 0 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 10 | $ 0 |
Weighted Average Years to Maturity | 6 months | 0 years |
B [Member] | Credit default swaps referencing indices | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 26 | $ 7 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 273 | $ 330 |
Weighted Average Years to Maturity | 5 years | 5 years |
Derivatives (Estimated Fair Val
Derivatives (Estimated Fair Value of Derivative Assets and Liabilities after Master Netting Agreements and Cash Collateral) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Offsetting Assets [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Excluding Accruals | $ 10,195 | $ 9,068 |
Derivative Liability, Fair Value, Gross Liability Excluding Accruals | 3,716 | 3,871 |
Net amount of derivative assets after application of master netting agreements and cash collateral | 93 | 352 |
Net amount of derivative liabilities after application of master netting agreements and cash collateral | 25 | 69 |
Over the Counter [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Excluding Accruals | 9,574 | 8,805 |
Derivative Liability, Fair Value, Gross Liability Excluding Accruals | 3,624 | 3,758 |
Gross estimated fair value of derivative assets | (2,664) | (2,570) |
Gross estimated fair value of derivative liabilities | (2,664) | (2,570) |
Cash collateral on derivative assets | (5,317) | (4,709) |
Cash collateral on derivative liabilities | 0 | 0 |
Securities collateral on derivative assets | (1,521) | (1,266) |
Securities collateral on derivative liabilities | (935) | (1,134) |
Exchange Traded [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Excluding Accruals | 15 | 18 |
Derivative Liability, Fair Value, Gross Liability Excluding Accruals | 11 | 80 |
Gross estimated fair value of derivative assets | (2) | (1) |
Gross estimated fair value of derivative liabilities | (2) | (1) |
Cash collateral on derivative assets | 0 | 0 |
Cash collateral on derivative liabilities | (5) | (57) |
Securities collateral on derivative assets | 0 | 0 |
Securities collateral on derivative liabilities | (4) | (7) |
Cleared [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Excluding Accruals | 606 | 245 |
Derivative Liability, Fair Value, Gross Liability Excluding Accruals | 81 | 33 |
Gross estimated fair value of derivative assets | (38) | (25) |
Gross estimated fair value of derivative liabilities | (38) | (25) |
Cash collateral on derivative assets | (560) | (145) |
Cash collateral on derivative liabilities | (4) | 0 |
Securities collateral on derivative assets | 0 | 0 |
Securities collateral on derivative liabilities | $ (39) | $ (8) |
Derivatives (Credit Risk on Fre
Derivatives (Credit Risk on Freestanding Derivatives) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Credit Derivatives [Line Items] | ||
Collateral Amount Not Provided Due to Downgrade Threshold | $ 15 | |
Estimated Fair Value of Derivatives in a Net Liability Position (1) | 959 | $ 1,188 |
Fixed maturity securities AFS | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Collateral Provided: | 1,063 | 1,227 |
Cash | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Collateral Provided: | 0 | 6 |
Derivatives Subject to Credit-Contingent Provisions | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Derivatives in a Net Liability Position (1) | 874 | 1,148 |
Derivatives Subject to Credit-Contingent Provisions | Fixed maturity securities AFS | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Collateral Provided: | 983 | 1,218 |
Derivatives Subject to Credit-Contingent Provisions | Cash | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Collateral Provided: | 0 | 6 |
Derivatives Not Subject to Credit-Contingent Provisions | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Derivatives in a Net Liability Position (1) | 85 | 40 |
Derivatives Not Subject to Credit-Contingent Provisions | Fixed maturity securities AFS | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Collateral Provided: | 80 | 9 |
Derivatives Not Subject to Credit-Contingent Provisions | Cash | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Collateral Provided: | $ 0 | $ 0 |
Derivatives (Embedded Derivativ
Derivatives (Embedded Derivatives) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract] | ||
Embedded derivatives within liability host contracts | $ 802 | $ 810 |
Ceded guaranteed minimum benefits | Premiums, reinsurance and other receivables | ||
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract] | ||
Embedded derivatives within asset host contracts | 60 | 71 |
Direct guaranteed minimum benefits | Policyholder account balances [Member] | ||
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract] | ||
Embedded derivatives within liability host contracts | 312 | 298 |
Assumed guaranteed minimum benefits | Policyholder account balances [Member] | ||
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract] | ||
Embedded derivatives within liability host contracts | 312 | 495 |
Funds withheld on ceded reinsurance | Other liabilities | ||
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract] | ||
Embedded derivatives within liability host contracts | 36 | (41) |
Fixed annuities with equity indexed returns [Member] | Policyholder account balances [Member] | ||
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract] | ||
Embedded derivatives within liability host contracts | 130 | 58 |
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 | $ 12 | $ 0 |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivatives, Fair Value [Line Items] | |||
Estimated Fair Value Assets | $ 10,084 | $ 8,969 | |
Estimated Fair Value Liabilities | 3,737 | 3,930 | |
Maximum Amount of Future Payments under Credit Default Swaps | 11,520 | 11,391 | |
Estimated Fair Value of Credit Default Swaps | 271 | 82 | |
Excess cash collateral received on derivatives | 389 | $ 135 | |
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] | |||
Derivative, Average Remaining Maturity | 4 years 3 months 18 days | 4 years 3 months 18 days | |
Net investment gains (losses) | $ 444 | $ (298) | $ (308) |
Derivative Instrument Detail [Abstract] | |||
Net amounts reclassified into net derivatives gains (losses) on discontinued cash flow hedges | $ 58 | $ 5 | 13 |
Hedging exposure to variability in future cash flows for specific length of time | 8 years | 4 years | |
Accumulated Other Comprehensive Income Loss | $ 2,200 | $ 2,100 | |
Deferred net gains (losses) expected to be reclassified to earnings | 37 | ||
Cumulative foreign currency translation gain (loss) recorded in accumulated other comprehensive income (loss) for net investment in foreign operations hedges | 148 | 184 | |
Excess securities collateral provided on derivatives | 266 | 226 | |
Ba [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Maximum Amount of Future Payments under Credit Default Swaps | 9 | 15 | |
Estimated Fair Value of Credit Default Swaps | $ 0 | $ 0 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Average Remaining Maturity | 5 years | 2 years | |
Nonperformance Risk [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Embedded derivative gains (losses) | $ (116) | $ 133 | (190) |
Over the Counter [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 5,317 | 4,709 | |
Excess securities collateral received on derivatives | (156) | (70) | |
Excess securities collateral provided on derivatives | (189) | (212) | |
Exchange Cleared [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 560 | 145 | |
Excess securities collateral provided on derivatives | (1,000) | (601) | |
Exchange Traded [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 0 | 0 | |
Excess securities collateral provided on derivatives | (143) | (90) | |
Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net investment gains (losses) | 8 | 0 | $ 0 |
Credit Index Product [Member] | Ba [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Maximum Amount of Future Payments under Credit Default Swaps | $ 0 | 0 | |
Estimated Fair Value of Credit Default Swaps | $ 0 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Average Remaining Maturity | 0 years | 0 years | |
Accrued Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Estimated Fair Value Assets | $ 111 | $ 99 | |
Estimated Fair Value Liabilities | $ (21) | $ (59) |
Fair Value (Recurring Fair Valu
Fair Value (Recurring Fair Value Measurements) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Assets [Abstract] | ||
Debt Securities, Available-for-sale | $ 327,820 | $ 298,265 |
Equity securities | 1,342 | 1,440 |
Unit-linked and FVO Securities (1) | 13,102 | 12,616 |
Short-term investments | 3,850 | 3,937 |
Residential mortgage loans — FVO | 80,529 | 75,752 |
Derivative assets | 10,084 | 8,969 |
Separate account assets | 188,445 | 175,556 |
Liabilities [Abstract] | ||
Derivative liabilities | 3,737 | 3,930 |
Embedded derivatives within liability host contracts | 802 | 810 |
Separate account liabilities | 188,445 | 175,556 |
Residential mortgage loans - FVO | ||
Assets [Abstract] | ||
Residential mortgage loans — FVO | 188 | 299 |
Recurring | ||
Assets [Abstract] | ||
Debt Securities, Available-for-sale | 327,820 | 298,265 |
Equity securities | 1,342 | 1,440 |
Unit-linked and FVO Securities (1) | 13,102 | 12,616 |
Short-term investments | 3,182 | 3,249 |
Other investments | 689 | 237 |
Derivative assets | 10,084 | 8,969 |
Embedded derivatives within asset host contracts | 60 | 71 |
Separate account assets | 188,445 | 175,556 |
Total assets (6) | 544,912 | 500,702 |
Liabilities [Abstract] | ||
Derivative liabilities | 3,737 | 3,930 |
Embedded derivatives within liability host contracts | 802 | 810 |
Total liabilities | 4,561 | 4,768 |
Recurring | Interest rate contracts | ||
Assets [Abstract] | ||
Derivative assets | 6,707 | 4,843 |
Liabilities [Abstract] | ||
Derivative liabilities | 418 | 415 |
Recurring | Foreign currency exchange rate contracts | ||
Assets [Abstract] | ||
Derivative assets | 2,378 | 2,978 |
Liabilities [Abstract] | ||
Derivative liabilities | 2,442 | 2,749 |
Recurring | Credit contracts | ||
Assets [Abstract] | ||
Derivative assets | 276 | 120 |
Liabilities [Abstract] | ||
Derivative liabilities | 103 | 52 |
Recurring | Equity market contracts | ||
Assets [Abstract] | ||
Derivative assets | 723 | 1,028 |
Liabilities [Abstract] | ||
Derivative liabilities | 774 | 714 |
Recurring | Derivative Liabilities Within Separate Accounts | ||
Liabilities [Abstract] | ||
Separate account liabilities | 22 | 28 |
Recurring | Residential mortgage loans - FVO | ||
Assets [Abstract] | ||
Residential mortgage loans — FVO | 188 | 299 |
Recurring | U.S. corporate | ||
Assets [Abstract] | ||
Debt Securities, Available-for-sale | 87,753 | 78,948 |
Recurring | Foreign government | ||
Assets [Abstract] | ||
Debt Securities, Available-for-sale | 67,229 | 62,288 |
Recurring | Foreign corporate | ||
Assets [Abstract] | ||
Debt Securities, Available-for-sale | 64,165 | 56,703 |
Recurring | U.S. government and agency | ||
Assets [Abstract] | ||
Debt Securities, Available-for-sale | 42,084 | 39,322 |
Recurring | RMBS | ||
Assets [Abstract] | ||
Debt Securities, Available-for-sale | 28,547 | 27,961 |
Recurring | ABS | ||
Assets [Abstract] | ||
Debt Securities, Available-for-sale | 14,542 | 12,472 |
Recurring | Municipals | ||
Assets [Abstract] | ||
Debt Securities, Available-for-sale | 13,053 | 11,533 |
Recurring | CMBS | ||
Assets [Abstract] | ||
Debt Securities, Available-for-sale | 10,447 | 9,038 |
Recurring | Level 1 | ||
Assets [Abstract] | ||
Debt Securities, Available-for-sale | 21,061 | 19,656 |
Equity securities | 794 | 916 |
Unit-linked and FVO Securities (1) | 10,598 | 10,216 |
Short-term investments | 2,042 | 1,470 |
Other investments | 74 | 80 |
Derivative assets | 15 | 18 |
Embedded derivatives within asset host contracts | 0 | 0 |
Separate account assets | 86,790 | 79,726 |
Total assets (6) | 121,374 | 112,082 |
Liabilities [Abstract] | ||
Derivative liabilities | 11 | 80 |
Embedded derivatives within liability host contracts | 0 | 0 |
Total liabilities | 12 | 81 |
Recurring | Level 1 | Interest rate contracts | ||
Assets [Abstract] | ||
Derivative assets | 2 | 1 |
Liabilities [Abstract] | ||
Derivative liabilities | 3 | 3 |
Recurring | Level 1 | Foreign currency exchange rate contracts | ||
Assets [Abstract] | ||
Derivative assets | 7 | 4 |
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 | 6 | 13 |
Liabilities [Abstract] | ||
Derivative liabilities | 8 | 77 |
Recurring | Level 1 | Derivative Liabilities Within Separate Accounts | ||
Liabilities [Abstract] | ||
Separate account liabilities | 1 | 1 |
Recurring | Level 1 | Residential mortgage loans - FVO | ||
Assets [Abstract] | ||
Residential mortgage loans — FVO | 0 | 0 |
Recurring | Level 1 | U.S. corporate | ||
Assets [Abstract] | ||
Debt Securities, Available-for-sale | 0 | 0 |
Recurring | Level 1 | Foreign government | ||
Assets [Abstract] | ||
Debt Securities, Available-for-sale | 0 | 0 |
Recurring | Level 1 | Foreign corporate | ||
Assets [Abstract] | ||
Debt Securities, Available-for-sale | 0 | 0 |
Recurring | Level 1 | U.S. government and agency | ||
Assets [Abstract] | ||
Debt Securities, Available-for-sale | 21,058 | 19,656 |
Recurring | Level 1 | RMBS | ||
Assets [Abstract] | ||
Debt Securities, Available-for-sale | 3 | 0 |
Recurring | Level 1 | ABS | ||
Assets [Abstract] | ||
Debt Securities, Available-for-sale | 0 | 0 |
Recurring | Level 1 | Municipals | ||
Assets [Abstract] | ||
Debt Securities, Available-for-sale | 0 | 0 |
Recurring | Level 1 | CMBS | ||
Assets [Abstract] | ||
Debt Securities, Available-for-sale | 0 | 0 |
Recurring | Level 2 | ||
Assets [Abstract] | ||
Debt Securities, Available-for-sale | 287,948 | 263,738 |
Equity securities | 118 | 105 |
Unit-linked and FVO Securities (1) | 1,879 | 1,995 |
Short-term investments | 1,108 | 1,746 |
Other investments | 160 | 118 |
Derivative assets | 9,882 | 8,778 |
Embedded derivatives within asset host contracts | 0 | 0 |
Separate account assets | 100,668 | 94,886 |
Total assets (6) | 401,763 | 371,366 |
Liabilities [Abstract] | ||
Derivative liabilities | 3,393 | 3,452 |
Embedded derivatives within liability host contracts | 0 | 0 |
Total liabilities | 3,407 | 3,472 |
Recurring | Level 2 | Interest rate contracts | ||
Assets [Abstract] | ||
Derivative assets | 6,616 | 4,809 |
Liabilities [Abstract] | ||
Derivative liabilities | 220 | 194 |
Recurring | Level 2 | Foreign currency exchange rate contracts | ||
Assets [Abstract] | ||
Derivative assets | 2,336 | 2,922 |
Liabilities [Abstract] | ||
Derivative liabilities | 2,324 | 2,660 |
Recurring | Level 2 | Credit contracts | ||
Assets [Abstract] | ||
Derivative assets | 244 | 91 |
Liabilities [Abstract] | ||
Derivative liabilities | 102 | 48 |
Recurring | Level 2 | Equity market contracts | ||
Assets [Abstract] | ||
Derivative assets | 686 | 956 |
Liabilities [Abstract] | ||
Derivative liabilities | 747 | 550 |
Recurring | Level 2 | Derivative Liabilities Within Separate Accounts | ||
Liabilities [Abstract] | ||
Separate account liabilities | 14 | 20 |
Recurring | Level 2 | Residential mortgage loans - FVO | ||
Assets [Abstract] | ||
Residential mortgage loans — FVO | 0 | 0 |
Recurring | Level 2 | U.S. corporate | ||
Assets [Abstract] | ||
Debt Securities, Available-for-sale | 81,501 | 74,874 |
Recurring | Level 2 | Foreign government | ||
Assets [Abstract] | ||
Debt Securities, Available-for-sale | 67,112 | 62,150 |
Recurring | Level 2 | Foreign corporate | ||
Assets [Abstract] | ||
Debt Securities, Available-for-sale | 56,188 | 50,310 |
Recurring | Level 2 | U.S. government and agency | ||
Assets [Abstract] | ||
Debt Securities, Available-for-sale | 21,026 | 19,666 |
Recurring | Level 2 | RMBS | ||
Assets [Abstract] | ||
Debt Securities, Available-for-sale | 25,682 | 24,734 |
Recurring | Level 2 | ABS | ||
Assets [Abstract] | ||
Debt Securities, Available-for-sale | 13,326 | 11,775 |
Recurring | Level 2 | Municipals | ||
Assets [Abstract] | ||
Debt Securities, Available-for-sale | 13,046 | 11,533 |
Recurring | Level 2 | CMBS | ||
Assets [Abstract] | ||
Debt Securities, Available-for-sale | 10,067 | 8,696 |
Recurring | Level 3 | ||
Assets [Abstract] | ||
Debt Securities, Available-for-sale | 18,811 | 14,871 |
Equity securities | 430 | 419 |
Unit-linked and FVO Securities (1) | 625 | 405 |
Short-term investments | 32 | 33 |
Other investments | 455 | 39 |
Derivative assets | 187 | 173 |
Embedded derivatives within asset host contracts | 60 | 71 |
Separate account assets | 987 | 944 |
Total assets (6) | 21,775 | 17,254 |
Liabilities [Abstract] | ||
Derivative liabilities | 333 | 398 |
Embedded derivatives within liability host contracts | 802 | 810 |
Total liabilities | 1,142 | 1,215 |
Recurring | Level 3 | Interest rate contracts | ||
Assets [Abstract] | ||
Derivative assets | 89 | 33 |
Liabilities [Abstract] | ||
Derivative liabilities | 195 | 218 |
Recurring | Level 3 | Foreign currency exchange rate contracts | ||
Assets [Abstract] | ||
Derivative assets | 35 | 52 |
Liabilities [Abstract] | ||
Derivative liabilities | 118 | 89 |
Recurring | Level 3 | Credit contracts | ||
Assets [Abstract] | ||
Derivative assets | 32 | 29 |
Liabilities [Abstract] | ||
Derivative liabilities | 1 | 4 |
Recurring | Level 3 | Equity market contracts | ||
Assets [Abstract] | ||
Derivative assets | 31 | 59 |
Liabilities [Abstract] | ||
Derivative liabilities | 19 | 87 |
Recurring | Level 3 | Derivative Liabilities Within Separate Accounts | ||
Liabilities [Abstract] | ||
Separate account liabilities | 7 | 7 |
Recurring | Level 3 | Residential mortgage loans - FVO | ||
Assets [Abstract] | ||
Residential mortgage loans — FVO | 188 | 299 |
Recurring | Level 3 | U.S. corporate | ||
Assets [Abstract] | ||
Debt Securities, Available-for-sale | 6,252 | 4,074 |
Recurring | Level 3 | Foreign government | ||
Assets [Abstract] | ||
Debt Securities, Available-for-sale | 117 | 138 |
Recurring | Level 3 | Foreign corporate | ||
Assets [Abstract] | ||
Debt Securities, Available-for-sale | 7,977 | 6,393 |
Recurring | Level 3 | U.S. government and agency | ||
Assets [Abstract] | ||
Debt Securities, Available-for-sale | 0 | 0 |
Recurring | Level 3 | RMBS | ||
Assets [Abstract] | ||
Debt Securities, Available-for-sale | 2,862 | 3,227 |
Recurring | Level 3 | ABS | ||
Assets [Abstract] | ||
Debt Securities, Available-for-sale | 1,216 | 697 |
Recurring | Level 3 | Municipals | ||
Assets [Abstract] | ||
Debt Securities, Available-for-sale | 7 | 0 |
Recurring | Level 3 | CMBS | ||
Assets [Abstract] | ||
Debt Securities, Available-for-sale | 380 | 342 |
Other limited partnership interests | Recurring | ||
Assets [Abstract] | ||
Investments, Fair Value Disclosure | $ 95 | $ 145 |
Fair Value (Quantitative Inform
Fair Value (Quantitative Information) (Details) | Dec. 31, 2019 | Dec. 31, 2018 |
Minimum | Interest rate contracts | Measurement Input, Swap Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 190 | 268 |
Minimum | Interest rate contracts | Measurement Input, Repurchase Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | (6) | (5) |
Minimum | Foreign currency exchange rate contracts | Measurement Input, Swap Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | (125) | (20) |
Minimum | Credit contracts | Measurement Input, Credit Spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 96 | 97 |
Minimum | Equity market contracts | Measurement Input, Price Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 0.14 | 0.21 |
Minimum | Equity market contracts | Measurement Input, Correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 0.10 | 0.10 |
Minimum | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Measurement Input, Utilization Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset (Liability) Net, Measurement Input | 0 | 0 |
Minimum | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Measurement Input, Withdrawal Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset (Liability) Net, Measurement Input | 0 | 0 |
Minimum | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Measurement Input, Long-Term Equity Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset (Liability) Net, Measurement Input | 0.0601 | 0.0716 |
Minimum | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Measurement Input, Counterparty Credit Risk | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset (Liability) Net, Measurement Input | 0.0003 | 0.0004 |
Minimum | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Durations 1 - 10 | Measurement Input, Lapse Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset (Liability) Net, Measurement Input | 0.0025 | 0.0025 |
Minimum | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Durations 11 - 20 | Measurement Input, Lapse Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset (Liability) Net, Measurement Input | 0.0050 | 0.02 |
Minimum | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Durations 21 - 116 | Measurement Input, Lapse Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset (Liability) Net, Measurement Input | 0.0050 | 0.0125 |
Minimum | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Ages 0 - 40 | Measurement Input, Mortality Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset (Liability) Net, Measurement Input | 0 | 0 |
Minimum | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Ages 41 - 60 | Measurement Input, Mortality Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset (Liability) Net, Measurement Input | 0.0003 | 0.0003 |
Minimum | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Ages 61 - 115 | Measurement Input, Mortality Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset (Liability) Net, Measurement Input | 0.0013 | 0.0012 |
Minimum | U.S. corporate and foreign corporate securities | Valuation Technique, Matrix Pricing | Measurement Input, Offered Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 5 | 85 |
Minimum | U.S. corporate and foreign corporate securities | Valuation Technique, Market Approach | Measurement Input, Quoted Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 25 | 25 |
Minimum | U.S. corporate and foreign corporate securities | Valuation Technique, Consensus Pricing Model | Measurement Input, Offered Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 81 | 100 |
Minimum | RMBS | Valuation Technique, Market Approach | Measurement Input, Quoted Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0 | 0 |
Minimum | ABS | Valuation Technique, Market Approach | Measurement Input, Quoted Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 3 | 3 |
Minimum | ABS | Valuation Technique, Consensus Pricing Model | Measurement Input, Offered Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 99 | 100 |
Maximum | Interest rate contracts | Measurement Input, Swap Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 251 | 317 |
Maximum | Interest rate contracts | Measurement Input, Repurchase Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 6 | 6 |
Maximum | Foreign currency exchange rate contracts | Measurement Input, Swap Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 328 | 328 |
Maximum | Credit contracts | Measurement Input, Credit Spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 100 | 103 |
Maximum | Equity market contracts | Measurement Input, Price Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 0.23 | 0.26 |
Maximum | Equity market contracts | Measurement Input, Correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 0.30 | 0.30 |
Maximum | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Measurement Input, Utilization Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset (Liability) Net, Measurement Input | 0.22 | 0.25 |
Maximum | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Measurement Input, Withdrawal Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset (Liability) Net, Measurement Input | 0.20 | 0.20 |
Maximum | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Measurement Input, Long-Term Equity Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset (Liability) Net, Measurement Input | 0.30 | 0.30 |
Maximum | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Measurement Input, Counterparty Credit Risk | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset (Liability) Net, Measurement Input | 0.0130 | 0.0177 |
Maximum | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Durations 1 - 10 | Measurement Input, Lapse Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset (Liability) Net, Measurement Input | 1 | 1 |
Maximum | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Durations 11 - 20 | Measurement Input, Lapse Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset (Liability) Net, Measurement Input | 1 | 1 |
Maximum | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Durations 21 - 116 | Measurement Input, Lapse Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset (Liability) Net, Measurement Input | 1 | 1 |
Maximum | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Ages 0 - 40 | Measurement Input, Mortality Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset (Liability) Net, Measurement Input | 0.0018 | 0.0018 |
Maximum | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Ages 41 - 60 | Measurement Input, Mortality Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset (Liability) Net, Measurement Input | 0.0080 | 0.0080 |
Maximum | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Ages 61 - 115 | Measurement Input, Mortality Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset (Liability) Net, Measurement Input | 1 | 1 |
Maximum | U.S. corporate and foreign corporate securities | Valuation Technique, Matrix Pricing | Measurement Input, Offered Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 145 | 134 |
Maximum | U.S. corporate and foreign corporate securities | Valuation Technique, Market Approach | Measurement Input, Quoted Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 131 | 638 |
Maximum | U.S. corporate and foreign corporate securities | Valuation Technique, Consensus Pricing Model | Measurement Input, Offered Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 109 | 110 |
Maximum | RMBS | Valuation Technique, Market Approach | Measurement Input, Quoted Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 119 | 106 |
Maximum | ABS | Valuation Technique, Market Approach | Measurement Input, Quoted Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 119 | 116 |
Maximum | ABS | Valuation Technique, Consensus Pricing Model | Measurement Input, Offered Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 104 | 103 |
Weighted Average | U.S. corporate and foreign corporate securities | Valuation Technique, Matrix Pricing | Measurement Input, Offered Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 110 | 104 |
Weighted Average | U.S. corporate and foreign corporate securities | Valuation Technique, Market Approach | Measurement Input, Quoted Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 100 | 110 |
Weighted Average | U.S. corporate and foreign corporate securities | Valuation Technique, Consensus Pricing Model | Measurement Input, Offered Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 102 | 102 |
Weighted Average | RMBS | Valuation Technique, Market Approach | Measurement Input, Quoted Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 95 | 94 |
Weighted Average | ABS | Valuation Technique, Market Approach | Measurement Input, Quoted Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 98 | 97 |
Weighted Average | ABS | Valuation Technique, Consensus Pricing Model | Measurement Input, Offered Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 100 | 101 |
Fair Value (Unobservable Input
Fair Value (Unobservable Input Reconciliation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Residential mortgage loans - FVO | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at January 1, | $ 299 | $ 520 | |
Total realized/unrealized gains (losses) included in net income (loss) | 7 | 7 | $ 40 |
Total realized/unrealized gains (losses) included in AOCI | 0 | 0 | 0 |
Purchases | 0 | 0 | |
Sales | (87) | (162) | |
Issuances | 0 | 0 | |
Settlements | (31) | (66) | |
Transfers into Level 3 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | |
Balance at December 31, | 188 | 299 | 520 |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | (14) | (15) | 27 |
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 | (14) | (15) | 27 |
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 | (129) | (59) | 53 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Balance at January 1, | (225) | (132) | |
Total realized/unrealized gains (losses) included in net income (loss) | (108) | (161) | 87 |
Total realized/unrealized gains (losses) included in AOCI | 157 | (140) | 216 |
Purchases | 4 | 5 | |
Sales | 0 | 0 | |
Issuances | (2) | (1) | |
Settlements | 29 | 204 | |
Transfers into Level 3 | (1) | 0 | |
Transfers out of Level 3 | 0 | 0 | |
Balance at December 31, | (146) | (225) | (132) |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | (129) | (59) | 53 |
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 | 264 | (150) | 793 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Balance at January 1, | (739) | (274) | |
Total realized/unrealized gains (losses) included in net income (loss) | 274 | (150) | 823 |
Total realized/unrealized gains (losses) included in AOCI | (2) | (15) | (46) |
Purchases | 0 | 0 | |
Sales | 0 | 0 | |
Issuances | 0 | 0 | |
Settlements | (275) | (300) | |
Transfers into Level 3 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | |
Balance at December 31, | (742) | (739) | (274) |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 264 | (150) | 793 |
Corporate fixed maturity securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at January 1, | 10,467 | 11,219 | |
Total realized/unrealized gains (losses) included in net income (loss) | (49) | 9 | 3 |
Total realized/unrealized gains (losses) included in AOCI | 893 | (745) | 708 |
Purchases | 3,689 | 1,903 | |
Sales | (870) | (1,464) | |
Issuances | 0 | 0 | |
Settlements | 0 | 0 | |
Transfers into Level 3 | 606 | 152 | |
Transfers out of Level 3 | (507) | (607) | |
Balance at December 31, | 14,229 | 10,467 | 11,219 |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | (50) | 1 | 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 | (50) | 1 | 1 |
Foreign government | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at January 1, | 138 | 209 | |
Total realized/unrealized gains (losses) included in net income (loss) | 0 | 3 | 4 |
Total realized/unrealized gains (losses) included in AOCI | (2) | (14) | 0 |
Purchases | 10 | 5 | |
Sales | (24) | (47) | |
Issuances | 0 | 0 | |
Settlements | 0 | 0 | |
Transfers into Level 3 | 20 | 0 | |
Transfers out of Level 3 | (25) | (18) | |
Balance at December 31, | 117 | 138 | 209 |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 0 | 1 | 4 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 0 | 1 | 4 |
Structured Securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at January 1, | 4,266 | 4,841 | |
Total realized/unrealized gains (losses) included in net income (loss) | 46 | 82 | 94 |
Total realized/unrealized gains (losses) included in AOCI | 42 | (23) | 133 |
Purchases | 1,338 | 1,142 | |
Sales | (737) | (946) | |
Issuances | 0 | 0 | |
Settlements | 0 | 0 | |
Transfers into Level 3 | 0 | 59 | |
Transfers out of Level 3 | (497) | (889) | |
Balance at December 31, | 4,458 | 4,266 | 4,841 |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 44 | 70 | 84 |
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 | 44 | 70 | 84 |
Municipals | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at January 1, | 0 | 0 | |
Total realized/unrealized gains (losses) included in net income (loss) | 0 | 0 | 0 |
Total realized/unrealized gains (losses) included in AOCI | 0 | 0 | 0 |
Purchases | 7 | 0 | |
Sales | 0 | 0 | |
Issuances | 0 | 0 | |
Settlements | 0 | 0 | |
Transfers into Level 3 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | |
Balance at December 31, | 7 | 0 | 0 |
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 |
Equity securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at January 1, | 419 | 428 | |
Total realized/unrealized gains (losses) included in net income (loss) | 47 | (36) | 0 |
Total realized/unrealized gains (losses) included in AOCI | 0 | 0 | 19 |
Purchases | 65 | 13 | |
Sales | (98) | (28) | |
Issuances | 0 | 0 | |
Settlements | 0 | 0 | |
Transfers into Level 3 | 0 | 52 | |
Transfers out of Level 3 | (3) | (10) | |
Balance at December 31, | 430 | 419 | 428 |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 39 | (26) | (17) |
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 | 39 | (26) | (17) |
Unit-linked and FVO Securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at January 1, | 405 | 362 | |
Total realized/unrealized gains (losses) included in net income (loss) | 48 | 6 | 22 |
Total realized/unrealized gains (losses) included in AOCI | 0 | 0 | 0 |
Purchases | 203 | 263 | |
Sales | (39) | (176) | |
Issuances | 0 | 0 | |
Settlements | 0 | 0 | |
Transfers into Level 3 | 20 | 9 | |
Transfers out of Level 3 | (12) | (59) | |
Balance at December 31, | 625 | 405 | 362 |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 48 | 8 | 19 |
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 | 48 | 8 | 19 |
Short-term Investments | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at January 1, | 33 | 33 | |
Total realized/unrealized gains (losses) included in net income (loss) | 0 | (1) | 0 |
Total realized/unrealized gains (losses) included in AOCI | (1) | (1) | 0 |
Purchases | 31 | 34 | |
Sales | (33) | (12) | |
Issuances | 0 | 0 | |
Settlements | 0 | 0 | |
Transfers into Level 3 | 2 | 0 | |
Transfers out of Level 3 | 0 | (20) | |
Balance at December 31, | 32 | 33 | 33 |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 0 | (1) | 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 | (1) | 0 |
Other Investments [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at January 1, | 39 | 0 | |
Total realized/unrealized gains (losses) included in net income (loss) | 0 | 0 | 0 |
Total realized/unrealized gains (losses) included in AOCI | 0 | 0 | 0 |
Purchases | 416 | 39 | |
Sales | 0 | 0 | |
Issuances | 0 | 0 | |
Settlements | 0 | 0 | |
Transfers into Level 3 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | |
Balance at December 31, | 455 | 39 | 0 |
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 |
Separate Accounts | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at January 1, | 937 | 959 | |
Total realized/unrealized gains (losses) included in net income (loss) | 7 | 7 | (8) |
Total realized/unrealized gains (losses) included in AOCI | 0 | 0 | 0 |
Purchases | 191 | 198 | |
Sales | (151) | (168) | |
Issuances | (3) | (3) | |
Settlements | 2 | (1) | |
Transfers into Level 3 | 0 | 53 | |
Transfers out of Level 3 | (3) | (108) | |
Balance at December 31, | 980 | 937 | 959 |
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) - Residential mortgage loans - FVO - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Unpaid principal balance | $ 209 | $ 344 |
Difference between estimated fair value and unpaid principal balance | (21) | (45) |
Carrying value at estimated fair value | 188 | 299 |
Loans in nonaccrual status | 47 | 89 |
Loans more than 90 days past due | 18 | 41 |
Loans in nonaccrual status or more than 90 days past due, or both - difference between aggregate estimate fair value and unpaid principal balance | $ (19) | $ (36) |
Fair Value (Nonrecurring Fair V
Fair Value (Nonrecurring Fair Value Measurements) (Details) - Nonrecurring - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other limited partnership interests | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Gains (Losses) | $ (65) | ||
Other Assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Other Assets, Fair Value Disclosure | $ 0 | $ 0 | |
Gains (Losses) | $ 0 | $ 0 | $ 10 |
Fair Value (Financial Instrumen
Fair Value (Financial Instruments Carried at Other Than Fair Value) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Mortgage loans | $ 51,340 | $ 48,747 |
Policy loans | 9,680 | 9,699 |
Liabilities | ||
Collateral financing arrangement | 993 | 1,060 |
Junior subordinated debt securities | 3,150 | 3,147 |
Separate account liabilities | 188,445 | 175,556 |
Carrying Value | ||
Assets | ||
Mortgage loans | 80,341 | 75,453 |
Policy loans | 9,680 | 9,699 |
Other invested assets | 1,183 | 1,177 |
Premiums, reinsurance and other receivables | 3,678 | 3,658 |
Other assets | 318 | 326 |
Liabilities | ||
Policyholder account balances | 119,262 | 114,040 |
Long-term debt | 13,336 | 12,820 |
Collateral financing arrangement | 993 | 1,060 |
Junior subordinated debt securities | 3,150 | 3,147 |
Other liabilities | 2,045 | 2,963 |
Separate account liabilities | 110,837 | 104,010 |
Estimated Fair Value | ||
Assets | ||
Mortgage loans | 83,079 | 76,379 |
Policy loans | 11,655 | 11,366 |
Other invested assets | 1,183 | 1,176 |
Premiums, reinsurance and other receivables | 3,884 | 3,797 |
Other assets | 319 | 350 |
Liabilities | ||
Policyholder account balances | 122,998 | 114,924 |
Long-term debt | 15,830 | 13,611 |
Collateral financing arrangement | 810 | 853 |
Junior subordinated debt securities | 4,405 | 3,738 |
Other liabilities | 2,819 | 3,518 |
Separate account liabilities | 110,837 | 104,010 |
Estimated Fair Value | Level 1 | ||
Assets | ||
Mortgage loans | 0 | 0 |
Policy loans | 0 | 0 |
Other invested assets | 0 | 0 |
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 | 326 | 338 |
Other invested assets | 809 | 793 |
Premiums, reinsurance and other receivables | 1,178 | 903 |
Other assets | 131 | 164 |
Liabilities | ||
Policyholder account balances | 0 | 0 |
Long-term debt | 15,830 | 13,611 |
Collateral financing arrangement | 0 | 0 |
Junior subordinated debt securities | 4,405 | 3,738 |
Other liabilities | 540 | 1,324 |
Separate account liabilities | 110,837 | 104,010 |
Estimated Fair Value | Level 3 | ||
Assets | ||
Mortgage loans | 83,079 | 76,379 |
Policy loans | 11,329 | 11,028 |
Other invested assets | 374 | 383 |
Premiums, reinsurance and other receivables | 2,706 | 2,894 |
Other assets | 188 | 186 |
Liabilities | ||
Policyholder account balances | 122,998 | 114,924 |
Long-term debt | 0 | 0 |
Collateral financing arrangement | 810 | 853 |
Junior subordinated debt securities | 0 | 0 |
Other liabilities | 2,279 | 2,194 |
Separate account liabilities | $ 0 | $ 0 |
Leases Lease Costs (Details)
Leases Lease Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Lease Costs [Abstract] | |||
Operating lease cost | $ 282 | ||
Variable lease cost | 49 | ||
Sublease income | (89) | $ (72) | $ (46) |
Net lease cost | $ 242 |
Leases Leases (Details)
Leases Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Assets and Liabilities, Lessee [Abstract] | |||
ROU asset | $ 1,488 | ||
Lease liability | 1,654 | ||
Cash paid for amounts included in the measurement of lease liability - operating cash flows | 285 | ||
ROU assets obtained in exchange for new lease liabilities | $ 341 | $ 0 | $ 0 |
Weighted-average remaining lease term | 8 years | ||
Weighted-average discount rate | 3.30% | ||
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |||
2020 | $ 285 | ||
2021 | 266 | ||
2022 | 229 | ||
2023 | 213 | ||
2024 | 193 | ||
Thereafter | 716 | ||
Total undiscounted cash flows | 1,902 | ||
Less: interest | 248 | ||
Lease liability | $ 1,654 |
Leases Leases - Prior to adopti
Leases Leases - Prior to adoption (Details) $ in Millions | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
2019 | $ 292 |
2020 | 282 |
2021 | 260 |
2022 | 224 |
2023 | 209 |
Thereafter | 859 |
Total | $ 2,126 |
Leases Leases - (Narrative) (De
Leases Leases - (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Lessee, Lease, Description [Line Items] | |||
Operating Leases, Rent Expense, Net | $ 342 | $ 374 | |
Sublease income | $ 89 | $ 72 | $ 46 |
Minimum | |||
Lessee, Lease, Description [Line Items] | |||
Lessee, Operating Lease, Term of Contract | 1 year | ||
Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Lessee, Operating Lease, Term of Contract | 15 years | ||
Sublease Income | Minimum | |||
Lessee, Lease, Description [Line Items] | |||
Lessee, Operating Lease, Term of Contract | 1 year | ||
Sublease Income | Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Lessee, Operating Lease, Term of Contract | 10 years |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill Rollforward and by Segment | |||
Goodwill - beginning of period | $ 10,102 | $ 10,270 | $ 9,900 |
Accumulated impairment | (680) | (680) | (680) |
Total goodwill, net - beginning of period | 9,422 | 9,590 | 9,220 |
Acquisition | 19 | 103 | |
Dispositions | (71) | (16) | |
Effect of foreign currency translation and other | (62) | (168) | 283 |
Goodwill - end of period | 9,988 | 10,102 | 10,270 |
Accumulated impairment | (680) | (680) | (680) |
Total goodwill, net - end of period | 9,308 | 9,422 | 9,590 |
U.S. | |||
Goodwill Rollforward and by Segment | |||
Goodwill - beginning of period | 1,451 | 1,451 | 1,451 |
Accumulated impairment | 0 | 0 | 0 |
Total goodwill, net - beginning of period | 1,451 | 1,451 | 1,451 |
Acquisition | 15 | 0 | |
Dispositions | 0 | 0 | |
Effect of foreign currency translation and other | 0 | 0 | 0 |
Goodwill - end of period | 1,466 | 1,451 | 1,451 |
Accumulated impairment | 0 | 0 | 0 |
Total goodwill, net - end of period | 1,466 | 1,451 | 1,451 |
Asia | |||
Goodwill Rollforward and by Segment | |||
Goodwill - beginning of period | 4,690 | 4,673 | 4,596 |
Accumulated impairment | 0 | 0 | 0 |
Total goodwill, net - beginning of period | 4,690 | 4,673 | 4,596 |
Acquisition | 4 | 0 | |
Dispositions | (71) | 0 | |
Effect of foreign currency translation and other | 13 | 17 | 77 |
Goodwill - end of period | 4,636 | 4,690 | 4,673 |
Accumulated impairment | 0 | 0 | 0 |
Total goodwill, net - end of period | 4,636 | 4,690 | 4,673 |
Latin America | |||
Goodwill Rollforward and by Segment | |||
Goodwill - beginning of period | 1,172 | 1,306 | 1,226 |
Accumulated impairment | 0 | 0 | 0 |
Total goodwill, net - beginning of period | 1,172 | 1,306 | 1,226 |
Acquisition | 0 | 0 | |
Dispositions | 0 | (16) | |
Effect of foreign currency translation and other | (73) | (134) | 96 |
Goodwill - end of period | 1,099 | 1,172 | 1,306 |
Accumulated impairment | 0 | 0 | 0 |
Total goodwill, net - end of period | 1,099 | 1,172 | 1,306 |
EMEA | |||
Goodwill Rollforward and by Segment | |||
Goodwill - beginning of period | 1,119 | 1,170 | 1,060 |
Accumulated impairment | 0 | 0 | 0 |
Total goodwill, net - beginning of period | 1,119 | 1,170 | 1,060 |
Acquisition | 0 | 0 | |
Dispositions | 0 | 0 | |
Effect of foreign currency translation and other | (2) | (51) | 110 |
Goodwill - end of period | 1,117 | 1,119 | 1,170 |
Accumulated impairment | 0 | 0 | 0 |
Total goodwill, net - end of period | 1,117 | 1,119 | 1,170 |
MetLife Holdings | |||
Goodwill Rollforward and by Segment | |||
Goodwill - beginning of period | 1,567 | 1,567 | 1,567 |
Accumulated impairment | (680) | (680) | (680) |
Total goodwill, net - beginning of period | 887 | 887 | 887 |
Acquisition | 0 | 0 | |
Dispositions | 0 | 0 | |
Effect of foreign currency translation and other | 0 | 0 | 0 |
Goodwill - end of period | 1,567 | 1,567 | 1,567 |
Accumulated impairment | (680) | (680) | (680) |
Total goodwill, net - end of period | 887 | 887 | 887 |
Corporate & Other | |||
Goodwill Rollforward and by Segment | |||
Goodwill - beginning of period | 103 | 103 | 0 |
Accumulated impairment | 0 | 0 | 0 |
Total goodwill, net - beginning of period | 103 | 103 | 0 |
Acquisition | 0 | 103 | |
Dispositions | 0 | 0 | |
Effect of foreign currency translation and other | 0 | 0 | 0 |
Goodwill - end of period | 103 | 103 | 103 |
Accumulated impairment | 0 | 0 | 0 |
Total goodwill, net - end of period | 103 | 103 | 103 |
JAPAN | |||
Goodwill Rollforward and by Segment | |||
Total goodwill, net - beginning of period | 4,500 | 4,500 | |
Total goodwill, net - end of period | $ 4,500 | $ 4,500 | $ 4,500 |
Long-term and Short-term Debt_2
Long-term and Short-term Debt (Long-term and Short-term Outstanding) (Details) - USD ($) $ in Millions | 2 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | |||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ (88) | $ (87) | |
Financing lease obligations | 125 | 4 | |
Long Term Debt Excluding Consolidated Securitization Entities Face Value | 13,549 | 12,911 | |
Long-term debt | 13,461 | 12,824 | |
Short-term debt | 235 | 268 | |
Debt And Capital Lease Obligations Face Value | 13,784 | 13,179 | |
Total | $ 13,696 | 13,092 | |
Senior notes | |||
Debt Instrument [Line Items] | |||
Weighted Average Interest Rate | 4.72% | ||
Debt Instrument, Maturity Date Range, Start | Jun. 15, 2022 | ||
Debt Instrument, Maturity Date Range, End | May 13, 2046 | ||
Long-term Debt, Gross | $ 12,460 | 11,923 | |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | (81) | (79) | |
Long-term Debt | $ 12,379 | 11,844 | |
Debt Instrument, Maturity Date | Jun. 30, 2035 | ||
Surplus notes | |||
Debt Instrument [Line Items] | |||
Weighted Average Interest Rate | 7.79% | ||
Debt Instrument, Maturity Date Range, Start | Nov. 15, 2024 | ||
Debt Instrument, Maturity Date Range, End | Nov. 1, 2025 | ||
Long-term Debt, Gross | $ 507 | 507 | |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | (4) | (4) | |
Long-term Debt | $ 503 | 503 | |
Other notes | |||
Debt Instrument [Line Items] | |||
Weighted Average Interest Rate | 4.62% | ||
Debt Instrument, Maturity Date Range, Start | Sep. 7, 2020 | ||
Debt Instrument, Maturity Date Range, End | Jan. 28, 2058 | ||
Long-term Debt, Gross | $ 457 | 477 | |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | (3) | (4) | |
Long-term Debt | 454 | 473 | |
Capital Lease Obligations [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | 0 | 0 | |
Short-term Debt [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ 0 | $ 0 | |
Minimum | Senior notes | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 0.50% | ||
Minimum | Surplus notes | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 7.63% | ||
Minimum | Other notes | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 1.76% | ||
Maximum | Senior notes | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 6.50% | ||
Maximum | Surplus notes | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 7.88% | ||
Maximum | Other notes | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 6.50% | ||
Amendment [Member] | Other Notes MPEH [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Maturity Date | Nov. 15, 2022 | Nov. 20, 2024 | |
Committed Credit Facility Three [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Expiration Date | Dec. 28, 2024 | ||
Committed Credit Facility Six [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Expiration Date | Dec. 31, 2037 | ||
General Credit Facility Three [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Expiration Date | Dec. 20, 2021 |
Long-term and Short-term Debt_3
Long-term and Short-term Debt (Short-term with Maturities of Year or Less) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Disclosure [Abstract] | ||
Commercial paper | $ 99 | $ 99 |
Other Short-term Borrowings | 136 | 169 |
Short-term Debt | 235 | 268 |
Average daily balance | $ 216 | $ 429 |
Average days outstanding | 34 days | 32 days |
Long-term and Short-term Debt_4
Long-term and Short-term Debt (Credit Facilities) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Collateral financing arrangement | $ 993 | $ 1,060 |
General Credit Facility Three [Member] | ||
Debt Instrument [Line Items] | ||
Borrowers | MetLife, Inc. and MetLife Funding, Inc. | |
Expiration | Dec. 20, 2021 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,000 | |
Letters of Credit Issued | 746 | |
Collateral financing arrangement | 0 | |
Unused Commitments | $ 2,254 | |
Standby Letters of Credit [Member] | General Credit Facility Three [Member] | ||
Debt Instrument [Line Items] | ||
Expiration | Dec. 20, 2022 |
Long-term and Short-term Debt_5
Long-term and Short-term Debt (Committed Facilities) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Collateral financing arrangement | $ 993 | $ 1,060 |
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 | 396 | |
Collateral financing arrangement | 0 | |
Unused Commitments | $ 4 | |
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 | 2,460 | |
Collateral financing arrangement | 0 | |
Unused Commitments | 436 | |
Committed Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 3,296 | |
Letters of Credit Issued | 2,856 | |
Collateral financing arrangement | 0 | |
Unused Commitments | 440 | |
Brighthouse Financial, Inc | Committed Credit Facility Six [Member] | ||
Debt Instrument [Line Items] | ||
Letters of Credit Issued | $ 2,500 |
Long-term and Short-term Debt_6
Long-term and Short-term Debt (Narrative) (Details) £ in Millions, $ in Millions, ¥ in Billions | Jun. 26, 2018USD ($) | May 08, 2018 | Apr. 19, 2018 | Mar. 22, 2018 | Mar. 19, 2018 | Dec. 31, 2018USD ($) | Aug. 31, 2018USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2017 | Jun. 30, 2018USD ($) | Oct. 31, 2017 | Dec. 31, 2019USD ($) | Dec. 31, 2019GBP (£) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2019JPY (¥) | Nov. 01, 2017USD ($) | Dec. 11, 2015USD ($) |
Debt Instrument [Line Items] | ||||||||||||||||||
Other Short-term Borrowings | $ 169 | $ 136 | $ 136 | $ 169 | ||||||||||||||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 3.02% | 2.88% | 2.41% | 2.88% | 3.02% | 2.41% | 2.88% | |||||||||||
Debt Instrument, Face Amount | $ 3,200 | $ 3,200 | $ 3,200 | $ 3,200 | ||||||||||||||
Debt Issuance Costs, Gross | 9 | 9 | ||||||||||||||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | 87 | 88 | 88 | 87 | ||||||||||||||
Long Term Debt Aggregate Maturities, Year One | 33 | 33 | ||||||||||||||||
Long Term Debt Aggregate Maturities, Year Two | 27 | 27 | ||||||||||||||||
Long Term Debt Aggregate Maturities, Year Three | 527 | 527 | ||||||||||||||||
Long Term Debt Aggregate Maturities, Year Four | 1,000 | 1,000 | ||||||||||||||||
Long Term Debt Aggregate Maturities, Year Five | 2,000 | 2,000 | ||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 9,800 | 9,800 | ||||||||||||||||
Reduction of long-term debt | 0 | 944 | $ 0 | |||||||||||||||
Redemption Premium | 18 | 40 | 30 | |||||||||||||||
Interest Expense, Debt | 656 | 827 | 841 | |||||||||||||||
Investment Banking, Advisory, Brokerage, and Underwriting Fees and Commissions | 37 | |||||||||||||||||
Repayments of Long-term Debt | 906 | 1,871 | 1,073 | |||||||||||||||
Senior notes | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Long-term Debt, Gross | 11,923 | $ 12,460 | $ 12,460 | 11,923 | ||||||||||||||
Debt Instrument, Maturity Date | Jun. 30, 2035 | Jun. 30, 2035 | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.70% | 5.70% | 5.70% | |||||||||||||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | 79 | $ 81 | $ 81 | $ 79 | ||||||||||||||
Other Notes MPEH [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Face Amount | $ 350 | |||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 75 | 75 | ||||||||||||||||
Debt Instrument, Interest Rate Terms | three-month LIBOR plus 2.75% | three-month LIBOR plus 3.70% | three-month LIBOR plus 3.10% | |||||||||||||||
Repayments of Long-term Debt | $ 50 | |||||||||||||||||
Other Notes [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Long-term Debt, Gross | 477 | $ 457 | 457 | 477 | ||||||||||||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | 4 | $ 3 | $ 3 | 4 | ||||||||||||||
Senior Debt GBP 400 Million June 2020 [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | 5.25% | 5.25% | |||||||||||||||
Early Repayment of Senior Debt | $ 509 | £ 400 | ||||||||||||||||
Principal1035MaturityAugust2018 [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Face Amount | $ 1,035 | $ 1,035 | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.817% | 6.817% | ||||||||||||||||
Early Repayment of Senior Debt | $ 160 | |||||||||||||||||
Reduction of long-term debt | $ 343 | |||||||||||||||||
Principal1035MaturityFebruary2019 [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Face Amount | $ 1,035 | $ 1,035 | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.717% | 7.717% | ||||||||||||||||
Early Repayment of Senior Debt | $ 566 | |||||||||||||||||
Reduction of long-term debt | $ 469 | |||||||||||||||||
Redemption Premium | 14 | |||||||||||||||||
Principal1000MaturityFebruary2021 [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Face Amount | $ 1,000 | $ 1,000 | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | 4.75% | ||||||||||||||||
Early Repayment of Senior Debt | $ 500 | |||||||||||||||||
Reduction of long-term debt | $ 132 | |||||||||||||||||
Amendment [Member] | Other Notes MPEH [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Maturity Date | Nov. 15, 2022 | Nov. 20, 2024 | Nov. 20, 2024 | |||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 75 | $ 100 | ||||||||||||||||
Debt Instrument, Interest Rate Terms | three-month London Interbank Offered Rate (“LIBOR”) plus 3.25% | |||||||||||||||||
Senior Debt $368 Million February 2021 [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | 4.75% | 4.75% | |||||||||||||||
Early Repayment of Senior Debt | $ 368 | |||||||||||||||||
Senior Debt Yen 25.2 Billion May 2026 [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Face Amount | $ 230 | $ 230 | ¥ 25.2 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.495% | 0.495% | 0.495% | |||||||||||||||
Senior Debt Yen 64.9 Billion May 2029 [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Face Amount | $ 591 | $ 591 | ¥ 64.9 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.769% | 0.769% | 0.769% | |||||||||||||||
Senior Debt Yen 10.7 Billion May 2031 [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Face Amount | $ 98 | $ 98 | ¥ 10.7 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.898% | 0.898% | 0.898% | |||||||||||||||
Senior Debt Yen 26.5 Billion May 2034 [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Face Amount | $ 241 | $ 241 | ¥ 26.5 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.189% | 1.189% | 1.189% | |||||||||||||||
Senior Debt Yen 24.4 Billion May 2039 [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Face Amount | $ 222 | $ 222 | ¥ 24.4 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.385% | 1.385% | 1.385% | |||||||||||||||
Securities Sold under Agreements to Repurchase [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Other Short-term Borrowings | $ 169 | $ 136 | $ 136 | 169 | ||||||||||||||
Parent Company [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Long Term Debt Aggregate Maturities, Year One | 244 | 244 | ||||||||||||||||
Long Term Debt Aggregate Maturities, Year Two | 997 | 997 | ||||||||||||||||
Long Term Debt Aggregate Maturities, Year Three | 500 | 500 | ||||||||||||||||
Long Term Debt Aggregate Maturities, Year Four | 1,300 | 1,300 | ||||||||||||||||
Long Term Debt Aggregate Maturities, Year Five | 1,500 | 1,500 | ||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 9,800 | 9,800 | ||||||||||||||||
Reduction of long-term debt | 0 | 944 | 0 | |||||||||||||||
Interest Expense, Debt | 850 | 1,009 | 1,108 | |||||||||||||||
Repayments of Long-term Debt | 877 | $ 1,759 | $ 1,000 | |||||||||||||||
Parent Company [Member] | Senior Notes Affiliated [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Maturity Date | Dec. 16, 2021 | Jul. 15, 2021 | Jul. 1, 2019 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.14% | 2.97% | 1.45% | |||||||||||||||
Parent Company [Member] | MaturityOctober2019Rate1.72 [Member] | Senior Notes Affiliated [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Maturity Date | Oct. 1, 2019 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.72% | |||||||||||||||||
Parent Company [Member] | MaturitySeptember2020Rate.82 [Member] | Senior Notes Affiliated [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Maturity Date | Sep. 30, 2020 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.82% | |||||||||||||||||
Brighthouse Financial, Inc | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Reduction of long-term debt | $ 944 | |||||||||||||||||
Committed Credit Facility Six [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Letters of Credit Outstanding, Amount | 2,460 | 2,460 | ||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 2,896 | 2,896 | ||||||||||||||||
Committed Credit Facility Six [Member] | Brighthouse Financial, Inc | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Letters of Credit Outstanding, Amount | $ 2,500 | $ 2,500 |
Long-term and Short-term Debt L
Long-term and Short-term Debt Long-term and Short-term Debt (Narrative - Line of Credit) (Details) - USD ($) | 2 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2037 | Dec. 01, 2037 | Dec. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Nov. 01, 2017 | Dec. 11, 2015 | |
Committed Credit Facility Six [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Line of Credit Facility, Expiration Date | Dec. 31, 2037 | ||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 436,000,000 | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 2,896,000,000 | ||||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 2,700,000,000 | ||||||||||||
General Credit Facility Three [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Line of Credit Facility, Expiration Date | Dec. 20, 2021 | ||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 2,254,000,000 | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,000,000,000 | ||||||||||||
Committed Credit Facility Three [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Line of Credit Facility, Expiration Date | Dec. 28, 2024 | ||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 4,000,000 | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 400,000,000 | ||||||||||||
Committed Credit Facility [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 440,000,000 | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 3,296,000,000 | ||||||||||||
Other Notes MPEH [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 75,000,000 | ||||||||||||
Amendment [Member] | Other Notes MPEH [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Debt Instrument, Maturity Date | Nov. 15, 2022 | Nov. 20, 2024 | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 75,000,000 | $ 100,000,000 | |||||||||||
Committed Credit Facility [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,300,000,000 | ||||||||||||
Line of Credit Facility, Commitment Fee Amount | 12,000,000 | $ 15,000,000 | $ 21,000,000 | ||||||||||
General Credit Facility [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Line of Credit Facility, Commitment Fee Amount | $ 12,000,000 | $ 10,000,000 | $ 13,000,000 | ||||||||||
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 | |||||||||||
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 |
Collateral Financing Arrangem_3
Collateral Financing Arrangements Collateral Financing Arrangements (Associated with Closed Block) (Details) - Met Life Reinsurance Company Of Charleston [Member] - Secured Debt [Member] - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Debt Instrument, Principal Outstanding | $ 993 | $ 1,060 |
Other Receivables | 130 | 139 |
Pledged Assets Separately Reported, Securities Pledged for Other Debt Obligations, at Fair Value | 58 | 83 |
Invested Assets On Deposit Held In Trust And Pledged As Collateral | $ 1,390 | $ 1,370 |
Collateral Financing Arrangem_4
Collateral Financing Arrangements (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2007 | |
Collateral Financing Arrangements (Textuals) [Abstract] | ||||
Debt Instrument, Face Amount | $ 3,200 | $ 3,200 | ||
AmountTransferredTo(From)TheTrust | 2 | 97 | $ (3) | |
Parent Company | ||||
Collateral Financing Arrangements (Textuals) [Abstract] | ||||
Interest expense | 850 | 1,009 | 1,108 | |
MRC [Member] | Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate Terms | three-month LIBOR plus 0.55% | |||
Collateral Financing Arrangements (Textuals) [Abstract] | ||||
Interest expense | 38 | 37 | 30 | |
Debt Instrument, Face Amount | $ 2,500 | |||
Debt Instrument, Term in Years | 35 years | |||
Partial repurchase | 67 | 61 | 153 | |
Increase (Decrease) in Other Receivables | 9 | 7 | 20 | |
MRC [Member] | Cash Received (Paid) Collateral Financing Arrangements MRC [Member] | ||||
Collateral Financing Arrangements (Textuals) [Abstract] | ||||
Cash Received (Paid) In Connection With Collateral Financing Arrangements | 9 | $ 7 | $ 20 | |
MRC [Member] | Parent Company | Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate Terms | three-month LIBOR plus 1.12% | |||
Cumulative Repayment [Member] | MRC [Member] | Secured Debt [Member] | ||||
Collateral Financing Arrangements (Textuals) [Abstract] | ||||
Partial repurchase | $ 1,500 |
Junior Subordinated Debt Secu_3
Junior Subordinated Debt Securities (Junior Subordinated Debt Securities) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Face Value | $ 3,200 | $ 3,200 |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | (88) | (87) |
Junior Subordinated Notes | $ 3,150 | 3,147 |
MetLife Inc $500M Maturing 2069 [Member] | ||
Debt Instrument [Line Items] | ||
Issue Date | Jul. 8, 2009 | |
Face Value | $ 500 | 500 |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ (7) | (7) |
Debt Instrument, Interest Rate, Stated Percentage | 10.75% | |
Debt Instrument, Interest Rate Terms | LIBOR + 7.548% | |
Final Maturity | Aug. 1, 2069 | |
Junior Subordinated Notes | $ 493 | 493 |
Debt Conversion, Converted Instrument, Expiration or Due Date, Month and Year | 2039-08 | |
Senior notes | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ (81) | (79) |
Debt Instrument, Interest Rate, Stated Percentage | 5.70% | |
Final Maturity | Jun. 30, 2035 | |
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 (Premium) and Debt Issuance Costs, Net | $ (10) | (11) |
Debt Instrument, Interest Rate, Stated Percentage | 9.25% | |
Debt Instrument, Interest Rate Terms | LIBOR + 5.540% | |
Final Maturity | Apr. 8, 2068 | |
Junior Subordinated Notes | $ 740 | 739 |
Debt Conversion, Converted Instrument, Expiration or Due Date, Month and Year | 2038-04 | |
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 (Premium) and Debt Issuance Costs, Net | $ (15) | (16) |
Debt Instrument, Interest Rate, Stated Percentage | 7.875% | |
Debt Instrument, Interest Rate Terms | LIBOR + 3.960% | |
Final Maturity | Dec. 15, 2067 | |
Junior Subordinated Notes | $ 685 | 684 |
Debt Conversion, Converted Instrument, Expiration or Due Date, Month and Year | 2037-12 | |
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 (Premium) and Debt Issuance Costs, Net | $ (18) | (19) |
Debt Instrument, Interest Rate, Stated Percentage | 6.40% | |
Debt Instrument, Interest Rate Terms | LIBOR + 2.205% | |
Final Maturity | Dec. 15, 2066 | |
Junior Subordinated Notes | $ 1,232 | 1,231 |
Debt Conversion, Converted Instrument, Expiration or Due Date, Month and Year | 2036-12 | |
Junior Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ (50) | $ (53) |
Junior Subordinated Debt Secu_4
Junior Subordinated Debt Securities (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | |||
Debt Instrument, Description of Variable Rate Basis | three-month LIBOR | ||
Debt Instrument, Face Amount | $ 3,200 | $ 3,200 | |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | 88 | 87 | |
Interest Expense, Junior Subordinated Debentures | 261 | 258 | $ 258 |
Senior notes | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ 81 | 79 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.70% | ||
Debt Instrument, Maturity Date | Jun. 30, 2035 | ||
Junior Subordinated Debt [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ 50 | 53 | |
Junior Subordinated Debt Instrument One [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | 500 | 500 | |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ 7 | 7 | |
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, Face Amount | $ 1,250 | 1,250 | |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ 18 | 19 | |
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, Face Amount | $ 700 | 700 | |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ 15 | 16 | |
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, Face Amount | $ 750 | 750 | |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ 10 | $ 11 | |
Debt Instrument, Interest Rate, Stated Percentage | 9.25% | ||
Debt Instrument, Maturity Date | Apr. 8, 2068 |
Equity (Preferred Stock) (Detai
Equity (Preferred Stock) (Details) - USD ($) | Dec. 01, 2019 | Aug. 31, 2019 | Mar. 05, 2019 | Mar. 31, 2018 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 04, 2018 | Mar. 20, 2018 |
Dividends Payable [Line Items] | |||||||||||||||||||||
Preferred Stock, Shares Authorized | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | |||||||||||||||||
Preferred Stock, Shares Issued | 26,032,200 | 26,032,200 | 26,032,200 | 26,032,200 | |||||||||||||||||
Preferred Stock, Shares Outstanding | 26,032,200 | 26,032,200 | 26,032,200 | 26,032,200 | |||||||||||||||||
Preferred Stock [Member] | |||||||||||||||||||||
Preferred Stock | |||||||||||||||||||||
Declaration Date | Mar. 5, 2019 | Nov. 15, 2019 | Aug. 15, 2019 | May 15, 2019 | Feb. 15, 2019 | Nov. 15, 2018 | Aug. 15, 2018 | May 15, 2018 | Mar. 5, 2018 | Nov. 15, 2017 | Aug. 15, 2017 | May 15, 2017 | Mar. 6, 2017 | ||||||||
Record Date | Dec. 1, 2019 | Aug. 31, 2019 | Nov. 30, 2019 | Sep. 1, 2019 | May 31, 2019 | Feb. 28, 2019 | Nov. 30, 2018 | Aug. 31, 2018 | May 31, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Feb. 28, 2017 | |||||||
Payment Date | Dec. 16, 2019 | Sep. 16, 2019 | Jun. 17, 2019 | Mar. 15, 2019 | Dec. 17, 2018 | Sep. 17, 2018 | Jun. 15, 2018 | Mar. 15, 2018 | Dec. 15, 2017 | Sep. 15, 2017 | Jun. 15, 2017 | Mar. 15, 2017 | |||||||||
Series A Preferred Stock [Member] | |||||||||||||||||||||
Dividends Payable [Line Items] | |||||||||||||||||||||
Preferred Stock, Dividend Payment Rate, Variable | Three-month LIBOR + 1.00%, with floor of 4.00% | ||||||||||||||||||||
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, Dividends Per Share, Declared | $ 0.253 | $ 0 | $ 0.250 | $ 0 | $ 0.253 | $ 0.261 | $ 0 | $ 0.253 | $ 0.256 | $ 0.256 | $ 0.250 | $ 0.253 | $ 0.256 | $ 0.256 | $ 0.250 | $ 1.017 | $ 1.015 | $ 1.015 | |||
Preferred stock, dividends | $ 6,000,000 | $ 0 | $ 6,000,000 | $ 0 | $ 6,000,000 | $ 6,000,000 | $ 0 | $ 6,000,000 | $ 6,000,000 | $ 7,000,000 | $ 6,000,000 | $ 6,000,000 | $ 6,000,000 | $ 7,000,000 | $ 6,000,000 | $ 24,000,000 | $ 25,000,000 | $ 25,000,000 | |||
Series C Preferred Stock [Member] | |||||||||||||||||||||
Dividends Payable [Line Items] | |||||||||||||||||||||
Preferred Stock, Dividend Payment Rate, Variable | 5.25% Fixed-to-Floating Rate | ||||||||||||||||||||
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 | |||||||||||||||||
Preferred Stock, Shares Outstanding | 1,500,000 | 1,500,000 | 1,500,000 | 1,500,000 | |||||||||||||||||
Preferred Stock | |||||||||||||||||||||
Preferred Stock, Dividends Per Share, Declared | $ 0 | $ 0 | $ 0 | $ 26.250 | $ 0 | $ 26.250 | $ 0 | $ 26.250 | $ 0 | $ 26.250 | $ 0 | $ 26.250 | $ 0 | $ 26.250 | $ 0 | $ 52.500 | $ 52.500 | $ 52.500 | |||
Preferred stock, dividends | $ 0 | $ 0 | $ 0 | $ 40,000,000 | $ 0 | $ 39,000,000 | $ 0 | $ 40,000,000 | $ 0 | $ 39,000,000 | $ 0 | $ 39,000,000 | $ 0 | $ 39,000,000 | $ 0 | $ 79,000,000 | $ 79,000,000 | $ 78,000,000 | |||
Series D Preferred Stock [Member] | |||||||||||||||||||||
Dividends Payable [Line Items] | |||||||||||||||||||||
Preferred Stock, Dividend Payment Rate, Variable | 5.875% Fixed-to-Floating Rate | ||||||||||||||||||||
Preferred Stock, Shares Authorized | 500,000 | 500,000 | 500,000 | 500,000 | |||||||||||||||||
Preferred Stock, Shares Issued | 500,000 | 500,000 | 500,000 | 500,000 | 500,000 | ||||||||||||||||
Preferred Stock, Shares Outstanding | 500,000 | 500,000 | 500,000 | 500,000 | |||||||||||||||||
Preferred Stock | |||||||||||||||||||||
Preferred Stock, Dividends Per Share, Declared | $ 0 | $ 29.375 | $ 0 | $ 0 | $ 0 | $ 0 | $ 29.375 | $ 0 | $ 28.233 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 58.750 | $ 28.233 | $ 0 | |||
Preferred stock, dividends | $ 0 | $ 15,000,000 | $ 0 | $ 0 | $ 0 | $ 0 | $ 15,000,000 | $ 0 | $ 14,000,000 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 30,000,000 | $ 14,000,000 | $ 0 | |||
Series E Preferred Stock [Member] | |||||||||||||||||||||
Dividends Payable [Line Items] | |||||||||||||||||||||
Preferred Stock, Shares Authorized | 32,200 | 32,200 | 32,200 | 32,200 | |||||||||||||||||
Preferred Stock, Shares Issued | 32,200 | 32,200 | 32,200 | 32,200 | 32,200 | ||||||||||||||||
Preferred Stock, Shares Outstanding | 32,200 | 32,200 | 32,200 | 32,200 | |||||||||||||||||
Preferred Stock | |||||||||||||||||||||
Preferred Stock, Dividends Per Share, Declared | $ 0 | $ 351.563 | $ 0 | $ 351.563 | $ 0 | $ 351.563 | $ 351.563 | $ 351.563 | $ 394.531 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 1,406.252 | $ 746.094 | $ 0 | |||
Preferred stock, dividends | $ 0 | $ 11,000,000 | $ 0 | $ 11,000,000 | $ 0 | $ 12,000,000 | $ 11,000,000 | $ 11,000,000 | $ 12,000,000 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 45,000,000 | $ 23,000,000 | $ 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 | 160,367,800 | 160,367,800 | 160,367,800 | 160,367,800 | |||||||||||||||||
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 | 1 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jul. 31, 2019 | Nov. 01, 2018 | Jun. 04, 2018 | May 22, 2018 | Mar. 20, 2018 | Nov. 01, 2017 | |
Class of Stock [Line Items] | |||||||||||
Stock Repurchase Program, Authorized Amount | $ 2,000 | $ 2,000 | $ 1,500 | $ 2,000 | |||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 985 | ||||||||||
Preferred Stock, Shares Issued | 26,032,200 | 26,032,200 | |||||||||
Preferred stock issued, net of issuance costs | $ 0 | $ 1,274 | $ 0 | ||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||
Preferred stock, shares outstanding | 26,032,200 | 26,032,200 | |||||||||
Preferred stock, par value | $ 0.01 | $ 0.01 | |||||||||
Series E Preferred Stock [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Preferred Stock, Dividend Rate, Percentage | 5.625% | 5.625% | |||||||||
Preferred Stock, Shares Issued | 32,200 | 32,200 | 32,200 | ||||||||
Preferred stock issued, net of issuance costs | $ 780 | ||||||||||
Payments of Stock Issuance Costs | $ 25 | ||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||
Preferred stock, shares outstanding | 32,200 | 32,200 | |||||||||
Preferred stock, par value | $ 0.01 | ||||||||||
Preferred stock, aggregate liquidation preference | $ 25,000 | $ 25,000 | |||||||||
Series D Preferred Stock [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Preferred Stock, Shares Issued | 500,000 | 500,000 | 500,000 | ||||||||
Preferred stock issued, net of issuance costs | $ 494 | ||||||||||
Payments of Stock Issuance Costs | $ 6 | ||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||
Preferred stock, shares outstanding | 500,000 | 500,000 | |||||||||
Preferred Stock, Dividend Payment Rate, Variable | 5.875% Fixed-to-Floating Rate | ||||||||||
Preferred stock, par value | $ 0.01 | ||||||||||
Preferred stock, aggregate liquidation preference | $ 1,000 | $ 1,000 | |||||||||
Series C Preferred Stock [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Preferred Stock, Shares Issued | 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 | |||||||||
Preferred Stock, Dividend Payment Rate, Variable | 5.25% Fixed-to-Floating Rate | ||||||||||
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 | |||||||||
Preferred stock redemption price per share | $ 25 | ||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||
Preferred stock, shares outstanding | 24,000,000 | 24,000,000 | |||||||||
Preferred Stock, Dividend Payment Rate, Variable | Three-month LIBOR + 1.00%, with floor of 4.00% | ||||||||||
Fixed Rate1 [Member] | Series D Preferred Stock [Member] | |||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||
Preferred Stock, Dividend Payment Rate, Variable | 0.05875 | ||||||||||
Fixed Rate1 [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 Rate1 [Member] | Series D Preferred Stock [Member] | |||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||
Preferred Stock, Dividend Payment Rate, Variable | three-month LIBOR + 2.959% | ||||||||||
Variable Rate1 [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 + 3.575% | ||||||||||
RatingAgency [Member] | Series E Preferred Stock [Member] | |||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||
Preferred stock, aggregate liquidation preference | $ 25,500 | ||||||||||
RatingAgency [Member] | Series D Preferred Stock [Member] | |||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||
Preferred stock, aggregate liquidation preference | $ 1,020 | ||||||||||
November2017Authorization [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 0 | ||||||||||
May2018Authorization [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 0 | ||||||||||
November2018Authorization [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 0 | ||||||||||
July2019Authorization [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 985 |
Equity (Common Stock) (Details)
Equity (Common Stock) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Dividends Payable [Line Items] | |||||||||||||||
Dividend Per Share | $ 0.440 | $ 0.440 | $ 0.440 | $ 0.420 | $ 0.420 | $ 0.420 | $ 0.420 | $ 0.400 | $ 0.400 | $ 0.400 | $ 0.400 | $ 0.400 | $ 1.740 | $ 1.660 | $ 1.600 |
Dividend Aggregate | $ 406 | $ 413 | $ 419 | $ 405 | $ 415 | $ 419 | $ 428 | $ 416 | $ 422 | $ 427 | $ 431 | $ 437 | $ 1,643 | $ 1,678 | $ 1,717 |
Common Stock | |||||||||||||||
Dividends Payable [Line Items] | |||||||||||||||
Declaration Date | Oct. 22, 2019 | Jul. 8, 2019 | Apr. 23, 2019 | Jan. 7, 2019 | Oct. 23, 2018 | Jul. 6, 2018 | Apr. 24, 2018 | Jan. 5, 2018 | Oct. 24, 2017 | Jul. 7, 2017 | Apr. 25, 2017 | Jan. 6, 2017 | |||
Record Date | Nov. 5, 2019 | Aug. 6, 2019 | May 7, 2019 | Feb. 5, 2019 | Nov. 6, 2018 | Aug. 6, 2018 | May 7, 2018 | Feb. 5, 2018 | Nov. 6, 2017 | Aug. 7, 2017 | May 8, 2017 | Feb. 6, 2017 | |||
Payment Date | Dec. 13, 2019 | Sep. 13, 2019 | Jun. 13, 2019 | Mar. 13, 2019 | Dec. 13, 2018 | Sep. 13, 2018 | Jun. 13, 2018 | Mar. 13, 2018 | Dec. 13, 2017 | Sep. 13, 2017 | Jun. 13, 2017 | Mar. 13, 2017 |
Equity (Common Stock - Narrativ
Equity (Common Stock - Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jul. 31, 2019 | Nov. 01, 2018 | May 22, 2018 | Nov. 01, 2017 | |
Business Acquisition [Line Items] | |||||||
Common Stock, Shares, Issued | 1,177,680,299 | 1,171,824,242 | |||||
Cost of shares issued | $ 206 | $ 89 | $ 167 | ||||
Stock Repurchase Program, Authorized Amount | $ 2,000 | $ 2,000 | $ 1,500 | $ 2,000 | |||
Class of Stock Disclosures [Abstract] | |||||||
Repurchase amount outstanding | $ 985 | ||||||
Repurchase Shares | 49,131,501 | 88,029,138 | 56,599,540 | ||||
Treasury Stock, Value, Acquired, Cost Method | $ 2,285 | $ 3,992 | $ 2,927 | ||||
Common Shares Issued For Stock Options [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Common stock, shares issued | 5,856,057 | 3,114,141 | 4,680,116 | ||||
Cost of shares issued | $ 199 | $ 108 | $ 158 | ||||
Treasury Shares Issued For Stock Options [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Issued Treasury Stock | 0 | 0 | 0 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation Expense | $ 150 | $ 86 | $ 128 |
Income tax benefit | 32 | 18 | 45 |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation Expense | 7 | 6 | 8 |
Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation Expense | 89 | 23 | 62 |
Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation Expense | $ 54 | $ 57 | $ 58 |
Equity (Unrecognized Compensati
Equity (Unrecognized Compensation Expense Related to Stock-Based Compensation) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expense | $ 3 |
Weighted Average Period | 1 year 8 months 26 days |
Performance Shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expense | $ 31 |
Weighted Average Period | 1 year 8 months 8 days |
Restricted Stock Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expense | $ 39 |
Weighted Average Period | 1 year 10 months 28 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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Shares Under Option | |||
Shares Under Option Outstanding at January 1, | 12,355,294 | ||
Granted Shares Under Option | 657,226 | ||
Exercised Shares Under Option | (3,846,478) | ||
Expired Shares Under Option | (113,847) | ||
Forfeited Shares Under Option | (40,872) | ||
Shares Under Option Outstanding at December 31, | 9,011,323 | 12,355,294 | |
Vested and expected to vest at December 31, | 8,996,220 | ||
Shares Under Option Exercisable at December 31, | 7,833,189 | ||
Weighted Average Exercise Price | |||
Weighted Average Exercise Price Outstanding at January 1, | $ 36.70 | ||
Granted Weighted Average Exercise Price | 44.65 | $ 45.50 | $ 46.85 |
Exercised Weighted Average Exercise Price | 32.38 | ||
Expired Weighted Average Exercise Price | 28.35 | ||
Forfeited Weighted Average Exercise Price | 44.97 | ||
Weighted Average Exercise Price Outstanding at December 31, | 39.20 | $ 36.70 | |
Weighted Average Exercise Price Aggregate number of stock options expected to vest at December 31, | 39.20 | ||
Weighted Average Exercise Price Exercisable at December 31, | $ 38.28 | ||
Weighted Average Remaining Contractual Term | |||
Weighted Average Remaining Contractual Term Outstanding at January 1, | 3 years 8 months 23 days | 3 years 6 months 21 days | |
Weighted Average Remaining Contractual Term Aggregate number of stock options expected to vest at December 31, | 3 years 8 months 23 days | ||
Weighted Average Remaining Contractual Term Exercisable at December 31, | 3 years 7 days | ||
Aggregate Intrinsic Value | |||
Aggregate Intrinsic Value Outstanding at January 1, | $ 66 | ||
Aggregate Intrinsic Value Outstanding at December 31, | 106 | $ 66 | |
Aggregate Intrinsic Value Aggregate number of stock options expected to vest at December 31, | 106 | ||
Aggregate Intrinsic Value Exercisable at December 31, | $ 99 | ||
Sale of Stock, Price Per Share | $ 50.97 | $ 41.06 |
Equity (Weighted Average Assump
Equity (Weighted Average Assumptions Used to Determine Fair Value of Stock Options) (Details) - Stock Options - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Equity - Stock-based Compensation Plans [Line Items] | |||
Dividend yield | 3.76% | 3.52% | 3.05% |
Risk-free rate of return, Minimum | 2.52% | 2.02% | 0.94% |
Risk-free rate of return, Maximum | 3.32% | 3.40% | 3.22% |
Expected volatility | 30.27% | 34.18% | 34.19% |
Exercise multiple | 1.43 | 1.43 | 1.43 |
Post-vesting termination rate | 3.86% | 3.77% | 2.94% |
Contractual term (years) | 10 years | 10 years | 10 years |
Expected life (years) | 6 years | 6 years | 6 years |
Weighted average exercise price of stock options granted | $ 44.65 | $ 45.50 | $ 46.85 |
Weighted average fair value of stock options granted | $ 10.36 | $ 11.87 | $ 12.36 |
Equity (Summary of Stock Option
Equity (Summary of Stock Option Exercise Activity) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Payment Arrangement, Additional Disclosure [Abstract] | |||
Total intrinsic value of stock options exercised | $ 60 | $ 24 | $ 59 |
Cash received from exercise of stock options | 125 | 54 | 116 |
Income tax benefit realized from stock options exercised | $ 13 | $ 5 | $ 20 |
Equity (Performance Share and R
Equity (Performance Share and Restricted Stock Unit) (Details) | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Performance Shares | |
Summary of performance share activity | |
Shares Outstanding at January 1, | shares | 4,044,234 |
Granted Shares | shares | 1,645,468 |
Forfeited Shares | shares | (149,114) |
Paid | shares | (1,594,846) |
Shares Outstanding at December 31, | shares | 3,945,742 |
Vested and expected to vest at December 31, | shares | 3,872,543 |
Summary of Weighted Average Grant Date Fair Value | |
Weighted Average Grant Date Fair Value Outstanding January 1, | $ / shares | $ 34.18 |
Granted Weighted Average Grant Date Fair Value | $ / shares | 39.35 |
Forfeited Weighted Average Grant Date Fair Value | $ / shares | 41.29 |
Payable Weighted Average Grant Date Fair Value | $ / shares | 34.30 |
Weighted Average Grant Date Fair Value Outstanding December 31, | $ / shares | 43.40 |
Weighted Average Grant Date Fair Value Share expected to vest at December 31, | $ / shares | $ 43.40 |
Restricted Stock Units | |
Summary of performance share activity | |
Shares Outstanding at January 1, | shares | 2,946,269 |
Granted Shares | shares | 1,610,594 |
Forfeited Shares | shares | (161,131) |
Paid | shares | (1,501,304) |
Shares Outstanding at December 31, | shares | 2,894,428 |
Vested and expected to vest at December 31, | shares | 2,837,658 |
Summary of Weighted Average Grant Date Fair Value | |
Weighted Average Grant Date Fair Value Outstanding January 1, | $ / shares | $ 38.52 |
Granted Weighted Average Grant Date Fair Value | $ / shares | 39.71 |
Forfeited Weighted Average Grant Date Fair Value | $ / shares | 40.37 |
Payable Weighted Average Grant Date Fair Value | $ / shares | 36.16 |
Weighted Average Grant Date Fair Value Outstanding December 31, | $ / shares | 40.31 |
Weighted Average Grant Date Fair Value Share expected to vest at December 31, | $ / shares | $ 40.31 |
Equity (Liability Award Activit
Equity (Liability Award Activity) (Details) | 12 Months Ended |
Dec. 31, 2019shares | |
Stock Options | |
Summary of performance share activity | |
Exercised Shares Liability Awards | (3,846,478) |
Expired Shares Liability Awards | (113,847) |
Performance Shares | |
Summary of performance share activity | |
Shares Outstanding at January 1, | 4,044,234 |
Granted Shares Liability Awards | 1,645,468 |
Forfeited Shares Liability Awards | (149,114) |
Paid Liability Awards | (1,594,846) |
Shares Outstanding at December 31, | 3,945,742 |
Vested and expected to vest at December 31, | 3,872,543 |
Restricted Stock Units | |
Summary of performance share activity | |
Shares Outstanding at January 1, | 2,946,269 |
Granted Shares Liability Awards | 1,610,594 |
Forfeited Shares Liability Awards | (161,131) |
Paid Liability Awards | (1,501,304) |
Shares Outstanding at December 31, | 2,894,428 |
Vested and expected to vest at December 31, | 2,837,658 |
Liability Awards Plan | Stock Options | |
Summary of performance share activity | |
Shares Outstanding at January 1, | 546,448 |
Granted Shares Liability Awards | 20,750 |
Exercised Shares Liability Awards | (64,437) |
Expired Shares Liability Awards | (1,074) |
Forfeited Shares Liability Awards | 0 |
Paid Liability Awards | 0 |
Shares Outstanding at December 31, | 501,687 |
Vested and expected to vest at December 31, | 500,904 |
Liability Awards Plan | Performance Shares | |
Summary of performance share activity | |
Shares Outstanding at January 1, | 594,599 |
Granted Shares Liability Awards | 201,840 |
Exercised Shares Liability Awards | 0 |
Expired Shares Liability Awards | 0 |
Forfeited Shares Liability Awards | (53,978) |
Paid Liability Awards | (212,464) |
Shares Outstanding at December 31, | 529,997 |
Vested and expected to vest at December 31, | 512,752 |
Liability Awards Plan | Restricted Stock Units | |
Summary of performance share activity | |
Shares Outstanding at January 1, | 669,102 |
Granted Shares Liability Awards | 361,956 |
Exercised Shares Liability Awards | 0 |
Expired Shares Liability Awards | 0 |
Forfeited Shares Liability Awards | (80,115) |
Paid Liability Awards | (327,848) |
Shares Outstanding at December 31, | 623,095 |
Vested and expected to vest at December 31, | 605,633 |
Equity (Stock-Based Compensatio
Equity (Stock-Based Compensation Plans - Narrative) (Details) - shares | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
2015 Stock Plan | ||||
Equity - Stock-based Compensation Plans [Line Items] | ||||
Aggregate number of shares authorized for issuance | 35,579,009 | |||
Other Stock And Incentive Plans | ||||
Equity - Stock-based Compensation Plans [Line Items] | ||||
Deferred shares | 902,102 | |||
2015 Director Stock Plan | ||||
Equity - Stock-based Compensation Plans [Line Items] | ||||
Aggregate number of shares authorized for issuance | 1,612,301 | |||
Other Director Stock Plans | ||||
Equity - Stock-based Compensation Plans [Line Items] | ||||
Deferred shares | 275,521 | |||
Stock Options | ||||
Equity - Stock-based Compensation Plans [Line Items] | ||||
Award Expiration Date | 10 years | 10 years | 10 years | |
Stock Options | Minimum | ||||
Equity - Stock-based Compensation Plans [Line Items] | ||||
Vesting period | 1 year | |||
Stock Options | Maximum | ||||
Equity - Stock-based Compensation Plans [Line Items] | ||||
Vesting period | 3 years | |||
Stock Options | Liability Awards Plan | ||||
Equity - Stock-based Compensation Plans [Line Items] | ||||
Paid | 0 | |||
Performance Shares | ||||
Equity - Stock-based Compensation Plans [Line Items] | ||||
Paid | (1,594,846) | |||
Performance Factor | 87.70% | |||
Performance Shares | Scenario, Forecast | ||||
Equity - Stock-based Compensation Plans [Line Items] | ||||
Paid | (1,068,099) | |||
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 | (212,464) | |||
Performance Shares | Liability Awards Plan | Scenario, Forecast | ||||
Equity - Stock-based Compensation Plans [Line Items] | ||||
Paid | (166,191) | |||
Restricted Stock Units | ||||
Equity - Stock-based Compensation Plans [Line Items] | ||||
Paid | (1,501,304) | |||
Restricted Stock Units | Liability Awards Plan | ||||
Equity - Stock-based Compensation Plans [Line Items] | ||||
Paid | (327,848) |
Equity (Statutory Equity & Inco
Equity (Statutory Equity & Income - Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Principal U.S. Insurance Subsidiaries, Excluding American Life | |||
Statutory Accounting Practices [Line Items] | |||
Combined RBC ratio of the principal U.S. insurance subsidiaries | in excess of 360% | in excess of 360% | |
Metropolitan Life Insurance Company | |||
Statutory Accounting Practices [Line Items] | |||
Statutory Accounting Practices, Prescribed Practice, Amount | $ 1,200 | $ 1,200 | |
Statutory Accounting Practices, Statutory Net Income Amount | 3,859 | 3,656 | $ 1,982 |
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | 10,915 | 11,098 | |
MetLife Reinsurance Company of Vermont | |||
Statutory Accounting Practices [Line Items] | |||
Statutory Accounting Practices, Prescribed Practice, Amount | 2,000 | 2,800 | |
MetLife's Domestic Captive Life Reinsurance Subsidiaries | |||
Statutory Accounting Practices [Line Items] | |||
Statutory Accounting Practices, Statutory Net Income Amount | (27) | (59) | $ 2,100 |
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | $ 695 | $ 1,700 | |
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 | |
Other Foreign Operations, Excluding Japan | |||
Statutory Accounting Practices [Line Items] | |||
Statutory capital and surplus required | $ 3,800 | ||
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | $ 9,900 |
Equity (Statutory Net Income (L
Equity (Statutory Net Income (Loss)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Metropolitan Life Insurance Company | |||
Statutory Accounting Practices [Line Items] | |||
Statutory net income (loss) | $ 3,859 | $ 3,656 | $ 1,982 |
Statutory capital and surplus | 10,915 | 11,098 | |
American Life Insurance Company | |||
Statutory Accounting Practices [Line Items] | |||
Statutory net income (loss) | 1,386 | 2,086 | 3,077 |
Statutory capital and surplus | 4,970 | 4,921 | |
Metropolitan Property and Casualty Insurance Company | |||
Statutory Accounting Practices [Line Items] | |||
Statutory net income (loss) | 245 | 345 | 197 |
Statutory capital and surplus | 2,159 | 2,322 | |
Metropolitan Tower Life Insurance Company | |||
Statutory Accounting Practices [Line Items] | |||
Statutory net income (loss) | (13) | 76 | 164 |
Statutory capital and surplus | 1,502 | 1,549 | |
Other | |||
Statutory Accounting Practices [Line Items] | |||
Statutory net income (loss) | 12 | 16 | $ 11 |
Statutory capital and surplus | $ 105 | $ 106 |
Equity (Dividend Restrictions)
Equity (Dividend Restrictions) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | |
Metropolitan Life Insurance Company | |||
Statutory Accounting Practices [Line Items] | |||
Cash Dividends Paid | $ 3,065 | $ 3,736 | |
Metropolitan Life Insurance Company | Scenario, Forecast | |||
Statutory Accounting Practices [Line Items] | |||
Permitted w/o Approval | $ 3,272 | ||
American Life Insurance Company | |||
Statutory Accounting Practices [Line Items] | |||
Cash Dividends Paid | 1,100 | 3,200 | |
American Life Insurance Company | Scenario, Forecast | |||
Statutory Accounting Practices [Line Items] | |||
Permitted w/o Approval | 51 | ||
Metropolitan Property and Casualty Insurance Company | |||
Statutory Accounting Practices [Line Items] | |||
Cash Dividends Paid | 430 | 233 | |
Metropolitan Property and Casualty Insurance Company | Scenario, Forecast | |||
Statutory Accounting Practices [Line Items] | |||
Permitted w/o Approval | 114 | ||
Metropolitan Tower Life Insurance Company | |||
Statutory Accounting Practices [Line Items] | |||
Cash Dividends Paid | $ 0 | $ 191 | |
Metropolitan Tower Life Insurance Company | Scenario, Forecast | |||
Statutory Accounting Practices [Line Items] | |||
Permitted w/o Approval | $ 149 |
Equity (Components of Accumulat
Equity (Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance beginning of period | $ 1,722 | $ 7,427 | $ 5,366 |
OCI before reclassifications | 15,047 | (9,114) | 5,994 |
Deferred income tax benefit (expense) | (3,339) | 1,921 | (1,552) |
AOCI before reclassifications, net of income tax | 13,430 | 234 | 9,808 |
Amounts reclassified from AOCI | (415) | 651 | (1,147) |
Deferred income tax benefit (expense) | 16 | (167) | 400 |
Amounts reclassified from AOCI, net of income tax | (399) | 484 | (747) |
Balance end of period | 13,052 | 1,722 | 7,427 |
Unrealized Investment Gains (Losses), Net of Related Offsets | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance beginning of period | 7,042 | 12,757 | 10,785 |
OCI before reclassifications | 14,850 | (8,735) | 5,392 |
Deferred income tax benefit (expense) | (3,408) | 1,961 | (1,732) |
AOCI before reclassifications, net of income tax | 18,484 | 5,983 | 14,445 |
Amounts reclassified from AOCI | (265) | 14 | (289) |
Deferred income tax benefit (expense) | 61 | (3) | 87 |
Amounts reclassified from AOCI, net of income tax | (204) | 11 | (202) |
Balance end of period | 18,283 | 7,042 | 12,757 |
Unrealized Gains (Losses) on Derivatives | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance beginning of period | 1,613 | 905 | 1,865 |
OCI before reclassifications | 328 | 157 | (140) |
Deferred income tax benefit (expense) | 34 | (41) | 47 |
AOCI before reclassifications, net of income tax | 1,975 | 1,021 | 1,772 |
Amounts reclassified from AOCI | (268) | 517 | (1,025) |
Deferred income tax benefit (expense) | (27) | (135) | 356 |
Amounts reclassified from AOCI, net of income tax | (295) | 382 | (669) |
Balance end of period | 1,698 | 1,613 | 905 |
Foreign Currency Translation Adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance beginning of period | (4,905) | (4,390) | (5,312) |
OCI before reclassifications | (43) | (679) | 765 |
Deferred income tax benefit (expense) | 21 | 36 | 125 |
AOCI before reclassifications, net of income tax | (4,927) | (5,033) | (4,422) |
Amounts reclassified from AOCI | 0 | 0 | 0 |
Deferred income tax benefit (expense) | 0 | 0 | 0 |
Amounts reclassified from AOCI, net of income tax | 0 | 0 | 0 |
Balance end of period | (4,927) | (4,905) | (4,390) |
Defined Benefit Plans Adjustment | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance beginning of period | (2,028) | (1,845) | (1,972) |
OCI before reclassifications | (88) | 143 | (23) |
Deferred income tax benefit (expense) | 14 | (35) | 8 |
AOCI before reclassifications, net of income tax | (2,102) | (1,737) | (1,987) |
Amounts reclassified from AOCI | 118 | 120 | 167 |
Deferred income tax benefit (expense) | (18) | (29) | (43) |
Amounts reclassified from AOCI, net of income tax | 100 | 91 | 124 |
Balance end of period | (2,002) | (2,028) | (1,845) |
Brighthouse Financial, Inc | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from AOCI | (2,512) | ||
Deferred income tax benefit (expense) | 878 | ||
Amounts reclassified from AOCI, net of income tax | (1,634) | ||
Brighthouse Financial, Inc | Unrealized Investment Gains (Losses), Net of Related Offsets | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from AOCI | (2,286) | ||
Deferred income tax benefit (expense) | 800 | ||
Amounts reclassified from AOCI, net of income tax | (1,486) | ||
Brighthouse Financial, Inc | Unrealized Gains (Losses) on Derivatives | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from AOCI | (305) | ||
Deferred income tax benefit (expense) | 107 | ||
Amounts reclassified from AOCI, net of income tax | (198) | ||
Brighthouse Financial, Inc | Foreign Currency Translation Adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from AOCI | 51 | ||
Deferred income tax benefit (expense) | (19) | ||
Amounts reclassified from AOCI, net of income tax | 32 | ||
Brighthouse Financial, Inc | Defined Benefit Plans Adjustment | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from AOCI | 28 | ||
Deferred income tax benefit (expense) | (10) | ||
Amounts reclassified from AOCI, net of income tax | $ 18 | ||
MetLife Afore | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from AOCI | 92 | ||
MetLife Afore | Unrealized Investment Gains (Losses), Net of Related Offsets | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from AOCI | 0 | ||
MetLife Afore | Unrealized Gains (Losses) on Derivatives | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from AOCI | 0 | ||
MetLife Afore | Foreign Currency Translation Adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from AOCI | 92 | ||
MetLife Afore | Defined Benefit Plans Adjustment | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from AOCI | 0 | ||
Accounting Standards Update 2016-01 | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from AOCI | (425) | ||
Deferred income tax benefit (expense) | 1,337 | ||
Amounts reclassified from AOCI, net of income tax | 912 | ||
Accounting Standards Update 2016-01 | Unrealized Investment Gains (Losses), Net of Related Offsets | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from AOCI | (425) | ||
Deferred income tax benefit (expense) | 1,473 | ||
Amounts reclassified from AOCI, net of income tax | 1,048 | ||
Accounting Standards Update 2016-01 | Unrealized Gains (Losses) on Derivatives | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from AOCI | 0 | ||
Deferred income tax benefit (expense) | 210 | ||
Amounts reclassified from AOCI, net of income tax | 210 | ||
Accounting Standards Update 2016-01 | Foreign Currency Translation Adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from AOCI | 0 | ||
Deferred income tax benefit (expense) | 36 | ||
Amounts reclassified from AOCI, net of income tax | 36 | ||
Accounting Standards Update 2016-01 | Defined Benefit Plans Adjustment | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from AOCI | 0 | ||
Deferred income tax benefit (expense) | (382) | ||
Amounts reclassified from AOCI, net of income tax | $ (382) | ||
Accounting Standards Update 2017-12 | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from AOCI | 26 | ||
Deferred income tax benefit (expense) | (5) | ||
Amounts reclassified from AOCI, net of income tax | 21 | ||
Accounting Standards Update 2017-12 | Unrealized Investment Gains (Losses), Net of Related Offsets | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from AOCI | 4 | ||
Deferred income tax benefit (expense) | (1) | ||
Amounts reclassified from AOCI, net of income tax | 3 | ||
Accounting Standards Update 2017-12 | Unrealized Gains (Losses) on Derivatives | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from AOCI | 22 | ||
Deferred income tax benefit (expense) | (4) | ||
Amounts reclassified from AOCI, net of income tax | 18 | ||
Accounting Standards Update 2017-12 | Foreign Currency Translation Adjustments | |||
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 | ||
Accounting Standards Update 2017-12 | 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, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net investment gains (losses) | $ 444 | $ (298) | $ (308) | ||||||||
Net investment income | 18,868 | 16,166 | 17,363 | ||||||||
Net derivative gains (losses) | 628 | 851 | (590) | ||||||||
Income (loss) from discontinued operations, net of income tax | 0 | 0 | (986) | ||||||||
Other expenses | 13,689 | 13,714 | 13,621 | ||||||||
Income (loss) from continuing operations before provision for income tax | 6,795 | 6,307 | 3,536 | ||||||||
Income tax (expense) benefit | (886) | (1,179) | 1,470 | ||||||||
Net income (loss) | $ 588 | $ 2,190 | $ 1,746 | $ 1,385 | $ 2,062 | $ 915 | $ 894 | $ 1,257 | 5,909 | 5,128 | 4,020 |
Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net income (loss) | 399 | (484) | 747 | ||||||||
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) | 270 | 6 | 404 | ||||||||
Net investment income | (30) | (1) | 20 | ||||||||
Net derivative gains (losses) | 25 | (19) | (49) | ||||||||
Income (loss) from continuing operations before provision for income tax | 265 | (14) | 289 | ||||||||
Income tax (expense) benefit | (61) | 3 | (87) | ||||||||
Net income (loss) | 204 | (11) | 202 | ||||||||
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 | 268 | (517) | 1,025 | ||||||||
Income tax (expense) benefit | 27 | 135 | (356) | ||||||||
Net income (loss) | 295 | (382) | 669 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Derivatives | Interest rate contracts | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net investment gains (losses) | 4 | 0 | 0 | ||||||||
Net investment income | 23 | 20 | 18 | ||||||||
Net derivative gains (losses) | 0 | 21 | 13 | ||||||||
Other expenses | 2 | 1 | 1 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Derivatives | Foreign currency swaps | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net investment gains (losses) | 240 | 0 | 0 | ||||||||
Net investment income | (4) | (5) | 0 | ||||||||
Net derivative gains (losses) | 0 | (558) | 974 | ||||||||
Other expenses | 2 | 2 | 2 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Derivatives | Credit derivatives | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net investment income | 1 | 1 | 0 | ||||||||
Net derivative gains (losses) | 0 | 1 | 1 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | Defined Benefit Plans Adjustment | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Amortization of net actuarial gains (losses) | (145) | (145) | (190) | ||||||||
Amortization of prior service (costs) credit | 27 | 25 | 23 | ||||||||
Income (loss) from continuing operations before provision for income tax | (118) | (120) | (167) | ||||||||
Income tax (expense) benefit | 18 | 29 | 43 | ||||||||
Net income (loss) | (100) | (91) | (124) | ||||||||
Brighthouse Financial, Inc | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net investment gains (losses) | (1,016) | ||||||||||
Income (loss) from discontinued operations, net of income tax | (986) | ||||||||||
Other expenses | (18) | ||||||||||
Brighthouse Financial, Inc | Reclassification out of Accumulated Other Comprehensive Income | Unrealized Investment Gains (Losses), Net of Related Offsets | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Income (loss) from discontinued operations, net of income tax | 0 | 0 | (86) | ||||||||
Brighthouse Financial, Inc | Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Derivatives | Interest rate contracts | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Income (loss) from discontinued operations, net of income tax | 0 | 0 | 5 | ||||||||
Brighthouse Financial, Inc | Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Derivatives | Foreign currency swaps | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Income (loss) from discontinued operations, net of income tax | $ 0 | $ 0 | $ 11 |
Other Revenues and Other Expe_3
Other Revenues and Other Expenses Other Revenues (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 1,289 | $ 1,256 | |
Other revenues | 1,842 | 1,880 | $ 1,341 |
Prepaid legal plans | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 347 | 296 | |
Fee-based investment management | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 286 | 293 | |
Recordkeeping and administrative services | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 206 | 221 | |
Administrative services-only contracts | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 210 | 205 | |
Other revenue from service contracts from customers | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 240 | 241 | |
Other Income | |||
Disaggregation of Revenue [Line Items] | |||
Other revenues | $ 553 | $ 624 |
Other Expenses (Other Expenses)
Other Expenses (Other Expenses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Income and Expenses [Abstract] | |||
Employee related costs (1) | $ 3,665 | $ 3,664 | $ 3,595 |
Third party staffing costs | 1,755 | 1,703 | 1,693 |
General and administrative expenses | 901 | 910 | 1,129 |
Pension, postretirement and postemployment benefit costs | 233 | 185 | 307 |
Premium taxes, other taxes, and licenses & fees | 674 | 758 | 842 |
Commissions and other variable expenses | 6,001 | 5,707 | 5,387 |
Capitalization of DAC | (3,358) | (3,254) | (3,002) |
Amortization of DAC and VOBA | 2,896 | 2,975 | 2,681 |
Amortization of negative VOBA | (33) | (56) | (140) |
Interest expense on debt | 955 | 1,122 | 1,129 |
Total other expenses | 13,689 | 13,714 | 13,621 |
Net change in cash surrender value of investments, net of premiums paid | $ (219) | $ 0 | $ (124) |
Other Expenses (Restructuring C
Other Expenses (Restructuring Charges) (Details) - Other expenses - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Lease and Asset Impairment | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 43 | $ 12 | |
Unit Cost Initiative | Severance | |||
Restructuring Cost and Reserve [Line Items] | |||
Balance at January 1, | 23 | 22 | $ 35 |
Restructuring charges | 108 | 63 | 38 |
Cash payments | (74) | (62) | (51) |
Balance at December 31, | 57 | 23 | 22 |
Total restructuring charges incurred since inception of initiative | $ 244 | $ 136 | $ 73 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligations | $ 11,950 | $ 10,591 | $ 11,409 |
Estimated fair value of plan assets | 10,230 | 8,948 | 9,688 |
Over (under) funded status | (1,720) | (1,643) | |
Net periodic benefit costs | 336 | 259 | 349 |
Pension Benefits | U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligations | 10,824 | 9,580 | |
Estimated fair value of plan assets | 9,742 | 8,615 | |
Over (under) funded status | (1,082) | (965) | |
Net periodic benefit costs | 244 | 176 | |
Pension Benefits | Non- U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligations | 1,126 | 1,011 | |
Estimated fair value of plan assets | 488 | 333 | |
Over (under) funded status | (638) | (678) | |
Net periodic benefit costs | 92 | 83 | |
Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligations | 1,289 | 1,324 | 1,674 |
Estimated fair value of plan assets | 1,468 | 1,360 | 1,434 |
Over (under) funded status | 179 | 36 | |
Net periodic benefit costs | (67) | (64) | $ (10) |
Other Postretirement Benefits | U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligations | 1,247 | 1,288 | |
Estimated fair value of plan assets | 1,441 | 1,334 | |
Over (under) funded status | 194 | 46 | |
Net periodic benefit costs | (70) | (66) | |
Other Postretirement Benefits | Non- U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligations | 42 | 36 | |
Estimated fair value of plan assets | 27 | 26 | |
Over (under) funded status | (15) | (10) | |
Net periodic benefit costs | $ 3 | $ 2 |
Employee Benefit Plans (Obligat
Employee Benefit Plans (Obligations and Funded Status) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Benefits | |||
Change in benefit obligations: | |||
Benefit obligations at January 1, | $ 10,591 | $ 11,409 | |
Service costs | 214 | 223 | $ 238 |
Interest costs | 425 | 391 | 429 |
Plan participants’ contributions | 0 | 0 | |
Plan amendments | 3 | (110) | |
Net actuarial (gains) losses | 1,360 | (713) | |
Acquisition, divestitures, settlements and curtailments | (5) | (6) | |
Benefits paid | (647) | (623) | |
Effect of foreign currency translation | 9 | 20 | |
Benefit obligations at December 31, | 11,950 | 10,591 | 11,409 |
Change in plan assets | |||
Estimated fair value of plan assets at January 1, | 8,948 | 9,688 | |
Actual return on plan assets | 1,619 | (423) | |
Acquisition, divestitures and settlements | (5) | (5) | |
Plan participants’ contributions | 0 | 0 | |
Employer contributions | 311 | 306 | |
Benefits paid | (647) | (623) | |
Effect of foreign currency translation | 4 | 5 | |
Estimated fair value of plan assets at December 31, | 10,230 | 8,948 | 9,688 |
Over (under) funded status at December 31, | (1,720) | (1,643) | |
Amounts recognized in the consolidated balance sheets | |||
Other assets | 147 | 135 | |
Other liabilities | (1,867) | (1,778) | |
Net amount recognized | (1,720) | (1,643) | |
Accumulated other comprehensive (income) loss: | |||
Net actuarial (gains) losses | 3,009 | 2,979 | |
Prior service costs (credit) | (100) | (118) | |
AOCI, before income tax | 2,909 | 2,861 | |
Accumulated benefit obligation | 11,616 | 10,301 | |
Other Postretirement Benefits | |||
Change in benefit obligations: | |||
Benefit obligations at January 1, | 1,324 | 1,674 | |
Service costs | 5 | 6 | 6 |
Interest costs | 53 | 55 | 76 |
Plan participants’ contributions | 32 | 30 | |
Plan amendments | 0 | (7) | |
Net actuarial (gains) losses | (31) | (348) | |
Acquisition, divestitures, settlements and curtailments | (3) | 13 | |
Benefits paid | (93) | (97) | |
Effect of foreign currency translation | 2 | (2) | |
Benefit obligations at December 31, | 1,289 | 1,324 | 1,674 |
Change in plan assets | |||
Estimated fair value of plan assets at January 1, | 1,360 | 1,434 | |
Actual return on plan assets | 173 | (27) | |
Acquisition, divestitures and settlements | (3) | 16 | |
Plan participants’ contributions | 32 | 32 | |
Employer contributions | (2) | 4 | |
Benefits paid | (93) | (97) | |
Effect of foreign currency translation | 1 | (2) | |
Estimated fair value of plan assets at December 31, | 1,468 | 1,360 | $ 1,434 |
Over (under) funded status at December 31, | 179 | 36 | |
Amounts recognized in the consolidated balance sheets | |||
Other assets | 617 | 373 | |
Other liabilities | (438) | (337) | |
Net amount recognized | 179 | 36 | |
Accumulated other comprehensive (income) loss: | |||
Net actuarial (gains) losses | (359) | (269) | |
Prior service costs (credit) | (2) | (14) | |
AOCI, before income tax | (361) | (283) | |
Changes to financial assumptions [Member] | Pension Benefits | |||
Change in benefit obligations: | |||
Net actuarial (gains) losses | 1,200 | (796) | |
Changes to financial assumptions [Member] | Other Postretirement Benefits | |||
Change in benefit obligations: | |||
Net actuarial (gains) losses | 66 | (192) | |
Changes to demographic assumptions [Member] | Pension Benefits | |||
Change in benefit obligations: | |||
Net actuarial (gains) losses | 23 | ||
Changes to demographic assumptions [Member] | Other Postretirement Benefits | |||
Change in benefit obligations: | |||
Net actuarial (gains) losses | (48) | ||
Changes to Plan Experience [Member] | Pension Benefits | |||
Change in benefit obligations: | |||
Net actuarial (gains) losses | 103 | 60 | |
Changes to Plan Experience [Member] | Other Postretirement Benefits | |||
Change in benefit obligations: | |||
Net actuarial (gains) losses | $ (97) | $ (108) |
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, 2019 | Dec. 31, 2018 |
Accumulated benefit obligation [Abstract] | ||
Projected benefit obligations | $ 2,227 | $ 1,999 |
Accumulated benefit obligations | 2,113 | 1,906 |
Estimated fair value of plan assets | 430 | 280 |
Defined Benefit Plan, Plan with Accumulated Postretirement Benefit Obligation in Excess of Plan Assets, Accumulated Postretirement Benefit Obligation | 812 | 724 |
Defined Benefit Plan, Pension Plan with Project Benefit Obligation in Excess of Plan Assets [Abstract] | ||
Projected benefit obligations | 2,287 | 2,021 |
Accumulated benefit obligations | 2,162 | 1,921 |
Estimated fair value of plan assets | 487 | 301 |
Defined Benefit Plan, Plan with Accumulated Postretirement Benefit Obligation in Excess of Plan Assets, Plan Assets | $ 375 | $ 388 |
Employee Benefit Plans (Net Per
Employee Benefit Plans (Net Periodic Benefit Costs and Other Changes Recognized in OCI) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other changes in plan assets and benefit obligations recognized in OCI: | |||
Income (loss) from discontinued operations, net of income tax | $ 0 | $ 0 | $ (986) |
Total recognized in OCI | (30) | (263) | (144) |
Pension Benefits | |||
Net periodic benefit costs [Abstract] | |||
Service costs | 214 | 223 | 238 |
Interest costs | 425 | 391 | 429 |
Settlement and curtailment costs | 0 | (1) | 4 |
Expected return on plan assets | (489) | (533) | (516) |
Amortization of net actuarial (gains) losses | 201 | 182 | 195 |
Amortization of prior service costs (credit) | (15) | (3) | (1) |
Total net periodic benefit costs (credit) | 336 | 259 | 349 |
Other changes in plan assets and benefit obligations recognized in OCI: | |||
Net actuarial (gains) losses | 231 | 244 | 149 |
Prior service costs (credit) | 3 | (110) | (1) |
Amortization of net actuarial (gains) losses | (201) | (182) | (195) |
Amortization of prior service (costs) credit | 15 | 3 | 1 |
Disposal of subsidiary | 0 | 0 | (30) |
Total recognized in OCI | 48 | (45) | (76) |
Total recognized in net periodic benefit costs and OCI | 384 | 214 | 273 |
Other Postretirement Benefits | |||
Net periodic benefit costs [Abstract] | |||
Service costs | 5 | 6 | 6 |
Interest costs | 53 | 55 | 76 |
Settlement and curtailment costs | 2 | 0 | 2 |
Expected return on plan assets | (67) | (71) | (72) |
Amortization of net actuarial (gains) losses | (48) | (34) | 0 |
Amortization of prior service costs (credit) | (12) | (20) | (22) |
Total net periodic benefit costs (credit) | (67) | (64) | (10) |
Other changes in plan assets and benefit obligations recognized in OCI: | |||
Net actuarial (gains) losses | (138) | (248) | (146) |
Prior service costs (credit) | 0 | (7) | 0 |
Amortization of net actuarial (gains) losses | 48 | 34 | 0 |
Amortization of prior service (costs) credit | 12 | 20 | 22 |
Disposal of subsidiary | 0 | 0 | 2 |
Total recognized in OCI | (78) | (201) | (122) |
Total recognized in net periodic benefit costs and OCI | $ (145) | $ (265) | $ (132) |
Employee Benefit Plans (Assumpt
Employee Benefit Plans (Assumptions in Determining Benefit Obligations) (Details) - U.S. | Dec. 31, 2019 | Dec. 31, 2018 |
Pension Benefits | ||
Assumptions used in determining benefit obligations [Abstract] | ||
Weighted average discount rate | 3.30% | 4.35% |
Weighted average interest crediting rate | 3.99% | 4.09% |
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 | 3.45% | 4.35% |
Employee Benefit Plans (Assum_2
Employee Benefit Plans (Assumptions in Determining Net Periodic Benefit Costs) (Details) - U.S. | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average discount rate | 4.35% | 3.65% | 4.30% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Weighted-Average Interest Crediting Rate | 4.01% | 4.13% | 5.46% |
Weighted average expected rate of return on plan assets | 5.75% | 5.75% | 6.00% |
Pension Benefits | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of compensation increase | 2.25% | 2.25% | 2.25% |
Pension Benefits | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of compensation increase | 8.50% | 8.50% | 8.50% |
Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average discount rate | 4.35% | 3.70% | 4.45% |
Weighted average expected rate of return on plan assets | 5.04% | 5.11% | 5.36% |
Employee Benefit Plans (Assumed
Employee Benefit Plans (Assumed Healthcare Cost Trend Rates) (Details) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Before Age 65 | ||
Assumed healthcare costs trend rates | ||
Following year | 4.90% | 5.40% |
Ultimate rate to which cost increase is assumed to decline | 3.80% | 3.90% |
Year in which the ultimate trend rate is reached | 2074 | 2080 |
Age 65 and older | ||
Assumed healthcare costs trend rates | ||
Following year | (1.00%) | 2.80% |
Ultimate rate to which cost increase is assumed to decline | 3.80% | 4.20% |
Year in which the ultimate trend rate is reached | 2074 | 2097 |
Employee Benefit Plans (Actual
Employee Benefit Plans (Actual & Target Allocation of Fair Value by Asset Class) (Details) - U.S. | Dec. 31, 2019 | Dec. 31, 2018 |
Pension Benefits | ||
Actual weighted average asset allocation by major asset class for the Invested Plans [Abstract] | ||
Actual | 100.00% | 100.00% |
Pension Benefits | Fixed Maturity Securities | ||
Actual weighted average asset allocation by major asset class for the Invested Plans [Abstract] | ||
Target | 82.00% | |
Actual | 81.00% | 82.00% |
Pension Benefits | Equity securities | ||
Actual weighted average asset allocation by major asset class for the Invested Plans [Abstract] | ||
Target | 15.00% | |
Actual | 12.00% | 10.00% |
Pension Benefits | Alternative Securities | ||
Actual weighted average asset allocation by major asset class for the Invested Plans [Abstract] | ||
Target | 3.00% | |
Actual | 7.00% | 8.00% |
Other Postretirement Benefits | ||
Actual weighted average asset allocation by major asset class for the Invested Plans [Abstract] | ||
Actual | 100.00% | 100.00% |
Other Postretirement Benefits | Fixed Maturity Securities | ||
Actual weighted average asset allocation by major asset class for the Invested Plans [Abstract] | ||
Target | 95.00% | |
Actual | 95.00% | 82.00% |
Other Postretirement Benefits | Equity securities | ||
Actual weighted average asset allocation by major asset class for the Invested Plans [Abstract] | ||
Target | 5.00% | |
Actual | 5.00% | 18.00% |
Other Postretirement Benefits | Alternative Securities | ||
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 10,230 | $ 8,948 | $ 9,688 |
Pension Benefits | Fixed Maturity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8,328 | 7,301 | |
Pension Benefits | Corporate fixed maturity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3,750 | 3,351 | |
Pension Benefits | U.S. government bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,056 | 1,785 | |
Pension Benefits | Foreign government | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 996 | 837 | |
Pension Benefits | Federal agencies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 106 | 88 | |
Pension Benefits | Municipals | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 280 | 240 | |
Pension Benefits | Short-term Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 192 | 199 | |
Pension Benefits | Other (1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 948 | 801 | |
Pension Benefits | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,177 | 901 | |
Pension Benefits | Other investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 712 | 708 | |
Pension Benefits | Derivative assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 13 | 38 | |
Pension Benefits | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,922 | 2,284 | |
Pension Benefits | Level 1 | Fixed Maturity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,927 | 1,525 | |
Pension Benefits | Level 1 | Corporate fixed maturity securities | |||
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 | 1,599 | 1,314 | |
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 | |||
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 | 0 | 1 | |
Pension Benefits | Level 1 | Other (1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 328 | 210 | |
Pension Benefits | Level 1 | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 962 | 706 | |
Pension Benefits | Level 1 | Other investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 23 | 20 | |
Pension Benefits | Level 1 | Derivative assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 10 | 33 | |
Pension Benefits | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6,622 | 5,973 | |
Pension Benefits | Level 2 | Fixed Maturity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6,401 | 5,774 | |
Pension Benefits | Level 2 | Corporate fixed maturity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3,750 | 3,350 | |
Pension Benefits | Level 2 | U.S. government bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 457 | 471 | |
Pension Benefits | Level 2 | Foreign government | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 996 | 837 | |
Pension Benefits | Level 2 | Federal agencies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 106 | 88 | |
Pension Benefits | Level 2 | Municipals | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 280 | 240 | |
Pension Benefits | Level 2 | Short-term Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 192 | 198 | |
Pension Benefits | Level 2 | Other (1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 620 | 590 | |
Pension Benefits | Level 2 | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 215 | 195 | |
Pension Benefits | Level 2 | Other investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3 | 0 | |
Pension Benefits | Level 2 | Derivative assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3 | 4 | |
Pension Benefits | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 686 | 691 | |
Pension Benefits | Level 3 | Fixed Maturity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 2 | |
Pension Benefits | Level 3 | Corporate fixed maturity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 1 | 1 |
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 | 0 | |
Pension Benefits | Level 3 | Federal agencies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | Level 3 | Municipals | |||
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 | 0 | 1 | 10 |
Pension Benefits | Level 3 | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | 3 |
Pension Benefits | Level 3 | Other investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 686 | 688 | 622 |
Pension Benefits | Level 3 | Derivative assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 1 | 0 |
Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,468 | 1,360 | $ 1,434 |
Other Postretirement Benefits | Fixed Maturity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,409 | 1,186 | |
Other Postretirement Benefits | Corporate fixed maturity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 278 | 313 | |
Other Postretirement Benefits | U.S. government bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 259 | 268 | |
Other Postretirement Benefits | Foreign government | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 63 | 90 | |
Other Postretirement Benefits | Federal agencies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 9 | 16 | |
Other Postretirement Benefits | Municipals | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 20 | 29 | |
Other Postretirement Benefits | Short-term Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 407 | 398 | |
Other Postretirement Benefits | Other (1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 373 | 72 | |
Other Postretirement Benefits | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 59 | 173 | |
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 | 0 | 1 | |
Other Postretirement Benefits | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 493 | 428 | |
Other Postretirement Benefits | Level 1 | Fixed Maturity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 434 | 272 | |
Other Postretirement Benefits | Level 1 | Corporate fixed maturity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Other Postretirement Benefits | Level 1 | U.S. government bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 259 | 268 | |
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 | |||
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 | 24 | 1 | |
Other Postretirement Benefits | Level 1 | Other (1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 151 | 3 | |
Other Postretirement Benefits | Level 1 | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 59 | 155 | |
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 | 0 | 1 | |
Other Postretirement Benefits | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 972 | 932 | |
Other Postretirement Benefits | Level 2 | Fixed Maturity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 972 | 914 | |
Other Postretirement Benefits | Level 2 | Corporate fixed maturity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 278 | 313 | |
Other Postretirement Benefits | Level 2 | U.S. government bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Other Postretirement Benefits | Level 2 | Foreign government | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 63 | 90 | |
Other Postretirement Benefits | Level 2 | Federal agencies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 9 | 16 | |
Other Postretirement Benefits | Level 2 | Municipals | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 20 | 29 | |
Other Postretirement Benefits | Level 2 | Short-term Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 383 | 397 | |
Other Postretirement Benefits | Level 2 | Other (1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 219 | 69 | |
Other Postretirement Benefits | Level 2 | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 18 | |
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 | 3 | 0 | |
Other Postretirement Benefits | Level 3 | Fixed Maturity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3 | 0 | |
Other Postretirement Benefits | Level 3 | Corporate fixed maturity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
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 | |||
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 | 3 | 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 | 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) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Pension Benefits | ||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | $ 8,948 | $ 9,688 |
Purchases, sales, issuances and settlements, net | (5) | (5) |
Estimated fair value of plan assets at December 31, | 10,230 | 8,948 |
Pension Benefits | Corporate fixed maturity securities | ||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | 3,351 | |
Estimated fair value of plan assets at December 31, | 3,750 | 3,351 |
Pension Benefits | Foreign government | ||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | 837 | |
Estimated fair value of plan assets at December 31, | 996 | 837 |
Pension Benefits | Other (1) | ||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | 801 | |
Estimated fair value of plan assets at December 31, | 948 | 801 |
Pension Benefits | Equity securities | ||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | 901 | |
Estimated fair value of plan assets at December 31, | 1,177 | 901 |
Pension Benefits | Other investments | ||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | 708 | |
Estimated fair value of plan assets at December 31, | 712 | 708 |
Pension Benefits | Derivative assets | ||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | 38 | |
Estimated fair value of plan assets at December 31, | 13 | 38 |
Other Postretirement Benefits | ||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | 1,360 | 1,434 |
Purchases, sales, issuances and settlements, net | (3) | 16 |
Estimated fair value of plan assets at December 31, | 1,468 | 1,360 |
Other Postretirement Benefits | Corporate fixed maturity securities | ||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | 313 | |
Estimated fair value of plan assets at December 31, | 278 | 313 |
Other Postretirement Benefits | Foreign government | ||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | 90 | |
Estimated fair value of plan assets at December 31, | 63 | 90 |
Other Postretirement Benefits | Other (1) | ||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | 72 | |
Estimated fair value of plan assets at December 31, | 373 | 72 |
Other Postretirement Benefits | Equity securities | ||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | 173 | |
Estimated fair value of plan assets at December 31, | 59 | 173 |
Other Postretirement Benefits | Other investments | ||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | 0 | |
Estimated fair value of plan assets at December 31, | 0 | 0 |
Other Postretirement Benefits | Derivative assets | ||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | 1 | |
Estimated fair value of plan assets at December 31, | 0 | 1 |
Level 3 | Pension Benefits | ||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | 691 | |
Estimated fair value of plan assets at December 31, | 686 | 691 |
Level 3 | Pension Benefits | Corporate fixed maturity securities | ||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | 1 | 1 |
Realized gains (losses) | 0 | 0 |
Unrealized gains (losses) | 0 | 0 |
Purchases, sales, issuances and settlements, net | (1) | 0 |
Transfers into and/or out of Level 3 | 0 | 0 |
Estimated fair value of plan assets at December 31, | 0 | 1 |
Level 3 | Pension Benefits | Foreign government | ||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | 0 | |
Estimated fair value of plan assets at December 31, | 0 | 0 |
Level 3 | Pension Benefits | Other (1) | ||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | 1 | 10 |
Realized gains (losses) | 0 | 0 |
Unrealized gains (losses) | 0 | 0 |
Purchases, sales, issuances and settlements, net | 2 | (3) |
Transfers into and/or out of Level 3 | 0 | (6) |
Estimated fair value of plan assets at December 31, | 0 | 1 |
Level 3 | Pension Benefits | Equity securities | ||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | 0 | 3 |
Realized gains (losses) | 0 | 0 |
Unrealized gains (losses) | 0 | 0 |
Purchases, sales, issuances and settlements, net | 0 | 0 |
Transfers into and/or out of Level 3 | 0 | (3) |
Estimated fair value of plan assets at December 31, | 0 | 0 |
Level 3 | Pension Benefits | Other investments | ||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | 688 | 622 |
Realized gains (losses) | 0 | 0 |
Unrealized gains (losses) | (1) | 23 |
Purchases, sales, issuances and settlements, net | (1) | 43 |
Transfers into and/or out of Level 3 | 0 | 0 |
Estimated fair value of plan assets at December 31, | 686 | 688 |
Level 3 | Pension Benefits | Derivative assets | ||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | 1 | 0 |
Realized gains (losses) | 0 | 0 |
Unrealized gains (losses) | (1) | 0 |
Purchases, sales, issuances and settlements, net | 0 | 0 |
Transfers into and/or out of Level 3 | 0 | 1 |
Estimated fair value of plan assets at December 31, | 0 | 1 |
Level 3 | Other Postretirement Benefits | ||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | 0 | |
Estimated fair value of plan assets at December 31, | 3 | 0 |
Level 3 | Other Postretirement Benefits | Corporate fixed maturity securities | ||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | 0 | |
Estimated fair value of plan assets at December 31, | 0 | 0 |
Level 3 | Other Postretirement Benefits | Foreign government | ||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | 0 | |
Estimated fair value of plan assets at December 31, | 0 | 0 |
Level 3 | Other Postretirement Benefits | Other (1) | ||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | 0 | |
Estimated fair value of plan assets at December 31, | 3 | 0 |
Level 3 | Other Postretirement Benefits | Equity securities | ||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | 0 | |
Estimated fair value of plan assets at December 31, | 0 | 0 |
Level 3 | Other Postretirement Benefits | Other investments | ||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | 0 | |
Estimated fair value of plan assets at December 31, | 0 | 0 |
Level 3 | Other Postretirement Benefits | Derivative assets | ||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | 0 | |
Estimated fair value of plan assets at December 31, | $ 0 | $ 0 |
Employee Benefit Plans (Expecte
Employee Benefit Plans (Expected Gross Benefit Payments) (Details) $ in Millions | Dec. 31, 2019USD ($) |
Pension Benefits | |
Defined benefit plan estimated future benefit payments [Abstract] | |
2020 | $ 649 |
2021 | 658 |
2022 | 670 |
2023 | 688 |
2024 | 711 |
2025-2029 | 3,690 |
Other Postretirement Benefits | |
Defined benefit plan estimated future benefit payments [Abstract] | |
2020 | 78 |
2021 | 74 |
2022 | 73 |
2023 | 72 |
2024 | 74 |
2025-2029 | $ 361 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Contribution Plan, Cost | $ 96 | $ 63 | $ 72 | |
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Aggregate projected benefit obligations | 11,950 | 10,591 | $ 11,409 | |
Pension Benefits | U.S. | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Aggregate projected benefit obligations | $ 10,824 | $ 9,580 | ||
Weighted average expected return on plan assets | 5.75% | 5.75% | 6.00% | |
Pension Benefits | Non- U.S. Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Aggregate projected benefit obligations | $ 1,126 | $ 1,011 | ||
Pension Benefits | Scenario, Forecast | U.S. | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Weighted average expected return on plan assets | 5.50% | |||
Other Postretirement Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Aggregate projected benefit obligations | 1,289 | 1,324 | $ 1,674 | |
Other Postretirement Benefits | U.S. | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Aggregate projected benefit obligations | $ 1,247 | $ 1,288 | ||
Weighted average expected return on plan assets | 5.04% | 5.11% | 5.36% | |
Expected future discretionary contributions | $ 40 | |||
Other Postretirement Benefits | Non- U.S. Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Aggregate projected benefit obligations | 42 | $ 36 | ||
Other Postretirement Benefits | Scenario, Forecast | U.S. | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Weighted average expected return on plan assets | 4.31% | |||
United States Pension Plan of US Entity, Qualified [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected future discretionary contributions | 125 | |||
United States Pension Plan of US Entity, Non Qualified [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Aggregate projected benefit obligations | 1,200 | $ 1,100 | ||
Expected future discretionary contributions | $ 70 |
Income Tax (Provision for Incom
Income Tax (Provision for Income Tax from Continuing Operations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current: | |||
U.S. federal | $ (189) | $ (207) | $ (246) |
U.S. state and local | 4 | 11 | 5 |
Non-U.S. | 850 | 932 | 891 |
Subtotal | 665 | 736 | 650 |
Deferred: | |||
U.S. federal | (235) | 342 | (2,373) |
Non-U.S. | 456 | 101 | 253 |
Subtotal | 221 | 443 | (2,120) |
Current and Deferred: | |||
Provision for income tax expense (benefit) | $ 886 | $ 1,179 | $ (1,470) |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income (loss) from continuing operations: | |||
U.S. | $ 2,094 | $ (803) | $ 684 |
Non-U.S. | 4,701 | 7,110 | 2,852 |
Income (loss) from continuing operations before provision for income tax | $ 6,795 | $ 6,307 | $ 3,536 |
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 | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Deferred Income Tax Liabilities, Net | $ 9,032 | $ 5,414 | $ 9,032 | $ 5,414 | ||
Income tax expense benefit continuing operations income tax reconciliation | ||||||
Tax provision at U.S. statutory rate | 1,427 | 1,325 | $ 1,238 | |||
Dividend received deduction | (37) | (35) | (67) | |||
Tax-exempt income | (64) | (29) | (97) | |||
Prior year tax (1) | (179) | (197) | (27) | |||
Low income housing tax credits | (254) | (284) | (278) | |||
Other tax credits | (52) | (79) | (102) | |||
Foreign tax rate differential | 395 | 335 | (95) | |||
Change in valuation allowance | (22) | (2) | (8) | |||
Other, net (8) | (2) | 67 | 25 | |||
Deferred Federal Income Tax Expense (Benefit) | (235) | 342 | (2,373) | |||
Provision for income tax expense (benefit) | 886 | 1,179 | (1,470) | |||
MetLife Hong Kong | ||||||
Income tax expense benefit continuing operations income tax reconciliation | ||||||
Foreign tax rate differential | 61 | |||||
Brighthouse Financial, Inc | ||||||
Income tax expense benefit continuing operations income tax reconciliation | ||||||
Other, net (8) | 69 | |||||
Impact of Separation | ||||||
Income tax expense benefit continuing operations income tax reconciliation | ||||||
Other Adjustments, Amount | 0 | 0 | (540) | |||
Provision for income tax expense (benefit) | (927) | |||||
Foreign dividends [Member] | ||||||
Income tax expense benefit continuing operations income tax reconciliation | ||||||
Tax benefit on dividends from non-us operations | 264 | |||||
Impact of U.S. Tax Reform | ||||||
Income tax expense benefit continuing operations income tax reconciliation | ||||||
Tax provision at U.S. statutory rate | 12 | (101) | ||||
Other Adjustments, Amount | (326) | 78 | (1,519) | |||
Deferred Federal Income Tax Expense (Benefit) | (9) | (402) | (1,790) | |||
Provision for income tax expense (benefit) | (326) | 66 | (1,620) | |||
Alternative Minimum Tax Credits | ||||||
Income tax expense benefit continuing operations income tax reconciliation | ||||||
Deferred Federal Income Tax Expense (Benefit) | 9 | 0 | 9 | |||
Tax Rate Change [Member] | ||||||
Income tax expense benefit continuing operations income tax reconciliation | ||||||
Other Adjustments, Amount | 390 | |||||
Patient Protection and Affordable Care Act excise tax [Member] | ||||||
Income tax expense benefit continuing operations income tax reconciliation | ||||||
Other, net (8) | 18 | |||||
Settlement with Taxing Authority | ||||||
Income tax expense benefit continuing operations income tax reconciliation | ||||||
Prior year tax (1) | 158 | 168 | ||||
Provision for income tax expense (benefit) | $ (158) | $ (168) | ||||
GILTI [Member] | Impact of U.S. Tax Reform | ||||||
Income tax expense benefit continuing operations income tax reconciliation | ||||||
Effective Income Tax Rate Reconciliation, Tax Contingency, Foreign, Amount | 12 | |||||
Provision for income tax expense (benefit) | 35 | 45 | ||||
Foreign Tax Authority | ||||||
Income tax expense benefit continuing operations income tax reconciliation | ||||||
Undistributed Earnings of Foreign Subsidiaries | 3,000 | |||||
Repatriation of Foreign Earnings | 444 | |||||
Foreign Tax Authority | Foreign dividends [Member] | ||||||
Income tax expense benefit continuing operations income tax reconciliation | ||||||
Foreign tax rate differential | 180 | |||||
Foreign Tax Authority | Impact of U.S. Tax Reform | ||||||
Income tax expense benefit continuing operations income tax reconciliation | ||||||
Other Adjustments, Amount | $ 180 | 170 | ||||
Repatriation of Foreign Earnings | 317 | 468 | $ 350 | |||
CHILE | ||||||
Income tax expense benefit continuing operations income tax reconciliation | ||||||
Foreign tax rate differential | 17 | |||||
UNITED KINGDOM | ||||||
Income tax expense benefit continuing operations income tax reconciliation | ||||||
Other, net (8) | 36 | |||||
ARGENTINA | ||||||
Income tax expense benefit continuing operations income tax reconciliation | ||||||
Foreign tax rate differential | $ 13 | |||||
Change in Accounting Method Accounted for as Change in Estimate [Member] | GILTI [Member] | Impact of U.S. Tax Reform | ||||||
Income tax expense benefit continuing operations income tax reconciliation | ||||||
Provision for income tax expense (benefit) | $ (23) |
Income Tax (Impact of U.S. Tax
Income Tax (Impact of U.S. Tax Reform) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | $ 6,795 | $ 6,307 | $ 3,536 | |
Deferred Federal Income Tax Expense (Benefit) | (235) | 342 | (2,373) | |
Income Tax Expense (Benefit) | 886 | 1,179 | (1,470) | |
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 5,909 | 5,128 | 5,006 | |
Income tax (expense) benefit related to items of other comprehensive income (loss) | 3,324 | (1,754) | 984 | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 66,382 | 52,958 | 58,870 | $ 67,702 |
Impact of U.S. Tax Reform | ||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 0 | (58) | (289) | |
Deferred Tax Liabilities, Undistributed Foreign Earnings | (317) | 468 | 170 | |
Deferred Federal Income Tax Expense (Benefit) | (9) | (402) | (1,790) | |
Income Tax Expense (Benefit) | (326) | 66 | (1,620) | |
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 326 | (124) | 1,331 | |
Income tax (expense) benefit related to items of other comprehensive income (loss) | 0 | 0 | 144 | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 326 | $ (124) | $ 1,475 |
Income Tax (Impact of U.S. Ta_2
Income Tax (Impact of U.S. Tax Reform) (Narrative) (Details) - USD ($) $ in Millions | Jan. 01, 2018 | Sep. 30, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Federal corporate income tax rate | 21.00% | 35.00% | |||
Transition tax rate | 6.20% | ||||
Income Tax Expense (Benefit) | $ 886 | $ 1,179 | $ (1,470) | ||
Deferred Federal Income Tax Expense (Benefit) | (235) | 342 | (2,373) | ||
Deferred Tax Liabilities, Investments | 4,170 | 3,854 | |||
Other Assets | |||||
Transition tax rate | 8.00% | ||||
Cash and Cash Equivalents | |||||
Transition tax rate | 15.50% | ||||
Compensation and fringe benefits | |||||
Deferred Federal Income Tax Expense (Benefit) | 0 | 0 | 8 | ||
Impact of U.S. Tax Reform | |||||
Other Adjustments, Amount | (326) | 78 | (1,519) | ||
Income Tax Expense (Benefit) | (326) | 66 | (1,620) | ||
Deferred Federal Income Tax Expense (Benefit) | (9) | (402) | (1,790) | ||
Alternative Minimum Tax Credits | |||||
Deferred Federal Income Tax Expense (Benefit) | 9 | 0 | 9 | ||
Foreign Tax Authority | |||||
Repatriation of Foreign Earnings | 444 | ||||
Foreign Tax Authority | Impact of U.S. Tax Reform | |||||
Other Adjustments, Amount | $ 180 | 170 | |||
Repatriation of Foreign Earnings | 317 | 468 | 350 | ||
Deferred Tax Liabilities, Investments | 193 | ||||
GILTI [Member] | Impact of U.S. Tax Reform | |||||
Effective Income Tax Rate Reconciliation, Tax Contingency, Foreign, Amount | 12 | ||||
Income Tax Expense (Benefit) | 35 | 45 | |||
Other limited partnership interests | |||||
Gross Investment Income, Operating | $ 825 | 731 | $ 798 | ||
Other limited partnership interests | Impact of U.S. Tax Reform | |||||
Income Tax Expense (Benefit) | (125) | ||||
Gross Investment Income, Operating | $ 46 |
Income Tax (Net Deferred Income
Income Tax (Net Deferred Income Tax Assets and Liabilities) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Deferred income tax assets: | ||
Policyholder liabilities and receivables | $ 3,635 | $ 3,558 |
Net operating loss carryforwards (1) | 240 | 237 |
Employee benefits | 692 | 705 |
Capital loss carryforwards | 10 | 0 |
Tax credit carryforwards (2) | 1,296 | 1,113 |
Litigation-related and government mandated | 151 | 161 |
Other | 127 | 365 |
Total gross deferred income tax assets | 6,151 | 6,139 |
Less: Valuation allowance (1) | 294 | 302 |
Total net deferred income tax assets | 5,857 | 5,837 |
Deferred income tax liabilities: | ||
Investments, including derivatives | 4,170 | 3,854 |
Intangibles | 1,181 | 1,256 |
Net unrealized investment gains | 6,226 | 2,898 |
DAC | 3,312 | 3,243 |
Total deferred income tax liabilities | 14,889 | 11,251 |
Deferred tax assets and liabilities [Abstract] | ||
Net deferred income tax asset (liability) (3) | (9,097) | $ (5,414) |
Certain State and Foreign Net Operating Loss Carryforwards | ||
Tax Credit Carryforward [Line Items] | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 240 |
Income Tax (Reconciliation of U
Income Tax (Reconciliation of Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Unrecognized Tax Benefits | |||
Balance at January 1, | $ 1,111 | $ 1,102 | $ 1,146 |
Additions for tax positions of prior years (1) | 6 | 269 | 70 |
Reductions for tax positions of prior years (2) | (493) | (195) | (101) |
Additions for tax positions of current year (1) | 13 | 226 | 33 |
Reductions for tax positions of current year | 0 | (3) | (3) |
Settlements with tax authorities (3) | (381) | (288) | (43) |
Balance at December 31, | 256 | 1,111 | 1,102 |
Unrecognized tax benefits that, if recognized, would impact the effective rate | 194 | 1,046 | $ 1,073 |
Current Income Tax Payable | |||
Reconciliation of Unrecognized Tax Benefits | |||
Settlements with tax authorities (3) | $ (377) | $ (284) |
Income Tax (Interest Accrued Re
Income Tax (Interest Accrued Related to Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Examination [Line Items] | |||
Interest expense (benefit) recognized on the consolidated statements of operations (1) | $ (179) | $ (441) | $ 37 |
Interest included in other liabilities on the consolidated balance sheets | 39 | 218 | |
Operating Expense | |||
Income Tax Examination [Line Items] | |||
Interest expense (benefit) recognized on the consolidated statements of operations (1) | 60 | 168 | |
Current Income Tax Payable | |||
Income Tax Examination [Line Items] | |||
Interest expense (benefit) recognized on the consolidated statements of operations (1) | $ 119 | $ 273 |
Income Tax (Narrative) (Details
Income Tax (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Deferred Tax Assets, Valuation Allowance | $ 294 | $ 302 | $ 294 | $ 302 | |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Policyholder Liabilities | 3,635 | 3,558 | 3,635 | 3,558 | |
Deferred Tax Assets, Other | 127 | 365 | 127 | 365 | |
Deferred Tax Liabilities, Investments | 4,170 | 3,854 | 4,170 | 3,854 | |
Deferred Tax Assets, Operating Loss Carryforwards | 240 | 237 | 240 | 237 | |
Income Tax Expense (Benefit) | 886 | 1,179 | $ (1,470) | ||
Operating Expenses | 13,689 | 13,714 | 13,621 | ||
Tax Credit Carryforward, Amount | 1,296 | 1,113 | 1,296 | 1,113 | |
Deferred Federal Income Tax Expense (Benefit) | (235) | 342 | (2,373) | ||
Settlement with Taxing Authority | |||||
Tax Adjustments, Settlements, and Unusual Provisions | (226) | (349) | |||
Income Tax Expense (Benefit) | (158) | (168) | |||
Operating Expenses | 86 | 229 | |||
Operating Expenses Net | 68 | 181 | |||
Certain State and Foreign Net Operating Loss Carryforwards | |||||
Valuation allowance, change during year | 240 | ||||
Restatement Adjustment | |||||
Deferred Tax Assets, Valuation Allowance | 133 | 133 | |||
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Policyholder Liabilities | 671 | 671 | |||
Deferred Tax Assets, Other | 173 | 173 | |||
Deferred Tax Liabilities, Investments | 1,400 | 1,400 | |||
Deferred Tax Liabilities, Other | 495 | 495 | |||
Deferred Tax Assets, Operating Loss Carryforwards | $ 133 | 133 | |||
Impact of U.S. Tax Reform | |||||
Income Tax Expense (Benefit) | (326) | 66 | (1,620) | ||
Deferred Federal Income Tax Expense (Benefit) | (9) | (402) | (1,790) | ||
Impact of U.S. Tax Reform | GILTI [Member] | |||||
Effective Income Tax Rate Reconciliation, Tax Contingency, Foreign, Amount | 12 | ||||
Income Tax Expense (Benefit) | 35 | 45 | |||
Compensation and fringe benefits | |||||
Deferred Federal Income Tax Expense (Benefit) | 0 | $ 0 | $ 8 | ||
General Business Tax Credit Carryforward [Member] | 2036and2039 [Member] | |||||
Tax Credit Carryforward, Amount | 113 | 113 | |||
Other Assets | |||||
Deferred Tax Assets, Net | $ 65 | $ 65 |
Earnings Per Common Share (Earn
Earnings Per Common Share (Earnings Per Common Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Weighted Average Shares: | |||||||||||
Weighted average common stock outstanding - basic | 937.6 | 1,005.9 | 1,069.7 | ||||||||
Incremental common shares from assumed exercise or issuance of stock-based awards | 6.8 | 8 | 8.8 | ||||||||
Weighted average common stock outstanding - diluted | 944.4 | 1,013.9 | 1,078.5 | ||||||||
Income (Loss) from Continuing Operations: | |||||||||||
Income (loss) from continuing operations, net of income tax | $ 5,909 | $ 5,128 | $ 5,006 | ||||||||
Less: Income (loss) from continuing operations, net of income tax, attributable to noncontrolling interests | 10 | 5 | 10 | ||||||||
Less: Preferred stock dividends | $ 57 | $ 32 | $ 57 | $ 32 | $ 57 | $ 32 | $ 46 | $ 6 | 178 | 141 | 103 |
Income (loss) from continuing operations, net of income tax, available to MetLife, Inc.’s common shareholders | $ 5,721 | $ 4,982 | $ 4,893 | ||||||||
Basic | $ 6.10 | $ 4.95 | $ 4.57 | ||||||||
Diluted | $ 6.06 | $ 4.91 | $ 4.53 | ||||||||
Income (Loss) from Discontinued Operations: | |||||||||||
Income (loss) from discontinued operations, net of income tax | $ 0 | $ 0 | $ (986) | ||||||||
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 | $ 0 | $ 0 | $ (986) | ||||||||
Basic | $ 0 | $ 0 | $ (0.92) | ||||||||
Diluted | $ 0 | $ 0 | $ (0.91) | ||||||||
Net Income (Loss): | |||||||||||
Net income (loss) | 588 | 2,190 | 1,746 | 1,385 | 2,062 | 915 | 894 | 1,257 | $ 5,909 | $ 5,128 | $ 4,020 |
Less: Net income (loss) attributable to noncontrolling interests | (5) | 6 | 5 | 4 | (5) | 3 | 3 | 4 | 10 | 5 | 10 |
Less: Preferred stock dividends | 57 | 32 | 57 | 32 | 57 | 32 | 46 | 6 | 178 | 141 | 103 |
Net income (loss) available to MetLife, Inc.’s common shareholders | $ 536 | $ 2,152 | $ 1,684 | $ 1,349 | $ 2,010 | $ 880 | $ 845 | $ 1,247 | $ 5,721 | $ 4,982 | $ 3,907 |
Basic | $ 0.58 | $ 2.31 | $ 1.78 | $ 1.41 | $ 2.05 | $ 0.89 | $ 0.83 | $ 1.20 | $ 6.10 | $ 4.95 | $ 3.65 |
Diluted | $ 0.58 | $ 2.30 | $ 1.77 | $ 1.40 | $ 2.04 | $ 0.88 | $ 0.83 | $ 1.19 | $ 6.06 | $ 4.91 | $ 3.62 |
Contingencies, Commitments an_3
Contingencies, Commitments and Guarantees (Asbestos Claims) (Details) - Asbestos Related Claims $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)Claims | Dec. 31, 2018USD ($)Claims | Dec. 31, 2017USD ($)Claims | |
Loss Contingencies [Line Items] | |||
Asbestos personal injury claims at year end | Claims | 61,134 | 62,522 | 62,930 |
Number of new claims during the year | Claims | 3,187 | 3,359 | 3,514 |
Settlement payments during the year | $ | $ 49.4 | $ 51.4 | $ 48.6 |
Asbestos-related claims liability, ending balance | $ | $ 457 |
Contingencies, Commitments an_4
Contingencies, Commitments and Guarantees (Insolvency Assessments) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Other Assets: | ||
Premium tax offset for future discounted and undiscounted assessments | $ 43 | $ 47 |
Premium tax offset currently available for paid assessments | 43 | 46 |
Other Liabilities: | ||
Insolvency assessments | 62 | 67 |
Insurance-related Assessments | ||
Other Assets: | ||
Total assets held for insolvency assessments | $ 86 | $ 93 |
Contingencies, Commitments an_5
Contingencies, Commitments and Guarantees (Contingencies - Narrative) (Details) - USD ($) | Nov. 19, 2019 | Dec. 31, 2019 |
Loss Contingencies [Line Items] | ||
Litigation Settlement, Amount Awarded to Other Party | $ 80,000,000 | |
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 | $ 250,000,000 |
Contingencies, Commitments an_6
Contingencies, Commitments and Guarantees (Commitments and Guarantees - Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Contingencies, Commitments and Guarantees [Abstract] | ||
Liabilities for indemnities, guarantees and commitments | $ 6 | $ 7 |
Cumulative maximum indemnities and guarantees contractual limitation | 536 | |
Minimum | ||
Contingencies, Commitments and Guarantees [Abstract] | ||
Indemnities and guarantees contractual limitation range | 1 | |
Maximum | ||
Contingencies, Commitments and Guarantees [Abstract] | ||
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 | 8,100 | 7,700 |
Mortgage Loan Commitments | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $ 4,100 | $ 4,000 |
Quarterly Results of Operatio_3
Quarterly Results of Operations (Unaudited) (Quarterly Results of Operations) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenues | $ 17,143 | $ 18,678 | $ 17,497 | $ 16,302 | $ 15,662 | $ 16,289 | $ 21,185 | $ 14,805 | $ 69,620 | $ 67,941 | $ 62,308 |
Total expenses | 17,180 | 15,887 | 15,200 | 14,558 | 13,191 | 15,210 | 20,084 | 13,149 | 62,825 | 61,634 | 58,772 |
Net income (loss) | 588 | 2,190 | 1,746 | 1,385 | 2,062 | 915 | 894 | 1,257 | 5,909 | 5,128 | 4,020 |
Less: Net income (loss) attributable to noncontrolling interests | (5) | 6 | 5 | 4 | (5) | 3 | 3 | 4 | 10 | 5 | 10 |
Net income (loss) attributable to MetLife, Inc. | 593 | 2,184 | 1,741 | 1,381 | 2,067 | 912 | 891 | 1,253 | 5,899 | 5,123 | 4,010 |
Less: Preferred stock dividends | 57 | 32 | 57 | 32 | 57 | 32 | 46 | 6 | 178 | 141 | 103 |
Net income (loss) available to MetLife, Inc.’s common shareholders | $ 536 | $ 2,152 | $ 1,684 | $ 1,349 | $ 2,010 | $ 880 | $ 845 | $ 1,247 | $ 5,721 | $ 4,982 | $ 3,907 |
Basic earnings per common share | |||||||||||
Net income (loss) attributable to MetLife, Inc. | $ 0.65 | $ 2.35 | $ 1.84 | $ 1.44 | $ 2.11 | $ 0.92 | $ 0.88 | $ 1.21 | |||
Net income (loss) available to MetLife, Inc.’s common shareholders | 0.58 | 2.31 | 1.78 | 1.41 | 2.05 | 0.89 | 0.83 | 1.20 | $ 6.10 | $ 4.95 | $ 3.65 |
Diluted earnings per common share | |||||||||||
Net income (loss) attributable to MetLife, Inc. | 0.64 | 2.33 | 1.83 | 1.43 | 2.09 | 0.91 | 0.87 | 1.20 | |||
Net income (loss) available to MetLife, Inc.’s common shareholders | $ 0.58 | $ 2.30 | $ 1.77 | $ 1.40 | $ 2.04 | $ 0.88 | $ 0.83 | $ 1.19 | $ 6.06 | $ 4.91 | $ 3.62 |
Subsequent Events Subsequent Ev
Subsequent Events Subsequent Events (Common Stock Repurchases) (Details) - USD ($) $ in Millions | 2 Months Ended | 12 Months Ended | ||
Feb. 14, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Subsequent Event [Line Items] | ||||
Treasury Stock, Shares, Acquired | 49,131,501 | 88,029,138 | 56,599,540 | |
Treasury Stock, Value, Acquired, Cost Method | $ 2,285 | $ 3,992 | $ 2,927 | |
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Treasury Stock, Shares, Acquired | 973,315 | |||
Treasury Stock, Value, Acquired, Cost Method | $ 51 |
Subsequent Events (Dividends -
Subsequent Events (Dividends - Narrative) (Details) - USD ($) | Dec. 01, 2019 | Aug. 31, 2019 | Mar. 05, 2019 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Subsequent Event [Line Items] | |||||||||||||||||||
Estimated aggregate dividend payment | $ 406,000,000 | $ 413,000,000 | $ 419,000,000 | $ 405,000,000 | $ 415,000,000 | $ 419,000,000 | $ 428,000,000 | $ 416,000,000 | $ 422,000,000 | $ 427,000,000 | $ 431,000,000 | $ 437,000,000 | $ 1,643,000,000 | $ 1,678,000,000 | $ 1,717,000,000 | ||||
Series A Preferred Stock [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Preferred stock, dividend rate | $ 0.253 | $ 0 | $ 0.250 | $ 0 | $ 0.253 | $ 0.261 | $ 0 | $ 0.253 | $ 0.256 | $ 0.256 | $ 0.250 | $ 0.253 | $ 0.256 | $ 0.256 | $ 0.250 | $ 1.017 | $ 1.015 | $ 1.015 | |
Preferred stock, dividends | $ 6,000,000 | $ 0 | $ 6,000,000 | $ 0 | $ 6,000,000 | $ 6,000,000 | $ 0 | $ 6,000,000 | $ 6,000,000 | $ 7,000,000 | $ 6,000,000 | $ 6,000,000 | $ 6,000,000 | $ 7,000,000 | $ 6,000,000 | $ 24,000,000 | $ 25,000,000 | $ 25,000,000 | |
Series D Preferred Stock [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Preferred stock, dividend rate | $ 0 | $ 29.375 | $ 0 | $ 0 | $ 0 | $ 0 | $ 29.375 | $ 0 | $ 28.233 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 58.750 | $ 28.233 | $ 0 | |
Preferred stock, dividends | $ 0 | $ 15,000,000 | $ 0 | $ 0 | $ 0 | $ 0 | $ 15,000,000 | $ 0 | $ 14,000,000 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 30,000,000 | $ 14,000,000 | $ 0 | |
Series E Preferred Stock [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Preferred stock, dividend rate | $ 0 | $ 351.563 | $ 0 | $ 351.563 | $ 0 | $ 351.563 | $ 351.563 | $ 351.563 | $ 394.531 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 1,406.252 | $ 746.094 | $ 0 | |
Preferred stock, dividends | $ 0 | $ 11,000,000 | $ 0 | $ 11,000,000 | $ 0 | $ 12,000,000 | $ 11,000,000 | $ 11,000,000 | $ 12,000,000 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 45,000,000 | $ 23,000,000 | $ 0 | |
Subsequent Event [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Estimated aggregate dividend payment | $ 404,000,000 | ||||||||||||||||||
Subsequent Event [Member] | Dividends Declared [Member] | Series A Preferred Stock [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Preferred stock, dividend rate | $ 0.253 | ||||||||||||||||||
Preferred stock, dividends | $ 6,000,000 | ||||||||||||||||||
Subsequent Event [Member] | Dividends Declared [Member] | Series D Preferred Stock [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Preferred stock, dividend rate | $ 29.375 | ||||||||||||||||||
Preferred stock, dividends | $ 15,000,000 | ||||||||||||||||||
Subsequent Event [Member] | Dividends Declared [Member] | Series E Preferred Stock [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Preferred stock, dividend rate | $ 351.563 | ||||||||||||||||||
Preferred stock, dividends | $ 11,000,000 | ||||||||||||||||||
Subsequent Event [Member] | Dividends Declared [Member] | Common Stock | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Approved annual dividend, amount per share | $ 0.44 |
Subsequent Events Subsequent _2
Subsequent Events Subsequent Event (Preferred Stock Issuance) (Details) - USD ($) $ / shares in Units, $ in Millions | Jan. 15, 2020 | Jun. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 04, 2018 |
Subsequent Event [Line Items] | ||||||
Preferred Stock, Shares Issued | 26,032,200 | 26,032,200 | ||||
Preferred stock, par value | $ 0.01 | $ 0.01 | ||||
Preferred stock issued, net of issuance costs | $ 0 | $ 1,274 | $ 0 | |||
Series E Preferred Stock [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Preferred Stock, Shares Issued | 32,200 | 32,200 | 32,200 | |||
Preferred Stock, Dividend Rate, Percentage | 5.625% | 5.625% | ||||
Preferred stock, par value | $ 0.01 | |||||
Preferred Stock, Liquidation Preference Per Share | $ 25,000 | $ 25,000 | ||||
Preferred stock issued, net of issuance costs | $ 780 | |||||
Payments of Stock Issuance Costs | $ 25 | |||||
Subsequent Event [Member] | Series F Preferred Stock [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Preferred Stock, Shares Issued | 40,000 | |||||
Preferred Stock, Dividend Rate, Percentage | 4.75% | |||||
Preferred stock, par value | $ 0.01 | |||||
Preferred Stock, Liquidation Preference Per Share | $ 25,000 | |||||
Preferred stock issued, net of issuance costs | $ 972 | |||||
Payments of Stock Issuance Costs | $ 28 | |||||
RatingAgency [Member] | Series E Preferred Stock [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Preferred Stock, Liquidation Preference Per Share | $ 25,500 | |||||
RatingAgency [Member] | Subsequent Event [Member] | Series F Preferred Stock [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Preferred Stock, Liquidation Preference Per Share | $ 25,500 |
Consolidated Summary of Inves_2
Consolidated Summary of Investments - Other Than Investments in Related Parties (Details) $ in Millions | Dec. 31, 2019USD ($) |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | $ 441,580 |
Estimated Fair Value | 473,795 |
Fixed Maturities [Member] | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 297,655 |
Estimated Fair Value | 327,820 |
Amount at Which Shown on Balance Sheet | 327,820 |
Foreign government | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 58,840 |
Estimated Fair Value | 67,229 |
Amount at Which Shown on Balance Sheet | 67,229 |
U.S. government and agency | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 37,586 |
Estimated Fair Value | 42,084 |
Amount at Which Shown on Balance Sheet | 42,084 |
Public utilities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 12,067 |
Estimated Fair Value | 13,807 |
Amount at Which Shown on Balance Sheet | 13,807 |
Municipals | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 11,081 |
Estimated Fair Value | 13,053 |
Amount at Which Shown on Balance Sheet | 13,053 |
All other corporate bonds | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 125,296 |
Estimated Fair Value | 136,914 |
Amount at Which Shown on Balance Sheet | 136,914 |
Total bonds | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 244,870 |
Estimated Fair Value | 273,087 |
Amount at Which Shown on Balance Sheet | 273,087 |
Mortgage-backed and asset-backed securities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 51,691 |
Estimated Fair Value | 53,536 |
Amount at Which Shown on Balance Sheet | 53,536 |
Redeemable preferred stock | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 1,094 |
Estimated Fair Value | 1,197 |
Amount at Which Shown on Balance Sheet | 1,197 |
Unit-linked and FVO Securities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 11,329 |
Estimated Fair Value | 13,102 |
Amount at Which Shown on Balance Sheet | 13,102 |
Equity Securities, Investment Summary [Member] | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 1,065 |
Estimated Fair Value | 1,342 |
Amount at Which Shown on Balance Sheet | 1,342 |
Industrial, miscellaneous and all other | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 508 |
Estimated Fair Value | 700 |
Amount at Which Shown on Balance Sheet | 700 |
Public utilities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 67 |
Estimated Fair Value | 66 |
Amount at Which Shown on Balance Sheet | 66 |
Banks, trust and insurance companies | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 105 |
Estimated Fair Value | 178 |
Amount at Which Shown on Balance Sheet | 178 |
Non-redeemable Preferred Stock | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 385 |
Estimated Fair Value | 398 |
Amount at Which Shown on Balance Sheet | 398 |
Held-for-investment | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 80,529 |
Estimated Fair Value | 80,529 |
Policy loans | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 9,680 |
Estimated Fair Value | 9,680 |
Real estate and real estate joint ventures | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 10,705 |
Estimated Fair Value | 10,705 |
Real estate acquired in satisfaction of debt | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 36 |
Estimated Fair Value | 36 |
Other limited partnership interests | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 7,716 |
Estimated Fair Value | 7,716 |
Short-term investments | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 3,850 |
Estimated Fair Value | 3,850 |
Other invested assets | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 19,015 |
Estimated Fair Value | $ 19,015 |
Condensed Financial Informati_2
Condensed Financial Information (Parent Company) (Condensed Balance Sheet) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Investments: | ||||
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $3,062 and $2,745, respectively) | $ 327,820 | $ 298,265 | ||
Contractholder-directed equity securities and fair value option securities relating to variable interest entities | 13,102 | 12,616 | ||
Short-term investments | 3,850 | 3,937 | ||
Other Investments | 19,015 | 18,190 | ||
Total investments | 473,795 | 436,210 | ||
Cash and Cash Equivalents, at Carrying Value | 16,598 | 15,821 | ||
Accrued Investment Income Receivable | 3,523 | 3,582 | ||
Other Assets | 10,518 | 8,408 | ||
Total assets | 740,463 | 687,538 | ||
Liabilities | ||||
Payables for collateral under securities loaned and other transactions | 26,745 | 24,794 | ||
Collateral financing arrangement | 993 | 1,060 | ||
Junior subordinated debt securities | 3,150 | 3,147 | ||
Other Liabilities | 24,179 | 22,964 | ||
Total liabilities | 674,081 | 634,580 | ||
Stockholders’ Equity | ||||
Preferred stock, par value $0.01 per share; $3,405 aggregate liquidation preference | 0 | 0 | ||
Common stock, par value $0.01 per share; 3,000,000,000 shares authorized; 1,177,680,299 and 1,171,824,242 shares issued, respectively; 915,338,098 and 958,613,542 shares outstanding, respectively | 12 | 12 | ||
Additional paid-in capital | 32,680 | 32,474 | ||
Retained earnings | 33,078 | 28,926 | ||
Treasury stock, at cost; 262,342,201 and 213,210,700 shares, respectively | (12,678) | (10,393) | ||
Accumulated other comprehensive income (loss) | 13,052 | 1,722 | $ 7,427 | $ 5,366 |
Total stockholders’ equity | 66,144 | 52,741 | ||
Total liabilities and stockholders' equity | 740,463 | 687,538 | ||
Parent Company | ||||
Investments: | ||||
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $3,062 and $2,745, respectively) | 3,073 | 2,726 | ||
Short-term investments | 2 | 16 | ||
Other Investments | 120 | 87 | ||
Total investments | 3,195 | 2,829 | ||
Cash and Cash Equivalents, at Carrying Value | 377 | 376 | $ 516 | $ 334 |
Accrued Investment Income Receivable | 12 | 53 | ||
Investment in subsidiaries | 79,571 | 66,567 | ||
Loans to subsidiaries | 100 | 100 | ||
Other Assets | 747 | 843 | ||
Total assets | 84,002 | 70,768 | ||
Liabilities | ||||
Payables for collateral under securities loaned and other transactions | 16 | 9 | ||
Long-term debt — unaffiliated | 12,379 | 11,844 | ||
Long-term debt — affiliated | 1,976 | 1,957 | ||
Junior subordinated debt securities | 2,458 | 2,456 | ||
Other Liabilities | 1,029 | 1,761 | ||
Total liabilities | 17,858 | 18,027 | ||
Stockholders’ Equity | ||||
Preferred stock, par value $0.01 per share; $3,405 aggregate liquidation preference | 0 | 0 | ||
Common stock, par value $0.01 per share; 3,000,000,000 shares authorized; 1,177,680,299 and 1,171,824,242 shares issued, respectively; 915,338,098 and 958,613,542 shares outstanding, respectively | 12 | 12 | ||
Additional paid-in capital | 32,680 | 32,474 | ||
Retained earnings | 33,078 | 28,926 | ||
Treasury stock, at cost; 262,342,201 and 213,210,700 shares, respectively | (12,678) | (10,393) | ||
Accumulated other comprehensive income (loss) | 13,052 | 1,722 | ||
Total stockholders’ equity | 66,144 | 52,741 | ||
Total liabilities and stockholders' equity | $ 84,002 | $ 70,768 |
Condensed Financial Informati_3
Condensed Financial Information (Parent Company) (Condensed Balance Sheet - Parenthetical) (Details) - USD ($) $ / shares in Units, $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Amortized cost of fixed maturity securities | $ 297,655 | $ 286,816 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred Stock, aggregate liquidation preference | $ 3,405 | $ 3,405 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 3,000,000,000 | 3,000,000,000 |
Common stock, shares issued | 1,177,680,299 | 1,171,824,242 |
Common stock, shares outstanding | 915,338,098 | 958,613,542 |
Treasury stock, shares | 262,342,201 | 213,210,700 |
Parent Company | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Amortized cost of fixed maturity securities | $ 3,062 | $ 2,745 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred Stock, aggregate liquidation preference | $ 3,405 | $ 3,405 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 3,000,000,000 | 3,000,000,000 |
Common stock, shares issued | 1,177,680,299 | 1,171,824,242 |
Common stock, shares outstanding | 915,338,098 | 958,613,542 |
Treasury stock, shares | 262,342,201 | 213,210,700 |
Condensed Financial Informati_4
Condensed Financial Information (Parent Company) (Condensed Statements of Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net Investment Income | $ 18,868 | $ 16,166 | $ 17,363 | ||||||||
Other revenues | 1,842 | 1,880 | 1,341 | ||||||||
Net investment gains (losses) | 444 | (298) | (308) | ||||||||
Net derivative gains (losses) | 628 | 851 | (590) | ||||||||
Total revenues | $ 17,143 | $ 18,678 | $ 17,497 | $ 16,302 | $ 15,662 | $ 16,289 | $ 21,185 | $ 14,805 | 69,620 | 67,941 | 62,308 |
Expenses | |||||||||||
Other expenses | 13,689 | 13,714 | 13,621 | ||||||||
Total expenses | 17,180 | 15,887 | 15,200 | 14,558 | 13,191 | 15,210 | 20,084 | 13,149 | 62,825 | 61,634 | 58,772 |
Income (loss) from before provision for income tax | 6,795 | 6,307 | 3,536 | ||||||||
Provision for income tax expense (benefit) | 886 | 1,179 | (1,470) | ||||||||
Net income (loss) | 593 | 2,184 | 1,741 | 1,381 | 2,067 | 912 | 891 | 1,253 | 5,899 | 5,123 | 4,010 |
Less: Preferred stock dividends | 57 | 32 | 57 | 32 | 57 | 32 | 46 | 6 | 178 | 141 | 103 |
Net income (loss) available to MetLife, Inc.’s common shareholders | $ 536 | $ 2,152 | $ 1,684 | $ 1,349 | $ 2,010 | $ 880 | $ 845 | $ 1,247 | 5,721 | 4,982 | 3,907 |
Comprehensive income (loss) | 17,208 | (1,494) | 7,391 | ||||||||
Parent Company | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Equity in earnings of subsidiaries | 6,301 | 6,466 | 7,162 | ||||||||
Net Investment Income | 77 | 87 | 101 | ||||||||
Other revenues | 27 | 19 | 59 | ||||||||
Net investment gains (losses) | (40) | (277) | (1,142) | ||||||||
Net derivative gains (losses) | (45) | (56) | (186) | ||||||||
Total revenues | 6,320 | 6,239 | 5,994 | ||||||||
Expenses | |||||||||||
Interest expense | 850 | 1,009 | 1,108 | ||||||||
Other expenses | 153 | 158 | 657 | ||||||||
Total expenses | 1,003 | 1,167 | 2,059 | ||||||||
Income (loss) from before provision for income tax | 5,317 | 5,072 | 3,935 | ||||||||
Provision for income tax expense (benefit) | (582) | (51) | (75) | ||||||||
Net income (loss) | 5,899 | 5,123 | 4,010 | ||||||||
Less: Preferred stock dividends | 178 | 141 | 103 | ||||||||
Net income (loss) available to MetLife, Inc.’s common shareholders | 5,721 | 4,982 | 3,907 | ||||||||
Comprehensive income (loss) | 17,208 | (1,494) | 7,391 | ||||||||
Brighthouse Financial, Inc | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Other revenues | 246 | 305 | |||||||||
Net investment gains (losses) | (1,016) | ||||||||||
Expenses | |||||||||||
Other expenses | (18) | ||||||||||
Brighthouse Financial, Inc | Parent Company | |||||||||||
Expenses | |||||||||||
Termination of financing arrangements | $ 0 | $ 0 | $ 294 |
Condensed Financial Informati_5
Condensed Financial Information (Parent Company) (Condensed Statements of Cash Flows) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities | |||||||||||
Net income (loss) | $ 593 | $ 2,184 | $ 1,741 | $ 1,381 | $ 2,067 | $ 912 | $ 891 | $ 1,253 | $ 5,899 | $ 5,123 | $ 4,010 |
(Gains) losses on investments and from sales of businesses, net | (444) | 298 | 363 | ||||||||
Other, net | 285 | (62) | 184 | ||||||||
Net cash provided by (used in) operating activities | 13,786 | 11,738 | 12,283 | ||||||||
Cash flows from investing activities | |||||||||||
Sales of fixed maturity securities available-for-sale | 77,820 | 106,677 | 95,945 | ||||||||
Purchases of fixed maturity securities available-for-sale | (87,455) | (105,401) | (105,683) | ||||||||
Cash received in connection with freestanding derivatives | 2,914 | 3,778 | 5,315 | ||||||||
Cash paid in connection with freestanding derivatives | (3,749) | (4,173) | (8,696) | ||||||||
Net change in short-term investments | 152 | 870 | 2,087 | ||||||||
Other, net | (131) | (32) | (346) | ||||||||
Net cash provided by (used in) investing activities | (17,586) | (5,634) | (16,876) | ||||||||
Cash flows from financing activities | |||||||||||
Net change in payables for collateral under securities loaned and other transactions | 2,019 | (821) | 903 | ||||||||
Long-term debt issued | 1,382 | 24 | 3,657 | ||||||||
Long-term debt repaid | (906) | (1,871) | (1,073) | ||||||||
Treasury stock acquired in connection with share repurchases | (2,285) | (3,992) | (2,927) | ||||||||
Preferred stock issued, net of issuance costs | 0 | 1,274 | 0 | ||||||||
Dividends on preferred stock | (178) | (141) | (103) | ||||||||
Dividends on common stock | (1,643) | (1,678) | (1,717) | ||||||||
Other, net | (77) | (145) | 118 | ||||||||
Net cash provided by (used in) financing activities | 4,568 | (2,801) | (906) | ||||||||
Cash and cash equivalents, from continuing operations, beginning of year | 15,821 | 15,821 | |||||||||
Cash and cash equivalents, from continuing operations, end of year | 16,598 | 15,821 | 16,598 | 15,821 | |||||||
Supplemental disclosures of cash flow information | |||||||||||
Net cash paid (received) for Income tax | 1,099 | 1,935 | 1,530 | ||||||||
Non-cash transactions | |||||||||||
Distribution of Brighthouse | (11,666) | ||||||||||
Reduction of long-term debt | 0 | 944 | 0 | ||||||||
Reduction of fair value option securities | 0 | 1,030 | 0 | ||||||||
Parent Company | |||||||||||
Cash flows from operating activities | |||||||||||
Net income (loss) | 5,899 | 5,123 | 4,010 | ||||||||
Earnings of subsidiaries | (6,301) | (6,466) | (7,162) | ||||||||
Dividends from subsidiaries | 4,790 | 7,367 | 6,745 | ||||||||
(Gains) losses on investments and from sales of businesses, net | 40 | 277 | 1,142 | ||||||||
Tax separation agreement charge | 0 | 0 | 1,093 | ||||||||
Other, net | (251) | (807) | 634 | ||||||||
Net cash provided by (used in) operating activities | 4,177 | 5,494 | 6,462 | ||||||||
Cash flows from investing activities | |||||||||||
Sales of fixed maturity securities available-for-sale | 3,153 | 9,635 | 7,217 | ||||||||
Purchases of fixed maturity securities available-for-sale | (3,380) | (8,178) | (7,733) | ||||||||
Cash received in connection with freestanding derivatives | 101 | 227 | 452 | ||||||||
Cash paid in connection with freestanding derivatives | (392) | (237) | (629) | ||||||||
Expense paid on behalf of subsidiaries | (13) | (14) | (42) | ||||||||
Returns of capital from subsidiaries | 10 | 87 | 610 | ||||||||
Capital contributions to subsidiaries | (75) | (767) | (339) | ||||||||
Net change in short-term investments | 14 | 14 | 118 | ||||||||
Other, net | 28 | (3) | (14) | ||||||||
Net cash provided by (used in) investing activities | (554) | 764 | (360) | ||||||||
Cash flows from financing activities | |||||||||||
Net change in payables for collateral under securities loaned and other transactions | 7 | (27) | (111) | ||||||||
Long-term debt issued | 1,382 | 0 | 0 | ||||||||
Long-term debt repaid | (877) | (1,759) | (1,000) | ||||||||
Fees paid for the termination of a committed facility related to Separation | 0 | 0 | (244) | ||||||||
Treasury stock acquired in connection with share repurchases | (2,285) | (3,992) | (2,927) | ||||||||
Preferred stock issued, net of issuance costs | 0 | 1,274 | 0 | ||||||||
Dividends on preferred stock | (178) | (141) | (103) | ||||||||
Dividends on common stock | (1,643) | (1,678) | (1,717) | ||||||||
Other, net | (28) | (75) | 182 | ||||||||
Net cash provided by (used in) financing activities | (3,622) | (6,398) | (5,920) | ||||||||
Change in cash and cash equivalents | 1 | (140) | 182 | ||||||||
Cash and cash equivalents, from continuing operations, beginning of year | $ 376 | $ 516 | 376 | 516 | 334 | ||||||
Cash and cash equivalents, from continuing operations, end of year | $ 377 | $ 376 | 377 | 376 | 516 | ||||||
Supplemental disclosures of cash flow information | |||||||||||
Net cash paid for Interest | 864 | 1,040 | 1,096 | ||||||||
Net cash paid (received) for Income tax | (155) | 877 | (860) | ||||||||
Non-cash transactions | |||||||||||
Returns of capital from subsidiaries | 29 | 3,844 | 17,518 | ||||||||
Capital contributions to subsidiaries | 30 | 3,844 | 15,655 | ||||||||
Distribution of Brighthouse | 0 | 0 | 10,346 | ||||||||
Allocation of interest expense to subsidiary | 0 | 0 | 15 | ||||||||
Allocation of interest income to subsidiary | 0 | 0 | 4 | ||||||||
Reduction of long-term debt | 0 | 944 | 0 | ||||||||
Reduction of fair value option securities | 0 | 1,030 | 0 | ||||||||
Amounts paid to (received from) subsidiaries, net | Parent Company | |||||||||||
Supplemental disclosures of cash flow information | |||||||||||
Net cash paid (received) for Income tax | (152) | (33) | (1,552) | ||||||||
Amounts paid to Brighthouse in accordance with the tax separation agreement | Parent Company | |||||||||||
Supplemental disclosures of cash flow information | |||||||||||
Net cash paid (received) for Income tax | 0 | 909 | 729 | ||||||||
Income tax paid (received) by MetLife, Inc., net | Parent Company | |||||||||||
Supplemental disclosures of cash flow information | |||||||||||
Net cash paid (received) for Income tax | $ (3) | $ 1 | $ (37) |
Condensed Financial Informati_6
Condensed Financial Information (Parent Company) (Investment in Subsidiaries - Narrative) (Details) $ in Billions | Aug. 03, 2017USD ($) |
Condensed Financial Statements, Captions [Line Items] | |
Dividends Paid To Registrant's Parent Company By Affiliates | $ 1.8 |
Condensed Financial Informati_7
Condensed Financial Information (Parent Company) (Loans to Subsidiaries - Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Debt Instrument, Face Amount | $ 3,200 | $ 3,200 | ||
Notes to Condensed Financial Information of Parent Company (Textuals) [Abstract] | ||||
Debt Instrument, Description of Variable Rate Basis | three-month LIBOR | |||
Parent Company | ||||
Notes to Condensed Financial Information of Parent Company (Textuals) [Abstract] | ||||
Loans to subsidiaries and affiliates | $ 100 | 100 | ||
Parent Company | Interest Income [Member] | ||||
Notes to Condensed Financial Information of Parent Company (Textuals) [Abstract] | ||||
Loans to Subsidiaries, Interest Income | 3 | 3 | $ 44 | |
Parent Company | Surplus Note September 2032 [Member] | ||||
Notes to Condensed Financial Information of Parent Company (Textuals) [Abstract] | ||||
Loans to subsidiaries and affiliates | $ 750 | |||
Advances To Affiliate Instrument Interest Rate Effective Percentage | 5.13% | |||
Parent Company | Surplus Note December 2033 [Member] | ||||
Notes to Condensed Financial Information of Parent Company (Textuals) [Abstract] | ||||
Loans to subsidiaries and affiliates | $ 350 | |||
Advances To Affiliate Instrument Interest Rate Effective Percentage | 6.00% | |||
Junior Subordinated Debt Instrument Two [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Debt Instrument, Face Amount | $ 750 | $ 750 | ||
Notes to Condensed Financial Information of Parent Company (Textuals) [Abstract] | ||||
Debt Instrument, Maturity Date | Apr. 8, 2068 | |||
Senior Note Issued To Metlife Reinsurance Company Of Delaware [Member] | Senior Notes Affiliated December 2033 [Member] | Parent Company | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Debt Instrument, Face Amount | $ 350 | |||
Notes to Condensed Financial Information of Parent Company (Textuals) [Abstract] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 5.10% | |||
Debt Instrument, Maturity Date | Dec. 31, 2033 | |||
Senior Note Issued To Metlife Reinsurance Company Of Delaware [Member] | Senior Notes Affiliated September 2032 [Member] | Parent Company | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Debt Instrument, Face Amount | $ 750 | |||
Notes to Condensed Financial Information of Parent Company (Textuals) [Abstract] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 4.21% | |||
Debt Instrument, Maturity Date | Sep. 30, 2032 |
Condensed Financial Informati_8
Condensed Financial Information (Parent Company) (Long-term Debt Outstanding) (Details) $ in Millions, ¥ in Billions | May 08, 2018USD ($) | Apr. 19, 2018USD ($) | Mar. 22, 2018USD ($) | Mar. 19, 2018USD ($) | Oct. 31, 2019 | Jul. 31, 2019JPY (¥) | Dec. 31, 2019USD ($) | Oct. 01, 2019JPY (¥) | Dec. 31, 2018USD ($) | Jul. 31, 2018 | May 08, 2018JPY (¥) | Apr. 19, 2018JPY (¥) | Mar. 22, 2018JPY (¥) | Mar. 19, 2018JPY (¥) |
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Debt Instrument, Face Amount | $ 3,200 | $ 3,200 | ||||||||||||
Parent Company | ||||||||||||||
Long-term Debt [Abstract] | ||||||||||||||
Senior Notes | 12,379 | 11,844 | ||||||||||||
Notes Payable, Related Parties | 1,976 | 1,957 | ||||||||||||
Long-term Debt | $ 14,355 | 13,801 | ||||||||||||
Parent Company | Senior Notes, Unaffiliated [Member] | ||||||||||||||
Long-term Debt [Abstract] | ||||||||||||||
Weighted Average Interest Rate | 4.72% | |||||||||||||
Debt Instrument, Maturity Date Range, Start | Dec. 15, 2022 | |||||||||||||
Debt Instrument, Maturity Date Range, End | May 13, 2046 | |||||||||||||
Senior Notes | $ 12,379 | 11,844 | ||||||||||||
Parent Company | Senior Notes, Affiliated [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.14% | 2.97% | 1.45% | 3.14% | 2.97% | 1.45% | ||||||||
Long-term Debt [Abstract] | ||||||||||||||
Weighted Average Interest Rate | 2.25% | |||||||||||||
Debt Instrument, Maturity Date Range, Start | Sep. 30, 2020 | |||||||||||||
Debt Instrument, Maturity Date Range, End | Oct. 1, 2029 | |||||||||||||
Senior Notes | $ 500 | $ 500 | $ 500 | ¥ 54.6 | ¥ 53.7 | ¥ 53.3 | ||||||||
Notes Payable, Related Parties | $ 1,976 | $ 1,957 | ||||||||||||
Debt Instrument, Maturity Date | Dec. 16, 2021 | Jul. 15, 2021 | Jul. 1, 2019 | |||||||||||
Minimum | Parent Company | Senior Notes, Unaffiliated [Member] | ||||||||||||||
Long-term Debt [Abstract] | ||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 0.50% | |||||||||||||
Minimum | Parent Company | Senior Notes, Affiliated [Member] | ||||||||||||||
Long-term Debt [Abstract] | ||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 0.82% | |||||||||||||
Maximum | Parent Company | Senior Notes, Unaffiliated [Member] | ||||||||||||||
Long-term Debt [Abstract] | ||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 6.50% | |||||||||||||
Maximum | Parent Company | Senior Notes, Affiliated [Member] | ||||||||||||||
Long-term Debt [Abstract] | ||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.14% | |||||||||||||
SeniorDebtYen37.3BillionJuly2023 [Member] | Parent Company | Senior Notes, Affiliated [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.602% | |||||||||||||
Long-term Debt [Abstract] | ||||||||||||||
Senior Notes | ¥ | ¥ 37.3 | |||||||||||||
Debt Instrument, Maturity Date | Jul. 1, 2023 | |||||||||||||
SeniorNote16.0BillionYenJuly2026 [Member] | Parent Company | Senior Notes, Affiliated [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.637% | |||||||||||||
Long-term Debt [Abstract] | ||||||||||||||
Senior Notes | ¥ | ¥ 16 | |||||||||||||
Debt Instrument, Maturity Date | Jul. 1, 2026 | |||||||||||||
MaturityOctober2019Rate1.72 [Member] | Parent Company | Senior Notes, Affiliated [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.72% | 1.72% | ||||||||||||
Long-term Debt [Abstract] | ||||||||||||||
Senior Notes | $ 250 | ¥ 26.5 | ||||||||||||
Debt Instrument, Maturity Date | Oct. 1, 2019 | |||||||||||||
SeniorNote26.5BillionYenMaturityOctober2029 [Member] | Parent Company | Senior Notes, Affiliated [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.81% | |||||||||||||
Long-term Debt [Abstract] | ||||||||||||||
Senior Notes | ¥ | ¥ 26.5 | |||||||||||||
Debt Instrument, Maturity Date | Oct. 1, 2029 | |||||||||||||
MaturitySeptember2020Rate.82 [Member] | Parent Company | Senior Notes, Affiliated [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.82% | 0.82% | ||||||||||||
Long-term Debt [Abstract] | ||||||||||||||
Senior Notes | $ 250 | ¥ 26.5 | ||||||||||||
Debt Instrument, Maturity Date | Sep. 30, 2020 |
Condensed Financial Informati_9
Condensed Financial Information (Parent Company) (Interest Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest Expense [Abstract] | |||
Total interest expense | $ 656 | $ 827 | $ 841 |
Parent Company | |||
Interest Expense [Abstract] | |||
Total interest expense | 850 | 1,009 | 1,108 |
Parent Company | Long-term Debt | |||
Interest Expense [Abstract] | |||
Total interest expense | 591 | 755 | 774 |
Parent Company | Long-term Debt | Affiliated Entity [Member] | |||
Interest Expense [Abstract] | |||
Total interest expense | 48 | 45 | 112 |
Parent Company | Secured Debt [Member] | |||
Interest Expense [Abstract] | |||
Total interest expense | 6 | 6 | 27 |
Parent Company | Junior Subordinated Debt [Member] | |||
Interest Expense [Abstract] | |||
Total interest expense | $ 205 | $ 203 | $ 195 |
Condensed Financial Informat_10
Condensed Financial Information (Parent Company) (Long-term Debt - Narrative) (Details) $ in Millions, ¥ in Billions | May 08, 2018USD ($) | Apr. 19, 2018USD ($) | Mar. 22, 2018USD ($) | Mar. 19, 2018USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | May 08, 2018JPY (¥) | Apr. 19, 2018JPY (¥) | Mar. 22, 2018JPY (¥) | Mar. 19, 2018JPY (¥) |
Condensed Financial Statements, Captions [Line Items] | ||||||||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ 88 | $ 87 | ||||||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 33 | |||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 27 | |||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 527 | |||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 1,000 | |||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 2,000 | |||||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 9,800 | |||||||||
Debt Instrument, Face Amount | 3,200 | 3,200 | ||||||||
Parent Company | ||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 244 | |||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 997 | |||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 500 | |||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 1,300 | |||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 1,500 | |||||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 9,800 | |||||||||
Senior Notes | 12,379 | 11,844 | ||||||||
Parent Company | Senior Notes Unaffiliated [Member] | ||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | 81 | 79 | ||||||||
Senior Notes | $ 12,379 | $ 11,844 | ||||||||
Parent Company | Senior Notes, Affiliated [Member] | ||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||
Senior Notes | $ 500 | $ 500 | $ 500 | ¥ 54.6 | ¥ 53.7 | ¥ 53.3 | ||||
Debt Instrument, Maturity Date | Dec. 16, 2021 | Jul. 15, 2021 | Jul. 1, 2019 | |||||||
MaturityOctober2019Rate1.72 [Member] | Parent Company | Senior Notes, Affiliated [Member] | ||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||
Senior Notes | $ 250 | ¥ 26.5 | ||||||||
Debt Instrument, Maturity Date | Oct. 1, 2019 | |||||||||
MaturitySeptember2020Rate.82 [Member] | Parent Company | Senior Notes, Affiliated [Member] | ||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||
Senior Notes | $ 250 | ¥ 26.5 | ||||||||
Debt Instrument, Maturity Date | Sep. 30, 2020 |
Condensed Financial Informat_11
Condensed Financial Information (Parent Company) (Support Agreements - Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Condensed Financial Statements, Captions [Line Items] | ||
Derivative Liability, Fair Value, Amount Offset Against Collateral | $ 25 | $ 69 |
Parent Company | Support Agreement Exeter Obligations [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Amount guaranteed under support agreement | $ 1,000 | |
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 each such protected cell’s authorized control level RBC | |
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 RBC | |
Parent Company | Support Agreement - Guarantees of Subsidiary Derivative Obligations [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Derivative Assets, Fair Value, Net | $ 360 | 302 |
Unsecured derivative liability positions guaranteed by MetLife, Inc. | 197 | 84 |
Estimated fair value of collateral provided to counterparties by the subsidiaries | 196 | 84 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | $ 1 | $ 0 |
Consolidated Supplementary In_2
Consolidated Supplementary Insurance Information (Balance Sheet Items) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
DAC and VOBA | $ 17,833 | $ 18,895 | $ 18,419 |
Future Policy Benefits, Other Policy-Related Balances and Policyholder Dividend Obligation | 214,100 | 203,737 | |
Policyholder account balances | 192,627 | 183,693 | |
Policyholder Dividends Payable | 681 | 677 | |
Unearned Premiums | 4,647 | 4,626 | |
Unearned Revenue | 2,478 | 2,710 | |
U.S. | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
DAC and VOBA | 649 | 633 | |
Future Policy Benefits, Other Policy-Related Balances and Policyholder Dividend Obligation | 79,147 | 72,639 | |
Policyholder account balances | 71,180 | 69,002 | |
Policyholder Dividends Payable | 0 | 0 | |
Unearned Premiums | 2,062 | 1,945 | |
Unearned Revenue | 41 | 36 | |
Asia | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
DAC and VOBA | 9,764 | 10,156 | |
Future Policy Benefits, Other Policy-Related Balances and Policyholder Dividend Obligation | 42,328 | 41,846 | |
Policyholder account balances | 75,699 | 66,610 | |
Policyholder Dividends Payable | 75 | 86 | |
Unearned Premiums | 2,275 | 2,381 | |
Unearned Revenue | 973 | 1,299 | |
Latin America | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
DAC and VOBA | 2,038 | 1,984 | |
Future Policy Benefits, Other Policy-Related Balances and Policyholder Dividend Obligation | 10,840 | 10,170 | |
Policyholder account balances | 5,071 | 5,961 | |
Policyholder Dividends Payable | 0 | 0 | |
Unearned Premiums | 123 | 119 | |
Unearned Revenue | 762 | 719 | |
EMEA | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
DAC and VOBA | 1,701 | 1,622 | |
Future Policy Benefits, Other Policy-Related Balances and Policyholder Dividend Obligation | 5,221 | 5,357 | |
Policyholder account balances | 11,730 | 11,712 | |
Policyholder Dividends Payable | 5 | 5 | |
Unearned Premiums | 23 | 19 | |
Unearned Revenue | 509 | 464 | |
MetLife Holdings | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
DAC and VOBA | 3,656 | 4,474 | |
Future Policy Benefits, Other Policy-Related Balances and Policyholder Dividend Obligation | 74,999 | 72,405 | |
Policyholder account balances | 28,966 | 30,394 | |
Policyholder Dividends Payable | 601 | 586 | |
Unearned Premiums | 164 | 162 | |
Unearned Revenue | 193 | 192 | |
Corporate & Other | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
DAC and VOBA | 25 | 26 | |
Future Policy Benefits, Other Policy-Related Balances and Policyholder Dividend Obligation | 1,565 | 1,320 | |
Policyholder account balances | (19) | 14 | |
Policyholder Dividends Payable | 0 | 0 | |
Unearned Premiums | 0 | 0 | |
Unearned Revenue | $ 0 | $ 0 |
Consolidated Supplementary In_3
Consolidated Supplementary Insurance Information (Income Statement Items) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Premiums and Universal Life and Investment-Type Product Policy Fees | $ 47,838 | $ 49,342 | $ 44,502 |
Net Investment Income | 18,868 | 16,166 | 17,363 |
Policyholder Benefits and Claims and Interest Credited to Policyholder Account Balances | 47,925 | 46,669 | 43,920 |
Amortization of DAC and VOBA Charged to Other Expenses | 2,896 | 2,975 | 2,681 |
Other Expenses (1) | 12,004 | 11,990 | 12,171 |
U.S. | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Premiums and Universal Life and Investment-Type Product Policy Fees | 27,879 | 29,239 | 24,644 |
Net Investment Income | 6,821 | 6,703 | 6,201 |
Policyholder Benefits and Claims and Interest Credited to Policyholder Account Balances | 28,165 | 29,539 | 25,103 |
Amortization of DAC and VOBA Charged to Other Expenses | 475 | 477 | 459 |
Other Expenses (1) | 3,603 | 3,466 | 3,235 |
Asia | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Premiums and Universal Life and Investment-Type Product Policy Fees | 8,482 | 8,390 | 8,352 |
Net Investment Income | 3,920 | 3,055 | 3,299 |
Policyholder Benefits and Claims and Interest Credited to Policyholder Account Balances | 7,278 | 6,559 | 6,799 |
Amortization of DAC and VOBA Charged to Other Expenses | 1,380 | 1,297 | 1,310 |
Other Expenses (1) | 1,907 | 1,903 | 1,802 |
Latin America | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Premiums and Universal Life and Investment-Type Product Policy Fees | 3,817 | 3,817 | 3,737 |
Net Investment Income | 1,262 | 1,194 | 1,288 |
Policyholder Benefits and Claims and Interest Credited to Policyholder Account Balances | 3,210 | 3,057 | 2,973 |
Amortization of DAC and VOBA Charged to Other Expenses | 291 | 209 | 224 |
Other Expenses (1) | 1,039 | 1,044 | 1,111 |
EMEA | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Premiums and Universal Life and Investment-Type Product Policy Fees | 2,615 | 2,587 | 2,492 |
Net Investment Income | 1,442 | (195) | 1,157 |
Policyholder Benefits and Claims and Interest Credited to Policyholder Account Balances | 2,361 | 772 | 2,012 |
Amortization of DAC and VOBA Charged to Other Expenses | 420 | 433 | 356 |
Other Expenses (1) | 921 | 909 | 966 |
MetLife Holdings | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Premiums and Universal Life and Investment-Type Product Policy Fees | 4,960 | 5,191 | 5,603 |
Net Investment Income | 5,140 | 5,222 | 5,426 |
Policyholder Benefits and Claims and Interest Credited to Policyholder Account Balances | 6,842 | 6,662 | 7,097 |
Amortization of DAC and VOBA Charged to Other Expenses | 324 | 553 | 234 |
Other Expenses (1) | 2,246 | 2,286 | 2,550 |
Corporate & Other | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Premiums and Universal Life and Investment-Type Product Policy Fees | 85 | 118 | (326) |
Net Investment Income | 283 | 187 | (8) |
Policyholder Benefits and Claims and Interest Credited to Policyholder Account Balances | 69 | 80 | (64) |
Amortization of DAC and VOBA Charged to Other Expenses | 6 | 6 | 98 |
Other Expenses (1) | $ 2,288 | $ 2,382 | $ 2,507 |
Consolidated Reinsurance (Conso
Consolidated Reinsurance (Consolidated Reinsurance) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Direct Premiums, Life Insurance in Force | $ 5,100,675 | $ 4,963,820 | $ 4,594,523 |
Ceded Premiums, Life Insurance in Force | 488,958 | 507,589 | 513,091 |
Assumed Premiums, Life Insurance in Force | 623,662 | 532,511 | 581,246 |
Premiums, Net, Life Insurance in Force | $ 5,235,379 | $ 4,988,742 | $ 4,662,678 |
Life Insurance in Force Premiums, Percentage Assumed to Net | 11.90% | 10.70% | 12.50% |
Consolidated Reinsurance | |||
Gross Amount | $ 42,513 | $ 44,199 | $ 39,595 |
Ceded | 2,298 | 2,380 | 2,376 |
Assumed | 2,020 | 2,021 | 1,773 |
Premiums | $ 42,235 | $ 43,840 | $ 38,992 |
% Amount Assumed to Net | 4.80% | 4.60% | 4.50% |
Life insurance (1) | |||
Consolidated Reinsurance | |||
Gross Amount | $ 23,938 | $ 26,356 | $ 22,379 |
Ceded | 1,704 | 1,792 | 1,863 |
Assumed | 1,794 | 1,791 | 1,531 |
Premiums | $ 24,028 | $ 26,355 | $ 22,047 |
% Amount Assumed to Net | 7.50% | 6.80% | 6.90% |
Accident & health insurance | |||
Consolidated Reinsurance | |||
Gross Amount | $ 14,835 | $ 14,166 | $ 13,593 |
Ceded | 523 | 515 | 442 |
Assumed | 207 | 212 | 223 |
Premiums | $ 14,519 | $ 13,863 | $ 13,374 |
% Amount Assumed to Net | 1.40% | 1.50% | 1.70% |
Property and casualty insurance | |||
Consolidated Reinsurance | |||
Gross Amount | $ 3,740 | $ 3,677 | $ 3,623 |
Ceded | 71 | 73 | 71 |
Assumed | 19 | 18 | 19 |
Premiums | $ 3,688 | $ 3,622 | $ 3,571 |
% Amount Assumed to Net | 0.50% | 0.50% | 0.50% |