Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 31, 2023 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Entity Registrant Name | MetLife, Inc. | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
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 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 | 752,022,445 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Common Stock | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $0.01 | |
Trading Symbol | MET | |
Security Exchange Name | NYSE | |
Floating Rate Non-Cumulative Preferred Stock, Series A, par value $0.01 | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Floating Rate Non-Cumulative Preferred Stock, Series A, par value $0.01 | |
Trading Symbol | MET PRA | |
Security Exchange Name | NYSE | |
Depositary Shares, each representing a 1/1,000th interest in a share of 5.625% Non-Cumulative Preferred Stock, Series E | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing a 1/1,000th interest in a share of 5.625% Non-Cumulative Preferred Stock, Series E | |
Trading Symbol | MET PRE | |
Security Exchange Name | NYSE | |
Depositary Shares, each representing a 1/1,000th interest in a share of 4.75% Non-Cumulative Preferred Stock, Series F | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing a 1/1,000th interest ina share of 4.75% Non-Cumulative Preferred Stock, Series F | |
Trading Symbol | MET PRF | |
Security Exchange Name | NYSE |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Investments: | ||
Fixed maturity securities available-for-sale, at estimated fair value (net of allowance for credit loss of $197 and $183, respectively); and amortized cost: $307,045 and $306,025, respectively | $ 283,857 | $ 276,780 |
Equity securities | 769 | 1,684 |
Contractholder-directed equity securities and fair value option securities, at estimated fair value | 10,204 | 9,668 |
Mortgage loans (net of allowance for credit loss of $724 and $527, respectively) | 92,986 | 83,763 |
Policy loans | 8,788 | 8,874 |
Real estate and real estate joint ventures (includes $310 and $299, respectively, under the fair value option) | 13,045 | 13,137 |
Other limited partnership interests | 14,722 | 14,414 |
Short-term investments, principally at estimated fair value | 6,921 | 4,935 |
Other invested assets (net of allowance for credit loss of $21 and $26, respectively; includes $2,088 and $1,926, respectively, of leveraged and direct financing leases; $338 and $326, respectively, relating to variable interest entities) | 19,656 | 20,038 |
Total investments | 450,948 | 433,293 |
Cash and cash equivalents, principally at estimated fair value | 15,417 | 20,195 |
Accrued investment income | 3,505 | 3,446 |
Premiums, reinsurance and other receivables | 18,530 | 17,364 |
Market risk benefits | 279 | 280 |
Deferred policy acquisition costs and value of business acquired | 19,850 | 19,653 |
Current income tax recoverable | 189 | 42 |
Deferred income tax asset | 2,377 | 2,439 |
Goodwill | 9,261 | 9,297 |
Other assets | 10,977 | 11,025 |
Separate account assets | 145,946 | 146,038 |
Total assets | 677,279 | 663,072 |
Liabilities | ||
Future policy benefits | 190,474 | 187,222 |
Policyholder account balances | 214,413 | 210,597 |
Market risk benefits | 3,259 | 3,763 |
Other policy-related balances | 19,642 | 18,424 |
Policyholder dividends payable | 366 | 387 |
Payables for collateral under securities loaned and other transactions | 18,806 | 20,937 |
Short-term debt | 200 | 175 |
Long-term debt | 14,539 | 14,647 |
Collateral financing arrangement | 675 | 716 |
Junior subordinated debt securities | 3,160 | 3,158 |
Deferred income tax liability | 752 | 950 |
Other liabilities | 34,555 | 25,933 |
Separate account liabilities | 145,946 | 146,038 |
Total liabilities | 646,787 | 632,947 |
Contingencies, Commitments and Guarantees (Note 18) | ||
MetLife, Inc.’s stockholders’ equity: | ||
Preferred stock, par value $0.01 per share; $3,905 aggregate liquidation preference | 0 | 0 |
Common stock, par value $0.01 per share; 3,000,000,000 shares authorized; 1,191,608,802 and 1,189,831,471 shares issued, respectively; 757,210,115 and 779,098,414 shares outstanding, respectively | 12 | 12 |
Additional paid-in capital | 33,630 | 33,616 |
Retained earnings | 39,928 | 40,332 |
Treasury stock, at cost; 434,398,687 and 410,733,057 shares, respectively | (22,923) | (21,458) |
Accumulated other comprehensive income (loss) | (20,386) | (22,621) |
Total MetLife, Inc.’s stockholders’ equity | 30,261 | 29,881 |
Noncontrolling interests | 231 | 244 |
Total equity | 30,492 | 30,125 |
Total liabilities and equity | $ 677,279 | $ 663,072 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Amortized cost of fixed maturity securities valuation allowances | $ 197 | $ 183 |
Amortized Cost | 307,045 | 306,025 |
Mortgage loans valuation allowances | 724 | 527 |
Real estate and real estate joint ventures - FVO | 13,045 | 13,137 |
Net Investment in Lease, Allowance for Credit Loss | 21 | 26 |
Other Invested Assets - Leveraged and Direct Financing Leases | 2,088 | 1,926 |
Other invested assets - VIE | $ 19,656 | $ 20,038 |
MetLife, Inc.’s stockholders’ equity: | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, Liquidation Preference, Value | $ 3,905 | $ 3,905 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 3,000,000,000 | 3,000,000,000 |
Common stock, shares issued | 1,191,608,802 | 1,189,831,471 |
Common stock, shares outstanding | 757,210,115 | 779,098,414 |
Treasury stock, shares | 434,398,687 | 410,733,057 |
Real estate and real estate joint venture [Member] | ||
Assets | ||
Real estate and real estate joint ventures - FVO | $ 310 | $ 299 |
Variable interest entities | ||
Assets | ||
Other invested assets - VIE | $ 338 | $ 326 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenues | ||||||
Premiums | $ 11,678 | $ 11,556 | $ 21,267 | $ 22,173 | ||
Universal life and investment-type product policy fees | 1,288 | 1,372 | 2,577 | 2,684 | ||
Net investment income | 5,072 | 3,583 | 9,717 | 7,867 | ||
Other revenues | 621 | 615 | 1,260 | 1,275 | ||
Net investment gains (losses) | (1,039) | (682) | (1,723) | (1,199) | ||
Net derivative gains (losses) | (997) | (970) | (1,087) | (1,921) | ||
Total revenues | 16,623 | 15,474 | 32,011 | 30,879 | ||
Expenses | ||||||
Policyholder benefits and claims | 11,809 | 11,615 | 21,681 | 22,789 | ||
Policyholder liability remeasurement (gains) losses | (16) | (1) | (25) | (42) | ||
Market risk benefit remeasurement (gains) losses | (817) | (757) | (629) | (2,197) | ||
Interest credited to policyholder account balances | 1,933 | 527 | 3,797 | 1,153 | ||
Policyholder dividends | 151 | 194 | 310 | 393 | ||
Other expenses | 3,133 | 2,908 | 6,190 | 5,860 | ||
Total expenses | 16,193 | 14,486 | 31,324 | 27,956 | ||
Income (loss) before provision for income tax | 430 | 988 | 687 | 2,923 | ||
Provision for income tax expense (benefit) | 22 | 73 | 194 | 369 | ||
Net income (loss) | 408 | $ 85 | 915 | $ 1,639 | 493 | 2,554 |
Less: Net income (loss) attributable to noncontrolling interests | 6 | 5 | 11 | 10 | ||
Net income (loss) attributable to MetLife, Inc. | 402 | 910 | 482 | 2,544 | ||
Less: Preferred stock dividends | 32 | $ 66 | 29 | $ 63 | 98 | 92 |
Net income (loss) available to MetLife, Inc.’s common shareholders | 370 | 881 | 384 | 2,452 | ||
Comprehensive income (loss) | (829) | (7,148) | 2,712 | (13,104) | ||
Less: Comprehensive income (loss) attributable to noncontrolling interests, net of income tax | 8 | 4 | (5) | 7 | ||
Comprehensive income (loss) attributable to MetLife, Inc. | $ (837) | $ (7,152) | $ 2,717 | $ (13,111) | ||
Net income (loss) available to MetLife, Inc.’s common shareholders per common share: | ||||||
Basic | $ 0.48 | $ 1.09 | $ 0.50 | $ 3 | ||
Diluted | $ 0.48 | $ 1.08 | $ 0.50 | $ 2.98 |
Consolidated Statements of Equi
Consolidated Statements of Equity (Unaudited) - USD ($) $ in Millions | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock at Cost | Accumulated Other Comprehensive Income (Loss) | Total MetLife, Inc.'s Stockholders' Equity | Noncontrolling Interests |
Beginning Balance at Dec. 31, 2021 | $ 50,013 | $ 0 | $ 12 | $ 33,511 | $ 36,831 | $ (18,157) | $ (2,451) | $ 49,746 | $ 267 |
Treasury stock acquired in connection with share repurchases | (915) | (915) | (915) | ||||||
Stock-based compensation | 20 | 20 | 20 | ||||||
Dividends on preferred stock | (63) | (63) | (63) | ||||||
Dividends on common stock | $ (397) | (397) | (397) | ||||||
Dividend Per Share | $ 0.480 | ||||||||
Change in equity of noncontrolling interests | $ 1 | 0 | 1 | ||||||
Net income (loss) | 1,639 | 1,634 | 1,634 | 5 | |||||
Other comprehensive income (loss), net of income tax | (7,595) | (7,593) | (7,593) | (2) | |||||
Ending Balance at Mar. 31, 2022 | 42,703 | 0 | 12 | 33,531 | 38,005 | (19,072) | (10,044) | 42,432 | 271 |
Beginning Balance at Dec. 31, 2021 | 50,013 | 0 | 12 | 33,511 | 36,831 | (18,157) | (2,451) | 49,746 | 267 |
Treasury stock acquired in connection with share repurchases | (2,000) | ||||||||
Dividends on preferred stock | (92) | ||||||||
Net income (loss) | 2,554 | ||||||||
Ending Balance at Jun. 30, 2022 | 34,009 | 0 | 12 | 33,548 | 38,478 | (20,188) | (18,106) | 33,744 | 265 |
Beginning Balance at Mar. 31, 2022 | 42,703 | 0 | 12 | 33,531 | 38,005 | (19,072) | (10,044) | 42,432 | 271 |
Treasury stock acquired in connection with share repurchases | (1,116) | (1,116) | (1,116) | ||||||
Stock-based compensation | 17 | 17 | 17 | ||||||
Dividends on preferred stock | (29) | (29) | (29) | ||||||
Dividends on common stock | $ (408) | (408) | (408) | ||||||
Dividend Per Share | $ 0.500 | ||||||||
Change in equity of noncontrolling interests | $ (10) | 0 | (10) | ||||||
Net income (loss) | 915 | 910 | 910 | 5 | |||||
Other comprehensive income (loss), net of income tax | (8,063) | (8,062) | (8,062) | (1) | |||||
Ending Balance at Jun. 30, 2022 | 34,009 | 0 | 12 | 33,548 | 38,478 | (20,188) | (18,106) | 33,744 | 265 |
Beginning Balance at Dec. 31, 2022 | 30,125 | 0 | 12 | 33,616 | 40,332 | (21,458) | (22,621) | 29,881 | 244 |
Treasury stock acquired in connection with share repurchases | (787) | (787) | (787) | ||||||
Treasury Stock, Value, Acquired, Cost Method, Excise Tax | 7 | ||||||||
Stock-based compensation | 1 | 1 | 1 | ||||||
Dividends on preferred stock | (66) | (66) | (66) | ||||||
Dividends on common stock | $ (389) | (389) | (389) | ||||||
Dividend Per Share | $ 0.500 | ||||||||
Change in equity of noncontrolling interests | $ (2) | 0 | (2) | ||||||
Net income (loss) | 85 | 80 | 80 | 5 | |||||
Other comprehensive income (loss), net of income tax | 3,456 | 3,474 | 3,474 | (18) | |||||
Ending Balance at Mar. 31, 2023 | 32,423 | 0 | 12 | 33,617 | 39,957 | (22,245) | (19,147) | 32,194 | 229 |
Beginning Balance at Dec. 31, 2022 | 30,125 | 0 | 12 | 33,616 | 40,332 | (21,458) | (22,621) | 29,881 | 244 |
Treasury Stock, Value, Acquired, Cost Method, Excise Tax | 13 | ||||||||
Dividends on preferred stock | (98) | ||||||||
Net income (loss) | 493 | ||||||||
Ending Balance at Jun. 30, 2023 | 30,492 | 0 | 12 | 33,630 | 39,928 | (22,923) | (20,386) | 30,261 | 231 |
Beginning Balance at Mar. 31, 2023 | 32,423 | 0 | 12 | 33,617 | 39,957 | (22,245) | (19,147) | 32,194 | 229 |
Treasury stock acquired in connection with share repurchases | (678) | (678) | (678) | ||||||
Treasury Stock, Value, Acquired, Cost Method, Excise Tax | 6 | ||||||||
Stock-based compensation | 13 | 13 | 13 | ||||||
Dividends on preferred stock | (32) | (32) | (32) | ||||||
Dividends on common stock | $ (399) | (399) | (399) | ||||||
Dividend Per Share | $ 0.520 | ||||||||
Change in equity of noncontrolling interests | $ (6) | 0 | (6) | ||||||
Net income (loss) | 408 | 402 | 402 | 6 | |||||
Other comprehensive income (loss), net of income tax | (1,237) | (1,239) | (1,239) | 2 | |||||
Ending Balance at Jun. 30, 2023 | $ 30,492 | $ 0 | $ 12 | $ 33,630 | $ 39,928 | $ (22,923) | $ (20,386) | $ 30,261 | $ 231 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Cash Flows [Abstract] | ||
Net cash provided by (used in) operating activities | $ 5,064 | $ 6,433 |
Cash flows from investing activities | ||
Sales, maturities and repayments of fixed maturity securities available-for-sale | 32,415 | 48,015 |
Sales, maturities and repayments of equity securities | 927 | 473 |
Sales, maturities and repayments of mortgage loans | 4,347 | 6,685 |
Sales, maturities and repayments of real estate and real estate joint ventures | 76 | 438 |
Sales, maturities and repayments of other limited partnership interests | 541 | 1,227 |
Sales, maturities and repayments of short-term investments | 6,262 | 9,260 |
Purchases of fixed maturity securities available-for-sale | (35,072) | (44,368) |
Purchases of equity securities | (51) | (375) |
Purchases of mortgage loans | (5,094) | (10,157) |
Purchases of real estate and real estate joint ventures | (555) | (615) |
Purchases of other limited partnership interests | (910) | (1,506) |
Purchases of short-term investments | (8,216) | (5,041) |
Cash received in connection with freestanding derivatives | 1,446 | 2,513 |
Cash paid in connection with freestanding derivatives | (2,742) | (4,518) |
Sales of businesses | 0 | 590 |
Purchases of investments in operating joint ventures | 0 | (240) |
Net change in policy loans | 16 | 79 |
Net change in other invested assets | (1,133) | (737) |
Other, net | (107) | (34) |
Net cash provided by (used in) investing activities | (7,850) | 1,689 |
Cash flows from financing activities | ||
Policyholder account balances: Deposits | 51,869 | 56,386 |
Policyholder account balances: Withdrawals | (49,013) | (52,746) |
Net change in payables for collateral under securities loaned and other transactions | (1,972) | (7,809) |
Long-term debt issued | 1,000 | 6 |
Long-term debt repaid | (1,019) | (23) |
Collateral financing arrangement repaid | (41) | (25) |
Financing element on certain derivative instruments and other derivative related transactions, net | 58 | 121 |
Proceeds from mortgage loan secured financing | 277 | 0 |
Repayments of mortgage loan secured financing | (663) | 0 |
Treasury stock acquired in connection with share repurchases | (1,452) | (2,056) |
Dividends on preferred stock | (98) | (92) |
Dividends on common stock | (788) | (805) |
Other, net | (74) | (180) |
Net cash provided by (used in) financing activities | (1,916) | (7,223) |
Effect of change in foreign currency exchange rates on cash and cash equivalents balances | (76) | (467) |
Change in cash and cash equivalents | (4,778) | 432 |
Cash and cash equivalents, including subsidiaries held-for-sale, beginning of period | 20,195 | 20,116 |
Cash and cash equivalents, including subsidiaries held-for-sale, end of period | 15,417 | 20,548 |
Cash and cash equivalents, subsidiaries held-for-sale, beginning of period | 0 | 69 |
Cash and cash equivalents, subsidiaries held-for-sale, end of period | 0 | 0 |
Cash and cash equivalents, beginning of period | 20,195 | 20,047 |
Cash and cash equivalents, end of period | 15,417 | 20,548 |
Supplemental disclosures of cash flow information | ||
Net cash paid for Interest | 472 | 435 |
Net cash paid (received) for Income tax | 1,116 | 577 |
Non-cash transactions: | ||
Fixed maturity securities available-for-sale received in connection with pension risk transfer transactions | 1,691 | 1,258 |
Real estate and real estate joint ventures acquired in satisfaction of debt | 6 | 187 |
Increase in policyholder account balances associated with funding agreement backed notes issued but not settled | $ 0 | $ 184 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Cash Flows [Abstract] | ||
Cash Divested from Deconsolidation | $ 0 | $ 67 |
Business, Basis of Presentation
Business, Basis of Presentation and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
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 interim condensed consolidated financial statements. In applying these policies and estimates, management makes subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain. Many of these policies, estimates and related judgments are common in the insurance and financial services industries; others are specific to the Company’s business and operations. Actual results could differ from these estimates. The accompanying interim condensed consolidated financial statements are unaudited and reflect all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in conformity with GAAP. Interim results are not necessarily indicative of full year performance. Except for balances affected by the adoption of Accounting Standards Update (“ASU”) 2018-12 noted below, the December 31, 2022 consolidated balance sheet data was derived from audited consolidated financial statements included in MetLife, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Annual Report”), which include all disclosures required by GAAP. Therefore, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company included in the 2022 Annual Report. Adoption of ASU 2018-12 - Targeted Improvements to the Accounting for Long-Duration Contracts Effective January 1, 2023, the Company adopted ASU 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, as amended by ASU 2019-09 , Financial Services—Insurance (Topic 944): Effective Date; ASU 2020-11 , Financial Services—Insurance (Topic 944): Effective Date and Early Application; and ASU 2022-05, Financial Services—Insurance (Topic 944): Transition for Sold Contracts (“LDTI”) , with a transition date of January 1, 2021 (the “Transition Date”). Adoption of LDTI impacted the Company’s accounting and presentation related to long-duration insurance contracts and certain related balances for the years ended December 31, 2022 and 2021. Amounts within these interim condensed consolidated financial statements which were previously presented, have been revised to conform with the current year accounting and presentation under LDTI. Disclosures as of the Transition Date are reflected in summary within “— Recent Accounting Pronouncements — Adoption of ASU 2018-12 - Targeted Improvements to the Accounting for Long-Duration Contracts,” and in further detail (at the disaggregated level) within Notes 3, 4, 5 and 7. Consolidation The accompanying interim condensed consolidated financial statements include the accounts of MetLife, Inc. and its subsidiaries, as well as partnerships and joint ventures in which the Company has a controlling financial interest, and variable interest entities (“VIEs”) for which the Company is the primary beneficiary. Intercompany accounts and transactions have been eliminated. The Company uses the equity method of accounting or the fair value option (“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. Revisions Cash flows from short term investments in the prior years’ Interim Condensed Consolidated Statement of Cash Flows, which were previously presented net, have been revised to gross presentation to conform with the current year presentation. The revision in presentation was not material to the previously presented financial statements. The Company originates mortgage loans and transfers proportional rights to cash flows of certain mortgage loans to third parties. These transactions were previously accounted for by the Company as sales of portions of the related mortgage loans. During the second quarter of 2023, management determined that certain of these pre-existing transactions did not meet the criteria for sale accounting and recorded an adjustment to reflect those transfers as secured borrowings. This adjustment did not result in changes to the Company’s economic exposure or key financial reporting metrics. Based on management’s assessment of both quantitative and qualitative factors, the error correction was not material to the Company’s current period or prior period financial statements and prior periods have not been revised. Pending Reinsurance Transaction In May 2023, the Company entered into a definitive agreement with subsidiaries of Global Atlantic Financial Group, a retirement and life insurance company, to reinsure an in-force block of universal life, variable universal life, universal life with secondary guarantees, and fixed annuities, which are reported in the MetLife Holdings segment. At the closing of the transaction, the Company will enter into reinsurance agreements on a coinsurance basis for the general account products, and on a modified coinsurance basis for the separate account products, representing total liabilities of approximately $17.0 billion. Under the terms of such agreement, assets primarily consisting of fixed maturity securities available-for-sale (“AFS”) and mortgage loans supporting the general account liabilities will be transferred to the reinsurers at closing reduced by an approximately $2.3 billion pre-tax ceding commission. The Company will retain separate account assets of approximately $5.5 billion under the modified coinsurance arrangement. The transaction is expected to close in the second half of 2023 and is subject to regulatory approvals and satisfaction of other closing conditions. See Note 9 for additional information on assets to be transferred to the reinsurers at closing, including associated impairments recorded to net investment gains (losses). Summary of Significant Accounting Policies The following table presents the Company’s significant accounting policies which have changed as a result of the adoption of LDTI with cross-references to the notes which provide additional information on such policies. Accounting Policy Note Future Policy Benefit Liabilities 3 Policyholder Account Balances 4 Market Risk Benefits 5 Deferred Policy Acquisition Costs, Value of Business Acquired, Unearned Revenue and Other Intangibles 7 Derivatives 10 Future Policy Benefit Liabilities Traditional Non-participating and Limited-payment Long-duration products The Company establishes future policy benefit liabilities (“FPBs”) for amounts payable under traditional non-participating and limited-payment long-duration insurance and reinsurance policies which include, but are not limited to, most whole and term life & endowment products, accident & health, fixed annuities, pension risk transfers, structured settlements, institutional income annuities and long-term care products. Generally, amounts are payable over an extended period of time and the related liabilities are calculated as the present value of future expected benefits and claim settlement expenses to be paid, reduced by the present value of future expected net premiums. FPBs are measured as cohorts (e.g., groups of long-duration contracts), with the exception of pension risk transfers and longevity reinsurance solutions contracts, each of which are generally considered their own cohort. Contracts from different subsidiaries or branches, issue years, benefit currency and product types are not grouped together in the same cohort. Such liabilities are established based on methods and underlying assumptions in accordance with GAAP and applicable actuarial standards. A net premium ratio (“NPR”) approach is utilized, where net premiums (i.e., the portion of gross premiums required to fund expected insurance benefits and claim settlement expenses) under the contract are accrued each period as an FPB. The NPR used to accrue the FPB in each period is determined by using the historical and present value of expected future benefits and claim settlement expenses for the cohort divided by the historical and present value of expected future gross premiums for the cohort. Cash flow assumptions are incorporated into the calculation of a cohort's NPR and FPB reserve. These assumptions are used to project the amount and timing of expected benefits and claim settlement expenses to be paid and the expected amount of premiums to be collected for a cohort. The principal inputs and assumptions used in the establishment of FPBs are actual premiums, actual benefits, in-force policies, and best estimate cash flow assumptions to project future premium and benefit amounts. The Company’s primary best estimate cash flow assumptions include expectations related to mortality, morbidity, termination, claim settlement expense, policy lapse, renewal, retirement, disability incidence, disability terminations, inflation and other contingent events as appropriate to the respective product type and geographical area. Upon transition to LDTI, generally, the NPR and FPB reserve are updated retrospectively on a quarterly basis for actual experience and at least once a year for any changes in future cash flow assumptions, except for claim settlement expenses, for which the Company has elected to lock in assumptions at the Transition Date or inception (for contracts sold after the Transition Date), as allowed by LDTI. The resulting remeasurement (gain) loss is recorded through net income and reflects the impact on the change in the NPR based on experience at end of the quarter applied to the cumulative premiums received from the inception of the cohort (or from the Transition Date for contracts issued prior to the Transition Date) to the beginning of the quarter. The total contractual profit pattern is recognized over the expected life of the cohort by retrospectively updating the NPR. If net premiums exceed gross premiums (i.e., expected benefits exceed expected gross premiums), the FPB is increased, and a corresponding adjustment is recognized immediately in net income. The change in FPB reflected in the statement of operations is calculated using a locked-in discount rate. For products issued prior to the Transition Date, a cohort level locked-in discount rate was developed that reflects the interest accretion rates that were locked in at inception of the underlying contracts (unless there was a historical premium deficiency event that resulted in updating the interest accretion rate prior to the Transition Date), or the acquisition date for contracts acquired through an assumed in-force reinsurance transaction or a business combination. For contracts issued subsequent to the Transition Date, the upper-medium grade discount rate used for interest accretion is locked in for the cohort and represents the original upper-medium grade discount rate at the issue date of the underlying contracts. The FPB for all cohorts is remeasured to a current upper-medium grade discount rate at each reporting date through other comprehensive income (loss) (“OCI”). The Company generally interprets the upper-medium grade discount rate to be a rate comparable to that of a U.S. corporate single A rate that reflects the duration characteristics of the liability. The upper-medium grade discount rate is determined by using observable market data, including published upper-medium grade discount curves. In situations where market data for an upper-medium grade discount curve is not available (e.g., in certain foreign jurisdictions), spreads are applied to adjust the available observable market data to an upper-medium grade discount curve. The last liquid point on the upper-medium grade discount curve for each jurisdiction grades to an ultimate forward rate, which is derived using assumptions of economic growth, inflation, and a long-term upper-medium grade spread. The table below summarizes the market data and spreads applied to determine the upper-medium grade discount rate for products issued in key jurisdictions that are included in the disaggregated rollforwards in Note 3. Disaggregated rollforwards Jurisdiction Observable base curve Spread applied to derive upper-medium grade discount rate U.S. Annuities, MetLife Holdings Long-term Care United States Single A curve No spread applied as there is an observable single A base discount curve. Asia - Whole and Term Life & Endowments, Asia - Accident & Health Japan Japanese government bond yield A spread is applied based on local corporate bonds whose credit is deemed to approximate single A bonds. The spread is based on weighted average bond yields up to 10 years and held flat for years 10 to 30. Korea Korean government bond yield A spread is applied based on local corporate bonds whose credit is deemed to approximate single A bonds. The spread is based on weighted average bond yields up to five years and held flat for years five to 30. Latin America Fixed Annuities Chile Chilean government bond yield A blended spread is applied based on local corporate bonds whose credit is deemed to approximate single A bonds. The spread is based on weighted average bond yields up to 10 years and held flat for years 10 to 25. Mexico Mexican government bond yield There are few public corporate bonds denominated in Mexican pesos with a credit rating higher than sovereign bonds. Therefore, a spread is applied based on local corporate bond yields to approximate a single A equivalent bond. For limited-payment long-duration contracts, the collection of premiums does not represent the completion of the earnings process, therefore, any gross premiums received in excess of net premiums is deferred and amortized as a deferred profit liability (“DPL”). The DPL is presented within FPBs and is amortized in proportion to either the present value of expected benefit payments or insurance in-force of each cohort to ensure that profits are recognized over the life of the underlying policies in that cohort, regardless of when premiums are received. This amortization of the DPL is recorded through net income within policyholder benefits and claims. Consistent with the Company’s measurement of traditional long-duration products, management also recognizes a FPB reserve for limited-payment contracts that is representative of the difference between the present value of expected future benefit payments and the present value of expected future net premiums, subject to retrospective remeasurement through net income and OCI, as described above. The DPL is also subject to retrospective remeasurement through net income, however, it is not remeasured for changes in discount rates. Traditional participating products The Company establishes FPBs for traditional participating contracts in the U.S., which include whole and term life participating contracts in both the open and closed block using a net premium approach, similar to traditional non-participating contracts. However, for participating contracts, the discount rate and actuarial assumptions are locked in at inception, include a provision for adverse deviation, and all changes in the associated FPBs are reported within policyholder benefits and claims. See Note 8 for additional information on the closed block. For traditional participating contracts, the Company reviews its estimates of actuarial liabilities for future benefits and compares them with current best estimate assumptions. The Company revises estimates, to increase FPBs, if the Company determines that the liabilities previously established for future benefit payments less future expected net premiums in the aggregate for this line of business prove inadequate. Additional Insurance Liabilities Liabilities for universal, variable 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 additional insurance liabilities are updated retrospectively on a quarterly basis for actual experience and at least once a year for any changes in future cash flow assumptions. The assumptions used in estimating the secondary and paid-up guarantee liabilities are investment income, mortality, lapse, and premium payment pattern and persistency. 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 resulting remeasurement (gain) loss recorded through net income reflects the impact on the change in the ratio of benefits payable to total assessments over the life of the contract based on experience at end of the quarter applied to the cumulative assessments received as of the beginning of the quarter. Subsequent to the Transition Date, for annuitization benefits, future benefits expected to be paid during the annuitization phase are discounted using an upper-medium grade discount rate to determine the excess benefit upon annuitization. The discount rate is not locked in for expected annuitization benefits, and is required to be updated quarterly, consistent with other components of the annuitization benefit cash flows. Changes in the discount rate applied to the future annuitization payments are reflected in net income. Premium Deficiency Reserves on Short-Duration Contracts Premium deficiency reserves may be established for short-duration contracts to provide for expected future losses and certain expenses that exceed unearned premiums. 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. Policyholder Account Balances Policyholder account balances (“PABs”) represents the amount held by the Company on behalf of the policyholder at each reporting date. This amount includes deposits received from the policyholder, interest credited to the policyholder’s account balance, net of charges assessed against the account balance and any policyholder withdrawals. This balance also includes liabilities for structured settlement and institutional income annuities, and certain other contracts, that do not contain significant insurance risk, as well as the estimated fair value of embedded derivatives associated with indexed annuity products. Market Risk Benefits As defined by LDTI, market risk benefits (“MRBs”) are contracts or contract features that guarantee benefits, such as guaranteed minimum benefits, in addition to an account balance, which expose insurance companies to other than nominal capital market risk (equity price, interest rate, and/or foreign currency exchange risk) and subsequently protect the contractholder from the same risk. These contracts and contract features were generally recorded as embedded derivatives or additional insurance liabilities prior to the Transition Date. Certain contracts may have multiple contract features or guarantees. In these cases, each feature is separately evaluated to determine whether it meets the definition of an MRB at contract inception. If a contract includes multiple benefits that meet the definition of an MRB, those benefits are aggregated and measured as a single compound MRB. All identified MRBs are required to be measured at estimated fair value, whether the contract or contract feature represents a direct, assumed or ceded capital market risk. All MRBs in an asset position are aggregated and presented as an asset, and all MRBs in a liability position are aggregated and presented as a liability. Changes in the estimated fair value of MRBs are recognized in net income, except for the portion of the fair value change attributable to the change in nonperformance risk of the Company which is recorded as a separate component of OCI. The Company generally uses an attributed fee approach to value MRBs, where the attributed fee is determined at contract inception by estimating the fair value of expected future benefits and the expected future fees. The attributed fee percentage is the portion of the expected future fees due from contractholders deemed necessary at contract inception to fund all future expected benefits. This typically results in a zero fair value for the MRB at inception. The estimated fair value of the expected future benefits is estimated using a stochastically-generated set of risk-neutral scenarios. Once calculated, the attributed fee percentage is fixed and does not change over the life of the contract. All fees due from contractholders (or payable to reinsurers in the case of ceded MRBs) in excess of the attributed fees 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 (“UREV”) 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, dental and vision claims. In addition, generally included in other policy-related balances are claims which have been reported but not yet settled for death, dental and vision. 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. These amounts are then recognized in premiums when due. The UREV 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 on a basis consistent with the methodologies and assumptions used for amortizing deferred policy acquisition costs (“DAC”) for the related contracts. Changes in the UREV liability for each period (representing deferrals less amortization) are reported in universal life and investment-type product policy fees. 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 whole and term life & endowment products, individual accident & health, disability, individual and group fixed annuities (including pension risk transfers, certain structured settlements, and certain income annuities), long-term care and participating products 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 as a DPL and recognized into earnings in a constant relationship to insurance in-force or, for annuities, the present value 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. Unearned premiums, representing the portion of premium written related to the unexpired coverage, are reflected as liabilities until earned. Deposits related to universal life and investment-type products are credited to PABs. 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. All fees due from contractholders (or payable to reinsurers in the case of ceded MRBs) in excess of the attributed fees on contracts with MRBs are reported in universal life and investment-type product policy fees. Amounts that are charged to earnings include interest credited and benefit claims incurred in excess of related PABs. 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. VOBA is subject to periodic recoverability testing for traditional life and limited-payment contracts, as well as universal life type contracts. Beginning on the Transition Date, DAC and VOBA for most long-duration products are amortized on a constant-level basis that approximates straight-line amortization on an individual contract basis. The DAC and VOBA related to U.S. annuities are amortized over expected benefit payments, and for all other long-duration products are generally amortized in proportion to policy count. For short-duration products, DAC and VOBA are amortized in proportion to actual and expected future earned premiums. DAC and VOBA are aggregated on the financial statements for reporting purposes. See Note 7 for additional information on DAC and VOBA amortization. Amortization of DAC and VOBA is included in other expenses. 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 methodologies and assumptions used to amortize DAC for the related contracts. 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. DSI assets were $128 million and $133 million at June 30, 2023 and December 31, 2022, respectively. 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 the assets’ useful lives ranging from nine 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 included in other policy-related balances. The estimated fair value of the in-force contract obligations is based on projections by each block of business. Negative VOBA is amortized on a basis consistent with the methodologies and assumptions used for amortizing DAC for the related contracts. 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. The reinsurance recoverable for traditional non-participating and limited-payment contracts is generally measured using a net premium methodology to accrue the projected net gain or loss on reinsurance in proportion to the gross premiums of the underlying reinsured cohorts; and is updated retrospectively on a quarterly basis for actual experience and at least once a year for any changes in cash flow assumptions. The locked-in discount rate used to measure changes in the reinsurance recoverable recorded in net income was established at the Transition Date, or at the inception of the reinsurance coverage for new reinsurance agreements entered into subsequent to the Transition Date. The reinsurance recoverable is remeasured to an upper-medium grade discount rate through OCI at each reporting date, similar to the underlying reinsured contracts. The reinsurance recoverable for other long- |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2023 | |
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 two businesses: Group Benefits and Retirement and Income Solutions (“RIS”). • The Group Benefits business offers products such as term, variable and universal life insurance, dental, group and individual disability, vision and accident & health insurance. • 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, structured settlements, longevity reinsurance solutions, benefit funding solutions and capital markets investment products. Asia The Asia segment offers a broad range of products and services to both individuals and corporations, as well as to other institutions, and their respective employees, which include life insurance, accident & health insurance and retirement and savings. 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, accident & health insurance and credit insurance. EMEA The EMEA segment offers products to individuals, corporations, other institutions, and their respective employees, which include life insurance, accident & health insurance, retirement and savings and credit insurance. MetLife Holdings The MetLife Holdings segment consists of operations relating to products and businesses that the Company no longer actively markets in the United States. These include variable, universal, term and whole life insurance, variable, fixed and index-linked annuities and long-term care insurance. 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 initiatives), 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 net income (loss). 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. The adoption of LDTI impacted the Company’s calculation of adjusted earnings. With the adoption of LDTI, the measurement model was simplified for DAC and VOBA, and most embedded derivatives were reclassified as MRBs. As a result, the Company updated its calculation of adjusted earnings to remove certain adjustments related to the amortization of DAC, VOBA and related intangibles and adjusted for changes in measurement of certain guarantees. Under LDTI, adjusted earnings excludes changes in fair value associated with MRBs, changes in discount rates on certain annuitization guarantees, losses at contract inception for certain single premium business, and asymmetrical accounting associated with in-force reinsurance. All periods presented herein reflect the updated calculation of adjusted earnings. Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax. These financial measures focus on the Company’s primary businesses principally by excluding the impact of (i) market volatility which could distort trends, (ii) asymmetrical and non-economic accounting, and (iii) revenues and costs related to divested businesses, non-core products and certain entities required to be consolidated under GAAP. Also, these measures exclude results of discontinued operations under GAAP. Market volatility can have a significant impact on the Company’s financial results. Adjusted earnings excludes net investment gains (losses), net derivative gains (losses), MRBs remeasurement gains (losses) and goodwill impairments. Further, policyholder benefits and claims exclude (i) changes in the discount rate on certain annuitization guarantees accounted for as additional liabilities and (ii) market value adjustments. Asymmetrical and non-economic accounting adjustments are made to the line items indicated in calculating adjusted earnings: • Net investment income includes earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment. • Other revenues include settlements of foreign currency earnings hedges. • Policyholder benefits and claims excludes (i) amortization of basis adjustments associated with de-designated fair value hedges of future policy benefits, (ii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments, and (iii) non-economic losses incurred at contract inception for certain single premium annuity business. These losses are amortized into adjusted earnings within policyholder benefits and claims over the estimated lives of the contracts. • Interest credited to PABs excludes amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass-through adjustments. Divested businesses are those that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP. Divested businesses also include 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. Other adjustments are made to the line items indicated in calculating adjusted earnings: • Net investment income and interest credited to PABs excludes certain amounts related to contractholder-directed equity securities. • Other revenues include fee revenue on synthetic guaranteed interest contracts (“GICs”) accounted for as freestanding derivatives. • Other revenues exclude and other expenses include fees received in connection with services provided under transition service agreements. • Other expenses exclude (i) implementation of new insurance regulatory requirements and other costs, and (ii) acquisition, integration and other related costs. Other expenses include (i) deductions for net income attributable to noncontrolling interests, and (ii) benefits accrued on synthetic GICs accounted for as freestanding derivatives. 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 three months and six months ended June 30, 2023 and 2022. The segment accounting policies are the same as those used to prepare the Company’s interim condensed 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. The adoption of LDTI resulted in changes to the economic capital model. The changes related to this adoption do not represent a change in the composition of the segments and, in accordance with GAAP guidance for segment reporting, the Company will apply the changes to the economic capital model prospectively and did not update the economic model for 2022 and 2021. 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, net income (loss) or adjusted earnings. Net investment income is based upon the actual results of each segment’s specifically identifiable investment portfolios adjusted for allocated equity. With the adoption of LDTI, net investment income was reallocated for certain segments to reflect the impact of the change to certain liability balances, with no impact to consolidated net investment income. 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. Three Months Ended June 30, 2023 U.S. Asia Latin EMEA MetLife Corporate Total Adjustments Total (In millions) Revenues Premiums $ 8,108 $ 1,310 $ 1,023 $ 499 $ 719 $ 19 $ 11,678 $ — $ 11,678 Universal life and investment-type product policy fees 294 396 352 75 170 1 1,288 — 1,288 Net investment income 2,275 1,050 418 47 1,170 80 5,040 32 5,072 Other revenues 434 21 10 8 49 106 628 (7) 621 Net investment gains (losses) — — — — — — — (1,039) (1,039) Net derivative gains (losses) — — — — — — — (997) (997) Total revenues 11,111 2,777 1,803 629 2,108 206 18,634 (2,011) 16,623 Expenses Policyholder benefits and claims and policyholder dividends 8,307 1,057 976 237 1,341 12 11,930 30 11,960 Policyholder liability remeasurement (gains) losses (9) (27) 3 2 15 — (16) — (16) Market risk benefit remeasurement (gains) losses — — — — — — — (817) (817) Interest credited to policyholder account balances 750 570 105 19 198 — 1,642 291 1,933 Capitalization of DAC (55) (397) (148) (119) (6) (4) (729) — (729) Amortization of DAC and VOBA 19 190 117 85 64 4 479 — 479 Amortization of negative VOBA — (5) — (1) — — (6) — (6) Interest expense on debt 5 — 4 — 3 244 256 — 256 Other expenses 1,096 778 465 314 231 229 3,113 20 3,133 Total expenses 10,113 2,166 1,522 537 1,846 485 16,669 (476) 16,193 Provision for income tax expense (benefit) 209 180 62 22 51 (83) 441 (419) 22 Adjusted earnings $ 789 $ 431 $ 219 $ 70 $ 211 $ (196) 1,524 Adjustments to: Total revenues (2,011) Total expenses 476 Provision for income tax (expense) benefit 419 Net income (loss) $ 408 $ 408 Three Months Ended June 30, 2022 U.S. Asia Latin EMEA MetLife Corporate Total Adjustments Total (In millions) Revenues Premiums $ 8,094 $ 1,393 $ 822 $ 493 $ 760 $ (6) $ 11,556 $ — $ 11,556 Universal life and investment-type product policy fees 283 420 294 77 296 2 1,372 — 1,372 Net investment income 1,710 1,012 459 38 1,268 17 4,504 (921) 3,583 Other revenues 404 24 10 8 23 98 567 48 615 Net investment gains (losses) — — — — — — — (682) (682) Net derivative gains (losses) — — — — — — — (970) (970) Total revenues 10,491 2,849 1,585 616 2,347 111 17,999 (2,525) 15,474 Expenses Policyholder benefits and claims and policyholder dividends 8,115 1,123 812 226 1,354 (2) 11,628 181 11,809 Policyholder liability remeasurement (gains) losses (7) (10) 6 6 4 — (1) — (1) Market risk benefit remeasurement (gains) losses — — — — — — — (757) (757) Interest credited to policyholder account balances 453 493 84 20 203 — 1,253 (726) 527 Capitalization of DAC (23) (381) (116) (108) (7) (2) (637) — (637) Amortization of DAC and VOBA 15 182 101 88 70 2 458 — 458 Amortization of negative VOBA — (5) — (2) — — (7) — (7) Interest expense on debt 1 — 4 — 2 219 226 — 226 Other expenses 949 763 364 298 242 184 2,800 68 2,868 Total expenses 9,503 2,165 1,255 528 1,868 401 15,720 (1,234) 14,486 Provision for income tax expense (benefit) 208 198 79 22 97 (92) 512 (439) 73 Adjusted earnings $ 780 $ 486 $ 251 $ 66 $ 382 $ (198) 1,767 Adjustments to: Total revenues (2,525) Total expenses 1,234 Provision for income tax (expense) benefit 439 Net income (loss) $ 915 $ 915 Six Months Ended June 30, 2023 U.S. Asia Latin EMEA MetLife Corporate Total Adjustments Total (In millions) Revenues Premiums $ 14,060 $ 2,687 $ 2,048 $ 995 $ 1,442 $ 35 $ 21,267 $ — $ 21,267 Universal life and investment-type product policy fees 591 793 687 152 353 1 2,577 — 2,577 Net investment income 4,399 1,931 797 92 2,297 130 9,646 71 9,717 Other revenues 882 41 22 16 102 207 1,270 (10) 1,260 Net investment gains (losses) — — — — — — — (1,723) (1,723) Net derivative gains (losses) — — — — — — — (1,087) (1,087) Total revenues 19,932 5,452 3,554 1,255 4,194 373 34,760 (2,749) 32,011 Expenses Policyholder benefits and claims and policyholder dividends 14,526 2,187 1,942 498 2,710 28 21,891 100 21,991 Policyholder liability remeasurement (gains) losses (42) (16) (1) (1) 35 — (25) — (25) Market risk benefit remeasurement (gains) losses — — — — — — — (629) (629) Interest credited to policyholder account balances 1,442 1,106 204 35 397 — 3,184 613 3,797 Capitalization of DAC (106) (798) (299) (227) (12) (5) (1,447) — (1,447) Amortization of DAC and VOBA 36 383 223 170 132 5 949 — 949 Amortization of negative VOBA — (11) — (2) — — (13) — (13) Interest expense on debt 8 — 6 — 6 491 511 — 511 Other expenses 2,174 1,585 895 614 469 406 6,143 47 6,190 Total expenses 18,038 4,436 2,970 1,087 3,737 925 31,193 131 31,324 Provision for income tax expense (benefit) 398 305 150 38 88 (186) 793 (599) 194 Adjusted earnings $ 1,496 $ 711 $ 434 $ 130 $ 369 $ (366) 2,774 Adjustments to: Total revenues (2,749) Total expenses (131) Provision for income tax (expense) benefit 599 Net income (loss) $ 493 $ 493 Six Months Ended June 30, 2022 U.S. Asia Latin EMEA MetLife Corporate Total Adjustments Total Consolidated (In millions) Revenues Premiums $ 15,099 $ 2,945 $ 1,560 $ 1,002 $ 1,536 $ (10) $ 22,132 $ 41 $ 22,173 Universal life and investment-type product policy fees 581 823 583 160 524 2 2,673 11 2,684 Net investment income 3,584 2,254 781 79 2,661 137 9,496 (1,629) 7,867 Other revenues 830 45 19 17 67 199 1,177 98 1,275 Net investment gains (losses) — — — — — — — (1,199) (1,199) Net derivative gains (losses) — — — — — — — (1,921) (1,921) Total revenues 20,094 6,067 2,943 1,258 4,788 328 35,478 (4,599) 30,879 Expenses Policyholder benefits and claims and policyholder dividends 15,532 2,394 1,592 502 2,836 (9) 22,847 335 23,182 Policyholder liability remeasurement (gains) losses (30) (34) (8) 10 20 — (42) — (42) Market risk benefit remeasurement (gains) losses — — — — — — — (2,197) (2,197) Interest credited to policyholder account balances 859 991 152 37 405 — 2,444 (1,291) 1,153 Capitalization of DAC (55) (769) (227) (209) (13) (5) (1,278) (11) (1,289) Amortization of DAC and VOBA 32 376 201 167 145 4 925 8 933 Amortization of negative VOBA — (12) — (3) — — (15) — (15) Interest expense on debt 3 — 7 — 3 438 451 — 451 Other expenses 1,928 1,600 713 594 478 320 5,633 147 5,780 Total expenses 18,269 4,546 2,430 1,098 3,874 748 30,965 (3,009) 27,956 Provision for income tax expense (benefit) 382 436 127 39 184 (180) 988 (619) 369 Adjusted earnings $ 1,443 $ 1,085 $ 386 $ 121 $ 730 $ (240) 3,525 Adjustments to: Total revenues (4,599) Total expenses 3,009 Provision for income tax (expense) benefit 619 Net income (loss) $ 2,554 $ 2,554 The following table presents total assets with respect to the Company’s segments, as well as Corporate & Other, at: June 30, 2023 December 31, 2022 (In millions) U.S. $ 249,706 $ 252,219 Asia 150,784 148,305 Latin America 70,048 63,687 EMEA 17,654 16,860 MetLife Holdings 149,965 148,749 Corporate & Other 39,122 33,252 Total $ 677,279 $ 663,072 |
Future Policy Benefits
Future Policy Benefits | 6 Months Ended |
Jun. 30, 2023 | |
Insurance [Abstract] | |
Liability for Future Policy Benefits and Unpaid Claims Disclosure | 3. Future Policy Benefits The Company establishes liabilities for amounts payable under insurance policies. These liabilities are comprised of traditional and limited-payment contracts and associated DPLs, additional insurance liabilities, participating life and short-duration contracts. The LDTI transition adjustments related to traditional and limited-payment contracts, DPLs, and additional insurance liabilities, as well as the associated ceded recoverables, as described in Note 1, were as follows at the Transition Date: U.S. Asia Asia Latin America Fixed Annuities MetLife Holdings Long-Term Care MetLife Holdings Other Long- Duration Short-Duration and Other Total (In millions) Balance, future policy benefits, at December 31, 2020 $ 66,030 $ 17,990 $ 16,330 $ 8,393 $ 14,281 $ 51,148 $ 19,128 $ 13,356 $ 206,656 Removal of additional insurance liabilities for separate presentation (1) (4) — — — — — (6,561) — (6,565) Subtotal - pre-adoption balance, excluding additional liabilities 66,026 17,990 16,330 8,393 14,281 51,148 12,567 13,356 200,091 Removal of related amounts in AOCI (5,914) — — (295) (1,210) — (492) — (7,911) Reclassification of carrying amount of contracts and contract features that are market risk benefits — — — — — — (176) — (176) Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach 337 51 154 121 — — 56 — 719 Effect of remeasurement of future policy benefits to an upper-medium grade discount rate 15,834 4,386 285 2,869 8,270 — 2,475 — 34,119 Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard (7,416) 4 47 (1) — — (124) — (7,490) Removal of remeasured deferred profit liabilities for separate presentation (1) (2,897) (225) (691) (570) — — (275) — (4,658) Balance, traditional and limited-payment contracts, at January 1, 2021 $ 65,970 $ 22,206 $ 16,125 $ 10,517 $ 21,341 $ 51,148 $ 14,031 $ 13,356 $ 214,694 Balance, deferred profit liabilities at January 1, 2021 $ 2,897 $ 225 $ 691 $ 570 $ — $ — $ 275 $ — $ 4,658 Balance, ceded recoverables on traditional and limited-payment contracts at December 31, 2020 $ 203 $ — $ 32 $ — $ — $ 1,052 $ 1,287 Effect of remeasurement of the ceded recoverable to an upper-medium grade discount rate 135 (15) (66) — — 297 351 Adjustments for loss contracts (with net premiums in excess of gross premiums) under the modified retrospective approach — — — — — 32 32 Adjustments for the cumulative effect of adoption on ceded recoverables on traditional and limited-payment contract 6 — (2) — — 10 14 Balance ceded recoverables on traditional and limited-payment contracts at January 1, 2021 $ 344 $ (15) $ (36) $ — $ — $ 1,391 $ 1,684 _ _________________ (1) LDTI requires separate disaggregated rollforwards of the additional insurance liabilities balance and the traditional and limited-payment FPBs. Therefore, the additional insurance liabilities and DPL amounts that are recorded in the FPB financial statement line item are removed to derive the opening balance of traditional and limited-payment contracts at the Transition Date. Asia Asia MetLife Holdings Other Long- Total (In millions) Additional insurance liabilities at December 31, 2020 $ 1,824 $ 788 $ 1,976 $ 1,977 $ 6,565 Reclassification of carrying amount of contracts and contract features that are market risk benefits — — — (1,642) (1,642) Adjustments for the cumulative effect of adoption on additional insurance liabilities — — 38 45 83 Additional insurance liabilities at January 1, 2021 $ 1,824 $ 788 $ 2,014 $ 380 $ 5,006 Ceded recoverables on additional insurance liabilities at December 31, 2020 $ — $ — $ 719 $ 8 $ 727 Reclassification of carrying amount of contracts and contract features that are reinsured market risk benefits — — — (8) (8) Adjustments for the cumulative effect of adoption on ceded recoverables on additional insurance liabilities — — 1 — 1 Ceded recoverables on additional insurance liabilities at January 1, 2021 $ — $ — $ 720 $ — $ 720 Balance, traditional and limited-payment contracts, at January 1, 2021 $ 214,694 Balance, deferred profit liabilities at January 1, 2021 4,658 Balance, additional insurance liabilities at January 1, 2021 5,006 Total future policy benefits at January 1, 2021 $ 224,358 The Company’s future policy benefits on the interim condensed consolidated balance sheets was as follows at: June 30, 2023 December 31, 2022 (In millions) Traditional and Limited-Payment Contracts: U.S. - Annuities $ 60,281 $ 58,495 Asia: Whole and term life & endowments 12,499 12,792 Accident & health 10,662 10,040 Latin America - Fixed annuities 10,192 9,265 MetLife Holdings - Long-term care 14,498 13,845 Deferred Profit Liabilities: U.S. - Annuities 3,417 3,327 Asia: Whole and term life & endowments 560 510 Accident & health 765 760 Latin America - Fixed annuities 605 560 Additional Insurance Liabilities: Asia: Variable life 1,243 1,381 Universal and variable universal life 410 455 MetLife Holdings - Universal and variable universal life 2,268 2,156 MetLife Holdings - Participating life 49,919 50,371 Other long-duration (1) 10,076 10,101 Short-duration and other 13,079 13,164 Total $ 190,474 $ 187,222 __________________ (1) This balance represents liabilities for various smaller product lines across multiple segments, as well as Corporate & Other. Rollforwards - Traditional and Limited-Payment Contracts The following information about the direct and assumed liability for future policy benefits includes disaggregated rollforwards of expected future net premiums and expected future benefits. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business. The adjusted balance in each disaggregated rollforward reflects the remeasurement (gains) losses. U.S. - Annuities The U.S segment’s annuities products include pension risk transfers, certain structured settlements and certain institutional income annuities, which are mainly single premium spread-based products. Information regarding these products was as follows: Six Months 2023 2022 (Dollars in millions) Present Value of Expected Net Premiums Balance, beginning of period, at current discount rate at balance sheet date $ — $ — Balance, beginning of period, at original discount rate $ — $ — Effect of actual variances from expected experience (1) (29) (2) Adjusted balance (29) (2) Issuances 2,558 3,929 Net premiums collected (2,529) (3,927) Ending balance at original discount rate — — Balance, end of period, at current discount rate at balance sheet date $ — $ — Present Value of Expected Future Policy Benefits Balance, beginning of period, at current discount rate at balance sheet date $ 58,695 $ 62,954 Balance, beginning of period, at original discount rate $ 61,426 $ 50,890 Effect of actual variances from expected experience (1) (167) (79) Adjusted balance 61,259 50,811 Issuances 2,561 3,933 Interest accrual 1,411 1,182 Benefit payments (2,726) (2,185) Ending balance at original discount rate 62,505 53,741 Effect of changes in discount rate assumptions (2,020) 797 Balance, end of period, at current discount rate at balance sheet date 60,485 54,538 Cumulative amount of fair value hedging adjustments (204) 52 Net liability for future policy benefits 60,281 54,590 Less: Reinsurance recoverables — 230 Net liability for future policy benefits, net of reinsurance $ 60,281 $ 54,360 Undiscounted - Expected future benefit payments $ 115,364 $ 101,128 Discounted - Expected future benefit payments (at current discount rate at balance sheet date) $ 60,485 $ 54,538 Weighted-average duration of the liability 9 years 10 years Weighted-average interest accretion (original locked-in) rate 4.7 % 4.6 % Weighted-average current discount rate at balance sheet date 5.3 % 4.8 % _________________ (1) For the six months ended June 30, 2023 and 2022, the net effect of actual variances from expected experience was lar gely o ffset by the corresponding impact in DPL associated with the U.S. segment’s annuities products of $98 million and $53 million, respectively. Significant Methodologies and Assumptions The principal inputs used in the establishment of the FPB for the U.S. segment’s annuities products include actual premiums, actual benefits, in-force data, locked-in claim-related expense, the locked-in interest accretion rate, the current upper-medium grade discount rate at the balance sheet date and best estimate mortality assumptions. For the six months ended June 30, 2023, the net effect of actual variances from expected experience was primarily driven by favorable mortality and model refinements. F or the six months ended June 30, 2022, the net effect of actual variances from expected experience was primarily driven by favorable mortality. Asia Whole and Term Life & Endowments The Asia segment’s whole and term life & endowment products in Japan and Korea offer various life insurance contracts to customers. Information regarding these products was as follows: Six Months 2023 2022 (Dollars in millions) Present Value of Expected Net Premiums Balance, beginning of period, at current discount rate at balance sheet date $ 4,682 $ 5,986 Balance, beginning of period, at original discount rate $ 4,943 $ 5,881 Effect of actual variances from expected experience (26) (17) Adjusted balance 4,917 5,864 Issuances 328 106 Interest accrual 27 24 Net premiums collected (300) (323) Effect of foreign currency translation (384) (826) Ending balance at original discount rate 4,588 4,845 Effect of changes in discount rate assumptions (196) (90) Effect of foreign currency translation on the effect of changes in discount rate assumptions 15 (3) Balance, end of period, at current discount rate at balance sheet date $ 4,407 $ 4,752 Present Value of Expected Future Policy Benefits Balance, beginning of period, at current discount rate at balance sheet date $ 17,463 $ 24,453 Balance, beginning of period, at original discount rate $ 18,209 $ 21,276 Effect of actual variances from expected experience 1 9 Adjusted balance 18,210 21,285 Issuances 328 106 Interest accrual 185 191 Benefit payments (624) (787) Effect of foreign currency translation (1,360) (2,901) Ending balance at original discount rate 16,739 17,894 Effect of changes in discount rate assumptions 154 804 Effect of foreign currency translation on the effect of changes in discount rate assumptions 11 (180) Balance, end of period, at current discount rate at balance sheet date 16,904 18,518 Cumulative impact of flooring the future policyholder benefits reserve 2 19 Net liability for future policy benefits 12,499 13,785 Less: Amount due to reinsurer (2) (7) Net liability for future policy benefits, net of reinsurance $ 12,501 $ 13,792 Undiscounted: Expected future gross premiums $ 8,786 $ 9,211 Expected future benefit payments $ 26,771 $ 27,795 Discounted (at current discount rate at balance sheet date): Expected future gross premiums $ 7,691 $ 8,271 Expected future benefit payments $ 16,904 $ 18,518 Weighted-average duration of the liability 17 years 16 years Weighted -average interest accretion (original locked-in) rate 2.5 % 2.4 % Weighted-average current discount rate at balance sheet date 2.5 % 2.2 % Significant Methodologies and Assumptions The principal inputs used in the establishment of the FPB reserve for Asia segment’s whole and term life & endowment products include actual premiums, actual benefits, in-force data, locked-in claim-related expense, the locked-in interest accretion rate, the current upper-medium grade discount rate at the balance sheet date and best estimate assumptions. The best estimate assumptions include mortality, lapse, and morbidity. Accident & Health The Asia segment’s accident & health products in Japan and Korea offer various hospitalization, cancer, critical illness, disability, income protection and personal accident coverage. Information regarding these products was as follows: Six Months 2023 2022 (Dollars in millions) Present Value of Expected Net Premiums Balance, beginning of period, at current discount rate at balance sheet date $ 21,181 $ 26,543 Balance, beginning of period, at original discount rate $ 22,594 $ 25,937 Effect of actual variances from expected experience (33) 26 Adjusted balance 22,561 25,963 Issuances 536 813 Interest accrual 120 132 Net premiums collected (1,055) (1,140) Effect of foreign currency translation (1,849) (3,792) Ending balance at original discount rate 20,313 21,976 Effect of changes in discount rate assumptions (1,006) (487) Effect of foreign currency translation on the effect of changes in discount rate assumptions 83 (2) Balance, end of period, at current discount rate at balance sheet date $ 19,390 $ 21,487 Present Value of Expected Future Policy Benefits Balance, beginning of period, at current discount rate at balance sheet date $ 30,879 $ 41,874 Balance, beginning of period, at original discount rate $ 37,189 $ 41,517 Effect of actual variances from expected experience (53) 54 Adjusted balance 37,136 41,571 Issuances 536 814 Interest accrual 246 261 Benefit payments (653) (767) Effect of foreign currency translation (3,017) (6,020) Ending balance at original discount rate 34,248 35,859 Effect of changes in discount rate assumptions (4,664) (3,733) Effect of foreign currency translation on the effect of changes in discount rate assumptions 385 276 Balance, end of period, at current discount rate at balance sheet date 29,969 32,402 Cumulative impact of flooring the future policyholder benefits reserve 83 193 Net liability for future policy benefits 10,662 11,108 Less: Reinsurance recoverables/(Amount due to reinsurer) 149 (11) Net liability for future policy benefits, net of reinsurance $ 10,513 $ 11,119 Undiscounted: Expected future gross premiums $ 39,362 $ 42,467 Expected future benefit payments $ 44,435 $ 46,153 Discounted (at current discount rate at balance sheet date): Expected future gross premiums $ 33,399 $ 37,169 Expected future benefit payments $ 29,969 $ 32,402 Weighted-average duration of the liability 26 years 26 years Weighted-average interest accretion (original locked-in) rate 1.8% 1.8% Weighted-average current discount rate at balance sheet date 2.3% 2.1% Significant Methodologies and Assumptions The principal inputs used in the establishment of the FPB reserve for the Asia segment’s accident & health products include actual premiums, actual benefits, in-force data, locked-in claim-related expense, the locked-in interest accretion rate, current upper-medium grade discount rate at the balance sheet date and best estimate assumptions. The best estimate assumptions include mortality, lapse, and morbidity. Latin America - Fixed Annuities The Latin America segment’s fixed annuities products in Chile and Mexico offer fixed income annuities that provide for asset distribution needs. Information regarding these products was as follows: Six Months 2023 2022 (Dollars in millions) Present Value of Expected Net Premiums Balance, beginning of period, at current discount rate at balance sheet date $ — $ — Balance, at beginning of period, at original discount rate $ — $ — Effect of actual variances from expected experience (1) — 1 Adjusted balance — 1 Issuances 525 352 Interest accrual 5 (1) Net premiums collected (530) (352) Ending balance at original discount rate — — Balance, end of period, at current discount rate at balance sheet date $ — $ — Present Value of Expected Future Policy Benefits Balance, beginning of period, at current discount rate at balance sheet date $ 9,265 $ 7,343 Balance, beginning of period, at original discount rate $ 8,240 $ 6,851 Effect of actual variances from expected experience (1) (9) (33) Adjusted balance 8,231 6,818 Issuances 577 376 Interest accrual 173 145 Benefit payments (336) (291) Inflation adjustment 243 469 Effect of foreign currency translation 538 (663) Ending balance at original discount rate 9,426 6,854 Effect of changes in discount rate assumptions 706 916 Effect of foreign currency translation on the effect of changes in discount rate assumptions 60 (95) Balance, end of period, at current discount rate at balance sheet date 10,192 7,675 Net liability for future policy benefits $ 10,192 $ 7,675 Undiscounted - Expected future benefit payments $ 14,343 $ 10,626 Discounted - Expected future benefit payments (at current discount rate at balance sheet date) $ 10,192 $ 7,675 Weighted-average duration of the liability 11 years 11 years Weighted-average interest accretion (original locked-in) rate 3.9% 4.4% Weighted-average current discount rate at balance sheet date 2.9% 2.7% __________________ (1) For the six months ended June 30, 2023 and 2022, the net effect of actual variances from expected experience was partially offset by the corresponding impact in DPL associated with the Latin America segment’s fixed annuities products of $3 million and $18 million , respectively. MetLife Holdings - Long-term Care The MetLife Holdings segment’s long-term care products offer protection against potentially high costs of long-term health care services. Information regarding these products was as follows: Six Months 2023 2022 (Dollars in millions) Present Value of Expected Net Premiums Balance, beginning of period, at current discount rate at balance sheet date $ 5,775 $ 7,058 Balance, beginning of period, at original discount rate $ 5,807 $ 5,699 Effect of actual variances from expected experience 83 106 Adjusted balance 5,890 5,805 Interest accrual 149 147 Net premiums collected (293) (288) Ending balance at original discount rate 5,746 5,664 Effect of changes in discount rate assumptions 3 288 Balance, end of period, at current discount rate at balance sheet date $ 5,749 $ 5,952 Present Value of Expected Future Policy Benefits Balance, beginning of period, at current discount rate at balance sheet date $ 19,619 $ 27,627 Balance, beginning of period, at original discount rate $ 20,165 $ 19,406 Effect of actual variances from expected experience 99 116 Adjusted balance 20,264 19,522 Interest accrual 534 515 Benefit payments (382) (345) Ending balance at original discount rate 20,416 19,692 Effect of changes in discount rate assumptions (169) 1,088 Balance, end of period, at current discount rate at balance sheet date 20,247 20,780 Net liability for future policy benefits $ 14,498 $ 14,828 Undiscounted: Expected future gross premiums $ 10,893 $ 11,062 Expected future benefit payments $ 45,653 $ 45,787 Discounted (at current discount rate at balance sheet date): Expected future gross premiums $ 7,089 $ 7,501 Expected future benefit payments $ 20,247 $ 20,780 Weighted-average duration of the liability 15 years 16 years Weighted-average interest accretion (original locked-in) rate 5.4% 5.5% Weighted-average current discount rate at balance sheet date 5.5% 5.0% Significant Methodologies and Assumptions The principal inputs used in the establishment of the FPB reserve for long-term care products include actual premiums, actual benefits, in-force data, locked-in claim-related expense, the locked-in interest accretion rate, current upper-medium grade discount rate at the balance sheet date and best estimate assumptions. The best estimate assumptions include mortality, lapse, incidence, claim utilization, claim cost inflation, claim continuance, and premium rate increases. Rollforwards - Additional Insurance Liabilities The Company establishes additional insurance liabilities for annuitization, death or other insurance benefits for variable life, universal life, and variable universal life contract features where the Company guarantees to the contractholder either a secondary guarantee or a guaranteed paid-up benefit. The policy can remain in force, even if the base policy account value is zero, as long as contractual secondary guarantee requirements have been met. The following information about the direct liability for additional insurance liabilities includes disaggregated rollforwards. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business. The adjusted balance in each disaggregated rollforward reflects the remeasurement (gains) losses. Asia The Asia segment’s variable life, universal life, and variable universal life products in Japan offer a contract feature where the Company guarantees to the contractholder a secondary guarantee. Information regarding these additional insurance liabilities was as follows: Six Months 2023 2022 2023 2022 Variable Life Universal and Variable Universal Life (Dollars in millions) Balance, beginning of period $ 1,381 $ 1,595 $ 455 $ 655 Less: AOCI adjustment — — (33) 56 Balance, beginning of period, before AOCI adjustment 1,381 1,595 488 599 Effect of actual variances from expected experience (8) 1 (22) (41) Adjusted balance 1,373 1,596 466 558 Assessments accrual (2) (2) — — Interest accrual 10 11 3 4 Excess benefits paid (19) (20) — — Effect of foreign currency translation and other, net (119) (241) (41) (89) Balance, end of period, before AOCI adjustment 1,243 1,344 428 473 Add: AOCI adjustment — — (18) (19) Balance, end of period $ 1,243 $ 1,344 $ 410 $ 454 Weighted-average duration of the liability 17 years 18 years 43 years 42 years Weighted-average interest accretion rate 1.5 % 1.5 % 1.5 % 1.5 % Significant Methodologies and Assumptions The principal inputs used in the establishment of the additional insurance liability for the Asia segment’s variable life product include historical actual fees and benefits, in-force data, the locked-in discount rate, the stochastic fund return scenario assumption, and best estimate lapse and mortality assumptions. The stochastic fund return scenario assumption includes the long-term average return and volatility for each fund, and the correlation matrix for each fund. For newer products, the discount rate is determined based on the weighting and return of each fund. The principal inputs used in the establishment of the additional insurance liability for the Asia segment’s universal and variable universal life products include historical actual fees and benefits, in-force data, the locked-in discount rate, the stochastic fund return scenario assumption, and best estimate lapse and mortality assumptions. The stochastic fund return scenario assumption includes the foreign currency exchange long-term average trend, foreign currency exchange volatility, long-term U.S. swap and treasury yield, U.S. swap volatility and the correlation between foreign currency exchange and U.S. swap rates. The locked-in discount rate used for these products is based on the earned rate and foreign currency exchange rates at acquisition. MetLife Holdings The MetLife Holdings segment’s universal life and variable universal life products offer a contract feature where the Company guarantees to the contractholder a secondary guarantee or a guaranteed paid-up benefit. Information regarding these additional insurance liabilities was as follows: Six Months 2023 2022 Universal and Variable Universal Life (Dollars in millions) Balance, beginning of period $ 2,156 $ 2,117 Less: AOCI adjustment (63) 67 Balance, beginning of period, before AOCI adjustment 2,219 2,050 Effect of actual variances from expected experience (6) 19 Adjusted balance 2,213 2,069 Assessments accrual 55 53 Interest accrual 61 56 Excess benefits paid (63) (62) Balance, end of period, before AOCI adjustment 2,266 2,116 Add: AOCI adjustment 2 (35) Balance, end of period 2,268 2,081 Less: Reinsurance recoverables 744 753 Balance, end of period, net of reinsurance $ 1,524 $ 1,328 Weighted-average duration of the liability 16 years 16 years Weighted-average interest accretion rate 5.6 % 5.5 % Significant Methodologies and Assumptions Liabilities for 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 guaranteed benefits are estimated over a range of scenarios. The significant assumptions used in estimating the ULSG and paid-up guarantee liabilities are investment income, mortality, lapses, and premium payment pattern and persistency. In addition, projected earned rate and crediting rates are used to project the account values and excess death benefits and assessments. The discount rate is equal to the crediting rate for each annual cohort and is locked-in at inception. The Company’s revenue and interest recognized in the interim condensed consolidated statements of operations and comprehensive income (loss) for long-duration contracts, excluding MetLife Holdings’ participating life contracts, were as follows: Six Months 2023 2022 Gross Premiums or Interest Expense (2) Gross Premiums or Interest Expense (2) (In millions) Traditional and Limited-Payment Contracts: U.S. - Annuities $ 2,592 $ 1,411 $ 4,038 $ 1,182 Asia: Whole and term life & endowments 555 158 609 167 Accident & health 1,762 126 1,917 129 Latin America - Fixed annuities 529 168 352 146 MetLife Holdings - Long-term care 366 385 367 368 Deferred Profit Liabilities: U.S. - Annuities N/A 81 N/A 75 Asia: Whole and term life & endowments N/A 14 N/A 13 Accident & health N/A 9 N/A 8 Latin America - Fixed annuities N/A 11 N/A 10 Additional Insurance Liabilities: Asia: Variable life 11 10 12 11 Universal and variable universal life (14) 3 (1) 4 MetLife Holdings - Universal and variable universal life 380 61 387 56 Other long-duration 2,015 227 1,794 229 Total $ 8,196 $ 2,664 $ 9,475 $ 2,398 __________________ (1) Gross premiums are related to traditional and limited-payment contracts and are included in premiums. Assessments are related to additional insurance liabilities and are included in universal life and investment-type product policy fees and net investment income. (2) Interest expense is included in policyholder benefits and claims. Liabilities for Unpaid Claims and Claim Expenses Rollforward of Claims and Claim Adjustment Expenses Information regarding the liabilities for unpaid claims and claim adjustment expenses was as follows: Six Months 2023 2022 (In millions) Balance, beginning of period $ 16,098 $ 15,598 Less: Reinsurance recoverables 2,452 2,629 Net balance, beginning of period 13,646 12,969 Incurred related to: Current period 13,580 13,101 Prior periods (1) 306 634 Total incurred 13,886 13,735 Paid related to: Current period (8,546) (8,291) Prior periods (4,959) (4,831) Total paid (13,505) (13,122) Net balance, end of period 14,027 13,582 Add: Reinsurance recoverables 2,590 2,537 Balance, end of period (included in future policy benefits and other policy-related balances) $ 16,617 $ 16,119 __________________ (1) For the six months ended June 30, 2023, incurred claims and claim adjustment expenses associated with prior periods increased due to events incurred in prior periods but reported in the current period. For the six months ended June 30, 2022, incurred claims and claim adjustment expenses include expenses associated with prior periods but reported in the respective current period, which contain impacts related to the COVID-19 pandemic, partially offset by additional premiums recorded for experience-rated contracts that are not reflected in the table above. |
Policyholder Account Balances
Policyholder Account Balances | 6 Months Ended |
Jun. 30, 2023 | |
Insurance [Abstract] | |
Policyholder Account Balances | 4. Policyholder Account Balances The Company establishes liabilities for PABs which are generally equal to the account value, and which includes accrued interest credited, but excludes the impact of any applicable charge that may be incurred upon surrender. The LDTI transition adjustments related to PABs, as described in Note 1, were as follows at the Transition Date: U.S. U.S. U.S. Asia Asia EMEA MetLife MetLife Holdings Other Total (In millions) Balance at December 31, 2020 $ 7,586 $ 62,908 $ 6,250 $ 43,868 $ 31,422 $ 4,777 $ 15,727 $ 13,129 $ 19,509 $ 205,176 Reclassification of carrying amount of contracts and contract features that are market risk benefits — — (24) — — 2 (493) (273) (170) (958) Other balance sheet reclassifications upon adoption of the LDTI standard — — 7,417 — — — — — 102 7,519 Balance at January 1, 2021 $ 7,586 $ 62,908 $ 13,643 $ 43,868 $ 31,422 $ 4,779 $ 15,234 $ 12,856 $ 19,441 $ 211,737 The Company’s PABs on the interim condensed consolidated balance sheets were as follows at: June 30, 2023 December 31, 2022 (In millions) U.S: Group Life $ 7,875 $ 8,028 Capital Markets Investment Products and Stable Value GICs 64,103 63,723 Annuities and Risk Solutions 16,693 15,549 Asia: Universal and Variable Universal Life 46,851 46,417 Fixed Annuities 35,124 32,454 EMEA - Variable Annuities 2,761 2,802 MetLife Holdings: Annuities 12,410 13,286 Life and Other 12,044 12,402 Other 16,552 15,936 Total $ 214,413 $ 210,597 Rollforwards The following information about the direct and assumed liability for PABs includes year-to-date disaggregated rollforwards. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business. Policy charges presented in each disaggregated rollforward reflect a premium and/or assessment based on the account balance. U.S. Group Life The U.S. segment’s group life PABs predominantly consist of retained asset accounts, universal life products, and the fixed account of variable life insurance products. Information regarding this liability was as follows: Six Months 2023 2022 (Dollars in millions) Balance, beginning of period $ 8,028 $ 7,893 Deposits 1,685 1,780 Policy charges (318) (304) Surrenders and withdrawals (1,608) (1,370) Benefit payments (6) (6) Net transfers from (to) separate accounts 1 — Interest credited 93 63 Balance, end of period $ 7,875 $ 8,056 Weighted-average annual crediting rate 2.4 % 1.6 % Cash surrender value $ 7,813 $ 8,001 Information regarding the Company’s net amount at risk, excluding offsets from ceded reinsurance, if any, for the U.S. segment’s group life products was as follows at: June 30, 2023 2022 In the At In the At (In millions) Net amount at risk $ 251,590 N/A $ 242,758 N/A __________________ (1) For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date. The U.S. segment’s group life product account values by range of guaranteed minimum crediting rates (“GMCR”) and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at: Range of GMCR At GMCR Greater than Equal to or Equal to or Total (In millions) June 30, 2023 Equal to or greater than 0% but less than 2% $ — $ 79 $ 910 $ 4,615 $ 5,604 Equal to or greater than 2% but less than 4% 1,252 10 63 2 1,327 Equal to or greater than 4% 746 1 43 34 824 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 120 Total $ 1,998 $ 90 $ 1,016 $ 4,651 $ 7,875 June 30, 2022 Equal to or greater than 0% but less than 2% $ 5,354 $ 135 $ 63 $ 130 $ 5,682 Equal to or greater than 2% but less than 4% 1,338 52 23 — 1,413 Equal to or greater than 4% 800 — — 31 831 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 130 Total $ 7,492 $ 187 $ 86 $ 161 $ 8,056 Capital Markets Investment Products and Stable Value GICs The U.S. segment’s capital markets investment products and stable value GICs PABs are investment-type products, mainly funding agreements. Information regarding this liability was as follows: Six Months 2023 2022 (Dollars in millions) Balance, beginning of period $ 63,723 $ 62,521 Deposits 38,526 46,490 Surrenders and withdrawals (39,865) (43,895) Interest credited 971 493 Effect of foreign currency translation and other, net 748 (1,014) Balance, end of period $ 64,103 $ 64,595 Weighted-average annual crediting rate 3.1 % 1.6 % Cash surrender value $ 2,309 $ 2,336 The U.S. segment’s capital markets investment products and stable value GICs account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at: Range of GMCR At GMCR Greater than Equal to or Equal to or Total (In millions) June 30, 2023 Equal to or greater than 0% but less than 2% $ — $ — $ 1 $ 2,595 $ 2,596 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 61,507 Total $ — $ — $ 1 $ 2,595 $ 64,103 June 30, 2022 Equal to or greater than 0% but less than 2% $ — $ — $ 22 $ 3,976 $ 3,998 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 60,597 Total $ — $ — $ 22 $ 3,976 $ 64,595 Annuities and Risk Solutions The U.S. segment’s annuities and risk solutions PABs include certain structured settlements and institutional income annuities, and benefit funding solutions that include postretirement benefits and company-, bank- or trust-owned life insurance used to finance nonqualified benefit programs for executives. Information regarding this liability was as follows: Six Months 2023 2022 (Dollars in millions) Balance, beginning of period $ 15,549 $ 14,431 Deposits 1,362 446 Policy charges (96) (91) Surrenders and withdrawals (83) (60) Benefit payments (385) (357) Net transfers from (to) separate accounts 54 (26) Interest credited 307 261 Other (15) (165) Balance, end of period $ 16,693 $ 14,439 Weighted-average annual crediting rate 3.8 % 3.7 % Cash surrender value $ 7,683 $ 6,585 Information regarding the Company’s net amount at risk, excluding offsets from ceded reinsurance, if any, for the U.S. segment’s annuities and risk solutions products was as follows at: June 30, 2023 2022 In the At In the At (In millions) Net amount at risk $ 43,311 N/A $ 41,587 N/A __________________ (1) For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date. The U.S. segment’s annuities and risk solutions account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at: Range of GMCR At GMCR Greater than Equal to or Equal to or Total (In millions) June 30, 2023 Equal to or greater than 0% but less than 2% $ — $ — $ 53 $ 1,472 $ 1,525 Equal to or greater than 2% but less than 4% 227 35 130 448 840 Equal to or greater than 4% 4,439 117 107 6 4,669 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 9,659 Total $ 4,666 $ 152 $ 290 $ 1,926 $ 16,693 June 30, 2022 Equal to or greater than 0% but less than 2% $ — $ — $ 116 $ 537 $ 653 Equal to or greater than 2% but less than 4% 302 40 122 423 887 Equal to or greater than 4% 4,425 123 57 5 4,610 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 8,289 Total $ 4,727 $ 163 $ 295 $ 965 $ 14,439 Asia Universal and Variable Universal Life The Asia segment’s universal and variable universal life PABs in Japan primarily include interest sensitive whole life products. Information regarding this liability was as follows: Six Months 2023 2022 (Dollars in millions) Balance, beginning of period $ 46,417 $ 46,590 Deposits 3,244 3,114 Policy charges (563) (582) Surrenders and withdrawals (1,238) (1,235) Benefit payments (287) (254) Interest credited 683 483 Effect of foreign currency translation and other, net (1,405) (2,757) Balance, end of period $ 46,851 $ 45,359 Weighted-average annual crediting rate 3.0 % 2.1 % Cash surrender value $ 40,257 $ 40,286 Information regarding the Company’s net amount at risk, excluding offsets from ceded reinsurance, if any, for the Asia segment’s universal and variable universal life products was as follows at: June 30, 2023 2022 In the At In the At (In millions) Net amount at risk $ 92,521 N/A $ 97,999 N/A __________________ (1) For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date. The Asia segment’s universal and variable universal life account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at: Range of GMCR At GMCR Greater than Equal to or Equal to or Total (In millions) June 30, 2023 Equal to or greater than 0% but less than 2% $ 10,211 $ 45 $ 138 $ 239 $ 10,633 Equal to or greater than 2% but less than 4% 20,859 2,919 5,783 5,884 35,445 Equal to or greater than 4% 261 — — — 261 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 512 Total $ 31,331 $ 2,964 $ 5,921 $ 6,123 $ 46,851 June 30, 2022 Equal to or greater than 0% but less than 2% $ 10,284 $ 101 $ 138 $ 36 $ 10,559 Equal to or greater than 2% but less than 4% 21,275 2,733 5,493 4,597 34,098 Equal to or greater than 4% 277 — — — 277 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 425 Total $ 31,836 $ 2,834 $ 5,631 $ 4,633 $ 45,359 Fixed Annuities The Asia segment’s fixed annuities PABs in Japan include fixed annuities products. Information regarding this liability was as follows: Six Months 2023 2022 (Dollars in millions) Balance, beginning of period $ 32,454 $ 30,976 Deposits 4,612 2,780 Policy charges (1) (1) Surrenders and withdrawals (1,003) (1,917) Benefit payments (1,071) (1,177) Interest credited 404 294 Effect of foreign currency translation and other, net (271) (806) Balance, end of period $ 35,124 $ 30,149 Weighted-average annual crediting rate 2.4 % 1.9 % Cash surrender value $ 30,244 $ 26,200 Information regarding the Company’s net amount at risk, excluding offsets from ceded reinsurance, if any, for the Asia segment’s fixed annuities products was as follows at: June 30, 2023 2022 In the At In the At (In millions) Net amount at risk $ 6,224 N/A $ — N/A __________________ (1) For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date. The Asia segment’s fixed annuities account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at: Range of GMCR At GMCR Greater than Equal to or Equal to or Total (In millions) June 30, 2023 Equal to or greater than 0% but less than 2% $ 343 $ 603 $ 6,795 $ 26,057 $ 33,798 Equal to or greater than 2% but less than 4% — 6 — — 6 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 1,320 Total $ 343 $ 609 $ 6,795 $ 26,057 $ 35,124 June 30, 2022 Equal to or greater than 0% but less than 2% $ 446 $ 827 $ 7,797 $ 19,608 $ 28,678 Equal to or greater than 2% but less than 4% 8 — — — 8 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 1,463 Total $ 454 $ 827 $ 7,797 $ 19,608 $ 30,149 EMEA Variable Annuities The EMEA segment’s variable annuities PABs in the United Kingdom include variable annuities products. Information regarding this liability was as follows: Six Months 2023 2022 (Dollars in millions) Balance, beginning of period $ 2,802 $ 4,215 Deposits 2 3 Policy charges (32) (41) Surrenders and withdrawals (132) (182) Benefit payments (64) (73) Interest credited (1) 32 (398) Effect of foreign currency translation and other, net 153 (390) Balance, end of period $ 2,761 $ 3,134 Weighted-average annual crediting rate 2.4 % (19.5) % Cash surrender value $ 2,761 $ 3,134 __________________ (1) Interest credited on EMEA’s variable annuities products represents gains or losses which are passed through to the policyholder based on the underlying unit-linked investment fund returns, which may be positive or negative depending on market conditions. Information regarding the Company’s net amount at risk, excluding offsets from ceded reinsurance, if any, for the EMEA segment’s variable annuities products was as follows at: June 30, 2023 2022 In the At In the At (In millions) Net amount at risk $ 635 $ 797 $ 507 $ 646 __________________ (1) For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date. (2) For benefits that are payable in the event of annuitization or exercise of other living benefits, the net amount at risk is generally 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 or to provide other living benefits. This amount represents the Company’s potential economic exposure in the event all contractholders were to annuitize or to exercise other living benefits at the balance sheet date. The EMEA segment’s variable annuities account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at: Range of GMCR At GMCR Greater than Equal to or greater than 0.50% but less than 1.50% Equal to or greater than 1.50% above GMCR Total (In millions) June 30, 2023 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 2,761 Total $ — $ — $ — $ — $ 2,761 June 30, 2022 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 3,134 Total $ — $ — $ — $ — $ 3,134 MetLife Holdings Annuities The MetLife Holdings segment’s annuities PABs primarily includes fixed deferred annuities, the fixed account portion of variable annuities, certain income annuities, and embedded derivatives related to equity-indexed annuities. Information regarding this liability was as follows: Six Months 2023 2022 (Dollars in millions) Balance, beginning of period $ 13,286 $ 14,398 Deposits 132 142 Policy charges (8) (8) Surrenders and withdrawals (1,038) (650) Benefit payments (224) (210) Net transfers from (to) separate accounts 47 134 Interest credited 200 203 Other 15 (24) Balance, end of period $ 12,410 $ 13,985 Weighted-average annual crediting rate 3.2 % 2.9 % Cash surrender value $ 11,629 $ 12,953 Information regarding the Company’s net amount at risk, excluding offsets from ceded reinsurance, if any, for the MetLife Holdings segment’s annuities products was as follows at: June 30, 2023 2022 In the At In the At (In millions) Net amount at risk (3) $ 3,246 $ 813 $ 4,086 $ 1,135 __________________ (1) For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date. (2) For benefits that are payable in the event of annuitization or exercise of other living benefits, the net amount at risk is generally 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 or to provide other living benefits. This amount represents the Company’s potential economic exposure in the event all contractholders were to annuitize or to exercise other living benefits at the balance sheet date. (3) Includes amounts for certain variable annuities with guarantees, which are also disclosed in “MetLife Holdings – Annuities” in Note 5, due to contracts recorded as PABs, along with related guarantees recorded as MRBs. The MetLife Holdings segment’s annuities account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at: Range of GMCR At GMCR Greater than Equal to or greater than 0.50% but less than 1.50% Equal to or greater than 1.50% above GMCR Total (In millions) June 30, 2023 Equal to or greater than 0% but less than 2% $ 444 $ 158 $ 219 $ 25 $ 846 Equal to or greater than 2% but less than 4% 3,917 5,447 395 72 9,831 Equal to or greater than 4% 982 277 19 — 1,278 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 455 Total $ 5,343 $ 5,882 $ 633 $ 97 $ 12,410 June 30, 2022 Equal to or greater than 0% but less than 2% $ 1,017 $ 7 $ 12 $ 11 $ 1,047 Equal to or greater than 2% but less than 4% 10,552 266 151 1 10,970 Equal to or greater than 4% 1,289 40 5 — 1,334 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 634 Total $ 12,858 $ 313 $ 168 $ 12 $ 13,985 Life and Other The MetLife Holdings segment’s life and other PABs include retained asset accounts, universal life products, the fixed account of variable life insurance products and funding agreements. Information regarding this liability was as follows: Six Months 2023 2022 (Dollars in millions) Balance, beginning of period $ 12,402 $ 12,699 Deposits 446 499 Policy charges (354) (361) Surrenders and withdrawals (612) (385) Benefit payments (85) (94) Net transfers from (to) separate accounts 21 18 Interest credited 223 229 Other 3 2 Balance, end of period $ 12,044 $ 12,607 Weighted-average annual crediting rate 3.7 % 3.7 % Cash surrender value $ 11,556 $ 12,071 Information regarding the Company’s net amount at risk, excluding offsets from ceded reinsurance, if any, for the MetLife Holdings segment’s life and other products was as follows at: June 30, 2023 2022 In the At In the At (In millions) Net amount at risk $ 69,633 N/A $ 73,187 N/A __________________ (1) For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date. The MetLife Holdings segment’s life and other products account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at: Range of GMCR At GMCR Greater than Equal to or greater than 0.50% but less than 1.50% Equal to or greater than 1.50% above GMCR Total (In millions) June 30, 2023 Equal to or greater than 0% but less than 2% $ — $ — $ 21 $ 56 $ 77 Equal to or greater than 2% but less than 4% 4,735 172 289 558 5,754 Equal to or greater than 4% 5,158 127 415 12 5,712 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 501 Total $ 9,893 $ 299 $ 725 $ 626 $ 12,044 June 30, 2022 Equal to or greater than 0% but less than 2% $ 51 $ 8 $ — $ — $ 59 Equal to or greater than 2% but less than 4% 5,118 145 303 568 6,134 Equal to or greater than 4% 5,355 128 425 5 5,913 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 501 Total $ 10,524 $ 281 $ 728 $ 573 $ 12,607 The LDTI transition adjustments related to market risk benefit liabilities, as described in Note 1, were as follows at the Transition Date: Asia MetLife Holdings Other Total (In millions) Direct and assumed MRB liabilities at December 31, 2020 $ — $ — $ — $ — Reclassification of carrying amount of contracts and contract features that are market risk benefits 247 2,291 251 2,789 Adjustments for the cumulative effect of changes in nonperformance risk between contract issue date and Transition Date (7) (54) (38) (99) Adjustments for the difference between the fair value of the MRB balance, excluding the cumulative effect of changes in nonperformance risk, and the historical carrying value 78 4,764 369 5,211 Direct and assumed MRB liabilities at January 1, 2021 (1) $ 318 $ 7,001 $ 582 $ 7,901 Reinsured MRB assets at December 31, 2020 $ — $ — $ — $ — Reclassification of carrying amount of contracts and contract features that are market risk benefits — — 63 63 Adjustments for the difference between previous carrying amount and fair value measurement — — (12) $ (12) Reinsured MRB assets at January 1, 2021 (1) $ — $ — $ 51 $ 51 __________________ (1) Reinsured MRB assets are classified within premiums, reinsurance and other receivables on the consolidated balance sheets . The Company’s MRB assets and MRB liabilities on the interim condensed consolidated balance sheets were as follows at: June 30, 2023 December 31, 2022 Asset Liability Net Asset Liability Net (In millions) Asia - Retirement Assurance $ — $ 202 $ 202 $ — $ 226 $ 226 MetLife Holdings - Annuities 146 2,939 2,793 153 3,378 3,225 Other 133 118 (15) 127 159 32 Total $ 279 $ 3,259 $ 2,980 $ 280 $ 3,763 $ 3,483 Rollforwards The following information about the direct and assumed liability for MRBs includes disaggregated rollforwards. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business. Asia - Retirement Assurance The Asia segment’s retirement assurance product in Japan offers a contract feature where the Company guarantees the greater of the account value or a return of premium accumulated at a guaranteed rate upon maturity. Information regarding this liability was as follows: Six Months 2023 2022 (In millions) Balance, beginning of period $ 226 $ 277 Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk $ 233 $ 284 Attributed fees collected 1 2 Benefit payments (7) — Effect of changes in interest rates 3 (15) Actual policyholder behavior different from expected behavior — (1) Effect of changes in future expected policyholder behavior and other assumptions — 5 Effect of foreign currency translation and other, net (23) (42) Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk 207 233 Cumulative effect of changes in the instrument-specific credit risk (5) (10) Effect of foreign currency translation on the cumulative instrument-specific credit risk — 1 Balance, end of period $ 202 $ 224 Information regarding the Company’s net amount at risk, excluding offsets from hedging, and the weighted-average attained age of the contractholder for the Asia segment’s retirement assurance products was as follows at: June 30, 2023 2022 In the Event of Death (1) At Annuitization or Exercise of Other Living Benefits (2) In the Event of Death (1) At Annuitization or Exercise of Other Living Benefits (2) (Dollars in millions) Net amount at risk $ — $ 110 $ — $ 112 Weighted-average attained age of contractholders N/A 58 years N/A 57 years __________________ (1) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date. (2) For benefits that are payable in the event of annuitization or exercise of other living benefits, the net amount at risk is generally 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 or to provide other living benefits. This amount represents the Company’s potential economic exposure in the event all contractholders were to annuitize or to exercise other living benefits at the balance sheet date. Significant Methodologies and Assumptions The Company issues certain retirement assurance products with guarantees that meet the definition of MRBs, which are measured, in aggregate, as one compound MRB, at estimated fair value, with changes in estimated fair value reported in net income, except for changes in nonperformance risk of the Company which are recorded in OCI. The Company calculates the fair value of these MRBs, which is estimated as the present value of projected future benefits minus the present value of projected attributed 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 MRB 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. See Note 11 for additional information on significant unobservable inputs. The valuation of these MRBs includes a nonperformance risk adjustment 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 at 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; and variations in actuarial assumptions regarding policyholder behavior, mortality and risk margins related to non-capital market inputs, impact the estimated fair value of the guarantees and affect net income, and changes in nonperformance risk of the Company affect OCI. MetLife Holdings - Annuities The MetLife Holdings segment’s variable annuity products offer contract features where the Company guarantees to the contractholder a minimum benefit, which includes guaranteed minimum death benefits (“GMDBs”) and living benefit guarantees. The GMDB contract features include return of premium, which provides a return of the purchase payment upon death, annual step-up and roll-up and step-up combinations. The living benefit guarantees contract features primarily include guaranteed minimum income benefits (“GMIBs”), which provide a minimum accumulation of purchase payments that can be annuitized to receive a monthly income stream, and guaranteed minimum withdrawal benefits (“GMWBs”), which provide a series of withdrawals, provided that withdrawals in a contract year do not exceed a contractual limit. This segment also assumes certain variable annuity guaranteed minimum benefits from a former operating joint venture in Japan. Information regarding MetLife Holdings annuities products (including assumed reinsurance) was as follows: Six Months 2023 2022 (In millions) Balance, beginning of period $ 3,225 $ 5,929 Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk $ 3,360 $ 6,229 Attributed fees collected 193 198 Benefit payments (21) (21) Effect of changes in interest rates 23 (2,561) Effect of changes in capital markets (661) 1,019 Effect of changes in equity index volatility (109) 57 Actual policyholder behavior different from expected behavior 57 2 Effect of foreign currency translation and other, net (1) 131 (314) Effect of changes in risk margin (35) (140) Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk 2,938 4,469 Cumulative effect of changes in the instrument-specific credit risk (150) (212) Effect of foreign currency translation on the cumulative instrument-specific credit risk 5 (1) Balance, end of period $ 2,793 $ 4,256 _________________ (1) Included is the covariance impact from aggregating the market observable inputs, mostly driven by interest rate and capital market volatility. Information regarding the Company’s net amount at risk, excluding offsets from hedging, and the weighted-average attained age of the contractholder for the MetLife Holdings segment’s annuities products was as follows at: June 30, 2023 2022 In the Event of Death (1) At Annuitization or Exercise of Other Living Benefits (2) In the Event of Death (1) At Annuitization or Exercise of Other Living Benefits (2) (Dollars in millions) Net amount at risk (3) $ 3,254 $ 793 $ 4,103 $ 1,194 Weighted-average attained age of contractholders 70 years 70 years 69 years 70 years _________________ (1) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date. (2) For benefits that are payable in the event of annuitization or exercise of other living benefits, the net amount at risk is generally 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 or to provide other living benefits. This amount represents the Company’s potential economic exposure in the event all contractholders were to annuitize or to exercise other living benefits at the balance sheet date. (3) Includes amounts for certain variable annuities with guarantees, which are also disclosed in “MetLife Holdings – Annuities” in Note 4, due to contracts recorded as PABs, along with related guarantees recorded as MRBs. Significant Methodologies and Assumptions The Company issues GMDBs, GMWBs, guaranteed minimum accumulation benefits (“GMABs”) and GMIBs that typically meet the definition of MRBs, which are measured, in aggregate, as one compound MRB, at estimated fair value separately from the variable annuity contract, with changes in estimated fair value reported in net income, except for changes in nonperformance risk of the Company which are recorded in OCI. The Company calculates the fair value of these MRBs, which is estimated as the present value of projected future benefits minus the present value of projected attributed fees, using actuarial and capital market assumptions including expectations concerning policyholder behavi |
Market Risk Benefits
Market Risk Benefits | 6 Months Ended |
Jun. 30, 2023 | |
Insurance [Abstract] | |
Market Risk Benefits | 4. Policyholder Account Balances The Company establishes liabilities for PABs which are generally equal to the account value, and which includes accrued interest credited, but excludes the impact of any applicable charge that may be incurred upon surrender. The LDTI transition adjustments related to PABs, as described in Note 1, were as follows at the Transition Date: U.S. U.S. U.S. Asia Asia EMEA MetLife MetLife Holdings Other Total (In millions) Balance at December 31, 2020 $ 7,586 $ 62,908 $ 6,250 $ 43,868 $ 31,422 $ 4,777 $ 15,727 $ 13,129 $ 19,509 $ 205,176 Reclassification of carrying amount of contracts and contract features that are market risk benefits — — (24) — — 2 (493) (273) (170) (958) Other balance sheet reclassifications upon adoption of the LDTI standard — — 7,417 — — — — — 102 7,519 Balance at January 1, 2021 $ 7,586 $ 62,908 $ 13,643 $ 43,868 $ 31,422 $ 4,779 $ 15,234 $ 12,856 $ 19,441 $ 211,737 The Company’s PABs on the interim condensed consolidated balance sheets were as follows at: June 30, 2023 December 31, 2022 (In millions) U.S: Group Life $ 7,875 $ 8,028 Capital Markets Investment Products and Stable Value GICs 64,103 63,723 Annuities and Risk Solutions 16,693 15,549 Asia: Universal and Variable Universal Life 46,851 46,417 Fixed Annuities 35,124 32,454 EMEA - Variable Annuities 2,761 2,802 MetLife Holdings: Annuities 12,410 13,286 Life and Other 12,044 12,402 Other 16,552 15,936 Total $ 214,413 $ 210,597 Rollforwards The following information about the direct and assumed liability for PABs includes year-to-date disaggregated rollforwards. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business. Policy charges presented in each disaggregated rollforward reflect a premium and/or assessment based on the account balance. U.S. Group Life The U.S. segment’s group life PABs predominantly consist of retained asset accounts, universal life products, and the fixed account of variable life insurance products. Information regarding this liability was as follows: Six Months 2023 2022 (Dollars in millions) Balance, beginning of period $ 8,028 $ 7,893 Deposits 1,685 1,780 Policy charges (318) (304) Surrenders and withdrawals (1,608) (1,370) Benefit payments (6) (6) Net transfers from (to) separate accounts 1 — Interest credited 93 63 Balance, end of period $ 7,875 $ 8,056 Weighted-average annual crediting rate 2.4 % 1.6 % Cash surrender value $ 7,813 $ 8,001 Information regarding the Company’s net amount at risk, excluding offsets from ceded reinsurance, if any, for the U.S. segment’s group life products was as follows at: June 30, 2023 2022 In the At In the At (In millions) Net amount at risk $ 251,590 N/A $ 242,758 N/A __________________ (1) For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date. The U.S. segment’s group life product account values by range of guaranteed minimum crediting rates (“GMCR”) and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at: Range of GMCR At GMCR Greater than Equal to or Equal to or Total (In millions) June 30, 2023 Equal to or greater than 0% but less than 2% $ — $ 79 $ 910 $ 4,615 $ 5,604 Equal to or greater than 2% but less than 4% 1,252 10 63 2 1,327 Equal to or greater than 4% 746 1 43 34 824 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 120 Total $ 1,998 $ 90 $ 1,016 $ 4,651 $ 7,875 June 30, 2022 Equal to or greater than 0% but less than 2% $ 5,354 $ 135 $ 63 $ 130 $ 5,682 Equal to or greater than 2% but less than 4% 1,338 52 23 — 1,413 Equal to or greater than 4% 800 — — 31 831 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 130 Total $ 7,492 $ 187 $ 86 $ 161 $ 8,056 Capital Markets Investment Products and Stable Value GICs The U.S. segment’s capital markets investment products and stable value GICs PABs are investment-type products, mainly funding agreements. Information regarding this liability was as follows: Six Months 2023 2022 (Dollars in millions) Balance, beginning of period $ 63,723 $ 62,521 Deposits 38,526 46,490 Surrenders and withdrawals (39,865) (43,895) Interest credited 971 493 Effect of foreign currency translation and other, net 748 (1,014) Balance, end of period $ 64,103 $ 64,595 Weighted-average annual crediting rate 3.1 % 1.6 % Cash surrender value $ 2,309 $ 2,336 The U.S. segment’s capital markets investment products and stable value GICs account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at: Range of GMCR At GMCR Greater than Equal to or Equal to or Total (In millions) June 30, 2023 Equal to or greater than 0% but less than 2% $ — $ — $ 1 $ 2,595 $ 2,596 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 61,507 Total $ — $ — $ 1 $ 2,595 $ 64,103 June 30, 2022 Equal to or greater than 0% but less than 2% $ — $ — $ 22 $ 3,976 $ 3,998 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 60,597 Total $ — $ — $ 22 $ 3,976 $ 64,595 Annuities and Risk Solutions The U.S. segment’s annuities and risk solutions PABs include certain structured settlements and institutional income annuities, and benefit funding solutions that include postretirement benefits and company-, bank- or trust-owned life insurance used to finance nonqualified benefit programs for executives. Information regarding this liability was as follows: Six Months 2023 2022 (Dollars in millions) Balance, beginning of period $ 15,549 $ 14,431 Deposits 1,362 446 Policy charges (96) (91) Surrenders and withdrawals (83) (60) Benefit payments (385) (357) Net transfers from (to) separate accounts 54 (26) Interest credited 307 261 Other (15) (165) Balance, end of period $ 16,693 $ 14,439 Weighted-average annual crediting rate 3.8 % 3.7 % Cash surrender value $ 7,683 $ 6,585 Information regarding the Company’s net amount at risk, excluding offsets from ceded reinsurance, if any, for the U.S. segment’s annuities and risk solutions products was as follows at: June 30, 2023 2022 In the At In the At (In millions) Net amount at risk $ 43,311 N/A $ 41,587 N/A __________________ (1) For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date. The U.S. segment’s annuities and risk solutions account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at: Range of GMCR At GMCR Greater than Equal to or Equal to or Total (In millions) June 30, 2023 Equal to or greater than 0% but less than 2% $ — $ — $ 53 $ 1,472 $ 1,525 Equal to or greater than 2% but less than 4% 227 35 130 448 840 Equal to or greater than 4% 4,439 117 107 6 4,669 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 9,659 Total $ 4,666 $ 152 $ 290 $ 1,926 $ 16,693 June 30, 2022 Equal to or greater than 0% but less than 2% $ — $ — $ 116 $ 537 $ 653 Equal to or greater than 2% but less than 4% 302 40 122 423 887 Equal to or greater than 4% 4,425 123 57 5 4,610 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 8,289 Total $ 4,727 $ 163 $ 295 $ 965 $ 14,439 Asia Universal and Variable Universal Life The Asia segment’s universal and variable universal life PABs in Japan primarily include interest sensitive whole life products. Information regarding this liability was as follows: Six Months 2023 2022 (Dollars in millions) Balance, beginning of period $ 46,417 $ 46,590 Deposits 3,244 3,114 Policy charges (563) (582) Surrenders and withdrawals (1,238) (1,235) Benefit payments (287) (254) Interest credited 683 483 Effect of foreign currency translation and other, net (1,405) (2,757) Balance, end of period $ 46,851 $ 45,359 Weighted-average annual crediting rate 3.0 % 2.1 % Cash surrender value $ 40,257 $ 40,286 Information regarding the Company’s net amount at risk, excluding offsets from ceded reinsurance, if any, for the Asia segment’s universal and variable universal life products was as follows at: June 30, 2023 2022 In the At In the At (In millions) Net amount at risk $ 92,521 N/A $ 97,999 N/A __________________ (1) For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date. The Asia segment’s universal and variable universal life account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at: Range of GMCR At GMCR Greater than Equal to or Equal to or Total (In millions) June 30, 2023 Equal to or greater than 0% but less than 2% $ 10,211 $ 45 $ 138 $ 239 $ 10,633 Equal to or greater than 2% but less than 4% 20,859 2,919 5,783 5,884 35,445 Equal to or greater than 4% 261 — — — 261 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 512 Total $ 31,331 $ 2,964 $ 5,921 $ 6,123 $ 46,851 June 30, 2022 Equal to or greater than 0% but less than 2% $ 10,284 $ 101 $ 138 $ 36 $ 10,559 Equal to or greater than 2% but less than 4% 21,275 2,733 5,493 4,597 34,098 Equal to or greater than 4% 277 — — — 277 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 425 Total $ 31,836 $ 2,834 $ 5,631 $ 4,633 $ 45,359 Fixed Annuities The Asia segment’s fixed annuities PABs in Japan include fixed annuities products. Information regarding this liability was as follows: Six Months 2023 2022 (Dollars in millions) Balance, beginning of period $ 32,454 $ 30,976 Deposits 4,612 2,780 Policy charges (1) (1) Surrenders and withdrawals (1,003) (1,917) Benefit payments (1,071) (1,177) Interest credited 404 294 Effect of foreign currency translation and other, net (271) (806) Balance, end of period $ 35,124 $ 30,149 Weighted-average annual crediting rate 2.4 % 1.9 % Cash surrender value $ 30,244 $ 26,200 Information regarding the Company’s net amount at risk, excluding offsets from ceded reinsurance, if any, for the Asia segment’s fixed annuities products was as follows at: June 30, 2023 2022 In the At In the At (In millions) Net amount at risk $ 6,224 N/A $ — N/A __________________ (1) For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date. The Asia segment’s fixed annuities account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at: Range of GMCR At GMCR Greater than Equal to or Equal to or Total (In millions) June 30, 2023 Equal to or greater than 0% but less than 2% $ 343 $ 603 $ 6,795 $ 26,057 $ 33,798 Equal to or greater than 2% but less than 4% — 6 — — 6 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 1,320 Total $ 343 $ 609 $ 6,795 $ 26,057 $ 35,124 June 30, 2022 Equal to or greater than 0% but less than 2% $ 446 $ 827 $ 7,797 $ 19,608 $ 28,678 Equal to or greater than 2% but less than 4% 8 — — — 8 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 1,463 Total $ 454 $ 827 $ 7,797 $ 19,608 $ 30,149 EMEA Variable Annuities The EMEA segment’s variable annuities PABs in the United Kingdom include variable annuities products. Information regarding this liability was as follows: Six Months 2023 2022 (Dollars in millions) Balance, beginning of period $ 2,802 $ 4,215 Deposits 2 3 Policy charges (32) (41) Surrenders and withdrawals (132) (182) Benefit payments (64) (73) Interest credited (1) 32 (398) Effect of foreign currency translation and other, net 153 (390) Balance, end of period $ 2,761 $ 3,134 Weighted-average annual crediting rate 2.4 % (19.5) % Cash surrender value $ 2,761 $ 3,134 __________________ (1) Interest credited on EMEA’s variable annuities products represents gains or losses which are passed through to the policyholder based on the underlying unit-linked investment fund returns, which may be positive or negative depending on market conditions. Information regarding the Company’s net amount at risk, excluding offsets from ceded reinsurance, if any, for the EMEA segment’s variable annuities products was as follows at: June 30, 2023 2022 In the At In the At (In millions) Net amount at risk $ 635 $ 797 $ 507 $ 646 __________________ (1) For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date. (2) For benefits that are payable in the event of annuitization or exercise of other living benefits, the net amount at risk is generally 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 or to provide other living benefits. This amount represents the Company’s potential economic exposure in the event all contractholders were to annuitize or to exercise other living benefits at the balance sheet date. The EMEA segment’s variable annuities account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at: Range of GMCR At GMCR Greater than Equal to or greater than 0.50% but less than 1.50% Equal to or greater than 1.50% above GMCR Total (In millions) June 30, 2023 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 2,761 Total $ — $ — $ — $ — $ 2,761 June 30, 2022 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 3,134 Total $ — $ — $ — $ — $ 3,134 MetLife Holdings Annuities The MetLife Holdings segment’s annuities PABs primarily includes fixed deferred annuities, the fixed account portion of variable annuities, certain income annuities, and embedded derivatives related to equity-indexed annuities. Information regarding this liability was as follows: Six Months 2023 2022 (Dollars in millions) Balance, beginning of period $ 13,286 $ 14,398 Deposits 132 142 Policy charges (8) (8) Surrenders and withdrawals (1,038) (650) Benefit payments (224) (210) Net transfers from (to) separate accounts 47 134 Interest credited 200 203 Other 15 (24) Balance, end of period $ 12,410 $ 13,985 Weighted-average annual crediting rate 3.2 % 2.9 % Cash surrender value $ 11,629 $ 12,953 Information regarding the Company’s net amount at risk, excluding offsets from ceded reinsurance, if any, for the MetLife Holdings segment’s annuities products was as follows at: June 30, 2023 2022 In the At In the At (In millions) Net amount at risk (3) $ 3,246 $ 813 $ 4,086 $ 1,135 __________________ (1) For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date. (2) For benefits that are payable in the event of annuitization or exercise of other living benefits, the net amount at risk is generally 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 or to provide other living benefits. This amount represents the Company’s potential economic exposure in the event all contractholders were to annuitize or to exercise other living benefits at the balance sheet date. (3) Includes amounts for certain variable annuities with guarantees, which are also disclosed in “MetLife Holdings – Annuities” in Note 5, due to contracts recorded as PABs, along with related guarantees recorded as MRBs. The MetLife Holdings segment’s annuities account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at: Range of GMCR At GMCR Greater than Equal to or greater than 0.50% but less than 1.50% Equal to or greater than 1.50% above GMCR Total (In millions) June 30, 2023 Equal to or greater than 0% but less than 2% $ 444 $ 158 $ 219 $ 25 $ 846 Equal to or greater than 2% but less than 4% 3,917 5,447 395 72 9,831 Equal to or greater than 4% 982 277 19 — 1,278 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 455 Total $ 5,343 $ 5,882 $ 633 $ 97 $ 12,410 June 30, 2022 Equal to or greater than 0% but less than 2% $ 1,017 $ 7 $ 12 $ 11 $ 1,047 Equal to or greater than 2% but less than 4% 10,552 266 151 1 10,970 Equal to or greater than 4% 1,289 40 5 — 1,334 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 634 Total $ 12,858 $ 313 $ 168 $ 12 $ 13,985 Life and Other The MetLife Holdings segment’s life and other PABs include retained asset accounts, universal life products, the fixed account of variable life insurance products and funding agreements. Information regarding this liability was as follows: Six Months 2023 2022 (Dollars in millions) Balance, beginning of period $ 12,402 $ 12,699 Deposits 446 499 Policy charges (354) (361) Surrenders and withdrawals (612) (385) Benefit payments (85) (94) Net transfers from (to) separate accounts 21 18 Interest credited 223 229 Other 3 2 Balance, end of period $ 12,044 $ 12,607 Weighted-average annual crediting rate 3.7 % 3.7 % Cash surrender value $ 11,556 $ 12,071 Information regarding the Company’s net amount at risk, excluding offsets from ceded reinsurance, if any, for the MetLife Holdings segment’s life and other products was as follows at: June 30, 2023 2022 In the At In the At (In millions) Net amount at risk $ 69,633 N/A $ 73,187 N/A __________________ (1) For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date. The MetLife Holdings segment’s life and other products account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at: Range of GMCR At GMCR Greater than Equal to or greater than 0.50% but less than 1.50% Equal to or greater than 1.50% above GMCR Total (In millions) June 30, 2023 Equal to or greater than 0% but less than 2% $ — $ — $ 21 $ 56 $ 77 Equal to or greater than 2% but less than 4% 4,735 172 289 558 5,754 Equal to or greater than 4% 5,158 127 415 12 5,712 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 501 Total $ 9,893 $ 299 $ 725 $ 626 $ 12,044 June 30, 2022 Equal to or greater than 0% but less than 2% $ 51 $ 8 $ — $ — $ 59 Equal to or greater than 2% but less than 4% 5,118 145 303 568 6,134 Equal to or greater than 4% 5,355 128 425 5 5,913 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 501 Total $ 10,524 $ 281 $ 728 $ 573 $ 12,607 The LDTI transition adjustments related to market risk benefit liabilities, as described in Note 1, were as follows at the Transition Date: Asia MetLife Holdings Other Total (In millions) Direct and assumed MRB liabilities at December 31, 2020 $ — $ — $ — $ — Reclassification of carrying amount of contracts and contract features that are market risk benefits 247 2,291 251 2,789 Adjustments for the cumulative effect of changes in nonperformance risk between contract issue date and Transition Date (7) (54) (38) (99) Adjustments for the difference between the fair value of the MRB balance, excluding the cumulative effect of changes in nonperformance risk, and the historical carrying value 78 4,764 369 5,211 Direct and assumed MRB liabilities at January 1, 2021 (1) $ 318 $ 7,001 $ 582 $ 7,901 Reinsured MRB assets at December 31, 2020 $ — $ — $ — $ — Reclassification of carrying amount of contracts and contract features that are market risk benefits — — 63 63 Adjustments for the difference between previous carrying amount and fair value measurement — — (12) $ (12) Reinsured MRB assets at January 1, 2021 (1) $ — $ — $ 51 $ 51 __________________ (1) Reinsured MRB assets are classified within premiums, reinsurance and other receivables on the consolidated balance sheets . The Company’s MRB assets and MRB liabilities on the interim condensed consolidated balance sheets were as follows at: June 30, 2023 December 31, 2022 Asset Liability Net Asset Liability Net (In millions) Asia - Retirement Assurance $ — $ 202 $ 202 $ — $ 226 $ 226 MetLife Holdings - Annuities 146 2,939 2,793 153 3,378 3,225 Other 133 118 (15) 127 159 32 Total $ 279 $ 3,259 $ 2,980 $ 280 $ 3,763 $ 3,483 Rollforwards The following information about the direct and assumed liability for MRBs includes disaggregated rollforwards. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business. Asia - Retirement Assurance The Asia segment’s retirement assurance product in Japan offers a contract feature where the Company guarantees the greater of the account value or a return of premium accumulated at a guaranteed rate upon maturity. Information regarding this liability was as follows: Six Months 2023 2022 (In millions) Balance, beginning of period $ 226 $ 277 Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk $ 233 $ 284 Attributed fees collected 1 2 Benefit payments (7) — Effect of changes in interest rates 3 (15) Actual policyholder behavior different from expected behavior — (1) Effect of changes in future expected policyholder behavior and other assumptions — 5 Effect of foreign currency translation and other, net (23) (42) Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk 207 233 Cumulative effect of changes in the instrument-specific credit risk (5) (10) Effect of foreign currency translation on the cumulative instrument-specific credit risk — 1 Balance, end of period $ 202 $ 224 Information regarding the Company’s net amount at risk, excluding offsets from hedging, and the weighted-average attained age of the contractholder for the Asia segment’s retirement assurance products was as follows at: June 30, 2023 2022 In the Event of Death (1) At Annuitization or Exercise of Other Living Benefits (2) In the Event of Death (1) At Annuitization or Exercise of Other Living Benefits (2) (Dollars in millions) Net amount at risk $ — $ 110 $ — $ 112 Weighted-average attained age of contractholders N/A 58 years N/A 57 years __________________ (1) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date. (2) For benefits that are payable in the event of annuitization or exercise of other living benefits, the net amount at risk is generally 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 or to provide other living benefits. This amount represents the Company’s potential economic exposure in the event all contractholders were to annuitize or to exercise other living benefits at the balance sheet date. Significant Methodologies and Assumptions The Company issues certain retirement assurance products with guarantees that meet the definition of MRBs, which are measured, in aggregate, as one compound MRB, at estimated fair value, with changes in estimated fair value reported in net income, except for changes in nonperformance risk of the Company which are recorded in OCI. The Company calculates the fair value of these MRBs, which is estimated as the present value of projected future benefits minus the present value of projected attributed 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 MRB 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. See Note 11 for additional information on significant unobservable inputs. The valuation of these MRBs includes a nonperformance risk adjustment 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 at 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; and variations in actuarial assumptions regarding policyholder behavior, mortality and risk margins related to non-capital market inputs, impact the estimated fair value of the guarantees and affect net income, and changes in nonperformance risk of the Company affect OCI. MetLife Holdings - Annuities The MetLife Holdings segment’s variable annuity products offer contract features where the Company guarantees to the contractholder a minimum benefit, which includes guaranteed minimum death benefits (“GMDBs”) and living benefit guarantees. The GMDB contract features include return of premium, which provides a return of the purchase payment upon death, annual step-up and roll-up and step-up combinations. The living benefit guarantees contract features primarily include guaranteed minimum income benefits (“GMIBs”), which provide a minimum accumulation of purchase payments that can be annuitized to receive a monthly income stream, and guaranteed minimum withdrawal benefits (“GMWBs”), which provide a series of withdrawals, provided that withdrawals in a contract year do not exceed a contractual limit. This segment also assumes certain variable annuity guaranteed minimum benefits from a former operating joint venture in Japan. Information regarding MetLife Holdings annuities products (including assumed reinsurance) was as follows: Six Months 2023 2022 (In millions) Balance, beginning of period $ 3,225 $ 5,929 Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk $ 3,360 $ 6,229 Attributed fees collected 193 198 Benefit payments (21) (21) Effect of changes in interest rates 23 (2,561) Effect of changes in capital markets (661) 1,019 Effect of changes in equity index volatility (109) 57 Actual policyholder behavior different from expected behavior 57 2 Effect of foreign currency translation and other, net (1) 131 (314) Effect of changes in risk margin (35) (140) Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk 2,938 4,469 Cumulative effect of changes in the instrument-specific credit risk (150) (212) Effect of foreign currency translation on the cumulative instrument-specific credit risk 5 (1) Balance, end of period $ 2,793 $ 4,256 _________________ (1) Included is the covariance impact from aggregating the market observable inputs, mostly driven by interest rate and capital market volatility. Information regarding the Company’s net amount at risk, excluding offsets from hedging, and the weighted-average attained age of the contractholder for the MetLife Holdings segment’s annuities products was as follows at: June 30, 2023 2022 In the Event of Death (1) At Annuitization or Exercise of Other Living Benefits (2) In the Event of Death (1) At Annuitization or Exercise of Other Living Benefits (2) (Dollars in millions) Net amount at risk (3) $ 3,254 $ 793 $ 4,103 $ 1,194 Weighted-average attained age of contractholders 70 years 70 years 69 years 70 years _________________ (1) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date. (2) For benefits that are payable in the event of annuitization or exercise of other living benefits, the net amount at risk is generally 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 or to provide other living benefits. This amount represents the Company’s potential economic exposure in the event all contractholders were to annuitize or to exercise other living benefits at the balance sheet date. (3) Includes amounts for certain variable annuities with guarantees, which are also disclosed in “MetLife Holdings – Annuities” in Note 4, due to contracts recorded as PABs, along with related guarantees recorded as MRBs. Significant Methodologies and Assumptions The Company issues GMDBs, GMWBs, guaranteed minimum accumulation benefits (“GMABs”) and GMIBs that typically meet the definition of MRBs, which are measured, in aggregate, as one compound MRB, at estimated fair value separately from the variable annuity contract, with changes in estimated fair value reported in net income, except for changes in nonperformance risk of the Company which are recorded in OCI. The Company calculates the fair value of these MRBs, which is estimated as the present value of projected future benefits minus the present value of projected attributed fees, using actuarial and capital market assumptions including expectations concerning policyholder behavi |
Separate Account
Separate Account | 6 Months Ended |
Jun. 30, 2023 | |
Separate Accounts Disclosure [Abstract] | |
Separate Account | 6. Separate AccountsSeparate account assets consist of investment accounts established and maintained by the Company. The separate account investment objectives are directed by the contractholder. An equivalent amount is reported as separate account liabilities. These accounts are reported separately from the general account assets and liabilities Separate Account Liabilities The Company’s separate account liabilities on the interim condensed consolidated balance sheets were as follows at: June 30, 2023 December 31, 2022 (In millions) U.S.: Stable Value and Risk Solutions $ 42,620 $ 48,265 Annuities 11,792 11,694 Latin America - Pensions 42,213 39,428 MetLife Holdings - Annuities 29,616 28,499 Other 19,705 18,152 Total $ 145,946 $ 146,038 Rollforwards The following information about the separate account liabilities includes disaggregated rollforwards. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business. The separate account liabilities are primarily comprised of the following: U.S. stable value and risk solutions contracts, U.S. annuities participating and non-participating group contracts, Latin America savings-oriented pension product in Chile under a mandatory privatized social security system, and MetLife Holdings variable annuities. The balances of and changes in separate account liabilities were as follows: U.S. U.S. Latin America MetLife Holdings (In millions) Six Months Ended June 30, 2023 Balance, beginning of period $ 48,265 $ 11,694 $ 39,428 $ 28,499 Premiums and deposits 1,586 120 4,096 139 Policy charges (148) (11) (150) (305) Surrenders and withdrawals (7,542) (360) (2,921) (1,362) Benefit payments (46) — (879) (242) Investment performance 1,277 448 187 2,933 Net transfers from (to) general account (57) 3 — (47) Effect of foreign currency translation and other, net (715) (102) 2,452 1 Balance, end of period $ 42,620 $ 11,792 $ 42,213 $ 29,616 Six Months Ended June 30, 2022 Balance, beginning of period 58,473 21,292 37,631 40,173 Premiums and deposits 3,193 730 3,970 146 Policy charges (165) (13) (131) (344) Surrenders and withdrawals (3,946) (6,379) (2,962) (1,594) Benefit payments (44) — (888) (230) Investment performance (3,908) (2,387) 147 (7,856) Net transfers from (to) general account 85 (59) — (135) Effect of foreign currency translation and other, net (5,175) (156) (3,371) 3 Balance, end of period $ 48,513 $ 13,028 $ 34,396 $ 30,163 Cash surrender value at June 30, 2023 (1) $ 37,782 N/A $ 42,213 $ 29,471 Cash surrender value at June 30, 2022 (1) $ 43,452 N/A $ 34,396 $ 29,984 _____________ (1) Cash surrender value represents the amount of the contractholders’ account balances distributable at the balance sheet date less policy loans and certain surrender charges. Separate Account Assets The Company’s aggregate fair value of assets, by major investment asset category, supporting separate account liabilities was as follows at: June 30, 2023 U.S. Asia Latin America EMEA MetLife Holdings Total (In millions) Fixed maturity securities: Bonds: Foreign government $ 528 $ 1,179 $ 2,654 $ 2,027 $ — $ 6,388 U.S. government and agency 10,193 — 9,651 — 18 19,862 Public utilities 1,153 301 — — 4 1,458 Municipals 421 25 — — 13 459 Corporate bonds: Materials 173 22 — — — 195 Communications 1,010 — — — 4 1,014 Consumer 2,047 21 — — 8 2,076 Energy 846 99 — — 2 947 Financial 2,835 526 7,080 409 15 10,865 Industrial and other 794 22 3,946 — 3 4,765 Technology 618 17 — — 3 638 Foreign 2,156 — 3,117 17 12 5,302 Total corporate bonds 10,479 707 14,143 426 47 25,802 Total bonds 22,774 2,212 26,448 2,453 82 53,969 Mortgage-backed securities 10,750 — — — 36 10,786 Asset-backed securities and collateralized loan obligations 2,771 18 — — 11 2,800 Redeemable preferred stock 10 — — — — 10 Total fixed maturity securities 36,305 2,230 26,448 2,453 129 67,565 Equity securities: Common stock: Industrial, miscellaneous and all other 2,739 2,629 2,380 494 — 8,242 Banks, trust and insurance companies 506 260 374 210 — 1,350 Public utilities 74 19 — 67 — 160 Non-redeemable preferred stock — — — — — — Mutual funds 9,384 2,814 9,047 83 35,552 56,880 Total equity securities 12,703 5,722 11,801 854 35,552 66,632 Other invested assets 1,859 348 3,917 46 — 6,170 Total investments 50,867 8,300 42,166 3,353 35,681 140,367 Other assets 4,738 414 47 374 6 5,579 Total $ 55,605 $ 8,714 $ 42,213 $ 3,727 $ 35,687 $ 145,946 December 31, 2022 U.S. Asia Latin America EMEA MetLife Holdings Total (In millions) Fixed maturity securities: Bonds: Foreign government $ 588 $ 1,047 $ 593 $ 1,988 $ — $ 4,216 U.S. government and agency 11,340 — 8,828 — 13 20,181 Public utilities 1,183 281 — — 4 1,468 Municipals 504 33 — — 12 549 Corporate bonds: Materials 242 — — — — 242 Communications 1,182 8 — — 3 1,193 Consumer 2,393 — — — 7 2,400 Energy 866 103 — — 1 970 Financial 3,538 527 7,389 444 16 11,914 Industrial and other 882 186 3,635 — 3 4,706 Technology 717 — — — 3 720 Foreign 2,473 — 4,018 21 12 6,524 Total corporate bonds 12,293 824 15,042 465 45 28,669 Total bonds 25,908 2,185 24,463 2,453 74 55,083 Mortgage-backed securities 12,328 — — — 32 12,360 Asset-backed securities and collateralized loan obligations 2,926 28 — — 14 2,968 Redeemable preferred stock 4 — — — — 4 Total fixed maturity securities 41,166 2,213 24,463 2,453 120 70,415 Equity securities: Common stock: Industrial, miscellaneous and all other 2,910 2,330 2,100 475 — 7,815 Banks, trust and insurance companies 599 270 347 188 — 1,404 Public utilities 96 27 — 45 — 168 Non-redeemable preferred stock 2 — — — — 2 Mutual funds 8,247 2,607 8,639 75 33,848 53,416 Total equity securities 11,854 5,234 11,086 783 33,848 62,805 Other invested assets 1,865 411 3,687 43 — 6,006 Total investments 54,885 7,858 39,236 3,279 33,968 139,226 Other assets 6,145 434 192 35 6 6,812 Total $ 61,030 $ 8,292 $ 39,428 $ 3,314 $ 33,974 $ 146,038 |
Deferred Policy Acquisition Cos
Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles | 6 Months Ended |
Jun. 30, 2023 | |
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract] | |
Intangible Assets and Liabilities, excluding Goodwill | 7. Deferred Policy Acquisition Costs, Value of Business Acquired, Unearned Revenue and Other Intangibles The transition adjustments related to DAC, VOBA, UREV and negative VOBA, as described in Note 1, were as follows at the Transition Date: U.S. Asia Latin America EMEA MetLife Holdings Corporate & Other Total (In millions) DAC: Balance at December 31, 2020 $ 409 $ 7,432 $ 1,344 $ 1,551 $ 2,679 $ 31 $ 13,446 Removal of related amounts in AOCI — 2,309 50 — 1,621 — 3,980 Other adjustments upon adoption of the LDTI standard — — — 14 11 — 25 Balance at January 1, 2021 $ 409 $ 9,741 $ 1,394 $ 1,565 $ 4,311 $ 31 $ 17,451 VOBA: Balance at December 31, 2020 $ 25 $ 1,901 $ 748 $ 236 $ 33 $ — $ 2,943 Removal of related amounts in AOCI — 14 8 — 5 — 27 Other adjustments upon adoption of the LDTI standard — — — (4) — — (4) Balance at January 1, 2021 $ 25 $ 1,915 $ 756 $ 232 $ 38 $ — $ 2,966 UREV: Balance at December 31, 2020 $ 42 $ 587 $ 740 $ 556 $ 188 $ — $ 2,113 Removal of related amounts in AOCI — 1,029 95 (81) — — 1,043 Other adjustments upon adoption of the LDTI standard — — — 7 — — 7 Balance at January 1, 2021 $ 42 $ 1,616 $ 835 $ 482 $ 188 $ — $ 3,163 Negative VOBA: Balance at December 31, 2020 $ 738 Reclassification of carrying amount of contracts and contract features that are market risk benefits (72) Balance at January 1, 2021 $ 666 DAC and VOBA Information regarding total DAC and VOBA by segment, as well as Corporate & Other, was as follows at: U.S. Asia (1) Latin America (2) EMEA (2) MetLife Holdings (3) Corporate & Other Total (In millions) DAC: Balance at January 1, 2023 $ 532 $ 10,270 $ 1,542 $ 1,480 $ 3,791 $ 29 $ 17,644 Capitalizations 106 798 299 227 12 5 1,447 Amortization (35) (336) (197) (161) (130) (5) (864) Effect of foreign currency translation and other, net — (428) 178 16 — 1 (233) Balance at June 30, 2023 $ 603 $ 10,304 $ 1,822 $ 1,562 $ 3,673 $ 30 $ 17,994 Balance at January 1, 2022 $ 464 $ 10,058 $ 1,361 $ 1,472 $ 4,029 $ 31 $ 17,415 Capitalizations 55 769 227 220 13 5 1,289 Amortization (31) (322) (175) (164) (143) (4) (839) Effect of foreign currency translation and other, net — (815) (10) (103) — (2) (930) Balance at June 30, 2022 $ 488 $ 9,690 $ 1,403 $ 1,425 $ 3,899 $ 30 $ 16,935 VOBA: Balance at January 1, 2023 $ 19 $ 1,290 $ 545 $ 127 $ 28 $ — $ 2,009 Acquisitions — — — — — — — Amortization (1) (47) (26) (9) (2) — (85) Effect of foreign currency translation and other, net — (109) 39 2 — — (68) Balance at June 30, 2023 $ 18 $ 1,134 $ 558 $ 120 $ 26 $ — $ 1,856 Balance at January 1, 2022 $ 22 $ 1,593 $ 591 $ 154 $ 31 $ — $ 2,391 Acquisitions — — — — — — — Amortization (1) (54) (26) (11) (2) — (94) Effect of foreign currency translation and other, net — (237) (42) (8) — — (287) Balance at June 30, 2022 $ 21 $ 1,302 $ 523 $ 135 $ 29 $ — $ 2,010 Total DAC and VOBA: Balance at June 30, 2023 $ 19,850 Balance at June 30, 2022 $ 18,945 Balance at December 31, 2022 $ 19,653 __________________ (1) Includes DAC balances primarily related to accident & health, universal and variable universal life, variable life and fixed annuities products and VOBA balances primarily related to accident & health products. (2) Includes DAC balances primarily related to universal life and variable universal life products. (3) Includes DAC balances primarily related to universal life, variable universal life, whole life, term life and variable annuities products. Significant Methodologies and Assumptions The Company amortizes DAC and VOBA related to long-duration contracts over the estimated lives of the contracts in proportion to benefits in-force for U.S. annuities and policy count for all other products. The amortization amount is calculated using the same cohorts as the corresponding liabilities on a quarterly basis, using an amortization rate that includes current period reporting experience and end of period persistency assumptions that are consistent with those used to measure the corresponding liabilities. Unearned Revenue Information regarding the Company’s UREV primarily related to universal life and variable universal life products by segment included in other policy-related balances was as follows: Six Months U.S. Asia Latin EMEA MetLife Total (In millions) Balance, beginning of period $ 36 $ 2,382 $ 848 $ 559 $ 281 $ 4,106 Deferrals 1 283 70 46 28 428 Amortization (4) (80) (58) (31) (11) (184) Effect of foreign currency translation and other, net — (32) 108 13 — 89 Balance, end of period $ 33 $ 2,553 $ 968 $ 587 $ 298 $ 4,439 Six Months U.S. Asia Latin EMEA MetLife Total (In millions) Balance, beginning of period $ 38 $ 2,033 $ 795 $ 521 $ 238 $ 3,625 Deferrals 4 303 58 52 30 447 Amortization (3) (68) (49) (28) (8) (156) Effect of foreign currency translation and other, net — (60) 1 (20) — (79) Balance, end of period $ 39 $ 2,208 $ 805 $ 525 $ 260 $ 3,837 Significant Methodologies and Assumptions UREV is amortized similarly to DAC and VOBA, see “— DAC and VOBA.” |
Closed Block
Closed Block | 6 Months Ended |
Jun. 30, 2023 | |
Closed Block Disclosure [Abstract] | |
Closed Block | 8. Closed BlockOn 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. 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. At least annually, management performs a premium deficiency test using best estimate assumptions to determine whether the projected future earnings of the closed block are sufficient to support the payment of future closed block contractual benefits. The most recent deficiency test demonstrated that the projected future earnings of the closed block are sufficient to support the payment of future closed block contractual benefits. 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 policy count within 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: June 30, 2023 December 31, 2022 (In millions) Closed Block Liabilities Future policy benefits $ 36,650 $ 37,222 Other policy-related balances 281 273 Policyholder dividends payable 178 181 Current income tax payable 9 — Other liabilities 592 455 Total closed block liabilities 37,710 38,131 Assets Designated to the Closed Block Investments: Fixed maturity securities available-for-sale, at estimated fair value 19,697 19,648 Equity securities, at estimated fair value 13 13 Mortgage loans 6,269 6,564 Policy loans 4,014 4,084 Real estate and real estate joint ventures 655 635 Other invested assets 591 692 Total investments 31,239 31,636 Cash and cash equivalents 656 437 Accrued investment income 369 375 Premiums, reinsurance and other receivables 114 52 Current income tax recoverable — 88 Deferred income tax asset 394 423 Total assets designated to the closed block 32,772 33,011 Excess of closed block liabilities over assets designated to the closed block 4,938 5,120 AOCI: Unrealized investment gains (losses), net of income tax (1,176) (1,357) Unrealized gains (losses) on derivatives, net of income tax 212 262 Total amounts included in AOCI (964) (1,095) Maximum future earnings to be recognized from closed block assets and liabilities $ 3,974 $ 4,025 Information regarding the closed block policyholder dividend obligation was as follows: Six Months Year (In millions) Balance, beginning of period $ — $ 1,682 Change in unrealized investment and derivative gains (losses) — (1,682) Balance, end of period $ — $ — Information regarding the closed block revenues and expenses was as follows: Three Months Six Months 2023 2022 2023 2022 (In millions) Revenues Premiums $ 226 $ 274 $ 461 $ 549 Net investment income 341 352 679 713 Net investment gains (losses) 5 (16) 9 (48) Net derivative gains (losses) 5 8 3 11 Total revenues 577 618 1,152 1,225 Expenses Policyholder benefits and claims 445 462 858 945 Policyholder dividends 89 128 186 262 Other expenses 22 23 44 46 Total expenses 556 613 1,088 1,253 Revenues, net of expenses before provision for income tax expense (benefit) 21 5 64 (28) Provision for income tax expense (benefit) 4 1 13 (6) Revenues, net of expenses and provision for income tax expense (benefit) $ 17 $ 4 $ 51 $ (22) 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 | 6 Months Ended |
Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | 9. Investments Fixed Maturity Securities Available-for-Sale Fixed Maturity Securities Available-for-Sale by Sector The following table presents fixed maturity securities AFS by sector. U.S. corporate and foreign corporate sectors include redeemable preferred stock. Residential mortgage-backed securities (“RMBS”) includes agency, prime, prime investor, non-qualified residential mortgage, alternative, reperforming and sub-prime mortgage-backed securities. Asset-backed securities and collateralized loan obligations (collectively, “ABS & CLO”) includes securities collateralized by consumer loans, corporate loans and broadly syndicated bank 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 & CLO and CMBS are, collectively, “Structured Products.” June 30, 2023 December 31, 2022 Amortized Gross Unrealized Estimated Amortized Gross Unrealized Estimated Sector Allowance for Gains Losses Allowance for Gains Losses (In millions) U.S. corporate $ 89,349 $ (69) $ 1,396 $ 8,153 $ 82,523 $ 88,466 $ (29) $ 1,133 $ 9,540 $ 80,030 Foreign corporate 59,380 (2) 1,426 7,114 53,690 59,696 (5) 1,213 8,332 52,572 Foreign government 47,946 (115) 2,077 3,914 45,994 50,047 (130) 1,876 5,046 46,747 U.S. government and agency 36,133 — 371 3,375 33,129 35,658 — 431 3,860 32,229 RMBS 31,328 — 193 3,063 28,458 29,496 — 187 3,518 26,165 ABS & CLO 18,428 — 36 984 17,480 17,991 — 23 1,192 16,822 Municipals 13,206 — 444 1,326 12,324 13,548 — 317 1,713 12,152 CMBS 11,275 (11) 48 1,053 10,259 11,123 (19) 59 1,100 10,063 Total fixed maturity securities AFS $ 307,045 $ (197) $ 5,991 $ 28,982 $ 283,857 $ 306,025 $ (183) $ 5,239 $ 34,301 $ 276,780 The Company held non-income producing fixed maturity securities AFS with an estimated fair value of $127 million and $82 million at June 30, 2023 and December 31, 2022, respectively, with unrealized gains (losses) of ($48) million and ($3) million at June 30, 2023 and December 31, 2022, respectively. Maturities of Fixed Maturity Securities AFS The amortized cost, net of ACL, and estimated fair value of fixed maturity securities AFS, by contractual maturity date, were as follows at June 30, 2023: Due in One Due After Due After Due After Structured Total Fixed (In millions) Amortized cost, net of ACL $ 8,637 $ 51,765 $ 52,278 $ 133,148 $ 61,020 $ 306,848 Estimated fair value $ 8,661 $ 50,394 $ 49,710 $ 118,895 $ 56,197 $ 283,857 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 without an ACL by sector and aggregated by length of time that the securities have been in a continuous unrealized loss position. June 30, 2023 December 31, 2022 Less than 12 Months Equal to or Greater Less than 12 Months Equal to or Greater Sector & Credit Quality Estimated Gross Estimated Gross Estimated Gross Estimated Gross (Dollars in millions) U.S. corporate $ 18,094 $ 1,008 $ 38,883 $ 7,107 $ 55,210 $ 7,573 $ 6,484 $ 1,965 Foreign corporate 7,641 434 30,224 6,680 31,932 5,999 8,956 2,332 Foreign government 5,304 295 18,868 3,617 16,568 2,170 8,308 2,874 U.S. government and agency 14,685 677 10,567 2,698 20,436 2,784 4,177 1,076 RMBS 10,217 409 14,168 2,654 16,223 1,890 6,650 1,628 ABS & CLO 2,782 79 12,122 905 10,924 712 4,326 480 Municipals 1,595 62 4,917 1,264 7,277 1,514 482 199 CMBS 2,128 98 6,605 951 6,890 764 2,037 335 Total fixed maturity securities AFS $ 62,446 $ 3,062 $ 136,354 $ 25,876 $ 165,460 $ 23,406 $ 41,420 $ 10,889 Investment grade $ 59,810 $ 2,940 $ 129,849 $ 24,979 $ 157,654 $ 22,713 $ 38,785 $ 10,298 Below investment grade 2,636 122 6,505 897 7,806 693 2,635 591 Total fixed maturity securities AFS $ 62,446 $ 3,062 $ 136,354 $ 25,876 $ 165,460 $ 23,406 $ 41,420 $ 10,889 Total number of securities in an unrealized loss position 7,031 12,053 15,204 4,303 Evaluation of Fixed Maturity Securities AFS for Credit Loss 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 credit loss evaluation process include, but are not limited to: (i) the extent to which the estimated fair value has been below amortized cost, (ii) adverse conditions specifically related to a security, an industry sector or sub-sector, or an economically depressed geographic area, adverse change in the financial condition of the issuer of the security, changes in technology, discontinuance of a segment of the business that may affect future earnings, and changes in the quality of credit enhancement, (iii) payment structure of the security and likelihood of the issuer being able to make payments, (iv) failure of the issuer to make scheduled interest and principal payments, (v) whether the issuer, or series of issuers or an 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, including transfers in connection with reinsurance transactions, 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 changes in the financial condition of the underlying loan obligors and 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) changes in the rating of the security by a rating agency, and (ix) other subjective factors, including concentrations and information obtained from regulators. 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 at the time of purchase for fixed-rate securities and the spot rate at the date of evaluation of credit loss for floating-rate securities. • When determining collectability and the period over which value is expected to recover, the Company applies considerations utilized in its overall credit loss 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 single best estimate, the most likely outcome in a range of possible 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; any private and public sector programs to restructure foreign government securities and municipals; 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, historical performance of the underlying loan obligors, historical rent and vacancy levels, changes in the financial condition of the underlying loan obligors, expected prepayment speeds, current and forecasted loss severity, consideration of the payment terms of the underlying loans or assets backing a particular security, changes in the quality of credit enhancement and the payment priority within the tranche structure of the security. With respect to securities that have attributes of debt and equity (“perpetual hybrid securities”), consideration is given in the credit loss 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 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. In periods subsequent to the recognition of an initial ACL on a security, the Company reassesses credit loss quarterly. Subsequent increases or decreases in the expected cash flow from the security result in corresponding decreases or increases in the ACL which are recognized in earnings and reported within net investment gains (losses); however, the previously recorded ACL is not reduced to an amount below zero. Full or partial write-offs are deducted from the ACL in the period the security, or a portion thereof, is considered uncollectible. Recoveries of amounts previously written off are recorded to the ACL in the period received. When the Company has the intent-to-sell the security or it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost, any ACL is written off and the amortized cost is written down to estimated fair value through a charge within net investment gains (losses), which becomes the new amortized cost of the security. Evaluation of Fixed Maturity Securities AFS in an Unrealized Loss Position Gross unrealized losses on securities without an ACL decreased $5.4 billion for the six months ended June 30, 2023 to $28.9 billion primarily due to decreases in interest rates, impairments in connection with a pending reinsurance transaction, to a lesser extent the strengthening of foreign currencies on certain non-functional currency denominated fixed maturity securities and narrowing credit spreads. Gross unrealized losses on securities without an ACL that have been in a continuous gross unrealized loss position for 12 months or greater were $25.9 billion at June 30, 2023, or 90% of the total gross unrealized losses on securities without an ACL. Investment Grade Fixed Maturity Securities AFS Of the $25.9 billion of gross unrealized losses on securities without an ACL that have been in a continuous gross unrealized loss position for 12 months or greater, $25.0 billion, or 97%, were related to 11,122 investment grade securities. Unrealized losses on investment grade securities are principally related to widening credit spreads since purchase and, with respect to fixed-rate securities, rising interest rates since purchase. Below Investment Grade Fixed Maturity Securities AFS Of the $25.9 billion of gross unrealized losses on securities without an ACL that have been in a continuous gross unrealized loss position for 12 months or greater, $897 million, or 3%, were related to 931 below investment grade securities. Unrealized losses on below investment grade securities are principally related to U.S. corporate and foreign corporate securities (primarily consumer, transportation and communications) and foreign government securities. These unrealized losses are the result of significantly wider credit spreads resulting from higher risk premiums since purchase, largely due to economic and market uncertainty, as well as with respect to fixed-rate securities, rising interest rates since purchase. Management evaluates U.S. corporate and foreign corporate securities based on several 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, financial condition of the issuers and any country specific economic conditions or public sector programs to restructure foreign government securities. Current Period Evaluation At June 30, 2023, with respect to securities in an unrealized loss position without an ACL, the Company did not intend to sell these securities, and it was not more likely than not that the Company would be required to sell these securities before the anticipated recovery of the remaining amortized cost. Based on the Company’s current evaluation of its securities in an unrealized loss position without an ACL, the Company concluded that these securities had not incurred a credit loss and should not have an ACL at June 30, 2023. Future provisions for credit loss will depend primarily on economic fundamentals, issuer performance (including changes in the present value of future cash flows expected to be collected), changes in credit ratings and collateral valuation. Rollforward of Allowance for Credit Loss for Fixed Maturity Securities AFS By Sector The rollforward of ACL for fixed maturity securities AFS by sector is as follows: U.S. Foreign Foreign CMBS Total Three Months Ended June 30, 2023 (In millions) Balance, at beginning of period $ 63 $ 2 $ 117 $ 11 $ 193 ACL not previously recorded — — — — — Changes for securities with previously recorded ACL 6 — (2) — 4 Securities sold or exchanged — — — — — Write-offs — — — — — Balance, at end of period $ 69 $ 2 $ 115 $ 11 $ 197 Three Months Ended June 30, 2022 Balance, at beginning of period $ 13 $ 102 $ 226 $ 14 $ 355 ACL not previously recorded — — — — — Changes for securities with previously recorded ACL 15 (5) (23) — (13) Securities sold or exchanged — (44) (37) — (81) Write-offs — — — — — Balance, at end of period $ 28 $ 53 $ 166 $ 14 $ 261 U.S. Foreign Foreign CMBS Total (In millions) Six Months Ended June 30, 2023 Balance, at beginning of period $ 29 $ 5 $ 130 $ 19 $ 183 ACL not previously recorded 36 — — — 36 Changes for securities with previously recorded ACL 6 — (15) 3 (6) Securities sold or exchanged (2) (3) — (11) (16) Write-offs — — — — — Balance, at end of period $ 69 $ 2 $ 115 $ 11 $ 197 Six Months Ended June 30, 2022 Balance, at beginning of period $ 30 $ 28 $ 19 14 $ 91 ACL not previously recorded 13 67 207 — 287 Changes for securities with previously recorded ACL 15 2 (23) — (6) Securities sold or exchanged (8) (44) (37) — (89) Write-offs (22) — — — (22) Balance, at end of period $ 28 $ 53 $ 166 $ 14 $ 261 Equity Securities The following table presents equity securities by security type. Common stock includes common stock, exchange traded funds, certain mutual funds and certain real estate investment trusts. June 30, 2023 December 31, 2022 Cost Net Unrealized Estimated Cost Net Unrealized Estimated Security Type (In millions) Common stock $ 421 $ 238 $ 659 $ 1,347 $ 195 $ 1,542 Non-redeemable preferred stock 111 (1) 110 148 (6) 142 Total $ 532 $ 237 $ 769 $ 1,495 $ 189 $ 1,684 ________________ (1) Represents cumulative changes in estimated fair value, recognized in earnings, and not in OCI. Contractholder-Directed Equity Securities and FVO Securities The following table presents these investments by asset type. Unit-linked investments are primarily equity securities (including mutual funds). FVO Securities includes fixed maturity and equity securities to support asset and liability management strategies for certain insurance products and investments in certain separate accounts. June 30, 2023 December 31, 2022 Cost or Net Unrealized Estimated Cost or Net Unrealized Estimated Asset Type (In millions) Unit-linked investments $ 7,891 $ 726 $ 8,617 $ 7,945 $ 288 $ 8,233 FVO Securities 1,190 397 1,587 1,161 274 1,435 Total $ 9,081 $ 1,123 $ 10,204 $ 9,106 $ 562 $ 9,668 ________________ (1) Represents cumulative changes in estimated fair value, recognized in earnings, and not in OCI. Mortgage Loans by Portfolio Segment Mortgage loans are summarized as follows at: June 30, 2023 December 31, 2022 Portfolio Segment Carrying % of Carrying % of (Dollars in millions) Commercial (2) $ 60,759 65.4 % $ 52,502 62.7 % Agricultural 19,822 21.3 19,306 23.0 Residential 13,129 14.1 12,482 14.9 Total amortized cost 93,710 100.8 84,290 100.6 Allowance for credit loss (724) (0.8) (527) (0.6) Total mortgage loans $ 92,986 100.0 % $ 83,763 100.0 % __________________ (1) Includes certain mortgage loans originated for third parties of $8.3 billion at amortized cost ($8.0 billion commercial and $243 million agricultural) and the related ACL of $73 million, with the corresponding mortgage loan secured financing liability of $8.3 billion included in Other liabilities on the consolidated balance sheet. The investment income on these mortgage loans originated for third parties and the interest expense on the mortgage loan secured financing liability were each $215 million for both the three and six months ended June 30, 2023, and were recorded in investment income and investment expenses, respectively, both within net investment income. See Note 1. (2) Includes commercial mortgage loans to be disposed of in connection with a pending reinsurance transaction, which are carried at the lower of amortized cost or estimated fair value of $210 million, net of the estimated fair value adjustment of $44 million as of June 30, 2023. See Note 1. The amount of net (discounts) premiums and deferred (fees) expenses, included within total amortized cost, primarily attributable to residential mortgage loans was ($747) million and ($744) million at June 30, 2023 and December 31, 2022, respectively. The accrued interest income excluded from total amortized cost for commercial, agricultural and residential mortgage loans at June 30, 2023 was $269 million, $169 million and $91 million, respectively. The accrued interest income excluded from total amortized cost for commercial, agricultural and residential mortgage loans at December 31, 2022 was $219 million, $176 million and $81 million, respectively. Purchases of mortgage loans, consisting primarily of residential mortgage loans, were $193 million and $1.0 billion for the three months and six months ended June 30, 2023, respectively, and $868 million and $1.7 billion for the three months and six months ended June 30, 2022, respectively. Rollforward of Allowance for Credit Loss for Mortgage Loans by Portfolio Segment The rollforward of ACL for mortgage loans, by portfolio segment, is as follows: Six Months 2023 2022 Commercial Agricultural Residential Total Commercial Agricultural Residential Total (In millions) Balance, beginning of period $ 218 $ 119 $ 190 $ 527 $ 340 $ 88 $ 206 $ 634 Provision (release) 148 49 13 210 (16) 41 (31) (6) Charge-offs, net of recoveries — (13) — (13) (119) (22) (1) (142) Balance, end of period $ 366 $ 155 $ 203 $ 724 $ 205 $ 107 $ 174 $ 486 Allowance for Credit Loss Methodology The Company records an allowance for expected lifetime credit loss in earnings within net investment gains (losses) in an amount that represents the portion of the amortized cost basis of mortgage loans that the Company does not expect to collect, resulting in mortgage loans being presented at the net amount expected to be collected. In determining the Company’s ACL, management applies significant judgment to estimate expected lifetime credit loss, including: (i) pooling mortgage loans that share similar risk characteristics, (ii) considering expected lifetime credit loss over the contractual term of its mortgage loans adjusted for expected prepayments and any extensions, and (iii) considering past events and current and forecasted economic conditions. Each of the Company’s commercial, agricultural and residential mortgage loan portfolio segments are evaluated separately. The ACL is calculated for each mortgage loan portfolio segment based on inputs unique to each loan portfolio segment. On a quarterly basis, mortgage loans within a portfolio segment that share similar risk characteristics, such as internal risk ratings or consumer credit scores, are pooled for calculation of ACL. On an ongoing basis, mortgage loans with dissimilar risk characteristics (i.e., loans with significant declines in credit quality), such as collateral dependent mortgage loans (i.e., when the borrower is experiencing financial difficulty, including when foreclosure is reasonably possible or probable), are evaluated individually for credit loss. The ACL for loans evaluated individually are established using the same methodologies for all three portfolio segments. For example, the ACL for a collateral dependent loan is established as the excess of amortized cost over the estimated fair value of the loan’s underlying collateral, less selling cost when foreclosure is probable. Accordingly, the change in the estimated fair value of collateral dependent loans, which are evaluated individually for credit loss, is recorded as a change in the ACL which is recorded on a quarterly basis as a charge or credit to earnings in net investment gains (losses). Mortgage loans to be disposed of in a reinsurance transaction are carried at the lower of amortized cost or estimated fair value. Commercial and Agricultural Mortgage Loan Portfolio Segments Commercial and agricultural mortgage loan ACL are calculated in a similar manner. Within each loan portfolio segment, commercial and agricultural loans are pooled by internal risk rating. Estimated lifetime loss rates, which vary by internal risk rating, are applied to the amortized cost of each loan, excluding accrued investment income, on a quarterly basis to develop the ACL. Internal risk ratings are based on an assessment of the loan’s credit quality, which can change over time. The estimated lifetime loss rates are based on several loan portfolio segment-specific factors, including (i) the Company’s experience with defaults and loss severity, (ii) expected default and loss severity over the forecast period, (iii) current and forecasted economic conditions including growth, inflation, interest rates and unemployment levels, (iv) loan specific characteristics including loan-to-value (“LTV”) ratios, and (v) internal risk ratings. These evaluations are revised as conditions change and new information becomes available. The Company uses its several decades of historical default and loss severity experience which capture multiple economic cycles. The Company uses a forecast of economic assumptions for a two-year period for most of its commercial and agricultural mortgage loans, while a one-year period is used for loans originated in certain markets. After the applicable forecast period, the Company reverts to its historical loss experience using a straight-line basis over two years. 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, recent loss and recovery trend experience as compared to historical loss and recovery experience, and loan specific characteristics including debt service coverage ratios (“DSCR”). In estimating expected lifetime credit loss over the term of its commercial mortgage loans, the Company adjusts for expected prepayment and extension experience during the forecast period using historical prepayment and extension experience considering the expected position in the economic cycle and the loan profile (i.e., floating rate, shorter-term fixed rate and longer-term fixed rate) and after the forecast period using long-term historical prepayment 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. In estimating expected lifetime credit loss over the term of its agricultural mortgage loans, the Company’s experience is much less sensitive to the position in the economic cycle and by loan profile; accordingly, historical prepayment experience is used, while extension terms are not prevalent with the Company’s agricultural mortgage loans. Commercial mortgage loans are reviewed on an ongoing basis, which review includes, but is not limited to, an analysis of the property financial statements and rent roll, lease rollover analysis, property inspections, market analysis, estimated valuations of the underlying collateral, LTV ratios, DSCR 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 LTV ratios and lower DSCR. Agricultural mortgage loans are reviewed on an ongoing basis, which review includes, but is not limited to, property inspections, market analysis, estimated valuations of the underlying collateral, LTV ratios and borrower creditworthiness, as well as reviews on a geographic and property-type basis. The monitoring process for agricultural mortgage loans also focuses on higher risk loans. For commercial mortgage loans, the primary credit quality indicator is the DSCR, 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 DSCR, the higher the risk of experiencing a credit loss. The Company also reviews the LTV ratio of its commercial mortgage loan portfolio. LTV ratios compare the unpaid principal balance of the loan to the estimated fair value of the underlying collateral. Generally, the higher the LTV ratio, the higher the risk of experiencing a credit loss. The DSCR and the values utilized in calculating the ratio are updated routinely. In addition, the LTV 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 LTV 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. Commitments to lend: After loans are approved, the Company makes commitments to lend and, typically, borrowers draw down on some or all of the commitments. The timing of mortgage loan funding is based on the commitment expiration dates. A liability for credit loss for unfunded commercial and agricultural mortgage loan commitments that are not unconditionally cancellable is recognized in earnings and is reported within net investment gains (losses). The liability is based on estimated lifetime loss rates as described above and the amount of the outstanding commitments, which for lines of credit, considers estimated utilization rates. When the commitment is funded or expires, the liability is adjusted accordingly. Residential Mortgage Loan Portfolio Segment The Company’s residential mortgage loan portfolio is comprised primarily of purchased closed end, amortizing residential mortgage loans, including both performing loans purchased within 12 months of origination and reperforming loans purchased after they have been performing for at least 12 months post-modification. Residential mortgage loans are pooled by loan type (i.e., new origination and reperforming) and pooled by similar risk profiles (including consumer credit score and LTV ratios). Estimated lifetime loss rates, which vary by loan type and risk profile, are applied to the amortized cost of each loan excluding accrued investment income on a quarterly basis to develop the ACL. The estimated lifetime loss rates are based on several factors, including (i) industry historical experience and expected results over the forecast period for defaults, (ii) loss severity, (iii) prepayment rates, (iv) current and forecasted economic conditions including growth, inflation, interest rates and unemployment levels, and (v) loan pool specific characteristics including consumer credit scores, LTV ratios, payment history and home prices. These evaluations are revised as conditions change and new information becomes available. The Company uses industry historical experience which captures multiple economic cycles as the Company has purchased most of its residential mortgage loans in the last five years. The Company uses a forecast of economic assumptions for a two-year period for most of its residential mortgage loans. After the applicable forecast period, the Company reverts to industry historical loss experience using a straight-line basis over one year. 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. Modifications to Borrowers Experiencing Financial Difficulty The Company may modify mortgage loans to borrowers. Each mortgage loan modification is evaluated to determine whether the borrower was experiencing financial difficulties. Disclosed below are those modifications where the borrower was determined to be experiencing financial difficulties and the mortgage loans were modified by any of the following means, principal forgiveness, interest rate reduction, other-than-insignificant payment delay or term extension. The amount, timing and extent of modifications granted are considered in determining any ACL recorded. Commercial mortgage loans: For the three months ended June 30, 2023, the Company granted an additional 12-month term extension on a previously restructured loan with an amortized cost of $158 million and further extended the term of the loan modified in the first quarter of 2023 by an additional three months. These modified loans represent less than 1% of the portfolio segment. For the six months ended June 30, 2023, the Company granted term extensions on loans with an amortized cost of $222 million. These modifications added a weighted-average of less than one year to the life of the modified loans. These modified loans represent less than 1% of the portfolio segment. Residential mortgage loans: For the three months ended June 30, 2023, the Company granted term extensions on loans with an amortized cost of $2 million, other-than-insignificant payment delays on loans with an amortized cost of $5 million, term extensions and other-than-insignificant payment delays on loans with an amortized cost of $5 million and term extensions, other-than-insignificant payment delays and interest rate reductions on loans with an amortized cost of $1 million. These modified loans represent less than 1% of the portfolio segment. These loan modifications added a weighted-average of eight years to the life of the modified loans, allowed for the capitalization or deferral of balances due and reduced the weighted average interest rate of the modified loans from 5.7% to 4.2%. For the six months ended June 30, 2023, the Company granted term extensions on loans with an amortized cost of $5 million, other-than-insignificant payment delays on loans with an amortized cost of $5 million, term extensions and other-than-insignificant payment delays on loans with an amortized cost of $9 million and term extensions, other-than-insignificant payment delays and interest rate reductions on loans with an amortized cost of $4 million. These modified loans represent less than 1% of the portfolio segment. These loan modifications added a weighted-average of nine years to the life of the modified loans, allowed for the capitalization or deferral of balances due and reduced the weighted average interest rate of the modified loans from 5.8% to 4.2%. For both the three months and six months ended June 30, 2023, the Company did not have a significant amount of mortgage loans that were modified to borrowers experiencing financial dif |
Derivatives
Derivatives | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | 10. Derivatives Accounting for Derivatives See Note 1 of the Notes to the Consolidated Financial Statements included in the 2022 Annual Report for a description of the Company’s accounting policies for derivatives and Note 11 for information about the fair value hierarchy for derivatives. Derivative Strategies Types of Derivative Instruments and 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. Commonly used derivative instruments include, but are not limited to: • Interest rate derivatives: swaps, total return swaps, caps, floors, futures, swaptions, forwards and synthetic GICs; • Foreign currency exchange rate derivatives: swaps, forwards, options and exchange-traded futures; • Credit derivatives: purchased or written single name or index credit default swaps, and forwards; and • Equity derivatives: index options, variance swaps, exchange-traded futures and total return swaps. For detailed information on these contracts and the related strategies, see Note 9 of the Notes to the Consolidated Financial Statements included in the 2022 Annual Report. 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: June 30, 2023 December 31, 2022 Primary Underlying Risk Exposure Gross Estimated Fair Value Gross Estimated Fair Value Assets Liabilities Assets Liabilities (In millions) Derivatives Designated as Hedging Instruments: Fair value hedges: Interest rate swaps Interest rate $ 4,080 $ 1,310 $ 496 $ 4,143 $ 1,353 $ 467 Foreign currency swaps Foreign currency exchange rate 1,496 71 — 602 82 — Foreign currency forwards Foreign currency exchange rate 586 — 85 1,336 10 89 Subtotal 6,162 1,381 581 6,081 1,445 556 Cash flow hedges: Interest rate swaps Interest rate 4,175 10 242 4,107 8 262 Interest rate forwards Interest rate 6,832 4 879 7,447 1 1,354 Foreign currency swaps Foreign currency exchange rate 42,888 3,186 1,417 42,608 3,554 1,699 Subtotal 53,895 3,200 2,538 54,162 3,563 3,315 NIFO hedges: Foreign currency forwards Foreign currency exchange rate 858 45 — 680 — 38 Currency options Foreign currency exchange rate 3,000 361 — 3,000 236 — Subtotal 3,858 406 — 3,680 236 38 Total qualifying hedges 63,915 4,987 3,119 63,923 5,244 3,909 Derivatives Not Designated or Not Qualifying as Hedging Instruments: Interest rate swaps Interest rate 29,134 1,497 921 31,661 1,660 1,354 Interest rate floors Interest rate 19,645 53 — 25,270 125 — Interest rate caps Interest rate 42,165 783 — 48,290 950 — Interest rate futures Interest rate 973 3 1 1,453 2 1 Interest rate options Interest rate 43,173 304 74 44,391 473 88 Interest rate forwards Interest rate 1,662 4 56 381 — 32 Synthetic GICs Interest rate 50,453 — — 46,316 — — Foreign currency swaps Foreign currency exchange rate 12,336 1,613 325 12,815 1,454 383 Foreign currency forwards Foreign currency exchange rate 15,135 120 1,169 16,195 544 661 Currency futures Foreign currency exchange rate 328 — — 333 8 — Credit default swaps — purchased Credit 2,875 8 90 2,925 18 79 Credit default swaps — written Credit 13,367 197 14 11,512 133 28 Equity futures Equity market 2,901 9 26 2,988 8 4 Equity index options Equity market 18,897 449 287 16,701 765 323 Equity variance swaps Equity market 141 4 1 163 4 1 Equity total return swaps Equity market 2,856 4 93 2,799 23 112 Total non-designated or nonqualifying derivatives 256,041 5,048 3,057 264,193 6,167 3,066 Total $ 319,956 $ 10,035 $ 6,176 $ 328,116 $ 11,411 $ 6,975 Included in the table above, the Company uses various over-the-counter (“OTC”) and exchange traded derivatives to hedge variable annuity guarantees. The table below presents the gross notional amount, estimated fair value and primary underlying risk exposure of the derivatives hedging variable annuity guarantees accounted for as MRBs: June 30, 2023 December 31, 2022 Primary Underlying Risk Exposure Gross Estimated Fair Value Gross Estimated Fair Value Assets Liabilities Assets Liabilities (In millions) Derivatives Not Designated or Not Qualifying as Hedging Instruments: Interest rate $ 8,064 $ 13 $ 690 $ 9,098 $ 41 $ 764 Foreign currency exchange rate 1,065 11 55 887 26 2 Equity market 7,783 153 304 8,829 233 381 $ 16,912 $ 177 $ 1,049 $ 18,814 $ 300 $ 1,147 The change in estimated fair values and earned income of derivatives hedging variable annuity guarantees, recorded in net derivative gains (losses), were ($501) million and ($218) million for the six months ended June 30, 2023 and June 30, 2022, respectively. 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 a t both June 30, 2023 and December 31, 2022. 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 MRBs that do not qualify for hedge accounting because the changes in estimated fair value of the MRBs 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 Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) The following table presents the interim condensed consolidated financial statement location and amount of gain (loss) recognized on fair value, cash flow, NIFO, nonqualifying hedging relationships and embedded derivatives: Three Months Ended June 30, 2023 Net Investment Income Net Investment Gains (Losses) Net Derivative Gains (Losses) Policyholder Benefits and Claims Interest Credited to Policyholder Account Balances Other Expenses Other (In millions) Gain (Loss) on Fair Value Hedges: Interest rate derivatives: Derivatives designated as hedging instruments (1) $ — $ — $ — $ (135) $ (35) $ — N/A Hedged items (1) — — 121 34 — N/A Foreign currency exchange rate derivatives: Derivatives designated as hedging instruments (1) (5) (51) — — 13 — N/A Hedged items 4 39 — — (11) — N/A Amount excluded from the assessment of hedge effectiveness — 10 — — — — N/A Subtotal (2) (2) — (14) 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 $ (205) Amount of gains (losses) reclassified from AOCI into income 13 55 — — — — (68) 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 (262) Amount of gains (losses) reclassified from AOCI into income 1 200 — — — — (201) Foreign currency transaction gains (losses) on hedged items — (176) — — — — — Credit derivatives: (1) Amount of gains (losses) deferred in AOCI N/A N/A N/A N/A N/A N/A (1) Amount of gains (losses) reclassified from AOCI into income — — — — — — — Subtotal 14 79 — — — — (737) Gain (Loss) on NIFO Hedges: Foreign currency exchange rate derivatives (1) N/A N/A N/A N/A N/A N/A 160 Non-derivative hedging instruments N/A N/A N/A N/A N/A N/A 25 Subtotal N/A N/A N/A N/A N/A N/A 185 Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments: Interest rate derivatives (1) — — (434) — — — N/A Foreign currency exchange rate derivatives (1) — — (800) — — — N/A Credit derivatives — purchased (1) — — (18) — — — N/A Credit derivatives — written (1) — — 85 — — — N/A Equity derivatives (1) (36) — (409) — — — N/A Foreign currency transaction gains (losses) on hedged items — — 319 — — — N/A Subtotal (36) — (1,257) — — — N/A Earned income on derivatives 32 — 260 3 (34) — — Synthetic GICs N/A N/A 18 N/A N/A N/A N/A Embedded derivatives N/A N/A (18) — N/A N/A N/A Total $ 8 $ 77 $ (997) $ (11) $ (33) $ — $ (552) Three Months Ended June 30, 2022 Net Investment Income Net Investment Gains (Losses) Net Derivative Gains (Losses) Policyholder Benefits and Claims Interest Credited to Policyholder Account Balances Other Expenses Other (In millions) Gain (Loss) on Fair Value Hedges: Interest rate derivatives: Derivatives designated as hedging instruments (1) $ 3 $ — $ — $ (324) $ (94) $ — N/A Hedged items (4) — — 306 91 — N/A Foreign currency exchange rate derivatives: Derivatives designated as hedging instruments (1) 61 (170) — — — — N/A Hedged items (61) 165 — — — — N/A Amount excluded from the assessment of hedge effectiveness — 28 — — — — N/A Subtotal (1) 23 — (18) (3) — 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 $ (903) Amount of gains (losses) reclassified from AOCI into income 16 42 — — — 1 (59) 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 749 Amount of gains (losses) reclassified from AOCI into income 1 (690) — — — 1 688 Foreign currency transaction gains (losses) on hedged items — 682 — — — — — 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 — — — — — — — Subtotal 17 34 — — — 2 475 Gain (Loss) on NIFO Hedges: Foreign currency exchange rate derivatives (1) N/A N/A N/A N/A N/A N/A 168 Non-derivative hedging instruments N/A N/A N/A N/A N/A N/A 37 Subtotal N/A N/A N/A N/A N/A N/A 205 Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments: Interest rate derivatives (1) 2 — (1,521) — — — N/A Foreign currency exchange rate derivatives (1) 1 — (665) — — — N/A Credit derivatives — purchased (1) — — 46 — — — N/A Credit derivatives — written (1) — — (196) — — — N/A Equity derivatives (1) 36 — 778 — — — N/A Foreign currency transaction gains (losses) on hedged items — — 176 — — — N/A Subtotal 39 — (1,382) — — — N/A Earned income on derivatives 140 — 252 36 (28) — — Synthetic GICs N/A N/A — N/A N/A N/A N/A Embedded derivatives N/A N/A 160 — N/A N/A N/A Total $ 195 $ 57 $ (970) $ 18 $ (31) $ 2 $ 680 Six Months Ended June 30, 2023 Net Net Net Policyholder Interest Other Other (In millions) Gain (Loss) on Fair Value Hedges: Interest rate derivatives: Derivatives designated as hedging instruments (1) $ (1) $ — $ — $ (9) $ 1 $ — N/A Hedged items — — — (5) (2) — N/A Foreign currency exchange rate derivatives: Derivatives designated as hedging instruments (1) (22) (54) — — 13 — N/A Hedged items 21 42 — — (11) — N/A Amount excluded from the assessment of hedge effectiveness — — — — — — N/A Subtotal (2) (12) — (14) 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 $ 342 Amount of gains (losses) reclassified from AOCI into income 27 60 — — — — (87) 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 (422) Amount of gains (losses) reclassified from AOCI into income 2 311 — — — 1 (314) Foreign currency transaction gains (losses) on hedged items — (290) — — — — — Credit derivatives: (1) Amount of gains (losses) deferred in AOCI N/A N/A N/A N/A N/A N/A (1) Amount of gains (losses) reclassified from AOCI into income — — — — — — — Subtotal 29 81 — — — 1 (482) Gain (Loss) on NIFO Hedges: Foreign currency exchange rate derivatives (1) N/A N/A N/A N/A N/A N/A 206 Non-derivative hedging instruments N/A N/A N/A N/A N/A N/A 27 Subtotal N/A N/A N/A N/A N/A N/A 233 Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments: Interest rate derivatives (1) — — (276) — — — N/A Foreign currency exchange rate derivatives (1) — — (962) — — — N/A Credit derivatives — purchased (1) — — (31) — — — N/A Credit derivatives — written (1) — — 88 — — — N/A Equity derivatives (1) (42) — (921) — — — N/A Foreign currency transaction gains (losses) on hedged items — — 442 — — — N/A Subtotal (42) — (1,660) — — — N/A Earned income on derivatives 75 — 572 8 (68) — — Synthetic GICs N/A N/A 36 N/A N/A N/A N/A Embedded derivatives N/A N/A (35) — N/A N/A N/A Total $ 60 $ 69 $ (1,087) $ (6) $ (67) $ 1 $ (249) Six Months Ended June 30, 2022 Net Investment Income Net Investment Gains (Losses) Net Derivative Gains (Losses) Policyholder Benefits and Claims Interest Credited to Policyholder Account Balances Other Expenses Other (In millions) Gain (Loss) on Fair Value Hedges: Interest rate derivatives: Derivatives designated as hedging instruments (1) $ 7 $ — $ — $ (696) $ (174) $ — N/A Hedged items (8) — — 663 169 — N/A Foreign currency exchange rate derivatives: Derivatives designated as hedging instruments (1) 93 (251) — — — — N/A Hedged items (91) 245 — — — — N/A Amount excluded from the assessment of hedge effectiveness — 61 — — — — N/A Subtotal 1 55 — (33) (5) — 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 $ (1,667) Amount of gains (losses) reclassified from AOCI into income 31 60 — — — 2 (93) 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 1,201 Amount of gains (losses) reclassified from AOCI into income 3 (838) — — — 1 834 Foreign currency transaction gains (losses) on hedged items — 828 — — — — — Credit derivatives: (1) Amount of gains (losses) deferred in AOCI N/A N/A N/A N/A N/A N/A N/A Amount of gains (losses) reclassified from AOCI into income — — — — — — — Subtotal 34 50 — — — 3 275 Gain (Loss) on NIFO Hedges: Foreign currency exchange rate derivatives (1) N/A N/A N/A N/A N/A N/A 211 Non-derivative hedging instruments N/A N/A N/A N/A N/A N/A 56 Subtotal N/A N/A N/A N/A N/A N/A 267 Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments: Interest rate derivatives (1) 3 — (2,887) — — — N/A Foreign currency exchange rate derivatives (1) 2 — (740) — — — N/A Credit derivatives — purchased (1) — — 92 — — — N/A Credit derivatives — written (1) — — (245) — — — N/A Equity derivatives (1) 45 — 1,020 — — — N/A Foreign currency transaction gains (losses) on hedged items — — 294 — — — N/A Subtotal 50 — (2,466) — — — N/A Earned income on derivatives 223 — 488 76 (54) — — Synthetic GICs N/A N/A — N/A N/A N/A N/A Embedded derivatives N/A N/A 57 — N/A N/A N/A Total $ 308 $ 105 $ (1,921) $ 43 $ (59) $ 3 $ 542 __________________ (1) Excludes earned income on derivatives. 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: Balance Sheet Line Item Carrying Amount Cumulative Amount June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 (In millions) Fixed maturity securities AFS $ 614 $ 1,411 $ 1 $ 1 Mortgage loans $ 335 $ 331 $ (21) $ (19) Future policy benefits $ (2,901) $ (2,816) $ 204 $ 199 Policyholder account balances $ (1,872) $ (1,789) $ 65 $ 104 __________________ (1) Includes ($124) million and ($136) million of hedging adjustments on discontinued hedging relationships at June 30, 2023 and December 31, 2022, respectively. 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, and (iv) interest rate swaps and interest rate forwards to hedge the forecasted purchases of fixed-rate investments. 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 $26 million and $27 million for the three months and six months ended June 30, 2023, respectively, and $4 million and $2 million for the three months and six months ended June 30, 2022, respectively. At both June 30, 2023 and December 31, 2022, 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 six years. At June 30, 2023 and December 31, 2022, the balance in AOCI associated with cash flow hedges was $1.5 billion and $2.0 billion, respectively. All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness. At June 30, 2023, the Company expected to reclassify $29 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 ea ch 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 June 30, 2023 and December 31, 2022, the cumulative foreign currency translation gain (loss) recorded in AOCI related to NIFO hedges was $668 million and $435 million, respectively. At June 30, 2023 and December 31, 2022, the carrying amount of debt designated as a non-deriva tive hedging instrument wa s $291 million a 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: June 30, 2023 December 31, 2022 Rating Agency Designation of Referenced Estimated Maximum Weighted Estimated Maximum Weighted (Dollars in millions) Aaa/Aa/A Single name credit default swaps (3) $ 2 $ 155 1.9 $ 3 $ 158 2.2 Credit default swaps referencing indices 84 4,351 2.9 79 4,251 3.4 Subtotal 86 4,506 2.8 82 4,409 3.4 Baa Single name credit default swaps (3) 1 80 2.1 1 81 2.5 Credit default swaps referencing indices 98 8,559 5.1 28 6,775 5.6 Subtotal 99 8,639 5.1 29 6,856 5.5 Ba Single name credit default swaps (3) (1) 37 1.4 — 62 1.3 Credit default swaps referencing indices 2 25 3.5 2 25 4.0 Subtotal 1 62 2.3 2 87 2.1 B Credit default swaps referencing indices 4 130 5.0 2 130 4.7 Subtotal 4 130 5.0 2 130 4.7 Caa Credit default swaps referencing indices (7) 30 3.0 (10) 30 3.5 Subtotal (7) 30 3.0 (10) 30 3.5 Total $ 183 $ 13,367 4.3 $ 105 $ 11,512 4.7 _________________ (1) The rating agency designations are based on availability and the midpoint of the applicable ratings among Moody’s Investors Service (“Moody’s”), S&P and Fitch Ratings. If no rating is available from a rating agency, then an internally developed rating is used. (2) The weighted average years to maturity of the credit default swaps is calculated based on weighted average gross notional amounts. (3) Single name credit default swaps may be referenced to the credit of corporations, foreign governments, or municipals. Credit Risk on Freestanding Derivatives The Company may be exposed to credit-related losses in the event of nonperformance by its counterparties to derivatives. Generally, the current credit exposure of the Company’s derivatives is limited to the net positive estimated fair value of derivatives at the reporting date after taking into consideration the existence of master netting or similar agreements and any collateral received pursuant to such agreements. The Company manages its credit risk related to derivatives by entering into transactions with creditworthy counterparties in jurisdictions in which it understands that close-out netting should be enforceable and establishing and monitoring exposure limits. The Company’s bilateral contracts between two counterparties (“OTC-bilateral”) derivative transactions are governed by International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements which provide for legally enforceable set-off and close-out netting of exposures to specific counterparties in the event of early termination of a transaction, which includes, but is not limited to, events of default and bankruptcy. In the event of an early termination, close-out netting permits the Company (subject to financial regulations such as the Orderly Liquidation Authority under Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act) to set off receivables from the counterparty against payables to the same counterparty arising out of all included transactions and to apply collateral to the obligations, without application of the automatic stay, upon the counterparty’s bankruptcy. All of the Company’s ISDA Master Agreements also include Credit Support Annex provisions which require both the pledging and accepting of collateral in connection with its OTC-bilateral derivatives as required by applicable law. Additionally, the Company is required to pledge initial margin for certain new OTC-bilateral derivative transactions to third party custodians. The Company’s over-the-counter cleared (“OTC-cleared”) derivatives are effected through central clearing counterparties and its exchange-traded derivatives are effected through regulated exchanges. Such positions are marked to market and margined on a daily basis (both initial margin and variation margin), and the Company has minimal exposure to credit-related losses in the event of nonperformance by brokers and central clearinghouses to such derivatives. See Note 11 for a description of the impact of credit risk on the valuation of derivatives. 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: June 30, 2023 December 31, 2022 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) $ 10,067 $ 6,120 $ 11,438 $ 6,628 OTC-cleared (1) 129 86 121 342 Exchange-traded 12 27 18 5 Total gross estimated fair value of derivatives presented on the interim condensed consolidated balance sheets (1) 10,208 6,233 11,577 6,975 Gross amounts not offset on the interim condensed consolidated balance sheets: Gross estimated fair value of derivatives: (2) OTC-bilateral (3,880) (3,880) (4,579) (4,579) OTC-cleared (8) (8) (33) (33) Exchange-traded (4) (4) (1) (1) Cash collateral: (3), (4) OTC-bilateral (4,050) — (5,432) — OTC-cleared (92) (78) (35) (295) Exchange-traded — (11) — (3) Securities collateral: (5) OTC-bilateral (2,006) (2,194) (1,322) (2,024) OTC-cleared — — — (14) Exchange-traded — (12) — (1) Net amount after application of master netting agreements and collateral $ 168 $ 46 $ 175 $ 25 __________________ (1) At June 30, 2023 and December 31, 2022, derivative assets included income (expense) accruals reported in accrued investment income or in other liabilities of $173 million an d $166 million , respectively, and derivative liabilities included (income) expense accruals reported in accrued investment income or in other liabilities of $57 million a nd $0, 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, where the centralized clearinghouse treats variation margin as collateral, 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. For certain collateral agreements, cash collateral is pledged to the Company as initial margin on its OTC-bilateral derivatives. (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 June 30, 2023 and December 31, 2022, the Company received excess cash collateral of $305 million and $252 million, respectively, and provided excess cash collateral of $107 million and $125 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 June 30, 2023, 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 June 30, 2023 and December 31, 2022, the Company received excess securities collateral with an estimated fair value of $408 million and $398 million, respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At both June 30, 2023 and December 31, 2022, the Company provided excess securities collateral with an estimated fair value of $1.2 billion, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At June 30, 2023 and December 31, 2022, the Company provided excess securities collateral with an estimated fair value of $955 million and $1.0 billion, respectively, for its OTC-cleared derivatives, and $107 million and $184 million, respectively, for its exchange-traded derivatives, which are not included in the table above due to the foregoing limitation. The Company’s collateral arrangements for its OTC-bilateral derivatives generally require the counterparty in a net liability position, after considering the effect of netting agreements, to pledge collateral when the collateral amount owed by that counterparty reaches a minimum transfer amount. Substantially all of the Company’s netting agreements for derivatives contain provisions that require both the Company and the counterparty to maintain a specific investment grade credit rating from each of Moody’s and S&P. If a party’s credit or financial strength rating, as applicable, were to fall below that specific investment grade credit rating, that party would be in violation of these provisions, and the other party to the derivatives could terminate the transactions and demand immediate settlement and payment based on such party’s reasonable valuation of the derivatives. A small number of these arrangements also include credit-contingent provisions that include a threshold above which collateral must be posted. Such agreements provide for a reduction of these thresholds (on a sliding scale that converges toward zero) in the event of downgrades in the credit ratings of MetLife, Inc. and/or the counterparty. At June 30, 2023, the amount of collateral not provided by the Company due to the existence of these thresholds was $15 million. The following table presents the estimated fair value of the Company’s OTC-bilateral derivatives that were in a net liability position after considering the effect of netting agreements, together with the estimated fair value and balance sheet location of the collateral pledged. June 30, 2023 December 31, 2022 Derivatives Derivatives Total Derivatives Derivatives Total (In millions) Estimated fair value of derivatives in a net liability position (1) $ 2,239 $ 1 $ 2,240 $ 2,049 $ — $ 2,049 Estimated fair value of collateral provided: Fixed maturity securities AFS $ 2,656 $ 7 $ 2,663 $ 2,267 $ — $ 2,267 __________________ (1) After taking into consideration the existence of netting agreements. Embedded Derivatives The Company issues certain products or purchases certain investments that contain embedded derivatives that are required to be separated from their host contracts and accounted for as freestanding derivatives. The following table presents the estimated fair value and balance sheet location of the Company’s embedded derivatives that have been separated from their host contracts at: Balance Sheet Location June 30, 2023 December 31, 2022 (In millions) Embedded derivatives within liability host contracts: Funds withheld and guarantees on reinsurance Other liabilities $ (92) $ (123) Fixed annuities with equity indexed returns Policyholder account balances 156 140 Total $ 64 $ 17 |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value | 11. Fair ValueConsiderable judgment is often required in interpreting the market data used 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: June 30, 2023 Fair Value Hierarchy Level 1 Level 2 Level 3 Total Estimated Fair Value (In millions) Assets Fixed maturity securities AFS: U.S. corporate $ — $ 69,534 $ 12,989 $ 82,523 Foreign corporate — 40,711 12,979 53,690 Foreign government — 45,934 60 45,994 U.S. government and agency 16,744 16,385 — 33,129 RMBS 54 26,700 1,704 28,458 ABS & CLO — 15,277 2,203 17,480 Municipals — 12,317 7 12,324 CMBS — 9,612 647 10,259 Total fixed maturity securities AFS 16,798 236,470 30,589 283,857 Equity securities 420 99 250 769 Unit-linked and FVO Securities (1) 7,471 1,676 1,057 10,204 Short-term investments (2) 5,897 694 18 6,609 Other investments — 347 964 1,311 Derivative assets: (3) Interest rate 3 3,965 — 3,968 Foreign currency exchange rate — 5,332 64 5,396 Credit — 198 7 205 Equity market 9 450 7 466 Total derivative assets 12 9,945 78 10,035 Market risk benefits — — 279 279 Reinsured market risk benefits (4) — — 18 18 Separate account assets (5) 66,293 78,404 1,249 145,946 Total assets (6) $ 96,891 $ 327,635 $ 34,502 $ 459,028 Liabilities Derivative liabilities: (3) Interest rate $ 1 $ 2,376 $ 292 $ 2,669 Foreign currency exchange rate — 2,996 — 2,996 Credit — 104 — 104 Equity market 26 381 — 407 Total derivative liabilities 27 5,857 292 6,176 Embedded derivatives within liability host contracts (7) — — 64 64 Market risk benefits — — 3,259 3,259 Separate account liabilities (5) 7 3 1 11 Total liabilities $ 34 $ 5,860 $ 3,616 $ 9,510 December 31, 2022 Fair Value Hierarchy Level 1 Level 2 Level 3 Total Estimated Fair Value (In millions) Assets Fixed maturity securities AFS: U.S. corporate $ — $ 67,578 $ 12,452 $ 80,030 Foreign corporate — 40,623 11,949 52,572 Foreign government — 46,644 103 46,747 U.S. government and agency 15,955 16,274 — 32,229 RMBS 4 24,515 1,646 26,165 ABS & CLO — 14,895 1,927 16,822 Municipals — 12,152 — 12,152 CMBS — 9,367 696 10,063 Total fixed maturity securities AFS 15,959 232,048 28,773 276,780 Equity securities 1,293 132 259 1,684 Unit-linked and FVO Securities (1) 7,101 1,780 787 9,668 Short-term investments (2) 3,830 686 57 4,573 Other investments — 206 926 1,132 Derivative assets: (3) Interest rate 2 4,570 — 4,572 Foreign currency exchange rate 8 5,670 210 5,888 Credit — 69 82 151 Equity market 8 785 7 800 Total derivative assets 18 11,094 299 11,411 Market risk benefits — — 280 280 Reinsured market risk benefits (4) — — 23 23 Separate account assets (5) 65,107 79,703 1,228 146,038 Total assets (6) $ 93,308 $ 325,649 $ 32,632 $ 451,589 Liabilities Derivative liabilities: (3) Interest rate $ 1 $ 3,153 $ 404 $ 3,558 Foreign currency exchange rate — 2,820 50 2,870 Credit — 92 15 107 Equity market 4 436 — 440 Total derivative liabilities 5 6,501 469 6,975 Embedded derivatives within liability host contracts (7) — — 17 17 Market risk benefits — — 3,763 3,763 Separate account liabilities (5) 8 15 18 41 Total liabilities $ 13 $ 6,516 $ 4,267 $ 10,796 __________________ (1) Contractholder-directed equity securities and FVO Securities (collectively, “Unit-linked and FVO Securities”) were primarily comprised of Unit-linked investments at both June 30, 2023 and December 31, 2022. (2) Short-term investments as presented in the tables above differ from the amounts presented on the interim condensed 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 interim condensed consolidated balance sheets and derivative liabilities are presented within other liabilities on the interim condensed consolidated balance sheets. The amounts are presented gross in the tables above to reflect the presentation on the interim condensed 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) Reinsured MRBs are presented within premiums, reinsurance and other receivables. (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 both June 30, 2023 and December 31, 2022, the estimated fair value of such investments was $65 million. (7) Embedded derivatives within liability host contracts are presented within PABs and other liabilities on the interim condensed consolidated balance sheets. 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 of securities 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. Unobservable inputs are based on management’s assumptions about the inputs market participants would use in pricing such investments. The estimated fair value of short-term investments and other investments is determined on a basis consistent with the methodologies described herein. 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 quotations • 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; DSCR • 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 Valuation Approaches: Principally the market and income approaches. Valuation Approaches: Principally the market and income approaches. Key Inputs: Key Inputs: • 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. Other investments also include certain REJV and use the valuation approach and key inputs as described for other limited partnership interests below. • 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. 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. The estimated fair value of fixed maturity securities, equity securities, derivatives, short-term investments and cash and cash equivalents is determined on a basis consistent with the assets 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. With respect to certain OTC-bilateral and OTC-cleared derivatives, management 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. Unobservable inputs are based on management’s assumptions about the inputs market participants would use in pricing such derivatives. 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 is 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 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) • interest rate volatility (1), (2) • 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 equity-indexed 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 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 interim condensed consolidated balance sheets with changes in estimated fair value recorded in net derivative gains (losses). Changes in the credit spreads on the underlying assets, interest rates and market volatility may result in significant fluctuations in the estimated fair value of these embedded derivatives that could materially affect net income. The estimated fair value of the embedded equity 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. Market Risk Benefits See Note 5 for information on the Company’s valuation approaches and key inputs for MRBs. 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: June 30, 2023 December 31, 2022 Impact of Valuation Significant Range Weighted Range Weighted Fixed maturity securities AFS (3) U.S. corporate and foreign corporate • Matrix pricing • Offered quotes (4) 17 - 128 88 — - 126 87 Increase • Market pricing • Quoted prices (4) 5 - 127 91 20 - 109 90 Increase • Consensus pricing • Offered quotes (4) 96 - 102 98 5 - 99 93 Increase RMBS • Market pricing • Quoted prices (4) — - 109 93 — - 106 93 Increase (5) ABS & CLO • Market pricing • Quoted prices (4) 3 - 101 91 3 - 102 91 Increase (5) Derivatives Interest rate • Present value techniques • Swap yield (6) 360 - 380 371 372 - 392 381 Increase (7) Foreign currency exchange rate • Present value techniques • Swap yield (6) 155 - 443 174 74 - 1,938 208 Increase (7) Credit • Present value techniques • Credit spreads (8) — - — — 84 - 138 101 Decrease (7) • Consensus pricing • Offered quotes (9) Market Risk Benefits and Reinsured Market Risk Benefits Direct, assumed and ceded guaranteed minimum benefits • Option pricing techniques • Mortality rates: Ages 0 - 40 0% - 0.15% 0.05% 0% - 0.15% 0.05% (10) Ages 41 - 60 0.03% - 0.75% 0.20% 0.05% - 0.75% 0.20% (10) Ages 61 - 115 0.17% - 100% 1.44% 0.23% - 100% 1.44% (10) • Lapse rates: Durations 1 - 10 0.40% - 32.80% 8.96% 0.40% - 37.50% 8.96% Decrease (11) Durations 11 - 20 0.49% - 18.20% 6.52% 0.49% - 35.75% 6.52% Decrease (11) Durations 21 - 116 0.49% - 15% 2.89% 0.49% - 35.75% 2.89% Decrease (11) • Utilization rates 0.20% - 22% 0.38% 0.20% - 22% 0.38% Increase (12) • Withdrawal rates 0% - 20% 4.02% 0% - 20% 4.02% (13) • Long-term equity volatilities 8.04% - 22.01% 18.49% 8.26% - 22.01% 18.49% Increase (14) • Nonperformance risk spread 0.44% - 2.00% 0.75% 0.34% - 1.77% 0.75% Decrease (15) __________________ (1) The weighted average for fixed maturity securities AFS and derivatives is determined based on the estimated fair value of the securities and derivatives. The weighted average for MRBs is determined based on a combination of account values and experience data. (2) The impact of a decrease in input would have resulted in the opposite impact on estimated fair value. For MRBs, 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) 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. (9) At both June 30, 2023 and December 31, 2022, independent non-binding broker quotations were used in the determination of 1% or less of the total net derivative estimated fair value. (10) 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 MRBs. For contracts that contain only a GMDB, any increase (decrease) in mortality rates result in an increase (decrease) in the estimated fair value of MRBs. Generally, for contracts that contain both a GMDB and a living benefit (e.g., GMIB, GMWB, GMAB), any increase (decrease) in mortality rates result in a decrease (increase) in the estimated fair value of MRBs. (11) 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 MRBs. (12) The utilization rate assumption estimates the percentage of contractholders with GMIBs or a 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 MRBs. (13) 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 MRB. 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. (14) 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 MRBs. (15) 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 MRBs. All other classes of securities classified within Level 3, including those within Unit-linked and FVO Securities, Other investments, Separate account assets, and Embedded derivatives within funds withheld related to certain ceded reinsurance, use the same valuation techniques and significant unobservable inputs as previously described for Level 3 securities. Generally, all other classes of assets and liabilities classified within Level 3 that are not included above use the same valuation techniques and significant unobservable inputs as previously described for Level 3. The sensitivity of the estimated fair value to changes in the significant unobservable inputs for these other assets and liabilities is similar in nature to that described in the preceding table. The valuation techniques and significant unobservable inputs used in the fair value measurement for the more significant assets measured at estimated fair value on a nonrecurring basis and determined using significant unobservable inputs (Level 3) are summarized in “— Nonrecurring Fair Value Measurements.” Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Fixed Maturity Securities AFS Corporate (6) Foreign Structured Products Municipals Equity Securities Unit-linked (In millions) Three Months Ended June 30, 2023 Balance, beginning of period $ 25,676 $ 46 $ 4,553 $ — $ 258 $ 1,011 Total realized/unrealized gains (losses) included in net income (loss) (1), (2) (8) (1) 2 — (1) 50 Total realized/unrealized gains (losses) included in AOCI (369) 3 (43) — — — Purchases (3) 1,122 5 272 7 — 190 Sales (3) (527) (4) (112) — (7) (193) Issuances (3) — — — — — — Settlements (3) — — — — — — Transfers into Level 3 (4) 210 11 71 — — — Transfers out of Level 3 (4) (136) — (189) — — (1) Balance, end of period $ 25,968 $ 60 $ 4,554 $ 7 $ 250 $ 1,057 Three Months Ended June 30, 2022 Balance, beginning of period $ 24,362 $ 248 $ 5,930 $ 29 $ 189 $ 868 Total realized/unrealized gains (losses) included in net income (loss) (1), (2) (5) 4 12 — (2) (132) Total realized/unrealized gains (losses) included in AOCI (2,857) 3 (207) — — — Purchases (3) 1,643 1 536 — 2 8 Sales (3) (315) (2) (468) — (10) (2) Issuances (3) — — — — — — Settlements (3) — — — — — — Transfers into Level 3 (4) 154 3 129 — — — Transfers out of Level 3 (4) (400) (154) (585) (29) — — Balance, end of period $ 22,582 $ 103 $ 5,347 $ — $ 179 $ 742 Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2023 (5) $ (8) $ (1) $ 4 $ — $ 1 $ 50 Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2022 (5) $ (5) $ 4 $ 12 $ — $ (3) $ (132) Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2023 (5) $ (379) $ 3 $ (45) $ — $ — $ — Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2022 (5) $ (2,851) $ 3 $ (205) $ — $ — $ — Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Short-term Residential Mortgage Other Net Net Embedded Separate (In millions) Three Months Ended June 30, 2023 Balance, beginning of period $ 58 $ — $ 928 $ 53 $ (44) $ 1,202 Total realized/unrealized gains (losses) included in net income (loss) (1), (2) — — 23 32 (18) (17) Total realized/unrealized gains (losses) included in AOCI (1) — — (41) — — Purchases (3) 5 — 13 — — 72 Sales (3) (44) — — — — (21) Issuances (3) — — — — — — Settlements (3) — — — (3) (2) — Transfers into Level 3 (4) — — — — — 12 Transfers out of Level 3 (4) — — — (255) — — Balance |
Debt
Debt | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 12. Long-term Debt Senior Notes In February 2023, MetLife, Inc. redeemed for cash and canceled $1.0 billion aggregate principal amount of its outstanding 4.368% senior notes due September 2023. In January 2023, MetLife, Inc. issued $1.0 billion of senior notes due January 2054 which bear interest at a fixed rate of 5.250%, payable semi-annually. In connection with the issuance, MetLife, Inc. incurred $11 million of related costs which will be amortized over the term of the senior notes. See Note 19 for information on MetLife, Inc.’s senior notes issuance subsequent to June 30, 2023. Credit Facility |
Equity
Equity | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Equity | 13. Equity Preferred Stock Preferred stock authorized, issued and outstanding was as follows at both June 30, 2023 and December 31, 2022: Series Shares Shares Issued and Floating Rate Non-Cumulative Preferred Stock, Series A 27,600,000 24,000,000 5.875% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series D 500,000 500,000 5.625% Non-Cumulative Preferred Stock, Series E 32,200 32,200 4.75% Non-Cumulative Preferred Stock, Series F 40,000 40,000 3.85% Fixed Rate Reset Non-Cumulative Preferred Stock, Series G 1,000,000 1,000,000 Series A Junior Participating Preferred Stock 10,000,000 — Not designated 160,827,800 — Total 200,000,000 25,572,200 The per share and aggregate dividends declared for MetLife, Inc.’s preferred stock were as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Series Per Share Aggregate Per Share Aggregate Per Share Aggregate Per Share Aggregate (In millions, except per share data) A $ 0.375 $ 9 $ 0.256 $ 6 $ 0.736 $ 18 $ 0.506 $ 12 D $ — — $ — — $ 29.375 15 $ 29.375 15 E $ 351.563 11 $ 351.563 11 $ 703.126 22 $ 703.126 22 F $ 296.875 12 $ 296.875 12 $ 593.750 24 $ 593.750 24 G $ — — $ — — $ 19.250 19 $ 19.250 19 Total $ 32 $ 29 $ 98 $ 92 Common Stock MetLife, Inc. announced that its Board of Directors authorized common stock repurchases as follows: Authorization Remaining at Announcement Date Authorization Amount June 30, 2023 (In millions) May 25, 2023 $ 1,000 $ 1,000 May 3, 2023 $ 3,000 $ 2,754 May 4, 2022 $ 3,000 $ — 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), 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 six months ended June 30, 2023 and 2022, MetLife, Inc. repurchased 23,665,630 shares and 30,939,541 shares of its common stock, respectively, through open market purchases for $1.5 billion and $2.0 billion, respectively. The Inflation Reduction Act, signed into law on August 16, 2022, imposes a one percent excise tax, net of any allowable offsets, on certain corporate stock buybacks made after December 31, 2022. Neither the authorization remaining, nor the amount repurchased, at June 30, 2023 reflects the $13 million of applicable excise tax payable in connection with such repurchases. The $13 million of excise tax is reflected in treasury stock as part of the cost basis of the common stock repurchased, and a corresponding liability for the excise tax payable was recorded in other liabilities. Stock-Based Compensation Plans Performance Shares and Performance Units Final Performance Shares are paid in shares of MetLife, Inc. common stock. Final Performance Units are payable in cash equal to the closing price of MetLife, Inc. common stock on a date following the last day of the three-year performance period. The performance factor for the January 1, 2020 – December 31, 2022 performance period was 156.3%, which was determined within a possible range from 0% to 175%. This factor has been applied to the 1,174,602 Performance Shares and 154,904 Performance Units associated with that performance period that vested on December 31, 2022. As a result, in the first quarter of 2023, MetLife, Inc. issued 1,835,903 shares of its common stock (less withholding for taxes and other items, as applicable), excluding shares that payees choose to defer, and MetLife, Inc. or its affiliates paid the cash value of 242,115 Performance Units (less withholding for taxes and other items, as applicable). Dividend Restrictions Insurance Operations For the six months ended June 30, 2023, American Life Insurance Company paid a dividend of $942 million to MetLife, Inc., for which regulatory approval was obtained as required. See Note 16 of the Notes to Consolidated Financial Statements included in the 2022 Annual Report for additional information on dividend restrictions. Accumulated Other Comprehensive Income (Loss) Information regarding changes in the balances of each component of AOCI attributable to MetLife, Inc. was as follows: Three Months Unrealized Deferred Future Policy Benefits Discount Rate Remeasurement Gains (Losses) Market Risk Benefits Instrument-Specific Credit Risk Remeasurement Gains (Losses) Foreign Defined Total (In millions) Balance, beginning of period $ (16,354) $ 1,748 $ 2,748 $ 186 $ (6,119) $ (1,356) $ (19,147) OCI before reclassifications (3,173) (468) 1,471 (99) (102) (1) (2,372) Deferred income tax benefit (expense) 739 114 (300) 21 (61) — 513 AOCI before reclassifications, net of income tax (18,788) 1,394 3,919 108 (6,282) (1,357) (21,006) Amounts reclassified from AOCI 1,040 (269) — — — 30 801 Deferred income tax benefit (expense) (231) 54 — — — (4) (181) Amounts reclassified from AOCI, net of income tax 809 (215) — — — 26 620 Balance, end of period $ (17,979) $ 1,179 $ 3,919 $ 108 $ (6,282) $ (1,331) $ (20,386) Three Months Unrealized Deferred Future Policy Benefits Discount Rate Remeasurement Gains (Losses) Market Risk Benefits Instrument-Specific Credit Risk Remeasurement Gains (Losses) Foreign Defined Total (In millions) Balance, beginning of period $ 4,619 $ 1,464 $ (9,248) $ 195 $ (5,497) $ (1,577) $ (10,044) OCI before reclassifications (22,365) (154) 11,738 (2) (1,105) 3 (11,885) Deferred income tax benefit (expense) 5,062 40 (2,608) — (67) — 2,427 AOCI before reclassifications, net of income tax (12,684) 1,350 (118) 193 (6,669) (1,574) (19,502) Amounts reclassified from AOCI 682 629 — — — 23 1,334 Deferred income tax benefit (expense) (155) (132) — — — (4) (291) Amounts reclassified from AOCI, net of income tax 527 497 — — — 19 1,043 Sale of subsidiaries, net of income tax 21 — (18) — 350 — 353 Balance, end of period $ (12,136) $ 1,847 $ (136) $ 193 $ (6,319) $ (1,555) $ (18,106) Six Months Unrealized Deferred Future Policy Benefits Discount Rate Remeasurement Gains (Losses) Market Risk Benefits Instrument-Specific Credit Risk Remeasurement Gains (Losses) Foreign Defined Total (In millions) Balance, beginning of period $ (22,646) $ 1,557 $ 6,115 $ 107 $ (6,377) $ (1,377) $ (22,621) OCI before reclassifications 4,410 (81) (2,898) 1 180 (5) 1,607 Deferred income tax benefit (expense) (989) 17 702 — (85) 1 (354) AOCI before reclassifications, net of income tax (19,225) 1,493 3,919 108 (6,282) (1,381) (21,368) Amounts reclassified from AOCI 1,606 (401) — — — 60 1,265 Deferred income tax benefit (expense) (360) 87 — — — (10) (283) Amounts reclassified from AOCI, net of income tax 1,246 (314) — — — 50 982 Balance, end of period $ (17,979) $ 1,179 $ 3,919 $ 108 $ (6,282) $ (1,331) $ (20,386) Six Months Unrealized Deferred Future Policy Benefits Discount Rate Remeasurement Gains (Losses) Market Risk Benefits Instrument-Specific Credit Risk Remeasurement Gains (Losses) Foreign Defined Total (In millions) Balance, beginning of period $ 20,919 $ 1,629 $ (18,559) $ 279 $ (5,121) $ (1,598) $ (2,451) OCI before reclassifications (43,815) (466) 23,607 (109) (1,499) 6 (22,276) Deferred income tax benefit (expense) 9,996 95 (5,219) 23 (87) (1) 4,807 AOCI before reclassifications, net of income tax (12,900) 1,258 (171) 193 (6,707) (1,593) (19,920) Amounts reclassified from AOCI 1,003 741 — — — 47 1,791 Deferred income tax benefit (expense) (230) (152) — — — (7) (389) Amounts reclassified from AOCI, net of income tax 773 589 — — — 40 1,402 Sale of subsidiaries, net of income tax (9) — 35 — 388 (2) 412 Balance, end of period $ (12,136) $ 1,847 $ (136) $ 193 $ (6,319) $ (1,555) $ (18,106) For information on offsets to investments related to policyholder liabilities, see “— Net Unrealized Investment Gains (Losses).” Information regarding amounts reclassified out of each component of AOCI was as follows: Three Months Six Months 2023 2022 2023 2022 AOCI Components Amounts Reclassified from AOCI Consolidated Statements of (In millions) Net unrealized investment gains (losses): Net unrealized investment gains (losses) $ (1,079) $ (772) $ (1,690) $ (1,122) Net investment gains (losses) Net unrealized investment gains (losses) 3 2 5 4 Net investment income Net unrealized investment gains (losses) 36 88 79 115 Net derivative gains (losses) Net unrealized investment gains (losses), before income tax (1,040) (682) (1,606) (1,003) Income tax (expense) benefit 231 155 360 230 Net unrealized investment gains (losses), net of income tax (809) (527) (1,246) (773) Deferred gains (losses) on derivatives - cash flow hedges: Interest rate derivatives 13 16 27 31 Net investment income Interest rate derivatives 55 42 60 60 Net investment gains (losses) Interest rate derivatives — 1 — 2 Other expenses Foreign currency exchange rate derivatives 1 1 2 3 Net investment income Foreign currency exchange rate derivatives 200 (690) 311 (838) Net investment gains (losses) Foreign currency exchange rate derivatives — 1 1 1 Other expenses Gains (losses) on cash flow hedges, before income tax 269 (629) 401 (741) Income tax (expense) benefit (54) 132 (87) 152 Gains (losses) on cash flow hedges, net of income tax 215 (497) 314 (589) Defined benefit plans adjustment: (1) Amortization of net actuarial gains (losses) (32) (26) (65) (53) Amortization of prior service (costs) credit 2 3 5 6 Amortization of defined benefit plan items, before income tax (30) (23) (60) (47) Income tax (expense) benefit 4 4 10 7 Amortization of defined benefit plan items, net of income tax (26) (19) (50) (40) Total reclassifications, net of income tax $ (620) $ (1,043) $ (982) $ (1,402) __________________ (1) These AOCI components are included in the computation of net periodic benefit costs. See Note 15. Net Unrealized Investment Gains (Losses) Unrealized investment gains (losses) on fixed maturity securities AFS, derivatives and other investments and the effect on policyholder liabilities that would result from the realization of the unrealized gains (losses) are included in net unrealized investment gains (losses) in AOCI. The components of net unrealized investment gains (losses), included in AOCI, were as follows: June 30, 2023 December 31, 2022 (In millions) Fixed maturity securities AFS $ (23,150) $ (29,262) Derivatives 1,494 1,976 Other 535 549 Subtotal (21,121) (26,737) Amounts allocated from: Policyholder liabilities 23 120 Deferred income tax benefit (expense) 4,300 5,545 Net unrealized investment gains (losses) (16,798) (21,072) Net unrealized investment gains (losses) attributable to noncontrolling interests (2) (17) Net unrealized investment gains (losses) attributable to MetLife, Inc. $ (16,800) $ (21,089) |
Other Revenues and Other Expens
Other Revenues and Other Expenses | 6 Months Ended |
Jun. 30, 2023 | |
Other Income and Expenses [Abstract] | |
Other Revenues and Other Expenses Disclosure | 14. Other Revenues and Other Expenses Other Revenues Information on other revenues, which primarily includes fees related to service contracts from customers, was as follows: Three Months Six Months 2023 2022 2023 2022 (In millions) Vision fee for service arrangements $ 143 $ 138 $ 302 $ 292 Prepaid legal plans 130 118 261 238 Fee-based investment management 103 100 203 202 Recordkeeping and administrative services (1) 38 43 75 90 Administrative services-only contracts 64 59 128 118 Other revenue from service contracts from customers 68 67 139 135 Total revenues from service contracts from customers 546 525 1,108 1,075 Other 75 90 152 200 Total other revenues $ 621 $ 615 $ 1,260 $ 1,275 __________________ (1) Related to products and businesses no longer actively marketed by the Company. Receivables related to revenues from service contracts from customers were $240 million and $226 million at June 30, 2023 and December 31, 2022, respectively. Other Expenses Information on other expenses was as follows: Three Months Six Months 2023 2022 2023 2022 (In millions) Employee-related costs (1) $ 896 $ 868 $ 1,829 $ 1,772 Third-party staffing costs 360 375 704 758 General and administrative expenses 187 164 330 280 Pension, postretirement and postemployment benefit costs 59 24 118 49 Premium taxes, other taxes, and licenses & fees 184 137 345 290 Commissions and other variable expenses 1,447 1,300 2,864 2,631 Capitalization of DAC (729) (637) (1,447) (1,289) Amortization of DAC and VOBA 479 458 949 933 Amortization of negative VOBA (6) (7) (13) (15) Interest expense on debt 256 226 511 451 Total other expenses $ 3,133 $ 2,908 $ 6,190 $ 5,860 __________________ (1) Includes ($34) million and ($72) million for the three months and six months ended June 30, 2023, respectively, and $78 million and $115 million for the three months and six months ended June 30, 2022, respectively, for the net change in cash surrender value of investments in certain life insurance policies, net of premiums paid. |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Jun. 30, 2023 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | 15. 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. These subsidiaries also provide certain postemployment benefits and certain postretirement medical and life insurance benefits for U.S. and non-U.S. retired employees. The components of net periodic benefit costs, reported in other expenses, were as follows: Three Months 2023 2022 Pension Other Pension Other (In millions) Service costs $ 37 $ — $ 50 $ 1 Interest costs 117 10 82 9 Expected return on plan assets (121) (15) (129) (15) Amortization of net actuarial (gains) losses 39 (7) 30 (6) Amortization of prior service costs (credit) (3) — (3) — Net periodic benefit costs (credit) $ 69 $ (12) $ 30 $ (11) Six Months 2023 2022 Pension Other Pension Other (In millions) Service costs $ 75 $ 1 $ 102 $ 2 Interest costs 235 21 163 17 Expected return on plan assets (241) (28) (258) (28) Amortization of net actuarial (gains) losses 78 (15) 61 (12) Amortization of prior service costs (credit) (6) — (6) — Net periodic benefit costs (credit) $ 141 $ (21) $ 62 $ (21) |
Income Tax
Income Tax | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Tax | 16. Income Tax For the three months and six months ended June 30, 2023, the effective tax rate on income (loss) before provision for income tax was 5% and 28%, respectively. The Company’s effective tax rate for the three months ended June 30, 2023 differed from the U.S. statutory rate primarily due to tax benefits from tax credits, foreign earnings taxed at different rates than the U.S. statutory rate, adjustments related to prior years taxes and non-taxable investment income. The Company’s effective tax rate for the six months ended June 30, 2023 differed from the U.S. statutory rate primarily due to tax charges from foreign earnings taxed at higher statutory rates than the U.S. statutory rate and foreign losses taxed at lower statutory rates, partially offset by tax benefits from tax credits, the corporate tax deduction for stock compensation, adjustments related to prior years taxes and non-taxable investment income. For the three months and six months ended June 30, 2022, the effective tax rate on income (loss) before provision for income tax was 7% and 13%, respectively. The Company’s effective tax rate for the three months ended June 30, 2022 differed from the U.S. statutory rate primarily due to tax benefits from foreign earnings taxed at different rates than the U.S. statutory rate, tax credits and non-taxable investment income. The Company’s effective tax rate for the six months ended June 30, 2022 differed from the U.S. statutory rate primarily due to tax benefits from foreign earnings taxed at different rates than the U.S. statutory rate, tax credits, the corporate tax deduction for stock compensation and non-taxable investment income. |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | 17. Earnings Per Common ShareThe following table presents the weighted average shares, basic earnings per common share and diluted earnings per common share: Three Months Six Months 2023 2022 2023 2022 (In millions, except per share data) Weighted Average Shares: Weighted average common stock outstanding - basic 765.9 809.7 770.6 816.7 Incremental common shares from assumed exercise or issuance of stock-based awards 3.7 4.8 4.8 5.8 Weighted average common stock outstanding - diluted 769.6 814.5 775.4 822.5 Net Income (Loss): Net income (loss) $ 408 $ 915 $ 493 $ 2,554 Less: Net income (loss) attributable to noncontrolling interests 6 5 11 10 Less: Preferred stock dividends 32 29 98 92 Net income (loss) available to MetLife, Inc.’s common shareholders $ 370 $ 881 $ 384 $ 2,452 Basic $ 0.48 $ 1.09 $ 0.50 $ 3.00 Diluted $ 0.48 $ 1.08 $ 0.50 $ 2.98 |
Contingencies, Commitments and
Contingencies, Commitments and Guarantees | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies, Commitments and Guarantees | 18. 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 interim condensed 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 U.S. Securities and Exchange Commission; 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. 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. In certain circumstances where liabilities have been established there may be coverage under one or more corporate insurance policies, pursuant to which there may be an insurance recovery. Insurance recoveries are recognized as gains when any contingencies relating to the insurance claim have been resolved, which is the earlier of when the gains are realized or realizable. 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 June 30, 2023. 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 matters, 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 June 30, 2023, the Company estimates the aggregate range of reasonably possible losses in excess of amounts accrued for these matters to be $0 to $125 million. Matters as to Which an Estimate Cannot Be Made For other matters, 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 or selling asbestos-containing products, nor has MLIC issued liability or workers’ compensation insurance to companies in the business of manufacturing or selling 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 1920s through approximately the 1950s 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’s defenses include that: (i) MLIC owed no duty to the plaintiffs; (ii) plaintiffs did not rely on any actions of MLIC; (iii) MLIC’s conduct was not the cause of the plaintiffs’ injuries; and (iv) plaintiffs’ exposure occurred after the dangers of asbestos were known. During the course of the litigation, certain trial courts have granted motions dismissing claims against MLIC, while other trial courts have denied MLIC’s motions. There can be no assurance that MLIC will receive favorable decisions on motions in the future. While most cases brought to date have settled, MLIC intends to continue to defend aggressively against claims based on asbestos exposure, including defending claims at trials. As reported in the 2022 Annual Report, MLIC received approximately 2,610 asbestos-related claims in 2022. For the six months ended June 30, 2023 and 2022, MLIC received approximately 1,306 and 1,319 new asbestos-related claims, respectively. See Note 21 of the Notes to the Consolidated Financial Statements included in the 2022 Annual Report for historical information concerning asbestos claims and MLIC’s update in its recorded liability at December 31, 2022. 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 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, but 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 interim condensed consolidated financial statements for all probable and reasonably estimable losses for asbestos-related claims. MLIC’s recorded asbestos liability covers pending claims, claims not yet asserted, and legal defense costs and is based on estimates and includes significant assumptions underlying its analysis. 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. Based upon its regular reevaluation of its exposure from asbestos litigation, MLIC has updated its liability analysis for asbestos-related claims through June 30, 2023. 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 Sta te 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. The Appellate Division of the New York State Supreme Court, First Department, reversed the court’s order granting MetLife, Inc. and MLIC’s motion to dismiss and remanded the case to the trial court where the Relator has filed an amended complaint. The Company intends to defend the action vigorously. 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. Several regulators have made inquiries into these issues and it is possible that other jurisdictions may pursue similar investigations or inquiries. The Company could be exposed to lawsuits and 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, Employee Retirement Income Security Act of 1974, or other laws or regulations. The Company could incur significant costs in connection with these actions. Commitments Mortgage Loan Commitments The Company commits to lend funds under mortgage loan commitments. The amounts of these mortgage loan commitments were $2.8 billion and $3.4 billion at June 30, 2023 and December 31, 2022, respectively. Commitments to Fund Partnership Investments, Bank Credit Facilities and Private Corporate Bond Investments The Company commits to fund partnership investments and to lend funds under bank credit facilities and private corporate bond investments. The amounts of these unfunded commitments were $9.7 billion and $9.4 billion at June 30, 2023 and December 31, 2022, respectively. Guarantees In the normal course of its business, the Company has provided certain indemnities and guarantees 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 $629 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 or guarantees. 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 $20 million at both June 30, 2023 and December 31, 2022, for indemnities and guarantees. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 19. Subsequent Events Senior Notes In July 2023, MetLife, Inc. issued $1.0 billion of senior notes due July 2033 which bear interest at a fixed rate of 5.375%, payable semi-annually. In connection with the issuance, MetLife, Inc. incurred $6 million of related costs which will be amortized over the term of the senior notes. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net income (loss) attributable to MetLife, Inc. | $ 402 | $ 910 | $ 482 | $ 2,544 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Business, Basis of Presentati_2
Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Use of Estimates | The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to adopt accounting policies and make estimates and assumptions that affect amounts reported on the interim condensed consolidated financial statements. In applying these policies and estimates, management makes subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain. Many of these policies, estimates and related judgments are common in the insurance and financial services industries; others are specific to the Company’s business and operations. Actual results could differ from these estimates. |
Consolidation of Subsidiaries | The accompanying interim condensed consolidated financial statements are unaudited and reflect all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in conformity with GAAP. Interim results are not necessarily indicative of full year performance. Except for balances affected by the adoption of Accounting Standards Update (“ASU”) 2018-12 noted below, the December 31, 2022 consolidated balance sheet data was derived from audited consolidated financial statements included in MetLife, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Annual Report”), which include all disclosures required by GAAP. Therefore, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company included in the 2022 Annual Report. Adoption of ASU 2018-12 - Targeted Improvements to the Accounting for Long-Duration Contracts Effective January 1, 2023, the Company adopted ASU 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, as amended by ASU 2019-09 , Financial Services—Insurance (Topic 944): Effective Date; ASU 2020-11 , Financial Services—Insurance (Topic 944): Effective Date and Early Application; and ASU 2022-05, Financial Services—Insurance (Topic 944): Transition for Sold Contracts (“LDTI”) , with a transition date of January 1, 2021 (the “Transition Date”). Adoption of LDTI impacted the Company’s accounting and presentation related to long-duration insurance contracts and certain related balances for the years ended December 31, 2022 and 2021. Amounts within these interim condensed consolidated financial statements which were previously presented, have been revised to conform with the current year accounting and presentation under LDTI. Disclosures as of the Transition Date are reflected in summary within “— Recent Accounting Pronouncements — Adoption of ASU 2018-12 - Targeted Improvements to the Accounting for Long-Duration Contracts,” and in further detail (at the disaggregated level) within Notes 3, 4, 5 and 7. Consolidation The accompanying interim condensed consolidated financial statements include the accounts of MetLife, Inc. and its subsidiaries, as well as partnerships and joint ventures in which the Company has a controlling financial interest, and variable interest entities (“VIEs”) for which the Company is the primary beneficiary. Intercompany accounts and transactions have been eliminated. The Company uses the equity method of accounting or the fair value option (“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. |
Reclassifications | Revisions Cash flows from short term investments in the prior years’ Interim Condensed Consolidated Statement of Cash Flows, which were previously presented net, have been revised to gross presentation to conform with the current year presentation. The revision in presentation was not material to the previously presented financial statements. The Company originates mortgage loans and transfers proportional rights to cash flows of certain mortgage loans to third parties. These transactions were previously accounted for by the Company as sales of portions of the related mortgage loans. During the second quarter of 2023, management determined that certain of these pre-existing transactions did not meet the criteria for sale accounting and recorded an adjustment to reflect those transfers as secured borrowings. This adjustment did not result in changes to the Company’s economic exposure or key financial reporting metrics. Based on management’s assessment of both quantitative and qualitative factors, the error correction was not material to the Company’s current period or prior period financial statements and prior periods have not been revised. |
Pending Transaction | Pending Reinsurance Transaction In May 2023, the Company entered into a definitive agreement with subsidiaries of Global Atlantic Financial Group, a retirement and life insurance company, to reinsure an in-force block of universal life, variable universal life, universal life with secondary guarantees, and fixed annuities, which are reported in the MetLife Holdings segment. At the closing of the transaction, the Company will enter into reinsurance agreements on a coinsurance basis for the general account products, and on a modified coinsurance basis for the separate account products, representing total liabilities of approximately $17.0 billion. Under the terms of such agreement, assets primarily consisting of fixed maturity securities available-for-sale (“AFS”) and mortgage loans supporting the general account liabilities will be transferred to the reinsurers at closing reduced by an approximately $2.3 billion pre-tax ceding commission. The Company will retain separate account assets of approximately $5.5 billion under the modified coinsurance arrangement. |
Future Policy Benefit Liabilities and Policyholder Account Balances | Future Policy Benefit Liabilities Traditional Non-participating and Limited-payment Long-duration products The Company establishes future policy benefit liabilities (“FPBs”) for amounts payable under traditional non-participating and limited-payment long-duration insurance and reinsurance policies which include, but are not limited to, most whole and term life & endowment products, accident & health, fixed annuities, pension risk transfers, structured settlements, institutional income annuities and long-term care products. Generally, amounts are payable over an extended period of time and the related liabilities are calculated as the present value of future expected benefits and claim settlement expenses to be paid, reduced by the present value of future expected net premiums. FPBs are measured as cohorts (e.g., groups of long-duration contracts), with the exception of pension risk transfers and longevity reinsurance solutions contracts, each of which are generally considered their own cohort. Contracts from different subsidiaries or branches, issue years, benefit currency and product types are not grouped together in the same cohort. Such liabilities are established based on methods and underlying assumptions in accordance with GAAP and applicable actuarial standards. A net premium ratio (“NPR”) approach is utilized, where net premiums (i.e., the portion of gross premiums required to fund expected insurance benefits and claim settlement expenses) under the contract are accrued each period as an FPB. The NPR used to accrue the FPB in each period is determined by using the historical and present value of expected future benefits and claim settlement expenses for the cohort divided by the historical and present value of expected future gross premiums for the cohort. Cash flow assumptions are incorporated into the calculation of a cohort's NPR and FPB reserve. These assumptions are used to project the amount and timing of expected benefits and claim settlement expenses to be paid and the expected amount of premiums to be collected for a cohort. The principal inputs and assumptions used in the establishment of FPBs are actual premiums, actual benefits, in-force policies, and best estimate cash flow assumptions to project future premium and benefit amounts. The Company’s primary best estimate cash flow assumptions include expectations related to mortality, morbidity, termination, claim settlement expense, policy lapse, renewal, retirement, disability incidence, disability terminations, inflation and other contingent events as appropriate to the respective product type and geographical area. Upon transition to LDTI, generally, the NPR and FPB reserve are updated retrospectively on a quarterly basis for actual experience and at least once a year for any changes in future cash flow assumptions, except for claim settlement expenses, for which the Company has elected to lock in assumptions at the Transition Date or inception (for contracts sold after the Transition Date), as allowed by LDTI. The resulting remeasurement (gain) loss is recorded through net income and reflects the impact on the change in the NPR based on experience at end of the quarter applied to the cumulative premiums received from the inception of the cohort (or from the Transition Date for contracts issued prior to the Transition Date) to the beginning of the quarter. The total contractual profit pattern is recognized over the expected life of the cohort by retrospectively updating the NPR. If net premiums exceed gross premiums (i.e., expected benefits exceed expected gross premiums), the FPB is increased, and a corresponding adjustment is recognized immediately in net income. The change in FPB reflected in the statement of operations is calculated using a locked-in discount rate. For products issued prior to the Transition Date, a cohort level locked-in discount rate was developed that reflects the interest accretion rates that were locked in at inception of the underlying contracts (unless there was a historical premium deficiency event that resulted in updating the interest accretion rate prior to the Transition Date), or the acquisition date for contracts acquired through an assumed in-force reinsurance transaction or a business combination. For contracts issued subsequent to the Transition Date, the upper-medium grade discount rate used for interest accretion is locked in for the cohort and represents the original upper-medium grade discount rate at the issue date of the underlying contracts. The FPB for all cohorts is remeasured to a current upper-medium grade discount rate at each reporting date through other comprehensive income (loss) (“OCI”). The Company generally interprets the upper-medium grade discount rate to be a rate comparable to that of a U.S. corporate single A rate that reflects the duration characteristics of the liability. The upper-medium grade discount rate is determined by using observable market data, including published upper-medium grade discount curves. In situations where market data for an upper-medium grade discount curve is not available (e.g., in certain foreign jurisdictions), spreads are applied to adjust the available observable market data to an upper-medium grade discount curve. The last liquid point on the upper-medium grade discount curve for each jurisdiction grades to an ultimate forward rate, which is derived using assumptions of economic growth, inflation, and a long-term upper-medium grade spread. The table below summarizes the market data and spreads applied to determine the upper-medium grade discount rate for products issued in key jurisdictions that are included in the disaggregated rollforwards in Note 3. Disaggregated rollforwards Jurisdiction Observable base curve Spread applied to derive upper-medium grade discount rate U.S. Annuities, MetLife Holdings Long-term Care United States Single A curve No spread applied as there is an observable single A base discount curve. Asia - Whole and Term Life & Endowments, Asia - Accident & Health Japan Japanese government bond yield A spread is applied based on local corporate bonds whose credit is deemed to approximate single A bonds. The spread is based on weighted average bond yields up to 10 years and held flat for years 10 to 30. Korea Korean government bond yield A spread is applied based on local corporate bonds whose credit is deemed to approximate single A bonds. The spread is based on weighted average bond yields up to five years and held flat for years five to 30. Latin America Fixed Annuities Chile Chilean government bond yield A blended spread is applied based on local corporate bonds whose credit is deemed to approximate single A bonds. The spread is based on weighted average bond yields up to 10 years and held flat for years 10 to 25. Mexico Mexican government bond yield There are few public corporate bonds denominated in Mexican pesos with a credit rating higher than sovereign bonds. Therefore, a spread is applied based on local corporate bond yields to approximate a single A equivalent bond. For limited-payment long-duration contracts, the collection of premiums does not represent the completion of the earnings process, therefore, any gross premiums received in excess of net premiums is deferred and amortized as a deferred profit liability (“DPL”). The DPL is presented within FPBs and is amortized in proportion to either the present value of expected benefit payments or insurance in-force of each cohort to ensure that profits are recognized over the life of the underlying policies in that cohort, regardless of when premiums are received. This amortization of the DPL is recorded through net income within policyholder benefits and claims. Consistent with the Company’s measurement of traditional long-duration products, management also recognizes a FPB reserve for limited-payment contracts that is representative of the difference between the present value of expected future benefit payments and the present value of expected future net premiums, subject to retrospective remeasurement through net income and OCI, as described above. The DPL is also subject to retrospective remeasurement through net income, however, it is not remeasured for changes in discount rates. Traditional participating products The Company establishes FPBs for traditional participating contracts in the U.S., which include whole and term life participating contracts in both the open and closed block using a net premium approach, similar to traditional non-participating contracts. However, for participating contracts, the discount rate and actuarial assumptions are locked in at inception, include a provision for adverse deviation, and all changes in the associated FPBs are reported within policyholder benefits and claims. See Note 8 for additional information on the closed block. For traditional participating contracts, the Company reviews its estimates of actuarial liabilities for future benefits and compares them with current best estimate assumptions. The Company revises estimates, to increase FPBs, if the Company determines that the liabilities previously established for future benefit payments less future expected net premiums in the aggregate for this line of business prove inadequate. Additional Insurance Liabilities Liabilities for universal, variable 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 additional insurance liabilities are updated retrospectively on a quarterly basis for actual experience and at least once a year for any changes in future cash flow assumptions. The assumptions used in estimating the secondary and paid-up guarantee liabilities are investment income, mortality, lapse, and premium payment pattern and persistency. 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 resulting remeasurement (gain) loss recorded through net income reflects the impact on the change in the ratio of benefits payable to total assessments over the life of the contract based on experience at end of the quarter applied to the cumulative assessments received as of the beginning of the quarter. Subsequent to the Transition Date, for annuitization benefits, future benefits expected to be paid during the annuitization phase are discounted using an upper-medium grade discount rate to determine the excess benefit upon annuitization. The discount rate is not locked in for expected annuitization benefits, and is required to be updated quarterly, consistent with other components of the annuitization benefit cash flows. Changes in the discount rate applied to the future annuitization payments are reflected in net income. Premium Deficiency Reserves on Short-Duration Contracts Premium deficiency reserves may be established for short-duration contracts to provide for expected future losses and certain expenses that exceed unearned premiums. 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. Policyholder Account Balances Policyholder account balances (“PABs”) represents the amount held by the Company on behalf of the policyholder at each reporting date. This amount includes deposits received from the policyholder, interest credited to the policyholder’s account balance, net of charges assessed against the account balance and any policyholder withdrawals. This balance also includes liabilities for structured settlement and institutional income annuities, and certain other contracts, that do not contain significant insurance risk, as well as the estimated fair value of embedded derivatives associated with indexed annuity products. |
Market Risk Benefit | Market Risk Benefits As defined by LDTI, market risk benefits (“MRBs”) are contracts or contract features that guarantee benefits, such as guaranteed minimum benefits, in addition to an account balance, which expose insurance companies to other than nominal capital market risk (equity price, interest rate, and/or foreign currency exchange risk) and subsequently protect the contractholder from the same risk. These contracts and contract features were generally recorded as embedded derivatives or additional insurance liabilities prior to the Transition Date. Certain contracts may have multiple contract features or guarantees. In these cases, each feature is separately evaluated to determine whether it meets the definition of an MRB at contract inception. If a contract includes multiple benefits that meet the definition of an MRB, those benefits are aggregated and measured as a single compound MRB. All identified MRBs are required to be measured at estimated fair value, whether the contract or contract feature represents a direct, assumed or ceded capital market risk. All MRBs in an asset position are aggregated and presented as an asset, and all MRBs in a liability position are aggregated and presented as a liability. Changes in the estimated fair value of MRBs are recognized in net income, except for the portion of the fair value change attributable to the change in nonperformance risk of the Company which is recorded as a separate component of OCI. The Company generally uses an attributed fee approach to value MRBs, where the attributed fee is determined at contract inception by estimating the fair value of expected future benefits and the expected future fees. The attributed fee percentage is the portion of the expected future fees due from contractholders deemed necessary at contract inception to fund all future expected benefits. This typically results in a zero fair value for the MRB at inception. The estimated fair value of the expected future benefits is estimated using a stochastically-generated set of risk-neutral scenarios. Once calculated, the attributed fee percentage is fixed and does not change over the life of the contract. All fees due from contractholders (or payable to reinsurers in the case of ceded MRBs) in excess of the attributed fees are reported in universal life and investment-type product policy fees. |
Other Policy-Related Balances | Other Policy-Related Balances Other policy-related balances include policy and contract claims, premiums received in advance, unearned revenue (“UREV”) 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, dental and vision claims. In addition, generally included in other policy-related balances are claims which have been reported but not yet settled for death, dental and vision. 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. These amounts are then recognized in premiums when due. The UREV 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 on a basis consistent with the methodologies and assumptions used for amortizing deferred policy acquisition costs (“DAC”) for the related contracts. Changes in the UREV liability for each period (representing deferrals less amortization) are reported in universal life and investment-type product policy fees. See “— Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles” for a discussion of negative VOBA. |
Recognition of Insurance Revenues and Deposits | Recognition of Insurance Revenues and Deposits Premiums related to whole and term life & endowment products, individual accident & health, disability, individual and group fixed annuities (including pension risk transfers, certain structured settlements, and certain income annuities), long-term care and participating products 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 as a DPL and recognized into earnings in a constant relationship to insurance in-force or, for annuities, the present value 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. Unearned premiums, representing the portion of premium written related to the unexpired coverage, are reflected as liabilities until earned. Deposits related to universal life and investment-type products are credited to PABs. 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. All fees due from contractholders (or payable to reinsurers in the case of ceded MRBs) in excess of the attributed fees on contracts with MRBs are reported in universal life and investment-type product policy fees. Amounts that are charged to earnings include interest credited and benefit claims incurred in excess of related PABs. 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. VOBA is subject to periodic recoverability testing for traditional life and limited-payment contracts, as well as universal life type contracts. Beginning on the Transition Date, DAC and VOBA for most long-duration products are amortized on a constant-level basis that approximates straight-line amortization on an individual contract basis. The DAC and VOBA related to U.S. annuities are amortized over expected benefit payments, and for all other long-duration products are generally amortized in proportion to policy count. For short-duration products, DAC and VOBA are amortized in proportion to actual and expected future earned premiums. DAC and VOBA are aggregated on the financial statements for reporting purposes. See Note 7 for additional information on DAC and VOBA amortization. Amortization of DAC and VOBA is included in other expenses. |
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. VOBA is subject to periodic recoverability testing for traditional life and limited-payment contracts, as well as universal life type contracts. Beginning on the Transition Date, DAC and VOBA for most long-duration products are amortized on a constant-level basis that approximates straight-line amortization on an individual contract basis. The DAC and VOBA related to U.S. annuities are amortized over expected benefit payments, and for all other long-duration products are generally amortized in proportion to policy count. For short-duration products, DAC and VOBA are amortized in proportion to actual and expected future earned premiums. DAC and VOBA are aggregated on the financial statements for reporting purposes. See Note 7 for additional information on DAC and VOBA amortization. Amortization of DAC and VOBA is included in other expenses. |
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 methodologies and assumptions used to amortize DAC for the related contracts. 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. DSI assets were $128 million and $133 million at June 30, 2023 and December 31, 2022, respectively. |
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 the assets’ useful lives ranging from nine |
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. The reinsurance recoverable for traditional non-participating and limited-payment contracts is generally measured using a net premium methodology to accrue the projected net gain or loss on reinsurance in proportion to the gross premiums of the underlying reinsured cohorts; and is updated retrospectively on a quarterly basis for actual experience and at least once a year for any changes in cash flow assumptions. The locked-in discount rate used to measure changes in the reinsurance recoverable recorded in net income was established at the Transition Date, or at the inception of the reinsurance coverage for new reinsurance agreements entered into subsequent to the Transition Date. The reinsurance recoverable is remeasured to an upper-medium grade discount rate through OCI at each reporting date, similar to the underlying reinsured contracts. The reinsurance recoverable for other long-duration contracts and associated contract features is measured using assumptions and methods generally consistent with the underlying direct policies, except that for reinsured MRBs, the entire change in fair value is recognized in net income each reporting period. 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 reinsured contracts is considered the net cost of reinsurance at the inception of the reinsurance agreement. The net cost of reinsurance is amortized on a basis consistent with the methodologies and assumptions 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. Ceded (assumed) 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, or when events or changes in circumstances indicate that its carrying amount may not be recoverable, reinsurance recoverable balances could become uncollectible. In such instances, reinsurance recoverable balances are stated net of allowances for uncollectible reinsurance, consistent with credit loss guidance which requires recording an allowance for credit loss (“ACL”). 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 expenses. 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. |
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: Net investment income • Economic hedges of equity method investments in joint ventures • Derivatives held within contractholder-directed investments supporting unit-linked variable annuity type liabilities (“Unit-linked investments”) • Economic hedges of fair value option securities (“FVO Securities”) which are linked to equity indices 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. The changes in estimated fair value of derivatives related to discontinued cash flow hedges remain in OCI unless it is probable that the hedged forecasted transaction will not occur. 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 As discussed above, certain guarantees previously accounted for as embedded derivatives are accounted for as MRBs upon adoption of LDTI. The Company issues certain products and investment contracts and is a party to certain reinsurance agreements that have embedded derivatives. The Company assesses each identified embedded derivative to determine whether it is required to be bifurcated. The embedded derivative is bifurcated from the host contract and accounted for as a freestanding derivative if: • the contract or contract feature does not meet the definition of a MRB (as a result of the adoption of LDTI); • 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. The Company manages its credit risk related to derivatives by entering into transactions with creditworthy counterparties in jurisdictions in which it understands that close-out netting should be enforceable and establishing and monitoring exposure limits. The Company’s bilateral contracts between two counterparties (“OTC-bilateral”) derivative transactions are governed by International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements which provide for legally enforceable set-off and close-out netting of exposures to specific counterparties in the event of early termination of a transaction, which includes, but is not limited to, events of default and bankruptcy. In the event of an early termination, close-out netting permits the Company (subject to financial regulations such as the Orderly Liquidation Authority under Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act) to set off receivables from the counterparty against payables to the same counterparty arising out of all included transactions and to apply collateral to the obligations, without application of the automatic stay, upon the counterparty’s bankruptcy. All of the Company’s ISDA Master Agreements also include Credit Support Annex provisions which require both the pledging and accepting of collateral in connection with its OTC-bilateral derivatives as required by applicable law. Additionally, the Company is required to pledge initial margin for certain new OTC-bilateral derivative transactions to third party custodians. The Company’s over-the-counter cleared (“OTC-cleared”) derivatives are effected through central clearing counterparties and its exchange-traded derivatives are effected through regulated exchanges. Such positions are marked to market and margined on a daily basis (both initial margin and variation margin), and the Company has minimal exposure to credit-related losses in the event of nonperformance by brokers and central clearinghouses to such derivatives. See Note 11 for a description of the impact of credit risk on the valuation of derivatives. |
New Accounting Pronouncements | Recent Accounting Pronouncements Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of ASUs to the FASB Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. The following tables provide a description of ASUs recently issued by the FASB and the impact of their adoption on the Company’s interim condensed consolidated financial statements. Adoption of ASU 2018-12 - Targeted Improvements to the Accounting for Long-Duration Contracts The Company adopted LDTI effective January 1, 2023 with a Transition Date of January 1, 2021. The standard required a full retrospective transition approach for MRBs, and allowed for a transition method election for FPBs and DAC, as well as other balances that have historically been amortized in a manner consistent with DAC. The Company has elected the modified retrospective transition approach for all FPBs, DAC, and related balances on all long-duration contracts, subject to the transition provisions. Additionally, an amendment in LDTI allowed entities to make an accounting policy election to exclude certain sold or disposed contracts or legal entities from application of the transition guidance. The Company did not make such an election. Under the modified retrospective approach, the Company was required to establish LDTI-compliant FPBs, DAC and related balances for the Company’s Transition Date opening balance sheet by utilizing the Company’s December 31, 2020 balances with certain adjustments as described below. The Transition Date impacts associated with the implementation of LDTI were applied as follows: Market Risk Benefits (See Note 5) The full retrospective transition approach for MRBs required assessing products to determine whether contract or contract features expose the Company to other than nominal capital market risk. The population of MRBs identified was then reviewed to determine the historical measurement model prior to adoption of LDTI. If the MRB was a bifurcated embedded derivative prior to the adoption of LDTI, the existing measurement approach was retained, except that the fair value of the MRB at inception was recalculated to isolate the contract issue date nonperformance risk of the Company. If, prior to the adoption of LDTI, the MRB was partially a bifurcated embedded derivative (e.g., a contract with multiple features where one was a bifurcated embedded derivative and one was an additional insurance liability), or was accounted for under a different model, the at-inception attributed fee ratio was calculated for every identified MRB, and using the at inception attributed fee ratio, the fair value of the MRB at the contract issue date was calculated to isolate the contract issue date nonperformance risk of the Company. At the Transition Date, the impacts to the financial statements of the full retrospective approach for MRBs include the following: • The amounts previously recorded for these contracts within additional insurance liabilities, embedded derivatives, and other insurance liabilities were reclassified to MRB liabilities; • The difference between the fair value of the MRBs and the previously recorded carrying value at the Transition Date, excluding the cumulative effect of changes in nonperformance risk of the Company, was recorded as an adjustment to the opening balance of retained earnings; • The cumulative effect of changes in nonperformance risk between the contract issue date and the Transition Date was recorded as an adjustment to opening accumulated OCI (“AOCI”) as of the Transition Date; and • Corresponding reinsured MRB balances were established at the Transition Date, with changes in counterparty credit risk recorded in opening retained earnings as of the Transition Date and are classified within premiums, reinsurance and other receivables. Future Policy Benefits (See Note 3) Traditional Non-participating Long-duration products • Loss recognition balances related to unrealized investment gains associated with certain long-duration products previously recorded in AOCI were removed; • Contracts in-force as of the Transition Date were grouped into cohorts; a revised NPR was calculated for each cohort using the existing Transition Date balance, best estimate cash flow assumptions without a provision for adverse deviation, and the historical discount rates used for the contracts within the cohort prior to the adoption of LDTI (the “locked-in” discount rate). For any cohorts where the net premiums exceeded gross premiums (NPR exceeded 100%), the FPB was increased for the excess of net premiums over gross premiums, with a corresponding adjustment recorded to opening retained earnings as of the Transition Date; • The difference between the FPB balance calculated at the current upper-medium grade discount rate and the FPB balance calculated at the locked-in discount rate was recorded as an adjustment to opening AOCI as of the Transition Date; and • Corresponding adjustments were made to ceded reinsurance balances. Limited-payment Long-duration products Limited-payment long-duration products transition to LDTI follows a similar approach to traditional non-participating products, except that these product cohorts may have a DPL which is adjusted at the Transition Date. If an increase to FPB depleted the DPL, the remaining adjustment was recorded to opening retained earnings as of the Transition Date. Additional insurance liabilities • The contracts and contract features that met the definition of a MRB were reclassified; • The impact of updating assessments used in the calculation of the additional insurance liabilities to reflect the constant margin amortization basis for UREV liabilities was recorded as an adjustment to opening retained earnings and AOCI; and • Corresponding adjustments were made to ceded reinsurance balances. DAC and other balances to be amortized in a manner consistent with DAC (VOBA, DSI and UREV) (See Note 7 for information on DAC, VOBA and UREV) The opening balances of these accounts were adjusted for removal of the related amounts in AOCI, as these balances are no longer amortized using expected future gross premiums, margins, profits or earned premiums. Other balance sheet reclassifications and adjustments at LDTI adoption (See Notes 3, 4 and 7) Individual income annuities reclassification Prior to the Transition Date, the Company classified all structured settlement and institutional income annuity products within FPBs. While the pre-LDTI GAAP reserving model was the same for these products, upon transition to LDTI, the reserving model for a subset of these products changed, requiring the Company to reclassify $7.4 billion of FPBs to PABs at the Transition Date. Other reclassifications and adjustments Other minor reclassifications and adjustments were made to conform to LDTI presentation requirements. The following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company’s previously reported consolidated balance sheet: December 31, 2022 As Previously Adoption Post (In millions) Assets Premiums, reinsurance and other receivables $ 17,461 $ (97) $ 17,364 Market risk benefits $ — $ 280 $ 280 Deferred policy acquisition costs and value of business acquired $ 22,983 $ (3,330) $ 19,653 Deferred income tax asset $ 2,830 $ (391) $ 2,439 Other assets $ 11,026 $ (1) $ 11,025 Total assets $ 666,611 $ (3,539) $ 663,072 Liabilities Future policy benefits $ 204,228 $ (17,006) $ 187,222 Policyholder account balances $ 203,082 $ 7,515 $ 210,597 Market risk benefits $ — $ 3,763 $ 3,763 Other policy-related balances $ 19,651 $ (1,227) $ 18,424 Deferred income tax liability $ 325 $ 625 $ 950 Other liabilities $ 25,980 $ (47) $ 25,933 Total liabilities $ 639,324 $ (6,377) $ 632,947 Equity Retained earnings $ 41,953 $ (1,621) $ 40,332 Accumulated other comprehensive income (loss) $ (27,083) $ 4,462 $ (22,621) Total MetLife, Inc.'s stockholders' equity $ 27,040 $ 2,841 $ 29,881 Noncontrolling interests $ 247 $ (3) $ 244 Total equity $ 27,287 $ 2,838 $ 30,125 Total liabilities and equity $ 666,611 $ (3,539) $ 663,072 The following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company’s previously reported interim condensed consolidated statement of operations and comprehensive income (loss): Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 As Adoption Post As Adoption Post (In millions) Revenues Premiums $ 11,721 $ (165) $ 11,556 $ 22,492 $ (319) $ 22,173 Universal life and investment-type product policy fees $ 1,516 $ (144) $ 1,372 $ 2,934 $ (250) $ 2,684 Other revenues $ 616 $ (1) $ 615 $ 1,276 $ (1) $ 1,275 Net investment gains (losses) $ (685) $ 3 $ (682) $ (1,203) $ 4 $ (1,199) Net derivative gains (losses) $ (1,195) $ 225 $ (970) $ (2,054) $ 133 $ (1,921) Total revenues $ 15,556 $ (82) $ 15,474 $ 31,312 $ (433) $ 30,879 Expenses Policyholder benefits and claims $ 11,790 $ (175) $ 11,615 $ 22,983 $ (194) $ 22,789 Policyholder liability remeasurement (gains) losses $ — $ (1) $ (1) $ — $ (42) $ (42) Market risk benefits remeasurement (gains) losses $ — $ (757) $ (757) $ — $ (2,197) $ (2,197) Interest credited to policyholder account balances $ 492 $ 35 $ 527 $ 1,122 $ 31 $ 1,153 Policyholder dividends $ 193 $ 1 $ 194 $ 391 $ 2 $ 393 Other expenses $ 3,083 $ (175) $ 2,908 $ 6,103 $ (243) $ 5,860 Total expenses $ 15,558 $ (1,072) $ 14,486 $ 30,599 $ (2,643) $ 27,956 Income (loss) before provision for income tax $ (2) $ 990 $ 988 $ 713 $ 2,210 $ 2,923 Provision for income tax expense (benefit) $ (140) $ 213 $ 73 $ (99) $ 468 $ 369 Net income (loss) $ 138 $ 777 $ 915 $ 812 $ 1,742 $ 2,554 Net income (loss) attributable to noncontrolling interests $ 6 $ (1) $ 5 $ 11 $ (1) $ 10 Net income (loss) attributable to MetLife, Inc. $ 132 $ 778 $ 910 $ 801 $ 1,743 $ 2,544 Net income (loss) available to MetLife, Inc.'s common shareholders $ 103 $ 778 $ 881 $ 709 $ 1,743 $ 2,452 Comprehensive income (loss) $ (15,323) $ 8,175 $ (7,148) $ (27,482) $ 14,378 $ (13,104) Comprehensive income (loss) attributable to noncontrolling interests, net of income tax $ 5 $ (1) $ 4 $ 8 $ (1) $ 7 Comprehensive income (loss) attributable to MetLife, Inc. $ (15,328) $ 8,176 $ (7,152) $ (27,490) $ 14,379 $ (13,111) Net income (loss) available to MetLife, Inc.'s common shareholders per common share: Basic $ 0.13 $ 0.96 $ 1.09 $ 0.87 $ 2.13 $ 3.00 Diluted $ 0.13 $ 0.95 $ 1.08 $ 0.86 $ 2.12 $ 2.98 The following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company’s previously reported interim condensed consolidated statements of equity: As Previously Adoption Post (In millions) Retained Earnings Balance at December 31, 2021 $ 41,197 $ (4,366) $ 36,831 Net income (loss) $ 669 $ 965 $ 1,634 Balance at March 31, 2022 $ 41,406 $ (3,401) $ 38,005 Net income (loss) $ 132 $ 778 $ 910 Balance at June 30, 2022 $ 41,101 $ (2,623) $ 38,478 Balance at December 31, 2022 $ 41,953 $ (1,621) $ 40,332 Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2021 $ 10,919 $ (13,370) $ (2,451) Other comprehensive income (loss), net of income tax $ (12,831) $ 5,238 $ (7,593) Balance at March 31, 2022 $ (1,912) $ (8,132) $ (10,044) Other comprehensive income (loss), net of income tax $ (15,460) $ 7,398 $ (8,062) Balance at June 30, 2022 $ (17,372) $ (734) $ (18,106) Balance at December 31, 2022 $ (27,083) $ 4,462 $ (22,621) Total MetLife, Inc.’s Stockholders’ Equity Balance at December 31, 2021 $ 67,482 $ (17,736) $ 49,746 Balance at March 31, 2022 $ 53,965 $ (11,533) $ 42,432 Balance at June 30, 2022 $ 37,101 $ (3,357) $ 33,744 Balance at December 31, 2022 $ 27,040 $ 2,841 $ 29,881 Noncontrolling Interests Balance at December 31, 2021 $ 267 $ — $ 267 Change in equity of noncontrolling interests $ 2 $ (1) $ 1 Net income (loss) $ 5 $ — $ 5 Other comprehensive income (loss), net of income tax $ (2) $ — $ (2) Balance at March 31, 2022 $ 272 $ (1) $ 271 Change in equity of noncontrolling interests $ (11) $ 1 $ (10) Net income (loss) $ 6 $ (1) $ 5 Balance at June 30, 2022 $ 266 $ (1) $ 265 Balance at December 31, 2022 $ 247 $ (3) $ 244 Total Equity Balance at December 31, 2021 $ 67,749 $ (17,736) $ 50,013 Balance at March 31, 2022 $ 54,237 $ (11,534) $ 42,703 Balance at June 30, 2022 $ 37,367 $ (3,358) $ 34,009 Balance at December 31, 2022 $ 27,287 $ 2,838 $ 30,125 The following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company’s previously reported interim condensed consolidated statement of cash flows: Six Months Ended June 30, 2022 As Previously Adoption Post (In millions) Cash flows from operating activities Net cash provided by (used in) operating activities $ 6,392 $ 41 $ 6,433 Cash flows from financing activities Policyholder account balances - deposits $ 56,109 $ 277 $ 56,386 Policyholder account balances - withdrawals $ (52,428) $ (318) $ (52,746) Net cash provided by (used in) financing activities $ (7,182) $ (41) $ (7,223) Other Adopted Accounting Pronouncements The table below describes the impacts of the other ASUs adopted by the Company. Standard Description Effective Date and Impact on Financial Statements ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures The amendments in the new ASU eliminate the accounting guidance for troubled debt restructurings by creditors that have adopted the current expected credit loss guidance while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. In addition, the amendments require that a public business entity disclose current-period gross write-offs by year of origination for financing receivables and net investment in leases. January 1, 2023, the Company adopted, using a prospective approach. The adoption of the new guidance has reduced the complexity involved with evaluating and accounting for certain loan modifications. The Company has included the required disclosures within its interim condensed consolidated financial statements. ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting; as clarified and amended by ASU 2021-01, Reference Rate Reform (Topic 848): Scope; as amended by ASU 2022-06, Reference Rate Reform (Topic 848)—Deferral of the Sunset Date of Topic 848 The guidance provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, with certain exceptions. ASU 2021-01 amends the scope of the recent reference rate reform guidance. New optional expedients allow derivative instruments impacted by changes in the interest rate used for margining, discounting, or contract price alignment to qualify for certain optional relief. The amendments in ASU 2022-06 extend the sunset date of the reference rate reform optional expedients and exceptions to December 31, 2024. Effective for contract modifications made between March 12, 2020 and December 31, 2024. The guidance has reduced the operational and financial impacts of contract modifications that replace a reference rate, such as London Interbank Offered Rate, affected by reference rate reform. Contract modifications to replace reference rates affected by the reform occurred during 2021, and 2022 and have continued into 2023. Based on actions taken to date, the adoption of the guidance has not had a material impact on the Company’s consolidated financial statements. The Company does not expect the adoption of this guidance to have a material ongoing impact on its interim condensed consolidated financial statements. |
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. 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. At least annually, management performs a premium deficiency test using best estimate assumptions to determine whether the projected future earnings of the closed block are sufficient to support the payment of future closed block contractual benefits. The most recent deficiency test demonstrated that the projected future earnings of the closed block are sufficient to support the payment of future closed block contractual benefits. 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 policy count within the closed block. |
Investments | Maturities of Fixed Maturity Securities AFSActual 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. Evaluation of Fixed Maturity Securities AFS for Credit Loss 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 credit loss evaluation process include, but are not limited to: (i) the extent to which the estimated fair value has been below amortized cost, (ii) adverse conditions specifically related to a security, an industry sector or sub-sector, or an economically depressed geographic area, adverse change in the financial condition of the issuer of the security, changes in technology, discontinuance of a segment of the business that may affect future earnings, and changes in the quality of credit enhancement, (iii) payment structure of the security and likelihood of the issuer being able to make payments, (iv) failure of the issuer to make scheduled interest and principal payments, (v) whether the issuer, or series of issuers or an 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, including transfers in connection with reinsurance transactions, 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 changes in the financial condition of the underlying loan obligors and 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) changes in the rating of the security by a rating agency, and (ix) other subjective factors, including concentrations and information obtained from regulators. 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 at the time of purchase for fixed-rate securities and the spot rate at the date of evaluation of credit loss for floating-rate securities. • When determining collectability and the period over which value is expected to recover, the Company applies considerations utilized in its overall credit loss 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 single best estimate, the most likely outcome in a range of possible 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; any private and public sector programs to restructure foreign government securities and municipals; 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, historical performance of the underlying loan obligors, historical rent and vacancy levels, changes in the financial condition of the underlying loan obligors, expected prepayment speeds, current and forecasted loss severity, consideration of the payment terms of the underlying loans or assets backing a particular security, changes in the quality of credit enhancement and the payment priority within the tranche structure of the security. With respect to securities that have attributes of debt and equity (“perpetual hybrid securities”), consideration is given in the credit loss 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 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. In periods subsequent to the recognition of an initial ACL on a security, the Company reassesses credit loss quarterly. Subsequent increases or decreases in the expected cash flow from the security result in corresponding decreases or increases in the ACL which are recognized in earnings and reported within net investment gains (losses); however, the previously recorded ACL is not reduced to an amount below zero. Full or partial write-offs are deducted from the ACL in the period the security, or a portion thereof, is considered uncollectible. Recoveries of amounts previously written off are recorded to the ACL in the period received. When the Company has the intent-to-sell the security or it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost, any ACL is written off and the amortized cost is written down to estimated fair value through a charge within net investment gains (losses), which becomes the new amortized cost of the security. Allowance for Credit Loss Methodology The Company records an allowance for expected lifetime credit loss in earnings within net investment gains (losses) in an amount that represents the portion of the amortized cost basis of mortgage loans that the Company does not expect to collect, resulting in mortgage loans being presented at the net amount expected to be collected. In determining the Company’s ACL, management applies significant judgment to estimate expected lifetime credit loss, including: (i) pooling mortgage loans that share similar risk characteristics, (ii) considering expected lifetime credit loss over the contractual term of its mortgage loans adjusted for expected prepayments and any extensions, and (iii) considering past events and current and forecasted economic conditions. Each of the Company’s commercial, agricultural and residential mortgage loan portfolio segments are evaluated separately. The ACL is calculated for each mortgage loan portfolio segment based on inputs unique to each loan portfolio segment. On a quarterly basis, mortgage loans within a portfolio segment that share similar risk characteristics, such as internal risk ratings or consumer credit scores, are pooled for calculation of ACL. On an ongoing basis, mortgage loans with dissimilar risk characteristics (i.e., loans with significant declines in credit quality), such as collateral dependent mortgage loans (i.e., when the borrower is experiencing financial difficulty, including when foreclosure is reasonably possible or probable), are evaluated individually for credit loss. The ACL for loans evaluated individually are established using the same methodologies for all three portfolio segments. For example, the ACL for a collateral dependent loan is established as the excess of amortized cost over the estimated fair value of the loan’s underlying collateral, less selling cost when foreclosure is probable. Accordingly, the change in the estimated fair value of collateral dependent loans, which are evaluated individually for credit loss, is recorded as a change in the ACL which is recorded on a quarterly basis as a charge or credit to earnings in net investment gains (losses). Mortgage loans to be disposed of in a reinsurance transaction are carried at the lower of amortized cost or estimated fair value. Commercial and Agricultural Mortgage Loan Portfolio Segments Commercial and agricultural mortgage loan ACL are calculated in a similar manner. Within each loan portfolio segment, commercial and agricultural loans are pooled by internal risk rating. Estimated lifetime loss rates, which vary by internal risk rating, are applied to the amortized cost of each loan, excluding accrued investment income, on a quarterly basis to develop the ACL. Internal risk ratings are based on an assessment of the loan’s credit quality, which can change over time. The estimated lifetime loss rates are based on several loan portfolio segment-specific factors, including (i) the Company’s experience with defaults and loss severity, (ii) expected default and loss severity over the forecast period, (iii) current and forecasted economic conditions including growth, inflation, interest rates and unemployment levels, (iv) loan specific characteristics including loan-to-value (“LTV”) ratios, and (v) internal risk ratings. These evaluations are revised as conditions change and new information becomes available. The Company uses its several decades of historical default and loss severity experience which capture multiple economic cycles. The Company uses a forecast of economic assumptions for a two-year period for most of its commercial and agricultural mortgage loans, while a one-year period is used for loans originated in certain markets. After the applicable forecast period, the Company reverts to its historical loss experience using a straight-line basis over two years. 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, recent loss and recovery trend experience as compared to historical loss and recovery experience, and loan specific characteristics including debt service coverage ratios (“DSCR”). In estimating expected lifetime credit loss over the term of its commercial mortgage loans, the Company adjusts for expected prepayment and extension experience during the forecast period using historical prepayment and extension experience considering the expected position in the economic cycle and the loan profile (i.e., floating rate, shorter-term fixed rate and longer-term fixed rate) and after the forecast period using long-term historical prepayment 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. In estimating expected lifetime credit loss over the term of its agricultural mortgage loans, the Company’s experience is much less sensitive to the position in the economic cycle and by loan profile; accordingly, historical prepayment experience is used, while extension terms are not prevalent with the Company’s agricultural mortgage loans. Commercial mortgage loans are reviewed on an ongoing basis, which review includes, but is not limited to, an analysis of the property financial statements and rent roll, lease rollover analysis, property inspections, market analysis, estimated valuations of the underlying collateral, LTV ratios, DSCR 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 LTV ratios and lower DSCR. Agricultural mortgage loans are reviewed on an ongoing basis, which review includes, but is not limited to, property inspections, market analysis, estimated valuations of the underlying collateral, LTV ratios and borrower creditworthiness, as well as reviews on a geographic and property-type basis. The monitoring process for agricultural mortgage loans also focuses on higher risk loans. For commercial mortgage loans, the primary credit quality indicator is the DSCR, 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 DSCR, the higher the risk of experiencing a credit loss. The Company also reviews the LTV ratio of its commercial mortgage loan portfolio. LTV ratios compare the unpaid principal balance of the loan to the estimated fair value of the underlying collateral. Generally, the higher the LTV ratio, the higher the risk of experiencing a credit loss. The DSCR and the values utilized in calculating the ratio are updated routinely. In addition, the LTV 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 LTV 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. Commitments to lend: After loans are approved, the Company makes commitments to lend and, typically, borrowers draw down on some or all of the commitments. The timing of mortgage loan funding is based on the commitment expiration dates. A liability for credit loss for unfunded commercial and agricultural mortgage loan commitments that are not unconditionally cancellable is recognized in earnings and is reported within net investment gains (losses). The liability is based on estimated lifetime loss rates as described above and the amount of the outstanding commitments, which for lines of credit, considers estimated utilization rates. When the commitment is funded or expires, the liability is adjusted accordingly. Residential Mortgage Loan Portfolio Segment The Company’s residential mortgage loan portfolio is comprised primarily of purchased closed end, amortizing residential mortgage loans, including both performing loans purchased within 12 months of origination and reperforming loans purchased after they have been performing for at least 12 months post-modification. Residential mortgage loans are pooled by loan type (i.e., new origination and reperforming) and pooled by similar risk profiles (including consumer credit score and LTV ratios). Estimated lifetime loss rates, which vary by loan type and risk profile, are applied to the amortized cost of each loan excluding accrued investment income on a quarterly basis to develop the ACL. The estimated lifetime loss rates are based on several factors, including (i) industry historical experience and expected results over the forecast period for defaults, (ii) loss severity, (iii) prepayment rates, (iv) current and forecasted economic conditions including growth, inflation, interest rates and unemployment levels, and (v) loan pool specific characteristics including consumer credit scores, LTV ratios, payment history and home prices. These evaluations are revised as conditions change and new information becomes available. The Company uses industry historical experience which captures multiple economic cycles as the Company has purchased most of its residential mortgage loans in the last five years. The Company uses a forecast of economic assumptions for a two-year period for most of its residential mortgage loans. After the applicable forecast period, the Company reverts to industry historical loss experience using a straight-line basis over one year. 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. Modifications to Borrowers Experiencing Financial Difficulty The Company may modify mortgage loans to borrowers. Each mortgage loan modification is evaluated to determine whether the borrower was experiencing financial difficulties. Disclosed below are those modifications where the borrower was determined to be experiencing financial difficulties and the mortgage loans were modified by any of the following means, principal forgiveness, interest rate reduction, other-than-insignificant payment delay or term extension. The amount, timing and extent of modifications granted are considered in determining any ACL recorded. Commercial mortgage loans: For the three months ended June 30, 2023, the Company granted an additional 12-month term extension on a previously restructured loan with an amortized cost of $158 million and further extended the term of the loan modified in the first quarter of 2023 by an additional three months. These modified loans represent less than 1% of the portfolio segment. For the six months ended June 30, 2023, the Company granted term extensions on loans with an amortized cost of $222 million. These modifications added a weighted-average of less than one year to the life of the modified loans. These modified loans represent less than 1% of the portfolio segment. Residential mortgage loans: For the three months ended June 30, 2023, the Company granted term extensions on loans with an amortized cost of $2 million, other-than-insignificant payment delays on loans with an amortized cost of $5 million, term extensions and other-than-insignificant payment delays on loans with an amortized cost of $5 million and term extensions, other-than-insignificant payment delays and interest rate reductions on loans with an amortized cost of $1 million. These modified loans represent less than 1% of the portfolio segment. These loan modifications added a weighted-average of eight years to the life of the modified loans, allowed for the capitalization or deferral of balances due and reduced the weighted average interest rate of the modified loans from 5.7% to 4.2%. For the six months ended June 30, 2023, the Company granted term extensions on loans with an amortized cost of $5 million, other-than-insignificant payment delays on loans with an amortized cost of $5 million, term extensions and other-than-insignificant payment delays on loans with an amortized cost of $9 million and term extensions, other-than-insignificant payment delays and interest rate reductions on loans with an amortized cost of $4 million. These modified loans represent less than 1% of the portfolio segment. These loan modifications added a weighted-average of nine years to the life of the modified loans, allowed for the capitalization or deferral of balances due and reduced the weighted average interest rate of the modified loans from 5.8% to 4.2%. For both the three months and six months ended June 30, 2023, the Company did not have a significant amount of mortgage loans that were modified to borrowers experiencing financial difficulty that are not considered current. 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. |
Employee 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. These subsidiaries also provide certain postemployment benefits and certain postretirement medical and life insurance benefits for U.S. and non-U.S. retired employees. |
Organization, Consolidation and
Organization, Consolidation and Presentation of Financial Statements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Market Data and Spreads Applied to Determine Upper-Medium Grade Discount Rate | The table below summarizes the market data and spreads applied to determine the upper-medium grade discount rate for products issued in key jurisdictions that are included in the disaggregated rollforwards in Note 3. Disaggregated rollforwards Jurisdiction Observable base curve Spread applied to derive upper-medium grade discount rate U.S. Annuities, MetLife Holdings Long-term Care United States Single A curve No spread applied as there is an observable single A base discount curve. Asia - Whole and Term Life & Endowments, Asia - Accident & Health Japan Japanese government bond yield A spread is applied based on local corporate bonds whose credit is deemed to approximate single A bonds. The spread is based on weighted average bond yields up to 10 years and held flat for years 10 to 30. Korea Korean government bond yield A spread is applied based on local corporate bonds whose credit is deemed to approximate single A bonds. The spread is based on weighted average bond yields up to five years and held flat for years five to 30. Latin America Fixed Annuities Chile Chilean government bond yield A blended spread is applied based on local corporate bonds whose credit is deemed to approximate single A bonds. The spread is based on weighted average bond yields up to 10 years and held flat for years 10 to 25. Mexico Mexican government bond yield There are few public corporate bonds denominated in Mexican pesos with a credit rating higher than sovereign bonds. Therefore, a spread is applied based on local corporate bond yields to approximate a single A equivalent bond. |
Accounting Standards Update and Change in Accounting Principle | The following table presents a summary of the Transition Date impacts associated with the implementation of LDTI to the consolidated balance sheet: Premiums, Reinsurance and Other Receivables Deferred Policy Acquisition Costs and Value of Business Acquired Other Future Policy Benefits Policyholder Account Balances Other Policy-related Balances Market Risk Benefit Liabilities Deferred Income Tax Liability Retained Earnings Accumulated Other Comprehensive Income (Loss) (In millions) Balances as reported, December 31, 2020 $ 17,870 $ 16,389 $ 11,685 $ 206,656 $ 205,176 $ 17,101 $ — $ 11,008 $ 36,491 $ 18,072 Reclassification of carrying amount of contracts and contract features that are market risk benefits (59) — — (1,818) (958) (72) 2,789 — — — Adjustments for the difference between previous carrying amount and fair value measurement for market risk benefits (12) — — — — — 5,112 (1,079) (4,121) 76 Removal of related amounts in accumulated other comprehensive income — 4,007 42 (7,911) — 1,043 — 2,405 — 8,512 Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach 32 — — 719 — — — (160) (527) — Effect of remeasurement of future policy benefits to an upper-medium grade discount rate 351 — — 34,119 — — — (7,438) — (26,330) Adjustments for the cumulative effect of adoption on additional insurance assets and liabilities 19 — — 83 — — — (13) (42) (9) Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard (32) 21 15 (7,490) 7,519 (40) — — 23 (6) Balances as adjusted, January 1, 2021 $ 18,169 $ 20,417 $ 11,742 $ 224,358 $ 211,737 $ 18,032 $ 7,901 $ 4,723 $ 31,824 $ 315 The following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company’s previously reported consolidated balance sheet: December 31, 2022 As Previously Adoption Post (In millions) Assets Premiums, reinsurance and other receivables $ 17,461 $ (97) $ 17,364 Market risk benefits $ — $ 280 $ 280 Deferred policy acquisition costs and value of business acquired $ 22,983 $ (3,330) $ 19,653 Deferred income tax asset $ 2,830 $ (391) $ 2,439 Other assets $ 11,026 $ (1) $ 11,025 Total assets $ 666,611 $ (3,539) $ 663,072 Liabilities Future policy benefits $ 204,228 $ (17,006) $ 187,222 Policyholder account balances $ 203,082 $ 7,515 $ 210,597 Market risk benefits $ — $ 3,763 $ 3,763 Other policy-related balances $ 19,651 $ (1,227) $ 18,424 Deferred income tax liability $ 325 $ 625 $ 950 Other liabilities $ 25,980 $ (47) $ 25,933 Total liabilities $ 639,324 $ (6,377) $ 632,947 Equity Retained earnings $ 41,953 $ (1,621) $ 40,332 Accumulated other comprehensive income (loss) $ (27,083) $ 4,462 $ (22,621) Total MetLife, Inc.'s stockholders' equity $ 27,040 $ 2,841 $ 29,881 Noncontrolling interests $ 247 $ (3) $ 244 Total equity $ 27,287 $ 2,838 $ 30,125 Total liabilities and equity $ 666,611 $ (3,539) $ 663,072 The following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company’s previously reported interim condensed consolidated statement of operations and comprehensive income (loss): Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 As Adoption Post As Adoption Post (In millions) Revenues Premiums $ 11,721 $ (165) $ 11,556 $ 22,492 $ (319) $ 22,173 Universal life and investment-type product policy fees $ 1,516 $ (144) $ 1,372 $ 2,934 $ (250) $ 2,684 Other revenues $ 616 $ (1) $ 615 $ 1,276 $ (1) $ 1,275 Net investment gains (losses) $ (685) $ 3 $ (682) $ (1,203) $ 4 $ (1,199) Net derivative gains (losses) $ (1,195) $ 225 $ (970) $ (2,054) $ 133 $ (1,921) Total revenues $ 15,556 $ (82) $ 15,474 $ 31,312 $ (433) $ 30,879 Expenses Policyholder benefits and claims $ 11,790 $ (175) $ 11,615 $ 22,983 $ (194) $ 22,789 Policyholder liability remeasurement (gains) losses $ — $ (1) $ (1) $ — $ (42) $ (42) Market risk benefits remeasurement (gains) losses $ — $ (757) $ (757) $ — $ (2,197) $ (2,197) Interest credited to policyholder account balances $ 492 $ 35 $ 527 $ 1,122 $ 31 $ 1,153 Policyholder dividends $ 193 $ 1 $ 194 $ 391 $ 2 $ 393 Other expenses $ 3,083 $ (175) $ 2,908 $ 6,103 $ (243) $ 5,860 Total expenses $ 15,558 $ (1,072) $ 14,486 $ 30,599 $ (2,643) $ 27,956 Income (loss) before provision for income tax $ (2) $ 990 $ 988 $ 713 $ 2,210 $ 2,923 Provision for income tax expense (benefit) $ (140) $ 213 $ 73 $ (99) $ 468 $ 369 Net income (loss) $ 138 $ 777 $ 915 $ 812 $ 1,742 $ 2,554 Net income (loss) attributable to noncontrolling interests $ 6 $ (1) $ 5 $ 11 $ (1) $ 10 Net income (loss) attributable to MetLife, Inc. $ 132 $ 778 $ 910 $ 801 $ 1,743 $ 2,544 Net income (loss) available to MetLife, Inc.'s common shareholders $ 103 $ 778 $ 881 $ 709 $ 1,743 $ 2,452 Comprehensive income (loss) $ (15,323) $ 8,175 $ (7,148) $ (27,482) $ 14,378 $ (13,104) Comprehensive income (loss) attributable to noncontrolling interests, net of income tax $ 5 $ (1) $ 4 $ 8 $ (1) $ 7 Comprehensive income (loss) attributable to MetLife, Inc. $ (15,328) $ 8,176 $ (7,152) $ (27,490) $ 14,379 $ (13,111) Net income (loss) available to MetLife, Inc.'s common shareholders per common share: Basic $ 0.13 $ 0.96 $ 1.09 $ 0.87 $ 2.13 $ 3.00 Diluted $ 0.13 $ 0.95 $ 1.08 $ 0.86 $ 2.12 $ 2.98 The following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company’s previously reported interim condensed consolidated statements of equity: As Previously Adoption Post (In millions) Retained Earnings Balance at December 31, 2021 $ 41,197 $ (4,366) $ 36,831 Net income (loss) $ 669 $ 965 $ 1,634 Balance at March 31, 2022 $ 41,406 $ (3,401) $ 38,005 Net income (loss) $ 132 $ 778 $ 910 Balance at June 30, 2022 $ 41,101 $ (2,623) $ 38,478 Balance at December 31, 2022 $ 41,953 $ (1,621) $ 40,332 Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2021 $ 10,919 $ (13,370) $ (2,451) Other comprehensive income (loss), net of income tax $ (12,831) $ 5,238 $ (7,593) Balance at March 31, 2022 $ (1,912) $ (8,132) $ (10,044) Other comprehensive income (loss), net of income tax $ (15,460) $ 7,398 $ (8,062) Balance at June 30, 2022 $ (17,372) $ (734) $ (18,106) Balance at December 31, 2022 $ (27,083) $ 4,462 $ (22,621) Total MetLife, Inc.’s Stockholders’ Equity Balance at December 31, 2021 $ 67,482 $ (17,736) $ 49,746 Balance at March 31, 2022 $ 53,965 $ (11,533) $ 42,432 Balance at June 30, 2022 $ 37,101 $ (3,357) $ 33,744 Balance at December 31, 2022 $ 27,040 $ 2,841 $ 29,881 Noncontrolling Interests Balance at December 31, 2021 $ 267 $ — $ 267 Change in equity of noncontrolling interests $ 2 $ (1) $ 1 Net income (loss) $ 5 $ — $ 5 Other comprehensive income (loss), net of income tax $ (2) $ — $ (2) Balance at March 31, 2022 $ 272 $ (1) $ 271 Change in equity of noncontrolling interests $ (11) $ 1 $ (10) Net income (loss) $ 6 $ (1) $ 5 Balance at June 30, 2022 $ 266 $ (1) $ 265 Balance at December 31, 2022 $ 247 $ (3) $ 244 Total Equity Balance at December 31, 2021 $ 67,749 $ (17,736) $ 50,013 Balance at March 31, 2022 $ 54,237 $ (11,534) $ 42,703 Balance at June 30, 2022 $ 37,367 $ (3,358) $ 34,009 Balance at December 31, 2022 $ 27,287 $ 2,838 $ 30,125 The following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company’s previously reported interim condensed consolidated statement of cash flows: Six Months Ended June 30, 2022 As Previously Adoption Post (In millions) Cash flows from operating activities Net cash provided by (used in) operating activities $ 6,392 $ 41 $ 6,433 Cash flows from financing activities Policyholder account balances - deposits $ 56,109 $ 277 $ 56,386 Policyholder account balances - withdrawals $ (52,428) $ (318) $ (52,746) Net cash provided by (used in) financing activities $ (7,182) $ (41) $ (7,223) U.S. Asia Asia Latin America Fixed Annuities MetLife Holdings Long-Term Care MetLife Holdings Other Long- Duration Short-Duration and Other Total (In millions) Balance, future policy benefits, at December 31, 2020 $ 66,030 $ 17,990 $ 16,330 $ 8,393 $ 14,281 $ 51,148 $ 19,128 $ 13,356 $ 206,656 Removal of additional insurance liabilities for separate presentation (1) (4) — — — — — (6,561) — (6,565) Subtotal - pre-adoption balance, excluding additional liabilities 66,026 17,990 16,330 8,393 14,281 51,148 12,567 13,356 200,091 Removal of related amounts in AOCI (5,914) — — (295) (1,210) — (492) — (7,911) Reclassification of carrying amount of contracts and contract features that are market risk benefits — — — — — — (176) — (176) Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach 337 51 154 121 — — 56 — 719 Effect of remeasurement of future policy benefits to an upper-medium grade discount rate 15,834 4,386 285 2,869 8,270 — 2,475 — 34,119 Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard (7,416) 4 47 (1) — — (124) — (7,490) Removal of remeasured deferred profit liabilities for separate presentation (1) (2,897) (225) (691) (570) — — (275) — (4,658) Balance, traditional and limited-payment contracts, at January 1, 2021 $ 65,970 $ 22,206 $ 16,125 $ 10,517 $ 21,341 $ 51,148 $ 14,031 $ 13,356 $ 214,694 Balance, deferred profit liabilities at January 1, 2021 $ 2,897 $ 225 $ 691 $ 570 $ — $ — $ 275 $ — $ 4,658 Balance, ceded recoverables on traditional and limited-payment contracts at December 31, 2020 $ 203 $ — $ 32 $ — $ — $ 1,052 $ 1,287 Effect of remeasurement of the ceded recoverable to an upper-medium grade discount rate 135 (15) (66) — — 297 351 Adjustments for loss contracts (with net premiums in excess of gross premiums) under the modified retrospective approach — — — — — 32 32 Adjustments for the cumulative effect of adoption on ceded recoverables on traditional and limited-payment contract 6 — (2) — — 10 14 Balance ceded recoverables on traditional and limited-payment contracts at January 1, 2021 $ 344 $ (15) $ (36) $ — $ — $ 1,391 $ 1,684 _ _________________ (1) LDTI requires separate disaggregated rollforwards of the additional insurance liabilities balance and the traditional and limited-payment FPBs. Therefore, the additional insurance liabilities and DPL amounts that are recorded in the FPB financial statement line item are removed to derive the opening balance of traditional and limited-payment contracts at the Transition Date. Asia Asia MetLife Holdings Other Long- Total (In millions) Additional insurance liabilities at December 31, 2020 $ 1,824 $ 788 $ 1,976 $ 1,977 $ 6,565 Reclassification of carrying amount of contracts and contract features that are market risk benefits — — — (1,642) (1,642) Adjustments for the cumulative effect of adoption on additional insurance liabilities — — 38 45 83 Additional insurance liabilities at January 1, 2021 $ 1,824 $ 788 $ 2,014 $ 380 $ 5,006 Ceded recoverables on additional insurance liabilities at December 31, 2020 $ — $ — $ 719 $ 8 $ 727 Reclassification of carrying amount of contracts and contract features that are reinsured market risk benefits — — — (8) (8) Adjustments for the cumulative effect of adoption on ceded recoverables on additional insurance liabilities — — 1 — 1 Ceded recoverables on additional insurance liabilities at January 1, 2021 $ — $ — $ 720 $ — $ 720 Balance, traditional and limited-payment contracts, at January 1, 2021 $ 214,694 Balance, deferred profit liabilities at January 1, 2021 4,658 Balance, additional insurance liabilities at January 1, 2021 5,006 Total future policy benefits at January 1, 2021 $ 224,358 The LDTI transition adjustments related to PABs, as described in Note 1, were as follows at the Transition Date: U.S. U.S. U.S. Asia Asia EMEA MetLife MetLife Holdings Other Total (In millions) Balance at December 31, 2020 $ 7,586 $ 62,908 $ 6,250 $ 43,868 $ 31,422 $ 4,777 $ 15,727 $ 13,129 $ 19,509 $ 205,176 Reclassification of carrying amount of contracts and contract features that are market risk benefits — — (24) — — 2 (493) (273) (170) (958) Other balance sheet reclassifications upon adoption of the LDTI standard — — 7,417 — — — — — 102 7,519 Balance at January 1, 2021 $ 7,586 $ 62,908 $ 13,643 $ 43,868 $ 31,422 $ 4,779 $ 15,234 $ 12,856 $ 19,441 $ 211,737 The LDTI transition adjustments related to market risk benefit liabilities, as described in Note 1, were as follows at the Transition Date: Asia MetLife Holdings Other Total (In millions) Direct and assumed MRB liabilities at December 31, 2020 $ — $ — $ — $ — Reclassification of carrying amount of contracts and contract features that are market risk benefits 247 2,291 251 2,789 Adjustments for the cumulative effect of changes in nonperformance risk between contract issue date and Transition Date (7) (54) (38) (99) Adjustments for the difference between the fair value of the MRB balance, excluding the cumulative effect of changes in nonperformance risk, and the historical carrying value 78 4,764 369 5,211 Direct and assumed MRB liabilities at January 1, 2021 (1) $ 318 $ 7,001 $ 582 $ 7,901 Reinsured MRB assets at December 31, 2020 $ — $ — $ — $ — Reclassification of carrying amount of contracts and contract features that are market risk benefits — — 63 63 Adjustments for the difference between previous carrying amount and fair value measurement — — (12) $ (12) Reinsured MRB assets at January 1, 2021 (1) $ — $ — $ 51 $ 51 __________________ (1) Reinsured MRB assets are classified within premiums, reinsurance and other receivables on the consolidated balance sheets . The transition adjustments related to DAC, VOBA, UREV and negative VOBA, as described in Note 1, were as follows at the Transition Date: U.S. Asia Latin America EMEA MetLife Holdings Corporate & Other Total (In millions) DAC: Balance at December 31, 2020 $ 409 $ 7,432 $ 1,344 $ 1,551 $ 2,679 $ 31 $ 13,446 Removal of related amounts in AOCI — 2,309 50 — 1,621 — 3,980 Other adjustments upon adoption of the LDTI standard — — — 14 11 — 25 Balance at January 1, 2021 $ 409 $ 9,741 $ 1,394 $ 1,565 $ 4,311 $ 31 $ 17,451 VOBA: Balance at December 31, 2020 $ 25 $ 1,901 $ 748 $ 236 $ 33 $ — $ 2,943 Removal of related amounts in AOCI — 14 8 — 5 — 27 Other adjustments upon adoption of the LDTI standard — — — (4) — — (4) Balance at January 1, 2021 $ 25 $ 1,915 $ 756 $ 232 $ 38 $ — $ 2,966 UREV: Balance at December 31, 2020 $ 42 $ 587 $ 740 $ 556 $ 188 $ — $ 2,113 Removal of related amounts in AOCI — 1,029 95 (81) — — 1,043 Other adjustments upon adoption of the LDTI standard — — — 7 — — 7 Balance at January 1, 2021 $ 42 $ 1,616 $ 835 $ 482 $ 188 $ — $ 3,163 Negative VOBA: Balance at December 31, 2020 $ 738 Reclassification of carrying amount of contracts and contract features that are market risk benefits (72) Balance at January 1, 2021 $ 666 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment Reporting Information, by Segment | Three Months Ended June 30, 2023 U.S. Asia Latin EMEA MetLife Corporate Total Adjustments Total (In millions) Revenues Premiums $ 8,108 $ 1,310 $ 1,023 $ 499 $ 719 $ 19 $ 11,678 $ — $ 11,678 Universal life and investment-type product policy fees 294 396 352 75 170 1 1,288 — 1,288 Net investment income 2,275 1,050 418 47 1,170 80 5,040 32 5,072 Other revenues 434 21 10 8 49 106 628 (7) 621 Net investment gains (losses) — — — — — — — (1,039) (1,039) Net derivative gains (losses) — — — — — — — (997) (997) Total revenues 11,111 2,777 1,803 629 2,108 206 18,634 (2,011) 16,623 Expenses Policyholder benefits and claims and policyholder dividends 8,307 1,057 976 237 1,341 12 11,930 30 11,960 Policyholder liability remeasurement (gains) losses (9) (27) 3 2 15 — (16) — (16) Market risk benefit remeasurement (gains) losses — — — — — — — (817) (817) Interest credited to policyholder account balances 750 570 105 19 198 — 1,642 291 1,933 Capitalization of DAC (55) (397) (148) (119) (6) (4) (729) — (729) Amortization of DAC and VOBA 19 190 117 85 64 4 479 — 479 Amortization of negative VOBA — (5) — (1) — — (6) — (6) Interest expense on debt 5 — 4 — 3 244 256 — 256 Other expenses 1,096 778 465 314 231 229 3,113 20 3,133 Total expenses 10,113 2,166 1,522 537 1,846 485 16,669 (476) 16,193 Provision for income tax expense (benefit) 209 180 62 22 51 (83) 441 (419) 22 Adjusted earnings $ 789 $ 431 $ 219 $ 70 $ 211 $ (196) 1,524 Adjustments to: Total revenues (2,011) Total expenses 476 Provision for income tax (expense) benefit 419 Net income (loss) $ 408 $ 408 Three Months Ended June 30, 2022 U.S. Asia Latin EMEA MetLife Corporate Total Adjustments Total (In millions) Revenues Premiums $ 8,094 $ 1,393 $ 822 $ 493 $ 760 $ (6) $ 11,556 $ — $ 11,556 Universal life and investment-type product policy fees 283 420 294 77 296 2 1,372 — 1,372 Net investment income 1,710 1,012 459 38 1,268 17 4,504 (921) 3,583 Other revenues 404 24 10 8 23 98 567 48 615 Net investment gains (losses) — — — — — — — (682) (682) Net derivative gains (losses) — — — — — — — (970) (970) Total revenues 10,491 2,849 1,585 616 2,347 111 17,999 (2,525) 15,474 Expenses Policyholder benefits and claims and policyholder dividends 8,115 1,123 812 226 1,354 (2) 11,628 181 11,809 Policyholder liability remeasurement (gains) losses (7) (10) 6 6 4 — (1) — (1) Market risk benefit remeasurement (gains) losses — — — — — — — (757) (757) Interest credited to policyholder account balances 453 493 84 20 203 — 1,253 (726) 527 Capitalization of DAC (23) (381) (116) (108) (7) (2) (637) — (637) Amortization of DAC and VOBA 15 182 101 88 70 2 458 — 458 Amortization of negative VOBA — (5) — (2) — — (7) — (7) Interest expense on debt 1 — 4 — 2 219 226 — 226 Other expenses 949 763 364 298 242 184 2,800 68 2,868 Total expenses 9,503 2,165 1,255 528 1,868 401 15,720 (1,234) 14,486 Provision for income tax expense (benefit) 208 198 79 22 97 (92) 512 (439) 73 Adjusted earnings $ 780 $ 486 $ 251 $ 66 $ 382 $ (198) 1,767 Adjustments to: Total revenues (2,525) Total expenses 1,234 Provision for income tax (expense) benefit 439 Net income (loss) $ 915 $ 915 Six Months Ended June 30, 2023 U.S. Asia Latin EMEA MetLife Corporate Total Adjustments Total (In millions) Revenues Premiums $ 14,060 $ 2,687 $ 2,048 $ 995 $ 1,442 $ 35 $ 21,267 $ — $ 21,267 Universal life and investment-type product policy fees 591 793 687 152 353 1 2,577 — 2,577 Net investment income 4,399 1,931 797 92 2,297 130 9,646 71 9,717 Other revenues 882 41 22 16 102 207 1,270 (10) 1,260 Net investment gains (losses) — — — — — — — (1,723) (1,723) Net derivative gains (losses) — — — — — — — (1,087) (1,087) Total revenues 19,932 5,452 3,554 1,255 4,194 373 34,760 (2,749) 32,011 Expenses Policyholder benefits and claims and policyholder dividends 14,526 2,187 1,942 498 2,710 28 21,891 100 21,991 Policyholder liability remeasurement (gains) losses (42) (16) (1) (1) 35 — (25) — (25) Market risk benefit remeasurement (gains) losses — — — — — — — (629) (629) Interest credited to policyholder account balances 1,442 1,106 204 35 397 — 3,184 613 3,797 Capitalization of DAC (106) (798) (299) (227) (12) (5) (1,447) — (1,447) Amortization of DAC and VOBA 36 383 223 170 132 5 949 — 949 Amortization of negative VOBA — (11) — (2) — — (13) — (13) Interest expense on debt 8 — 6 — 6 491 511 — 511 Other expenses 2,174 1,585 895 614 469 406 6,143 47 6,190 Total expenses 18,038 4,436 2,970 1,087 3,737 925 31,193 131 31,324 Provision for income tax expense (benefit) 398 305 150 38 88 (186) 793 (599) 194 Adjusted earnings $ 1,496 $ 711 $ 434 $ 130 $ 369 $ (366) 2,774 Adjustments to: Total revenues (2,749) Total expenses (131) Provision for income tax (expense) benefit 599 Net income (loss) $ 493 $ 493 Six Months Ended June 30, 2022 U.S. Asia Latin EMEA MetLife Corporate Total Adjustments Total Consolidated (In millions) Revenues Premiums $ 15,099 $ 2,945 $ 1,560 $ 1,002 $ 1,536 $ (10) $ 22,132 $ 41 $ 22,173 Universal life and investment-type product policy fees 581 823 583 160 524 2 2,673 11 2,684 Net investment income 3,584 2,254 781 79 2,661 137 9,496 (1,629) 7,867 Other revenues 830 45 19 17 67 199 1,177 98 1,275 Net investment gains (losses) — — — — — — — (1,199) (1,199) Net derivative gains (losses) — — — — — — — (1,921) (1,921) Total revenues 20,094 6,067 2,943 1,258 4,788 328 35,478 (4,599) 30,879 Expenses Policyholder benefits and claims and policyholder dividends 15,532 2,394 1,592 502 2,836 (9) 22,847 335 23,182 Policyholder liability remeasurement (gains) losses (30) (34) (8) 10 20 — (42) — (42) Market risk benefit remeasurement (gains) losses — — — — — — — (2,197) (2,197) Interest credited to policyholder account balances 859 991 152 37 405 — 2,444 (1,291) 1,153 Capitalization of DAC (55) (769) (227) (209) (13) (5) (1,278) (11) (1,289) Amortization of DAC and VOBA 32 376 201 167 145 4 925 8 933 Amortization of negative VOBA — (12) — (3) — — (15) — (15) Interest expense on debt 3 — 7 — 3 438 451 — 451 Other expenses 1,928 1,600 713 594 478 320 5,633 147 5,780 Total expenses 18,269 4,546 2,430 1,098 3,874 748 30,965 (3,009) 27,956 Provision for income tax expense (benefit) 382 436 127 39 184 (180) 988 (619) 369 Adjusted earnings $ 1,443 $ 1,085 $ 386 $ 121 $ 730 $ (240) 3,525 Adjustments to: Total revenues (4,599) Total expenses 3,009 Provision for income tax (expense) benefit 619 Net income (loss) $ 2,554 $ 2,554 The following table presents total assets with respect to the Company’s segments, as well as Corporate & Other, at: June 30, 2023 December 31, 2022 (In millions) U.S. $ 249,706 $ 252,219 Asia 150,784 148,305 Latin America 70,048 63,687 EMEA 17,654 16,860 MetLife Holdings 149,965 148,749 Corporate & Other 39,122 33,252 Total $ 677,279 $ 663,072 |
Future Policy Benefits (Tables)
Future Policy Benefits (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Insurance [Abstract] | |
Accounting Standards Update and Change in Accounting Principle | The following table presents a summary of the Transition Date impacts associated with the implementation of LDTI to the consolidated balance sheet: Premiums, Reinsurance and Other Receivables Deferred Policy Acquisition Costs and Value of Business Acquired Other Future Policy Benefits Policyholder Account Balances Other Policy-related Balances Market Risk Benefit Liabilities Deferred Income Tax Liability Retained Earnings Accumulated Other Comprehensive Income (Loss) (In millions) Balances as reported, December 31, 2020 $ 17,870 $ 16,389 $ 11,685 $ 206,656 $ 205,176 $ 17,101 $ — $ 11,008 $ 36,491 $ 18,072 Reclassification of carrying amount of contracts and contract features that are market risk benefits (59) — — (1,818) (958) (72) 2,789 — — — Adjustments for the difference between previous carrying amount and fair value measurement for market risk benefits (12) — — — — — 5,112 (1,079) (4,121) 76 Removal of related amounts in accumulated other comprehensive income — 4,007 42 (7,911) — 1,043 — 2,405 — 8,512 Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach 32 — — 719 — — — (160) (527) — Effect of remeasurement of future policy benefits to an upper-medium grade discount rate 351 — — 34,119 — — — (7,438) — (26,330) Adjustments for the cumulative effect of adoption on additional insurance assets and liabilities 19 — — 83 — — — (13) (42) (9) Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard (32) 21 15 (7,490) 7,519 (40) — — 23 (6) Balances as adjusted, January 1, 2021 $ 18,169 $ 20,417 $ 11,742 $ 224,358 $ 211,737 $ 18,032 $ 7,901 $ 4,723 $ 31,824 $ 315 The following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company’s previously reported consolidated balance sheet: December 31, 2022 As Previously Adoption Post (In millions) Assets Premiums, reinsurance and other receivables $ 17,461 $ (97) $ 17,364 Market risk benefits $ — $ 280 $ 280 Deferred policy acquisition costs and value of business acquired $ 22,983 $ (3,330) $ 19,653 Deferred income tax asset $ 2,830 $ (391) $ 2,439 Other assets $ 11,026 $ (1) $ 11,025 Total assets $ 666,611 $ (3,539) $ 663,072 Liabilities Future policy benefits $ 204,228 $ (17,006) $ 187,222 Policyholder account balances $ 203,082 $ 7,515 $ 210,597 Market risk benefits $ — $ 3,763 $ 3,763 Other policy-related balances $ 19,651 $ (1,227) $ 18,424 Deferred income tax liability $ 325 $ 625 $ 950 Other liabilities $ 25,980 $ (47) $ 25,933 Total liabilities $ 639,324 $ (6,377) $ 632,947 Equity Retained earnings $ 41,953 $ (1,621) $ 40,332 Accumulated other comprehensive income (loss) $ (27,083) $ 4,462 $ (22,621) Total MetLife, Inc.'s stockholders' equity $ 27,040 $ 2,841 $ 29,881 Noncontrolling interests $ 247 $ (3) $ 244 Total equity $ 27,287 $ 2,838 $ 30,125 Total liabilities and equity $ 666,611 $ (3,539) $ 663,072 The following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company’s previously reported interim condensed consolidated statement of operations and comprehensive income (loss): Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 As Adoption Post As Adoption Post (In millions) Revenues Premiums $ 11,721 $ (165) $ 11,556 $ 22,492 $ (319) $ 22,173 Universal life and investment-type product policy fees $ 1,516 $ (144) $ 1,372 $ 2,934 $ (250) $ 2,684 Other revenues $ 616 $ (1) $ 615 $ 1,276 $ (1) $ 1,275 Net investment gains (losses) $ (685) $ 3 $ (682) $ (1,203) $ 4 $ (1,199) Net derivative gains (losses) $ (1,195) $ 225 $ (970) $ (2,054) $ 133 $ (1,921) Total revenues $ 15,556 $ (82) $ 15,474 $ 31,312 $ (433) $ 30,879 Expenses Policyholder benefits and claims $ 11,790 $ (175) $ 11,615 $ 22,983 $ (194) $ 22,789 Policyholder liability remeasurement (gains) losses $ — $ (1) $ (1) $ — $ (42) $ (42) Market risk benefits remeasurement (gains) losses $ — $ (757) $ (757) $ — $ (2,197) $ (2,197) Interest credited to policyholder account balances $ 492 $ 35 $ 527 $ 1,122 $ 31 $ 1,153 Policyholder dividends $ 193 $ 1 $ 194 $ 391 $ 2 $ 393 Other expenses $ 3,083 $ (175) $ 2,908 $ 6,103 $ (243) $ 5,860 Total expenses $ 15,558 $ (1,072) $ 14,486 $ 30,599 $ (2,643) $ 27,956 Income (loss) before provision for income tax $ (2) $ 990 $ 988 $ 713 $ 2,210 $ 2,923 Provision for income tax expense (benefit) $ (140) $ 213 $ 73 $ (99) $ 468 $ 369 Net income (loss) $ 138 $ 777 $ 915 $ 812 $ 1,742 $ 2,554 Net income (loss) attributable to noncontrolling interests $ 6 $ (1) $ 5 $ 11 $ (1) $ 10 Net income (loss) attributable to MetLife, Inc. $ 132 $ 778 $ 910 $ 801 $ 1,743 $ 2,544 Net income (loss) available to MetLife, Inc.'s common shareholders $ 103 $ 778 $ 881 $ 709 $ 1,743 $ 2,452 Comprehensive income (loss) $ (15,323) $ 8,175 $ (7,148) $ (27,482) $ 14,378 $ (13,104) Comprehensive income (loss) attributable to noncontrolling interests, net of income tax $ 5 $ (1) $ 4 $ 8 $ (1) $ 7 Comprehensive income (loss) attributable to MetLife, Inc. $ (15,328) $ 8,176 $ (7,152) $ (27,490) $ 14,379 $ (13,111) Net income (loss) available to MetLife, Inc.'s common shareholders per common share: Basic $ 0.13 $ 0.96 $ 1.09 $ 0.87 $ 2.13 $ 3.00 Diluted $ 0.13 $ 0.95 $ 1.08 $ 0.86 $ 2.12 $ 2.98 The following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company’s previously reported interim condensed consolidated statements of equity: As Previously Adoption Post (In millions) Retained Earnings Balance at December 31, 2021 $ 41,197 $ (4,366) $ 36,831 Net income (loss) $ 669 $ 965 $ 1,634 Balance at March 31, 2022 $ 41,406 $ (3,401) $ 38,005 Net income (loss) $ 132 $ 778 $ 910 Balance at June 30, 2022 $ 41,101 $ (2,623) $ 38,478 Balance at December 31, 2022 $ 41,953 $ (1,621) $ 40,332 Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2021 $ 10,919 $ (13,370) $ (2,451) Other comprehensive income (loss), net of income tax $ (12,831) $ 5,238 $ (7,593) Balance at March 31, 2022 $ (1,912) $ (8,132) $ (10,044) Other comprehensive income (loss), net of income tax $ (15,460) $ 7,398 $ (8,062) Balance at June 30, 2022 $ (17,372) $ (734) $ (18,106) Balance at December 31, 2022 $ (27,083) $ 4,462 $ (22,621) Total MetLife, Inc.’s Stockholders’ Equity Balance at December 31, 2021 $ 67,482 $ (17,736) $ 49,746 Balance at March 31, 2022 $ 53,965 $ (11,533) $ 42,432 Balance at June 30, 2022 $ 37,101 $ (3,357) $ 33,744 Balance at December 31, 2022 $ 27,040 $ 2,841 $ 29,881 Noncontrolling Interests Balance at December 31, 2021 $ 267 $ — $ 267 Change in equity of noncontrolling interests $ 2 $ (1) $ 1 Net income (loss) $ 5 $ — $ 5 Other comprehensive income (loss), net of income tax $ (2) $ — $ (2) Balance at March 31, 2022 $ 272 $ (1) $ 271 Change in equity of noncontrolling interests $ (11) $ 1 $ (10) Net income (loss) $ 6 $ (1) $ 5 Balance at June 30, 2022 $ 266 $ (1) $ 265 Balance at December 31, 2022 $ 247 $ (3) $ 244 Total Equity Balance at December 31, 2021 $ 67,749 $ (17,736) $ 50,013 Balance at March 31, 2022 $ 54,237 $ (11,534) $ 42,703 Balance at June 30, 2022 $ 37,367 $ (3,358) $ 34,009 Balance at December 31, 2022 $ 27,287 $ 2,838 $ 30,125 The following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company’s previously reported interim condensed consolidated statement of cash flows: Six Months Ended June 30, 2022 As Previously Adoption Post (In millions) Cash flows from operating activities Net cash provided by (used in) operating activities $ 6,392 $ 41 $ 6,433 Cash flows from financing activities Policyholder account balances - deposits $ 56,109 $ 277 $ 56,386 Policyholder account balances - withdrawals $ (52,428) $ (318) $ (52,746) Net cash provided by (used in) financing activities $ (7,182) $ (41) $ (7,223) U.S. Asia Asia Latin America Fixed Annuities MetLife Holdings Long-Term Care MetLife Holdings Other Long- Duration Short-Duration and Other Total (In millions) Balance, future policy benefits, at December 31, 2020 $ 66,030 $ 17,990 $ 16,330 $ 8,393 $ 14,281 $ 51,148 $ 19,128 $ 13,356 $ 206,656 Removal of additional insurance liabilities for separate presentation (1) (4) — — — — — (6,561) — (6,565) Subtotal - pre-adoption balance, excluding additional liabilities 66,026 17,990 16,330 8,393 14,281 51,148 12,567 13,356 200,091 Removal of related amounts in AOCI (5,914) — — (295) (1,210) — (492) — (7,911) Reclassification of carrying amount of contracts and contract features that are market risk benefits — — — — — — (176) — (176) Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach 337 51 154 121 — — 56 — 719 Effect of remeasurement of future policy benefits to an upper-medium grade discount rate 15,834 4,386 285 2,869 8,270 — 2,475 — 34,119 Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard (7,416) 4 47 (1) — — (124) — (7,490) Removal of remeasured deferred profit liabilities for separate presentation (1) (2,897) (225) (691) (570) — — (275) — (4,658) Balance, traditional and limited-payment contracts, at January 1, 2021 $ 65,970 $ 22,206 $ 16,125 $ 10,517 $ 21,341 $ 51,148 $ 14,031 $ 13,356 $ 214,694 Balance, deferred profit liabilities at January 1, 2021 $ 2,897 $ 225 $ 691 $ 570 $ — $ — $ 275 $ — $ 4,658 Balance, ceded recoverables on traditional and limited-payment contracts at December 31, 2020 $ 203 $ — $ 32 $ — $ — $ 1,052 $ 1,287 Effect of remeasurement of the ceded recoverable to an upper-medium grade discount rate 135 (15) (66) — — 297 351 Adjustments for loss contracts (with net premiums in excess of gross premiums) under the modified retrospective approach — — — — — 32 32 Adjustments for the cumulative effect of adoption on ceded recoverables on traditional and limited-payment contract 6 — (2) — — 10 14 Balance ceded recoverables on traditional and limited-payment contracts at January 1, 2021 $ 344 $ (15) $ (36) $ — $ — $ 1,391 $ 1,684 _ _________________ (1) LDTI requires separate disaggregated rollforwards of the additional insurance liabilities balance and the traditional and limited-payment FPBs. Therefore, the additional insurance liabilities and DPL amounts that are recorded in the FPB financial statement line item are removed to derive the opening balance of traditional and limited-payment contracts at the Transition Date. Asia Asia MetLife Holdings Other Long- Total (In millions) Additional insurance liabilities at December 31, 2020 $ 1,824 $ 788 $ 1,976 $ 1,977 $ 6,565 Reclassification of carrying amount of contracts and contract features that are market risk benefits — — — (1,642) (1,642) Adjustments for the cumulative effect of adoption on additional insurance liabilities — — 38 45 83 Additional insurance liabilities at January 1, 2021 $ 1,824 $ 788 $ 2,014 $ 380 $ 5,006 Ceded recoverables on additional insurance liabilities at December 31, 2020 $ — $ — $ 719 $ 8 $ 727 Reclassification of carrying amount of contracts and contract features that are reinsured market risk benefits — — — (8) (8) Adjustments for the cumulative effect of adoption on ceded recoverables on additional insurance liabilities — — 1 — 1 Ceded recoverables on additional insurance liabilities at January 1, 2021 $ — $ — $ 720 $ — $ 720 Balance, traditional and limited-payment contracts, at January 1, 2021 $ 214,694 Balance, deferred profit liabilities at January 1, 2021 4,658 Balance, additional insurance liabilities at January 1, 2021 5,006 Total future policy benefits at January 1, 2021 $ 224,358 The LDTI transition adjustments related to PABs, as described in Note 1, were as follows at the Transition Date: U.S. U.S. U.S. Asia Asia EMEA MetLife MetLife Holdings Other Total (In millions) Balance at December 31, 2020 $ 7,586 $ 62,908 $ 6,250 $ 43,868 $ 31,422 $ 4,777 $ 15,727 $ 13,129 $ 19,509 $ 205,176 Reclassification of carrying amount of contracts and contract features that are market risk benefits — — (24) — — 2 (493) (273) (170) (958) Other balance sheet reclassifications upon adoption of the LDTI standard — — 7,417 — — — — — 102 7,519 Balance at January 1, 2021 $ 7,586 $ 62,908 $ 13,643 $ 43,868 $ 31,422 $ 4,779 $ 15,234 $ 12,856 $ 19,441 $ 211,737 The LDTI transition adjustments related to market risk benefit liabilities, as described in Note 1, were as follows at the Transition Date: Asia MetLife Holdings Other Total (In millions) Direct and assumed MRB liabilities at December 31, 2020 $ — $ — $ — $ — Reclassification of carrying amount of contracts and contract features that are market risk benefits 247 2,291 251 2,789 Adjustments for the cumulative effect of changes in nonperformance risk between contract issue date and Transition Date (7) (54) (38) (99) Adjustments for the difference between the fair value of the MRB balance, excluding the cumulative effect of changes in nonperformance risk, and the historical carrying value 78 4,764 369 5,211 Direct and assumed MRB liabilities at January 1, 2021 (1) $ 318 $ 7,001 $ 582 $ 7,901 Reinsured MRB assets at December 31, 2020 $ — $ — $ — $ — Reclassification of carrying amount of contracts and contract features that are market risk benefits — — 63 63 Adjustments for the difference between previous carrying amount and fair value measurement — — (12) $ (12) Reinsured MRB assets at January 1, 2021 (1) $ — $ — $ 51 $ 51 __________________ (1) Reinsured MRB assets are classified within premiums, reinsurance and other receivables on the consolidated balance sheets . The transition adjustments related to DAC, VOBA, UREV and negative VOBA, as described in Note 1, were as follows at the Transition Date: U.S. Asia Latin America EMEA MetLife Holdings Corporate & Other Total (In millions) DAC: Balance at December 31, 2020 $ 409 $ 7,432 $ 1,344 $ 1,551 $ 2,679 $ 31 $ 13,446 Removal of related amounts in AOCI — 2,309 50 — 1,621 — 3,980 Other adjustments upon adoption of the LDTI standard — — — 14 11 — 25 Balance at January 1, 2021 $ 409 $ 9,741 $ 1,394 $ 1,565 $ 4,311 $ 31 $ 17,451 VOBA: Balance at December 31, 2020 $ 25 $ 1,901 $ 748 $ 236 $ 33 $ — $ 2,943 Removal of related amounts in AOCI — 14 8 — 5 — 27 Other adjustments upon adoption of the LDTI standard — — — (4) — — (4) Balance at January 1, 2021 $ 25 $ 1,915 $ 756 $ 232 $ 38 $ — $ 2,966 UREV: Balance at December 31, 2020 $ 42 $ 587 $ 740 $ 556 $ 188 $ — $ 2,113 Removal of related amounts in AOCI — 1,029 95 (81) — — 1,043 Other adjustments upon adoption of the LDTI standard — — — 7 — — 7 Balance at January 1, 2021 $ 42 $ 1,616 $ 835 $ 482 $ 188 $ — $ 3,163 Negative VOBA: Balance at December 31, 2020 $ 738 Reclassification of carrying amount of contracts and contract features that are market risk benefits (72) Balance at January 1, 2021 $ 666 |
Schedule of Liability for Future Policy Benefits, by Product Segment | The Company’s future policy benefits on the interim condensed consolidated balance sheets was as follows at: June 30, 2023 December 31, 2022 (In millions) Traditional and Limited-Payment Contracts: U.S. - Annuities $ 60,281 $ 58,495 Asia: Whole and term life & endowments 12,499 12,792 Accident & health 10,662 10,040 Latin America - Fixed annuities 10,192 9,265 MetLife Holdings - Long-term care 14,498 13,845 Deferred Profit Liabilities: U.S. - Annuities 3,417 3,327 Asia: Whole and term life & endowments 560 510 Accident & health 765 760 Latin America - Fixed annuities 605 560 Additional Insurance Liabilities: Asia: Variable life 1,243 1,381 Universal and variable universal life 410 455 MetLife Holdings - Universal and variable universal life 2,268 2,156 MetLife Holdings - Participating life 49,919 50,371 Other long-duration (1) 10,076 10,101 Short-duration and other 13,079 13,164 Total $ 190,474 $ 187,222 __________________ (1) This balance represents liabilities for various smaller product lines across multiple segments, as well as Corporate & Other. |
Liability for Future Policy Benefit, Activity | Information regarding these products was as follows: Six Months 2023 2022 (Dollars in millions) Present Value of Expected Net Premiums Balance, beginning of period, at current discount rate at balance sheet date $ — $ — Balance, beginning of period, at original discount rate $ — $ — Effect of actual variances from expected experience (1) (29) (2) Adjusted balance (29) (2) Issuances 2,558 3,929 Net premiums collected (2,529) (3,927) Ending balance at original discount rate — — Balance, end of period, at current discount rate at balance sheet date $ — $ — Present Value of Expected Future Policy Benefits Balance, beginning of period, at current discount rate at balance sheet date $ 58,695 $ 62,954 Balance, beginning of period, at original discount rate $ 61,426 $ 50,890 Effect of actual variances from expected experience (1) (167) (79) Adjusted balance 61,259 50,811 Issuances 2,561 3,933 Interest accrual 1,411 1,182 Benefit payments (2,726) (2,185) Ending balance at original discount rate 62,505 53,741 Effect of changes in discount rate assumptions (2,020) 797 Balance, end of period, at current discount rate at balance sheet date 60,485 54,538 Cumulative amount of fair value hedging adjustments (204) 52 Net liability for future policy benefits 60,281 54,590 Less: Reinsurance recoverables — 230 Net liability for future policy benefits, net of reinsurance $ 60,281 $ 54,360 Undiscounted - Expected future benefit payments $ 115,364 $ 101,128 Discounted - Expected future benefit payments (at current discount rate at balance sheet date) $ 60,485 $ 54,538 Weighted-average duration of the liability 9 years 10 years Weighted-average interest accretion (original locked-in) rate 4.7 % 4.6 % Weighted-average current discount rate at balance sheet date 5.3 % 4.8 % _________________ (1) For the six months ended June 30, 2023 and 2022, the net effect of actual variances from expected experience was lar gely o ffset by the corresponding impact in DPL associated with the U.S. segment’s annuities products of $98 million and $53 million, respectively. Six Months 2023 2022 (Dollars in millions) Present Value of Expected Net Premiums Balance, beginning of period, at current discount rate at balance sheet date $ 4,682 $ 5,986 Balance, beginning of period, at original discount rate $ 4,943 $ 5,881 Effect of actual variances from expected experience (26) (17) Adjusted balance 4,917 5,864 Issuances 328 106 Interest accrual 27 24 Net premiums collected (300) (323) Effect of foreign currency translation (384) (826) Ending balance at original discount rate 4,588 4,845 Effect of changes in discount rate assumptions (196) (90) Effect of foreign currency translation on the effect of changes in discount rate assumptions 15 (3) Balance, end of period, at current discount rate at balance sheet date $ 4,407 $ 4,752 Present Value of Expected Future Policy Benefits Balance, beginning of period, at current discount rate at balance sheet date $ 17,463 $ 24,453 Balance, beginning of period, at original discount rate $ 18,209 $ 21,276 Effect of actual variances from expected experience 1 9 Adjusted balance 18,210 21,285 Issuances 328 106 Interest accrual 185 191 Benefit payments (624) (787) Effect of foreign currency translation (1,360) (2,901) Ending balance at original discount rate 16,739 17,894 Effect of changes in discount rate assumptions 154 804 Effect of foreign currency translation on the effect of changes in discount rate assumptions 11 (180) Balance, end of period, at current discount rate at balance sheet date 16,904 18,518 Cumulative impact of flooring the future policyholder benefits reserve 2 19 Net liability for future policy benefits 12,499 13,785 Less: Amount due to reinsurer (2) (7) Net liability for future policy benefits, net of reinsurance $ 12,501 $ 13,792 Undiscounted: Expected future gross premiums $ 8,786 $ 9,211 Expected future benefit payments $ 26,771 $ 27,795 Discounted (at current discount rate at balance sheet date): Expected future gross premiums $ 7,691 $ 8,271 Expected future benefit payments $ 16,904 $ 18,518 Weighted-average duration of the liability 17 years 16 years Weighted -average interest accretion (original locked-in) rate 2.5 % 2.4 % Weighted-average current discount rate at balance sheet date 2.5 % 2.2 % Six Months 2023 2022 (Dollars in millions) Present Value of Expected Net Premiums Balance, beginning of period, at current discount rate at balance sheet date $ 21,181 $ 26,543 Balance, beginning of period, at original discount rate $ 22,594 $ 25,937 Effect of actual variances from expected experience (33) 26 Adjusted balance 22,561 25,963 Issuances 536 813 Interest accrual 120 132 Net premiums collected (1,055) (1,140) Effect of foreign currency translation (1,849) (3,792) Ending balance at original discount rate 20,313 21,976 Effect of changes in discount rate assumptions (1,006) (487) Effect of foreign currency translation on the effect of changes in discount rate assumptions 83 (2) Balance, end of period, at current discount rate at balance sheet date $ 19,390 $ 21,487 Present Value of Expected Future Policy Benefits Balance, beginning of period, at current discount rate at balance sheet date $ 30,879 $ 41,874 Balance, beginning of period, at original discount rate $ 37,189 $ 41,517 Effect of actual variances from expected experience (53) 54 Adjusted balance 37,136 41,571 Issuances 536 814 Interest accrual 246 261 Benefit payments (653) (767) Effect of foreign currency translation (3,017) (6,020) Ending balance at original discount rate 34,248 35,859 Effect of changes in discount rate assumptions (4,664) (3,733) Effect of foreign currency translation on the effect of changes in discount rate assumptions 385 276 Balance, end of period, at current discount rate at balance sheet date 29,969 32,402 Cumulative impact of flooring the future policyholder benefits reserve 83 193 Net liability for future policy benefits 10,662 11,108 Less: Reinsurance recoverables/(Amount due to reinsurer) 149 (11) Net liability for future policy benefits, net of reinsurance $ 10,513 $ 11,119 Undiscounted: Expected future gross premiums $ 39,362 $ 42,467 Expected future benefit payments $ 44,435 $ 46,153 Discounted (at current discount rate at balance sheet date): Expected future gross premiums $ 33,399 $ 37,169 Expected future benefit payments $ 29,969 $ 32,402 Weighted-average duration of the liability 26 years 26 years Weighted-average interest accretion (original locked-in) rate 1.8% 1.8% Weighted-average current discount rate at balance sheet date 2.3% 2.1% Six Months 2023 2022 (Dollars in millions) Present Value of Expected Net Premiums Balance, beginning of period, at current discount rate at balance sheet date $ — $ — Balance, at beginning of period, at original discount rate $ — $ — Effect of actual variances from expected experience (1) — 1 Adjusted balance — 1 Issuances 525 352 Interest accrual 5 (1) Net premiums collected (530) (352) Ending balance at original discount rate — — Balance, end of period, at current discount rate at balance sheet date $ — $ — Present Value of Expected Future Policy Benefits Balance, beginning of period, at current discount rate at balance sheet date $ 9,265 $ 7,343 Balance, beginning of period, at original discount rate $ 8,240 $ 6,851 Effect of actual variances from expected experience (1) (9) (33) Adjusted balance 8,231 6,818 Issuances 577 376 Interest accrual 173 145 Benefit payments (336) (291) Inflation adjustment 243 469 Effect of foreign currency translation 538 (663) Ending balance at original discount rate 9,426 6,854 Effect of changes in discount rate assumptions 706 916 Effect of foreign currency translation on the effect of changes in discount rate assumptions 60 (95) Balance, end of period, at current discount rate at balance sheet date 10,192 7,675 Net liability for future policy benefits $ 10,192 $ 7,675 Undiscounted - Expected future benefit payments $ 14,343 $ 10,626 Discounted - Expected future benefit payments (at current discount rate at balance sheet date) $ 10,192 $ 7,675 Weighted-average duration of the liability 11 years 11 years Weighted-average interest accretion (original locked-in) rate 3.9% 4.4% Weighted-average current discount rate at balance sheet date 2.9% 2.7% __________________ (1) For the six months ended June 30, 2023 and 2022, the net effect of actual variances from expected experience was partially offset by the corresponding impact in DPL associated with the Latin America segment’s fixed annuities products of $3 million and $18 million Six Months 2023 2022 (Dollars in millions) Present Value of Expected Net Premiums Balance, beginning of period, at current discount rate at balance sheet date $ 5,775 $ 7,058 Balance, beginning of period, at original discount rate $ 5,807 $ 5,699 Effect of actual variances from expected experience 83 106 Adjusted balance 5,890 5,805 Interest accrual 149 147 Net premiums collected (293) (288) Ending balance at original discount rate 5,746 5,664 Effect of changes in discount rate assumptions 3 288 Balance, end of period, at current discount rate at balance sheet date $ 5,749 $ 5,952 Present Value of Expected Future Policy Benefits Balance, beginning of period, at current discount rate at balance sheet date $ 19,619 $ 27,627 Balance, beginning of period, at original discount rate $ 20,165 $ 19,406 Effect of actual variances from expected experience 99 116 Adjusted balance 20,264 19,522 Interest accrual 534 515 Benefit payments (382) (345) Ending balance at original discount rate 20,416 19,692 Effect of changes in discount rate assumptions (169) 1,088 Balance, end of period, at current discount rate at balance sheet date 20,247 20,780 Net liability for future policy benefits $ 14,498 $ 14,828 Undiscounted: Expected future gross premiums $ 10,893 $ 11,062 Expected future benefit payments $ 45,653 $ 45,787 Discounted (at current discount rate at balance sheet date): Expected future gross premiums $ 7,089 $ 7,501 Expected future benefit payments $ 20,247 $ 20,780 Weighted-average duration of the liability 15 years 16 years Weighted-average interest accretion (original locked-in) rate 5.4% 5.5% Weighted-average current discount rate at balance sheet date 5.5% 5.0% |
Additional Liability, Long-Duration Insurance | Information regarding these additional insurance liabilities was as follows: Six Months 2023 2022 2023 2022 Variable Life Universal and Variable Universal Life (Dollars in millions) Balance, beginning of period $ 1,381 $ 1,595 $ 455 $ 655 Less: AOCI adjustment — — (33) 56 Balance, beginning of period, before AOCI adjustment 1,381 1,595 488 599 Effect of actual variances from expected experience (8) 1 (22) (41) Adjusted balance 1,373 1,596 466 558 Assessments accrual (2) (2) — — Interest accrual 10 11 3 4 Excess benefits paid (19) (20) — — Effect of foreign currency translation and other, net (119) (241) (41) (89) Balance, end of period, before AOCI adjustment 1,243 1,344 428 473 Add: AOCI adjustment — — (18) (19) Balance, end of period $ 1,243 $ 1,344 $ 410 $ 454 Weighted-average duration of the liability 17 years 18 years 43 years 42 years Weighted-average interest accretion rate 1.5 % 1.5 % 1.5 % 1.5 % Six Months 2023 2022 Universal and Variable Universal Life (Dollars in millions) Balance, beginning of period $ 2,156 $ 2,117 Less: AOCI adjustment (63) 67 Balance, beginning of period, before AOCI adjustment 2,219 2,050 Effect of actual variances from expected experience (6) 19 Adjusted balance 2,213 2,069 Assessments accrual 55 53 Interest accrual 61 56 Excess benefits paid (63) (62) Balance, end of period, before AOCI adjustment 2,266 2,116 Add: AOCI adjustment 2 (35) Balance, end of period 2,268 2,081 Less: Reinsurance recoverables 744 753 Balance, end of period, net of reinsurance $ 1,524 $ 1,328 Weighted-average duration of the liability 16 years 16 years Weighted-average interest accretion rate 5.6 % 5.5 % The Company’s revenue and interest recognized in the interim condensed consolidated statements of operations and comprehensive income (loss) for long-duration contracts, excluding MetLife Holdings’ participating life contracts, were as follows: Six Months 2023 2022 Gross Premiums or Interest Expense (2) Gross Premiums or Interest Expense (2) (In millions) Traditional and Limited-Payment Contracts: U.S. - Annuities $ 2,592 $ 1,411 $ 4,038 $ 1,182 Asia: Whole and term life & endowments 555 158 609 167 Accident & health 1,762 126 1,917 129 Latin America - Fixed annuities 529 168 352 146 MetLife Holdings - Long-term care 366 385 367 368 Deferred Profit Liabilities: U.S. - Annuities N/A 81 N/A 75 Asia: Whole and term life & endowments N/A 14 N/A 13 Accident & health N/A 9 N/A 8 Latin America - Fixed annuities N/A 11 N/A 10 Additional Insurance Liabilities: Asia: Variable life 11 10 12 11 Universal and variable universal life (14) 3 (1) 4 MetLife Holdings - Universal and variable universal life 380 61 387 56 Other long-duration 2,015 227 1,794 229 Total $ 8,196 $ 2,664 $ 9,475 $ 2,398 __________________ (1) Gross premiums are related to traditional and limited-payment contracts and are included in premiums. Assessments are related to additional insurance liabilities and are included in universal life and investment-type product policy fees and net investment income. (2) Interest expense is included in policyholder benefits and claims. |
Liabilities for Unpaid Claims and Claim Expenses | Information regarding the liabilities for unpaid claims and claim adjustment expenses was as follows: Six Months 2023 2022 (In millions) Balance, beginning of period $ 16,098 $ 15,598 Less: Reinsurance recoverables 2,452 2,629 Net balance, beginning of period 13,646 12,969 Incurred related to: Current period 13,580 13,101 Prior periods (1) 306 634 Total incurred 13,886 13,735 Paid related to: Current period (8,546) (8,291) Prior periods (4,959) (4,831) Total paid (13,505) (13,122) Net balance, end of period 14,027 13,582 Add: Reinsurance recoverables 2,590 2,537 Balance, end of period (included in future policy benefits and other policy-related balances) $ 16,617 $ 16,119 __________________ (1) For the six months ended June 30, 2023, incurred claims and claim adjustment expenses associated with prior periods increased due to events incurred in prior periods but reported in the current period. For the six months ended June 30, 2022, incurred claims and claim adjustment expenses include expenses associated with prior periods but reported in the respective current period, which contain impacts related to the COVID-19 pandemic, partially offset by additional premiums recorded for experience-rated contracts that are not reflected in the table above. |
Policyholder Account Balances (
Policyholder Account Balances (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Insurance [Abstract] | |
Accounting Standards Update and Change in Accounting Principle | The following table presents a summary of the Transition Date impacts associated with the implementation of LDTI to the consolidated balance sheet: Premiums, Reinsurance and Other Receivables Deferred Policy Acquisition Costs and Value of Business Acquired Other Future Policy Benefits Policyholder Account Balances Other Policy-related Balances Market Risk Benefit Liabilities Deferred Income Tax Liability Retained Earnings Accumulated Other Comprehensive Income (Loss) (In millions) Balances as reported, December 31, 2020 $ 17,870 $ 16,389 $ 11,685 $ 206,656 $ 205,176 $ 17,101 $ — $ 11,008 $ 36,491 $ 18,072 Reclassification of carrying amount of contracts and contract features that are market risk benefits (59) — — (1,818) (958) (72) 2,789 — — — Adjustments for the difference between previous carrying amount and fair value measurement for market risk benefits (12) — — — — — 5,112 (1,079) (4,121) 76 Removal of related amounts in accumulated other comprehensive income — 4,007 42 (7,911) — 1,043 — 2,405 — 8,512 Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach 32 — — 719 — — — (160) (527) — Effect of remeasurement of future policy benefits to an upper-medium grade discount rate 351 — — 34,119 — — — (7,438) — (26,330) Adjustments for the cumulative effect of adoption on additional insurance assets and liabilities 19 — — 83 — — — (13) (42) (9) Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard (32) 21 15 (7,490) 7,519 (40) — — 23 (6) Balances as adjusted, January 1, 2021 $ 18,169 $ 20,417 $ 11,742 $ 224,358 $ 211,737 $ 18,032 $ 7,901 $ 4,723 $ 31,824 $ 315 The following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company’s previously reported consolidated balance sheet: December 31, 2022 As Previously Adoption Post (In millions) Assets Premiums, reinsurance and other receivables $ 17,461 $ (97) $ 17,364 Market risk benefits $ — $ 280 $ 280 Deferred policy acquisition costs and value of business acquired $ 22,983 $ (3,330) $ 19,653 Deferred income tax asset $ 2,830 $ (391) $ 2,439 Other assets $ 11,026 $ (1) $ 11,025 Total assets $ 666,611 $ (3,539) $ 663,072 Liabilities Future policy benefits $ 204,228 $ (17,006) $ 187,222 Policyholder account balances $ 203,082 $ 7,515 $ 210,597 Market risk benefits $ — $ 3,763 $ 3,763 Other policy-related balances $ 19,651 $ (1,227) $ 18,424 Deferred income tax liability $ 325 $ 625 $ 950 Other liabilities $ 25,980 $ (47) $ 25,933 Total liabilities $ 639,324 $ (6,377) $ 632,947 Equity Retained earnings $ 41,953 $ (1,621) $ 40,332 Accumulated other comprehensive income (loss) $ (27,083) $ 4,462 $ (22,621) Total MetLife, Inc.'s stockholders' equity $ 27,040 $ 2,841 $ 29,881 Noncontrolling interests $ 247 $ (3) $ 244 Total equity $ 27,287 $ 2,838 $ 30,125 Total liabilities and equity $ 666,611 $ (3,539) $ 663,072 The following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company’s previously reported interim condensed consolidated statement of operations and comprehensive income (loss): Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 As Adoption Post As Adoption Post (In millions) Revenues Premiums $ 11,721 $ (165) $ 11,556 $ 22,492 $ (319) $ 22,173 Universal life and investment-type product policy fees $ 1,516 $ (144) $ 1,372 $ 2,934 $ (250) $ 2,684 Other revenues $ 616 $ (1) $ 615 $ 1,276 $ (1) $ 1,275 Net investment gains (losses) $ (685) $ 3 $ (682) $ (1,203) $ 4 $ (1,199) Net derivative gains (losses) $ (1,195) $ 225 $ (970) $ (2,054) $ 133 $ (1,921) Total revenues $ 15,556 $ (82) $ 15,474 $ 31,312 $ (433) $ 30,879 Expenses Policyholder benefits and claims $ 11,790 $ (175) $ 11,615 $ 22,983 $ (194) $ 22,789 Policyholder liability remeasurement (gains) losses $ — $ (1) $ (1) $ — $ (42) $ (42) Market risk benefits remeasurement (gains) losses $ — $ (757) $ (757) $ — $ (2,197) $ (2,197) Interest credited to policyholder account balances $ 492 $ 35 $ 527 $ 1,122 $ 31 $ 1,153 Policyholder dividends $ 193 $ 1 $ 194 $ 391 $ 2 $ 393 Other expenses $ 3,083 $ (175) $ 2,908 $ 6,103 $ (243) $ 5,860 Total expenses $ 15,558 $ (1,072) $ 14,486 $ 30,599 $ (2,643) $ 27,956 Income (loss) before provision for income tax $ (2) $ 990 $ 988 $ 713 $ 2,210 $ 2,923 Provision for income tax expense (benefit) $ (140) $ 213 $ 73 $ (99) $ 468 $ 369 Net income (loss) $ 138 $ 777 $ 915 $ 812 $ 1,742 $ 2,554 Net income (loss) attributable to noncontrolling interests $ 6 $ (1) $ 5 $ 11 $ (1) $ 10 Net income (loss) attributable to MetLife, Inc. $ 132 $ 778 $ 910 $ 801 $ 1,743 $ 2,544 Net income (loss) available to MetLife, Inc.'s common shareholders $ 103 $ 778 $ 881 $ 709 $ 1,743 $ 2,452 Comprehensive income (loss) $ (15,323) $ 8,175 $ (7,148) $ (27,482) $ 14,378 $ (13,104) Comprehensive income (loss) attributable to noncontrolling interests, net of income tax $ 5 $ (1) $ 4 $ 8 $ (1) $ 7 Comprehensive income (loss) attributable to MetLife, Inc. $ (15,328) $ 8,176 $ (7,152) $ (27,490) $ 14,379 $ (13,111) Net income (loss) available to MetLife, Inc.'s common shareholders per common share: Basic $ 0.13 $ 0.96 $ 1.09 $ 0.87 $ 2.13 $ 3.00 Diluted $ 0.13 $ 0.95 $ 1.08 $ 0.86 $ 2.12 $ 2.98 The following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company’s previously reported interim condensed consolidated statements of equity: As Previously Adoption Post (In millions) Retained Earnings Balance at December 31, 2021 $ 41,197 $ (4,366) $ 36,831 Net income (loss) $ 669 $ 965 $ 1,634 Balance at March 31, 2022 $ 41,406 $ (3,401) $ 38,005 Net income (loss) $ 132 $ 778 $ 910 Balance at June 30, 2022 $ 41,101 $ (2,623) $ 38,478 Balance at December 31, 2022 $ 41,953 $ (1,621) $ 40,332 Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2021 $ 10,919 $ (13,370) $ (2,451) Other comprehensive income (loss), net of income tax $ (12,831) $ 5,238 $ (7,593) Balance at March 31, 2022 $ (1,912) $ (8,132) $ (10,044) Other comprehensive income (loss), net of income tax $ (15,460) $ 7,398 $ (8,062) Balance at June 30, 2022 $ (17,372) $ (734) $ (18,106) Balance at December 31, 2022 $ (27,083) $ 4,462 $ (22,621) Total MetLife, Inc.’s Stockholders’ Equity Balance at December 31, 2021 $ 67,482 $ (17,736) $ 49,746 Balance at March 31, 2022 $ 53,965 $ (11,533) $ 42,432 Balance at June 30, 2022 $ 37,101 $ (3,357) $ 33,744 Balance at December 31, 2022 $ 27,040 $ 2,841 $ 29,881 Noncontrolling Interests Balance at December 31, 2021 $ 267 $ — $ 267 Change in equity of noncontrolling interests $ 2 $ (1) $ 1 Net income (loss) $ 5 $ — $ 5 Other comprehensive income (loss), net of income tax $ (2) $ — $ (2) Balance at March 31, 2022 $ 272 $ (1) $ 271 Change in equity of noncontrolling interests $ (11) $ 1 $ (10) Net income (loss) $ 6 $ (1) $ 5 Balance at June 30, 2022 $ 266 $ (1) $ 265 Balance at December 31, 2022 $ 247 $ (3) $ 244 Total Equity Balance at December 31, 2021 $ 67,749 $ (17,736) $ 50,013 Balance at March 31, 2022 $ 54,237 $ (11,534) $ 42,703 Balance at June 30, 2022 $ 37,367 $ (3,358) $ 34,009 Balance at December 31, 2022 $ 27,287 $ 2,838 $ 30,125 The following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company’s previously reported interim condensed consolidated statement of cash flows: Six Months Ended June 30, 2022 As Previously Adoption Post (In millions) Cash flows from operating activities Net cash provided by (used in) operating activities $ 6,392 $ 41 $ 6,433 Cash flows from financing activities Policyholder account balances - deposits $ 56,109 $ 277 $ 56,386 Policyholder account balances - withdrawals $ (52,428) $ (318) $ (52,746) Net cash provided by (used in) financing activities $ (7,182) $ (41) $ (7,223) U.S. Asia Asia Latin America Fixed Annuities MetLife Holdings Long-Term Care MetLife Holdings Other Long- Duration Short-Duration and Other Total (In millions) Balance, future policy benefits, at December 31, 2020 $ 66,030 $ 17,990 $ 16,330 $ 8,393 $ 14,281 $ 51,148 $ 19,128 $ 13,356 $ 206,656 Removal of additional insurance liabilities for separate presentation (1) (4) — — — — — (6,561) — (6,565) Subtotal - pre-adoption balance, excluding additional liabilities 66,026 17,990 16,330 8,393 14,281 51,148 12,567 13,356 200,091 Removal of related amounts in AOCI (5,914) — — (295) (1,210) — (492) — (7,911) Reclassification of carrying amount of contracts and contract features that are market risk benefits — — — — — — (176) — (176) Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach 337 51 154 121 — — 56 — 719 Effect of remeasurement of future policy benefits to an upper-medium grade discount rate 15,834 4,386 285 2,869 8,270 — 2,475 — 34,119 Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard (7,416) 4 47 (1) — — (124) — (7,490) Removal of remeasured deferred profit liabilities for separate presentation (1) (2,897) (225) (691) (570) — — (275) — (4,658) Balance, traditional and limited-payment contracts, at January 1, 2021 $ 65,970 $ 22,206 $ 16,125 $ 10,517 $ 21,341 $ 51,148 $ 14,031 $ 13,356 $ 214,694 Balance, deferred profit liabilities at January 1, 2021 $ 2,897 $ 225 $ 691 $ 570 $ — $ — $ 275 $ — $ 4,658 Balance, ceded recoverables on traditional and limited-payment contracts at December 31, 2020 $ 203 $ — $ 32 $ — $ — $ 1,052 $ 1,287 Effect of remeasurement of the ceded recoverable to an upper-medium grade discount rate 135 (15) (66) — — 297 351 Adjustments for loss contracts (with net premiums in excess of gross premiums) under the modified retrospective approach — — — — — 32 32 Adjustments for the cumulative effect of adoption on ceded recoverables on traditional and limited-payment contract 6 — (2) — — 10 14 Balance ceded recoverables on traditional and limited-payment contracts at January 1, 2021 $ 344 $ (15) $ (36) $ — $ — $ 1,391 $ 1,684 _ _________________ (1) LDTI requires separate disaggregated rollforwards of the additional insurance liabilities balance and the traditional and limited-payment FPBs. Therefore, the additional insurance liabilities and DPL amounts that are recorded in the FPB financial statement line item are removed to derive the opening balance of traditional and limited-payment contracts at the Transition Date. Asia Asia MetLife Holdings Other Long- Total (In millions) Additional insurance liabilities at December 31, 2020 $ 1,824 $ 788 $ 1,976 $ 1,977 $ 6,565 Reclassification of carrying amount of contracts and contract features that are market risk benefits — — — (1,642) (1,642) Adjustments for the cumulative effect of adoption on additional insurance liabilities — — 38 45 83 Additional insurance liabilities at January 1, 2021 $ 1,824 $ 788 $ 2,014 $ 380 $ 5,006 Ceded recoverables on additional insurance liabilities at December 31, 2020 $ — $ — $ 719 $ 8 $ 727 Reclassification of carrying amount of contracts and contract features that are reinsured market risk benefits — — — (8) (8) Adjustments for the cumulative effect of adoption on ceded recoverables on additional insurance liabilities — — 1 — 1 Ceded recoverables on additional insurance liabilities at January 1, 2021 $ — $ — $ 720 $ — $ 720 Balance, traditional and limited-payment contracts, at January 1, 2021 $ 214,694 Balance, deferred profit liabilities at January 1, 2021 4,658 Balance, additional insurance liabilities at January 1, 2021 5,006 Total future policy benefits at January 1, 2021 $ 224,358 The LDTI transition adjustments related to PABs, as described in Note 1, were as follows at the Transition Date: U.S. U.S. U.S. Asia Asia EMEA MetLife MetLife Holdings Other Total (In millions) Balance at December 31, 2020 $ 7,586 $ 62,908 $ 6,250 $ 43,868 $ 31,422 $ 4,777 $ 15,727 $ 13,129 $ 19,509 $ 205,176 Reclassification of carrying amount of contracts and contract features that are market risk benefits — — (24) — — 2 (493) (273) (170) (958) Other balance sheet reclassifications upon adoption of the LDTI standard — — 7,417 — — — — — 102 7,519 Balance at January 1, 2021 $ 7,586 $ 62,908 $ 13,643 $ 43,868 $ 31,422 $ 4,779 $ 15,234 $ 12,856 $ 19,441 $ 211,737 The LDTI transition adjustments related to market risk benefit liabilities, as described in Note 1, were as follows at the Transition Date: Asia MetLife Holdings Other Total (In millions) Direct and assumed MRB liabilities at December 31, 2020 $ — $ — $ — $ — Reclassification of carrying amount of contracts and contract features that are market risk benefits 247 2,291 251 2,789 Adjustments for the cumulative effect of changes in nonperformance risk between contract issue date and Transition Date (7) (54) (38) (99) Adjustments for the difference between the fair value of the MRB balance, excluding the cumulative effect of changes in nonperformance risk, and the historical carrying value 78 4,764 369 5,211 Direct and assumed MRB liabilities at January 1, 2021 (1) $ 318 $ 7,001 $ 582 $ 7,901 Reinsured MRB assets at December 31, 2020 $ — $ — $ — $ — Reclassification of carrying amount of contracts and contract features that are market risk benefits — — 63 63 Adjustments for the difference between previous carrying amount and fair value measurement — — (12) $ (12) Reinsured MRB assets at January 1, 2021 (1) $ — $ — $ 51 $ 51 __________________ (1) Reinsured MRB assets are classified within premiums, reinsurance and other receivables on the consolidated balance sheets . The transition adjustments related to DAC, VOBA, UREV and negative VOBA, as described in Note 1, were as follows at the Transition Date: U.S. Asia Latin America EMEA MetLife Holdings Corporate & Other Total (In millions) DAC: Balance at December 31, 2020 $ 409 $ 7,432 $ 1,344 $ 1,551 $ 2,679 $ 31 $ 13,446 Removal of related amounts in AOCI — 2,309 50 — 1,621 — 3,980 Other adjustments upon adoption of the LDTI standard — — — 14 11 — 25 Balance at January 1, 2021 $ 409 $ 9,741 $ 1,394 $ 1,565 $ 4,311 $ 31 $ 17,451 VOBA: Balance at December 31, 2020 $ 25 $ 1,901 $ 748 $ 236 $ 33 $ — $ 2,943 Removal of related amounts in AOCI — 14 8 — 5 — 27 Other adjustments upon adoption of the LDTI standard — — — (4) — — (4) Balance at January 1, 2021 $ 25 $ 1,915 $ 756 $ 232 $ 38 $ — $ 2,966 UREV: Balance at December 31, 2020 $ 42 $ 587 $ 740 $ 556 $ 188 $ — $ 2,113 Removal of related amounts in AOCI — 1,029 95 (81) — — 1,043 Other adjustments upon adoption of the LDTI standard — — — 7 — — 7 Balance at January 1, 2021 $ 42 $ 1,616 $ 835 $ 482 $ 188 $ — $ 3,163 Negative VOBA: Balance at December 31, 2020 $ 738 Reclassification of carrying amount of contracts and contract features that are market risk benefits (72) Balance at January 1, 2021 $ 666 |
Policyholder Account Balance | The Company’s PABs on the interim condensed consolidated balance sheets were as follows at: June 30, 2023 December 31, 2022 (In millions) U.S: Group Life $ 7,875 $ 8,028 Capital Markets Investment Products and Stable Value GICs 64,103 63,723 Annuities and Risk Solutions 16,693 15,549 Asia: Universal and Variable Universal Life 46,851 46,417 Fixed Annuities 35,124 32,454 EMEA - Variable Annuities 2,761 2,802 MetLife Holdings: Annuities 12,410 13,286 Life and Other 12,044 12,402 Other 16,552 15,936 Total $ 214,413 $ 210,597 Six Months 2023 2022 (Dollars in millions) Balance, beginning of period $ 8,028 $ 7,893 Deposits 1,685 1,780 Policy charges (318) (304) Surrenders and withdrawals (1,608) (1,370) Benefit payments (6) (6) Net transfers from (to) separate accounts 1 — Interest credited 93 63 Balance, end of period $ 7,875 $ 8,056 Weighted-average annual crediting rate 2.4 % 1.6 % Cash surrender value $ 7,813 $ 8,001 Information regarding the Company’s net amount at risk, excluding offsets from ceded reinsurance, if any, for the U.S. segment’s group life products was as follows at: June 30, 2023 2022 In the At In the At (In millions) Net amount at risk $ 251,590 N/A $ 242,758 N/A __________________ (1) For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date. Six Months 2023 2022 (Dollars in millions) Balance, beginning of period $ 63,723 $ 62,521 Deposits 38,526 46,490 Surrenders and withdrawals (39,865) (43,895) Interest credited 971 493 Effect of foreign currency translation and other, net 748 (1,014) Balance, end of period $ 64,103 $ 64,595 Weighted-average annual crediting rate 3.1 % 1.6 % Cash surrender value $ 2,309 $ 2,336 Six Months 2023 2022 (Dollars in millions) Balance, beginning of period $ 15,549 $ 14,431 Deposits 1,362 446 Policy charges (96) (91) Surrenders and withdrawals (83) (60) Benefit payments (385) (357) Net transfers from (to) separate accounts 54 (26) Interest credited 307 261 Other (15) (165) Balance, end of period $ 16,693 $ 14,439 Weighted-average annual crediting rate 3.8 % 3.7 % Cash surrender value $ 7,683 $ 6,585 Information regarding the Company’s net amount at risk, excluding offsets from ceded reinsurance, if any, for the U.S. segment’s annuities and risk solutions products was as follows at: June 30, 2023 2022 In the At In the At (In millions) Net amount at risk $ 43,311 N/A $ 41,587 N/A __________________ (1) For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date. Six Months 2023 2022 (Dollars in millions) Balance, beginning of period $ 46,417 $ 46,590 Deposits 3,244 3,114 Policy charges (563) (582) Surrenders and withdrawals (1,238) (1,235) Benefit payments (287) (254) Interest credited 683 483 Effect of foreign currency translation and other, net (1,405) (2,757) Balance, end of period $ 46,851 $ 45,359 Weighted-average annual crediting rate 3.0 % 2.1 % Cash surrender value $ 40,257 $ 40,286 Information regarding the Company’s net amount at risk, excluding offsets from ceded reinsurance, if any, for the Asia segment’s universal and variable universal life products was as follows at: June 30, 2023 2022 In the At In the At (In millions) Net amount at risk $ 92,521 N/A $ 97,999 N/A __________________ (1) For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date. Six Months 2023 2022 (Dollars in millions) Balance, beginning of period $ 32,454 $ 30,976 Deposits 4,612 2,780 Policy charges (1) (1) Surrenders and withdrawals (1,003) (1,917) Benefit payments (1,071) (1,177) Interest credited 404 294 Effect of foreign currency translation and other, net (271) (806) Balance, end of period $ 35,124 $ 30,149 Weighted-average annual crediting rate 2.4 % 1.9 % Cash surrender value $ 30,244 $ 26,200 Information regarding the Company’s net amount at risk, excluding offsets from ceded reinsurance, if any, for the Asia segment’s fixed annuities products was as follows at: June 30, 2023 2022 In the At In the At (In millions) Net amount at risk $ 6,224 N/A $ — N/A __________________ (1) For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date. Six Months 2023 2022 (Dollars in millions) Balance, beginning of period $ 2,802 $ 4,215 Deposits 2 3 Policy charges (32) (41) Surrenders and withdrawals (132) (182) Benefit payments (64) (73) Interest credited (1) 32 (398) Effect of foreign currency translation and other, net 153 (390) Balance, end of period $ 2,761 $ 3,134 Weighted-average annual crediting rate 2.4 % (19.5) % Cash surrender value $ 2,761 $ 3,134 __________________ (1) Interest credited on EMEA’s variable annuities products represents gains or losses which are passed through to the policyholder based on the underlying unit-linked investment fund returns, which may be positive or negative depending on market conditions. Information regarding the Company’s net amount at risk, excluding offsets from ceded reinsurance, if any, for the EMEA segment’s variable annuities products was as follows at: June 30, 2023 2022 In the At In the At (In millions) Net amount at risk $ 635 $ 797 $ 507 $ 646 __________________ (1) For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date. (2) For benefits that are payable in the event of annuitization or exercise of other living benefits, the net amount at risk is generally 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 or to provide other living benefits. This amount represents the Company’s potential economic exposure in the event all contractholders were to annuitize or to exercise other living benefits at the balance sheet date. Six Months 2023 2022 (Dollars in millions) Balance, beginning of period $ 13,286 $ 14,398 Deposits 132 142 Policy charges (8) (8) Surrenders and withdrawals (1,038) (650) Benefit payments (224) (210) Net transfers from (to) separate accounts 47 134 Interest credited 200 203 Other 15 (24) Balance, end of period $ 12,410 $ 13,985 Weighted-average annual crediting rate 3.2 % 2.9 % Cash surrender value $ 11,629 $ 12,953 Information regarding the Company’s net amount at risk, excluding offsets from ceded reinsurance, if any, for the MetLife Holdings segment’s annuities products was as follows at: June 30, 2023 2022 In the At In the At (In millions) Net amount at risk (3) $ 3,246 $ 813 $ 4,086 $ 1,135 __________________ (1) For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date. (2) For benefits that are payable in the event of annuitization or exercise of other living benefits, the net amount at risk is generally 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 or to provide other living benefits. This amount represents the Company’s potential economic exposure in the event all contractholders were to annuitize or to exercise other living benefits at the balance sheet date. (3) Includes amounts for certain variable annuities with guarantees, which are also disclosed in “MetLife Holdings – Annuities” in Note 5, due to contracts recorded as PABs, along with related guarantees recorded as MRBs. Six Months 2023 2022 (Dollars in millions) Balance, beginning of period $ 12,402 $ 12,699 Deposits 446 499 Policy charges (354) (361) Surrenders and withdrawals (612) (385) Benefit payments (85) (94) Net transfers from (to) separate accounts 21 18 Interest credited 223 229 Other 3 2 Balance, end of period $ 12,044 $ 12,607 Weighted-average annual crediting rate 3.7 % 3.7 % Cash surrender value $ 11,556 $ 12,071 Information regarding the Company’s net amount at risk, excluding offsets from ceded reinsurance, if any, for the MetLife Holdings segment’s life and other products was as follows at: June 30, 2023 2022 In the At In the At (In millions) Net amount at risk $ 69,633 N/A $ 73,187 N/A __________________ (1) For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date. |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate | The U.S. segment’s group life product account values by range of guaranteed minimum crediting rates (“GMCR”) and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at: Range of GMCR At GMCR Greater than Equal to or Equal to or Total (In millions) June 30, 2023 Equal to or greater than 0% but less than 2% $ — $ 79 $ 910 $ 4,615 $ 5,604 Equal to or greater than 2% but less than 4% 1,252 10 63 2 1,327 Equal to or greater than 4% 746 1 43 34 824 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 120 Total $ 1,998 $ 90 $ 1,016 $ 4,651 $ 7,875 June 30, 2022 Equal to or greater than 0% but less than 2% $ 5,354 $ 135 $ 63 $ 130 $ 5,682 Equal to or greater than 2% but less than 4% 1,338 52 23 — 1,413 Equal to or greater than 4% 800 — — 31 831 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 130 Total $ 7,492 $ 187 $ 86 $ 161 $ 8,056 The U.S. segment’s capital markets investment products and stable value GICs account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at: Range of GMCR At GMCR Greater than Equal to or Equal to or Total (In millions) June 30, 2023 Equal to or greater than 0% but less than 2% $ — $ — $ 1 $ 2,595 $ 2,596 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 61,507 Total $ — $ — $ 1 $ 2,595 $ 64,103 June 30, 2022 Equal to or greater than 0% but less than 2% $ — $ — $ 22 $ 3,976 $ 3,998 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 60,597 Total $ — $ — $ 22 $ 3,976 $ 64,595 The U.S. segment’s annuities and risk solutions account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at: Range of GMCR At GMCR Greater than Equal to or Equal to or Total (In millions) June 30, 2023 Equal to or greater than 0% but less than 2% $ — $ — $ 53 $ 1,472 $ 1,525 Equal to or greater than 2% but less than 4% 227 35 130 448 840 Equal to or greater than 4% 4,439 117 107 6 4,669 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 9,659 Total $ 4,666 $ 152 $ 290 $ 1,926 $ 16,693 June 30, 2022 Equal to or greater than 0% but less than 2% $ — $ — $ 116 $ 537 $ 653 Equal to or greater than 2% but less than 4% 302 40 122 423 887 Equal to or greater than 4% 4,425 123 57 5 4,610 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 8,289 Total $ 4,727 $ 163 $ 295 $ 965 $ 14,439 The Asia segment’s universal and variable universal life account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at: Range of GMCR At GMCR Greater than Equal to or Equal to or Total (In millions) June 30, 2023 Equal to or greater than 0% but less than 2% $ 10,211 $ 45 $ 138 $ 239 $ 10,633 Equal to or greater than 2% but less than 4% 20,859 2,919 5,783 5,884 35,445 Equal to or greater than 4% 261 — — — 261 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 512 Total $ 31,331 $ 2,964 $ 5,921 $ 6,123 $ 46,851 June 30, 2022 Equal to or greater than 0% but less than 2% $ 10,284 $ 101 $ 138 $ 36 $ 10,559 Equal to or greater than 2% but less than 4% 21,275 2,733 5,493 4,597 34,098 Equal to or greater than 4% 277 — — — 277 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 425 Total $ 31,836 $ 2,834 $ 5,631 $ 4,633 $ 45,359 The Asia segment’s fixed annuities account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at: Range of GMCR At GMCR Greater than Equal to or Equal to or Total (In millions) June 30, 2023 Equal to or greater than 0% but less than 2% $ 343 $ 603 $ 6,795 $ 26,057 $ 33,798 Equal to or greater than 2% but less than 4% — 6 — — 6 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 1,320 Total $ 343 $ 609 $ 6,795 $ 26,057 $ 35,124 June 30, 2022 Equal to or greater than 0% but less than 2% $ 446 $ 827 $ 7,797 $ 19,608 $ 28,678 Equal to or greater than 2% but less than 4% 8 — — — 8 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 1,463 Total $ 454 $ 827 $ 7,797 $ 19,608 $ 30,149 The EMEA segment’s variable annuities account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at: Range of GMCR At GMCR Greater than Equal to or greater than 0.50% but less than 1.50% Equal to or greater than 1.50% above GMCR Total (In millions) June 30, 2023 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 2,761 Total $ — $ — $ — $ — $ 2,761 June 30, 2022 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 3,134 Total $ — $ — $ — $ — $ 3,134 The MetLife Holdings segment’s annuities account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at: Range of GMCR At GMCR Greater than Equal to or greater than 0.50% but less than 1.50% Equal to or greater than 1.50% above GMCR Total (In millions) June 30, 2023 Equal to or greater than 0% but less than 2% $ 444 $ 158 $ 219 $ 25 $ 846 Equal to or greater than 2% but less than 4% 3,917 5,447 395 72 9,831 Equal to or greater than 4% 982 277 19 — 1,278 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 455 Total $ 5,343 $ 5,882 $ 633 $ 97 $ 12,410 June 30, 2022 Equal to or greater than 0% but less than 2% $ 1,017 $ 7 $ 12 $ 11 $ 1,047 Equal to or greater than 2% but less than 4% 10,552 266 151 1 10,970 Equal to or greater than 4% 1,289 40 5 — 1,334 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 634 Total $ 12,858 $ 313 $ 168 $ 12 $ 13,985 The MetLife Holdings segment’s life and other products account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at: Range of GMCR At GMCR Greater than Equal to or greater than 0.50% but less than 1.50% Equal to or greater than 1.50% above GMCR Total (In millions) June 30, 2023 Equal to or greater than 0% but less than 2% $ — $ — $ 21 $ 56 $ 77 Equal to or greater than 2% but less than 4% 4,735 172 289 558 5,754 Equal to or greater than 4% 5,158 127 415 12 5,712 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 501 Total $ 9,893 $ 299 $ 725 $ 626 $ 12,044 June 30, 2022 Equal to or greater than 0% but less than 2% $ 51 $ 8 $ — $ — $ 59 Equal to or greater than 2% but less than 4% 5,118 145 303 568 6,134 Equal to or greater than 4% 5,355 128 425 5 5,913 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 501 Total $ 10,524 $ 281 $ 728 $ 573 $ 12,607 |
Market Risk Benefits (Tables)
Market Risk Benefits (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Insurance [Abstract] | |
Accounting Standards Update and Change in Accounting Principle | The following table presents a summary of the Transition Date impacts associated with the implementation of LDTI to the consolidated balance sheet: Premiums, Reinsurance and Other Receivables Deferred Policy Acquisition Costs and Value of Business Acquired Other Future Policy Benefits Policyholder Account Balances Other Policy-related Balances Market Risk Benefit Liabilities Deferred Income Tax Liability Retained Earnings Accumulated Other Comprehensive Income (Loss) (In millions) Balances as reported, December 31, 2020 $ 17,870 $ 16,389 $ 11,685 $ 206,656 $ 205,176 $ 17,101 $ — $ 11,008 $ 36,491 $ 18,072 Reclassification of carrying amount of contracts and contract features that are market risk benefits (59) — — (1,818) (958) (72) 2,789 — — — Adjustments for the difference between previous carrying amount and fair value measurement for market risk benefits (12) — — — — — 5,112 (1,079) (4,121) 76 Removal of related amounts in accumulated other comprehensive income — 4,007 42 (7,911) — 1,043 — 2,405 — 8,512 Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach 32 — — 719 — — — (160) (527) — Effect of remeasurement of future policy benefits to an upper-medium grade discount rate 351 — — 34,119 — — — (7,438) — (26,330) Adjustments for the cumulative effect of adoption on additional insurance assets and liabilities 19 — — 83 — — — (13) (42) (9) Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard (32) 21 15 (7,490) 7,519 (40) — — 23 (6) Balances as adjusted, January 1, 2021 $ 18,169 $ 20,417 $ 11,742 $ 224,358 $ 211,737 $ 18,032 $ 7,901 $ 4,723 $ 31,824 $ 315 The following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company’s previously reported consolidated balance sheet: December 31, 2022 As Previously Adoption Post (In millions) Assets Premiums, reinsurance and other receivables $ 17,461 $ (97) $ 17,364 Market risk benefits $ — $ 280 $ 280 Deferred policy acquisition costs and value of business acquired $ 22,983 $ (3,330) $ 19,653 Deferred income tax asset $ 2,830 $ (391) $ 2,439 Other assets $ 11,026 $ (1) $ 11,025 Total assets $ 666,611 $ (3,539) $ 663,072 Liabilities Future policy benefits $ 204,228 $ (17,006) $ 187,222 Policyholder account balances $ 203,082 $ 7,515 $ 210,597 Market risk benefits $ — $ 3,763 $ 3,763 Other policy-related balances $ 19,651 $ (1,227) $ 18,424 Deferred income tax liability $ 325 $ 625 $ 950 Other liabilities $ 25,980 $ (47) $ 25,933 Total liabilities $ 639,324 $ (6,377) $ 632,947 Equity Retained earnings $ 41,953 $ (1,621) $ 40,332 Accumulated other comprehensive income (loss) $ (27,083) $ 4,462 $ (22,621) Total MetLife, Inc.'s stockholders' equity $ 27,040 $ 2,841 $ 29,881 Noncontrolling interests $ 247 $ (3) $ 244 Total equity $ 27,287 $ 2,838 $ 30,125 Total liabilities and equity $ 666,611 $ (3,539) $ 663,072 The following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company’s previously reported interim condensed consolidated statement of operations and comprehensive income (loss): Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 As Adoption Post As Adoption Post (In millions) Revenues Premiums $ 11,721 $ (165) $ 11,556 $ 22,492 $ (319) $ 22,173 Universal life and investment-type product policy fees $ 1,516 $ (144) $ 1,372 $ 2,934 $ (250) $ 2,684 Other revenues $ 616 $ (1) $ 615 $ 1,276 $ (1) $ 1,275 Net investment gains (losses) $ (685) $ 3 $ (682) $ (1,203) $ 4 $ (1,199) Net derivative gains (losses) $ (1,195) $ 225 $ (970) $ (2,054) $ 133 $ (1,921) Total revenues $ 15,556 $ (82) $ 15,474 $ 31,312 $ (433) $ 30,879 Expenses Policyholder benefits and claims $ 11,790 $ (175) $ 11,615 $ 22,983 $ (194) $ 22,789 Policyholder liability remeasurement (gains) losses $ — $ (1) $ (1) $ — $ (42) $ (42) Market risk benefits remeasurement (gains) losses $ — $ (757) $ (757) $ — $ (2,197) $ (2,197) Interest credited to policyholder account balances $ 492 $ 35 $ 527 $ 1,122 $ 31 $ 1,153 Policyholder dividends $ 193 $ 1 $ 194 $ 391 $ 2 $ 393 Other expenses $ 3,083 $ (175) $ 2,908 $ 6,103 $ (243) $ 5,860 Total expenses $ 15,558 $ (1,072) $ 14,486 $ 30,599 $ (2,643) $ 27,956 Income (loss) before provision for income tax $ (2) $ 990 $ 988 $ 713 $ 2,210 $ 2,923 Provision for income tax expense (benefit) $ (140) $ 213 $ 73 $ (99) $ 468 $ 369 Net income (loss) $ 138 $ 777 $ 915 $ 812 $ 1,742 $ 2,554 Net income (loss) attributable to noncontrolling interests $ 6 $ (1) $ 5 $ 11 $ (1) $ 10 Net income (loss) attributable to MetLife, Inc. $ 132 $ 778 $ 910 $ 801 $ 1,743 $ 2,544 Net income (loss) available to MetLife, Inc.'s common shareholders $ 103 $ 778 $ 881 $ 709 $ 1,743 $ 2,452 Comprehensive income (loss) $ (15,323) $ 8,175 $ (7,148) $ (27,482) $ 14,378 $ (13,104) Comprehensive income (loss) attributable to noncontrolling interests, net of income tax $ 5 $ (1) $ 4 $ 8 $ (1) $ 7 Comprehensive income (loss) attributable to MetLife, Inc. $ (15,328) $ 8,176 $ (7,152) $ (27,490) $ 14,379 $ (13,111) Net income (loss) available to MetLife, Inc.'s common shareholders per common share: Basic $ 0.13 $ 0.96 $ 1.09 $ 0.87 $ 2.13 $ 3.00 Diluted $ 0.13 $ 0.95 $ 1.08 $ 0.86 $ 2.12 $ 2.98 The following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company’s previously reported interim condensed consolidated statements of equity: As Previously Adoption Post (In millions) Retained Earnings Balance at December 31, 2021 $ 41,197 $ (4,366) $ 36,831 Net income (loss) $ 669 $ 965 $ 1,634 Balance at March 31, 2022 $ 41,406 $ (3,401) $ 38,005 Net income (loss) $ 132 $ 778 $ 910 Balance at June 30, 2022 $ 41,101 $ (2,623) $ 38,478 Balance at December 31, 2022 $ 41,953 $ (1,621) $ 40,332 Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2021 $ 10,919 $ (13,370) $ (2,451) Other comprehensive income (loss), net of income tax $ (12,831) $ 5,238 $ (7,593) Balance at March 31, 2022 $ (1,912) $ (8,132) $ (10,044) Other comprehensive income (loss), net of income tax $ (15,460) $ 7,398 $ (8,062) Balance at June 30, 2022 $ (17,372) $ (734) $ (18,106) Balance at December 31, 2022 $ (27,083) $ 4,462 $ (22,621) Total MetLife, Inc.’s Stockholders’ Equity Balance at December 31, 2021 $ 67,482 $ (17,736) $ 49,746 Balance at March 31, 2022 $ 53,965 $ (11,533) $ 42,432 Balance at June 30, 2022 $ 37,101 $ (3,357) $ 33,744 Balance at December 31, 2022 $ 27,040 $ 2,841 $ 29,881 Noncontrolling Interests Balance at December 31, 2021 $ 267 $ — $ 267 Change in equity of noncontrolling interests $ 2 $ (1) $ 1 Net income (loss) $ 5 $ — $ 5 Other comprehensive income (loss), net of income tax $ (2) $ — $ (2) Balance at March 31, 2022 $ 272 $ (1) $ 271 Change in equity of noncontrolling interests $ (11) $ 1 $ (10) Net income (loss) $ 6 $ (1) $ 5 Balance at June 30, 2022 $ 266 $ (1) $ 265 Balance at December 31, 2022 $ 247 $ (3) $ 244 Total Equity Balance at December 31, 2021 $ 67,749 $ (17,736) $ 50,013 Balance at March 31, 2022 $ 54,237 $ (11,534) $ 42,703 Balance at June 30, 2022 $ 37,367 $ (3,358) $ 34,009 Balance at December 31, 2022 $ 27,287 $ 2,838 $ 30,125 The following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company’s previously reported interim condensed consolidated statement of cash flows: Six Months Ended June 30, 2022 As Previously Adoption Post (In millions) Cash flows from operating activities Net cash provided by (used in) operating activities $ 6,392 $ 41 $ 6,433 Cash flows from financing activities Policyholder account balances - deposits $ 56,109 $ 277 $ 56,386 Policyholder account balances - withdrawals $ (52,428) $ (318) $ (52,746) Net cash provided by (used in) financing activities $ (7,182) $ (41) $ (7,223) U.S. Asia Asia Latin America Fixed Annuities MetLife Holdings Long-Term Care MetLife Holdings Other Long- Duration Short-Duration and Other Total (In millions) Balance, future policy benefits, at December 31, 2020 $ 66,030 $ 17,990 $ 16,330 $ 8,393 $ 14,281 $ 51,148 $ 19,128 $ 13,356 $ 206,656 Removal of additional insurance liabilities for separate presentation (1) (4) — — — — — (6,561) — (6,565) Subtotal - pre-adoption balance, excluding additional liabilities 66,026 17,990 16,330 8,393 14,281 51,148 12,567 13,356 200,091 Removal of related amounts in AOCI (5,914) — — (295) (1,210) — (492) — (7,911) Reclassification of carrying amount of contracts and contract features that are market risk benefits — — — — — — (176) — (176) Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach 337 51 154 121 — — 56 — 719 Effect of remeasurement of future policy benefits to an upper-medium grade discount rate 15,834 4,386 285 2,869 8,270 — 2,475 — 34,119 Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard (7,416) 4 47 (1) — — (124) — (7,490) Removal of remeasured deferred profit liabilities for separate presentation (1) (2,897) (225) (691) (570) — — (275) — (4,658) Balance, traditional and limited-payment contracts, at January 1, 2021 $ 65,970 $ 22,206 $ 16,125 $ 10,517 $ 21,341 $ 51,148 $ 14,031 $ 13,356 $ 214,694 Balance, deferred profit liabilities at January 1, 2021 $ 2,897 $ 225 $ 691 $ 570 $ — $ — $ 275 $ — $ 4,658 Balance, ceded recoverables on traditional and limited-payment contracts at December 31, 2020 $ 203 $ — $ 32 $ — $ — $ 1,052 $ 1,287 Effect of remeasurement of the ceded recoverable to an upper-medium grade discount rate 135 (15) (66) — — 297 351 Adjustments for loss contracts (with net premiums in excess of gross premiums) under the modified retrospective approach — — — — — 32 32 Adjustments for the cumulative effect of adoption on ceded recoverables on traditional and limited-payment contract 6 — (2) — — 10 14 Balance ceded recoverables on traditional and limited-payment contracts at January 1, 2021 $ 344 $ (15) $ (36) $ — $ — $ 1,391 $ 1,684 _ _________________ (1) LDTI requires separate disaggregated rollforwards of the additional insurance liabilities balance and the traditional and limited-payment FPBs. Therefore, the additional insurance liabilities and DPL amounts that are recorded in the FPB financial statement line item are removed to derive the opening balance of traditional and limited-payment contracts at the Transition Date. Asia Asia MetLife Holdings Other Long- Total (In millions) Additional insurance liabilities at December 31, 2020 $ 1,824 $ 788 $ 1,976 $ 1,977 $ 6,565 Reclassification of carrying amount of contracts and contract features that are market risk benefits — — — (1,642) (1,642) Adjustments for the cumulative effect of adoption on additional insurance liabilities — — 38 45 83 Additional insurance liabilities at January 1, 2021 $ 1,824 $ 788 $ 2,014 $ 380 $ 5,006 Ceded recoverables on additional insurance liabilities at December 31, 2020 $ — $ — $ 719 $ 8 $ 727 Reclassification of carrying amount of contracts and contract features that are reinsured market risk benefits — — — (8) (8) Adjustments for the cumulative effect of adoption on ceded recoverables on additional insurance liabilities — — 1 — 1 Ceded recoverables on additional insurance liabilities at January 1, 2021 $ — $ — $ 720 $ — $ 720 Balance, traditional and limited-payment contracts, at January 1, 2021 $ 214,694 Balance, deferred profit liabilities at January 1, 2021 4,658 Balance, additional insurance liabilities at January 1, 2021 5,006 Total future policy benefits at January 1, 2021 $ 224,358 The LDTI transition adjustments related to PABs, as described in Note 1, were as follows at the Transition Date: U.S. U.S. U.S. Asia Asia EMEA MetLife MetLife Holdings Other Total (In millions) Balance at December 31, 2020 $ 7,586 $ 62,908 $ 6,250 $ 43,868 $ 31,422 $ 4,777 $ 15,727 $ 13,129 $ 19,509 $ 205,176 Reclassification of carrying amount of contracts and contract features that are market risk benefits — — (24) — — 2 (493) (273) (170) (958) Other balance sheet reclassifications upon adoption of the LDTI standard — — 7,417 — — — — — 102 7,519 Balance at January 1, 2021 $ 7,586 $ 62,908 $ 13,643 $ 43,868 $ 31,422 $ 4,779 $ 15,234 $ 12,856 $ 19,441 $ 211,737 The LDTI transition adjustments related to market risk benefit liabilities, as described in Note 1, were as follows at the Transition Date: Asia MetLife Holdings Other Total (In millions) Direct and assumed MRB liabilities at December 31, 2020 $ — $ — $ — $ — Reclassification of carrying amount of contracts and contract features that are market risk benefits 247 2,291 251 2,789 Adjustments for the cumulative effect of changes in nonperformance risk between contract issue date and Transition Date (7) (54) (38) (99) Adjustments for the difference between the fair value of the MRB balance, excluding the cumulative effect of changes in nonperformance risk, and the historical carrying value 78 4,764 369 5,211 Direct and assumed MRB liabilities at January 1, 2021 (1) $ 318 $ 7,001 $ 582 $ 7,901 Reinsured MRB assets at December 31, 2020 $ — $ — $ — $ — Reclassification of carrying amount of contracts and contract features that are market risk benefits — — 63 63 Adjustments for the difference between previous carrying amount and fair value measurement — — (12) $ (12) Reinsured MRB assets at January 1, 2021 (1) $ — $ — $ 51 $ 51 __________________ (1) Reinsured MRB assets are classified within premiums, reinsurance and other receivables on the consolidated balance sheets . The transition adjustments related to DAC, VOBA, UREV and negative VOBA, as described in Note 1, were as follows at the Transition Date: U.S. Asia Latin America EMEA MetLife Holdings Corporate & Other Total (In millions) DAC: Balance at December 31, 2020 $ 409 $ 7,432 $ 1,344 $ 1,551 $ 2,679 $ 31 $ 13,446 Removal of related amounts in AOCI — 2,309 50 — 1,621 — 3,980 Other adjustments upon adoption of the LDTI standard — — — 14 11 — 25 Balance at January 1, 2021 $ 409 $ 9,741 $ 1,394 $ 1,565 $ 4,311 $ 31 $ 17,451 VOBA: Balance at December 31, 2020 $ 25 $ 1,901 $ 748 $ 236 $ 33 $ — $ 2,943 Removal of related amounts in AOCI — 14 8 — 5 — 27 Other adjustments upon adoption of the LDTI standard — — — (4) — — (4) Balance at January 1, 2021 $ 25 $ 1,915 $ 756 $ 232 $ 38 $ — $ 2,966 UREV: Balance at December 31, 2020 $ 42 $ 587 $ 740 $ 556 $ 188 $ — $ 2,113 Removal of related amounts in AOCI — 1,029 95 (81) — — 1,043 Other adjustments upon adoption of the LDTI standard — — — 7 — — 7 Balance at January 1, 2021 $ 42 $ 1,616 $ 835 $ 482 $ 188 $ — $ 3,163 Negative VOBA: Balance at December 31, 2020 $ 738 Reclassification of carrying amount of contracts and contract features that are market risk benefits (72) Balance at January 1, 2021 $ 666 |
Market Risk Benefit | The Company’s MRB assets and MRB liabilities on the interim condensed consolidated balance sheets were as follows at: June 30, 2023 December 31, 2022 Asset Liability Net Asset Liability Net (In millions) Asia - Retirement Assurance $ — $ 202 $ 202 $ — $ 226 $ 226 MetLife Holdings - Annuities 146 2,939 2,793 153 3,378 3,225 Other 133 118 (15) 127 159 32 Total $ 279 $ 3,259 $ 2,980 $ 280 $ 3,763 $ 3,483 |
Market Risk Benefit, Activity | Information regarding this liability was as follows: Six Months 2023 2022 (In millions) Balance, beginning of period $ 226 $ 277 Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk $ 233 $ 284 Attributed fees collected 1 2 Benefit payments (7) — Effect of changes in interest rates 3 (15) Actual policyholder behavior different from expected behavior — (1) Effect of changes in future expected policyholder behavior and other assumptions — 5 Effect of foreign currency translation and other, net (23) (42) Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk 207 233 Cumulative effect of changes in the instrument-specific credit risk (5) (10) Effect of foreign currency translation on the cumulative instrument-specific credit risk — 1 Balance, end of period $ 202 $ 224 Information regarding the Company’s net amount at risk, excluding offsets from hedging, and the weighted-average attained age of the contractholder for the Asia segment’s retirement assurance products was as follows at: June 30, 2023 2022 In the Event of Death (1) At Annuitization or Exercise of Other Living Benefits (2) In the Event of Death (1) At Annuitization or Exercise of Other Living Benefits (2) (Dollars in millions) Net amount at risk $ — $ 110 $ — $ 112 Weighted-average attained age of contractholders N/A 58 years N/A 57 years __________________ (1) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date. (2) For benefits that are payable in the event of annuitization or exercise of other living benefits, the net amount at risk is generally 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 or to provide other living benefits. This amount represents the Company’s potential economic exposure in the event all contractholders were to annuitize or to exercise other living benefits at the balance sheet date. Six Months 2023 2022 (In millions) Balance, beginning of period $ 3,225 $ 5,929 Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk $ 3,360 $ 6,229 Attributed fees collected 193 198 Benefit payments (21) (21) Effect of changes in interest rates 23 (2,561) Effect of changes in capital markets (661) 1,019 Effect of changes in equity index volatility (109) 57 Actual policyholder behavior different from expected behavior 57 2 Effect of foreign currency translation and other, net (1) 131 (314) Effect of changes in risk margin (35) (140) Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk 2,938 4,469 Cumulative effect of changes in the instrument-specific credit risk (150) (212) Effect of foreign currency translation on the cumulative instrument-specific credit risk 5 (1) Balance, end of period $ 2,793 $ 4,256 _________________ (1) Included is the covariance impact from aggregating the market observable inputs, mostly driven by interest rate and capital market volatility. Information regarding the Company’s net amount at risk, excluding offsets from hedging, and the weighted-average attained age of the contractholder for the MetLife Holdings segment’s annuities products was as follows at: June 30, 2023 2022 In the Event of Death (1) At Annuitization or Exercise of Other Living Benefits (2) In the Event of Death (1) At Annuitization or Exercise of Other Living Benefits (2) (Dollars in millions) Net amount at risk (3) $ 3,254 $ 793 $ 4,103 $ 1,194 Weighted-average attained age of contractholders 70 years 70 years 69 years 70 years _________________ (1) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date. (2) For benefits that are payable in the event of annuitization or exercise of other living benefits, the net amount at risk is generally 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 or to provide other living benefits. This amount represents the Company’s potential economic exposure in the event all contractholders were to annuitize or to exercise other living benefits at the balance sheet date. (3) Includes amounts for certain variable annuities with guarantees, which are also disclosed in “MetLife Holdings – Annuities” in Note 4, due to contracts recorded as PABs, along with related guarantees recorded as MRBs. Six Months 2023 2022 (In millions) Balance, beginning of period $ 32 $ 491 Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk $ 24 $ 539 Attributed fees collected 16 12 Benefit payments (18) — Effect of changes in interest rates (26) (196) Effect of changes in capital markets (14) 17 Effect of changes in equity index volatility (4) 4 Actual policyholder behavior different from expected behavior (22) (7) Effect of foreign currency translation and other, net 17 (143) Effect of changes in risk margin (1) (3) Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk (28) 223 Cumulative effect of changes in the instrument-specific credit risk 12 (25) Effect of foreign currency translation on the cumulative instrument-specific credit risk 1 1 Balance, end of period (15) 199 Less: Reinsurance recoverable 18 27 Balance, end of period, net of reinsurance $ (33) $ 172 |
Separate Account (Tables)
Separate Account (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Separate Accounts Disclosure [Abstract] | |
Separate Account Liabilities | The Company’s separate account liabilities on the interim condensed consolidated balance sheets were as follows at: June 30, 2023 December 31, 2022 (In millions) U.S.: Stable Value and Risk Solutions $ 42,620 $ 48,265 Annuities 11,792 11,694 Latin America - Pensions 42,213 39,428 MetLife Holdings - Annuities 29,616 28,499 Other 19,705 18,152 Total $ 145,946 $ 146,038 |
Separate Account, Liability Rollforward | The balances of and changes in separate account liabilities were as follows: U.S. U.S. Latin America MetLife Holdings (In millions) Six Months Ended June 30, 2023 Balance, beginning of period $ 48,265 $ 11,694 $ 39,428 $ 28,499 Premiums and deposits 1,586 120 4,096 139 Policy charges (148) (11) (150) (305) Surrenders and withdrawals (7,542) (360) (2,921) (1,362) Benefit payments (46) — (879) (242) Investment performance 1,277 448 187 2,933 Net transfers from (to) general account (57) 3 — (47) Effect of foreign currency translation and other, net (715) (102) 2,452 1 Balance, end of period $ 42,620 $ 11,792 $ 42,213 $ 29,616 Six Months Ended June 30, 2022 Balance, beginning of period 58,473 21,292 37,631 40,173 Premiums and deposits 3,193 730 3,970 146 Policy charges (165) (13) (131) (344) Surrenders and withdrawals (3,946) (6,379) (2,962) (1,594) Benefit payments (44) — (888) (230) Investment performance (3,908) (2,387) 147 (7,856) Net transfers from (to) general account 85 (59) — (135) Effect of foreign currency translation and other, net (5,175) (156) (3,371) 3 Balance, end of period $ 48,513 $ 13,028 $ 34,396 $ 30,163 Cash surrender value at June 30, 2023 (1) $ 37,782 N/A $ 42,213 $ 29,471 Cash surrender value at June 30, 2022 (1) $ 43,452 N/A $ 34,396 $ 29,984 _____________ (1) Cash surrender value represents the amount of the contractholders’ account balances distributable at the balance sheet date less policy loans and certain surrender charges. |
Fair Value, Separate Account Investment | The Company’s aggregate fair value of assets, by major investment asset category, supporting separate account liabilities was as follows at: June 30, 2023 U.S. Asia Latin America EMEA MetLife Holdings Total (In millions) Fixed maturity securities: Bonds: Foreign government $ 528 $ 1,179 $ 2,654 $ 2,027 $ — $ 6,388 U.S. government and agency 10,193 — 9,651 — 18 19,862 Public utilities 1,153 301 — — 4 1,458 Municipals 421 25 — — 13 459 Corporate bonds: Materials 173 22 — — — 195 Communications 1,010 — — — 4 1,014 Consumer 2,047 21 — — 8 2,076 Energy 846 99 — — 2 947 Financial 2,835 526 7,080 409 15 10,865 Industrial and other 794 22 3,946 — 3 4,765 Technology 618 17 — — 3 638 Foreign 2,156 — 3,117 17 12 5,302 Total corporate bonds 10,479 707 14,143 426 47 25,802 Total bonds 22,774 2,212 26,448 2,453 82 53,969 Mortgage-backed securities 10,750 — — — 36 10,786 Asset-backed securities and collateralized loan obligations 2,771 18 — — 11 2,800 Redeemable preferred stock 10 — — — — 10 Total fixed maturity securities 36,305 2,230 26,448 2,453 129 67,565 Equity securities: Common stock: Industrial, miscellaneous and all other 2,739 2,629 2,380 494 — 8,242 Banks, trust and insurance companies 506 260 374 210 — 1,350 Public utilities 74 19 — 67 — 160 Non-redeemable preferred stock — — — — — — Mutual funds 9,384 2,814 9,047 83 35,552 56,880 Total equity securities 12,703 5,722 11,801 854 35,552 66,632 Other invested assets 1,859 348 3,917 46 — 6,170 Total investments 50,867 8,300 42,166 3,353 35,681 140,367 Other assets 4,738 414 47 374 6 5,579 Total $ 55,605 $ 8,714 $ 42,213 $ 3,727 $ 35,687 $ 145,946 December 31, 2022 U.S. Asia Latin America EMEA MetLife Holdings Total (In millions) Fixed maturity securities: Bonds: Foreign government $ 588 $ 1,047 $ 593 $ 1,988 $ — $ 4,216 U.S. government and agency 11,340 — 8,828 — 13 20,181 Public utilities 1,183 281 — — 4 1,468 Municipals 504 33 — — 12 549 Corporate bonds: Materials 242 — — — — 242 Communications 1,182 8 — — 3 1,193 Consumer 2,393 — — — 7 2,400 Energy 866 103 — — 1 970 Financial 3,538 527 7,389 444 16 11,914 Industrial and other 882 186 3,635 — 3 4,706 Technology 717 — — — 3 720 Foreign 2,473 — 4,018 21 12 6,524 Total corporate bonds 12,293 824 15,042 465 45 28,669 Total bonds 25,908 2,185 24,463 2,453 74 55,083 Mortgage-backed securities 12,328 — — — 32 12,360 Asset-backed securities and collateralized loan obligations 2,926 28 — — 14 2,968 Redeemable preferred stock 4 — — — — 4 Total fixed maturity securities 41,166 2,213 24,463 2,453 120 70,415 Equity securities: Common stock: Industrial, miscellaneous and all other 2,910 2,330 2,100 475 — 7,815 Banks, trust and insurance companies 599 270 347 188 — 1,404 Public utilities 96 27 — 45 — 168 Non-redeemable preferred stock 2 — — — — 2 Mutual funds 8,247 2,607 8,639 75 33,848 53,416 Total equity securities 11,854 5,234 11,086 783 33,848 62,805 Other invested assets 1,865 411 3,687 43 — 6,006 Total investments 54,885 7,858 39,236 3,279 33,968 139,226 Other assets 6,145 434 192 35 6 6,812 Total $ 61,030 $ 8,292 $ 39,428 $ 3,314 $ 33,974 $ 146,038 |
Deferred Policy Acquisition C_2
Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract] | |
Accounting Standards Update and Change in Accounting Principle | The following table presents a summary of the Transition Date impacts associated with the implementation of LDTI to the consolidated balance sheet: Premiums, Reinsurance and Other Receivables Deferred Policy Acquisition Costs and Value of Business Acquired Other Future Policy Benefits Policyholder Account Balances Other Policy-related Balances Market Risk Benefit Liabilities Deferred Income Tax Liability Retained Earnings Accumulated Other Comprehensive Income (Loss) (In millions) Balances as reported, December 31, 2020 $ 17,870 $ 16,389 $ 11,685 $ 206,656 $ 205,176 $ 17,101 $ — $ 11,008 $ 36,491 $ 18,072 Reclassification of carrying amount of contracts and contract features that are market risk benefits (59) — — (1,818) (958) (72) 2,789 — — — Adjustments for the difference between previous carrying amount and fair value measurement for market risk benefits (12) — — — — — 5,112 (1,079) (4,121) 76 Removal of related amounts in accumulated other comprehensive income — 4,007 42 (7,911) — 1,043 — 2,405 — 8,512 Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach 32 — — 719 — — — (160) (527) — Effect of remeasurement of future policy benefits to an upper-medium grade discount rate 351 — — 34,119 — — — (7,438) — (26,330) Adjustments for the cumulative effect of adoption on additional insurance assets and liabilities 19 — — 83 — — — (13) (42) (9) Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard (32) 21 15 (7,490) 7,519 (40) — — 23 (6) Balances as adjusted, January 1, 2021 $ 18,169 $ 20,417 $ 11,742 $ 224,358 $ 211,737 $ 18,032 $ 7,901 $ 4,723 $ 31,824 $ 315 The following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company’s previously reported consolidated balance sheet: December 31, 2022 As Previously Adoption Post (In millions) Assets Premiums, reinsurance and other receivables $ 17,461 $ (97) $ 17,364 Market risk benefits $ — $ 280 $ 280 Deferred policy acquisition costs and value of business acquired $ 22,983 $ (3,330) $ 19,653 Deferred income tax asset $ 2,830 $ (391) $ 2,439 Other assets $ 11,026 $ (1) $ 11,025 Total assets $ 666,611 $ (3,539) $ 663,072 Liabilities Future policy benefits $ 204,228 $ (17,006) $ 187,222 Policyholder account balances $ 203,082 $ 7,515 $ 210,597 Market risk benefits $ — $ 3,763 $ 3,763 Other policy-related balances $ 19,651 $ (1,227) $ 18,424 Deferred income tax liability $ 325 $ 625 $ 950 Other liabilities $ 25,980 $ (47) $ 25,933 Total liabilities $ 639,324 $ (6,377) $ 632,947 Equity Retained earnings $ 41,953 $ (1,621) $ 40,332 Accumulated other comprehensive income (loss) $ (27,083) $ 4,462 $ (22,621) Total MetLife, Inc.'s stockholders' equity $ 27,040 $ 2,841 $ 29,881 Noncontrolling interests $ 247 $ (3) $ 244 Total equity $ 27,287 $ 2,838 $ 30,125 Total liabilities and equity $ 666,611 $ (3,539) $ 663,072 The following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company’s previously reported interim condensed consolidated statement of operations and comprehensive income (loss): Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 As Adoption Post As Adoption Post (In millions) Revenues Premiums $ 11,721 $ (165) $ 11,556 $ 22,492 $ (319) $ 22,173 Universal life and investment-type product policy fees $ 1,516 $ (144) $ 1,372 $ 2,934 $ (250) $ 2,684 Other revenues $ 616 $ (1) $ 615 $ 1,276 $ (1) $ 1,275 Net investment gains (losses) $ (685) $ 3 $ (682) $ (1,203) $ 4 $ (1,199) Net derivative gains (losses) $ (1,195) $ 225 $ (970) $ (2,054) $ 133 $ (1,921) Total revenues $ 15,556 $ (82) $ 15,474 $ 31,312 $ (433) $ 30,879 Expenses Policyholder benefits and claims $ 11,790 $ (175) $ 11,615 $ 22,983 $ (194) $ 22,789 Policyholder liability remeasurement (gains) losses $ — $ (1) $ (1) $ — $ (42) $ (42) Market risk benefits remeasurement (gains) losses $ — $ (757) $ (757) $ — $ (2,197) $ (2,197) Interest credited to policyholder account balances $ 492 $ 35 $ 527 $ 1,122 $ 31 $ 1,153 Policyholder dividends $ 193 $ 1 $ 194 $ 391 $ 2 $ 393 Other expenses $ 3,083 $ (175) $ 2,908 $ 6,103 $ (243) $ 5,860 Total expenses $ 15,558 $ (1,072) $ 14,486 $ 30,599 $ (2,643) $ 27,956 Income (loss) before provision for income tax $ (2) $ 990 $ 988 $ 713 $ 2,210 $ 2,923 Provision for income tax expense (benefit) $ (140) $ 213 $ 73 $ (99) $ 468 $ 369 Net income (loss) $ 138 $ 777 $ 915 $ 812 $ 1,742 $ 2,554 Net income (loss) attributable to noncontrolling interests $ 6 $ (1) $ 5 $ 11 $ (1) $ 10 Net income (loss) attributable to MetLife, Inc. $ 132 $ 778 $ 910 $ 801 $ 1,743 $ 2,544 Net income (loss) available to MetLife, Inc.'s common shareholders $ 103 $ 778 $ 881 $ 709 $ 1,743 $ 2,452 Comprehensive income (loss) $ (15,323) $ 8,175 $ (7,148) $ (27,482) $ 14,378 $ (13,104) Comprehensive income (loss) attributable to noncontrolling interests, net of income tax $ 5 $ (1) $ 4 $ 8 $ (1) $ 7 Comprehensive income (loss) attributable to MetLife, Inc. $ (15,328) $ 8,176 $ (7,152) $ (27,490) $ 14,379 $ (13,111) Net income (loss) available to MetLife, Inc.'s common shareholders per common share: Basic $ 0.13 $ 0.96 $ 1.09 $ 0.87 $ 2.13 $ 3.00 Diluted $ 0.13 $ 0.95 $ 1.08 $ 0.86 $ 2.12 $ 2.98 The following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company’s previously reported interim condensed consolidated statements of equity: As Previously Adoption Post (In millions) Retained Earnings Balance at December 31, 2021 $ 41,197 $ (4,366) $ 36,831 Net income (loss) $ 669 $ 965 $ 1,634 Balance at March 31, 2022 $ 41,406 $ (3,401) $ 38,005 Net income (loss) $ 132 $ 778 $ 910 Balance at June 30, 2022 $ 41,101 $ (2,623) $ 38,478 Balance at December 31, 2022 $ 41,953 $ (1,621) $ 40,332 Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2021 $ 10,919 $ (13,370) $ (2,451) Other comprehensive income (loss), net of income tax $ (12,831) $ 5,238 $ (7,593) Balance at March 31, 2022 $ (1,912) $ (8,132) $ (10,044) Other comprehensive income (loss), net of income tax $ (15,460) $ 7,398 $ (8,062) Balance at June 30, 2022 $ (17,372) $ (734) $ (18,106) Balance at December 31, 2022 $ (27,083) $ 4,462 $ (22,621) Total MetLife, Inc.’s Stockholders’ Equity Balance at December 31, 2021 $ 67,482 $ (17,736) $ 49,746 Balance at March 31, 2022 $ 53,965 $ (11,533) $ 42,432 Balance at June 30, 2022 $ 37,101 $ (3,357) $ 33,744 Balance at December 31, 2022 $ 27,040 $ 2,841 $ 29,881 Noncontrolling Interests Balance at December 31, 2021 $ 267 $ — $ 267 Change in equity of noncontrolling interests $ 2 $ (1) $ 1 Net income (loss) $ 5 $ — $ 5 Other comprehensive income (loss), net of income tax $ (2) $ — $ (2) Balance at March 31, 2022 $ 272 $ (1) $ 271 Change in equity of noncontrolling interests $ (11) $ 1 $ (10) Net income (loss) $ 6 $ (1) $ 5 Balance at June 30, 2022 $ 266 $ (1) $ 265 Balance at December 31, 2022 $ 247 $ (3) $ 244 Total Equity Balance at December 31, 2021 $ 67,749 $ (17,736) $ 50,013 Balance at March 31, 2022 $ 54,237 $ (11,534) $ 42,703 Balance at June 30, 2022 $ 37,367 $ (3,358) $ 34,009 Balance at December 31, 2022 $ 27,287 $ 2,838 $ 30,125 The following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company’s previously reported interim condensed consolidated statement of cash flows: Six Months Ended June 30, 2022 As Previously Adoption Post (In millions) Cash flows from operating activities Net cash provided by (used in) operating activities $ 6,392 $ 41 $ 6,433 Cash flows from financing activities Policyholder account balances - deposits $ 56,109 $ 277 $ 56,386 Policyholder account balances - withdrawals $ (52,428) $ (318) $ (52,746) Net cash provided by (used in) financing activities $ (7,182) $ (41) $ (7,223) U.S. Asia Asia Latin America Fixed Annuities MetLife Holdings Long-Term Care MetLife Holdings Other Long- Duration Short-Duration and Other Total (In millions) Balance, future policy benefits, at December 31, 2020 $ 66,030 $ 17,990 $ 16,330 $ 8,393 $ 14,281 $ 51,148 $ 19,128 $ 13,356 $ 206,656 Removal of additional insurance liabilities for separate presentation (1) (4) — — — — — (6,561) — (6,565) Subtotal - pre-adoption balance, excluding additional liabilities 66,026 17,990 16,330 8,393 14,281 51,148 12,567 13,356 200,091 Removal of related amounts in AOCI (5,914) — — (295) (1,210) — (492) — (7,911) Reclassification of carrying amount of contracts and contract features that are market risk benefits — — — — — — (176) — (176) Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach 337 51 154 121 — — 56 — 719 Effect of remeasurement of future policy benefits to an upper-medium grade discount rate 15,834 4,386 285 2,869 8,270 — 2,475 — 34,119 Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard (7,416) 4 47 (1) — — (124) — (7,490) Removal of remeasured deferred profit liabilities for separate presentation (1) (2,897) (225) (691) (570) — — (275) — (4,658) Balance, traditional and limited-payment contracts, at January 1, 2021 $ 65,970 $ 22,206 $ 16,125 $ 10,517 $ 21,341 $ 51,148 $ 14,031 $ 13,356 $ 214,694 Balance, deferred profit liabilities at January 1, 2021 $ 2,897 $ 225 $ 691 $ 570 $ — $ — $ 275 $ — $ 4,658 Balance, ceded recoverables on traditional and limited-payment contracts at December 31, 2020 $ 203 $ — $ 32 $ — $ — $ 1,052 $ 1,287 Effect of remeasurement of the ceded recoverable to an upper-medium grade discount rate 135 (15) (66) — — 297 351 Adjustments for loss contracts (with net premiums in excess of gross premiums) under the modified retrospective approach — — — — — 32 32 Adjustments for the cumulative effect of adoption on ceded recoverables on traditional and limited-payment contract 6 — (2) — — 10 14 Balance ceded recoverables on traditional and limited-payment contracts at January 1, 2021 $ 344 $ (15) $ (36) $ — $ — $ 1,391 $ 1,684 _ _________________ (1) LDTI requires separate disaggregated rollforwards of the additional insurance liabilities balance and the traditional and limited-payment FPBs. Therefore, the additional insurance liabilities and DPL amounts that are recorded in the FPB financial statement line item are removed to derive the opening balance of traditional and limited-payment contracts at the Transition Date. Asia Asia MetLife Holdings Other Long- Total (In millions) Additional insurance liabilities at December 31, 2020 $ 1,824 $ 788 $ 1,976 $ 1,977 $ 6,565 Reclassification of carrying amount of contracts and contract features that are market risk benefits — — — (1,642) (1,642) Adjustments for the cumulative effect of adoption on additional insurance liabilities — — 38 45 83 Additional insurance liabilities at January 1, 2021 $ 1,824 $ 788 $ 2,014 $ 380 $ 5,006 Ceded recoverables on additional insurance liabilities at December 31, 2020 $ — $ — $ 719 $ 8 $ 727 Reclassification of carrying amount of contracts and contract features that are reinsured market risk benefits — — — (8) (8) Adjustments for the cumulative effect of adoption on ceded recoverables on additional insurance liabilities — — 1 — 1 Ceded recoverables on additional insurance liabilities at January 1, 2021 $ — $ — $ 720 $ — $ 720 Balance, traditional and limited-payment contracts, at January 1, 2021 $ 214,694 Balance, deferred profit liabilities at January 1, 2021 4,658 Balance, additional insurance liabilities at January 1, 2021 5,006 Total future policy benefits at January 1, 2021 $ 224,358 The LDTI transition adjustments related to PABs, as described in Note 1, were as follows at the Transition Date: U.S. U.S. U.S. Asia Asia EMEA MetLife MetLife Holdings Other Total (In millions) Balance at December 31, 2020 $ 7,586 $ 62,908 $ 6,250 $ 43,868 $ 31,422 $ 4,777 $ 15,727 $ 13,129 $ 19,509 $ 205,176 Reclassification of carrying amount of contracts and contract features that are market risk benefits — — (24) — — 2 (493) (273) (170) (958) Other balance sheet reclassifications upon adoption of the LDTI standard — — 7,417 — — — — — 102 7,519 Balance at January 1, 2021 $ 7,586 $ 62,908 $ 13,643 $ 43,868 $ 31,422 $ 4,779 $ 15,234 $ 12,856 $ 19,441 $ 211,737 The LDTI transition adjustments related to market risk benefit liabilities, as described in Note 1, were as follows at the Transition Date: Asia MetLife Holdings Other Total (In millions) Direct and assumed MRB liabilities at December 31, 2020 $ — $ — $ — $ — Reclassification of carrying amount of contracts and contract features that are market risk benefits 247 2,291 251 2,789 Adjustments for the cumulative effect of changes in nonperformance risk between contract issue date and Transition Date (7) (54) (38) (99) Adjustments for the difference between the fair value of the MRB balance, excluding the cumulative effect of changes in nonperformance risk, and the historical carrying value 78 4,764 369 5,211 Direct and assumed MRB liabilities at January 1, 2021 (1) $ 318 $ 7,001 $ 582 $ 7,901 Reinsured MRB assets at December 31, 2020 $ — $ — $ — $ — Reclassification of carrying amount of contracts and contract features that are market risk benefits — — 63 63 Adjustments for the difference between previous carrying amount and fair value measurement — — (12) $ (12) Reinsured MRB assets at January 1, 2021 (1) $ — $ — $ 51 $ 51 __________________ (1) Reinsured MRB assets are classified within premiums, reinsurance and other receivables on the consolidated balance sheets . The transition adjustments related to DAC, VOBA, UREV and negative VOBA, as described in Note 1, were as follows at the Transition Date: U.S. Asia Latin America EMEA MetLife Holdings Corporate & Other Total (In millions) DAC: Balance at December 31, 2020 $ 409 $ 7,432 $ 1,344 $ 1,551 $ 2,679 $ 31 $ 13,446 Removal of related amounts in AOCI — 2,309 50 — 1,621 — 3,980 Other adjustments upon adoption of the LDTI standard — — — 14 11 — 25 Balance at January 1, 2021 $ 409 $ 9,741 $ 1,394 $ 1,565 $ 4,311 $ 31 $ 17,451 VOBA: Balance at December 31, 2020 $ 25 $ 1,901 $ 748 $ 236 $ 33 $ — $ 2,943 Removal of related amounts in AOCI — 14 8 — 5 — 27 Other adjustments upon adoption of the LDTI standard — — — (4) — — (4) Balance at January 1, 2021 $ 25 $ 1,915 $ 756 $ 232 $ 38 $ — $ 2,966 UREV: Balance at December 31, 2020 $ 42 $ 587 $ 740 $ 556 $ 188 $ — $ 2,113 Removal of related amounts in AOCI — 1,029 95 (81) — — 1,043 Other adjustments upon adoption of the LDTI standard — — — 7 — — 7 Balance at January 1, 2021 $ 42 $ 1,616 $ 835 $ 482 $ 188 $ — $ 3,163 Negative VOBA: Balance at December 31, 2020 $ 738 Reclassification of carrying amount of contracts and contract features that are market risk benefits (72) Balance at January 1, 2021 $ 666 |
Deferred Policy Acquisition Costs | Information regarding total DAC and VOBA by segment, as well as Corporate & Other, was as follows at: U.S. Asia (1) Latin America (2) EMEA (2) MetLife Holdings (3) Corporate & Other Total (In millions) DAC: Balance at January 1, 2023 $ 532 $ 10,270 $ 1,542 $ 1,480 $ 3,791 $ 29 $ 17,644 Capitalizations 106 798 299 227 12 5 1,447 Amortization (35) (336) (197) (161) (130) (5) (864) Effect of foreign currency translation and other, net — (428) 178 16 — 1 (233) Balance at June 30, 2023 $ 603 $ 10,304 $ 1,822 $ 1,562 $ 3,673 $ 30 $ 17,994 Balance at January 1, 2022 $ 464 $ 10,058 $ 1,361 $ 1,472 $ 4,029 $ 31 $ 17,415 Capitalizations 55 769 227 220 13 5 1,289 Amortization (31) (322) (175) (164) (143) (4) (839) Effect of foreign currency translation and other, net — (815) (10) (103) — (2) (930) Balance at June 30, 2022 $ 488 $ 9,690 $ 1,403 $ 1,425 $ 3,899 $ 30 $ 16,935 VOBA: Balance at January 1, 2023 $ 19 $ 1,290 $ 545 $ 127 $ 28 $ — $ 2,009 Acquisitions — — — — — — — Amortization (1) (47) (26) (9) (2) — (85) Effect of foreign currency translation and other, net — (109) 39 2 — — (68) Balance at June 30, 2023 $ 18 $ 1,134 $ 558 $ 120 $ 26 $ — $ 1,856 Balance at January 1, 2022 $ 22 $ 1,593 $ 591 $ 154 $ 31 $ — $ 2,391 Acquisitions — — — — — — — Amortization (1) (54) (26) (11) (2) — (94) Effect of foreign currency translation and other, net — (237) (42) (8) — — (287) Balance at June 30, 2022 $ 21 $ 1,302 $ 523 $ 135 $ 29 $ — $ 2,010 Total DAC and VOBA: Balance at June 30, 2023 $ 19,850 Balance at June 30, 2022 $ 18,945 Balance at December 31, 2022 $ 19,653 __________________ (1) Includes DAC balances primarily related to accident & health, universal and variable universal life, variable life and fixed annuities products and VOBA balances primarily related to accident & health products. (2) Includes DAC balances primarily related to universal life and variable universal life products. (3) Includes DAC balances primarily related to universal life, variable universal life, whole life, term life and variable annuities products. |
Unearned Revenue | Information regarding the Company’s UREV primarily related to universal life and variable universal life products by segment included in other policy-related balances was as follows: Six Months U.S. Asia Latin EMEA MetLife Total (In millions) Balance, beginning of period $ 36 $ 2,382 $ 848 $ 559 $ 281 $ 4,106 Deferrals 1 283 70 46 28 428 Amortization (4) (80) (58) (31) (11) (184) Effect of foreign currency translation and other, net — (32) 108 13 — 89 Balance, end of period $ 33 $ 2,553 $ 968 $ 587 $ 298 $ 4,439 Six Months U.S. Asia Latin EMEA MetLife Total (In millions) Balance, beginning of period $ 38 $ 2,033 $ 795 $ 521 $ 238 $ 3,625 Deferrals 4 303 58 52 30 447 Amortization (3) (68) (49) (28) (8) (156) Effect of foreign currency translation and other, net — (60) 1 (20) — (79) Balance, end of period $ 39 $ 2,208 $ 805 $ 525 $ 260 $ 3,837 |
Closed Block (Tables)
Closed Block (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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: June 30, 2023 December 31, 2022 (In millions) Closed Block Liabilities Future policy benefits $ 36,650 $ 37,222 Other policy-related balances 281 273 Policyholder dividends payable 178 181 Current income tax payable 9 — Other liabilities 592 455 Total closed block liabilities 37,710 38,131 Assets Designated to the Closed Block Investments: Fixed maturity securities available-for-sale, at estimated fair value 19,697 19,648 Equity securities, at estimated fair value 13 13 Mortgage loans 6,269 6,564 Policy loans 4,014 4,084 Real estate and real estate joint ventures 655 635 Other invested assets 591 692 Total investments 31,239 31,636 Cash and cash equivalents 656 437 Accrued investment income 369 375 Premiums, reinsurance and other receivables 114 52 Current income tax recoverable — 88 Deferred income tax asset 394 423 Total assets designated to the closed block 32,772 33,011 Excess of closed block liabilities over assets designated to the closed block 4,938 5,120 AOCI: Unrealized investment gains (losses), net of income tax (1,176) (1,357) Unrealized gains (losses) on derivatives, net of income tax 212 262 Total amounts included in AOCI (964) (1,095) Maximum future earnings to be recognized from closed block assets and liabilities $ 3,974 $ 4,025 |
Closed block policyholder dividend obligation | Information regarding the closed block policyholder dividend obligation was as follows: Six Months Year (In millions) Balance, beginning of period $ — $ 1,682 Change in unrealized investment and derivative gains (losses) — (1,682) Balance, end of period $ — $ — |
Closed block revenues and expenses | Information regarding the closed block revenues and expenses was as follows: Three Months Six Months 2023 2022 2023 2022 (In millions) Revenues Premiums $ 226 $ 274 $ 461 $ 549 Net investment income 341 352 679 713 Net investment gains (losses) 5 (16) 9 (48) Net derivative gains (losses) 5 8 3 11 Total revenues 577 618 1,152 1,225 Expenses Policyholder benefits and claims 445 462 858 945 Policyholder dividends 89 128 186 262 Other expenses 22 23 44 46 Total expenses 556 613 1,088 1,253 Revenues, net of expenses before provision for income tax expense (benefit) 21 5 64 (28) Provision for income tax expense (benefit) 4 1 13 (6) Revenues, net of expenses and provision for income tax expense (benefit) $ 17 $ 4 $ 51 $ (22) |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Fixed Maturity Securities Available-for-Sale by Sector | The following table presents fixed maturity securities AFS by sector. U.S. corporate and foreign corporate sectors include redeemable preferred stock. Residential mortgage-backed securities (“RMBS”) includes agency, prime, prime investor, non-qualified residential mortgage, alternative, reperforming and sub-prime mortgage-backed securities. Asset-backed securities and collateralized loan obligations (collectively, “ABS & CLO”) includes securities collateralized by consumer loans, corporate loans and broadly syndicated bank 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 & CLO and CMBS are, collectively, “Structured Products.” June 30, 2023 December 31, 2022 Amortized Gross Unrealized Estimated Amortized Gross Unrealized Estimated Sector Allowance for Gains Losses Allowance for Gains Losses (In millions) U.S. corporate $ 89,349 $ (69) $ 1,396 $ 8,153 $ 82,523 $ 88,466 $ (29) $ 1,133 $ 9,540 $ 80,030 Foreign corporate 59,380 (2) 1,426 7,114 53,690 59,696 (5) 1,213 8,332 52,572 Foreign government 47,946 (115) 2,077 3,914 45,994 50,047 (130) 1,876 5,046 46,747 U.S. government and agency 36,133 — 371 3,375 33,129 35,658 — 431 3,860 32,229 RMBS 31,328 — 193 3,063 28,458 29,496 — 187 3,518 26,165 ABS & CLO 18,428 — 36 984 17,480 17,991 — 23 1,192 16,822 Municipals 13,206 — 444 1,326 12,324 13,548 — 317 1,713 12,152 CMBS 11,275 (11) 48 1,053 10,259 11,123 (19) 59 1,100 10,063 Total fixed maturity securities AFS $ 307,045 $ (197) $ 5,991 $ 28,982 $ 283,857 $ 306,025 $ (183) $ 5,239 $ 34,301 $ 276,780 |
Available-for-sale fixed maturity securities by contractual maturity date | The amortized cost, net of ACL, and estimated fair value of fixed maturity securities AFS, by contractual maturity date, were as follows at June 30, 2023: Due in One Due After Due After Due After Structured Total Fixed (In millions) Amortized cost, net of ACL $ 8,637 $ 51,765 $ 52,278 $ 133,148 $ 61,020 $ 306,848 Estimated fair value $ 8,661 $ 50,394 $ 49,710 $ 118,895 $ 56,197 $ 283,857 |
Continuous Gross Unrealized Losses 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 without an ACL by sector and aggregated by length of time that the securities have been in a continuous unrealized loss position. June 30, 2023 December 31, 2022 Less than 12 Months Equal to or Greater Less than 12 Months Equal to or Greater Sector & Credit Quality Estimated Gross Estimated Gross Estimated Gross Estimated Gross (Dollars in millions) U.S. corporate $ 18,094 $ 1,008 $ 38,883 $ 7,107 $ 55,210 $ 7,573 $ 6,484 $ 1,965 Foreign corporate 7,641 434 30,224 6,680 31,932 5,999 8,956 2,332 Foreign government 5,304 295 18,868 3,617 16,568 2,170 8,308 2,874 U.S. government and agency 14,685 677 10,567 2,698 20,436 2,784 4,177 1,076 RMBS 10,217 409 14,168 2,654 16,223 1,890 6,650 1,628 ABS & CLO 2,782 79 12,122 905 10,924 712 4,326 480 Municipals 1,595 62 4,917 1,264 7,277 1,514 482 199 CMBS 2,128 98 6,605 951 6,890 764 2,037 335 Total fixed maturity securities AFS $ 62,446 $ 3,062 $ 136,354 $ 25,876 $ 165,460 $ 23,406 $ 41,420 $ 10,889 Investment grade $ 59,810 $ 2,940 $ 129,849 $ 24,979 $ 157,654 $ 22,713 $ 38,785 $ 10,298 Below investment grade 2,636 122 6,505 897 7,806 693 2,635 591 Total fixed maturity securities AFS $ 62,446 $ 3,062 $ 136,354 $ 25,876 $ 165,460 $ 23,406 $ 41,420 $ 10,889 Total number of securities in an unrealized loss position 7,031 12,053 15,204 4,303 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | The rollforward of ACL for fixed maturity securities AFS by sector is as follows: U.S. Foreign Foreign CMBS Total Three Months Ended June 30, 2023 (In millions) Balance, at beginning of period $ 63 $ 2 $ 117 $ 11 $ 193 ACL not previously recorded — — — — — Changes for securities with previously recorded ACL 6 — (2) — 4 Securities sold or exchanged — — — — — Write-offs — — — — — Balance, at end of period $ 69 $ 2 $ 115 $ 11 $ 197 Three Months Ended June 30, 2022 Balance, at beginning of period $ 13 $ 102 $ 226 $ 14 $ 355 ACL not previously recorded — — — — — Changes for securities with previously recorded ACL 15 (5) (23) — (13) Securities sold or exchanged — (44) (37) — (81) Write-offs — — — — — Balance, at end of period $ 28 $ 53 $ 166 $ 14 $ 261 U.S. Foreign Foreign CMBS Total (In millions) Six Months Ended June 30, 2023 Balance, at beginning of period $ 29 $ 5 $ 130 $ 19 $ 183 ACL not previously recorded 36 — — — 36 Changes for securities with previously recorded ACL 6 — (15) 3 (6) Securities sold or exchanged (2) (3) — (11) (16) Write-offs — — — — — Balance, at end of period $ 69 $ 2 $ 115 $ 11 $ 197 Six Months Ended June 30, 2022 Balance, at beginning of period $ 30 $ 28 $ 19 14 $ 91 ACL not previously recorded 13 67 207 — 287 Changes for securities with previously recorded ACL 15 2 (23) — (6) Securities sold or exchanged (8) (44) (37) — (89) Write-offs (22) — — — (22) Balance, at end of period $ 28 $ 53 $ 166 $ 14 $ 261 |
Debt Securities, Trading, and Equity Securities, FV-NI | The following table presents equity securities by security type. Common stock includes common stock, exchange traded funds, certain mutual funds and certain real estate investment trusts. June 30, 2023 December 31, 2022 Cost Net Unrealized Estimated Cost Net Unrealized Estimated Security Type (In millions) Common stock $ 421 $ 238 $ 659 $ 1,347 $ 195 $ 1,542 Non-redeemable preferred stock 111 (1) 110 148 (6) 142 Total $ 532 $ 237 $ 769 $ 1,495 $ 189 $ 1,684 ________________ (1) Represents cumulative changes in estimated fair value, recognized in earnings, and not in OCI. The following table presents these investments by asset type. Unit-linked investments are primarily equity securities (including mutual funds). FVO Securities includes fixed maturity and equity securities to support asset and liability management strategies for certain insurance products and investments in certain separate accounts. June 30, 2023 December 31, 2022 Cost or Net Unrealized Estimated Cost or Net Unrealized Estimated Asset Type (In millions) Unit-linked investments $ 7,891 $ 726 $ 8,617 $ 7,945 $ 288 $ 8,233 FVO Securities 1,190 397 1,587 1,161 274 1,435 Total $ 9,081 $ 1,123 $ 10,204 $ 9,106 $ 562 $ 9,668 ________________ (1) Represents cumulative changes in estimated fair value, recognized in earnings, and not in OCI. |
Disclosure of Mortgage Loans Net of Valuation Allowance | Mortgage loans are summarized as follows at: June 30, 2023 December 31, 2022 Portfolio Segment Carrying % of Carrying % of (Dollars in millions) Commercial (2) $ 60,759 65.4 % $ 52,502 62.7 % Agricultural 19,822 21.3 19,306 23.0 Residential 13,129 14.1 12,482 14.9 Total amortized cost 93,710 100.8 84,290 100.6 Allowance for credit loss (724) (0.8) (527) (0.6) Total mortgage loans $ 92,986 100.0 % $ 83,763 100.0 % __________________ (1) Includes certain mortgage loans originated for third parties of $8.3 billion at amortized cost ($8.0 billion commercial and $243 million agricultural) and the related ACL of $73 million, with the corresponding mortgage loan secured financing liability of $8.3 billion included in Other liabilities on the consolidated balance sheet. The investment income on these mortgage loans originated for third parties and the interest expense on the mortgage loan secured financing liability were each $215 million for both the three and six months ended June 30, 2023, and were recorded in investment income and investment expenses, respectively, both within net investment income. See Note 1. (2) Includes commercial mortgage loans to be disposed of in connection with a pending reinsurance transaction, which are carried at the lower of amortized cost or estimated fair value of $210 million, net of the estimated fair value adjustment of $44 million as of June 30, 2023. See Note 1. |
Allowance for Loan and Lease Losses, Provision for Loss, Net | The rollforward of ACL for mortgage loans, by portfolio segment, is as follows: Six Months 2023 2022 Commercial Agricultural Residential Total Commercial Agricultural Residential Total (In millions) Balance, beginning of period $ 218 $ 119 $ 190 $ 527 $ 340 $ 88 $ 206 $ 634 Provision (release) 148 49 13 210 (16) 41 (31) (6) Charge-offs, net of recoveries — (13) — (13) (119) (22) (1) (142) Balance, end of period $ 366 $ 155 $ 203 $ 724 $ 205 $ 107 $ 174 $ 486 |
Disclosure of the mortgage loans portfolio segment by the recorded investment, prior to valuation allowances, by credit quality indicator categories | The amortized cost of commercial mortgage loans by credit quality indicator and vintage year was as follows at June 30, 2023: Credit Quality Indicator 2023 2022 2021 2020 2019 Prior Revolving Total % of (Dollars in millions) LTV ratios: Less than 65% $ 1,448 $ 5,123 $ 4,652 $ 2,110 $ 4,294 $ 14,278 $ 2,927 $ 34,832 57.3 % 65% to 75% 128 2,728 1,749 1,703 2,022 6,311 — 14,641 24.1 76% to 80% — 761 351 340 1,339 1,859 — 4,650 7.7 Greater than 80% 7 144 820 881 1,051 3,733 — 6,636 10.9 Total $ 1,583 $ 8,756 $ 7,572 $ 5,034 $ 8,706 $ 26,181 $ 2,927 $ 60,759 100.0 % DSCR: > 1.20x $ 1,070 $ 7,366 $ 7,192 $ 4,471 $ 7,252 $ 22,802 $ 1,687 $ 51,840 85.3 % 1.00x - 1.20x 513 387 307 35 723 1,858 944 4,767 7.9 <1.00x — 1,003 73 528 731 1,521 296 4,152 6.8 Total $ 1,583 $ 8,756 $ 7,572 $ 5,034 $ 8,706 $ 26,181 $ 2,927 $ 60,759 100.0 % The amortized cost of agricultural mortgage loans by credit quality indicator and vintage year was as follows at June 30, 2023: Credit Quality Indicator 2023 2022 2021 2020 2019 Prior Revolving Total % of (Dollars in millions) LTV ratios: Less than 65% $ 726 $ 2,801 $ 2,653 $ 2,705 $ 1,775 $ 6,193 $ 1,226 $ 18,079 91.2 % 65% to 75% 28 111 334 273 28 616 135 1,525 7.7 76% to 80% — — — — — 11 — 11 0.1 Greater than 80% 17 — — — 133 52 5 207 1.0 Total $ 771 $ 2,912 $ 2,987 $ 2,978 $ 1,936 $ 6,872 $ 1,366 $ 19,822 100.0 % The amortized cost of residential mortgage loans by credit quality indicator and vintage year was as follows at June 30, 2023: Credit Quality Indicator 2023 2022 2021 2020 2019 Prior Revolving Total % of (Dollars in millions) Performance indicators: Performing $ 363 $ 2,622 $ 1,479 $ 347 $ 975 $ 6,908 $ — $ 12,694 96.7 % Nonperforming (1) 1 24 17 14 42 337 — 435 3.3 Total $ 364 $ 2,646 $ 1,496 $ 361 $ 1,017 $ 7,245 $ — $ 13,129 100.0 % __________________ (1) Includes residential mortgage loans in process of foreclosure of $153 million and $146 million at June 30, 2023 and December 31, 2022, respectively. |
Schedule of Past Due and Non Accrual Mortgage Loans | The past due and nonaccrual mortgage loans at amortized cost, prior to ACL by portfolio segment, were as follows: Past Due Past Due Nonaccrual Portfolio Segment June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 (In millions) Commercial $ 138 $ 6 $ 19 $ 6 $ 277 $ 169 Agricultural 98 124 22 21 235 131 Residential 435 473 16 12 421 462 Total $ 671 $ 603 $ 57 $ 39 $ 933 $ 762 |
Disclosure Real Estate and Real Estate Joint Ventures | Real estate investments, by income type, as well as income earned, were as follows at and for the periods indicated: June 30, 2023 December 31, 2022 Three Months Six Months 2023 2022 2023 2022 Income Type Carrying Value Income (In millions) Wholly-owned real estate: Leased real estate $ 4,366 $ 4,523 $ 90 $ 98 $ 182 $ 204 Other real estate 491 487 85 68 135 100 Real estate joint ventures 8,188 8,127 (38) 213 (154) 403 Total real estate and real estate joint ventures $ 13,045 $ 13,137 $ 137 $ 379 $ 163 $ 707 |
Fair Value, Concentration of Risk | Investments in any counterparty that were greater than 10% of the Company’s equity, other than the U.S. government and its agencies, at estimated fair value, were in fixed income securities of the following foreign governments and their agencies: June 30, December 31, 2023 2022 (In millions) Japan $ 23,251 $ 24,295 South Korea $ 5,747 $ 5,887 Mexico $ 3,861 $ 3,463 |
Securities Lending and Repurchase Agreements | A summary of these transactions and agreements accounted for as secured borrowings were as follows: June 30, 2023 December 31, 2022 Securities (1) Securities (1) Agreement Type Estimated Cash Collateral Reinvestment Estimated Cash Collateral Reinvestment (In millions) Securities lending $ 11,077 $ 11,259 $ 11,630 $ 11,756 $ 12,092 $ 11,833 Repurchase agreements $ 3,176 $ 3,100 $ 3,024 $ 3,176 $ 3,125 $ 3,057 __________________ (1) These securities were included within fixed maturity securities AFS and short-term in vestments at both June 30, 2023 and December 31, 2022. (2) The liability for cash collateral is included within payables for collateral under securities loaned and other transactions. Contractual maturities of these transactions and agreements accounted for as secured borrowings were as follows: June 30, 2023 December 31, 2022 Remaining Maturities Remaining Maturities Security Type Open (1) 1 Month Over 1 Month Over 6 Total Open (1) 1 Month Over 1 Month Over 6 Total (In millions) Cash collateral liability by security type: Securities lending: U.S. government and agency $ 1,813 $ 4,643 $ 4,354 $ 163 $ 10,973 $ 1,945 $ 5,448 $ 3,101 $ — $ 10,494 Foreign government — — — — — — 422 922 — 1,344 Agency RMBS — 286 — — 286 — 63 191 — 254 Total $ 1,813 $ 4,929 $ 4,354 $ 163 $ 11,259 $ 1,945 $ 5,933 $ 4,214 $ — $ 12,092 Repurchase agreements: U.S. government and agency $ — $ 3,100 $ — $ — $ 3,100 $ — $ 3,125 $ — $ — $ 3,125 __________________ (1) The related security could be returned to the Company on the next business day, which would require the Company to immediately return the cash collateral. |
Invested Assets on Deposit, Held in Trust and Pledged as Collateral | Invested assets on deposit, held in trust and pledged as collateral are presented below at estimated fair value for all asset classes, except mortgage loans, which are presented at carrying value, and were as follows at: June 30, 2023 December 31, 2022 (In millions) Invested assets on deposit (regulatory deposits) $ 1,559 $ 1,514 Invested assets held in trust (external reinsurance agreements) (1) 906 881 Invested assets pledged as collateral (2) 27,069 25,442 Total invested assets on deposit, held in trust and pledged as collateral $ 29,534 $ 27,837 __________________ (1) Represents assets held in trust related to third-party reinsurance agreements. Excludes assets held in trust related to reinsurance agreements between wholly-owned subsidiaries of $2.0 billion and $1.9 billion at June 30, 2023 and December 31, 2022, respectively. (2) The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements, secured debt and short-term debt related to repurchase agreements and a collateral financing arrangement (see Notes 4, 13 and 14 of the Notes to the Consolidated Financial Statements included in the 2022 Annual Report) and derivative transactions (see Note 10). |
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: June 30, 2023 December 31, 2022 Asset Type Total Total Total Total (In millions) Investment funds (primarily other invested assets) $ 282 $ 1 $ 266 $ 1 Renewable energy partnership (primarily other invested assets) 69 — 76 — Total $ 351 $ 1 $ 342 $ 1 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: June 30, 2023 December 31, 2022 Asset Type Carrying Maximum Carrying Maximum (In millions) Fixed maturity securities AFS (2) $ 54,591 $ 54,591 $ 51,422 $ 51,422 Other limited partnership interests 13,857 19,831 13,244 18,906 Other invested assets 1,251 1,328 1,310 1,387 Other investments (Real estate joint ventures and FVO Securities) 985 1,036 945 948 Total $ 70,684 $ 76,786 $ 66,921 $ 72,663 __________________ (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 (“OLPI”) and real estate joint ventures (“REJV”) 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. Such a maximum loss would be expected to occur only upon bankruptcy of the issuer or investee. (2) For variable interests in Structured Products included within fixed maturity securities AFS, 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. |
Components of Net Investment Income | The composition of net investment income by asset type was as follows: Three Months Six Months Asset Type 2023 2022 2023 2022 (In millions) Fixed maturity securities AFS $ 3,228 $ 2,832 $ 6,367 $ 5,546 Equity securities 10 5 22 12 FVO Securities 50 (89) 98 (154) Mortgage loans 1,306 833 2,347 1,657 Policy loans 119 114 238 230 Real estate and REJV 137 379 163 707 OLPI 225 168 250 1,094 Cash, cash equivalents and short-term investments 248 49 465 80 Operating joint ventures 13 31 32 49 Other 122 221 278 347 Subtotal investment income 5,458 4,543 10,260 9,568 Less: Investment expenses 681 273 1,142 515 Subtotal, net 4,777 4,270 9,118 9,053 Unit-linked investments 295 (687) 599 (1,186) Net investment income $ 5,072 $ 3,583 $ 9,717 $ 7,867 Net Investment Income (“NII”) Information Net realized and unrealized gains (losses) recognized in NII: Net realized gains (losses) from sales and disposals (primarily FVO Securities and Unit-linked investments) $ 41 $ 40 $ 79 $ 109 Net unrealized gains (losses) from changes in estimated fair value (primarily FVO Securities and Unit-linked investments) 330 (817) 652 (1,409) Net realized and unrealized gains (losses) recognized in NII $ 371 $ (777) $ 731 $ (1,300) Changes in estimated fair value subsequent to purchase of FVO Securities and Unit-linked investments still held at the end of the respective periods and recognized in NII $ 291 $ (802) $ 591 $ (1,276) Equity method investments NII (primarily REJV, OLPI, tax credit and renewable energy partnerships and operating joint ventures) $ 172 $ 386 $ 79 $ 1,474 |
Components of Net Investment Gains (Losses) | The composition of net investment gains (losses) by asset type and transaction type was as follows: Three Months Six Months Asset Type 2023 2022 2023 2022 (In millions) Fixed maturity securities AFS (1) $ (996) $ (671) $ (1,576) $ (1,269) Equity securities 32 (42) 80 (92) Mortgage loans (1) (41) 48 (205) 92 Real estate and REJV (excluding changes in estimated fair value) 13 159 31 163 OLPI (excluding changes in estimated fair value) 3 (2) 12 16 Other gains (losses) 43 110 20 176 Subtotal (946) (398) (1,638) (914) Change in estimated fair value of OLPI and REJV 2 (1) (3) 6 Non-investment portfolio gains (losses) (95) (283) (82) (291) Subtotal (93) (284) (85) (285) Net investment gains (losses) $ (1,039) $ (682) $ (1,723) $ (1,199) Transaction Type Realized gains (losses) on investments sold or disposed $ (20) $ (445) $ (566) $ (656) Impairment (losses) (1) (898) 5 (905) (35) Recognized gains (losses): Change in allowance for credit loss recognized in earnings (42) 84 (224) (159) Unrealized net gains (losses) recognized in earnings 16 (43) 54 (58) Total recognized gains (losses) (26) 41 (170) (217) Non-investment portfolio gains (losses) (95) (283) (82) (291) Net investment gains (losses) $ (1,039) $ (682) $ (1,723) $ (1,199) Net Investment Gains (Losses) (“NIGL”) Information Changes in estimated fair value subsequent to purchase of equity securities still held at the end of the respective periods and recognized in NIGL $ 31 $ (40) $ 20 $ (62) Other gains (losses) include: Gains (losses) on disposed investments which were previously in a qualified cash flow hedge relationship $ (27) $ 42 $ (22) $ 60 Foreign currency gains (losses) $ (27) $ (134) $ 14 $ (11) Net Realized Investment Gains (Losses) From Sales and Disposals of Investments Recognized in NIGL $ (20) $ (445) $ (566) $ (656) Recognized in NII 41 40 79 109 Net realized investment gains (losses) from sales and disposals of investments $ 21 $ (405) $ (487) $ (547) __________________ |
Schedule of Realized Gain (Loss) | The composition of net investment gains (losses) for these securities is as follows: Three Months Six Months Fixed Maturity Securities AFS 2023 2022 2023 2022 (In millions) Proceeds $ 8,412 $ 20,710 $ 23,456 $ 34,734 Gross investment gains $ 73 $ 231 $ 366 $ 340 Gross investment (losses) (213) (1,001) (1,069) (1,404) Realized gains (losses) on sales and disposals (140) (770) (703) (1,064) Net credit loss (provision) release (change in ACL recognized in earnings) (7) 94 (17) (170) Impairment (losses) (849) 5 (856) (35) Net credit loss (provision) release and impairment (losses) (856) 99 (873) (205) Net investment gains (losses) $ (996) $ (671) $ (1,576) $ (1,269) Equity Securities Realized gains (losses) on sales and disposals $ 15 $ — $ 22 $ (30) Unrealized net gains (losses) recognized in earnings 17 (42) 58 (62) Net investment gains (losses) $ 32 $ (42) $ 80 $ (92) |
Derivatives (Tables)
Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
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: June 30, 2023 December 31, 2022 Primary Underlying Risk Exposure Gross Estimated Fair Value Gross Estimated Fair Value Assets Liabilities Assets Liabilities (In millions) Derivatives Designated as Hedging Instruments: Fair value hedges: Interest rate swaps Interest rate $ 4,080 $ 1,310 $ 496 $ 4,143 $ 1,353 $ 467 Foreign currency swaps Foreign currency exchange rate 1,496 71 — 602 82 — Foreign currency forwards Foreign currency exchange rate 586 — 85 1,336 10 89 Subtotal 6,162 1,381 581 6,081 1,445 556 Cash flow hedges: Interest rate swaps Interest rate 4,175 10 242 4,107 8 262 Interest rate forwards Interest rate 6,832 4 879 7,447 1 1,354 Foreign currency swaps Foreign currency exchange rate 42,888 3,186 1,417 42,608 3,554 1,699 Subtotal 53,895 3,200 2,538 54,162 3,563 3,315 NIFO hedges: Foreign currency forwards Foreign currency exchange rate 858 45 — 680 — 38 Currency options Foreign currency exchange rate 3,000 361 — 3,000 236 — Subtotal 3,858 406 — 3,680 236 38 Total qualifying hedges 63,915 4,987 3,119 63,923 5,244 3,909 Derivatives Not Designated or Not Qualifying as Hedging Instruments: Interest rate swaps Interest rate 29,134 1,497 921 31,661 1,660 1,354 Interest rate floors Interest rate 19,645 53 — 25,270 125 — Interest rate caps Interest rate 42,165 783 — 48,290 950 — Interest rate futures Interest rate 973 3 1 1,453 2 1 Interest rate options Interest rate 43,173 304 74 44,391 473 88 Interest rate forwards Interest rate 1,662 4 56 381 — 32 Synthetic GICs Interest rate 50,453 — — 46,316 — — Foreign currency swaps Foreign currency exchange rate 12,336 1,613 325 12,815 1,454 383 Foreign currency forwards Foreign currency exchange rate 15,135 120 1,169 16,195 544 661 Currency futures Foreign currency exchange rate 328 — — 333 8 — Credit default swaps — purchased Credit 2,875 8 90 2,925 18 79 Credit default swaps — written Credit 13,367 197 14 11,512 133 28 Equity futures Equity market 2,901 9 26 2,988 8 4 Equity index options Equity market 18,897 449 287 16,701 765 323 Equity variance swaps Equity market 141 4 1 163 4 1 Equity total return swaps Equity market 2,856 4 93 2,799 23 112 Total non-designated or nonqualifying derivatives 256,041 5,048 3,057 264,193 6,167 3,066 Total $ 319,956 $ 10,035 $ 6,176 $ 328,116 $ 11,411 $ 6,975 Included in the table above, the Company uses various over-the-counter (“OTC”) and exchange traded derivatives to hedge variable annuity guarantees. The table below presents the gross notional amount, estimated fair value and primary underlying risk exposure of the derivatives hedging variable annuity guarantees accounted for as MRBs: June 30, 2023 December 31, 2022 Primary Underlying Risk Exposure Gross Estimated Fair Value Gross Estimated Fair Value Assets Liabilities Assets Liabilities (In millions) Derivatives Not Designated or Not Qualifying as Hedging Instruments: Interest rate $ 8,064 $ 13 $ 690 $ 9,098 $ 41 $ 764 Foreign currency exchange rate 1,065 11 55 887 26 2 Equity market 7,783 153 304 8,829 233 381 $ 16,912 $ 177 $ 1,049 $ 18,814 $ 300 $ 1,147 The change in estimated fair values and earned income of derivatives hedging variable annuity guarantees, recorded in net derivative gains (losses), were ($501) million and ($218) million for the six months ended June 30, 2023 and June 30, 2022, respectively. |
The Effects of Derivatives on the Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) | The following table presents the interim condensed consolidated financial statement location and amount of gain (loss) recognized on fair value, cash flow, NIFO, nonqualifying hedging relationships and embedded derivatives: Three Months Ended June 30, 2023 Net Investment Income Net Investment Gains (Losses) Net Derivative Gains (Losses) Policyholder Benefits and Claims Interest Credited to Policyholder Account Balances Other Expenses Other (In millions) Gain (Loss) on Fair Value Hedges: Interest rate derivatives: Derivatives designated as hedging instruments (1) $ — $ — $ — $ (135) $ (35) $ — N/A Hedged items (1) — — 121 34 — N/A Foreign currency exchange rate derivatives: Derivatives designated as hedging instruments (1) (5) (51) — — 13 — N/A Hedged items 4 39 — — (11) — N/A Amount excluded from the assessment of hedge effectiveness — 10 — — — — N/A Subtotal (2) (2) — (14) 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 $ (205) Amount of gains (losses) reclassified from AOCI into income 13 55 — — — — (68) 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 (262) Amount of gains (losses) reclassified from AOCI into income 1 200 — — — — (201) Foreign currency transaction gains (losses) on hedged items — (176) — — — — — Credit derivatives: (1) Amount of gains (losses) deferred in AOCI N/A N/A N/A N/A N/A N/A (1) Amount of gains (losses) reclassified from AOCI into income — — — — — — — Subtotal 14 79 — — — — (737) Gain (Loss) on NIFO Hedges: Foreign currency exchange rate derivatives (1) N/A N/A N/A N/A N/A N/A 160 Non-derivative hedging instruments N/A N/A N/A N/A N/A N/A 25 Subtotal N/A N/A N/A N/A N/A N/A 185 Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments: Interest rate derivatives (1) — — (434) — — — N/A Foreign currency exchange rate derivatives (1) — — (800) — — — N/A Credit derivatives — purchased (1) — — (18) — — — N/A Credit derivatives — written (1) — — 85 — — — N/A Equity derivatives (1) (36) — (409) — — — N/A Foreign currency transaction gains (losses) on hedged items — — 319 — — — N/A Subtotal (36) — (1,257) — — — N/A Earned income on derivatives 32 — 260 3 (34) — — Synthetic GICs N/A N/A 18 N/A N/A N/A N/A Embedded derivatives N/A N/A (18) — N/A N/A N/A Total $ 8 $ 77 $ (997) $ (11) $ (33) $ — $ (552) Three Months Ended June 30, 2022 Net Investment Income Net Investment Gains (Losses) Net Derivative Gains (Losses) Policyholder Benefits and Claims Interest Credited to Policyholder Account Balances Other Expenses Other (In millions) Gain (Loss) on Fair Value Hedges: Interest rate derivatives: Derivatives designated as hedging instruments (1) $ 3 $ — $ — $ (324) $ (94) $ — N/A Hedged items (4) — — 306 91 — N/A Foreign currency exchange rate derivatives: Derivatives designated as hedging instruments (1) 61 (170) — — — — N/A Hedged items (61) 165 — — — — N/A Amount excluded from the assessment of hedge effectiveness — 28 — — — — N/A Subtotal (1) 23 — (18) (3) — 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 $ (903) Amount of gains (losses) reclassified from AOCI into income 16 42 — — — 1 (59) 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 749 Amount of gains (losses) reclassified from AOCI into income 1 (690) — — — 1 688 Foreign currency transaction gains (losses) on hedged items — 682 — — — — — 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 — — — — — — — Subtotal 17 34 — — — 2 475 Gain (Loss) on NIFO Hedges: Foreign currency exchange rate derivatives (1) N/A N/A N/A N/A N/A N/A 168 Non-derivative hedging instruments N/A N/A N/A N/A N/A N/A 37 Subtotal N/A N/A N/A N/A N/A N/A 205 Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments: Interest rate derivatives (1) 2 — (1,521) — — — N/A Foreign currency exchange rate derivatives (1) 1 — (665) — — — N/A Credit derivatives — purchased (1) — — 46 — — — N/A Credit derivatives — written (1) — — (196) — — — N/A Equity derivatives (1) 36 — 778 — — — N/A Foreign currency transaction gains (losses) on hedged items — — 176 — — — N/A Subtotal 39 — (1,382) — — — N/A Earned income on derivatives 140 — 252 36 (28) — — Synthetic GICs N/A N/A — N/A N/A N/A N/A Embedded derivatives N/A N/A 160 — N/A N/A N/A Total $ 195 $ 57 $ (970) $ 18 $ (31) $ 2 $ 680 Six Months Ended June 30, 2023 Net Net Net Policyholder Interest Other Other (In millions) Gain (Loss) on Fair Value Hedges: Interest rate derivatives: Derivatives designated as hedging instruments (1) $ (1) $ — $ — $ (9) $ 1 $ — N/A Hedged items — — — (5) (2) — N/A Foreign currency exchange rate derivatives: Derivatives designated as hedging instruments (1) (22) (54) — — 13 — N/A Hedged items 21 42 — — (11) — N/A Amount excluded from the assessment of hedge effectiveness — — — — — — N/A Subtotal (2) (12) — (14) 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 $ 342 Amount of gains (losses) reclassified from AOCI into income 27 60 — — — — (87) 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 (422) Amount of gains (losses) reclassified from AOCI into income 2 311 — — — 1 (314) Foreign currency transaction gains (losses) on hedged items — (290) — — — — — Credit derivatives: (1) Amount of gains (losses) deferred in AOCI N/A N/A N/A N/A N/A N/A (1) Amount of gains (losses) reclassified from AOCI into income — — — — — — — Subtotal 29 81 — — — 1 (482) Gain (Loss) on NIFO Hedges: Foreign currency exchange rate derivatives (1) N/A N/A N/A N/A N/A N/A 206 Non-derivative hedging instruments N/A N/A N/A N/A N/A N/A 27 Subtotal N/A N/A N/A N/A N/A N/A 233 Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments: Interest rate derivatives (1) — — (276) — — — N/A Foreign currency exchange rate derivatives (1) — — (962) — — — N/A Credit derivatives — purchased (1) — — (31) — — — N/A Credit derivatives — written (1) — — 88 — — — N/A Equity derivatives (1) (42) — (921) — — — N/A Foreign currency transaction gains (losses) on hedged items — — 442 — — — N/A Subtotal (42) — (1,660) — — — N/A Earned income on derivatives 75 — 572 8 (68) — — Synthetic GICs N/A N/A 36 N/A N/A N/A N/A Embedded derivatives N/A N/A (35) — N/A N/A N/A Total $ 60 $ 69 $ (1,087) $ (6) $ (67) $ 1 $ (249) Six Months Ended June 30, 2022 Net Investment Income Net Investment Gains (Losses) Net Derivative Gains (Losses) Policyholder Benefits and Claims Interest Credited to Policyholder Account Balances Other Expenses Other (In millions) Gain (Loss) on Fair Value Hedges: Interest rate derivatives: Derivatives designated as hedging instruments (1) $ 7 $ — $ — $ (696) $ (174) $ — N/A Hedged items (8) — — 663 169 — N/A Foreign currency exchange rate derivatives: Derivatives designated as hedging instruments (1) 93 (251) — — — — N/A Hedged items (91) 245 — — — — N/A Amount excluded from the assessment of hedge effectiveness — 61 — — — — N/A Subtotal 1 55 — (33) (5) — 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 $ (1,667) Amount of gains (losses) reclassified from AOCI into income 31 60 — — — 2 (93) 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 1,201 Amount of gains (losses) reclassified from AOCI into income 3 (838) — — — 1 834 Foreign currency transaction gains (losses) on hedged items — 828 — — — — — Credit derivatives: (1) Amount of gains (losses) deferred in AOCI N/A N/A N/A N/A N/A N/A N/A Amount of gains (losses) reclassified from AOCI into income — — — — — — — Subtotal 34 50 — — — 3 275 Gain (Loss) on NIFO Hedges: Foreign currency exchange rate derivatives (1) N/A N/A N/A N/A N/A N/A 211 Non-derivative hedging instruments N/A N/A N/A N/A N/A N/A 56 Subtotal N/A N/A N/A N/A N/A N/A 267 Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments: Interest rate derivatives (1) 3 — (2,887) — — — N/A Foreign currency exchange rate derivatives (1) 2 — (740) — — — N/A Credit derivatives — purchased (1) — — 92 — — — N/A Credit derivatives — written (1) — — (245) — — — N/A Equity derivatives (1) 45 — 1,020 — — — N/A Foreign currency transaction gains (losses) on hedged items — — 294 — — — N/A Subtotal 50 — (2,466) — — — N/A Earned income on derivatives 223 — 488 76 (54) — — Synthetic GICs N/A N/A — N/A N/A N/A N/A Embedded derivatives N/A N/A 57 — N/A N/A N/A Total $ 308 $ 105 $ (1,921) $ 43 $ (59) $ 3 $ 542 __________________ (1) Excludes earned income on derivatives. |
Fair Value Hedges | 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: Balance Sheet Line Item Carrying Amount Cumulative Amount June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 (In millions) Fixed maturity securities AFS $ 614 $ 1,411 $ 1 $ 1 Mortgage loans $ 335 $ 331 $ (21) $ (19) Future policy benefits $ (2,901) $ (2,816) $ 204 $ 199 Policyholder account balances $ (1,872) $ (1,789) $ 65 $ 104 __________________ (1) Includes ($124) million and ($136) million of hedging adjustments on discontinued hedging relationships at June 30, 2023 and December 31, 2022, respectively. 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. |
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: June 30, 2023 December 31, 2022 Rating Agency Designation of Referenced Estimated Maximum Weighted Estimated Maximum Weighted (Dollars in millions) Aaa/Aa/A Single name credit default swaps (3) $ 2 $ 155 1.9 $ 3 $ 158 2.2 Credit default swaps referencing indices 84 4,351 2.9 79 4,251 3.4 Subtotal 86 4,506 2.8 82 4,409 3.4 Baa Single name credit default swaps (3) 1 80 2.1 1 81 2.5 Credit default swaps referencing indices 98 8,559 5.1 28 6,775 5.6 Subtotal 99 8,639 5.1 29 6,856 5.5 Ba Single name credit default swaps (3) (1) 37 1.4 — 62 1.3 Credit default swaps referencing indices 2 25 3.5 2 25 4.0 Subtotal 1 62 2.3 2 87 2.1 B Credit default swaps referencing indices 4 130 5.0 2 130 4.7 Subtotal 4 130 5.0 2 130 4.7 Caa Credit default swaps referencing indices (7) 30 3.0 (10) 30 3.5 Subtotal (7) 30 3.0 (10) 30 3.5 Total $ 183 $ 13,367 4.3 $ 105 $ 11,512 4.7 _________________ (1) The rating agency designations are based on availability and the midpoint of the applicable ratings among Moody’s Investors Service (“Moody’s”), S&P and Fitch Ratings. If no rating is available from a rating agency, then an internally developed rating is used. (2) The weighted average years to maturity of the credit default swaps is calculated based on weighted average gross notional amounts. (3) Single name credit default swaps may be referenced to the credit of corporations, foreign governments, or municipals. |
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: June 30, 2023 December 31, 2022 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) $ 10,067 $ 6,120 $ 11,438 $ 6,628 OTC-cleared (1) 129 86 121 342 Exchange-traded 12 27 18 5 Total gross estimated fair value of derivatives presented on the interim condensed consolidated balance sheets (1) 10,208 6,233 11,577 6,975 Gross amounts not offset on the interim condensed consolidated balance sheets: Gross estimated fair value of derivatives: (2) OTC-bilateral (3,880) (3,880) (4,579) (4,579) OTC-cleared (8) (8) (33) (33) Exchange-traded (4) (4) (1) (1) Cash collateral: (3), (4) OTC-bilateral (4,050) — (5,432) — OTC-cleared (92) (78) (35) (295) Exchange-traded — (11) — (3) Securities collateral: (5) OTC-bilateral (2,006) (2,194) (1,322) (2,024) OTC-cleared — — — (14) Exchange-traded — (12) — (1) Net amount after application of master netting agreements and collateral $ 168 $ 46 $ 175 $ 25 __________________ (1) At June 30, 2023 and December 31, 2022, derivative assets included income (expense) accruals reported in accrued investment income or in other liabilities of $173 million an d $166 million , respectively, and derivative liabilities included (income) expense accruals reported in accrued investment income or in other liabilities of $57 million a nd $0, 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, where the centralized clearinghouse treats variation margin as collateral, 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. For certain collateral agreements, cash collateral is pledged to the Company as initial margin on its OTC-bilateral derivatives. (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 June 30, 2023 and December 31, 2022, the Company received excess cash collateral of $305 million and $252 million, respectively, and provided excess cash collateral of $107 million and $125 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 June 30, 2023, 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 June 30, 2023 and December 31, 2022, the Company received excess securities collateral with an estimated fair value of $408 million and $398 million, respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At both June 30, 2023 and December 31, 2022, the Company provided excess securities collateral with an estimated fair value of $1.2 billion, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At June 30, 2023 and December 31, 2022, the Company provided excess securities collateral with an estimated fair value of $955 million and $1.0 billion, respectively, for its OTC-cleared derivatives, and $107 million and $184 million, respectively, for its exchange-traded derivatives, which are not included in the table above due to the foregoing limitation. |
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: June 30, 2023 December 31, 2022 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) $ 10,067 $ 6,120 $ 11,438 $ 6,628 OTC-cleared (1) 129 86 121 342 Exchange-traded 12 27 18 5 Total gross estimated fair value of derivatives presented on the interim condensed consolidated balance sheets (1) 10,208 6,233 11,577 6,975 Gross amounts not offset on the interim condensed consolidated balance sheets: Gross estimated fair value of derivatives: (2) OTC-bilateral (3,880) (3,880) (4,579) (4,579) OTC-cleared (8) (8) (33) (33) Exchange-traded (4) (4) (1) (1) Cash collateral: (3), (4) OTC-bilateral (4,050) — (5,432) — OTC-cleared (92) (78) (35) (295) Exchange-traded — (11) — (3) Securities collateral: (5) OTC-bilateral (2,006) (2,194) (1,322) (2,024) OTC-cleared — — — (14) Exchange-traded — (12) — (1) Net amount after application of master netting agreements and collateral $ 168 $ 46 $ 175 $ 25 __________________ (1) At June 30, 2023 and December 31, 2022, derivative assets included income (expense) accruals reported in accrued investment income or in other liabilities of $173 million an d $166 million , respectively, and derivative liabilities included (income) expense accruals reported in accrued investment income or in other liabilities of $57 million a nd $0, 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, where the centralized clearinghouse treats variation margin as collateral, 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. For certain collateral agreements, cash collateral is pledged to the Company as initial margin on its OTC-bilateral derivatives. (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 June 30, 2023 and December 31, 2022, the Company received excess cash collateral of $305 million and $252 million, respectively, and provided excess cash collateral of $107 million and $125 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 June 30, 2023, 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 June 30, 2023 and December 31, 2022, the Company received excess securities collateral with an estimated fair value of $408 million and $398 million, respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At both June 30, 2023 and December 31, 2022, the Company provided excess securities collateral with an estimated fair value of $1.2 billion, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At June 30, 2023 and December 31, 2022, the Company provided excess securities collateral with an estimated fair value of $955 million and $1.0 billion, respectively, for its OTC-cleared derivatives, and $107 million and $184 million, respectively, for its exchange-traded derivatives, which are not included in the table above due to the foregoing limitation. |
Estimated Fair Value of OTC-bilateral derivatives after considering effect of netting agreements | The following table presents the estimated fair value of the Company’s OTC-bilateral derivatives that were in a net liability position after considering the effect of netting agreements, together with the estimated fair value and balance sheet location of the collateral pledged. June 30, 2023 December 31, 2022 Derivatives Derivatives Total Derivatives Derivatives Total (In millions) Estimated fair value of derivatives in a net liability position (1) $ 2,239 $ 1 $ 2,240 $ 2,049 $ — $ 2,049 Estimated fair value of collateral provided: Fixed maturity securities AFS $ 2,656 $ 7 $ 2,663 $ 2,267 $ — $ 2,267 __________________ (1) After taking into consideration the existence of netting agreements. The following table presents the estimated fair value and balance sheet location of the Company’s embedded derivatives that have been separated from their host contracts at: Balance Sheet Location June 30, 2023 December 31, 2022 (In millions) Embedded derivatives within liability host contracts: Funds withheld and guarantees on reinsurance Other liabilities $ (92) $ (123) Fixed annuities with equity indexed returns Policyholder account balances 156 140 Total $ 64 $ 17 |
Embedded Derivatives | The following table presents the estimated fair value of the Company’s OTC-bilateral derivatives that were in a net liability position after considering the effect of netting agreements, together with the estimated fair value and balance sheet location of the collateral pledged. June 30, 2023 December 31, 2022 Derivatives Derivatives Total Derivatives Derivatives Total (In millions) Estimated fair value of derivatives in a net liability position (1) $ 2,239 $ 1 $ 2,240 $ 2,049 $ — $ 2,049 Estimated fair value of collateral provided: Fixed maturity securities AFS $ 2,656 $ 7 $ 2,663 $ 2,267 $ — $ 2,267 __________________ (1) After taking into consideration the existence of netting agreements. The following table presents the estimated fair value and balance sheet location of the Company’s embedded derivatives that have been separated from their host contracts at: Balance Sheet Location June 30, 2023 December 31, 2022 (In millions) Embedded derivatives within liability host contracts: Funds withheld and guarantees on reinsurance Other liabilities $ (92) $ (123) Fixed annuities with equity indexed returns Policyholder account balances 156 140 Total $ 64 $ 17 |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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: June 30, 2023 Fair Value Hierarchy Level 1 Level 2 Level 3 Total Estimated Fair Value (In millions) Assets Fixed maturity securities AFS: U.S. corporate $ — $ 69,534 $ 12,989 $ 82,523 Foreign corporate — 40,711 12,979 53,690 Foreign government — 45,934 60 45,994 U.S. government and agency 16,744 16,385 — 33,129 RMBS 54 26,700 1,704 28,458 ABS & CLO — 15,277 2,203 17,480 Municipals — 12,317 7 12,324 CMBS — 9,612 647 10,259 Total fixed maturity securities AFS 16,798 236,470 30,589 283,857 Equity securities 420 99 250 769 Unit-linked and FVO Securities (1) 7,471 1,676 1,057 10,204 Short-term investments (2) 5,897 694 18 6,609 Other investments — 347 964 1,311 Derivative assets: (3) Interest rate 3 3,965 — 3,968 Foreign currency exchange rate — 5,332 64 5,396 Credit — 198 7 205 Equity market 9 450 7 466 Total derivative assets 12 9,945 78 10,035 Market risk benefits — — 279 279 Reinsured market risk benefits (4) — — 18 18 Separate account assets (5) 66,293 78,404 1,249 145,946 Total assets (6) $ 96,891 $ 327,635 $ 34,502 $ 459,028 Liabilities Derivative liabilities: (3) Interest rate $ 1 $ 2,376 $ 292 $ 2,669 Foreign currency exchange rate — 2,996 — 2,996 Credit — 104 — 104 Equity market 26 381 — 407 Total derivative liabilities 27 5,857 292 6,176 Embedded derivatives within liability host contracts (7) — — 64 64 Market risk benefits — — 3,259 3,259 Separate account liabilities (5) 7 3 1 11 Total liabilities $ 34 $ 5,860 $ 3,616 $ 9,510 December 31, 2022 Fair Value Hierarchy Level 1 Level 2 Level 3 Total Estimated Fair Value (In millions) Assets Fixed maturity securities AFS: U.S. corporate $ — $ 67,578 $ 12,452 $ 80,030 Foreign corporate — 40,623 11,949 52,572 Foreign government — 46,644 103 46,747 U.S. government and agency 15,955 16,274 — 32,229 RMBS 4 24,515 1,646 26,165 ABS & CLO — 14,895 1,927 16,822 Municipals — 12,152 — 12,152 CMBS — 9,367 696 10,063 Total fixed maturity securities AFS 15,959 232,048 28,773 276,780 Equity securities 1,293 132 259 1,684 Unit-linked and FVO Securities (1) 7,101 1,780 787 9,668 Short-term investments (2) 3,830 686 57 4,573 Other investments — 206 926 1,132 Derivative assets: (3) Interest rate 2 4,570 — 4,572 Foreign currency exchange rate 8 5,670 210 5,888 Credit — 69 82 151 Equity market 8 785 7 800 Total derivative assets 18 11,094 299 11,411 Market risk benefits — — 280 280 Reinsured market risk benefits (4) — — 23 23 Separate account assets (5) 65,107 79,703 1,228 146,038 Total assets (6) $ 93,308 $ 325,649 $ 32,632 $ 451,589 Liabilities Derivative liabilities: (3) Interest rate $ 1 $ 3,153 $ 404 $ 3,558 Foreign currency exchange rate — 2,820 50 2,870 Credit — 92 15 107 Equity market 4 436 — 440 Total derivative liabilities 5 6,501 469 6,975 Embedded derivatives within liability host contracts (7) — — 17 17 Market risk benefits — — 3,763 3,763 Separate account liabilities (5) 8 15 18 41 Total liabilities $ 13 $ 6,516 $ 4,267 $ 10,796 __________________ (1) Contractholder-directed equity securities and FVO Securities (collectively, “Unit-linked and FVO Securities”) were primarily comprised of Unit-linked investments at both June 30, 2023 and December 31, 2022. (2) Short-term investments as presented in the tables above differ from the amounts presented on the interim condensed 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 interim condensed consolidated balance sheets and derivative liabilities are presented within other liabilities on the interim condensed consolidated balance sheets. The amounts are presented gross in the tables above to reflect the presentation on the interim condensed 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) Reinsured MRBs are presented within premiums, reinsurance and other receivables. (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 both June 30, 2023 and December 31, 2022, the estimated fair value of such investments was $65 million. (7) Embedded derivatives within liability host contracts are presented within PABs and other liabilities on the interim condensed consolidated balance sheets. |
Fair Value Inputs, Quantitative Information | The following table presents certain quantitative information about the significant unobservable inputs used in the fair value measurement, and the sensitivity of the estimated fair value to changes in those inputs, for the more significant asset and liability classes measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at: June 30, 2023 December 31, 2022 Impact of Valuation Significant Range Weighted Range Weighted Fixed maturity securities AFS (3) U.S. corporate and foreign corporate • Matrix pricing • Offered quotes (4) 17 - 128 88 — - 126 87 Increase • Market pricing • Quoted prices (4) 5 - 127 91 20 - 109 90 Increase • Consensus pricing • Offered quotes (4) 96 - 102 98 5 - 99 93 Increase RMBS • Market pricing • Quoted prices (4) — - 109 93 — - 106 93 Increase (5) ABS & CLO • Market pricing • Quoted prices (4) 3 - 101 91 3 - 102 91 Increase (5) Derivatives Interest rate • Present value techniques • Swap yield (6) 360 - 380 371 372 - 392 381 Increase (7) Foreign currency exchange rate • Present value techniques • Swap yield (6) 155 - 443 174 74 - 1,938 208 Increase (7) Credit • Present value techniques • Credit spreads (8) — - — — 84 - 138 101 Decrease (7) • Consensus pricing • Offered quotes (9) Market Risk Benefits and Reinsured Market Risk Benefits Direct, assumed and ceded guaranteed minimum benefits • Option pricing techniques • Mortality rates: Ages 0 - 40 0% - 0.15% 0.05% 0% - 0.15% 0.05% (10) Ages 41 - 60 0.03% - 0.75% 0.20% 0.05% - 0.75% 0.20% (10) Ages 61 - 115 0.17% - 100% 1.44% 0.23% - 100% 1.44% (10) • Lapse rates: Durations 1 - 10 0.40% - 32.80% 8.96% 0.40% - 37.50% 8.96% Decrease (11) Durations 11 - 20 0.49% - 18.20% 6.52% 0.49% - 35.75% 6.52% Decrease (11) Durations 21 - 116 0.49% - 15% 2.89% 0.49% - 35.75% 2.89% Decrease (11) • Utilization rates 0.20% - 22% 0.38% 0.20% - 22% 0.38% Increase (12) • Withdrawal rates 0% - 20% 4.02% 0% - 20% 4.02% (13) • Long-term equity volatilities 8.04% - 22.01% 18.49% 8.26% - 22.01% 18.49% Increase (14) • Nonperformance risk spread 0.44% - 2.00% 0.75% 0.34% - 1.77% 0.75% Decrease (15) __________________ (1) The weighted average for fixed maturity securities AFS and derivatives is determined based on the estimated fair value of the securities and derivatives. The weighted average for MRBs is determined based on a combination of account values and experience data. (2) The impact of a decrease in input would have resulted in the opposite impact on estimated fair value. For MRBs, 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) 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. (9) At both June 30, 2023 and December 31, 2022, independent non-binding broker quotations were used in the determination of 1% or less of the total net derivative estimated fair value. (10) 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 MRBs. For contracts that contain only a GMDB, any increase (decrease) in mortality rates result in an increase (decrease) in the estimated fair value of MRBs. Generally, for contracts that contain both a GMDB and a living benefit (e.g., GMIB, GMWB, GMAB), any increase (decrease) in mortality rates result in a decrease (increase) in the estimated fair value of MRBs. (11) 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 MRBs. (12) The utilization rate assumption estimates the percentage of contractholders with GMIBs or a 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 MRBs. (13) 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 MRB. 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. (14) 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 MRBs. (15) 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 MRBs. |
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 (6) Foreign Structured Products Municipals Equity Securities Unit-linked (In millions) Three Months Ended June 30, 2023 Balance, beginning of period $ 25,676 $ 46 $ 4,553 $ — $ 258 $ 1,011 Total realized/unrealized gains (losses) included in net income (loss) (1), (2) (8) (1) 2 — (1) 50 Total realized/unrealized gains (losses) included in AOCI (369) 3 (43) — — — Purchases (3) 1,122 5 272 7 — 190 Sales (3) (527) (4) (112) — (7) (193) Issuances (3) — — — — — — Settlements (3) — — — — — — Transfers into Level 3 (4) 210 11 71 — — — Transfers out of Level 3 (4) (136) — (189) — — (1) Balance, end of period $ 25,968 $ 60 $ 4,554 $ 7 $ 250 $ 1,057 Three Months Ended June 30, 2022 Balance, beginning of period $ 24,362 $ 248 $ 5,930 $ 29 $ 189 $ 868 Total realized/unrealized gains (losses) included in net income (loss) (1), (2) (5) 4 12 — (2) (132) Total realized/unrealized gains (losses) included in AOCI (2,857) 3 (207) — — — Purchases (3) 1,643 1 536 — 2 8 Sales (3) (315) (2) (468) — (10) (2) Issuances (3) — — — — — — Settlements (3) — — — — — — Transfers into Level 3 (4) 154 3 129 — — — Transfers out of Level 3 (4) (400) (154) (585) (29) — — Balance, end of period $ 22,582 $ 103 $ 5,347 $ — $ 179 $ 742 Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2023 (5) $ (8) $ (1) $ 4 $ — $ 1 $ 50 Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2022 (5) $ (5) $ 4 $ 12 $ — $ (3) $ (132) Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2023 (5) $ (379) $ 3 $ (45) $ — $ — $ — Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2022 (5) $ (2,851) $ 3 $ (205) $ — $ — $ — Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Short-term Residential Mortgage Other Net Net Embedded Separate (In millions) Three Months Ended June 30, 2023 Balance, beginning of period $ 58 $ — $ 928 $ 53 $ (44) $ 1,202 Total realized/unrealized gains (losses) included in net income (loss) (1), (2) — — 23 32 (18) (17) Total realized/unrealized gains (losses) included in AOCI (1) — — (41) — — Purchases (3) 5 — 13 — — 72 Sales (3) (44) — — — — (21) Issuances (3) — — — — — — Settlements (3) — — — (3) (2) — Transfers into Level 3 (4) — — — — — 12 Transfers out of Level 3 (4) — — — (255) — — Balance, end of period $ 18 $ — $ 964 $ (214) $ (64) $ 1,248 Three Months Ended June 30, 2022 Balance, beginning of period $ 5 $ 119 $ 1,047 $ 31 $ (296) $ 2,118 Total realized/unrealized gains (losses) included in net income (loss) (1), (2) — (5) 26 (292) 160 24 Total realized/unrealized gains (losses) included in AOCI — — — (191) — — Purchases (3) 15 — 61 152 — 36 Sales (3) (1) — (21) — — (949) Issuances (3) — — — — — (5) Settlements (3) — (5) — 13 19 6 Transfers into Level 3 (4) 100 — — — — — Transfers out of Level 3 (4) — — (100) — — — Balance, end of period $ 119 $ 109 $ 1,013 $ (287) $ (117) $ 1,230 Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2023 (5) $ — $ — $ 23 $ 13 $ (17) $ — Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2022 (5) $ — $ (5) $ 23 $ (291) $ 160 $ — Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2023 (5) $ (1) $ — $ — $ (48) $ — $ — Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2022 (5) $ — $ — $ — $ (199) $ — $ — Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Fixed Maturity Securities AFS Corporate (6) Foreign Structured Municipals Equity Unit-linked (In millions) Six Months Ended June 30, 2023 Balance, beginning of period $ 24,401 $ 103 $ 4,269 $ — $ 259 $ 787 Total realized/unrealized gains (losses) included in net income (loss) (1), (2) (17) (1) (7) — 6 95 Total realized/unrealized gains (losses) included in AOCI 343 2 (24) — — — Purchases (3) 2,408 13 413 7 2 205 Sales (3) (1,064) (12) (239) — (17) (26) Issuances (3) — — — — — — Settlements (3) — — — — — — Transfers into Level 3 (4) 391 10 212 — — 1 Transfers out of Level 3 (4) (494) (55) (70) — — (5) Balance, end of period $ 25,968 $ 60 $ 4,554 $ 7 $ 250 $ 1,057 Six Months Ended June 30, 2022 Balance, beginning of period $ 25,435 $ 91 $ 5,871 $ — $ 151 $ 901 Total realized/unrealized gains (losses) included in net income (loss) (1), (2) (16) (43) 23 — 11 (169) Total realized/unrealized gains (losses) included in AOCI (4,892) 7 (423) — — — Purchases (3) 2,698 1 732 — 25 15 Sales (3) (782) (2) (668) — (6) (4) Issuances (3) — — — — — — Settlements (3) — — — — — — Transfers into Level 3 (4) 463 49 190 — — 13 Transfers out of Level 3 (4) (324) — (378) — (2) (14) Balance, end of period $ 22,582 $ 103 $ 5,347 $ — $ 179 $ 742 Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2023 (5) $ (20) $ (1) $ 3 $ — $ (3) $ 94 Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2022 (5) $ (16) $ (43) $ 23 $ — $ 9 $ (168) Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2023 (5) $ 321 $ 2 $ (26) $ — $ — $ — Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2022 (5) $ (4,885) $ 6 $ (416) $ — $ — $ — Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Short-term Residential Other Net Net Embedded Separate (In millions) Six Months Ended June 30, 2023 Balance, beginning of period $ 57 $ — $ 926 $ (170) $ (17) $ 1,210 Total realized/unrealized gains (losses) included in net income (loss) (1), (2) — — 25 38 (35) (39) Total realized/unrealized gains (losses) included in AOCI — — — 46 — — Purchases (3) 17 — 13 — — 170 Sales (3) (47) — — — — (110) Issuances (3) — — — (1) — — Settlements (3) — — — 33 (12) 1 Transfers into Level 3 (4) — — — — — 16 Transfers out of Level 3 (4) (9) — — (160) — — Balance, end of period $ 18 $ — $ 964 $ (214) $ (64) $ 1,248 Six Months Ended June 30, 2022 Balance, beginning of period $ 3 $ 127 $ 898 $ (152) $ (222) $ 2,131 Total realized/unrealized gains (losses) included in net income (loss) (1), (2) (1) (9) 72 17 57 43 Total realized/unrealized gains (losses) included in AOCI — — — (410) — — Purchases (3) 119 — 187 240 — 107 Sales (3) (2) — (44) — — (1,047) Issuances (3) — — — (2) — (5) Settlements (3) — (9) — 20 48 4 Transfers into Level 3 (4) — — — — — 1 Transfers out of Level 3 (4) — — (100) — — (4) Balance, end of period $ 119 $ 109 $ 1,013 $ (287) $ (117) $ 1,230 Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2023 (5) $ — $ — $ 26 $ 31 $ (35) $ — Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2022 (5) $ — $ (9) $ 69 $ (15) $ 57 $ — Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2023 (5) $ (1) $ — $ — $ 7 $ — $ — Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2022 (5) $ — $ — $ — $ (390) $ — $ — __________________ (1) Amortization of premium/accretion of discount is included within net investment income. Impairments and changes in ACL charged to net income (loss) on certain securities are included in net investment gains (losses), while changes in estimated fair value of Unit-linked and FVO Securities and 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). (2) Interest and dividend accruals, as well as cash interest coupons and dividends received, are excluded from the rollforward. (3) 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. (4) Items transferred into and then out of Level 3 in the same period are excluded from the rollforward. (5) Changes in unrealized gains (losses) included in net income (loss) and included in AOCI 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). (6) Comprised of U.S. and foreign corporate securities. (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 income (loss). Separate account assets and liabilities are presented net for the purposes of the rollforward. |
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), using significant unobservable inputs (Level 3). June 30, 2023 December 31, 2022 (in millions) Carrying value after measurement Mortgage loans (1) $ 513 $ 263 Three Months Six Months 2023 2022 2023 2022 (in millions) Realized gains (losses) net: Mortgage loans (1) $ (54) $ (24) $ (141) $ (14) __________________ |
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: June 30, 2023 Fair Value Hierarchy Carrying Value Level 1 Level 2 Level 3 Total Estimated Fair Value (In millions) Assets Mortgage loans (1) $ 92,986 $ — $ — $ 87,267 $ 87,267 Policy loans $ 8,788 $ — $ — $ 9,602 $ 9,602 Other invested assets $ 951 $ — $ 746 $ 205 $ 951 Premiums, reinsurance and other receivables $ 2,856 $ — $ 993 $ 1,913 $ 2,906 Other assets $ 256 $ — $ 88 $ 168 $ 256 Liabilities Policyholder account balances $ 135,972 $ — $ — $ 129,224 $ 129,224 Long-term debt $ 14,494 $ — $ 14,058 $ — $ 14,058 Collateral financing arrangement $ 675 $ — $ — $ 559 $ 559 Junior subordinated debt securities $ 3,160 $ — $ 3,495 $ — $ 3,495 Other liabilities $ 11,429 $ — $ 1,686 $ 9,366 $ 11,052 Separate account liabilities $ 78,710 $ — $ 78,710 $ — $ 78,710 December 31, 2022 Fair Value Hierarchy Carrying Level 1 Level 2 Level 3 Total (In millions) Assets Mortgage loans (1) $ 83,763 $ — $ — $ 78,694 $ 78,694 Policy loans $ 8,874 $ — $ — $ 9,682 $ 9,682 Other invested assets $ 946 $ — $ 729 $ 217 $ 946 Premiums, reinsurance and other receivables $ 2,905 $ — $ 1,042 $ 1,921 $ 2,963 Other assets $ 267 $ — $ 90 $ 175 $ 265 Liabilities Policyholder account balances $ 133,788 $ — $ — $ 127,514 $ 127,514 Long-term debt $ 14,591 $ — $ 14,241 $ — $ 14,241 Collateral financing arrangement $ 716 $ — $ — $ 591 $ 591 Junior subordinated debt securities $ 3,158 $ — $ 3,502 $ — $ 3,502 Other liabilities $ 2,908 $ — $ 1,377 $ 1,793 $ 3,170 Separate account liabilities $ 81,976 $ — $ 81,976 $ — $ 81,976 _________________ (1) Includes mortgage loans measured at estimated fair value on a nonrecurring basis. |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Schedule of Stock by Class | Preferred stock authorized, issued and outstanding was as follows at both June 30, 2023 and December 31, 2022: Series Shares Shares Issued and Floating Rate Non-Cumulative Preferred Stock, Series A 27,600,000 24,000,000 5.875% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series D 500,000 500,000 5.625% Non-Cumulative Preferred Stock, Series E 32,200 32,200 4.75% Non-Cumulative Preferred Stock, Series F 40,000 40,000 3.85% Fixed Rate Reset Non-Cumulative Preferred Stock, Series G 1,000,000 1,000,000 Series A Junior Participating Preferred Stock 10,000,000 — Not designated 160,827,800 — Total 200,000,000 25,572,200 |
Dividends Declared | The per share and aggregate dividends declared for MetLife, Inc.’s preferred stock were as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Series Per Share Aggregate Per Share Aggregate Per Share Aggregate Per Share Aggregate (In millions, except per share data) A $ 0.375 $ 9 $ 0.256 $ 6 $ 0.736 $ 18 $ 0.506 $ 12 D $ — — $ — — $ 29.375 15 $ 29.375 15 E $ 351.563 11 $ 351.563 11 $ 703.126 22 $ 703.126 22 F $ 296.875 12 $ 296.875 12 $ 593.750 24 $ 593.750 24 G $ — — $ — — $ 19.250 19 $ 19.250 19 Total $ 32 $ 29 $ 98 $ 92 |
Class of Treasury Stock | MetLife, Inc. announced that its Board of Directors authorized common stock repurchases as follows: Authorization Remaining at Announcement Date Authorization Amount June 30, 2023 (In millions) May 25, 2023 $ 1,000 $ 1,000 May 3, 2023 $ 3,000 $ 2,754 May 4, 2022 $ 3,000 $ — |
Components of Accumulated Other Comprehensive Income (Loss) | Information regarding changes in the balances of each component of AOCI attributable to MetLife, Inc. was as follows: Three Months Unrealized Deferred Future Policy Benefits Discount Rate Remeasurement Gains (Losses) Market Risk Benefits Instrument-Specific Credit Risk Remeasurement Gains (Losses) Foreign Defined Total (In millions) Balance, beginning of period $ (16,354) $ 1,748 $ 2,748 $ 186 $ (6,119) $ (1,356) $ (19,147) OCI before reclassifications (3,173) (468) 1,471 (99) (102) (1) (2,372) Deferred income tax benefit (expense) 739 114 (300) 21 (61) — 513 AOCI before reclassifications, net of income tax (18,788) 1,394 3,919 108 (6,282) (1,357) (21,006) Amounts reclassified from AOCI 1,040 (269) — — — 30 801 Deferred income tax benefit (expense) (231) 54 — — — (4) (181) Amounts reclassified from AOCI, net of income tax 809 (215) — — — 26 620 Balance, end of period $ (17,979) $ 1,179 $ 3,919 $ 108 $ (6,282) $ (1,331) $ (20,386) Three Months Unrealized Deferred Future Policy Benefits Discount Rate Remeasurement Gains (Losses) Market Risk Benefits Instrument-Specific Credit Risk Remeasurement Gains (Losses) Foreign Defined Total (In millions) Balance, beginning of period $ 4,619 $ 1,464 $ (9,248) $ 195 $ (5,497) $ (1,577) $ (10,044) OCI before reclassifications (22,365) (154) 11,738 (2) (1,105) 3 (11,885) Deferred income tax benefit (expense) 5,062 40 (2,608) — (67) — 2,427 AOCI before reclassifications, net of income tax (12,684) 1,350 (118) 193 (6,669) (1,574) (19,502) Amounts reclassified from AOCI 682 629 — — — 23 1,334 Deferred income tax benefit (expense) (155) (132) — — — (4) (291) Amounts reclassified from AOCI, net of income tax 527 497 — — — 19 1,043 Sale of subsidiaries, net of income tax 21 — (18) — 350 — 353 Balance, end of period $ (12,136) $ 1,847 $ (136) $ 193 $ (6,319) $ (1,555) $ (18,106) Six Months Unrealized Deferred Future Policy Benefits Discount Rate Remeasurement Gains (Losses) Market Risk Benefits Instrument-Specific Credit Risk Remeasurement Gains (Losses) Foreign Defined Total (In millions) Balance, beginning of period $ (22,646) $ 1,557 $ 6,115 $ 107 $ (6,377) $ (1,377) $ (22,621) OCI before reclassifications 4,410 (81) (2,898) 1 180 (5) 1,607 Deferred income tax benefit (expense) (989) 17 702 — (85) 1 (354) AOCI before reclassifications, net of income tax (19,225) 1,493 3,919 108 (6,282) (1,381) (21,368) Amounts reclassified from AOCI 1,606 (401) — — — 60 1,265 Deferred income tax benefit (expense) (360) 87 — — — (10) (283) Amounts reclassified from AOCI, net of income tax 1,246 (314) — — — 50 982 Balance, end of period $ (17,979) $ 1,179 $ 3,919 $ 108 $ (6,282) $ (1,331) $ (20,386) Six Months Unrealized Deferred Future Policy Benefits Discount Rate Remeasurement Gains (Losses) Market Risk Benefits Instrument-Specific Credit Risk Remeasurement Gains (Losses) Foreign Defined Total (In millions) Balance, beginning of period $ 20,919 $ 1,629 $ (18,559) $ 279 $ (5,121) $ (1,598) $ (2,451) OCI before reclassifications (43,815) (466) 23,607 (109) (1,499) 6 (22,276) Deferred income tax benefit (expense) 9,996 95 (5,219) 23 (87) (1) 4,807 AOCI before reclassifications, net of income tax (12,900) 1,258 (171) 193 (6,707) (1,593) (19,920) Amounts reclassified from AOCI 1,003 741 — — — 47 1,791 Deferred income tax benefit (expense) (230) (152) — — — (7) (389) Amounts reclassified from AOCI, net of income tax 773 589 — — — 40 1,402 Sale of subsidiaries, net of income tax (9) — 35 — 388 (2) 412 Balance, end of period $ (12,136) $ 1,847 $ (136) $ 193 $ (6,319) $ (1,555) $ (18,106) |
Reclassification out of Accumulated Other Comprehensive Income (Loss) | Information regarding amounts reclassified out of each component of AOCI was as follows: Three Months Six Months 2023 2022 2023 2022 AOCI Components Amounts Reclassified from AOCI Consolidated Statements of (In millions) Net unrealized investment gains (losses): Net unrealized investment gains (losses) $ (1,079) $ (772) $ (1,690) $ (1,122) Net investment gains (losses) Net unrealized investment gains (losses) 3 2 5 4 Net investment income Net unrealized investment gains (losses) 36 88 79 115 Net derivative gains (losses) Net unrealized investment gains (losses), before income tax (1,040) (682) (1,606) (1,003) Income tax (expense) benefit 231 155 360 230 Net unrealized investment gains (losses), net of income tax (809) (527) (1,246) (773) Deferred gains (losses) on derivatives - cash flow hedges: Interest rate derivatives 13 16 27 31 Net investment income Interest rate derivatives 55 42 60 60 Net investment gains (losses) Interest rate derivatives — 1 — 2 Other expenses Foreign currency exchange rate derivatives 1 1 2 3 Net investment income Foreign currency exchange rate derivatives 200 (690) 311 (838) Net investment gains (losses) Foreign currency exchange rate derivatives — 1 1 1 Other expenses Gains (losses) on cash flow hedges, before income tax 269 (629) 401 (741) Income tax (expense) benefit (54) 132 (87) 152 Gains (losses) on cash flow hedges, net of income tax 215 (497) 314 (589) Defined benefit plans adjustment: (1) Amortization of net actuarial gains (losses) (32) (26) (65) (53) Amortization of prior service (costs) credit 2 3 5 6 Amortization of defined benefit plan items, before income tax (30) (23) (60) (47) Income tax (expense) benefit 4 4 10 7 Amortization of defined benefit plan items, net of income tax (26) (19) (50) (40) Total reclassifications, net of income tax $ (620) $ (1,043) $ (982) $ (1,402) __________________ (1) These AOCI components are included in the computation of net periodic benefit costs. See Note 15. |
Unrealized Gain (Loss) on Investments | The components of net unrealized investment gains (losses), included in AOCI, were as follows: June 30, 2023 December 31, 2022 (In millions) Fixed maturity securities AFS $ (23,150) $ (29,262) Derivatives 1,494 1,976 Other 535 549 Subtotal (21,121) (26,737) Amounts allocated from: Policyholder liabilities 23 120 Deferred income tax benefit (expense) 4,300 5,545 Net unrealized investment gains (losses) (16,798) (21,072) Net unrealized investment gains (losses) attributable to noncontrolling interests (2) (17) Net unrealized investment gains (losses) attributable to MetLife, Inc. $ (16,800) $ (21,089) |
Other Revenues and Other Expe_2
Other Revenues and Other Expenses (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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: Three Months Six Months 2023 2022 2023 2022 (In millions) Vision fee for service arrangements $ 143 $ 138 $ 302 $ 292 Prepaid legal plans 130 118 261 238 Fee-based investment management 103 100 203 202 Recordkeeping and administrative services (1) 38 43 75 90 Administrative services-only contracts 64 59 128 118 Other revenue from service contracts from customers 68 67 139 135 Total revenues from service contracts from customers 546 525 1,108 1,075 Other 75 90 152 200 Total other revenues $ 621 $ 615 $ 1,260 $ 1,275 __________________ (1) Related to products and businesses no longer actively marketed by the Company. |
Other Expenses | Information on other expenses was as follows: Three Months Six Months 2023 2022 2023 2022 (In millions) Employee-related costs (1) $ 896 $ 868 $ 1,829 $ 1,772 Third-party staffing costs 360 375 704 758 General and administrative expenses 187 164 330 280 Pension, postretirement and postemployment benefit costs 59 24 118 49 Premium taxes, other taxes, and licenses & fees 184 137 345 290 Commissions and other variable expenses 1,447 1,300 2,864 2,631 Capitalization of DAC (729) (637) (1,447) (1,289) Amortization of DAC and VOBA 479 458 949 933 Amortization of negative VOBA (6) (7) (13) (15) Interest expense on debt 256 226 511 451 Total other expenses $ 3,133 $ 2,908 $ 6,190 $ 5,860 __________________ (1) Includes ($34) million and ($72) million for the three months and six months ended June 30, 2023, respectively, and $78 million and $115 million for the three months and six months ended June 30, 2022, respectively, for the net change in cash surrender value of investments in certain life insurance policies, net of premiums paid. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Retirement Benefits [Abstract] | |
Net periodic benefit costs | The components of net periodic benefit costs, reported in other expenses, were as follows: Three Months 2023 2022 Pension Other Pension Other (In millions) Service costs $ 37 $ — $ 50 $ 1 Interest costs 117 10 82 9 Expected return on plan assets (121) (15) (129) (15) Amortization of net actuarial (gains) losses 39 (7) 30 (6) Amortization of prior service costs (credit) (3) — (3) — Net periodic benefit costs (credit) $ 69 $ (12) $ 30 $ (11) Six Months 2023 2022 Pension Other Pension Other (In millions) Service costs $ 75 $ 1 $ 102 $ 2 Interest costs 235 21 163 17 Expected return on plan assets (241) (28) (258) (28) Amortization of net actuarial (gains) losses 78 (15) 61 (12) Amortization of prior service costs (credit) (6) — (6) — Net periodic benefit costs (credit) $ 141 $ (21) $ 62 $ (21) |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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: Three Months Six Months 2023 2022 2023 2022 (In millions, except per share data) Weighted Average Shares: Weighted average common stock outstanding - basic 765.9 809.7 770.6 816.7 Incremental common shares from assumed exercise or issuance of stock-based awards 3.7 4.8 4.8 5.8 Weighted average common stock outstanding - diluted 769.6 814.5 775.4 822.5 Net Income (Loss): Net income (loss) $ 408 $ 915 $ 493 $ 2,554 Less: Net income (loss) attributable to noncontrolling interests 6 5 11 10 Less: Preferred stock dividends 32 29 98 92 Net income (loss) available to MetLife, Inc.’s common shareholders $ 370 $ 881 $ 384 $ 2,452 Basic $ 0.48 $ 1.09 $ 0.50 $ 3.00 Diluted $ 0.48 $ 1.08 $ 0.50 $ 2.98 |
Business, Basis of Presentati_3
Business, Basis of Presentation and Summary of Significant Accounting Policies - Upper-Medium Grade Discount Rate (Details) | Jun. 30, 2023 |
Japan | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Liability For Future Policy Benefit, Upper-Medium Grade Discount Rate, Measurement Input | 10 |
Republic of Korea | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Liability For Future Policy Benefit, Upper-Medium Grade Discount Rate, Measurement Input | 5 |
CHILE | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Liability For Future Policy Benefit, Upper-Medium Grade Discount Rate, Measurement Input | 10 |
Measurement Input, Credit Spread | Japan | Minimum | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Liability For Future Policy Benefit, Upper-Medium Grade Discount Rate, Measurement Input | 10 |
Measurement Input, Credit Spread | Japan | Maximum | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Liability For Future Policy Benefit, Upper-Medium Grade Discount Rate, Measurement Input | 30 |
Measurement Input, Credit Spread | Republic of Korea | Minimum | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Liability For Future Policy Benefit, Upper-Medium Grade Discount Rate, Measurement Input | 5 |
Measurement Input, Credit Spread | Republic of Korea | Maximum | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Liability For Future Policy Benefit, Upper-Medium Grade Discount Rate, Measurement Input | 30 |
Measurement Input, Credit Spread | CHILE | Minimum | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Liability For Future Policy Benefit, Upper-Medium Grade Discount Rate, Measurement Input | 10 |
Measurement Input, Credit Spread | CHILE | Maximum | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Liability For Future Policy Benefit, Upper-Medium Grade Discount Rate, Measurement Input | 25 |
Business, Basis of Presentati_4
Business, Basis of Presentation and Summary of Significant Accounting Policies - Summary Matrix (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Premiums, reinsurance and other receivables | $ 18,530 | $ 17,364 | $ 18,169 | |||||
Deferred policy acquisition costs and value of business acquired | 19,850 | 19,653 | $ 18,945 | 20,417 | ||||
Other assets | 10,977 | 11,025 | 11,742 | |||||
Future policy benefits | 190,474 | 187,222 | 224,358 | |||||
Policyholder Account Balance | 214,413 | 210,597 | 211,737 | |||||
Other Policy-Related Balances | 19,642 | 18,424 | 18,032 | |||||
Market risk benefits | 3,259 | 3,763 | 7,901 | |||||
Deferred income tax liability | 752 | 950 | 4,723 | |||||
Retained earnings | 39,928 | 40,332 | 31,824 | |||||
Accumulated other comprehensive income (loss) | $ (20,386) | $ (19,147) | (22,621) | $ (18,106) | $ (10,044) | $ (2,451) | 315 | |
Previously Reported | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Premiums, reinsurance and other receivables | 17,461 | $ 17,870 | ||||||
Deferred policy acquisition costs and value of business acquired | 22,983 | 16,389 | ||||||
Other assets | 11,026 | 11,685 | ||||||
Future policy benefits | 204,228 | 206,656 | ||||||
Policyholder Account Balance | 203,082 | 205,176 | ||||||
Other Policy-Related Balances | 19,651 | 17,101 | ||||||
Market risk benefits | 0 | 0 | ||||||
Deferred income tax liability | 325 | 11,008 | ||||||
Retained earnings | 41,953 | 36,491 | ||||||
Accumulated other comprehensive income (loss) | $ (27,083) | $ 18,072 | ||||||
Reclassification of carrying amount of contracts and contract features that are market risk benefits | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Premiums, reinsurance and other receivables | (59) | |||||||
Deferred policy acquisition costs and value of business acquired | 0 | |||||||
Other assets | 0 | |||||||
Future policy benefits | (1,818) | |||||||
Policyholder Account Balance | (958) | |||||||
Other Policy-Related Balances | (72) | |||||||
Market risk benefits | 2,789 | |||||||
Deferred income tax liability | 0 | |||||||
Retained earnings | 0 | |||||||
Accumulated other comprehensive income (loss) | 0 | |||||||
Adjustments for the difference between previous carrying amount and fair value measurement for market risk benefits | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Premiums, reinsurance and other receivables | (12) | |||||||
Deferred policy acquisition costs and value of business acquired | 0 | |||||||
Other assets | 0 | |||||||
Future policy benefits | 0 | |||||||
Policyholder Account Balance | 0 | |||||||
Other Policy-Related Balances | 0 | |||||||
Market risk benefits | 5,112 | |||||||
Deferred income tax liability | (1,079) | |||||||
Retained earnings | (4,121) | |||||||
Accumulated other comprehensive income (loss) | 76 | |||||||
Removal of related amounts in accumulated other comprehensive income | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Premiums, reinsurance and other receivables | 0 | |||||||
Deferred policy acquisition costs and value of business acquired | 4,007 | |||||||
Other assets | 42 | |||||||
Future policy benefits | (7,911) | |||||||
Policyholder Account Balance | 0 | |||||||
Other Policy-Related Balances | 1,043 | |||||||
Market risk benefits | 0 | |||||||
Deferred income tax liability | 2,405 | |||||||
Retained earnings | 0 | |||||||
Accumulated other comprehensive income (loss) | 8,512 | |||||||
Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Premiums, reinsurance and other receivables | 32 | |||||||
Deferred policy acquisition costs and value of business acquired | 0 | |||||||
Other assets | 0 | |||||||
Future policy benefits | 719 | |||||||
Policyholder Account Balance | 0 | |||||||
Other Policy-Related Balances | 0 | |||||||
Market risk benefits | 0 | |||||||
Deferred income tax liability | (160) | |||||||
Retained earnings | (527) | |||||||
Accumulated other comprehensive income (loss) | 0 | |||||||
Effect of remeasurement of future policy benefits to an upper-medium grade discount rate | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Premiums, reinsurance and other receivables | 351 | |||||||
Deferred policy acquisition costs and value of business acquired | 0 | |||||||
Other assets | 0 | |||||||
Future policy benefits | 34,119 | |||||||
Policyholder Account Balance | 0 | |||||||
Other Policy-Related Balances | 0 | |||||||
Market risk benefits | 0 | |||||||
Deferred income tax liability | (7,438) | |||||||
Retained earnings | 0 | |||||||
Accumulated other comprehensive income (loss) | (26,330) | |||||||
Adjustments for the cumulative effect of adoption on additional insurance assets and liabilities | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Premiums, reinsurance and other receivables | 19 | |||||||
Deferred policy acquisition costs and value of business acquired | 0 | |||||||
Other assets | 0 | |||||||
Future policy benefits | 83 | |||||||
Policyholder Account Balance | 0 | |||||||
Other Policy-Related Balances | 0 | |||||||
Market risk benefits | 0 | |||||||
Deferred income tax liability | (13) | |||||||
Retained earnings | (42) | |||||||
Accumulated other comprehensive income (loss) | (9) | |||||||
Other balance sheet reclassifications upon adoption of the LDTI standard | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Premiums, reinsurance and other receivables | (32) | |||||||
Deferred policy acquisition costs and value of business acquired | 21 | |||||||
Other assets | 15 | |||||||
Future policy benefits | (7,490) | |||||||
Policyholder Account Balance | 7,519 | |||||||
Other Policy-Related Balances | (40) | |||||||
Market risk benefits | 0 | |||||||
Deferred income tax liability | 0 | |||||||
Retained earnings | 23 | |||||||
Accumulated other comprehensive income (loss) | $ (6) |
Business, Basis of Presentati_5
Business, Basis of Presentation and Summary of Significant Accounting Policies - Transition Table - Balance Sheet (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Premiums, reinsurance and other receivables | $ 18,530 | $ 17,364 | $ 18,169 | |||||
Market risk benefits | 279 | 280 | ||||||
Deferred policy acquisition costs and value of business acquired | 19,850 | 19,653 | $ 18,945 | 20,417 | ||||
Deferred income tax asset | 2,377 | 2,439 | ||||||
Other assets | 10,977 | 11,025 | 11,742 | |||||
Total Assets | 677,279 | 663,072 | ||||||
Future policy benefits | 190,474 | 187,222 | 224,358 | |||||
Policyholder Account Balance | 214,413 | 210,597 | 211,737 | |||||
Market risk benefits | 3,259 | 3,763 | 7,901 | |||||
Other Policy-Related Balances | 19,642 | 18,424 | 18,032 | |||||
Deferred income tax liability | 752 | 950 | 4,723 | |||||
Other liabilities | 34,555 | 25,933 | ||||||
Total Liabilities | 646,787 | 632,947 | ||||||
Retained earnings | 39,928 | 40,332 | 31,824 | |||||
Accumulated other comprehensive income (loss) | (20,386) | $ (19,147) | (22,621) | (18,106) | $ (10,044) | $ (2,451) | $ 315 | |
Total MetLife, Inc.’s stockholders’ equity | 30,261 | 29,881 | ||||||
Noncontrolling interests | 231 | 244 | ||||||
Total equity | 30,492 | $ 32,423 | 30,125 | 34,009 | 42,703 | 50,013 | ||
Total liabilities and equity | $ 677,279 | 663,072 | ||||||
Previously Reported | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Premiums, reinsurance and other receivables | 17,461 | $ 17,870 | ||||||
Market risk benefits | 0 | |||||||
Deferred policy acquisition costs and value of business acquired | 22,983 | 16,389 | ||||||
Deferred income tax asset | 2,830 | |||||||
Other assets | 11,026 | 11,685 | ||||||
Total Assets | 666,611 | |||||||
Future policy benefits | 204,228 | 206,656 | ||||||
Policyholder Account Balance | 203,082 | 205,176 | ||||||
Market risk benefits | 0 | 0 | ||||||
Other Policy-Related Balances | 19,651 | 17,101 | ||||||
Deferred income tax liability | 325 | 11,008 | ||||||
Other liabilities | 25,980 | |||||||
Total Liabilities | 639,324 | |||||||
Retained earnings | 41,953 | 36,491 | ||||||
Accumulated other comprehensive income (loss) | (27,083) | $ 18,072 | ||||||
Total MetLife, Inc.’s stockholders’ equity | 27,040 | |||||||
Noncontrolling interests | 247 | |||||||
Total equity | 27,287 | $ 37,367 | $ 54,237 | $ 67,749 | ||||
Total liabilities and equity | 666,611 | |||||||
Revision of Prior Period, Accounting Standards Update, Adjustment | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Premiums, reinsurance and other receivables | (97) | |||||||
Market risk benefits | 280 | |||||||
Deferred policy acquisition costs and value of business acquired | (3,330) | |||||||
Deferred income tax asset | (391) | |||||||
Other assets | (1) | |||||||
Total Assets | (3,539) | |||||||
Future policy benefits | (17,006) | |||||||
Policyholder Account Balance | 7,515 | |||||||
Market risk benefits | 3,763 | |||||||
Other Policy-Related Balances | (1,227) | |||||||
Deferred income tax liability | 625 | |||||||
Other liabilities | (47) | |||||||
Total Liabilities | (6,377) | |||||||
Retained earnings | (1,621) | |||||||
Accumulated other comprehensive income (loss) | 4,462 | |||||||
Total MetLife, Inc.’s stockholders’ equity | 2,841 | |||||||
Noncontrolling interests | (3) | |||||||
Total equity | 2,838 | |||||||
Total liabilities and equity | $ (3,539) |
Business, Basis of Presentati_6
Business, Basis of Presentation and Summary of Significant Accounting Policies - Transition Table - Income Statement (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Premiums | $ 11,678 | $ 11,556 | $ 21,267 | $ 22,173 | ||
Universal life and investment-type product policy fees | 1,288 | 1,372 | 2,577 | 2,684 | ||
Other revenues | 621 | 615 | 1,260 | 1,275 | ||
Net investment gains (losses) | (1,039) | (682) | (1,723) | (1,199) | ||
Net derivative gains (losses) | (997) | (970) | (1,087) | (1,921) | ||
Total revenues | 16,623 | 15,474 | 32,011 | 30,879 | ||
Policyholder benefits and claims | 11,809 | 11,615 | 21,681 | 22,789 | ||
Policyholder liability remeasurement (gains) losses | (16) | (1) | (25) | (42) | ||
Market risk benefit remeasurement (gains) losses | (817) | (757) | (629) | (2,197) | ||
Interest credited to policyholder account balances | 1,933 | 527 | 3,797 | 1,153 | ||
Policyholder dividends | 151 | 194 | 310 | 393 | ||
Other expenses | 3,133 | 2,908 | 6,190 | 5,860 | ||
Total expenses | 16,193 | 14,486 | 31,324 | 27,956 | ||
Income (loss) before provision for income tax | 430 | 988 | 687 | 2,923 | ||
Provision for income tax expense (benefit) | 22 | 73 | 194 | 369 | ||
Net income (loss) | 408 | $ 85 | 915 | $ 1,639 | 493 | 2,554 |
Net Income (Loss) Attributable to Noncontrolling Interest | 6 | 5 | 11 | 10 | ||
Net income (loss) attributable to MetLife, Inc. | 402 | 910 | 482 | 2,544 | ||
Net income (loss) available to MetLife, Inc.’s common shareholders | 370 | 881 | 384 | 2,452 | ||
Comprehensive income (loss) | (829) | (7,148) | 2,712 | (13,104) | ||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 8 | 4 | (5) | 7 | ||
Comprehensive income (loss) attributable to MetLife, Inc. | $ (837) | $ (7,152) | $ 2,717 | $ (13,111) | ||
Basic | $ 0.48 | $ 1.09 | $ 0.50 | $ 3 | ||
Diluted | $ 0.48 | $ 1.08 | $ 0.50 | $ 2.98 | ||
Previously Reported | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Premiums | $ 11,721 | $ 22,492 | ||||
Universal life and investment-type product policy fees | 1,516 | 2,934 | ||||
Other revenues | 616 | 1,276 | ||||
Net investment gains (losses) | (685) | (1,203) | ||||
Net derivative gains (losses) | (1,195) | (2,054) | ||||
Total revenues | 15,556 | 31,312 | ||||
Policyholder benefits and claims | 11,790 | 22,983 | ||||
Policyholder liability remeasurement (gains) losses | 0 | 0 | ||||
Market risk benefit remeasurement (gains) losses | 0 | 0 | ||||
Interest credited to policyholder account balances | 492 | 1,122 | ||||
Policyholder dividends | 193 | 391 | ||||
Other expenses | 3,083 | 6,103 | ||||
Total expenses | 15,558 | 30,599 | ||||
Income (loss) before provision for income tax | (2) | 713 | ||||
Provision for income tax expense (benefit) | (140) | (99) | ||||
Net income (loss) | 138 | 812 | ||||
Net Income (Loss) Attributable to Noncontrolling Interest | 6 | 11 | ||||
Net income (loss) attributable to MetLife, Inc. | 132 | 801 | ||||
Net income (loss) available to MetLife, Inc.’s common shareholders | 103 | 709 | ||||
Comprehensive income (loss) | (15,323) | (27,482) | ||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 5 | 8 | ||||
Comprehensive income (loss) attributable to MetLife, Inc. | $ (15,328) | $ (27,490) | ||||
Basic | $ 0.13 | $ 0.87 | ||||
Diluted | $ 0.13 | $ 0.86 | ||||
Revision of Prior Period, Accounting Standards Update, Adjustment | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Premiums | $ (165) | $ (319) | ||||
Universal life and investment-type product policy fees | (144) | (250) | ||||
Other revenues | (1) | (1) | ||||
Net investment gains (losses) | 3 | 4 | ||||
Net derivative gains (losses) | 225 | 133 | ||||
Total revenues | (82) | (433) | ||||
Policyholder benefits and claims | (175) | (194) | ||||
Policyholder liability remeasurement (gains) losses | (1) | (42) | ||||
Market risk benefit remeasurement (gains) losses | (757) | (2,197) | ||||
Interest credited to policyholder account balances | 35 | 31 | ||||
Policyholder dividends | 1 | 2 | ||||
Other expenses | (175) | (243) | ||||
Total expenses | (1,072) | (2,643) | ||||
Income (loss) before provision for income tax | 990 | 2,210 | ||||
Provision for income tax expense (benefit) | 213 | 468 | ||||
Net income (loss) | 777 | 1,742 | ||||
Net Income (Loss) Attributable to Noncontrolling Interest | (1) | (1) | ||||
Net income (loss) attributable to MetLife, Inc. | 778 | 1,743 | ||||
Net income (loss) available to MetLife, Inc.’s common shareholders | 778 | 1,743 | ||||
Comprehensive income (loss) | 8,175 | 14,378 | ||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | (1) | (1) | ||||
Comprehensive income (loss) attributable to MetLife, Inc. | $ 8,176 | $ 14,379 | ||||
Basic | $ 0.96 | $ 2.13 | ||||
Diluted | $ 0.95 | $ 2.12 |
Business, Basis of Presentati_7
Business, Basis of Presentation and Summary of Significant Accounting Policies - Transition Table SOE (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 30,492 | $ 32,423 | $ 34,009 | $ 42,703 | $ 30,492 | $ 34,009 | $ 30,125 | $ 50,013 |
Net income (loss) | 408 | 85 | 915 | 1,639 | 493 | 2,554 | ||
Other Comprehensive Income (Loss), Net of Tax | (1,237) | 3,456 | (8,063) | (7,595) | ||||
Change in equity of noncontrolling interests | (6) | (2) | (10) | 1 | ||||
Previously Reported | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 37,367 | 54,237 | 37,367 | 27,287 | 67,749 | |||
Net income (loss) | 138 | 812 | ||||||
Revision of Prior Period, Accounting Standards Update, Adjustment | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2,838 | |||||||
Net income (loss) | 777 | 1,742 | ||||||
Revision of Prior Period, Adjustment | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (3,358) | (11,534) | (3,358) | 2,838 | (17,736) | |||
Retained Earnings | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 39,928 | 39,957 | 38,478 | 38,005 | 39,928 | 38,478 | 40,332 | 36,831 |
Net income (loss) | 402 | 80 | 910 | 1,634 | ||||
Retained Earnings | Previously Reported | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 41,101 | 41,406 | 41,101 | 41,953 | 41,197 | |||
Net income (loss) | 132 | 669 | ||||||
Retained Earnings | Revision of Prior Period, Adjustment | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (2,623) | (3,401) | (2,623) | (1,621) | (4,366) | |||
Net income (loss) | 778 | 965 | ||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (20,386) | (19,147) | (18,106) | (10,044) | (20,386) | (18,106) | (22,621) | (2,451) |
Other Comprehensive Income (Loss), Net of Tax | (1,239) | 3,474 | (8,062) | (7,593) | ||||
Accumulated Other Comprehensive Income (Loss) | Previously Reported | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (17,372) | (1,912) | (17,372) | (27,083) | 10,919 | |||
Other Comprehensive Income (Loss), Net of Tax | (15,460) | (12,831) | ||||||
Accumulated Other Comprehensive Income (Loss) | Revision of Prior Period, Adjustment | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (734) | (8,132) | (734) | 4,462 | (13,370) | |||
Other Comprehensive Income (Loss), Net of Tax | 7,398 | 5,238 | ||||||
Total MetLife, Inc.'s Stockholders' Equity | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 30,261 | 32,194 | 33,744 | 42,432 | 30,261 | 33,744 | 29,881 | 49,746 |
Net income (loss) | 402 | 80 | 910 | 1,634 | ||||
Other Comprehensive Income (Loss), Net of Tax | (1,239) | 3,474 | (8,062) | (7,593) | ||||
Change in equity of noncontrolling interests | 0 | 0 | 0 | 0 | ||||
Total MetLife, Inc.'s Stockholders' Equity | Previously Reported | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 37,101 | 53,965 | 37,101 | 27,040 | 67,482 | |||
Total MetLife, Inc.'s Stockholders' Equity | Revision of Prior Period, Adjustment | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (3,357) | (11,533) | (3,357) | 2,841 | (17,736) | |||
Noncontrolling Interests | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 231 | 229 | 265 | 271 | $ 231 | 265 | 244 | 267 |
Net income (loss) | 6 | 5 | 5 | 5 | ||||
Other Comprehensive Income (Loss), Net of Tax | 2 | (18) | (1) | (2) | ||||
Change in equity of noncontrolling interests | $ (6) | $ (2) | (10) | 1 | ||||
Noncontrolling Interests | Previously Reported | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 266 | 272 | 266 | 247 | 267 | |||
Net income (loss) | 6 | 5 | ||||||
Other Comprehensive Income (Loss), Net of Tax | (2) | |||||||
Change in equity of noncontrolling interests | (11) | 2 | ||||||
Noncontrolling Interests | Revision of Prior Period, Adjustment | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (1) | (1) | $ (1) | $ (3) | $ 0 | |||
Net income (loss) | (1) | 0 | ||||||
Other Comprehensive Income (Loss), Net of Tax | 0 | |||||||
Change in equity of noncontrolling interests | $ 1 | $ (1) |
Business, Basis of Presentati_8
Business, Basis of Presentation and Summary of Significant Accounting Policies - Transition Table - SCF (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Net Cash Provided by (Used in) Operating Activities | $ 5,064 | $ 6,433 |
Policyholder account balances: Deposits | 51,869 | 56,386 |
Policyholder account balances: Withdrawals | (49,013) | (52,746) |
Net cash provided by (used in) financing activities | $ (1,916) | (7,223) |
Previously Reported | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Net Cash Provided by (Used in) Operating Activities | 6,392 | |
Policyholder account balances: Deposits | 56,109 | |
Policyholder account balances: Withdrawals | (52,428) | |
Net cash provided by (used in) financing activities | (7,182) | |
Revision of Prior Period, Accounting Standards Update, Adjustment | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Net Cash Provided by (Used in) Operating Activities | 41 | |
Policyholder account balances: Deposits | 277 | |
Policyholder account balances: Withdrawals | 318 | |
Net cash provided by (used in) financing activities | $ (41) |
Business, Basis of Presentati_9
Business, Basis of Presentation and Summary of Significant Accounting Policies (Narrative) (Details) $ in Millions | 6 Months Ended | ||||
Dec. 31, 2023 USD ($) | Jun. 30, 2023 USD ($) Segment | May 25, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jan. 01, 2021 USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Number of segments | Segment | 5 | ||||
Deferred Sale Inducement Cost | $ 128 | $ 133 | |||
Finite-Lived Intangible Assets [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 214,413 | 210,597 | $ 211,737 | ||
Separate account liabilities | 145,946 | 146,038 | |||
Separate account assets | 145,946 | 146,038 | |||
Global Atlantic Financial Group | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Separate account liabilities | $ 17,000 | ||||
Separate account assets | $ 5,500 | ||||
Global Atlantic Financial Group | Forecast | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Ceding Commissions, Before Tax | $ 2,300 | ||||
U.S. | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Separate account assets | $ 55,605 | $ 61,030 | |||
Other balance sheet reclassifications upon adoption of the LDTI standard | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | $ 7,519 | ||||
Minimum | VODA and VOCRA | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization period | 9 years | ||||
Maximum | VODA and VOCRA | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization period | 40 years |
Segment Information (Earnings)
Segment Information (Earnings) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenues | ||||
Premiums | $ 11,678 | $ 11,556 | $ 21,267 | $ 22,173 |
Universal life and investment-type product policy fees | 1,288 | 1,372 | 2,577 | 2,684 |
Net investment income | 5,072 | 3,583 | 9,717 | 7,867 |
Other revenues | 621 | 615 | 1,260 | 1,275 |
Net investment gains (losses) | (1,039) | (682) | (1,723) | (1,199) |
Net derivative gains (losses) | (997) | (970) | (1,087) | (1,921) |
Total revenues | 16,623 | 15,474 | 32,011 | 30,879 |
Expenses | ||||
Policyholder benefits and claims and policyholder dividends | 11,960 | 11,809 | 21,991 | 23,182 |
Policyholder liability remeasurement (gains) losses | (16) | (1) | (25) | (42) |
Market risk benefit remeasurement (gains) losses | (817) | (757) | (629) | (2,197) |
Interest credited to policyholder account balances | 1,933 | 527 | 3,797 | 1,153 |
Capitalization of DAC | (729) | (637) | (1,447) | (1,289) |
Amortization of DAC and VOBA | 479 | 458 | 949 | 933 |
Amortization of negative VOBA | (6) | (7) | (13) | (15) |
Interest expense on debt | 256 | 226 | 511 | 451 |
Other expenses | 3,133 | 2,868 | 6,190 | 5,780 |
Total expenses | 16,193 | 14,486 | 31,324 | 27,956 |
Provision for income tax expense (benefit) | 22 | 73 | 194 | 369 |
Net income (loss) | 408 | 915 | 493 | 2,554 |
Operating Segments [Member] | ||||
Revenues | ||||
Premiums | 11,678 | 11,556 | 21,267 | 22,132 |
Universal life and investment-type product policy fees | 1,288 | 1,372 | 2,577 | 2,673 |
Net investment income | 5,040 | 4,504 | 9,646 | 9,496 |
Other revenues | 628 | 567 | 1,270 | 1,177 |
Net investment gains (losses) | 0 | 0 | 0 | 0 |
Net derivative gains (losses) | 0 | 0 | 0 | 0 |
Total revenues | 18,634 | 17,999 | 34,760 | 35,478 |
Expenses | ||||
Policyholder benefits and claims and policyholder dividends | 11,930 | 11,628 | 21,891 | 22,847 |
Policyholder liability remeasurement (gains) losses | (16) | (1) | (25) | (42) |
Market risk benefit remeasurement (gains) losses | 0 | 0 | 0 | 0 |
Interest credited to policyholder account balances | 1,642 | 1,253 | 3,184 | 2,444 |
Capitalization of DAC | (729) | (637) | (1,447) | (1,278) |
Amortization of DAC and VOBA | 479 | 458 | 949 | 925 |
Amortization of negative VOBA | (6) | (7) | (13) | (15) |
Interest expense on debt | 256 | 226 | 511 | 451 |
Other expenses | 3,113 | 2,800 | 6,143 | 5,633 |
Total expenses | 16,669 | 15,720 | 31,193 | 30,965 |
Provision for income tax expense (benefit) | 441 | 512 | 793 | 988 |
Adjusted earnings | 1,524 | 1,767 | 2,774 | 3,525 |
Segment Reconciling Items [Member] | ||||
Revenues | ||||
Premiums | 0 | 0 | 0 | 41 |
Universal life and investment-type product policy fees | 0 | 0 | 0 | 11 |
Net investment income | 32 | (921) | 71 | (1,629) |
Other revenues | (7) | 48 | (10) | 98 |
Net investment gains (losses) | (1,039) | (682) | (1,723) | (1,199) |
Net derivative gains (losses) | (997) | (970) | (1,087) | (1,921) |
Total revenues | (2,011) | (2,525) | (2,749) | (4,599) |
Expenses | ||||
Policyholder benefits and claims and policyholder dividends | 30 | 181 | 100 | 335 |
Policyholder liability remeasurement (gains) losses | 0 | 0 | 0 | 0 |
Market risk benefit remeasurement (gains) losses | (817) | (757) | (629) | (2,197) |
Interest credited to policyholder account balances | 291 | (726) | 613 | (1,291) |
Capitalization of DAC | 0 | 0 | 0 | (11) |
Amortization of DAC and VOBA | 0 | 0 | 0 | 8 |
Amortization of negative VOBA | 0 | 0 | 0 | 0 |
Interest expense on debt | 0 | 0 | 0 | 0 |
Other expenses | 20 | 68 | 47 | 147 |
Total expenses | (476) | (1,234) | 131 | (3,009) |
Provision for income tax expense (benefit) | (419) | (439) | (599) | (619) |
U.S. | ||||
Expenses | ||||
Capitalization of DAC | (106) | (55) | ||
U.S. | Operating Segments [Member] | ||||
Revenues | ||||
Premiums | 8,108 | 8,094 | 14,060 | 15,099 |
Universal life and investment-type product policy fees | 294 | 283 | 591 | 581 |
Net investment income | 2,275 | 1,710 | 4,399 | 3,584 |
Other revenues | 434 | 404 | 882 | 830 |
Net investment gains (losses) | 0 | 0 | 0 | 0 |
Net derivative gains (losses) | 0 | 0 | 0 | 0 |
Total revenues | 11,111 | 10,491 | 19,932 | 20,094 |
Expenses | ||||
Policyholder benefits and claims and policyholder dividends | 8,307 | 8,115 | 14,526 | 15,532 |
Policyholder liability remeasurement (gains) losses | (9) | (7) | (42) | (30) |
Market risk benefit remeasurement (gains) losses | 0 | 0 | 0 | 0 |
Interest credited to policyholder account balances | 750 | 453 | 1,442 | 859 |
Capitalization of DAC | (55) | (23) | (106) | (55) |
Amortization of DAC and VOBA | 19 | 15 | 36 | 32 |
Amortization of negative VOBA | 0 | 0 | 0 | 0 |
Interest expense on debt | 5 | 1 | 8 | 3 |
Other expenses | 1,096 | 949 | 2,174 | 1,928 |
Total expenses | 10,113 | 9,503 | 18,038 | 18,269 |
Provision for income tax expense (benefit) | 209 | 208 | 398 | 382 |
Adjusted earnings | 789 | 780 | 1,496 | 1,443 |
Asia | ||||
Expenses | ||||
Capitalization of DAC | (798) | (769) | ||
Asia | Operating Segments [Member] | ||||
Revenues | ||||
Premiums | 1,310 | 1,393 | 2,687 | 2,945 |
Universal life and investment-type product policy fees | 396 | 420 | 793 | 823 |
Net investment income | 1,050 | 1,012 | 1,931 | 2,254 |
Other revenues | 21 | 24 | 41 | 45 |
Net investment gains (losses) | 0 | 0 | 0 | 0 |
Net derivative gains (losses) | 0 | 0 | 0 | 0 |
Total revenues | 2,777 | 2,849 | 5,452 | 6,067 |
Expenses | ||||
Policyholder benefits and claims and policyholder dividends | 1,057 | 1,123 | 2,187 | 2,394 |
Policyholder liability remeasurement (gains) losses | (27) | (10) | (16) | (34) |
Market risk benefit remeasurement (gains) losses | 0 | 0 | 0 | 0 |
Interest credited to policyholder account balances | 570 | 493 | 1,106 | 991 |
Capitalization of DAC | (397) | (381) | (798) | (769) |
Amortization of DAC and VOBA | 190 | 182 | 383 | 376 |
Amortization of negative VOBA | (5) | (5) | (11) | (12) |
Interest expense on debt | 0 | 0 | 0 | 0 |
Other expenses | 778 | 763 | 1,585 | 1,600 |
Total expenses | 2,166 | 2,165 | 4,436 | 4,546 |
Provision for income tax expense (benefit) | 180 | 198 | 305 | 436 |
Adjusted earnings | 431 | 486 | 711 | 1,085 |
Latin America | ||||
Expenses | ||||
Capitalization of DAC | (299) | (227) | ||
Latin America | Operating Segments [Member] | ||||
Revenues | ||||
Premiums | 1,023 | 822 | 2,048 | 1,560 |
Universal life and investment-type product policy fees | 352 | 294 | 687 | 583 |
Net investment income | 418 | 459 | 797 | 781 |
Other revenues | 10 | 10 | 22 | 19 |
Net investment gains (losses) | 0 | 0 | 0 | 0 |
Net derivative gains (losses) | 0 | 0 | 0 | 0 |
Total revenues | 1,803 | 1,585 | 3,554 | 2,943 |
Expenses | ||||
Policyholder benefits and claims and policyholder dividends | 976 | 812 | 1,942 | 1,592 |
Policyholder liability remeasurement (gains) losses | 3 | 6 | (1) | (8) |
Market risk benefit remeasurement (gains) losses | 0 | 0 | 0 | 0 |
Interest credited to policyholder account balances | 105 | 84 | 204 | 152 |
Capitalization of DAC | (148) | (116) | (299) | (227) |
Amortization of DAC and VOBA | 117 | 101 | 223 | 201 |
Amortization of negative VOBA | 0 | 0 | 0 | 0 |
Interest expense on debt | 4 | 4 | 6 | 7 |
Other expenses | 465 | 364 | 895 | 713 |
Total expenses | 1,522 | 1,255 | 2,970 | 2,430 |
Provision for income tax expense (benefit) | 62 | 79 | 150 | 127 |
Adjusted earnings | 219 | 251 | 434 | 386 |
EMEA | ||||
Expenses | ||||
Capitalization of DAC | (227) | (220) | ||
EMEA | Operating Segments [Member] | ||||
Revenues | ||||
Premiums | 499 | 493 | 995 | 1,002 |
Universal life and investment-type product policy fees | 75 | 77 | 152 | 160 |
Net investment income | 47 | 38 | 92 | 79 |
Other revenues | 8 | 8 | 16 | 17 |
Net investment gains (losses) | 0 | 0 | 0 | 0 |
Net derivative gains (losses) | 0 | 0 | 0 | 0 |
Total revenues | 629 | 616 | 1,255 | 1,258 |
Expenses | ||||
Policyholder benefits and claims and policyholder dividends | 237 | 226 | 498 | 502 |
Policyholder liability remeasurement (gains) losses | 2 | 6 | (1) | 10 |
Market risk benefit remeasurement (gains) losses | 0 | 0 | 0 | 0 |
Interest credited to policyholder account balances | 19 | 20 | 35 | 37 |
Capitalization of DAC | (119) | (108) | (227) | (209) |
Amortization of DAC and VOBA | 85 | 88 | 170 | 167 |
Amortization of negative VOBA | (1) | (2) | (2) | (3) |
Interest expense on debt | 0 | 0 | 0 | 0 |
Other expenses | 314 | 298 | 614 | 594 |
Total expenses | 537 | 528 | 1,087 | 1,098 |
Provision for income tax expense (benefit) | 22 | 22 | 38 | 39 |
Adjusted earnings | 70 | 66 | 130 | 121 |
MetLife Holdings | ||||
Expenses | ||||
Capitalization of DAC | (12) | (13) | ||
MetLife Holdings | Operating Segments [Member] | ||||
Revenues | ||||
Premiums | 719 | 760 | 1,442 | 1,536 |
Universal life and investment-type product policy fees | 170 | 296 | 353 | 524 |
Net investment income | 1,170 | 1,268 | 2,297 | 2,661 |
Other revenues | 49 | 23 | 102 | 67 |
Net investment gains (losses) | 0 | 0 | 0 | 0 |
Net derivative gains (losses) | 0 | 0 | 0 | 0 |
Total revenues | 2,108 | 2,347 | 4,194 | 4,788 |
Expenses | ||||
Policyholder benefits and claims and policyholder dividends | 1,341 | 1,354 | 2,710 | 2,836 |
Policyholder liability remeasurement (gains) losses | 15 | 4 | 35 | 20 |
Market risk benefit remeasurement (gains) losses | 0 | 0 | 0 | 0 |
Interest credited to policyholder account balances | 198 | 203 | 397 | 405 |
Capitalization of DAC | (6) | (7) | (12) | (13) |
Amortization of DAC and VOBA | 64 | 70 | 132 | 145 |
Amortization of negative VOBA | 0 | 0 | 0 | 0 |
Interest expense on debt | 3 | 2 | 6 | 3 |
Other expenses | 231 | 242 | 469 | 478 |
Total expenses | 1,846 | 1,868 | 3,737 | 3,874 |
Provision for income tax expense (benefit) | 51 | 97 | 88 | 184 |
Adjusted earnings | 211 | 382 | 369 | 730 |
Corporate & Other | ||||
Expenses | ||||
Capitalization of DAC | (5) | (5) | ||
Corporate & Other | Operating Segments [Member] | ||||
Revenues | ||||
Premiums | 19 | (6) | 35 | (10) |
Universal life and investment-type product policy fees | 1 | 2 | 1 | 2 |
Net investment income | 80 | 17 | 130 | 137 |
Other revenues | 106 | 98 | 207 | 199 |
Net investment gains (losses) | 0 | 0 | 0 | 0 |
Net derivative gains (losses) | 0 | 0 | 0 | 0 |
Total revenues | 206 | 111 | 373 | 328 |
Expenses | ||||
Policyholder benefits and claims and policyholder dividends | 12 | (2) | 28 | (9) |
Policyholder liability remeasurement (gains) losses | 0 | 0 | 0 | 0 |
Market risk benefit remeasurement (gains) losses | 0 | 0 | 0 | 0 |
Interest credited to policyholder account balances | 0 | 0 | 0 | 0 |
Capitalization of DAC | (4) | (2) | (5) | (5) |
Amortization of DAC and VOBA | 4 | 2 | 5 | 4 |
Amortization of negative VOBA | 0 | 0 | 0 | 0 |
Interest expense on debt | 244 | 219 | 491 | 438 |
Other expenses | 229 | 184 | 406 | 320 |
Total expenses | 485 | 401 | 925 | 748 |
Provision for income tax expense (benefit) | (83) | (92) | (186) | (180) |
Adjusted earnings | $ (196) | $ (198) | $ (366) | $ (240) |
Segment Information (Total Asse
Segment Information (Total Assets) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 677,279 | $ 663,072 |
U.S. | ||
Segment Reporting Information [Line Items] | ||
Total assets | 249,706 | 252,219 |
Asia | ||
Segment Reporting Information [Line Items] | ||
Total assets | 150,784 | 148,305 |
Latin America | ||
Segment Reporting Information [Line Items] | ||
Total assets | 70,048 | 63,687 |
EMEA | ||
Segment Reporting Information [Line Items] | ||
Total assets | 17,654 | 16,860 |
MetLife Holdings | ||
Segment Reporting Information [Line Items] | ||
Total assets | 149,965 | 148,749 |
Corporate & Other | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 39,122 | $ 33,252 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2023 Segment | |
Segment Reporting [Abstract] | |
Number of segments | 5 |
Future Policy Benefits -Transit
Future Policy Benefits -Transition Tables (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Liability for Future Policy Benefit, before Reinsurance | $ 190,474 | $ 187,222 | $ 224,358 | |||
Removal of additional insurance liabilities for separate presentation | $ (6,565) | |||||
Subtotal - pre-adoption balance, excluding additional liabilities | 200,091 | |||||
FPB Removal of related amounts in accumulated other comprehensive income | (7,911) | |||||
Reclassification of carrying amount of contracts and contract features that are market risk benefits | (176) | |||||
FPB traditional and limited-payment contracts | 214,694 | |||||
Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach | 719 | |||||
Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard | (7,490) | |||||
Removal of remeasured deferred profit liabilities for separate presentation | (4,658) | |||||
Effect of remeasurement of future policy benefits to an upper-medium grade discount rate | 34,119 | |||||
Balance, deferred profit liabilities at January 1, 2021 | 4,658 | |||||
Ceded Recoverables on traditional and limited-payment contracts | 1,684 | |||||
Effect of remeasurement of the ceded recoverable to an upper-medium grade discount rate | 351 | |||||
Adjustments for loss contracts (with net premiums in excess of gross premiums) under the modified retrospective approach | 32 | |||||
Adjustments for the cumulative effect of adoption on ceded recoverables on traditional and limited-payment contract | 14 | |||||
Additional Liability, Long-Duration Insurance, Original Discount Rate, before Cash Flow and Reinsurance | 5,006 | 6,565 | ||||
Ceded recoverables on additional insurance liabilities | 720 | 727 | ||||
Ceded Recoverable Reclassification of carrying amount of contracts and contract features that are reinsured market risk benefits | (8) | |||||
Ceded Recoverable Adjustments for the cumulative effect of adoption on ceded recoverables on additional insurance liabilities | 1 | |||||
Additional Insurance Liabilities Reclassification of carrying amount of contracts and contract features that are market risk benefits | (1,642) | |||||
Additional Insurance Liabilities Adjustments for the cumulative effect of adoption on additional insurance liabilities | 83 | |||||
Previously Reported | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Liability for Future Policy Benefit, before Reinsurance | 206,656 | |||||
Ceded Recoverables on traditional and limited-payment contracts | 1,287 | |||||
Variable Annuity [Member] | U.S. | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Liability for Future Policy Benefit, before Reinsurance | 60,281 | 58,495 | $ 54,590 | |||
Removal of additional insurance liabilities for separate presentation | (4) | |||||
Subtotal - pre-adoption balance, excluding additional liabilities | 66,026 | |||||
FPB Removal of related amounts in accumulated other comprehensive income | (5,914) | |||||
Reclassification of carrying amount of contracts and contract features that are market risk benefits | 0 | |||||
FPB traditional and limited-payment contracts | 65,970 | |||||
Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach | 337 | |||||
Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard | (7,416) | |||||
Removal of remeasured deferred profit liabilities for separate presentation | (2,897) | |||||
Effect of remeasurement of future policy benefits to an upper-medium grade discount rate | 15,834 | |||||
Balance, deferred profit liabilities at January 1, 2021 | 2,897 | |||||
Ceded Recoverables on traditional and limited-payment contracts | 344 | |||||
Effect of remeasurement of the ceded recoverable to an upper-medium grade discount rate | 135 | |||||
Adjustments for loss contracts (with net premiums in excess of gross premiums) under the modified retrospective approach | 0 | |||||
Adjustments for the cumulative effect of adoption on ceded recoverables on traditional and limited-payment contract | 6 | |||||
Variable Annuity [Member] | U.S. | Previously Reported | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Liability for Future Policy Benefit, before Reinsurance | 66,030 | |||||
Ceded Recoverables on traditional and limited-payment contracts | 203 | |||||
Whole and Term Life & Endowments | Asia | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Liability for Future Policy Benefit, before Reinsurance | 12,499 | 12,792 | 13,785 | |||
Removal of additional insurance liabilities for separate presentation | 0 | |||||
Subtotal - pre-adoption balance, excluding additional liabilities | 17,990 | |||||
FPB Removal of related amounts in accumulated other comprehensive income | 0 | |||||
Reclassification of carrying amount of contracts and contract features that are market risk benefits | 0 | |||||
FPB traditional and limited-payment contracts | 22,206 | |||||
Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach | 51 | |||||
Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard | 4 | |||||
Removal of remeasured deferred profit liabilities for separate presentation | (225) | |||||
Effect of remeasurement of future policy benefits to an upper-medium grade discount rate | 4,386 | |||||
Balance, deferred profit liabilities at January 1, 2021 | 225 | |||||
Ceded Recoverables on traditional and limited-payment contracts | (15) | |||||
Effect of remeasurement of the ceded recoverable to an upper-medium grade discount rate | (15) | |||||
Adjustments for loss contracts (with net premiums in excess of gross premiums) under the modified retrospective approach | 0 | |||||
Adjustments for the cumulative effect of adoption on ceded recoverables on traditional and limited-payment contract | 0 | |||||
Whole and Term Life & Endowments | Asia | Previously Reported | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Liability for Future Policy Benefit, before Reinsurance | 17,990 | |||||
Ceded Recoverables on traditional and limited-payment contracts | 0 | |||||
Accident and Health Insurance Product Line | Asia | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Liability for Future Policy Benefit, before Reinsurance | 10,662 | 10,040 | 11,108 | |||
Removal of additional insurance liabilities for separate presentation | 0 | |||||
Subtotal - pre-adoption balance, excluding additional liabilities | 16,330 | |||||
FPB Removal of related amounts in accumulated other comprehensive income | 0 | |||||
Reclassification of carrying amount of contracts and contract features that are market risk benefits | 0 | |||||
FPB traditional and limited-payment contracts | 16,125 | |||||
Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach | 154 | |||||
Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard | 47 | |||||
Removal of remeasured deferred profit liabilities for separate presentation | (691) | |||||
Effect of remeasurement of future policy benefits to an upper-medium grade discount rate | 285 | |||||
Balance, deferred profit liabilities at January 1, 2021 | 691 | |||||
Ceded Recoverables on traditional and limited-payment contracts | (36) | |||||
Effect of remeasurement of the ceded recoverable to an upper-medium grade discount rate | (66) | |||||
Adjustments for loss contracts (with net premiums in excess of gross premiums) under the modified retrospective approach | 0 | |||||
Adjustments for the cumulative effect of adoption on ceded recoverables on traditional and limited-payment contract | (2) | |||||
Accident and Health Insurance Product Line | Asia | Previously Reported | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Liability for Future Policy Benefit, before Reinsurance | 16,330 | |||||
Ceded Recoverables on traditional and limited-payment contracts | 32 | |||||
Fixed Annuity | Latin America | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Liability for Future Policy Benefit, before Reinsurance | 10,192 | 9,265 | 7,675 | |||
Removal of additional insurance liabilities for separate presentation | 0 | |||||
Subtotal - pre-adoption balance, excluding additional liabilities | 8,393 | |||||
FPB Removal of related amounts in accumulated other comprehensive income | (295) | |||||
Reclassification of carrying amount of contracts and contract features that are market risk benefits | 0 | |||||
FPB traditional and limited-payment contracts | 10,517 | |||||
Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach | 121 | |||||
Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard | (1) | |||||
Removal of remeasured deferred profit liabilities for separate presentation | (570) | |||||
Effect of remeasurement of future policy benefits to an upper-medium grade discount rate | 2,869 | |||||
Balance, deferred profit liabilities at January 1, 2021 | 570 | |||||
Ceded Recoverables on traditional and limited-payment contracts | 0 | |||||
Effect of remeasurement of the ceded recoverable to an upper-medium grade discount rate | 0 | |||||
Adjustments for loss contracts (with net premiums in excess of gross premiums) under the modified retrospective approach | 0 | |||||
Adjustments for the cumulative effect of adoption on ceded recoverables on traditional and limited-payment contract | 0 | |||||
Fixed Annuity | Latin America | Previously Reported | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Liability for Future Policy Benefit, before Reinsurance | 8,393 | |||||
Ceded Recoverables on traditional and limited-payment contracts | 0 | |||||
Long-term Care | MetLife Holdings | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Liability for Future Policy Benefit, before Reinsurance | 14,498 | 13,845 | 14,828 | |||
Removal of additional insurance liabilities for separate presentation | 0 | |||||
Subtotal - pre-adoption balance, excluding additional liabilities | 14,281 | |||||
FPB Removal of related amounts in accumulated other comprehensive income | (1,210) | |||||
Reclassification of carrying amount of contracts and contract features that are market risk benefits | 0 | |||||
FPB traditional and limited-payment contracts | 21,341 | |||||
Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach | 0 | |||||
Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard | 0 | |||||
Removal of remeasured deferred profit liabilities for separate presentation | 0 | |||||
Effect of remeasurement of future policy benefits to an upper-medium grade discount rate | 8,270 | |||||
Balance, deferred profit liabilities at January 1, 2021 | 0 | |||||
Ceded Recoverables on traditional and limited-payment contracts | 0 | |||||
Effect of remeasurement of the ceded recoverable to an upper-medium grade discount rate | 0 | |||||
Adjustments for loss contracts (with net premiums in excess of gross premiums) under the modified retrospective approach | 0 | |||||
Adjustments for the cumulative effect of adoption on ceded recoverables on traditional and limited-payment contract | 0 | |||||
Long-term Care | MetLife Holdings | Previously Reported | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Liability for Future Policy Benefit, before Reinsurance | 14,281 | |||||
Ceded Recoverables on traditional and limited-payment contracts | 0 | |||||
Participating Life Insurance Contract | MetLife Holdings | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Liability for Future Policy Benefit, before Reinsurance | 49,919 | 50,371 | ||||
Removal of additional insurance liabilities for separate presentation | 0 | |||||
Subtotal - pre-adoption balance, excluding additional liabilities | 51,148 | |||||
FPB Removal of related amounts in accumulated other comprehensive income | 0 | |||||
Reclassification of carrying amount of contracts and contract features that are market risk benefits | 0 | |||||
FPB traditional and limited-payment contracts | 51,148 | |||||
Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach | 0 | |||||
Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard | 0 | |||||
Removal of remeasured deferred profit liabilities for separate presentation | 0 | |||||
Effect of remeasurement of future policy benefits to an upper-medium grade discount rate | 0 | |||||
Balance, deferred profit liabilities at January 1, 2021 | 0 | |||||
Participating Life Insurance Contract | MetLife Holdings | Previously Reported | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Liability for Future Policy Benefit, before Reinsurance | 51,148 | |||||
Long-Duration Insurance, Other | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Liability for Future Policy Benefit, before Reinsurance | 10,076 | 10,101 | ||||
Removal of additional insurance liabilities for separate presentation | (6,561) | |||||
Subtotal - pre-adoption balance, excluding additional liabilities | 12,567 | |||||
FPB Removal of related amounts in accumulated other comprehensive income | (492) | |||||
Reclassification of carrying amount of contracts and contract features that are market risk benefits | (176) | |||||
FPB traditional and limited-payment contracts | 14,031 | |||||
Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach | 56 | |||||
Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard | (124) | |||||
Removal of remeasured deferred profit liabilities for separate presentation | (275) | |||||
Effect of remeasurement of future policy benefits to an upper-medium grade discount rate | 2,475 | |||||
Balance, deferred profit liabilities at January 1, 2021 | 275 | |||||
Ceded Recoverables on traditional and limited-payment contracts | 1,391 | |||||
Effect of remeasurement of the ceded recoverable to an upper-medium grade discount rate | 297 | |||||
Adjustments for loss contracts (with net premiums in excess of gross premiums) under the modified retrospective approach | 32 | |||||
Adjustments for the cumulative effect of adoption on ceded recoverables on traditional and limited-payment contract | 10 | |||||
Additional Liability, Long-Duration Insurance, Original Discount Rate, before Cash Flow and Reinsurance | 380 | 1,977 | ||||
Ceded recoverables on additional insurance liabilities | 0 | 8 | ||||
Ceded Recoverable Reclassification of carrying amount of contracts and contract features that are reinsured market risk benefits | (8) | |||||
Ceded Recoverable Adjustments for the cumulative effect of adoption on ceded recoverables on additional insurance liabilities | 0 | |||||
Additional Insurance Liabilities Reclassification of carrying amount of contracts and contract features that are market risk benefits | (1,642) | |||||
Additional Insurance Liabilities Adjustments for the cumulative effect of adoption on additional insurance liabilities | 45 | |||||
Long-Duration Insurance, Other | Previously Reported | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Liability for Future Policy Benefit, before Reinsurance | 19,128 | |||||
Ceded Recoverables on traditional and limited-payment contracts | 1,052 | |||||
Short-Duration Insurance, Other | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Liability for Future Policy Benefit, before Reinsurance | 13,079 | 13,164 | ||||
Removal of additional insurance liabilities for separate presentation | 0 | |||||
Subtotal - pre-adoption balance, excluding additional liabilities | 13,356 | |||||
FPB Removal of related amounts in accumulated other comprehensive income | 0 | |||||
Reclassification of carrying amount of contracts and contract features that are market risk benefits | 0 | |||||
FPB traditional and limited-payment contracts | 13,356 | |||||
Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach | 0 | |||||
Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard | 0 | |||||
Removal of remeasured deferred profit liabilities for separate presentation | 0 | |||||
Effect of remeasurement of future policy benefits to an upper-medium grade discount rate | 0 | |||||
Balance, deferred profit liabilities at January 1, 2021 | 0 | |||||
Short-Duration Insurance, Other | Previously Reported | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Liability for Future Policy Benefit, before Reinsurance | 13,356 | |||||
Variable Life | Asia | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Liability for Future Policy Benefit, before Reinsurance | 1,243 | 1,381 | ||||
Additional Liability, Long-Duration Insurance, Original Discount Rate, before Cash Flow and Reinsurance | 1,243 | 1,381 | 1,344 | $ 1,595 | 1,824 | 1,824 |
Ceded recoverables on additional insurance liabilities | 0 | 0 | ||||
Ceded Recoverable Reclassification of carrying amount of contracts and contract features that are reinsured market risk benefits | 0 | |||||
Ceded Recoverable Adjustments for the cumulative effect of adoption on ceded recoverables on additional insurance liabilities | 0 | |||||
Additional Insurance Liabilities Reclassification of carrying amount of contracts and contract features that are market risk benefits | 0 | |||||
Additional Insurance Liabilities Adjustments for the cumulative effect of adoption on additional insurance liabilities | 0 | |||||
Universal And Variable Life Contracts [Member] | Asia | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Liability for Future Policy Benefit, before Reinsurance | 410 | 455 | ||||
Additional Liability, Long-Duration Insurance, Original Discount Rate, before Cash Flow and Reinsurance | 410 | 455 | 454 | 655 | 788 | 788 |
Ceded recoverables on additional insurance liabilities | 0 | 0 | ||||
Ceded Recoverable Reclassification of carrying amount of contracts and contract features that are reinsured market risk benefits | 0 | |||||
Ceded Recoverable Adjustments for the cumulative effect of adoption on ceded recoverables on additional insurance liabilities | 0 | |||||
Additional Insurance Liabilities Reclassification of carrying amount of contracts and contract features that are market risk benefits | 0 | |||||
Additional Insurance Liabilities Adjustments for the cumulative effect of adoption on additional insurance liabilities | 0 | |||||
Universal And Variable Life Contracts [Member] | MetLife Holdings | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Liability for Future Policy Benefit, before Reinsurance | 2,268 | 2,156 | ||||
Additional Liability, Long-Duration Insurance, Original Discount Rate, before Cash Flow and Reinsurance | $ 2,268 | $ 2,156 | $ 2,081 | $ 2,117 | 2,014 | 1,976 |
Ceded recoverables on additional insurance liabilities | 720 | $ 719 | ||||
Ceded Recoverable Reclassification of carrying amount of contracts and contract features that are reinsured market risk benefits | 0 | |||||
Ceded Recoverable Adjustments for the cumulative effect of adoption on ceded recoverables on additional insurance liabilities | 1 | |||||
Additional Insurance Liabilities Reclassification of carrying amount of contracts and contract features that are market risk benefits | 0 | |||||
Additional Insurance Liabilities Adjustments for the cumulative effect of adoption on additional insurance liabilities | $ 38 |
Future Policy Benefits - FPB on
Future Policy Benefits - FPB on Balance Sheet (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Jan. 01, 2021 |
Liability for Future Policy Benefit, before Reinsurance | $ 190,474 | $ 187,222 | $ 224,358 | |
Variable Annuity [Member] | U.S. | ||||
Liability for Future Policy Benefit, before Reinsurance | 60,281 | 58,495 | $ 54,590 | |
Whole and Term Life & Endowments | Asia | ||||
Liability for Future Policy Benefit, before Reinsurance | 12,499 | 12,792 | 13,785 | |
Accident and Health Insurance Product Line | Asia | ||||
Liability for Future Policy Benefit, before Reinsurance | 10,662 | 10,040 | 11,108 | |
Fixed Annuity | Latin America | ||||
Liability for Future Policy Benefit, before Reinsurance | 10,192 | 9,265 | 7,675 | |
Long-term Care | MetLife Holdings | ||||
Liability for Future Policy Benefit, before Reinsurance | 14,498 | 13,845 | $ 14,828 | |
Variable Annuity for Deferred Profit Liabilities | U.S. | ||||
Liability for Future Policy Benefit, before Reinsurance | 3,417 | 3,327 | ||
Whole and Term Life & Endowments for Deferred Profit Liabilities | Asia | ||||
Liability for Future Policy Benefit, before Reinsurance | 560 | 510 | ||
Accident and Health Insurance Product Line for Deferred Profit Liabilities | Asia | ||||
Liability for Future Policy Benefit, before Reinsurance | 765 | 760 | ||
Fixed Annuity for Deferred Profit Liabilities | Latin America | ||||
Liability for Future Policy Benefit, before Reinsurance | 605 | 560 | ||
Variable Life | Asia | ||||
Liability for Future Policy Benefit, before Reinsurance | 1,243 | 1,381 | ||
Universal And Variable Life Contracts [Member] | Asia | ||||
Liability for Future Policy Benefit, before Reinsurance | 410 | 455 | ||
Universal And Variable Life Contracts [Member] | MetLife Holdings | ||||
Liability for Future Policy Benefit, before Reinsurance | 2,268 | 2,156 | ||
Participating Life Insurance Contract | MetLife Holdings | ||||
Liability for Future Policy Benefit, before Reinsurance | 49,919 | 50,371 | ||
Long-Duration Insurance, Other | ||||
Liability for Future Policy Benefit, before Reinsurance | 10,076 | 10,101 | ||
Short-Duration Insurance, Other | ||||
Liability for Future Policy Benefit, before Reinsurance | $ 13,079 | $ 13,164 |
Future Policy Benefits - Disagg
Future Policy Benefits - Disaggregate Rollforwards (Details) - USD ($) $ in Millions | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Jan. 01, 2021 | |
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||
Liability for Future Policy Benefit, before Reinsurance | $ 190,474 | $ 187,222 | $ 224,358 | |
Variable Annuity [Member] | U.S. | ||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||
Balance, beginning of period, at current discount rate at balance sheet date | 0 | $ 0 | ||
Balance, beginning of period, at original discount rate | 0 | 0 | ||
Effect of actual variances from expected experience (1) | (29) | (2) | ||
Adjusted balance | (29) | (2) | ||
Issuances | 2,558 | 3,929 | ||
Net premiums collected | (2,529) | (3,927) | ||
Ending balance at original discount rate | 0 | 0 | ||
Balance, end of period, at current discount rate at balance sheet date | 0 | 0 | ||
Balance, beginning of period, at current discount rate at balance sheet date | 58,695 | 62,954 | ||
Balance, beginning of period, at original discount rate | 61,426 | 50,890 | ||
Effect of actual variances from expected experience (1) | (167) | (79) | ||
Adjusted balance | 61,259 | 50,811 | ||
Issuances | 2,561 | 3,933 | ||
Interest accrual | 1,411 | 1,182 | ||
Benefit payments | (2,726) | (2,185) | ||
Ending balance at original discount rate | 62,505 | 53,741 | ||
Effect of changes in discount rate assumptions | (2,020) | 797 | ||
Balance, end of period, at current discount rate at balance sheet date | 60,485 | 54,538 | ||
Cumulative amount of fair value hedging adjustments | (204) | 52 | ||
Liability for Future Policy Benefit, before Reinsurance | 60,281 | 54,590 | 58,495 | |
Less: Reinsurance recoverables | 0 | 230 | ||
Liability for Future Policy Benefit, after Reinsurance | 60,281 | 54,360 | ||
Undiscounted - Expected future benefit payments | 115,364 | 101,128 | ||
Discounted - Expected future benefit payments (at current discount rate at balance sheet date) | $ 60,485 | $ 54,538 | ||
Weighted-average duration of the liability | 9 years | 10 years | ||
Weighted-average interest accretion (original locked-in) rate | 4.70% | 4.60% | ||
Weighted-average current discount rate at balance sheet date | 5.30% | 4.80% | ||
Deferred Profit Liability | $ 98 | $ 53 | ||
Whole and Term Life & Endowments | Asia | ||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||
Balance, beginning of period, at current discount rate at balance sheet date | 4,682 | 5,986 | ||
Balance, beginning of period, at original discount rate | 4,943 | 5,881 | ||
Effect of actual variances from expected experience (1) | (26) | (17) | ||
Adjusted balance | 4,917 | 5,864 | ||
Issuances | 328 | 106 | ||
Interest accrual | 27 | 24 | ||
Net premiums collected | (300) | (323) | ||
Effect of foreign currency translation | (384) | (826) | ||
Ending balance at original discount rate | 4,588 | 4,845 | ||
Effect of changes in discount rate assumptions | (196) | (90) | ||
Effect of foreign currency translation on the effect of changes in discount rate assumptions | 15 | (3) | ||
Balance, end of period, at current discount rate at balance sheet date | 4,407 | 4,752 | ||
Balance, beginning of period, at current discount rate at balance sheet date | 17,463 | 24,453 | ||
Balance, beginning of period, at original discount rate | 18,209 | 21,276 | ||
Effect of actual variances from expected experience (1) | 1 | 9 | ||
Adjusted balance | 18,210 | 21,285 | ||
Issuances | 328 | 106 | ||
Interest accrual | 185 | 191 | ||
Benefit payments | (624) | (787) | ||
Effect of foreign currency translation | (1,360) | (2,901) | ||
Ending balance at original discount rate | 16,739 | 17,894 | ||
Effect of changes in discount rate assumptions | 154 | 804 | ||
Effect of foreign currency translation on the effect of changes in discount rate assumptions | 11 | (180) | ||
Balance, end of period, at current discount rate at balance sheet date | 16,904 | 18,518 | ||
Cumulative amount of fair value hedging adjustments | 2 | 19 | ||
Liability for Future Policy Benefit, before Reinsurance | 12,499 | 13,785 | 12,792 | |
Less: Reinsurance recoverables | (2) | (7) | ||
Liability for Future Policy Benefit, after Reinsurance | 12,501 | 13,792 | ||
Undiscounted - Expected future gross premiums | 8,786 | 9,211 | ||
Undiscounted - Expected future benefit payments | 26,771 | 27,795 | ||
Discounted - Expected future gross premiums | 7,691 | 8,271 | ||
Discounted - Expected future benefit payments (at current discount rate at balance sheet date) | $ 16,904 | $ 18,518 | ||
Weighted-average duration of the liability | 17 years | 16 years | ||
Weighted-average interest accretion (original locked-in) rate | 2.50% | 2.40% | ||
Weighted-average current discount rate at balance sheet date | 2.50% | 2.20% | ||
Accident and Health Insurance Product Line | Asia | ||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||
Balance, beginning of period, at current discount rate at balance sheet date | $ 21,181 | $ 26,543 | ||
Balance, beginning of period, at original discount rate | 22,594 | 25,937 | ||
Effect of actual variances from expected experience (1) | (33) | 26 | ||
Adjusted balance | 22,561 | 25,963 | ||
Issuances | 536 | 813 | ||
Interest accrual | 120 | 132 | ||
Net premiums collected | (1,055) | (1,140) | ||
Effect of foreign currency translation | (1,849) | (3,792) | ||
Ending balance at original discount rate | 20,313 | 21,976 | ||
Effect of changes in discount rate assumptions | (1,006) | (487) | ||
Effect of foreign currency translation on the effect of changes in discount rate assumptions | 83 | (2) | ||
Balance, end of period, at current discount rate at balance sheet date | 19,390 | 21,487 | ||
Balance, beginning of period, at current discount rate at balance sheet date | 30,879 | 41,874 | ||
Balance, beginning of period, at original discount rate | 37,189 | 41,517 | ||
Effect of actual variances from expected experience (1) | (53) | 54 | ||
Adjusted balance | 37,136 | 41,571 | ||
Issuances | 536 | 814 | ||
Interest accrual | 246 | 261 | ||
Benefit payments | (653) | (767) | ||
Effect of foreign currency translation | (3,017) | (6,020) | ||
Ending balance at original discount rate | 34,248 | 35,859 | ||
Effect of changes in discount rate assumptions | (4,664) | (3,733) | ||
Effect of foreign currency translation on the effect of changes in discount rate assumptions | 385 | 276 | ||
Balance, end of period, at current discount rate at balance sheet date | 29,969 | 32,402 | ||
Cumulative amount of fair value hedging adjustments | 83 | 193 | ||
Liability for Future Policy Benefit, before Reinsurance | 10,662 | 11,108 | 10,040 | |
Less: Reinsurance recoverables | 149 | (11) | ||
Liability for Future Policy Benefit, after Reinsurance | 10,513 | 11,119 | ||
Undiscounted - Expected future gross premiums | 39,362 | 42,467 | ||
Undiscounted - Expected future benefit payments | 44,435 | 46,153 | ||
Discounted - Expected future gross premiums | 33,399 | 37,169 | ||
Discounted - Expected future benefit payments (at current discount rate at balance sheet date) | $ 29,969 | $ 32,402 | ||
Weighted-average duration of the liability | 26 years | 26 years | ||
Weighted-average interest accretion (original locked-in) rate | 1.80% | 1.80% | ||
Weighted-average current discount rate at balance sheet date | 2.30% | 2.10% | ||
Fixed Annuity | Latin America | ||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||
Balance, beginning of period, at current discount rate at balance sheet date | $ 0 | $ 0 | ||
Balance, beginning of period, at original discount rate | 0 | 0 | ||
Effect of actual variances from expected experience (1) | 0 | 1 | ||
Adjusted balance | 0 | 1 | ||
Issuances | 525 | 352 | ||
Interest accrual | 5 | (1) | ||
Net premiums collected | (530) | (352) | ||
Ending balance at original discount rate | 0 | 0 | ||
Balance, end of period, at current discount rate at balance sheet date | 0 | 0 | ||
Balance, beginning of period, at current discount rate at balance sheet date | 9,265 | 7,343 | ||
Balance, beginning of period, at original discount rate | 8,240 | 6,851 | ||
Effect of actual variances from expected experience (1) | (9) | (33) | ||
Adjusted balance | 8,231 | 6,818 | ||
Issuances | 577 | 376 | ||
Interest accrual | 173 | 145 | ||
Benefit payments | (336) | (291) | ||
Inflation adjustment | 243 | 469 | ||
Effect of foreign currency translation | 538 | (663) | ||
Ending balance at original discount rate | 9,426 | 6,854 | ||
Effect of changes in discount rate assumptions | 706 | 916 | ||
Effect of foreign currency translation on the effect of changes in discount rate assumptions | 60 | (95) | ||
Balance, end of period, at current discount rate at balance sheet date | 10,192 | 7,675 | ||
Liability for Future Policy Benefit, before Reinsurance | 10,192 | 7,675 | 9,265 | |
Undiscounted - Expected future benefit payments | 14,343 | 10,626 | ||
Discounted - Expected future benefit payments (at current discount rate at balance sheet date) | $ 10,192 | $ 7,675 | ||
Weighted-average duration of the liability | 11 years | 11 years | ||
Weighted-average interest accretion (original locked-in) rate | 3.90% | 4.40% | ||
Weighted-average current discount rate at balance sheet date | 2.90% | 2.70% | ||
Deferred Profit Liability | $ 3 | $ 18 | ||
Long-term Care | MetLife Holdings | ||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||
Balance, beginning of period, at current discount rate at balance sheet date | 5,775 | 7,058 | ||
Balance, beginning of period, at original discount rate | 5,807 | 5,699 | ||
Effect of actual variances from expected experience (1) | 83 | 106 | ||
Adjusted balance | 5,890 | 5,805 | ||
Interest accrual | 149 | 147 | ||
Net premiums collected | (293) | (288) | ||
Ending balance at original discount rate | 5,746 | 5,664 | ||
Effect of changes in discount rate assumptions | 3 | 288 | ||
Balance, end of period, at current discount rate at balance sheet date | 5,749 | 5,952 | ||
Balance, beginning of period, at current discount rate at balance sheet date | 19,619 | 27,627 | ||
Balance, beginning of period, at original discount rate | 20,165 | 19,406 | ||
Effect of actual variances from expected experience (1) | 99 | 116 | ||
Adjusted balance | 20,264 | 19,522 | ||
Interest accrual | 534 | 515 | ||
Benefit payments | (382) | (345) | ||
Ending balance at original discount rate | 20,416 | 19,692 | ||
Effect of changes in discount rate assumptions | (169) | 1,088 | ||
Balance, end of period, at current discount rate at balance sheet date | 20,247 | 20,780 | ||
Liability for Future Policy Benefit, before Reinsurance | 14,498 | 14,828 | $ 13,845 | |
Undiscounted - Expected future gross premiums | 10,893 | 11,062 | ||
Undiscounted - Expected future benefit payments | 45,653 | 45,787 | ||
Discounted - Expected future gross premiums | 7,089 | 7,501 | ||
Discounted - Expected future benefit payments (at current discount rate at balance sheet date) | $ 20,247 | $ 20,780 | ||
Weighted-average duration of the liability | 15 years | 16 years | ||
Weighted-average interest accretion (original locked-in) rate | 5.40% | 5.50% | ||
Weighted-average current discount rate at balance sheet date | 5.50% | 5% |
Future Policy Benefits - FBP -
Future Policy Benefits - FBP - Additional Insurance Liabilities (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Variable Life | Asia | ||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Additional Liability, Long-Duration Insurance, Original Discount Rate, before Cash Flow and Reinsurance | $ 1,381 | $ 1,595 |
Additional Liability, Long-Duration Insurance, Original Discount Rate, AOCI Adjustment before Cash Flow and Reinsurance | 0 | 0 |
Additional Liability, Long-Duration Insurance, Balance, before AOCI adjustment | 1,381 | 1,595 |
Additional Liability, Long-Duration Insurance, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | (8) | 1 |
Additional Liability, Long-Duration Insurance, Original Discount Rate, before Reinsurance, after Cash Flow Change | 1,373 | 1,596 |
Additional Liability, Long-Duration Insurance, Assessment Accrual | (2) | (2) |
Additional Liability, Long-Duration Insurance, Interest Income (Expense) | 10 | 11 |
Additional Liability, Long-Duration Insurance, Benefit Payment | (19) | (20) |
Additional Liability, Long-Duration Insurance, Effect of Foreign Currency Translation | (119) | (241) |
Additional Liability, Long-Duration Insurance, Balance, before AOCI adjustment | 1,243 | 1,344 |
Additional Liability, Long-Duration Insurance, Original Discount Rate, AOCI Adjustment before Cash Flow and Reinsurance | 0 | 0 |
Additional Liability, Long-Duration Insurance, Original Discount Rate, before Cash Flow and Reinsurance | $ 1,243 | $ 1,344 |
Additional Liability, Long-Duration Insurance, Weighted-Average Duration | 17 years | 18 years |
Additional Liability, Long-Duration Insurance, Weighted-Average Interest Accretion Rate | 1.50% | 1.50% |
Universal And Variable Life Contracts [Member] | Asia | ||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Additional Liability, Long-Duration Insurance, Original Discount Rate, before Cash Flow and Reinsurance | $ 455 | $ 655 |
Additional Liability, Long-Duration Insurance, Original Discount Rate, AOCI Adjustment before Cash Flow and Reinsurance | (33) | 56 |
Additional Liability, Long-Duration Insurance, Balance, before AOCI adjustment | 488 | 599 |
Additional Liability, Long-Duration Insurance, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | (22) | (41) |
Additional Liability, Long-Duration Insurance, Original Discount Rate, before Reinsurance, after Cash Flow Change | 466 | 558 |
Additional Liability, Long-Duration Insurance, Assessment Accrual | 0 | 0 |
Additional Liability, Long-Duration Insurance, Interest Income (Expense) | 3 | 4 |
Additional Liability, Long-Duration Insurance, Benefit Payment | 0 | 0 |
Additional Liability, Long-Duration Insurance, Effect of Foreign Currency Translation | (41) | (89) |
Additional Liability, Long-Duration Insurance, Balance, before AOCI adjustment | 428 | 473 |
Additional Liability, Long-Duration Insurance, Original Discount Rate, AOCI Adjustment before Cash Flow and Reinsurance | (18) | (19) |
Additional Liability, Long-Duration Insurance, Original Discount Rate, before Cash Flow and Reinsurance | $ 410 | $ 454 |
Additional Liability, Long-Duration Insurance, Weighted-Average Duration | 43 years | 42 years |
Additional Liability, Long-Duration Insurance, Weighted-Average Interest Accretion Rate | 1.50% | 1.50% |
Universal And Variable Life Contracts [Member] | MetLife Holdings | ||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Additional Liability, Long-Duration Insurance, Original Discount Rate, before Cash Flow and Reinsurance | $ 2,156 | $ 2,117 |
Additional Liability, Long-Duration Insurance, Original Discount Rate, AOCI Adjustment before Cash Flow and Reinsurance | (63) | 67 |
Additional Liability, Long-Duration Insurance, Balance, before AOCI adjustment | 2,219 | 2,050 |
Additional Liability, Long-Duration Insurance, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | (6) | 19 |
Additional Liability, Long-Duration Insurance, Original Discount Rate, before Reinsurance, after Cash Flow Change | 2,213 | 2,069 |
Additional Liability, Long-Duration Insurance, Assessment Accrual | 55 | 53 |
Additional Liability, Long-Duration Insurance, Interest Income (Expense) | 61 | 56 |
Additional Liability, Long-Duration Insurance, Benefit Payment | (63) | (62) |
Additional Liability, Long-Duration Insurance, Balance, before AOCI adjustment | 2,266 | 2,116 |
Additional Liability, Long-Duration Insurance, Original Discount Rate, AOCI Adjustment before Cash Flow and Reinsurance | 2 | (35) |
Additional Liability, Long-Duration Insurance, Original Discount Rate, before Cash Flow and Reinsurance | 2,268 | 2,081 |
Additional Liability, Long-Duration Insurance, Reinsurance Recoverable, after Allowance | 744 | 753 |
Additional Liability, Long-Duration Insurance, after Reinsurance | $ 1,524 | $ 1,328 |
Additional Liability, Long-Duration Insurance, Weighted-Average Duration | 16 years | 16 years |
Additional Liability, Long-Duration Insurance, Weighted-Average Interest Accretion Rate | 5.60% | 5.50% |
Future Policy Benefits - FBP In
Future Policy Benefits - FBP Income Statement (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Principal Transaction Revenue [Line Items] | ||
Gross Premiums or Assessments (1) | $ 8,196 | $ 9,475 |
Interest Expense (2) | 2,664 | 2,398 |
Variable Annuity [Member] | U.S. | ||
Principal Transaction Revenue [Line Items] | ||
Gross Premiums or Assessments (1) | 2,592 | 4,038 |
Interest Expense (2) | 1,411 | 1,182 |
Whole and Term Life & Endowments | Asia | ||
Principal Transaction Revenue [Line Items] | ||
Gross Premiums or Assessments (1) | 555 | 609 |
Interest Expense (2) | 158 | 167 |
Accident and Health Insurance Product Line | Asia | ||
Principal Transaction Revenue [Line Items] | ||
Gross Premiums or Assessments (1) | 1,762 | 1,917 |
Interest Expense (2) | 126 | 129 |
Fixed Annuity | Latin America | ||
Principal Transaction Revenue [Line Items] | ||
Gross Premiums or Assessments (1) | 529 | 352 |
Interest Expense (2) | 168 | 146 |
Long-term Care | MetLife Holdings | ||
Principal Transaction Revenue [Line Items] | ||
Gross Premiums or Assessments (1) | 366 | 367 |
Interest Expense (2) | 385 | 368 |
Fixed Annuity for Deferred Profit Liabilities | Latin America | ||
Principal Transaction Revenue [Line Items] | ||
Interest Expense (2) | 11 | 10 |
Fixed Annuity for Deferred Profit Liabilities | U.S. | ||
Principal Transaction Revenue [Line Items] | ||
Interest Expense (2) | 81 | 75 |
Whole and Term Life & Endowments for Deferred Profit Liabilities | Asia | ||
Principal Transaction Revenue [Line Items] | ||
Interest Expense (2) | 14 | 13 |
Accident and Health Insurance Product Line for Deferred Profit Liabilities | Asia | ||
Principal Transaction Revenue [Line Items] | ||
Interest Expense (2) | 9 | 8 |
Variable Life | Asia | ||
Principal Transaction Revenue [Line Items] | ||
Gross Premiums or Assessments (1) | 11 | 12 |
Interest Expense (2) | 10 | 11 |
Universal And Variable Life Contracts [Member] | Asia | ||
Principal Transaction Revenue [Line Items] | ||
Gross Premiums or Assessments (1) | (14) | (1) |
Interest Expense (2) | 3 | 4 |
Universal And Variable Life Contracts [Member] | MetLife Holdings | ||
Principal Transaction Revenue [Line Items] | ||
Gross Premiums or Assessments (1) | 380 | 387 |
Interest Expense (2) | 61 | 56 |
Long-Duration Insurance, Other | ||
Principal Transaction Revenue [Line Items] | ||
Gross Premiums or Assessments (1) | 2,015 | 1,794 |
Interest Expense (2) | $ 227 | $ 229 |
Future Policy Benefits (Rollfor
Future Policy Benefits (Rollforward of Unpaid Claims) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Balance, beginning of period | $ 16,098 | $ 15,598 |
Less: Reinsurance recoverables | 2,452 | 2,629 |
Net balance, beginning of period | 13,646 | 12,969 |
Incurred related to: | ||
Current period | 13,580 | 13,101 |
Prior periods (1) | 306 | 634 |
Total incurred | 13,886 | 13,735 |
Paid related to: | ||
Current period | (8,546) | (8,291) |
Prior periods | (4,959) | (4,831) |
Total paid | (13,505) | (13,122) |
Net balance, end of period | 14,027 | 13,582 |
Add: Reinsurance recoverables | 2,590 | 2,537 |
Balance, end of period (included in future policy benefits and other policy-related balances) | $ 16,617 | $ 16,119 |
Policyholder Account Balances -
Policyholder Account Balances - Transition Table (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Policyholder Account Balance | $ 214,413 | $ 210,597 | $ 211,737 | |||
Reclassification of carrying amount of contracts and contract features that are market risk benefits | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Policyholder Account Balance | (958) | |||||
Other balance sheet reclassifications upon adoption of the LDTI standard | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Policyholder Account Balance | 7,519 | |||||
Previously Reported | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Policyholder Account Balance | 203,082 | $ 205,176 | ||||
Other Products | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Policyholder Account Balance | 16,552 | 15,936 | 19,441 | |||
Other Products | Reclassification of carrying amount of contracts and contract features that are market risk benefits | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Policyholder Account Balance | (170) | |||||
Other Products | Other balance sheet reclassifications upon adoption of the LDTI standard | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Policyholder Account Balance | 102 | |||||
Other Products | Previously Reported | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Policyholder Account Balance | 19,509 | |||||
Group Insurance Policy | U.S. | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Policyholder Account Balance | 7,875 | 8,028 | $ 8,056 | $ 7,893 | 7,586 | |
Group Insurance Policy | U.S. | Reclassification of carrying amount of contracts and contract features that are market risk benefits | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Policyholder Account Balance | 0 | |||||
Group Insurance Policy | U.S. | Other balance sheet reclassifications upon adoption of the LDTI standard | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Policyholder Account Balance | 0 | |||||
Group Insurance Policy | U.S. | Previously Reported | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Policyholder Account Balance | 7,586 | |||||
CapitalMarketsInvestmentProductsandStableValueGICs | U.S. | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Policyholder Account Balance | 64,103 | 63,723 | 64,595 | 62,521 | 62,908 | |
CapitalMarketsInvestmentProductsandStableValueGICs | U.S. | Reclassification of carrying amount of contracts and contract features that are market risk benefits | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Policyholder Account Balance | 0 | |||||
CapitalMarketsInvestmentProductsandStableValueGICs | U.S. | Other balance sheet reclassifications upon adoption of the LDTI standard | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Policyholder Account Balance | 0 | |||||
CapitalMarketsInvestmentProductsandStableValueGICs | U.S. | Previously Reported | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Policyholder Account Balance | 62,908 | |||||
Annuities and Risk Solutions | U.S. | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Policyholder Account Balance | 16,693 | 15,549 | 14,439 | 14,431 | 13,643 | |
Annuities and Risk Solutions | U.S. | Reclassification of carrying amount of contracts and contract features that are market risk benefits | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Policyholder Account Balance | (24) | |||||
Annuities and Risk Solutions | U.S. | Other balance sheet reclassifications upon adoption of the LDTI standard | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Policyholder Account Balance | 7,417 | 7,400 | ||||
Annuities and Risk Solutions | U.S. | Previously Reported | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Policyholder Account Balance | 6,250 | |||||
Universal And Variable Life Contracts [Member] | Asia | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Policyholder Account Balance | 46,851 | 46,417 | 45,359 | 46,590 | 43,868 | |
Universal And Variable Life Contracts [Member] | Asia | Reclassification of carrying amount of contracts and contract features that are market risk benefits | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Policyholder Account Balance | 0 | |||||
Universal And Variable Life Contracts [Member] | Asia | Other balance sheet reclassifications upon adoption of the LDTI standard | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Policyholder Account Balance | 0 | |||||
Universal And Variable Life Contracts [Member] | Asia | Previously Reported | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Policyholder Account Balance | 43,868 | |||||
Fixed Annuity | Asia | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Policyholder Account Balance | 35,124 | 32,454 | 30,149 | 30,976 | 31,422 | |
Fixed Annuity | Asia | Reclassification of carrying amount of contracts and contract features that are market risk benefits | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Policyholder Account Balance | 0 | |||||
Fixed Annuity | Asia | Other balance sheet reclassifications upon adoption of the LDTI standard | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Policyholder Account Balance | 0 | |||||
Fixed Annuity | Asia | Previously Reported | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Policyholder Account Balance | 31,422 | |||||
Fixed Annuity | MetLife Holdings | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Policyholder Account Balance | 12,410 | 13,286 | 13,985 | 14,398 | 15,234 | |
Fixed Annuity | MetLife Holdings | Reclassification of carrying amount of contracts and contract features that are market risk benefits | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Policyholder Account Balance | (493) | |||||
Fixed Annuity | MetLife Holdings | Other balance sheet reclassifications upon adoption of the LDTI standard | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Policyholder Account Balance | 0 | |||||
Fixed Annuity | MetLife Holdings | Previously Reported | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Policyholder Account Balance | 15,727 | |||||
Variable Annuity [Member] | EMEA | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Policyholder Account Balance | 2,761 | 2,802 | 3,134 | 4,215 | 4,779 | |
Variable Annuity [Member] | EMEA | Reclassification of carrying amount of contracts and contract features that are market risk benefits | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Policyholder Account Balance | 2 | |||||
Variable Annuity [Member] | EMEA | Other balance sheet reclassifications upon adoption of the LDTI standard | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Policyholder Account Balance | 0 | |||||
Variable Annuity [Member] | EMEA | Previously Reported | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Policyholder Account Balance | 4,777 | |||||
Life and Other | MetLife Holdings | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Policyholder Account Balance | $ 12,044 | $ 12,402 | $ 12,607 | $ 12,699 | 12,856 | |
Life and Other | MetLife Holdings | Reclassification of carrying amount of contracts and contract features that are market risk benefits | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Policyholder Account Balance | (273) | |||||
Life and Other | MetLife Holdings | Other balance sheet reclassifications upon adoption of the LDTI standard | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Policyholder Account Balance | $ 0 | |||||
Life and Other | MetLife Holdings | Previously Reported | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Policyholder Account Balance | $ 13,129 |
Policyholder Account Balances_2
Policyholder Account Balances - Amounts on Balance Sheet (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Jan. 01, 2021 |
Policyholder Account Balance [Line Items] | |||||
Policyholder Account Balance | $ 214,413 | $ 210,597 | $ 211,737 | ||
Other Products | |||||
Policyholder Account Balance [Line Items] | |||||
Policyholder Account Balance | 16,552 | 15,936 | 19,441 | ||
Group Insurance Policy | U.S. | |||||
Policyholder Account Balance [Line Items] | |||||
Policyholder Account Balance | 7,875 | 8,028 | $ 8,056 | $ 7,893 | 7,586 |
CapitalMarketsInvestmentProductsandStableValueGICs | U.S. | |||||
Policyholder Account Balance [Line Items] | |||||
Policyholder Account Balance | 64,103 | 63,723 | 64,595 | 62,521 | 62,908 |
Annuities and Risk Solutions | U.S. | |||||
Policyholder Account Balance [Line Items] | |||||
Policyholder Account Balance | 16,693 | 15,549 | 14,439 | 14,431 | 13,643 |
Universal And Variable Life Contracts [Member] | Asia | |||||
Policyholder Account Balance [Line Items] | |||||
Policyholder Account Balance | 46,851 | 46,417 | 45,359 | 46,590 | 43,868 |
Fixed Annuity | Asia | |||||
Policyholder Account Balance [Line Items] | |||||
Policyholder Account Balance | 35,124 | 32,454 | 30,149 | 30,976 | 31,422 |
Fixed Annuity | MetLife Holdings | |||||
Policyholder Account Balance [Line Items] | |||||
Policyholder Account Balance | 12,410 | 13,286 | 13,985 | 14,398 | 15,234 |
Variable Annuity [Member] | EMEA | |||||
Policyholder Account Balance [Line Items] | |||||
Policyholder Account Balance | 2,761 | 2,802 | 3,134 | 4,215 | 4,779 |
Life and Other | MetLife Holdings | |||||
Policyholder Account Balance [Line Items] | |||||
Policyholder Account Balance | $ 12,044 | $ 12,402 | $ 12,607 | $ 12,699 | $ 12,856 |
Policyholder Account Balances_3
Policyholder Account Balances - LTDI Rollforward (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Policyholder Account Balance [Roll Forward] | ||
Balance, beginning of period | $ 210,597 | |
Balance, end of period | 214,413 | |
Group Insurance Policy | U.S. | ||
Policyholder Account Balance [Roll Forward] | ||
Balance, beginning of period | 8,028 | $ 7,893 |
Deposits | 1,685 | 1,780 |
Policy charges | (318) | (304) |
Surrenders and withdrawals | (1,608) | (1,370) |
Benefit payments | (6) | (6) |
Net transfers from (to) separate accounts | 1 | 0 |
Interest credited | 93 | 63 |
Balance, end of period | $ 7,875 | $ 8,056 |
Weighted-average annual crediting rate | 2.40% | 1.60% |
Cash surrender value | $ 7,813 | $ 8,001 |
Group Insurance Policy | Guaranteed Minimum Death Benefit [Member] | U.S. | ||
Policyholder Account Balance [Roll Forward] | ||
Net amount at risk | 251,590 | 242,758 |
CapitalMarketsInvestmentProductsandStableValueGICs | U.S. | ||
Policyholder Account Balance [Roll Forward] | ||
Balance, beginning of period | 63,723 | 62,521 |
Deposits | 38,526 | 46,490 |
Surrenders and withdrawals | (39,865) | (43,895) |
Interest credited | 971 | 493 |
Effect of foreign currency translation and other, net | 748 | (1,014) |
Balance, end of period | $ 64,103 | $ 64,595 |
Weighted-average annual crediting rate | 3.10% | 1.60% |
Cash surrender value | $ 2,309 | $ 2,336 |
Annuities and Risk Solutions | U.S. | ||
Policyholder Account Balance [Roll Forward] | ||
Balance, beginning of period | 15,549 | 14,431 |
Deposits | 1,362 | 446 |
Policy charges | (96) | (91) |
Surrenders and withdrawals | (83) | (60) |
Benefit payments | (385) | (357) |
Net transfers from (to) separate accounts | 54 | (26) |
Interest credited | 307 | 261 |
Other | (15) | (165) |
Balance, end of period | $ 16,693 | $ 14,439 |
Weighted-average annual crediting rate | 3.80% | 3.70% |
Cash surrender value | $ 7,683 | $ 6,585 |
Annuities and Risk Solutions | Guaranteed Minimum Death Benefit [Member] | U.S. | ||
Policyholder Account Balance [Roll Forward] | ||
Net amount at risk | 43,311 | 41,587 |
Universal And Variable Life Contracts [Member] | Asia | ||
Policyholder Account Balance [Roll Forward] | ||
Balance, beginning of period | 46,417 | 46,590 |
Deposits | 3,244 | 3,114 |
Policy charges | (563) | (582) |
Surrenders and withdrawals | (1,238) | (1,235) |
Benefit payments | (287) | (254) |
Interest credited | 683 | 483 |
Effect of foreign currency translation and other, net | (1,405) | (2,757) |
Balance, end of period | $ 46,851 | $ 45,359 |
Weighted-average annual crediting rate | 3% | 2.10% |
Cash surrender value | $ 40,257 | $ 40,286 |
Universal And Variable Life Contracts [Member] | Guaranteed Minimum Death Benefit [Member] | Asia | ||
Policyholder Account Balance [Roll Forward] | ||
Net amount at risk | 92,521 | 97,999 |
Fixed Annuity | Asia | ||
Policyholder Account Balance [Roll Forward] | ||
Balance, beginning of period | 32,454 | 30,976 |
Deposits | 4,612 | 2,780 |
Policy charges | (1) | (1) |
Surrenders and withdrawals | (1,003) | (1,917) |
Benefit payments | (1,071) | (1,177) |
Interest credited | 404 | 294 |
Effect of foreign currency translation and other, net | (271) | (806) |
Balance, end of period | $ 35,124 | $ 30,149 |
Weighted-average annual crediting rate | 2.40% | 1.90% |
Cash surrender value | $ 30,244 | $ 26,200 |
Fixed Annuity | MetLife Holdings | ||
Policyholder Account Balance [Roll Forward] | ||
Balance, beginning of period | 13,286 | 14,398 |
Deposits | 132 | 142 |
Policy charges | (8) | (8) |
Surrenders and withdrawals | (1,038) | (650) |
Benefit payments | (224) | (210) |
Net transfers from (to) separate accounts | 47 | 134 |
Interest credited | 200 | 203 |
Other | 15 | (24) |
Balance, end of period | $ 12,410 | $ 13,985 |
Weighted-average annual crediting rate | 3.20% | 2.90% |
Cash surrender value | $ 11,629 | $ 12,953 |
Fixed Annuity | Guaranteed Minimum Death Benefit [Member] | Asia | ||
Policyholder Account Balance [Roll Forward] | ||
Net amount at risk | 6,224 | 0 |
Fixed Annuity | Guaranteed Minimum Death Benefit [Member] | MetLife Holdings | ||
Policyholder Account Balance [Roll Forward] | ||
Net amount at risk | 3,246 | 4,086 |
Fixed Annuity | Annuitization Benefit [Member] | MetLife Holdings | ||
Policyholder Account Balance [Roll Forward] | ||
Net amount at risk | 813 | 1,135 |
Variable Annuity [Member] | EMEA | ||
Policyholder Account Balance [Roll Forward] | ||
Balance, beginning of period | 2,802 | 4,215 |
Deposits | 2 | 3 |
Policy charges | (32) | (41) |
Surrenders and withdrawals | (132) | (182) |
Benefit payments | (64) | (73) |
Interest credited | 32 | (398) |
Effect of foreign currency translation and other, net | 153 | (390) |
Balance, end of period | $ 2,761 | $ 3,134 |
Weighted-average annual crediting rate | 2.40% | (19.50%) |
Cash surrender value | $ 2,761 | $ 3,134 |
Variable Annuity [Member] | Guaranteed Minimum Death Benefit [Member] | EMEA | ||
Policyholder Account Balance [Roll Forward] | ||
Net amount at risk | 635 | 507 |
Variable Annuity [Member] | Annuitization Benefit [Member] | EMEA | ||
Policyholder Account Balance [Roll Forward] | ||
Net amount at risk | 797 | 646 |
Life and Other | MetLife Holdings | ||
Policyholder Account Balance [Roll Forward] | ||
Balance, beginning of period | 12,402 | 12,699 |
Deposits | 446 | 499 |
Policy charges | (354) | (361) |
Surrenders and withdrawals | (612) | (385) |
Benefit payments | (85) | (94) |
Net transfers from (to) separate accounts | 21 | 18 |
Interest credited | 223 | 229 |
Other | 3 | 2 |
Balance, end of period | $ 12,044 | $ 12,607 |
Weighted-average annual crediting rate | 3.70% | 3.70% |
Cash surrender value | $ 11,556 | $ 12,071 |
Life and Other | Guaranteed Minimum Death Benefit [Member] | MetLife Holdings | ||
Policyholder Account Balance [Roll Forward] | ||
Net amount at risk | $ 69,633 | $ 73,187 |
Policyholder Account Balances_4
Policyholder Account Balances - Range of Guaranteed Minimum Crediting Rate (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Jan. 01, 2021 |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | $ 214,413 | $ 210,597 | $ 211,737 | ||
Group Insurance Policy | U.S. | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 7,875 | 8,028 | $ 8,056 | $ 7,893 | 7,586 |
Group Insurance Policy | Equal to or greater than 0% but less than 2% | U.S. | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | $ 5,604 | $ 5,682 | |||
Group Insurance Policy | Equal to or greater than 0% but less than 2% | U.S. | Minimum | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Range of Guaranteed Minimum Credit Rating | 0% | 0% | |||
Group Insurance Policy | Equal to or greater than 0% but less than 2% | U.S. | Maximum | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Range of Guaranteed Minimum Credit Rating | 2% | 2% | |||
Group Insurance Policy | Equal to or greater than 2% but less than 4% | U.S. | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | $ 1,327 | $ 1,413 | |||
Group Insurance Policy | Equal to or greater than 2% but less than 4% | U.S. | Minimum | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Range of Guaranteed Minimum Credit Rating | 2% | 2% | |||
Group Insurance Policy | Equal to or greater than 2% but less than 4% | U.S. | Maximum | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Range of Guaranteed Minimum Credit Rating | 4% | 4% | |||
Group Insurance Policy | Equal to or greater than 4% | U.S. | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | $ 824 | $ 831 | |||
Group Insurance Policy | Equal to or greater than 4% | U.S. | Minimum | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Range of Guaranteed Minimum Credit Rating | 4% | 4% | |||
Group Insurance Policy | Products with either a fixed rate or no guaranteed minimum crediting rate | U.S. | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | $ 120 | $ 130 | |||
Group Insurance Policy | At GMCR | U.S. | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 1,998 | 7,492 | |||
Group Insurance Policy | At GMCR | Equal to or greater than 0% but less than 2% | U.S. | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 0 | 5,354 | |||
Group Insurance Policy | At GMCR | Equal to or greater than 2% but less than 4% | U.S. | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 1,252 | 1,338 | |||
Group Insurance Policy | At GMCR | Equal to or greater than 4% | U.S. | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 746 | 800 | |||
Group Insurance Policy | Greater than 0% but less than 0.50% above GMCR | U.S. | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 90 | 187 | |||
Group Insurance Policy | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 0% but less than 2% | U.S. | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 79 | 135 | |||
Group Insurance Policy | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 2% but less than 4% | U.S. | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 10 | 52 | |||
Group Insurance Policy | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 4% | U.S. | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 1 | 0 | |||
Group Insurance Policy | Equal to or greater than 0.50% but less than 1.50% above GMCR | U.S. | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 1,016 | 86 | |||
Group Insurance Policy | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 0% but less than 2% | U.S. | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 910 | 63 | |||
Group Insurance Policy | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 2% but less than 4% | U.S. | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 63 | 23 | |||
Group Insurance Policy | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 4% | U.S. | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 43 | 0 | |||
Group Insurance Policy | Equal to or greater than 1.50% above GMCR | U.S. | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 4,651 | 161 | |||
Group Insurance Policy | Equal to or greater than 1.50% above GMCR | Equal to or greater than 0% but less than 2% | U.S. | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 4,615 | 130 | |||
Group Insurance Policy | Equal to or greater than 1.50% above GMCR | Equal to or greater than 2% but less than 4% | U.S. | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 2 | 0 | |||
Group Insurance Policy | Equal to or greater than 1.50% above GMCR | Equal to or greater than 4% | U.S. | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 34 | 31 | |||
CapitalMarketsInvestmentProductsandStableValueGICs | U.S. | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 64,103 | 63,723 | 64,595 | 62,521 | 62,908 |
CapitalMarketsInvestmentProductsandStableValueGICs | Equal to or greater than 0% but less than 2% | U.S. | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | $ 2,596 | $ 3,998 | |||
CapitalMarketsInvestmentProductsandStableValueGICs | Equal to or greater than 0% but less than 2% | U.S. | Minimum | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Range of Guaranteed Minimum Credit Rating | 0% | 0% | |||
CapitalMarketsInvestmentProductsandStableValueGICs | Equal to or greater than 0% but less than 2% | U.S. | Maximum | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Range of Guaranteed Minimum Credit Rating | 2% | 2% | |||
CapitalMarketsInvestmentProductsandStableValueGICs | Products with either a fixed rate or no guaranteed minimum crediting rate | U.S. | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | $ 61,507 | $ 60,597 | |||
CapitalMarketsInvestmentProductsandStableValueGICs | At GMCR | U.S. | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 0 | 0 | |||
CapitalMarketsInvestmentProductsandStableValueGICs | At GMCR | Equal to or greater than 0% but less than 2% | U.S. | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 0 | 0 | |||
CapitalMarketsInvestmentProductsandStableValueGICs | Greater than 0% but less than 0.50% above GMCR | U.S. | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 0 | 0 | |||
CapitalMarketsInvestmentProductsandStableValueGICs | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 0% but less than 2% | U.S. | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 0 | 0 | |||
CapitalMarketsInvestmentProductsandStableValueGICs | Equal to or greater than 0.50% but less than 1.50% above GMCR | U.S. | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 1 | 22 | |||
CapitalMarketsInvestmentProductsandStableValueGICs | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 0% but less than 2% | U.S. | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 1 | 22 | |||
CapitalMarketsInvestmentProductsandStableValueGICs | Equal to or greater than 1.50% above GMCR | U.S. | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 2,595 | 3,976 | |||
CapitalMarketsInvestmentProductsandStableValueGICs | Equal to or greater than 1.50% above GMCR | Equal to or greater than 0% but less than 2% | U.S. | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 2,595 | 3,976 | |||
Annuities and Risk Solutions | U.S. | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 16,693 | 15,549 | 14,439 | 14,431 | 13,643 |
Annuities and Risk Solutions | Equal to or greater than 0% but less than 2% | U.S. | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | $ 1,525 | $ 653 | |||
Annuities and Risk Solutions | Equal to or greater than 0% but less than 2% | U.S. | Minimum | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Range of Guaranteed Minimum Credit Rating | 0% | 0% | |||
Annuities and Risk Solutions | Equal to or greater than 0% but less than 2% | U.S. | Maximum | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Range of Guaranteed Minimum Credit Rating | 2% | 2% | |||
Annuities and Risk Solutions | Equal to or greater than 2% but less than 4% | U.S. | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | $ 840 | $ 887 | |||
Annuities and Risk Solutions | Equal to or greater than 2% but less than 4% | U.S. | Minimum | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Range of Guaranteed Minimum Credit Rating | 2% | 2% | |||
Annuities and Risk Solutions | Equal to or greater than 2% but less than 4% | U.S. | Maximum | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Range of Guaranteed Minimum Credit Rating | 4% | 4% | |||
Annuities and Risk Solutions | Equal to or greater than 4% | U.S. | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | $ 4,669 | $ 4,610 | |||
Annuities and Risk Solutions | Equal to or greater than 4% | U.S. | Minimum | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Range of Guaranteed Minimum Credit Rating | 4% | 4% | |||
Annuities and Risk Solutions | Products with either a fixed rate or no guaranteed minimum crediting rate | U.S. | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | $ 9,659 | $ 8,289 | |||
Annuities and Risk Solutions | At GMCR | U.S. | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 4,666 | 4,727 | |||
Annuities and Risk Solutions | At GMCR | Equal to or greater than 0% but less than 2% | U.S. | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 0 | 0 | |||
Annuities and Risk Solutions | At GMCR | Equal to or greater than 2% but less than 4% | U.S. | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 227 | 302 | |||
Annuities and Risk Solutions | At GMCR | Equal to or greater than 4% | U.S. | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 4,439 | 4,425 | |||
Annuities and Risk Solutions | Greater than 0% but less than 0.50% above GMCR | U.S. | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 152 | 163 | |||
Annuities and Risk Solutions | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 0% but less than 2% | U.S. | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 0 | 0 | |||
Annuities and Risk Solutions | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 2% but less than 4% | U.S. | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 35 | 40 | |||
Annuities and Risk Solutions | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 4% | U.S. | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 117 | 123 | |||
Annuities and Risk Solutions | Equal to or greater than 0.50% but less than 1.50% above GMCR | U.S. | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 290 | 295 | |||
Annuities and Risk Solutions | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 0% but less than 2% | U.S. | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 53 | 116 | |||
Annuities and Risk Solutions | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 2% but less than 4% | U.S. | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 130 | 122 | |||
Annuities and Risk Solutions | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 4% | U.S. | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 107 | 57 | |||
Annuities and Risk Solutions | Equal to or greater than 1.50% above GMCR | U.S. | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 1,926 | 965 | |||
Annuities and Risk Solutions | Equal to or greater than 1.50% above GMCR | Equal to or greater than 0% but less than 2% | U.S. | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 1,472 | 537 | |||
Annuities and Risk Solutions | Equal to or greater than 1.50% above GMCR | Equal to or greater than 2% but less than 4% | U.S. | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 448 | 423 | |||
Annuities and Risk Solutions | Equal to or greater than 1.50% above GMCR | Equal to or greater than 4% | U.S. | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 6 | 5 | |||
Universal And Variable Life Contracts [Member] | Asia | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 46,851 | 46,417 | 45,359 | 46,590 | 43,868 |
Universal And Variable Life Contracts [Member] | Equal to or greater than 0% but less than 2% | Asia | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | $ 10,633 | $ 10,559 | |||
Universal And Variable Life Contracts [Member] | Equal to or greater than 0% but less than 2% | Asia | Minimum | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Range of Guaranteed Minimum Credit Rating | 0% | 0% | |||
Universal And Variable Life Contracts [Member] | Equal to or greater than 0% but less than 2% | Asia | Maximum | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Range of Guaranteed Minimum Credit Rating | 2% | 2% | |||
Universal And Variable Life Contracts [Member] | Equal to or greater than 2% but less than 4% | Asia | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | $ 35,445 | $ 34,098 | |||
Universal And Variable Life Contracts [Member] | Equal to or greater than 2% but less than 4% | Asia | Minimum | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Range of Guaranteed Minimum Credit Rating | 2% | 2% | |||
Universal And Variable Life Contracts [Member] | Equal to or greater than 2% but less than 4% | Asia | Maximum | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Range of Guaranteed Minimum Credit Rating | 4% | 4% | |||
Universal And Variable Life Contracts [Member] | Equal to or greater than 4% | Asia | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | $ 261 | $ 277 | |||
Universal And Variable Life Contracts [Member] | Equal to or greater than 4% | Asia | Minimum | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Range of Guaranteed Minimum Credit Rating | 4% | 4% | |||
Universal And Variable Life Contracts [Member] | Products with either a fixed rate or no guaranteed minimum crediting rate | Asia | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | $ 512 | $ 425 | |||
Universal And Variable Life Contracts [Member] | At GMCR | Asia | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 31,331 | 31,836 | |||
Universal And Variable Life Contracts [Member] | At GMCR | Equal to or greater than 0% but less than 2% | Asia | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 10,211 | 10,284 | |||
Universal And Variable Life Contracts [Member] | At GMCR | Equal to or greater than 2% but less than 4% | Asia | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 20,859 | 21,275 | |||
Universal And Variable Life Contracts [Member] | At GMCR | Equal to or greater than 4% | Asia | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 261 | 277 | |||
Universal And Variable Life Contracts [Member] | Greater than 0% but less than 0.50% above GMCR | Asia | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 2,964 | 2,834 | |||
Universal And Variable Life Contracts [Member] | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 0% but less than 2% | Asia | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 45 | 101 | |||
Universal And Variable Life Contracts [Member] | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 2% but less than 4% | Asia | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 2,919 | 2,733 | |||
Universal And Variable Life Contracts [Member] | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 4% | Asia | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 0 | 0 | |||
Universal And Variable Life Contracts [Member] | Equal to or greater than 0.50% but less than 1.50% above GMCR | Asia | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 5,921 | 5,631 | |||
Universal And Variable Life Contracts [Member] | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 0% but less than 2% | Asia | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 138 | 138 | |||
Universal And Variable Life Contracts [Member] | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 2% but less than 4% | Asia | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 5,783 | 5,493 | |||
Universal And Variable Life Contracts [Member] | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 4% | Asia | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 0 | 0 | |||
Universal And Variable Life Contracts [Member] | Equal to or greater than 1.50% above GMCR | Asia | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 6,123 | 4,633 | |||
Universal And Variable Life Contracts [Member] | Equal to or greater than 1.50% above GMCR | Equal to or greater than 0% but less than 2% | Asia | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 239 | 36 | |||
Universal And Variable Life Contracts [Member] | Equal to or greater than 1.50% above GMCR | Equal to or greater than 2% but less than 4% | Asia | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 5,884 | 4,597 | |||
Universal And Variable Life Contracts [Member] | Equal to or greater than 1.50% above GMCR | Equal to or greater than 4% | Asia | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 0 | 0 | |||
Fixed Annuity | Asia | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 35,124 | 32,454 | 30,149 | 30,976 | 31,422 |
Fixed Annuity | MetLife Holdings | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 12,410 | 13,286 | 13,985 | 14,398 | 15,234 |
Fixed Annuity | Equal to or greater than 0% but less than 2% | Asia | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | $ 33,798 | $ 28,678 | |||
Fixed Annuity | Equal to or greater than 0% but less than 2% | Asia | Minimum | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Range of Guaranteed Minimum Credit Rating | 0% | 0% | |||
Fixed Annuity | Equal to or greater than 0% but less than 2% | Asia | Maximum | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Range of Guaranteed Minimum Credit Rating | 2% | 2% | |||
Fixed Annuity | Equal to or greater than 0% but less than 2% | MetLife Holdings | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | $ 846 | $ 1,047 | |||
Fixed Annuity | Equal to or greater than 0% but less than 2% | MetLife Holdings | Minimum | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Range of Guaranteed Minimum Credit Rating | 0% | 0% | |||
Fixed Annuity | Equal to or greater than 0% but less than 2% | MetLife Holdings | Maximum | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Range of Guaranteed Minimum Credit Rating | 2% | 2% | |||
Fixed Annuity | Equal to or greater than 2% but less than 4% | Asia | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | $ 6 | $ 8 | |||
Fixed Annuity | Equal to or greater than 2% but less than 4% | Asia | Minimum | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Range of Guaranteed Minimum Credit Rating | 2% | 2% | |||
Fixed Annuity | Equal to or greater than 2% but less than 4% | Asia | Maximum | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Range of Guaranteed Minimum Credit Rating | 4% | 4% | |||
Fixed Annuity | Equal to or greater than 2% but less than 4% | MetLife Holdings | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | $ 9,831 | $ 10,970 | |||
Fixed Annuity | Equal to or greater than 2% but less than 4% | MetLife Holdings | Minimum | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Range of Guaranteed Minimum Credit Rating | 2% | 2% | |||
Fixed Annuity | Equal to or greater than 2% but less than 4% | MetLife Holdings | Maximum | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Range of Guaranteed Minimum Credit Rating | 4% | 4% | |||
Fixed Annuity | Equal to or greater than 4% | MetLife Holdings | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | $ 1,278 | $ 1,334 | |||
Fixed Annuity | Equal to or greater than 4% | MetLife Holdings | Minimum | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Range of Guaranteed Minimum Credit Rating | 4% | 4% | |||
Fixed Annuity | Products with either a fixed rate or no guaranteed minimum crediting rate | Asia | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | $ 1,320 | $ 1,463 | |||
Fixed Annuity | Products with either a fixed rate or no guaranteed minimum crediting rate | MetLife Holdings | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 455 | 634 | |||
Fixed Annuity | At GMCR | Asia | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 343 | 454 | |||
Fixed Annuity | At GMCR | MetLife Holdings | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 5,343 | 12,858 | |||
Fixed Annuity | At GMCR | Equal to or greater than 0% but less than 2% | Asia | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 343 | 446 | |||
Fixed Annuity | At GMCR | Equal to or greater than 0% but less than 2% | MetLife Holdings | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 444 | 1,017 | |||
Fixed Annuity | At GMCR | Equal to or greater than 2% but less than 4% | Asia | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 0 | 8 | |||
Fixed Annuity | At GMCR | Equal to or greater than 2% but less than 4% | MetLife Holdings | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 3,917 | 10,552 | |||
Fixed Annuity | At GMCR | Equal to or greater than 4% | MetLife Holdings | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 982 | 1,289 | |||
Fixed Annuity | Greater than 0% but less than 0.50% above GMCR | Asia | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 609 | 827 | |||
Fixed Annuity | Greater than 0% but less than 0.50% above GMCR | MetLife Holdings | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 5,882 | 313 | |||
Fixed Annuity | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 0% but less than 2% | Asia | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 603 | 827 | |||
Fixed Annuity | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 0% but less than 2% | MetLife Holdings | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 158 | 7 | |||
Fixed Annuity | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 2% but less than 4% | Asia | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 6 | 0 | |||
Fixed Annuity | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 2% but less than 4% | MetLife Holdings | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 5,447 | 266 | |||
Fixed Annuity | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 4% | MetLife Holdings | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 277 | 40 | |||
Fixed Annuity | Equal to or greater than 0.50% but less than 1.50% above GMCR | Asia | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 6,795 | 7,797 | |||
Fixed Annuity | Equal to or greater than 0.50% but less than 1.50% above GMCR | MetLife Holdings | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 633 | 168 | |||
Fixed Annuity | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 0% but less than 2% | Asia | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 6,795 | 7,797 | |||
Fixed Annuity | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 0% but less than 2% | MetLife Holdings | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 219 | 12 | |||
Fixed Annuity | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 2% but less than 4% | Asia | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 0 | 0 | |||
Fixed Annuity | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 2% but less than 4% | MetLife Holdings | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 395 | 151 | |||
Fixed Annuity | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 4% | MetLife Holdings | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 19 | 5 | |||
Fixed Annuity | Equal to or greater than 1.50% above GMCR | Asia | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 26,057 | 19,608 | |||
Fixed Annuity | Equal to or greater than 1.50% above GMCR | MetLife Holdings | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 97 | 12 | |||
Fixed Annuity | Equal to or greater than 1.50% above GMCR | Equal to or greater than 0% but less than 2% | Asia | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 26,057 | 19,608 | |||
Fixed Annuity | Equal to or greater than 1.50% above GMCR | Equal to or greater than 0% but less than 2% | MetLife Holdings | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 25 | 11 | |||
Fixed Annuity | Equal to or greater than 1.50% above GMCR | Equal to or greater than 2% but less than 4% | Asia | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 0 | 0 | |||
Fixed Annuity | Equal to or greater than 1.50% above GMCR | Equal to or greater than 2% but less than 4% | MetLife Holdings | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 72 | 1 | |||
Fixed Annuity | Equal to or greater than 1.50% above GMCR | Equal to or greater than 4% | MetLife Holdings | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 0 | 0 | |||
Variable Annuity [Member] | EMEA | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 2,761 | 2,802 | 3,134 | 4,215 | 4,779 |
Variable Annuity [Member] | Products with either a fixed rate or no guaranteed minimum crediting rate | EMEA | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 2,761 | 3,134 | |||
Variable Annuity [Member] | At GMCR | EMEA | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 0 | 0 | |||
Variable Annuity [Member] | Greater than 0% but less than 0.50% above GMCR | EMEA | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 0 | 0 | |||
Variable Annuity [Member] | Equal to or greater than 0.50% but less than 1.50% above GMCR | EMEA | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 0 | 0 | |||
Variable Annuity [Member] | Equal to or greater than 1.50% above GMCR | EMEA | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 0 | 0 | |||
Life and Other | MetLife Holdings | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 12,044 | $ 12,402 | 12,607 | $ 12,699 | $ 12,856 |
Life and Other | Equal to or greater than 0% but less than 2% | MetLife Holdings | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | $ 77 | $ 59 | |||
Life and Other | Equal to or greater than 0% but less than 2% | MetLife Holdings | Minimum | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Range of Guaranteed Minimum Credit Rating | 0% | 0% | |||
Life and Other | Equal to or greater than 0% but less than 2% | MetLife Holdings | Maximum | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Range of Guaranteed Minimum Credit Rating | 2% | 2% | |||
Life and Other | Equal to or greater than 2% but less than 4% | MetLife Holdings | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | $ 5,754 | $ 6,134 | |||
Life and Other | Equal to or greater than 2% but less than 4% | MetLife Holdings | Minimum | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Range of Guaranteed Minimum Credit Rating | 2% | 2% | |||
Life and Other | Equal to or greater than 2% but less than 4% | MetLife Holdings | Maximum | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Range of Guaranteed Minimum Credit Rating | 4% | 4% | |||
Life and Other | Equal to or greater than 4% | MetLife Holdings | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | $ 5,712 | $ 5,913 | |||
Life and Other | Equal to or greater than 4% | MetLife Holdings | Minimum | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Range of Guaranteed Minimum Credit Rating | 4% | 4% | |||
Life and Other | Products with either a fixed rate or no guaranteed minimum crediting rate | MetLife Holdings | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | $ 501 | $ 501 | |||
Life and Other | At GMCR | MetLife Holdings | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 9,893 | 10,524 | |||
Life and Other | At GMCR | Equal to or greater than 0% but less than 2% | MetLife Holdings | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 0 | 51 | |||
Life and Other | At GMCR | Equal to or greater than 2% but less than 4% | MetLife Holdings | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 4,735 | 5,118 | |||
Life and Other | At GMCR | Equal to or greater than 4% | MetLife Holdings | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 5,158 | 5,355 | |||
Life and Other | Greater than 0% but less than 0.50% above GMCR | MetLife Holdings | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 299 | 281 | |||
Life and Other | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 0% but less than 2% | MetLife Holdings | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 0 | 8 | |||
Life and Other | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 2% but less than 4% | MetLife Holdings | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 172 | 145 | |||
Life and Other | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 4% | MetLife Holdings | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 127 | 128 | |||
Life and Other | Equal to or greater than 0.50% but less than 1.50% above GMCR | MetLife Holdings | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 725 | 728 | |||
Life and Other | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 0% but less than 2% | MetLife Holdings | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 21 | 0 | |||
Life and Other | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 2% but less than 4% | MetLife Holdings | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 289 | 303 | |||
Life and Other | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 4% | MetLife Holdings | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 415 | 425 | |||
Life and Other | Equal to or greater than 1.50% above GMCR | MetLife Holdings | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 626 | 573 | |||
Life and Other | Equal to or greater than 1.50% above GMCR | Equal to or greater than 0% but less than 2% | MetLife Holdings | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 56 | 0 | |||
Life and Other | Equal to or greater than 1.50% above GMCR | Equal to or greater than 2% but less than 4% | MetLife Holdings | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 558 | 568 | |||
Life and Other | Equal to or greater than 1.50% above GMCR | Equal to or greater than 4% | MetLife Holdings | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | $ 12 | $ 5 |
Market Risk Benefits Transition
Market Risk Benefits Transition (Details) - USD ($) $ in Millions | Jan. 01, 2021 | Dec. 31, 2020 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Direct and assumed MRB liabilities | $ 7,901 | $ 0 |
MRB - Reclassification of carrying amount of contracts and contract features that are market risk benefits | 2,789 | |
Adjustments for the cumulative effect of changes in nonperformance risk between contract issue date and transition date | (99) | |
Adjustments for the difference between the fair value of the MRB balance, excluding the cumulative effect of changes in nonperformance risk, and the historical carrying value | 5,211 | |
Reinsured MRB Assets | 51 | 0 |
Reclassification of carrying amount of contracts and contract features that are reinsured market risk benefits | 63 | |
Adjustments for the difference between previous carrying amount and fair value measurement | (12) | |
Insurance, Other | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Direct and assumed MRB liabilities | 582 | 0 |
MRB - Reclassification of carrying amount of contracts and contract features that are market risk benefits | 251 | |
Adjustments for the cumulative effect of changes in nonperformance risk between contract issue date and transition date | (38) | |
Adjustments for the difference between the fair value of the MRB balance, excluding the cumulative effect of changes in nonperformance risk, and the historical carrying value | 369 | |
Reinsured MRB Assets | 51 | 0 |
Reclassification of carrying amount of contracts and contract features that are reinsured market risk benefits | 63 | |
Adjustments for the difference between previous carrying amount and fair value measurement | (12) | |
Asia | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Direct and assumed MRB liabilities | 318 | 0 |
MRB - Reclassification of carrying amount of contracts and contract features that are market risk benefits | 247 | |
Adjustments for the cumulative effect of changes in nonperformance risk between contract issue date and transition date | (7) | |
Adjustments for the difference between the fair value of the MRB balance, excluding the cumulative effect of changes in nonperformance risk, and the historical carrying value | 78 | |
Reinsured MRB Assets | 0 | 0 |
Reclassification of carrying amount of contracts and contract features that are reinsured market risk benefits | 0 | |
Adjustments for the difference between previous carrying amount and fair value measurement | 0 | |
MetLife Holdings | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Direct and assumed MRB liabilities | 7,001 | 0 |
MRB - Reclassification of carrying amount of contracts and contract features that are market risk benefits | 2,291 | |
Adjustments for the cumulative effect of changes in nonperformance risk between contract issue date and transition date | (54) | |
Adjustments for the difference between the fair value of the MRB balance, excluding the cumulative effect of changes in nonperformance risk, and the historical carrying value | 4,764 | |
Reinsured MRB Assets | 0 | $ 0 |
Reclassification of carrying amount of contracts and contract features that are reinsured market risk benefits | 0 | |
Adjustments for the difference between previous carrying amount and fair value measurement | $ 0 |
Market Risk Benefits Balance Sh
Market Risk Benefits Balance Sheet (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Jan. 01, 2021 |
Market Risk Benefit [Line Items] | |||||
Market risk benefits | $ 279 | $ 280 | |||
Market Risk Benefit, Liability, Amount | 3,259 | 3,763 | $ 7,901 | ||
Market Risk Benefit, Net, Amount | 2,980 | 3,483 | |||
Retirement Assurance | Asia | |||||
Market Risk Benefit [Line Items] | |||||
Market risk benefits | 0 | 0 | |||
Market Risk Benefit, Liability, Amount | 202 | 226 | |||
Market Risk Benefit, Net, Amount | 202 | 226 | $ 224 | $ 277 | |
Investment Product | MetLife Holdings | |||||
Market Risk Benefit [Line Items] | |||||
Market risk benefits | 146 | 153 | |||
Market Risk Benefit, Liability, Amount | 2,939 | 3,378 | |||
Market Risk Benefit, Net, Amount | 2,793 | 3,225 | |||
Insurance, Other | |||||
Market Risk Benefit [Line Items] | |||||
Market risk benefits | 133 | 127 | |||
Market Risk Benefit, Liability, Amount | 118 | 159 | |||
Market Risk Benefit, Net, Amount | $ (15) | $ 32 | $ 199 | $ 491 |
Market Risk Benefits Rollforwar
Market Risk Benefits Rollforward (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Market Risk Benefit [Line Items] | ||
Market Risk Benefit, Beginning Balance | $ 3,483 | |
Market Risk Benefit, Ending Balance | 2,980 | |
Retirement Assurance | Asia | ||
Market Risk Benefit [Line Items] | ||
Market Risk Benefit, Beginning Balance | 226 | $ 277 |
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk | 233 | 284 |
Attributed fees collected | 1 | 2 |
Benefit payments | (7) | 0 |
Effect of changes in interest rates | 3 | (15) |
Actual policyholder behavior different from expected behavior | 0 | (1) |
Market Risk Benefit, Increase (Decrease) from Future Expected Policyholder Behavior Assumption | 0 | 5 |
Effect of foreign currency translation and other, net | (23) | (42) |
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk | 207 | 233 |
Cumulative effect of changes in the instrument-specific credit risk | (5) | (10) |
Effect of foreign currency translation on the cumulative instrument-specific credit risk | 1 | |
Market Risk Benefit, Ending Balance | 202 | 224 |
Retirement Assurance | Asia | Guaranteed Minimum Death Benefit [Member] | ||
Market Risk Benefit [Line Items] | ||
Net amount at risk | 0 | 0 |
Retirement Assurance | Asia | Annuitization Benefit [Member] | ||
Market Risk Benefit [Line Items] | ||
Net amount at risk | $ 110 | $ 112 |
Weighted-average attained age of contractholders | 58 years | 57 years |
Variable Annuity [Member] | MetLife Holdings | ||
Market Risk Benefit [Line Items] | ||
Market Risk Benefit, Beginning Balance | $ 3,225 | $ 5,929 |
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk | 3,360 | 6,229 |
Attributed fees collected | 193 | 198 |
Benefit payments | (21) | (21) |
Effect of changes in interest rates | 23 | (2,561) |
Effect of changes in capital markets | (661) | 1,019 |
Effect of changes in equity index volatility | (109) | 57 |
Actual policyholder behavior different from expected behavior | 57 | 2 |
Effect of foreign currency translation and other, net | 131 | (314) |
Effect of changes in risk margin | (35) | (140) |
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk | 2,938 | 4,469 |
Cumulative effect of changes in the instrument-specific credit risk | (150) | (212) |
Effect of foreign currency translation on the cumulative instrument-specific credit risk | 5 | (1) |
Market Risk Benefit, Ending Balance | 2,793 | 4,256 |
Variable Annuity [Member] | MetLife Holdings | Guaranteed Minimum Death Benefit [Member] | ||
Market Risk Benefit [Line Items] | ||
Net amount at risk | $ 3,254 | $ 4,103 |
Weighted-average attained age of contractholders | 70 years | 69 years |
Variable Annuity [Member] | MetLife Holdings | Annuitization Benefit [Member] | ||
Market Risk Benefit [Line Items] | ||
Net amount at risk | $ 793 | $ 1,194 |
Weighted-average attained age of contractholders | 70 years | 70 years |
Insurance, Other | ||
Market Risk Benefit [Line Items] | ||
Market Risk Benefit, Beginning Balance | $ 32 | $ 491 |
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk | 24 | 539 |
Attributed fees collected | 16 | 12 |
Benefit payments | (18) | 0 |
Effect of changes in interest rates | (26) | (196) |
Effect of changes in capital markets | (14) | 17 |
Effect of changes in equity index volatility | (4) | 4 |
Actual policyholder behavior different from expected behavior | (22) | (7) |
Effect of foreign currency translation and other, net | 17 | (143) |
Effect of changes in risk margin | (1) | (3) |
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk | (28) | 223 |
Cumulative effect of changes in the instrument-specific credit risk | 12 | (25) |
Effect of foreign currency translation on the cumulative instrument-specific credit risk | 1 | 1 |
Market Risk Benefit, Ending Balance | (15) | 199 |
Less: Reinsurance recoverable | 18 | 27 |
Balance, end of period, net of reinsurance | $ (33) | $ 172 |
Separate Account Liabilities Ba
Separate Account Liabilities Balance Sheet (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Separate Account, Liability [Line Items] | ||||
Separate account liabilities | $ 145,946 | $ 146,038 | ||
Latin America | Pension Plan | ||||
Separate Account, Liability [Line Items] | ||||
Separate account liabilities | 42,213 | 39,428 | $ 34,396 | $ 37,631 |
Stable Value and Risk Solutions | U.S. | ||||
Separate Account, Liability [Line Items] | ||||
Separate account liabilities | 42,620 | 48,265 | 48,513 | 58,473 |
Investment Product | U.S. | ||||
Separate Account, Liability [Line Items] | ||||
Separate account liabilities | 11,792 | 11,694 | 13,028 | 21,292 |
Investment Product | MetLife Holdings | ||||
Separate Account, Liability [Line Items] | ||||
Separate account liabilities | 29,616 | 28,499 | $ 30,163 | $ 40,173 |
Insurance, Other | ||||
Separate Account, Liability [Line Items] | ||||
Separate account liabilities | $ 19,705 | $ 18,152 |
Separate Account Liabilities Ro
Separate Account Liabilities Rollforward (Details) - USD ($) $ in Millions | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Separate Account, Liability [Roll Forward] | ||||
Separate account liabilities | $ 145,946 | $ 146,038 | ||
U.S. | Stable Value and Risk Solutions | ||||
Separate Account, Liability [Roll Forward] | ||||
Separate account liabilities | 42,620 | $ 48,513 | 48,265 | $ 58,473 |
Premiums and deposits | 1,586 | 3,193 | ||
Policy charges | (148) | (165) | ||
Surrenders and withdrawals | (7,542) | (3,946) | ||
Benefit payments | (46) | (44) | ||
Investment performance | 1,277 | (3,908) | ||
Net transfers from (to) separate accounts | (57) | 85 | ||
Effect of foreign currency translation and other, net | (715) | (5,175) | ||
Cash Surrender Value | 37,782 | 43,452 | ||
U.S. | Investment Product | ||||
Separate Account, Liability [Roll Forward] | ||||
Separate account liabilities | 11,792 | 13,028 | 11,694 | 21,292 |
Premiums and deposits | 120 | 730 | ||
Policy charges | (11) | (13) | ||
Surrenders and withdrawals | (360) | (6,379) | ||
Benefit payments | 0 | 0 | ||
Investment performance | 448 | (2,387) | ||
Net transfers from (to) separate accounts | 3 | (59) | ||
Effect of foreign currency translation and other, net | (102) | (156) | ||
Latin America | Pension Plan | ||||
Separate Account, Liability [Roll Forward] | ||||
Separate account liabilities | 42,213 | 34,396 | 39,428 | 37,631 |
Premiums and deposits | 4,096 | 3,970 | ||
Policy charges | (150) | (131) | ||
Surrenders and withdrawals | (2,921) | (2,962) | ||
Benefit payments | (879) | (888) | ||
Investment performance | 187 | 147 | ||
Net transfers from (to) separate accounts | 0 | 0 | ||
Effect of foreign currency translation and other, net | 2,452 | (3,371) | ||
Cash Surrender Value | 42,213 | 34,396 | ||
MetLife Holdings | Investment Product | ||||
Separate Account, Liability [Roll Forward] | ||||
Separate account liabilities | 29,616 | 30,163 | $ 28,499 | $ 40,173 |
Premiums and deposits | 139 | 146 | ||
Policy charges | (305) | (344) | ||
Surrenders and withdrawals | (1,362) | (1,594) | ||
Benefit payments | (242) | (230) | ||
Investment performance | 2,933 | (7,856) | ||
Net transfers from (to) separate accounts | (47) | (135) | ||
Effect of foreign currency translation and other, net | 1 | 3 | ||
Cash Surrender Value | $ 29,471 | $ 29,984 |
Separate Account Assets Fair Va
Separate Account Assets Fair Value (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | $ 145,946 | $ 146,038 |
Other invested assets | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 6,170 | 6,006 |
Separate Account, Debt Security | Commodities Investment | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 195 | 242 |
Separate Account, Debt Security | Communications | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 1,014 | 1,193 |
Separate Account, Debt Security | Consumer Sector | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 2,076 | 2,400 |
Separate Account, Debt Security | Energy Sector | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 947 | 970 |
Separate Account, Debt Security | Financial Services Sector | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 10,865 | 11,914 |
Separate Account, Debt Security | Commercial and Industrial Sector | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 4,765 | 4,706 |
Separate Account, Debt Security | Foreign Sector | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 5,302 | 6,524 |
Separate Account, Debt Security | Technology Sector | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 638 | 720 |
Separate Account, Debt Security | Foreign government | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 6,388 | 4,216 |
Separate Account, Debt Security | US Government Agencies Debt Securities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 19,862 | 20,181 |
Separate Account, Debt Security | US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 459 | 549 |
Separate Account, Debt Security | Corporate Bond Securities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 25,802 | 28,669 |
Separate Account, Debt Security | Bonds | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 53,969 | 55,083 |
Separate Account, Debt Security | Separate Account, Mortgage-Backed Security | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 10,786 | 12,360 |
Separate Account, Debt Security | Asset-Backed Securities, Securitized Loans and Receivables | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 2,800 | 2,968 |
Separate Account, Debt Security | Redeemable Preferred Stock | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 10 | 4 |
Separate Account, Debt Security | Fixed Maturities [Member] | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 67,565 | 70,415 |
Separate Account, Debt Security | Public Utilities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 1,458 | 1,468 |
Separate Account, Equity Security | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 66,632 | 62,805 |
Separate Account, Equity Security | Non-redeemable Preferred Stock | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 2 |
Separate Account, Equity Security | Financial Services Sector | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 1,350 | 1,404 |
Separate Account, Equity Security | Commercial and Industrial Sector | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 8,242 | 7,815 |
Separate Account, Equity Security | Public Utilities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 160 | 168 |
Separate Account, Equity Security | Mutual Fund | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 56,880 | 53,416 |
Investments | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 140,367 | 139,226 |
Other Assets | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 5,579 | 6,812 |
U.S. | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 55,605 | 61,030 |
U.S. | Other invested assets | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 1,859 | 1,865 |
U.S. | Separate Account, Debt Security | Commodities Investment | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 173 | 242 |
U.S. | Separate Account, Debt Security | Communications | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 1,010 | 1,182 |
U.S. | Separate Account, Debt Security | Consumer Sector | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 2,047 | 2,393 |
U.S. | Separate Account, Debt Security | Energy Sector | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 846 | 866 |
U.S. | Separate Account, Debt Security | Financial Services Sector | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 2,835 | 3,538 |
U.S. | Separate Account, Debt Security | Commercial and Industrial Sector | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 794 | 882 |
U.S. | Separate Account, Debt Security | Foreign Sector | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 2,156 | 2,473 |
U.S. | Separate Account, Debt Security | Technology Sector | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 618 | 717 |
U.S. | Separate Account, Debt Security | Foreign government | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 528 | 588 |
U.S. | Separate Account, Debt Security | US Government Agencies Debt Securities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 10,193 | 11,340 |
U.S. | Separate Account, Debt Security | US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 421 | 504 |
U.S. | Separate Account, Debt Security | Corporate Bond Securities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 10,479 | 12,293 |
U.S. | Separate Account, Debt Security | Bonds | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 22,774 | 25,908 |
U.S. | Separate Account, Debt Security | Separate Account, Mortgage-Backed Security | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 10,750 | 12,328 |
U.S. | Separate Account, Debt Security | Asset-Backed Securities, Securitized Loans and Receivables | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 2,771 | 2,926 |
U.S. | Separate Account, Debt Security | Redeemable Preferred Stock | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 10 | 4 |
U.S. | Separate Account, Debt Security | Fixed Maturities [Member] | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 36,305 | 41,166 |
U.S. | Separate Account, Debt Security | Public Utilities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 1,153 | 1,183 |
U.S. | Separate Account, Equity Security | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 12,703 | 11,854 |
U.S. | Separate Account, Equity Security | Non-redeemable Preferred Stock | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 2 |
U.S. | Separate Account, Equity Security | Financial Services Sector | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 506 | 599 |
U.S. | Separate Account, Equity Security | Commercial and Industrial Sector | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 2,739 | 2,910 |
U.S. | Separate Account, Equity Security | Public Utilities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 74 | 96 |
U.S. | Separate Account, Equity Security | Mutual Fund | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 9,384 | 8,247 |
U.S. | Investments | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 50,867 | 54,885 |
U.S. | Other Assets | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 4,738 | 6,145 |
Asia | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 8,714 | 8,292 |
Asia | Other invested assets | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 348 | 411 |
Asia | Separate Account, Debt Security | Commodities Investment | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 22 | 0 |
Asia | Separate Account, Debt Security | Communications | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 8 |
Asia | Separate Account, Debt Security | Consumer Sector | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 21 | 0 |
Asia | Separate Account, Debt Security | Energy Sector | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 99 | 103 |
Asia | Separate Account, Debt Security | Financial Services Sector | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 526 | 527 |
Asia | Separate Account, Debt Security | Commercial and Industrial Sector | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 22 | 186 |
Asia | Separate Account, Debt Security | Foreign Sector | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
Asia | Separate Account, Debt Security | Technology Sector | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 17 | 0 |
Asia | Separate Account, Debt Security | Foreign government | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 1,179 | 1,047 |
Asia | Separate Account, Debt Security | US Government Agencies Debt Securities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
Asia | Separate Account, Debt Security | US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 25 | 33 |
Asia | Separate Account, Debt Security | Corporate Bond Securities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 707 | 824 |
Asia | Separate Account, Debt Security | Bonds | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 2,212 | 2,185 |
Asia | Separate Account, Debt Security | Separate Account, Mortgage-Backed Security | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
Asia | Separate Account, Debt Security | Asset-Backed Securities, Securitized Loans and Receivables | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 18 | 28 |
Asia | Separate Account, Debt Security | Redeemable Preferred Stock | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
Asia | Separate Account, Debt Security | Fixed Maturities [Member] | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 2,230 | 2,213 |
Asia | Separate Account, Debt Security | Public Utilities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 301 | 281 |
Asia | Separate Account, Equity Security | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 5,722 | 5,234 |
Asia | Separate Account, Equity Security | Non-redeemable Preferred Stock | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
Asia | Separate Account, Equity Security | Financial Services Sector | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 260 | 270 |
Asia | Separate Account, Equity Security | Commercial and Industrial Sector | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 2,629 | 2,330 |
Asia | Separate Account, Equity Security | Public Utilities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 19 | 27 |
Asia | Separate Account, Equity Security | Mutual Fund | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 2,814 | 2,607 |
Asia | Investments | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 8,300 | 7,858 |
Asia | Other Assets | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 414 | 434 |
Latin America | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 42,213 | 39,428 |
Latin America | Other invested assets | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 3,917 | 3,687 |
Latin America | Separate Account, Debt Security | Commodities Investment | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
Latin America | Separate Account, Debt Security | Communications | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
Latin America | Separate Account, Debt Security | Consumer Sector | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
Latin America | Separate Account, Debt Security | Energy Sector | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
Latin America | Separate Account, Debt Security | Financial Services Sector | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 7,080 | 7,389 |
Latin America | Separate Account, Debt Security | Commercial and Industrial Sector | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 3,946 | 3,635 |
Latin America | Separate Account, Debt Security | Foreign Sector | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 3,117 | 4,018 |
Latin America | Separate Account, Debt Security | Technology Sector | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
Latin America | Separate Account, Debt Security | Foreign government | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 2,654 | 593 |
Latin America | Separate Account, Debt Security | US Government Agencies Debt Securities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 9,651 | 8,828 |
Latin America | Separate Account, Debt Security | US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
Latin America | Separate Account, Debt Security | Corporate Bond Securities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 14,143 | 15,042 |
Latin America | Separate Account, Debt Security | Bonds | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 26,448 | 24,463 |
Latin America | Separate Account, Debt Security | Separate Account, Mortgage-Backed Security | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
Latin America | Separate Account, Debt Security | Asset-Backed Securities, Securitized Loans and Receivables | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
Latin America | Separate Account, Debt Security | Redeemable Preferred Stock | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
Latin America | Separate Account, Debt Security | Fixed Maturities [Member] | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 26,448 | 24,463 |
Latin America | Separate Account, Debt Security | Public Utilities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
Latin America | Separate Account, Equity Security | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 11,801 | 11,086 |
Latin America | Separate Account, Equity Security | Non-redeemable Preferred Stock | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
Latin America | Separate Account, Equity Security | Financial Services Sector | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 374 | 347 |
Latin America | Separate Account, Equity Security | Commercial and Industrial Sector | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 2,380 | 2,100 |
Latin America | Separate Account, Equity Security | Public Utilities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
Latin America | Separate Account, Equity Security | Mutual Fund | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 9,047 | 8,639 |
Latin America | Investments | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 42,166 | 39,236 |
Latin America | Other Assets | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 47 | 192 |
EMEA | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 3,727 | 3,314 |
EMEA | Other invested assets | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 46 | 43 |
EMEA | Separate Account, Debt Security | Commodities Investment | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
EMEA | Separate Account, Debt Security | Communications | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
EMEA | Separate Account, Debt Security | Consumer Sector | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
EMEA | Separate Account, Debt Security | Energy Sector | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
EMEA | Separate Account, Debt Security | Financial Services Sector | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 409 | 444 |
EMEA | Separate Account, Debt Security | Commercial and Industrial Sector | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
EMEA | Separate Account, Debt Security | Foreign Sector | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 17 | 21 |
EMEA | Separate Account, Debt Security | Technology Sector | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
EMEA | Separate Account, Debt Security | Foreign government | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 2,027 | 1,988 |
EMEA | Separate Account, Debt Security | US Government Agencies Debt Securities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
EMEA | Separate Account, Debt Security | US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
EMEA | Separate Account, Debt Security | Corporate Bond Securities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 426 | 465 |
EMEA | Separate Account, Debt Security | Bonds | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 2,453 | 2,453 |
EMEA | Separate Account, Debt Security | Separate Account, Mortgage-Backed Security | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
EMEA | Separate Account, Debt Security | Asset-Backed Securities, Securitized Loans and Receivables | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
EMEA | Separate Account, Debt Security | Redeemable Preferred Stock | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
EMEA | Separate Account, Debt Security | Fixed Maturities [Member] | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 2,453 | 2,453 |
EMEA | Separate Account, Debt Security | Public Utilities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
EMEA | Separate Account, Equity Security | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 854 | 783 |
EMEA | Separate Account, Equity Security | Non-redeemable Preferred Stock | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
EMEA | Separate Account, Equity Security | Financial Services Sector | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 210 | 188 |
EMEA | Separate Account, Equity Security | Commercial and Industrial Sector | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 494 | 475 |
EMEA | Separate Account, Equity Security | Public Utilities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 67 | 45 |
EMEA | Separate Account, Equity Security | Mutual Fund | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 83 | 75 |
EMEA | Investments | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 3,353 | 3,279 |
EMEA | Other Assets | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 374 | 35 |
MetLife Holdings | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 35,687 | 33,974 |
MetLife Holdings | Other invested assets | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
MetLife Holdings | Separate Account, Debt Security | Commodities Investment | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
MetLife Holdings | Separate Account, Debt Security | Communications | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 4 | 3 |
MetLife Holdings | Separate Account, Debt Security | Consumer Sector | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 8 | 7 |
MetLife Holdings | Separate Account, Debt Security | Energy Sector | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 2 | 1 |
MetLife Holdings | Separate Account, Debt Security | Financial Services Sector | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 15 | 16 |
MetLife Holdings | Separate Account, Debt Security | Commercial and Industrial Sector | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 3 | 3 |
MetLife Holdings | Separate Account, Debt Security | Foreign Sector | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 12 | 12 |
MetLife Holdings | Separate Account, Debt Security | Technology Sector | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 3 | 3 |
MetLife Holdings | Separate Account, Debt Security | Foreign government | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
MetLife Holdings | Separate Account, Debt Security | US Government Agencies Debt Securities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 18 | 13 |
MetLife Holdings | Separate Account, Debt Security | US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 13 | 12 |
MetLife Holdings | Separate Account, Debt Security | Corporate Bond Securities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 47 | 45 |
MetLife Holdings | Separate Account, Debt Security | Bonds | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 82 | 74 |
MetLife Holdings | Separate Account, Debt Security | Separate Account, Mortgage-Backed Security | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 36 | 32 |
MetLife Holdings | Separate Account, Debt Security | Asset-Backed Securities, Securitized Loans and Receivables | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 11 | 14 |
MetLife Holdings | Separate Account, Debt Security | Redeemable Preferred Stock | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
MetLife Holdings | Separate Account, Debt Security | Fixed Maturities [Member] | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 129 | 120 |
MetLife Holdings | Separate Account, Debt Security | Public Utilities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 4 | 4 |
MetLife Holdings | Separate Account, Equity Security | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 35,552 | 33,848 |
MetLife Holdings | Separate Account, Equity Security | Non-redeemable Preferred Stock | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
MetLife Holdings | Separate Account, Equity Security | Financial Services Sector | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
MetLife Holdings | Separate Account, Equity Security | Commercial and Industrial Sector | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
MetLife Holdings | Separate Account, Equity Security | Public Utilities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
MetLife Holdings | Separate Account, Equity Security | Mutual Fund | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 35,552 | 33,848 |
MetLife Holdings | Investments | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 35,681 | 33,968 |
MetLife Holdings | Other Assets | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | $ 6 | $ 6 |
Deferred Policy Acquisition C_3
Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles - Transition Table (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 |
Segment Reporting Information [Line Items] | ||||||
Balance at December 31, 2020 | $ 17,994 | $ 17,644 | $ 16,935 | $ 17,415 | $ 13,446 | |
Balance at January 1, 2021 | 17,994 | 17,644 | 16,935 | 17,415 | 13,446 | |
Balance at December 31, 2020 | 1,856 | 2,009 | 2,010 | 2,391 | 2,943 | |
Balance at January 1, 2021 | 1,856 | 2,009 | 2,010 | 2,391 | 2,943 | |
Balance at December 31, 2020 | 2,113 | |||||
Balance at January 1, 2021 | 2,113 | |||||
Balance at December 31, 2020 | 666 | 738 | ||||
Balance at January 1, 2021 | 666 | 738 | ||||
Accounting Standards Update 2018-12 | ||||||
Segment Reporting Information [Line Items] | ||||||
Balance at December 31, 2020 | 17,451 | |||||
Removal of related amounts in AOCI | 3,980 | |||||
Other adjustments upon adoption of the LDTI standard | 25 | |||||
Balance at January 1, 2021 | 17,451 | |||||
Balance at December 31, 2020 | 2,966 | |||||
Removal of related amounts in AOCI | 27 | |||||
Other adjustments upon adoption of the LDTI standard | (4) | |||||
Balance at January 1, 2021 | 2,966 | |||||
Balance at December 31, 2020 | 3,163 | |||||
Removal of related amounts in AOCI | 1,043 | |||||
Other adjustments upon adoption of the LDTI standard | 7 | |||||
Balance at January 1, 2021 | 3,163 | |||||
Reclassification of carrying amount of contracts and contract features that are market risk benefits | (72) | |||||
U.S. | ||||||
Segment Reporting Information [Line Items] | ||||||
Balance at December 31, 2020 | 603 | 532 | 488 | 464 | 409 | |
Balance at January 1, 2021 | 603 | 532 | 488 | 464 | 409 | |
Balance at December 31, 2020 | 18 | 19 | 21 | 22 | 25 | |
Balance at January 1, 2021 | 18 | 19 | 21 | 22 | 25 | |
Balance at December 31, 2020 | 42 | |||||
Balance at January 1, 2021 | 42 | |||||
U.S. | Accounting Standards Update 2018-12 | ||||||
Segment Reporting Information [Line Items] | ||||||
Balance at December 31, 2020 | 409 | |||||
Removal of related amounts in AOCI | 0 | |||||
Other adjustments upon adoption of the LDTI standard | 0 | |||||
Balance at January 1, 2021 | 409 | |||||
Balance at December 31, 2020 | 25 | |||||
Removal of related amounts in AOCI | 0 | |||||
Other adjustments upon adoption of the LDTI standard | 0 | |||||
Balance at January 1, 2021 | 25 | |||||
Balance at December 31, 2020 | 42 | |||||
Removal of related amounts in AOCI | 0 | |||||
Other adjustments upon adoption of the LDTI standard | 0 | |||||
Balance at January 1, 2021 | 42 | |||||
Asia | ||||||
Segment Reporting Information [Line Items] | ||||||
Balance at December 31, 2020 | 10,304 | 10,270 | 9,690 | 10,058 | 7,432 | |
Balance at January 1, 2021 | 10,304 | 10,270 | 9,690 | 10,058 | 7,432 | |
Balance at December 31, 2020 | 1,134 | 1,290 | 1,302 | 1,593 | 1,901 | |
Balance at January 1, 2021 | 1,134 | 1,290 | 1,302 | 1,593 | 1,901 | |
Balance at December 31, 2020 | 587 | |||||
Balance at January 1, 2021 | 587 | |||||
Asia | Accounting Standards Update 2018-12 | ||||||
Segment Reporting Information [Line Items] | ||||||
Balance at December 31, 2020 | 9,741 | |||||
Removal of related amounts in AOCI | 2,309 | |||||
Other adjustments upon adoption of the LDTI standard | 0 | |||||
Balance at January 1, 2021 | 9,741 | |||||
Balance at December 31, 2020 | 1,915 | |||||
Removal of related amounts in AOCI | 14 | |||||
Other adjustments upon adoption of the LDTI standard | 0 | |||||
Balance at January 1, 2021 | 1,915 | |||||
Balance at December 31, 2020 | 1,616 | |||||
Removal of related amounts in AOCI | 1,029 | |||||
Other adjustments upon adoption of the LDTI standard | 0 | |||||
Balance at January 1, 2021 | 1,616 | |||||
Latin America | ||||||
Segment Reporting Information [Line Items] | ||||||
Balance at December 31, 2020 | 1,822 | 1,542 | 1,403 | 1,361 | 1,344 | |
Balance at January 1, 2021 | 1,822 | 1,542 | 1,403 | 1,361 | 1,344 | |
Balance at December 31, 2020 | 558 | 545 | 523 | 591 | 748 | |
Balance at January 1, 2021 | 558 | 545 | 523 | 591 | 748 | |
Balance at December 31, 2020 | 740 | |||||
Balance at January 1, 2021 | 740 | |||||
Latin America | Accounting Standards Update 2018-12 | ||||||
Segment Reporting Information [Line Items] | ||||||
Balance at December 31, 2020 | 1,394 | |||||
Removal of related amounts in AOCI | 50 | |||||
Other adjustments upon adoption of the LDTI standard | 0 | |||||
Balance at January 1, 2021 | 1,394 | |||||
Balance at December 31, 2020 | 756 | |||||
Removal of related amounts in AOCI | 8 | |||||
Other adjustments upon adoption of the LDTI standard | 0 | |||||
Balance at January 1, 2021 | 756 | |||||
Balance at December 31, 2020 | 835 | |||||
Removal of related amounts in AOCI | 95 | |||||
Other adjustments upon adoption of the LDTI standard | 0 | |||||
Balance at January 1, 2021 | 835 | |||||
EMEA | ||||||
Segment Reporting Information [Line Items] | ||||||
Balance at December 31, 2020 | 1,562 | 1,480 | 1,425 | 1,472 | 1,551 | |
Balance at January 1, 2021 | 1,562 | 1,480 | 1,425 | 1,472 | 1,551 | |
Balance at December 31, 2020 | 120 | 127 | 135 | 154 | 236 | |
Balance at January 1, 2021 | 120 | 127 | 135 | 154 | 236 | |
Balance at December 31, 2020 | 556 | |||||
Balance at January 1, 2021 | 556 | |||||
EMEA | Accounting Standards Update 2018-12 | ||||||
Segment Reporting Information [Line Items] | ||||||
Balance at December 31, 2020 | 1,565 | |||||
Removal of related amounts in AOCI | 0 | |||||
Other adjustments upon adoption of the LDTI standard | 14 | |||||
Balance at January 1, 2021 | 1,565 | |||||
Balance at December 31, 2020 | 232 | |||||
Removal of related amounts in AOCI | 0 | |||||
Other adjustments upon adoption of the LDTI standard | (4) | |||||
Balance at January 1, 2021 | 232 | |||||
Balance at December 31, 2020 | 482 | |||||
Removal of related amounts in AOCI | (81) | |||||
Other adjustments upon adoption of the LDTI standard | 7 | |||||
Balance at January 1, 2021 | 482 | |||||
MetLife Holdings | ||||||
Segment Reporting Information [Line Items] | ||||||
Balance at December 31, 2020 | 3,673 | 3,791 | 3,899 | 4,029 | 2,679 | |
Balance at January 1, 2021 | 3,673 | 3,791 | 3,899 | 4,029 | 2,679 | |
Balance at December 31, 2020 | 26 | 28 | 29 | 31 | 33 | |
Balance at January 1, 2021 | 26 | 28 | 29 | 31 | 33 | |
Balance at December 31, 2020 | 188 | |||||
Balance at January 1, 2021 | 188 | |||||
MetLife Holdings | Accounting Standards Update 2018-12 | ||||||
Segment Reporting Information [Line Items] | ||||||
Balance at December 31, 2020 | 4,311 | |||||
Removal of related amounts in AOCI | 1,621 | |||||
Other adjustments upon adoption of the LDTI standard | 11 | |||||
Balance at January 1, 2021 | 4,311 | |||||
Balance at December 31, 2020 | 38 | |||||
Removal of related amounts in AOCI | 5 | |||||
Other adjustments upon adoption of the LDTI standard | 0 | |||||
Balance at January 1, 2021 | 38 | |||||
Balance at December 31, 2020 | 188 | |||||
Removal of related amounts in AOCI | 0 | |||||
Other adjustments upon adoption of the LDTI standard | 0 | |||||
Balance at January 1, 2021 | 188 | |||||
Corporate and Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Balance at December 31, 2020 | 30 | 29 | 30 | 31 | 31 | |
Balance at January 1, 2021 | 30 | 29 | 30 | 31 | 31 | |
Balance at December 31, 2020 | 0 | 0 | 0 | 0 | 0 | |
Balance at January 1, 2021 | $ 0 | $ 0 | $ 0 | $ 0 | 0 | |
Balance at December 31, 2020 | 0 | |||||
Balance at January 1, 2021 | $ 0 | |||||
Corporate and Other [Member] | Accounting Standards Update 2018-12 | ||||||
Segment Reporting Information [Line Items] | ||||||
Balance at December 31, 2020 | 31 | |||||
Removal of related amounts in AOCI | 0 | |||||
Other adjustments upon adoption of the LDTI standard | 0 | |||||
Balance at January 1, 2021 | 31 | |||||
Balance at December 31, 2020 | 0 | |||||
Removal of related amounts in AOCI | 0 | |||||
Other adjustments upon adoption of the LDTI standard | 0 | |||||
Balance at January 1, 2021 | 0 | |||||
Balance at December 31, 2020 | 0 | |||||
Removal of related amounts in AOCI | 0 | |||||
Other adjustments upon adoption of the LDTI standard | 0 | |||||
Balance at January 1, 2021 | $ 0 |
Deferred Policy Acquisition C_4
Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles - DAC VOBA by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Jan. 01, 2021 | |
Segment Reporting Information [Line Items] | ||||||
DAC, Beginning Balance | $ 17,644 | $ 17,415 | ||||
Capitalizations | $ 729 | $ 637 | 1,447 | 1,289 | ||
Amortization | (864) | (839) | ||||
Effect of foreign currency translation and other, net | (233) | (930) | ||||
DAC, Ending Balance | 17,994 | 16,935 | 17,994 | 16,935 | ||
VOBA Net, Beginning Balance | 2,009 | 2,391 | ||||
Acquisitions | 0 | 0 | ||||
Amortization | (85) | (94) | ||||
Effect of foreign currency translation and other, net | (68) | (287) | ||||
VOBA Net, Ending Balance | 1,856 | 2,010 | 1,856 | 2,010 | ||
Deferred policy acquisition costs and value of business acquired | 19,850 | 18,945 | 19,850 | 18,945 | $ 19,653 | $ 20,417 |
U.S. | ||||||
Segment Reporting Information [Line Items] | ||||||
DAC, Beginning Balance | 532 | 464 | ||||
Capitalizations | 106 | 55 | ||||
Amortization | (35) | (31) | ||||
Effect of foreign currency translation and other, net | 0 | 0 | ||||
DAC, Ending Balance | 603 | 488 | 603 | 488 | ||
VOBA Net, Beginning Balance | 19 | 22 | ||||
Acquisitions | 0 | 0 | ||||
Amortization | (1) | (1) | ||||
Effect of foreign currency translation and other, net | 0 | 0 | ||||
VOBA Net, Ending Balance | 18 | 21 | 18 | 21 | ||
Asia | ||||||
Segment Reporting Information [Line Items] | ||||||
DAC, Beginning Balance | 10,270 | 10,058 | ||||
Capitalizations | 798 | 769 | ||||
Amortization | (336) | (322) | ||||
Effect of foreign currency translation and other, net | (428) | (815) | ||||
DAC, Ending Balance | 10,304 | 9,690 | 10,304 | 9,690 | ||
VOBA Net, Beginning Balance | 1,290 | 1,593 | ||||
Acquisitions | 0 | 0 | ||||
Amortization | (47) | (54) | ||||
Effect of foreign currency translation and other, net | (109) | (237) | ||||
VOBA Net, Ending Balance | 1,134 | 1,302 | 1,134 | 1,302 | ||
Latin America | ||||||
Segment Reporting Information [Line Items] | ||||||
DAC, Beginning Balance | 1,542 | 1,361 | ||||
Capitalizations | 299 | 227 | ||||
Amortization | (197) | (175) | ||||
Effect of foreign currency translation and other, net | 178 | (10) | ||||
DAC, Ending Balance | 1,822 | 1,403 | 1,822 | 1,403 | ||
VOBA Net, Beginning Balance | 545 | 591 | ||||
Acquisitions | 0 | 0 | ||||
Amortization | (26) | (26) | ||||
Effect of foreign currency translation and other, net | 39 | (42) | ||||
VOBA Net, Ending Balance | 558 | 523 | 558 | 523 | ||
EMEA | ||||||
Segment Reporting Information [Line Items] | ||||||
DAC, Beginning Balance | 1,480 | 1,472 | ||||
Capitalizations | 227 | 220 | ||||
Amortization | (161) | (164) | ||||
Effect of foreign currency translation and other, net | 16 | (103) | ||||
DAC, Ending Balance | 1,562 | 1,425 | 1,562 | 1,425 | ||
VOBA Net, Beginning Balance | 127 | 154 | ||||
Acquisitions | 0 | 0 | ||||
Amortization | (9) | (11) | ||||
Effect of foreign currency translation and other, net | 2 | (8) | ||||
VOBA Net, Ending Balance | 120 | 135 | 120 | 135 | ||
MetLife Holdings | ||||||
Segment Reporting Information [Line Items] | ||||||
DAC, Beginning Balance | 3,791 | 4,029 | ||||
Capitalizations | 12 | 13 | ||||
Amortization | (130) | (143) | ||||
Effect of foreign currency translation and other, net | 0 | 0 | ||||
DAC, Ending Balance | 3,673 | 3,899 | 3,673 | 3,899 | ||
VOBA Net, Beginning Balance | 28 | 31 | ||||
Acquisitions | 0 | 0 | ||||
Amortization | (2) | (2) | ||||
Effect of foreign currency translation and other, net | 0 | 0 | ||||
VOBA Net, Ending Balance | 26 | 29 | 26 | 29 | ||
Corporate and Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
DAC, Beginning Balance | 29 | 31 | ||||
Capitalizations | 5 | 5 | ||||
Amortization | (5) | (4) | ||||
Effect of foreign currency translation and other, net | 1 | (2) | ||||
DAC, Ending Balance | 30 | 30 | 30 | 30 | ||
VOBA Net, Beginning Balance | 0 | 0 | ||||
Acquisitions | 0 | 0 | ||||
Amortization | 0 | 0 | ||||
Effect of foreign currency translation and other, net | 0 | 0 | ||||
VOBA Net, Ending Balance | $ 0 | $ 0 | $ 0 | $ 0 |
Deferred Policy Acquisition C_5
Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles - Unearned Revenue (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Unearned Revenue [Roll Forward] | ||
Deferred Revenue, Current, Beginning Balance | $ 4,106 | $ 3,625 |
Deferrals | 428 | 447 |
Amortization | (184) | (156) |
Effect of foreign currency translation and other - net | 89 | (79) |
Deferred Revenue, Current, Ending Balance | 4,439 | 3,837 |
U.S. | ||
Unearned Revenue [Roll Forward] | ||
Deferred Revenue, Current, Beginning Balance | 36 | 38 |
Deferrals | 1 | 4 |
Amortization | (4) | (3) |
Effect of foreign currency translation and other - net | 0 | 0 |
Deferred Revenue, Current, Ending Balance | 33 | 39 |
Asia | ||
Unearned Revenue [Roll Forward] | ||
Deferred Revenue, Current, Beginning Balance | 2,382 | 2,033 |
Deferrals | 283 | 303 |
Amortization | (80) | (68) |
Effect of foreign currency translation and other - net | (32) | (60) |
Deferred Revenue, Current, Ending Balance | 2,553 | 2,208 |
Latin America | ||
Unearned Revenue [Roll Forward] | ||
Deferred Revenue, Current, Beginning Balance | 848 | 795 |
Deferrals | 70 | 58 |
Amortization | (58) | (49) |
Effect of foreign currency translation and other - net | 108 | 1 |
Deferred Revenue, Current, Ending Balance | 968 | 805 |
EMEA | ||
Unearned Revenue [Roll Forward] | ||
Deferred Revenue, Current, Beginning Balance | 559 | 521 |
Deferrals | 46 | 52 |
Amortization | (31) | (28) |
Effect of foreign currency translation and other - net | 13 | (20) |
Deferred Revenue, Current, Ending Balance | 587 | 525 |
MetLife Holdings | ||
Unearned Revenue [Roll Forward] | ||
Deferred Revenue, Current, Beginning Balance | 281 | 238 |
Deferrals | 28 | 30 |
Amortization | (11) | (8) |
Effect of foreign currency translation and other - net | 0 | 0 |
Deferred Revenue, Current, Ending Balance | $ 298 | $ 260 |
Closed Block (Liabilities and A
Closed Block (Liabilities and Assets) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Closed Block Liabilities | ||
Future policy benefits | $ 36,650 | $ 37,222 |
Other policy-related balances | 281 | 273 |
Policyholder dividends payable | 178 | 181 |
Current income tax payable | 9 | 0 |
Other liabilities | 592 | 455 |
Total closed block liabilities | 37,710 | 38,131 |
Assets Designated to the Closed Block | ||
Fixed maturity securities available-for-sale, at estimated fair value | 19,697 | 19,648 |
Equity securities, at estimated fair value | 13 | 13 |
Mortgage loans | 6,269 | 6,564 |
Policy loans | 4,014 | 4,084 |
Real estate and real estate joint ventures | 655 | 635 |
Other invested assets | 591 | 692 |
Total investments | 31,239 | 31,636 |
Cash and cash equivalents | 656 | 437 |
Accrued investment income | 369 | 375 |
Premiums, reinsurance and other receivables | 114 | 52 |
Current income tax recoverable | 0 | 88 |
Deferred income tax asset | 394 | 423 |
Total assets designated to the closed block | 32,772 | 33,011 |
Excess of closed block liabilities over assets designated to the closed block | 4,938 | 5,120 |
AOCI: | ||
Unrealized investment gains (losses), net of income tax | (1,176) | (1,357) |
Unrealized gains (losses) on derivatives, net of income tax | 212 | 262 |
Total amounts included in AOCI | (964) | (1,095) |
Maximum future earnings to be recognized from closed block assets and liabilities | $ 3,974 | $ 4,025 |
Closed Block (Policyholder Divi
Closed Block (Policyholder Dividend Obligation) (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Closed block policyholder dividend obligation | ||
Balance, beginning of period | $ 0 | $ 1,682 |
Change in unrealized investment and derivative gains (losses) | 0 | (1,682) |
Balance, end of period | $ 0 | $ 0 |
Closed Block (Revenues and Expe
Closed Block (Revenues and Expenses) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenues | ||||
Premiums | $ 226 | $ 274 | $ 461 | $ 549 |
Net investment income | 341 | 352 | 679 | 713 |
Net investment gains (losses) | 5 | (16) | 9 | (48) |
Net derivative gains (losses) | 5 | 8 | 3 | 11 |
Total revenues | 577 | 618 | 1,152 | 1,225 |
Expenses | ||||
Policyholder benefits and claims | 445 | 462 | 858 | 945 |
Policyholder dividends | 89 | 128 | 186 | 262 |
Other expenses | 22 | 23 | 44 | 46 |
Total expenses | 556 | 613 | 1,088 | 1,253 |
Revenues, net of expenses before provision for income tax expense (benefit) | 21 | 5 | 64 | (28) |
Provision for income tax expense (benefit) | 4 | 1 | 13 | (6) |
Revenues, net of expenses and provision for income tax expense (benefit) | $ 17 | $ 4 | $ 51 | $ (22) |
Investments (Fixed Maturity Sec
Investments (Fixed Maturity Securities Available-For-Sale by Sector) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||||||
Amortized Cost | $ 307,045 | $ 306,025 | ||||
Allowance for Credit Loss for Debt Securities | (197) | $ (193) | (183) | $ (261) | $ (355) | $ (91) |
Gross Unrealized Gains | 5,991 | 5,239 | ||||
Gross Unrealized Losses | 28,982 | 34,301 | ||||
Estimated Fair Value of Fixed Maturity Securities AFS | 283,857 | 276,780 | ||||
U.S. corporate | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Amortized Cost | 89,349 | 88,466 | ||||
Allowance for Credit Loss for Debt Securities | (69) | (63) | (29) | (28) | (13) | (30) |
Gross Unrealized Gains | 1,396 | 1,133 | ||||
Gross Unrealized Losses | 8,153 | 9,540 | ||||
Estimated Fair Value of Fixed Maturity Securities AFS | 82,523 | 80,030 | ||||
Foreign corporate | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Amortized Cost | 59,380 | 59,696 | ||||
Allowance for Credit Loss for Debt Securities | (2) | (2) | (5) | (53) | (102) | (28) |
Gross Unrealized Gains | 1,426 | 1,213 | ||||
Gross Unrealized Losses | 7,114 | 8,332 | ||||
Estimated Fair Value of Fixed Maturity Securities AFS | 53,690 | 52,572 | ||||
Foreign government | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Amortized Cost | 47,946 | 50,047 | ||||
Allowance for Credit Loss for Debt Securities | (115) | (117) | (130) | (166) | (226) | (19) |
Gross Unrealized Gains | 2,077 | 1,876 | ||||
Gross Unrealized Losses | 3,914 | 5,046 | ||||
Estimated Fair Value of Fixed Maturity Securities AFS | 45,994 | 46,747 | ||||
U.S. government and agency | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Amortized Cost | 36,133 | 35,658 | ||||
Allowance for Credit Loss for Debt Securities | 0 | 0 | ||||
Gross Unrealized Gains | 371 | 431 | ||||
Gross Unrealized Losses | 3,375 | 3,860 | ||||
Estimated Fair Value of Fixed Maturity Securities AFS | 33,129 | 32,229 | ||||
RMBS | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Amortized Cost | 31,328 | 29,496 | ||||
Allowance for Credit Loss for Debt Securities | 0 | 0 | ||||
Gross Unrealized Gains | 193 | 187 | ||||
Gross Unrealized Losses | 3,063 | 3,518 | ||||
Estimated Fair Value of Fixed Maturity Securities AFS | 28,458 | 26,165 | ||||
ABS & CLO | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Amortized Cost | 18,428 | 17,991 | ||||
Allowance for Credit Loss for Debt Securities | 0 | 0 | ||||
Gross Unrealized Gains | 36 | 23 | ||||
Gross Unrealized Losses | 984 | 1,192 | ||||
Estimated Fair Value of Fixed Maturity Securities AFS | 17,480 | 16,822 | ||||
Municipals | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Amortized Cost | 13,206 | 13,548 | ||||
Allowance for Credit Loss for Debt Securities | 0 | 0 | ||||
Gross Unrealized Gains | 444 | 317 | ||||
Gross Unrealized Losses | 1,326 | 1,713 | ||||
Estimated Fair Value of Fixed Maturity Securities AFS | 12,324 | 12,152 | ||||
CMBS | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Amortized Cost | 11,275 | 11,123 | ||||
Allowance for Credit Loss for Debt Securities | (11) | $ (11) | (19) | $ (14) | $ (14) | $ (14) |
Gross Unrealized Gains | 48 | 59 | ||||
Gross Unrealized Losses | 1,053 | 1,100 | ||||
Estimated Fair Value of Fixed Maturity Securities AFS | $ 10,259 | $ 10,063 |
Investments (Maturities of Fixe
Investments (Maturities of Fixed Maturity Securities) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Available-for-sale Securities, Debt Maturities [Abstract] | ||
Amortized Cost, Due in one year or less | $ 8,637 | |
Amortized Cost, Due after one year through five years | 51,765 | |
Amortized Cost, Due after five years through ten years | 52,278 | |
Amortized Cost, Due after ten years | 133,148 | |
Amortized Cost, Structured Securities | 61,020 | |
Amortized Cost, net of ACL | 306,848 | |
Estimated Fair Value, Due in one year or less | 8,661 | |
Estimated Fair Value, Due after one year through five years | 50,394 | |
Estimated Fair Value, Due after five years through ten years | 49,710 | |
Estimated Fair Value, Due after ten years | 118,895 | |
Estimated Fair Value, Structured Securities | 56,197 | |
Estimated Fair Value of Fixed Maturity Securities AFS | $ 283,857 | $ 276,780 |
Investments (Continuous Gross U
Investments (Continuous Gross Unrealized Losses for Fixed Maturity Securities Available-For-Sale) (Details) $ in Millions | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months Estimated Fair Value | $ 62,446 | $ 165,460 |
Less than 12 months Gross Unrealized Loss | $ 3,062 | $ 23,406 |
Total number of securities in an unrealized loss position less than 12 months | 7,031 | 15,204 |
Equal to or Greater than 12 Months Estimated Fair Value | $ 136,354 | $ 41,420 |
Equal to or Greater than 12 Months Gross Unrealized Loss | $ 25,876 | $ 10,889 |
Total number of securities in an unrealized loss position equal or greater than 12 months | 12,053 | 4,303 |
U.S. corporate | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months Estimated Fair Value | $ 18,094 | $ 55,210 |
Less than 12 months Gross Unrealized Loss | 1,008 | 7,573 |
Equal to or Greater than 12 Months Estimated Fair Value | 38,883 | 6,484 |
Equal to or Greater than 12 Months Gross Unrealized Loss | 7,107 | 1,965 |
Foreign corporate | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months Estimated Fair Value | 7,641 | 31,932 |
Less than 12 months Gross Unrealized Loss | 434 | 5,999 |
Equal to or Greater than 12 Months Estimated Fair Value | 30,224 | 8,956 |
Equal to or Greater than 12 Months Gross Unrealized Loss | 6,680 | 2,332 |
Foreign government | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months Estimated Fair Value | 5,304 | 16,568 |
Less than 12 months Gross Unrealized Loss | 295 | 2,170 |
Equal to or Greater than 12 Months Estimated Fair Value | 18,868 | 8,308 |
Equal to or Greater than 12 Months Gross Unrealized Loss | 3,617 | 2,874 |
U.S. government and agency | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months Estimated Fair Value | 14,685 | 20,436 |
Less than 12 months Gross Unrealized Loss | 677 | 2,784 |
Equal to or Greater than 12 Months Estimated Fair Value | 10,567 | 4,177 |
Equal to or Greater than 12 Months Gross Unrealized Loss | 2,698 | 1,076 |
RMBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months Estimated Fair Value | 10,217 | 16,223 |
Less than 12 months Gross Unrealized Loss | 409 | 1,890 |
Equal to or Greater than 12 Months Estimated Fair Value | 14,168 | 6,650 |
Equal to or Greater than 12 Months Gross Unrealized Loss | 2,654 | 1,628 |
ABS & CLO | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months Estimated Fair Value | 2,782 | 10,924 |
Less than 12 months Gross Unrealized Loss | 79 | 712 |
Equal to or Greater than 12 Months Estimated Fair Value | 12,122 | 4,326 |
Equal to or Greater than 12 Months Gross Unrealized Loss | 905 | 480 |
Municipals | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months Estimated Fair Value | 1,595 | 7,277 |
Less than 12 months Gross Unrealized Loss | 62 | 1,514 |
Equal to or Greater than 12 Months Estimated Fair Value | 4,917 | 482 |
Equal to or Greater than 12 Months Gross Unrealized Loss | 1,264 | 199 |
CMBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months Estimated Fair Value | 2,128 | 6,890 |
Less than 12 months Gross Unrealized Loss | 98 | 764 |
Equal to or Greater than 12 Months Estimated Fair Value | 6,605 | 2,037 |
Equal to or Greater than 12 Months Gross Unrealized Loss | 951 | 335 |
Investment Grade | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months Estimated Fair Value | 59,810 | 157,654 |
Less than 12 months Gross Unrealized Loss | 2,940 | 22,713 |
Equal to or Greater than 12 Months Estimated Fair Value | 129,849 | 38,785 |
Equal to or Greater than 12 Months Gross Unrealized Loss | $ 24,979 | 10,298 |
Total number of securities in an unrealized loss position equal or greater than 12 months | 11,122 | |
Below Investment Grade | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months Estimated Fair Value | $ 2,636 | 7,806 |
Less than 12 months Gross Unrealized Loss | 122 | 693 |
Equal to or Greater than 12 Months Estimated Fair Value | 6,505 | 2,635 |
Equal to or Greater than 12 Months Gross Unrealized Loss | $ 897 | $ 591 |
Total number of securities in an unrealized loss position equal or greater than 12 months | 931 |
Investments (ACL for Fixed Matu
Investments (ACL for Fixed Maturity Securities AFS By Sector) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | ||||
Allowance, beginning of period | $ 193 | $ 355 | $ 183 | $ 91 |
ACL not previously recorded | 0 | 0 | 36 | 287 |
Changes for securities with previously recorded ACL | 4 | (13) | (6) | (6) |
Securities sold or exchanged | 0 | (81) | (16) | (89) |
Write-offs | 0 | 0 | 0 | (22) |
Allowance, end of period | 197 | 261 | 197 | 261 |
U.S. corporate | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | ||||
Allowance, beginning of period | 63 | 13 | 29 | 30 |
ACL not previously recorded | 0 | 0 | 36 | 13 |
Changes for securities with previously recorded ACL | 6 | 15 | 6 | 15 |
Securities sold or exchanged | 0 | 0 | (2) | (8) |
Write-offs | 0 | 0 | 0 | (22) |
Allowance, end of period | 69 | 28 | 69 | 28 |
Foreign corporate | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | ||||
Allowance, beginning of period | 2 | 102 | 5 | 28 |
ACL not previously recorded | 0 | 0 | 0 | 67 |
Changes for securities with previously recorded ACL | 0 | (5) | 0 | 2 |
Securities sold or exchanged | 0 | (44) | (3) | (44) |
Write-offs | 0 | 0 | 0 | 0 |
Allowance, end of period | 2 | 53 | 2 | 53 |
Foreign government | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | ||||
Allowance, beginning of period | 117 | 226 | 130 | 19 |
ACL not previously recorded | 0 | 0 | 0 | 207 |
Changes for securities with previously recorded ACL | (2) | (23) | (15) | (23) |
Securities sold or exchanged | 0 | (37) | 0 | (37) |
Write-offs | 0 | 0 | 0 | 0 |
Allowance, end of period | 115 | 166 | 115 | 166 |
CMBS | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | ||||
Allowance, beginning of period | 11 | 14 | 19 | 14 |
ACL not previously recorded | 0 | 0 | 0 | 0 |
Changes for securities with previously recorded ACL | 0 | 0 | 3 | 0 |
Securities sold or exchanged | 0 | 0 | (11) | 0 |
Write-offs | 0 | 0 | 0 | 0 |
Allowance, end of period | $ 11 | $ 14 | $ 11 | $ 14 |
Investments (Equity Securities)
Investments (Equity Securities) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity Securities, FV-NI, Unrealized Gains (Losses) | $ 1,123 | $ 562 |
Equity securities | 769 | 1,684 |
Common Stock | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity Securities, FV-NI, Cost | 421 | 1,347 |
Equity Securities, FV-NI, Unrealized Gains (Losses) | 238 | 195 |
Equity securities | 659 | 1,542 |
Non-redeemable Preferred Stock | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity Securities, FV-NI, Cost | 111 | 148 |
Equity Securities, FV-NI, Unrealized Gains (Losses) | (1) | (6) |
Equity securities | 110 | 142 |
Equity Securities | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity Securities, FV-NI, Cost | 532 | 1,495 |
Equity Securities, FV-NI, Unrealized Gains (Losses) | 237 | 189 |
Equity securities | $ 769 | $ 1,684 |
Investments (Contractholder-Dir
Investments (Contractholder-Directed Equity Securities and FVO Securities) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Debt and Equity Securities, FV-NI [Line Items] | ||
Debt Securities, Trading, and Equity Securities, FV-NI, Cost | $ 9,081 | $ 9,106 |
Contracted-Directed Equity Securities and FVO Securities, FV-NI, Unrealized Gains (Losses) | 1,123 | 562 |
Contractholder-directed equity securities and fair value option securities, at estimated fair value | 10,204 | 9,668 |
Unit-linked investments | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Debt Securities, Trading, and Equity Securities, FV-NI, Cost | 7,891 | 7,945 |
Contracted-Directed Equity Securities and FVO Securities, FV-NI, Unrealized Gains (Losses) | 726 | 288 |
Contractholder-directed equity securities and fair value option securities, at estimated fair value | 8,617 | 8,233 |
FVO Securities | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Debt Securities, Trading, and Equity Securities, FV-NI, Cost | 1,190 | 1,161 |
Contracted-Directed Equity Securities and FVO Securities, FV-NI, Unrealized Gains (Losses) | 397 | 274 |
Contractholder-directed equity securities and fair value option securities, at estimated fair value | $ 1,587 | $ 1,435 |
Investments (Mortgage Loans by
Investments (Mortgage Loans by Portfolio Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Mortgage Loans, Gross | $ 93,710 | $ 93,710 | $ 84,290 | |||
Allowance for Credit Loss | (724) | $ (486) | (724) | $ (486) | (527) | $ (634) |
Total mortgage loans | $ 92,986 | $ 92,986 | $ 83,763 | |||
Percentage Of mortgage total recorded investment To Mortgage Loans On Real Estate Commercial And Consumer Net | 100.80% | 100.80% | 100.60% | |||
Percentage of Allowance for Credit Losses for Financing Receivables | (0.80%) | (0.80%) | (0.60%) | |||
Percentage Of Mortgage Loans On Real Estate To Mortgage Loans On Real Estate Commercial And Consumer Net | 100% | 100% | 100% | |||
Other liabilities | $ 34,555 | $ 34,555 | $ 25,933 | |||
Investment Income, Investment Expense | 681 | 273 | 1,142 | 515 | ||
Loans Originated For Third Party | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Mortgage Loans, Gross | 8,300 | 8,300 | ||||
Allowance for Credit Loss | (73) | (73) | ||||
Other liabilities | 8,300 | 8,300 | ||||
Mortgage Income On Loans Originated For Third Party | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross Investment Income, Operating | 215 | 215 | ||||
Mortgage Expense On Loans Originated For Third Party | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Investment Income, Investment Expense | 215 | 215 | ||||
Commercial Mortgage Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Mortgage Loans, Gross | 60,759 | 60,759 | 52,502 | |||
Allowance for Credit Loss | $ (366) | (205) | $ (366) | (205) | $ (218) | (340) |
Percentage Of Mortgage Loans, Gross | 65.40% | 65.40% | 62.70% | |||
Commercial Mortgage Loans | Reinsurance Risk Transfer Transaction | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Other Asset Impairment Charges | $ 44 | |||||
Mortgage Loans, after allowance | $ 210 | 210 | ||||
Commercial Mortgage Loans | Loans Originated For Third Party | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Mortgage Loans, Gross | 8,000 | 8,000 | ||||
Residential Mortgage Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Mortgage Loans, Gross | 13,129 | 13,129 | $ 12,482 | |||
Allowance for Credit Loss | $ (203) | (174) | $ (203) | (174) | $ (190) | (206) |
Percentage Of Mortgage Loans, Gross | 14.10% | 14.10% | 14.90% | |||
Agricultural Mortgage Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Mortgage Loans, Gross | $ 19,822 | $ 19,822 | $ 19,306 | |||
Allowance for Credit Loss | $ (155) | $ (107) | $ (155) | $ (107) | $ (119) | $ (88) |
Percentage Of Mortgage Loans, Gross | 21.30% | 21.30% | 23% | |||
Agricultural Mortgage Loans | Loans Originated For Third Party | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Mortgage Loans, Gross | $ 243 | $ 243 |
Investments (Mortgage Loans All
Investments (Mortgage Loans Allowance for Credit Loss Rollforward by Portfolio Segment) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance, beginning of period | $ 527 | $ 634 |
Provision (release) | 210 | (6) |
Charge-offs, net of recoveries | (13) | (142) |
Balance, end of period | 724 | 486 |
Commercial Mortgage Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance, beginning of period | 218 | 340 |
Provision (release) | 148 | (16) |
Charge-offs, net of recoveries | 0 | (119) |
Balance, end of period | 366 | 205 |
Residential Mortgage Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance, beginning of period | 190 | 206 |
Provision (release) | 13 | (31) |
Charge-offs, net of recoveries | 0 | (1) |
Balance, end of period | 203 | 174 |
Agricultural Mortgage Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance, beginning of period | 119 | 88 |
Provision (release) | 49 | 41 |
Charge-offs, net of recoveries | (13) | (22) |
Balance, end of period | $ 155 | $ 107 |
Investments (Credit Quality of
Investments (Credit Quality of Commercial Mortgage Loans) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Mortgage Loans, Gross | $ 93,710 | $ 84,290 |
Commercial Mortgage Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 1,583 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 8,756 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 7,572 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 5,034 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 8,706 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 26,181 | |
Financing Receivable, Revolving | 2,927 | |
Mortgage Loans, Gross | $ 60,759 | $ 52,502 |
Loans Receivable Commercial Mortgage Percentage | 100% | |
Commercial Mortgage Loans | Greater than 1.20x | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | $ 1,070 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 7,366 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 7,192 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 4,471 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 7,252 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 22,802 | |
Financing Receivable, Revolving | 1,687 | |
Mortgage Loans, Gross | $ 51,840 | |
Loans Receivable Commercial Mortgage Percentage | 85.30% | |
Commercial Mortgage Loans | 1.00x - 1.20x | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | $ 513 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 387 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 307 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 35 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 723 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,858 | |
Financing Receivable, Revolving | 944 | |
Mortgage Loans, Gross | $ 4,767 | |
Loans Receivable Commercial Mortgage Percentage | 7.90% | |
Commercial Mortgage Loans | Less than 1.00x | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | $ 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,003 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 73 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 528 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 731 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,521 | |
Financing Receivable, Revolving | 296 | |
Mortgage Loans, Gross | $ 4,152 | |
Loans Receivable Commercial Mortgage Percentage | 6.80% | |
Commercial Mortgage Loans | Less than 65% | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | $ 1,448 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 5,123 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 4,652 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 2,110 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 4,294 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 14,278 | |
Financing Receivable, Revolving | 2,927 | |
Mortgage Loans, Gross | $ 34,832 | |
Loans Receivable Commercial Mortgage Percentage | 57.30% | |
Commercial Mortgage Loans | 65% to 75% | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | $ 128 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 2,728 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,749 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 1,703 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 2,022 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 6,311 | |
Financing Receivable, Revolving | 0 | |
Mortgage Loans, Gross | $ 14,641 | |
Loans Receivable Commercial Mortgage Percentage | 24.10% | |
Commercial Mortgage Loans | 76% to 80% | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | $ 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 761 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 351 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 340 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 1,339 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,859 | |
Financing Receivable, Revolving | 0 | |
Mortgage Loans, Gross | $ 4,650 | |
Loans Receivable Commercial Mortgage Percentage | 7.70% | |
Commercial Mortgage Loans | Greater than 80% | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | $ 7 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 144 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 820 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 881 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 1,051 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 3,733 | |
Financing Receivable, Revolving | 0 | |
Mortgage Loans, Gross | $ 6,636 | |
Loans Receivable Commercial Mortgage Percentage | 10.90% |
Investments (Credit Quality o_2
Investments (Credit Quality of Agricultural and Residential Mortgage Loans) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Mortgage Loans, Gross | $ 93,710 | $ 84,290 |
Mortgage Loans in Process of Foreclosure, Amount | 153 | 146 |
Residential Mortgage Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 364 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 2,646 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,496 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 361 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 1,017 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 7,245 | |
Financing Receivable, Revolving | 0 | |
Mortgage Loans, Gross | $ 13,129 | 12,482 |
Loans Receivable Residential Mortgage Percentage | 100% | |
Residential Mortgage Loans | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | $ 363 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 2,622 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,479 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 347 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 975 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 6,908 | |
Financing Receivable, Revolving | 0 | |
Mortgage Loans, Gross | $ 12,694 | |
Loans Receivable Residential Mortgage Percentage | 96.70% | |
Residential Mortgage Loans | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | $ 1 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 24 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 17 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 14 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 42 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 337 | |
Financing Receivable, Revolving | 0 | |
Mortgage Loans, Gross | $ 435 | |
Loans Receivable Residential Mortgage Percentage | 3.30% | |
Agricultural Mortgage Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | $ 771 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 2,912 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 2,987 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 2,978 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 1,936 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 6,872 | |
Financing Receivable, Revolving | 1,366 | |
Mortgage Loans, Gross | $ 19,822 | $ 19,306 |
Loans Receivable Agricultural Mortgage Percentage | 100% | |
Agricultural Mortgage Loans | Less than 65% | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | $ 726 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 2,801 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 2,653 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 2,705 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 1,775 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 6,193 | |
Financing Receivable, Revolving | 1,226 | |
Mortgage Loans, Gross | $ 18,079 | |
Loans Receivable Agricultural Mortgage Percentage | 91.20% | |
Agricultural Mortgage Loans | 65% to 75% | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | $ 28 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 111 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 334 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 273 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 28 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 616 | |
Financing Receivable, Revolving | 135 | |
Mortgage Loans, Gross | $ 1,525 | |
Loans Receivable Agricultural Mortgage Percentage | 7.70% | |
Agricultural Mortgage Loans | 76% to 80% | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | $ 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 11 | |
Financing Receivable, Revolving | 0 | |
Mortgage Loans, Gross | $ 11 | |
Loans Receivable Agricultural Mortgage Percentage | 0.10% | |
Agricultural Mortgage Loans | Greater than 80% | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | $ 17 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 133 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 52 | |
Financing Receivable, Revolving | 5 | |
Mortgage Loans, Gross | $ 207 | |
Loans Receivable Agricultural Mortgage Percentage | 1% |
Investments (Past Due and Inter
Investments (Past Due and Interest Accrual Status of Mortgage Loans) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Nonaccrual [Line Items] | |||
Mortgage Loans, Gross | $ 93,710 | $ 84,290 | |
Greater than 90 Days Past Due and Still Accruing Interest | 57 | 39 | |
Financing Receivable, Nonaccrual | 933 | 762 | |
Financial Asset, Past Due | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Mortgage Loans, Gross | 671 | 603 | |
Commercial Mortgage Loans | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Mortgage Loans, Gross | 60,759 | 52,502 | |
Greater than 90 Days Past Due and Still Accruing Interest | 19 | 6 | |
Financing Receivable, Nonaccrual | 277 | 169 | $ 155 |
Commercial Mortgage Loans | Financial Asset, Past Due | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Mortgage Loans, Gross | 138 | 6 | |
Residential Mortgage Loans | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Mortgage Loans, Gross | 13,129 | 12,482 | |
Greater than 90 Days Past Due and Still Accruing Interest | 16 | 12 | |
Financing Receivable, Nonaccrual | 421 | 462 | 442 |
Residential Mortgage Loans | Financial Asset, Past Due | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Mortgage Loans, Gross | 435 | 473 | |
Agricultural Mortgage Loans | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Mortgage Loans, Gross | 19,822 | 19,306 | |
Greater than 90 Days Past Due and Still Accruing Interest | 22 | 21 | |
Financing Receivable, Nonaccrual | 235 | 131 | $ 225 |
Agricultural Mortgage Loans | Financial Asset, Past Due | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Mortgage Loans, Gross | $ 98 | $ 124 |
Investments (Real Estate and Re
Investments (Real Estate and Real Estate Joint Ventures) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Real Estate [Line Items] | |||||
Leased real estate investments, Carrying Value | $ 4,366 | $ 4,366 | $ 4,523 | ||
Other real estate investments, Carrying Value | 491 | 491 | 487 | ||
Real estate joint ventures, Carrying Value | 8,188 | 8,188 | 8,127 | ||
Real Estate Investments, Net | 13,045 | 13,045 | $ 13,137 | ||
Income (Loss) from Equity Method Investments | 172 | $ 386 | 79 | $ 1,474 | |
Real Estate and Real Estate Joint Ventures | |||||
Real Estate [Line Items] | |||||
Gross Investment Income, Operating | 137 | 379 | 163 | 707 | |
Leased real estate | |||||
Real Estate [Line Items] | |||||
Operating Lease, Lease Income | 90 | 98 | 182 | 204 | |
Other real estate | |||||
Real Estate [Line Items] | |||||
Income from other real estate investments | 85 | 68 | 135 | 100 | |
Real estate joint ventures | |||||
Real Estate [Line Items] | |||||
Income (Loss) from Equity Method Investments | $ (38) | $ 213 | $ (154) | $ 403 |
Investments (Concentrations of
Investments (Concentrations of Credit Risk) (Details) - Foreign government - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Japan | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Fair Value, Concentration of Risk, Investments | $ 23,251 | $ 24,295 |
Republic of Korea | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Fair Value, Concentration of Risk, Investments | 5,747 | 5,887 |
MEXICO | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Fair Value, Concentration of Risk, Investments | $ 3,861 | $ 3,463 |
Investments (Securities Lending
Investments (Securities Lending and Repurchase Agreements) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | $ 11,259 | $ 12,092 |
Reinvestment portfolio - estimated fair value | 11,630 | 11,833 |
Estimated fair value | ||
Securities Financing Transaction [Line Items] | ||
Securities loaned | 11,077 | 11,756 |
Repurchase Agreements | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 3,100 | 3,125 |
Reinvestment portfolio - estimated fair value | 3,024 | 3,057 |
Repurchase Agreements | Estimated fair value | ||
Securities Financing Transaction [Line Items] | ||
Securities Sold under Agreements to Repurchase | $ 3,176 | $ 3,176 |
Investments (Securities Lendi_2
Investments (Securities Lending and Repurchase Agreements Remaining Tenor) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | $ 11,259 | $ 12,092 |
U.S. government and agency | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 10,973 | 10,494 |
Foreign government | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 0 | 1,344 |
Agency RMBS | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 286 | 254 |
Open (1) | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 1,813 | 1,945 |
Open (1) | U.S. government and agency | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 1,813 | 1,945 |
Open (1) | Foreign government | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 0 | 0 |
Open (1) | Agency RMBS | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 0 | 0 |
1 Month or Less | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 4,929 | 5,933 |
1 Month or Less | U.S. government and agency | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 4,643 | 5,448 |
1 Month or Less | Foreign government | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 0 | 422 |
1 Month or Less | Agency RMBS | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 286 | 63 |
Over 1 Month to 6 Months | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 4,354 | 4,214 |
Over 1 Month to 6 Months | U.S. government and agency | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 4,354 | 3,101 |
Over 1 Month to 6 Months | Foreign government | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 0 | 922 |
Over 1 Month to 6 Months | Agency RMBS | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 0 | 191 |
Over 6 Months to 1 Year | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 163 | 0 |
Over 6 Months to 1 Year | U.S. government and agency | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 163 | 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 | Agency RMBS | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 0 | 0 |
Repurchase Agreements | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 3,100 | 3,125 |
Repurchase Agreements | U.S. government and agency | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 3,100 | 3,125 |
Repurchase Agreements | Open (1) | U.S. government and agency | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 0 | 0 |
Repurchase Agreements | 1 Month or Less | U.S. government and agency | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 3,100 | 3,125 |
Repurchase Agreements | Over 1 Month to 6 Months | 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 | U.S. government and agency | ||
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 | Jun. 30, 2023 | Dec. 31, 2022 |
Investment Holdings, Other than Securities [Line Items] | ||
Invested assets on deposit (regulatory deposits) | $ 1,559 | $ 1,514 |
Invested assets held in trust (external reinsurance agreements) (1) | 906 | 881 |
Invested assets pledged as collateral | 27,069 | 25,442 |
Total invested assets on deposit, held in trust and pledged as collateral | 29,534 | 27,837 |
Affiliated Entity | ||
Investment Holdings, Other than Securities [Line Items] | ||
Invested assets held in trust (external reinsurance agreements) (1) | $ 2,000 | $ 1,900 |
Investments (Consolidated Varia
Investments (Consolidated Variable Interest Entities) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Variable Interest Entity [Line Items] | ||
Total Assets | $ 677,279 | $ 663,072 |
Total Liabilities | 646,787 | 632,947 |
Consolidated Entities [Member] | Variable Interest Entity, Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 351 | 342 |
Total Liabilities | 1 | 1 |
Investment funds (primarily other invested assets) | Consolidated Entities [Member] | Variable Interest Entity, Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 282 | 266 |
Total Liabilities | 1 | 1 |
Renewable energy partnership (primarily other invested assets) | Consolidated Entities [Member] | Variable Interest Entity, Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 69 | 76 |
Total Liabilities | $ 0 | $ 0 |
Investments (Unconsolidated Var
Investments (Unconsolidated Variable Interest Entities) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Variable Interest Entity [Line Items] | ||
Total Assets | $ 677,279 | $ 663,072 |
Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 70,684 | 66,921 |
Maximum Exposure to Loss | 76,786 | 72,663 |
Variable Interest Entity, Not Primary Beneficiary | Fixed Maturity Securities | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 54,591 | 51,422 |
Maximum Exposure to Loss | 54,591 | 51,422 |
Variable Interest Entity, Not Primary Beneficiary | Other limited partnership interests | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 13,857 | 13,244 |
Maximum Exposure to Loss | 19,831 | 18,906 |
Variable Interest Entity, Not Primary Beneficiary | Other invested assets | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 1,251 | 1,310 |
Maximum Exposure to Loss | 1,328 | 1,387 |
Variable Interest Entity, Not Primary Beneficiary | Other Investments | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 985 | 945 |
Maximum Exposure to Loss | $ 1,036 | $ 948 |
Investments (Net Investment Inc
Investments (Net Investment Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net Investment Income [Line Items] | ||||
Less: Investment expenses | $ 681 | $ 273 | $ 1,142 | $ 515 |
Net investment income | 5,072 | 3,583 | 9,717 | 7,867 |
Securities Investment | ||||
Net Investment Income [Line Items] | ||||
Gross Investment Income, Operating | 5,458 | 4,543 | 10,260 | 9,568 |
Net investment income | 4,777 | 4,270 | 9,118 | 9,053 |
Fixed maturity securities AFS | ||||
Net Investment Income [Line Items] | ||||
Gross Investment Income, Operating | 3,228 | 2,832 | 6,367 | 5,546 |
Equity Securities | ||||
Net Investment Income [Line Items] | ||||
Gross Investment Income, Operating | 10 | 5 | 22 | 12 |
FVO Securities | ||||
Net Investment Income [Line Items] | ||||
Net investment income | 50 | (89) | 98 | (154) |
Mortgage loans | ||||
Net Investment Income [Line Items] | ||||
Gross Investment Income, Operating | 1,306 | 833 | 2,347 | 1,657 |
Policy loans | ||||
Net Investment Income [Line Items] | ||||
Gross Investment Income, Operating | 119 | 114 | 238 | 230 |
Real Estate and Real Estate Joint Ventures | ||||
Net Investment Income [Line Items] | ||||
Gross Investment Income, Operating | 137 | 379 | 163 | 707 |
OLPI | ||||
Net Investment Income [Line Items] | ||||
Gross Investment Income, Operating | 225 | 168 | 250 | 1,094 |
Cash, cash equivalents and short-term investments | ||||
Net Investment Income [Line Items] | ||||
Gross Investment Income, Operating | 248 | 49 | 465 | 80 |
Operating joint ventures | ||||
Net Investment Income [Line Items] | ||||
Gross Investment Income, Operating | 13 | 31 | 32 | 49 |
Other Investments | ||||
Net Investment Income [Line Items] | ||||
Gross Investment Income, Operating | 122 | 221 | 278 | 347 |
Unit-linked investments | ||||
Net Investment Income [Line Items] | ||||
Net investment income | $ 295 | $ (687) | $ 599 | $ (1,186) |
Investments (Supplemental Net I
Investments (Supplemental Net Investment Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net Investment Income [Line Items] | ||||
Debt and Equity Securities, Realized Gain (Loss) | $ 21 | $ (405) | $ (487) | $ (547) |
Equity Securities, FV-NI, Unrealized Gain (Loss) | 17 | (42) | 58 | (62) |
Income (Loss) from Equity Method Investments | 172 | 386 | 79 | 1,474 |
Net investment income | ||||
Net Investment Income [Line Items] | ||||
Debt and Equity Securities, Realized Gain (Loss) | 41 | 40 | 79 | 109 |
Debt and Equity Securities, Unrealized Gain (Loss) | 330 | (817) | 652 | (1,409) |
Debt and Equity Securities, Gain (Loss) | 371 | (777) | 731 | (1,300) |
Unit-linked investments | ||||
Net Investment Income [Line Items] | ||||
Equity Securities, FV-NI, Unrealized Gain (Loss) | $ 291 | $ (802) | $ 591 | $ (1,276) |
Investments (Components of Net
Investments (Components of Net Investment Gains Losses - Asset Type) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Marketable Securities, Gain (Loss) [Abstract] | ||||
Fixed maturity securities AFS | $ (996) | $ (671) | $ (1,576) | $ (1,269) |
Equity Securities, FV-NI, Gain (Loss) | 32 | (42) | 80 | (92) |
Other net investment gains (losses): | ||||
Mortgage loans | (41) | 48 | (205) | 92 |
Real estate and real estate joint ventures (excluding changes in estimated fair value) | 13 | 159 | 31 | 163 |
Other limited partnership interests (excluding changes in estimated fair value) | 3 | (2) | 12 | 16 |
Other gains (losses) | 43 | 110 | 20 | 176 |
Subtotal - investment portfolio gains (losses) | (946) | (398) | (1,638) | (914) |
Change In Estimated Fair Value Of Other Limited Partnership Interests And Real Estate Joint Ventures | 2 | (1) | (3) | 6 |
Non-investment portfolio gains (losses) | (95) | (283) | (82) | (291) |
Subtotal | (93) | (284) | (85) | (285) |
Net investment gains (losses) | $ (1,039) | $ (682) | $ (1,723) | $ (1,199) |
Investments (Components of Ne_2
Investments (Components of Net Investment Gains Losses - Transaction Type) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Gain (Loss) on Securities [Line Items] | ||||
Realized gains (losses) on investments sold or disposed | $ (20) | $ (445) | $ (566) | $ (656) |
Impairment (losses) | (898) | 5 | (905) | (35) |
Change in allowance for credit loss recognized in earnings | (42) | 84 | (224) | (159) |
Unrealized net gains (losses) recognized in earnings | 16 | (43) | 54 | (58) |
Total recognized gains (losses) | (26) | 41 | (170) | (217) |
Non-investment portfolio gains (losses) | (95) | (283) | (82) | (291) |
Net investment gains (losses) | (1,039) | (682) | (1,723) | (1,199) |
Impairment (losses) | (849) | $ 5 | (856) | $ (35) |
Reinsurance Risk Transfer Transaction | ||||
Gain (Loss) on Securities [Line Items] | ||||
Impairment (losses) | $ (841) | |||
Commercial Mortgage Loans | Reinsurance Risk Transfer Transaction | ||||
Gain (Loss) on Securities [Line Items] | ||||
Other Asset Impairment Charges | $ 44 |
Investments (Supplemental Net_2
Investments (Supplemental Net Investment Gains (Losses)) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net Investment Income [Line Items] | ||||
Equity Securities, FV-NI, Unrealized Gain (Loss) | $ 17 | $ (42) | $ 58 | $ (62) |
Realized gains (losses) on investments sold or disposed | (20) | (445) | (566) | (656) |
Foreign Currency Transaction Gain (Loss), Realized | (27) | (134) | 14 | (11) |
Debt and Equity Securities, Realized Gain (Loss) | 21 | (405) | (487) | (547) |
Net investment income | ||||
Net Investment Income [Line Items] | ||||
Debt and Equity Securities, Realized Gain (Loss) | 41 | 40 | 79 | 109 |
Cash Flow Hedging [Member] | ||||
Net Investment Income [Line Items] | ||||
Realized gains (losses) on investments sold or disposed | (27) | 42 | (22) | 60 |
Equity Securities | ||||
Net Investment Income [Line Items] | ||||
Equity Securities, FV-NI, Unrealized Gain (Loss) | $ 31 | $ (40) | $ 20 | $ (62) |
Investments (Fixed Maturity S_2
Investments (Fixed Maturity Securities AFS - Sales and Disposals and Credit Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Debt Securities, Available-for-sale [Line Items] | ||||
Proceeds | $ 8,412 | $ 20,710 | $ 23,456 | $ 34,734 |
Gross investment gains | 73 | 231 | 366 | 340 |
Gross investment (losses) | (213) | (1,001) | (1,069) | (1,404) |
Realized gains (losses) on sales and disposals | (140) | (770) | (703) | (1,064) |
Net credit loss (provision) release (change in ACL recognized in earnings) | (7) | 94 | (17) | (170) |
Impairment (losses) | (849) | 5 | (856) | (35) |
Net credit loss (provision) release and impairment (losses) | (856) | 99 | (873) | (205) |
Net investment gains (losses) | (20) | (445) | (566) | (656) |
Equity securities | 15 | 0 | 22 | (30) |
Equity Securities, FV-NI, Unrealized Gain (Loss) | 17 | (42) | 58 | (62) |
Equity Securities, FV-NI, Gain (Loss) | 32 | (42) | 80 | (92) |
Fixed Maturity Securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Net investment gains (losses) | $ (996) | $ (671) | $ (1,576) | $ (1,269) |
Investments (Fixed Maturity S_3
Investments (Fixed Maturity Securities AFS - Narrative) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Estimated Fair Value of Fixed Maturity Securities AFS | $ 283,857 | $ 276,780 |
Gross Unrealized Gains (Losses) | (28,982) | (34,301) |
Nonperforming | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated Fair Value of Fixed Maturity Securities AFS | 127 | 82 |
Gross Unrealized Gains (Losses) | $ (48) | $ (3) |
Investments (Evaluation of Fixe
Investments (Evaluation of Fixed Maturity Securities AFS in an Unrealized Loss Position- Narrative) (Details) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 28,900 | |
Equal to or Greater than 12 Months Gross Unrealized Loss | $ 25,876 | $ 10,889 |
Percentage of Gross Unrealized Loss for 12 months or greater | 90% | |
Total number of securities in an unrealized loss position equal or greater than 12 months | 12,053 | 4,303 |
Investment Grade | ||
Debt Securities, Available-for-sale [Line Items] | ||
Equal to or Greater than 12 Months Gross Unrealized Loss | $ 24,979 | $ 10,298 |
Percentage of Gross Unrealized Loss for 12 months or greater | 97% | |
Total number of securities in an unrealized loss position equal or greater than 12 months | 11,122 | |
Below Investment Grade | ||
Debt Securities, Available-for-sale [Line Items] | ||
Equal to or Greater than 12 Months Gross Unrealized Loss | $ 897 | $ 591 |
Percentage of Gross Unrealized Loss for 12 months or greater | 3% | |
Total number of securities in an unrealized loss position equal or greater than 12 months | 931 | |
Fixed maturity securities without an allowance for credit loss | ||
Debt Securities, Available-for-sale [Line Items] | ||
Change in Gross Unrealized Temporary Loss | $ 5,400 |
Investments (Mortgage Loans - N
Investments (Mortgage Loans - Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | $ (747) | $ (747) | $ (744) | |||
Financing Receivable, Purchase | $ 193 | $ 868 | $ 1,000 | $ 1,700 | ||
FinancingReceivableModifiedWeightedAverageTermIncreaseFromModification | 8 years | 9 years | ||||
Financing Receivable Modified Weighted Average Interest Rate Pre Modification | 5.70% | 5.80% | ||||
Financing Receivable Modified Weighted Average Interest Rate Post Modification | 4.20% | 4.20% | ||||
Mortgage Loans, Gross | $ 93,710 | $ 93,710 | $ 84,290 | |||
Percentage of Mortgage Loans Classified as Performing | 99% | 99% | 99% | |||
Financing Receivable, Nonaccrual | $ 933 | $ 933 | $ 762 | |||
Commercial Mortgage Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Interest Receivable | 269 | 269 | 219 | |||
Mortgage Loans, Gross | 60,759 | 60,759 | 52,502 | |||
Financing Receivable, Nonaccrual | 277 | 277 | 169 | $ 155 | ||
Financing Receivable, Nonaccrual, No Allowance | 158 | 158 | 0 | |||
Commercial Mortgage Loans | Extended Maturity | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | 158 | 222 | ||||
Residential Mortgage Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Interest Receivable | 91 | 91 | 81 | |||
Mortgage Loans, Gross | 13,129 | 13,129 | 12,482 | |||
Financing Receivable, Nonaccrual | 421 | 421 | 462 | 442 | ||
Financing Receivable, Nonaccrual, No Allowance | 0 | 0 | 0 | |||
Residential Mortgage Loans | Extended Maturity | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | 2 | 5 | ||||
Residential Mortgage Loans | Extended Maturity And Payment Delay | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | 5 | 9 | ||||
Residential Mortgage Loans | Extended Maturity , Payment Delay and Interest Reduction | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | 1 | 4 | ||||
Residential Mortgage Loans | Payment Deferral | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | 5 | |||||
Agricultural Mortgage Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Interest Receivable | 169 | 169 | 176 | |||
Mortgage Loans, Gross | 19,822 | 19,822 | 19,306 | |||
Financing Receivable, Nonaccrual | 235 | 235 | 131 | $ 225 | ||
Financing Receivable, Nonaccrual, No Allowance | $ 61 | $ 61 | $ 7 | |||
Maximum | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
FinancingReceivableModifiedWeightedAverageTermIncreaseFromModification | 1 year | |||||
Percentage of mortgage loans with LTV ratio in excess of 100% | 2% | 2% | ||||
Maximum | Commercial Mortgage Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percentage Of Modified Loans During The Period | 1% | 1% | ||||
Maximum | Residential Mortgage Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percentage Of Modified Loans During The Period | 1% | 1% | ||||
Mortgage Loans with LTV ratio in excess of 100% [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Mortgage Loans, Gross | $ 1,300 | $ 1,300 |
Investments (Real Estate and _2
Investments (Real Estate and Real Estate Joint ventures - Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Real Estate [Line Items] | |||||
Real Estate Acquired Through Foreclosure | $ 189 | $ 189 | $ 182 | ||
Real Estate Investment Property, Net | 902 | 902 | $ 863 | ||
Real Estate and Real Estate Joint Ventures | |||||
Real Estate [Line Items] | |||||
Depreciation | $ 30 | $ 31 | $ 58 | $ 59 |
Investments (Leveraged and Dire
Investments (Leveraged and Direct Financing Leases - Narrative) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Investments, All Other Investments [Abstract] | ||
Leveraged Leases, Net Investment in Leveraged Leases Disclosure, Investment in Leveraged Leases, Net | $ 725 | $ 731 |
Direct Financing Lease, Net Investment in Lease, after Allowance for Credit Loss | 1,400 | 1,200 |
Net Investment in Lease, Allowance for Credit Loss | $ 21 | $ 26 |
Investments (Cash Equivalents -
Investments (Cash Equivalents - Narrative) (Details) - USD ($) $ in Billions | Jun. 30, 2023 | Dec. 31, 2022 |
Investments, Debt and Equity Securities [Abstract] | ||
Cash equivalents | $ 6 | $ 10 |
Investments (Invested Assets _2
Investments (Invested Assets on Deposit, Held in Trust and Pledged as Collateral - Narrative) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Investments, Debt and Equity Securities [Abstract] | ||
Federal Home Loan Bank Stock | $ 746 | $ 729 |
Derivatives (Primary Risks) (De
Derivatives (Primary Risks) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Derivatives, Fair Value [Line Items] | |||||
Derivative, Notional Amount | $ 319,956 | $ 319,956 | $ 328,116 | ||
Estimated Fair Value Assets | 10,035 | 10,035 | 11,411 | ||
Estimated Fair Value Liabilities | 6,176 | 6,176 | $ 6,975 | ||
Derivative, Gain (Loss) on Derivative, Net | (997) | $ (970) | (1,087) | $ (1,921) | |
Gain (Loss) on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Net | 26 | 4 | $ 27 | 2 | |
Maximum Length of Time Hedged in Cash Flow Hedge | 6 years | 6 years | |||
Accumulated Other Comprehensive Income Loss | 1,500 | $ 1,500 | $ 2,000 | ||
Fair Value Hedges [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 | 0 | |
Cash Flow Hedges [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 | 0 | |
Not Designated as Hedging Instrument, Economic Hedge | Derivative Contract [Domain] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Gain (Loss) on Derivative, Net | (501) | (218) | |||
Derivatives Designated as Hedging Instruments: | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Notional Amount | 63,915 | 63,915 | 63,923 | ||
Estimated Fair Value Assets | 4,987 | 4,987 | 5,244 | ||
Estimated Fair Value Liabilities | 3,119 | 3,119 | 3,909 | ||
Derivatives Designated as Hedging Instruments: | Fair Value Hedges [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Notional Amount | 6,162 | 6,162 | 6,081 | ||
Estimated Fair Value Assets | 1,381 | 1,381 | 1,445 | ||
Estimated Fair Value Liabilities | 581 | 581 | 556 | ||
Derivatives Designated as Hedging Instruments: | Fair Value Hedges [Member] | Interest rate swaps | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Notional Amount | 4,080 | 4,080 | 4,143 | ||
Estimated Fair Value Assets | 1,310 | 1,310 | 1,353 | ||
Estimated Fair Value Liabilities | 496 | 496 | 467 | ||
Derivatives Designated as Hedging Instruments: | Fair Value Hedges [Member] | Foreign currency swaps | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Notional Amount | 1,496 | 1,496 | 602 | ||
Estimated Fair Value Assets | 71 | 71 | 82 | ||
Estimated Fair Value Liabilities | 0 | 0 | 0 | ||
Derivatives Designated as Hedging Instruments: | Fair Value Hedges [Member] | Foreign currency forwards | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Notional Amount | 586 | 586 | 1,336 | ||
Estimated Fair Value Assets | 0 | 0 | 10 | ||
Estimated Fair Value Liabilities | 85 | 85 | 89 | ||
Derivatives Designated as Hedging Instruments: | Cash Flow Hedges [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Notional Amount | 53,895 | 53,895 | 54,162 | ||
Estimated Fair Value Assets | 3,200 | 3,200 | 3,563 | ||
Estimated Fair Value Liabilities | 2,538 | 2,538 | 3,315 | ||
Derivatives Designated as Hedging Instruments: | Cash Flow Hedges [Member] | Interest rate swaps | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Notional Amount | 4,175 | 4,175 | 4,107 | ||
Estimated Fair Value Assets | 10 | 10 | 8 | ||
Estimated Fair Value Liabilities | 242 | 242 | 262 | ||
Derivatives Designated as Hedging Instruments: | Cash Flow Hedges [Member] | Interest rate forwards | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Notional Amount | 6,832 | 6,832 | 7,447 | ||
Estimated Fair Value Assets | 4 | 4 | 1 | ||
Estimated Fair Value Liabilities | 879 | 879 | 1,354 | ||
Derivatives Designated as Hedging Instruments: | Cash Flow Hedges [Member] | Foreign currency swaps | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Notional Amount | 42,888 | 42,888 | 42,608 | ||
Estimated Fair Value Assets | 3,186 | 3,186 | 3,554 | ||
Estimated Fair Value Liabilities | 1,417 | 1,417 | 1,699 | ||
Derivatives Designated as Hedging Instruments: | Foreign Operations Hedges [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Notional Amount | 3,858 | 3,858 | 3,680 | ||
Estimated Fair Value Assets | 406 | 406 | 236 | ||
Estimated Fair Value Liabilities | 0 | 0 | 38 | ||
Derivatives Designated as Hedging Instruments: | Foreign Operations Hedges [Member] | Foreign currency forwards | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Notional Amount | 858 | 858 | 680 | ||
Estimated Fair Value Assets | 45 | 45 | 0 | ||
Estimated Fair Value Liabilities | 0 | 0 | 38 | ||
Derivatives Designated as Hedging Instruments: | Foreign Operations Hedges [Member] | Currency options | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Notional Amount | 3,000 | 3,000 | 3,000 | ||
Estimated Fair Value Assets | 361 | 361 | 236 | ||
Estimated Fair Value Liabilities | 0 | 0 | 0 | ||
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Notional Amount | 256,041 | 256,041 | 264,193 | ||
Estimated Fair Value Assets | 5,048 | 5,048 | 6,167 | ||
Estimated Fair Value Liabilities | 3,057 | 3,057 | 3,066 | ||
Derivative, Gain (Loss) on Derivative, Net | (1,257) | $ (1,382) | (1,660) | $ (2,466) | |
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Interest rate swaps | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Notional Amount | 29,134 | 29,134 | 31,661 | ||
Estimated Fair Value Assets | 1,497 | 1,497 | 1,660 | ||
Estimated Fair Value Liabilities | 921 | 921 | 1,354 | ||
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Interest rate forwards | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Notional Amount | 1,662 | 1,662 | 381 | ||
Estimated Fair Value Assets | 4 | 4 | 0 | ||
Estimated Fair Value Liabilities | 56 | 56 | 32 | ||
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Interest rate floors | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Notional Amount | 19,645 | 19,645 | 25,270 | ||
Estimated Fair Value Assets | 53 | 53 | 125 | ||
Estimated Fair Value Liabilities | 0 | 0 | 0 | ||
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Interest rate caps | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Notional Amount | 42,165 | 42,165 | 48,290 | ||
Estimated Fair Value Assets | 783 | 783 | 950 | ||
Estimated Fair Value Liabilities | 0 | 0 | 0 | ||
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Interest rate futures | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Notional Amount | 973 | 973 | 1,453 | ||
Estimated Fair Value Assets | 3 | 3 | 2 | ||
Estimated Fair Value Liabilities | 1 | 1 | 1 | ||
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Interest rate options | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Notional Amount | 43,173 | 43,173 | 44,391 | ||
Estimated Fair Value Assets | 304 | 304 | 473 | ||
Estimated Fair Value Liabilities | 74 | 74 | 88 | ||
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Synthetic GICs | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Notional Amount | 50,453 | 50,453 | 46,316 | ||
Estimated Fair Value Assets | 0 | 0 | 0 | ||
Estimated Fair Value Liabilities | 0 | 0 | 0 | ||
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Foreign currency swaps | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Notional Amount | 12,336 | 12,336 | 12,815 | ||
Estimated Fair Value Assets | 1,613 | 1,613 | 1,454 | ||
Estimated Fair Value Liabilities | 325 | 325 | 383 | ||
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Foreign currency forwards | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Notional Amount | 15,135 | 15,135 | 16,195 | ||
Estimated Fair Value Assets | 120 | 120 | 544 | ||
Estimated Fair Value Liabilities | 1,169 | 1,169 | 661 | ||
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Currency futures | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Notional Amount | 328 | 328 | 333 | ||
Estimated Fair Value Assets | 0 | 0 | 8 | ||
Estimated Fair Value Liabilities | 0 | 0 | 0 | ||
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Credit default swaps — purchased | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Notional Amount | 2,875 | 2,875 | 2,925 | ||
Estimated Fair Value Assets | 8 | 8 | 18 | ||
Estimated Fair Value Liabilities | 90 | 90 | 79 | ||
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Credit default swaps — written | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Notional Amount | 13,367 | 13,367 | 11,512 | ||
Estimated Fair Value Assets | 197 | 197 | 133 | ||
Estimated Fair Value Liabilities | 14 | 14 | 28 | ||
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Equity futures | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Notional Amount | 2,901 | 2,901 | 2,988 | ||
Estimated Fair Value Assets | 9 | 9 | 8 | ||
Estimated Fair Value Liabilities | 26 | 26 | 4 | ||
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Equity index options | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Notional Amount | 18,897 | 18,897 | 16,701 | ||
Estimated Fair Value Assets | 449 | 449 | 765 | ||
Estimated Fair Value Liabilities | 287 | 287 | 323 | ||
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Equity variance swaps | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Notional Amount | 141 | 141 | 163 | ||
Estimated Fair Value Assets | 4 | 4 | 4 | ||
Estimated Fair Value Liabilities | 1 | 1 | 1 | ||
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Equity total return swaps | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Notional Amount | 2,856 | 2,856 | 2,799 | ||
Estimated Fair Value Assets | 4 | 4 | 23 | ||
Estimated Fair Value Liabilities | 93 | 93 | 112 | ||
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Derivatives hedging MRBs | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Notional Amount | 16,912 | 16,912 | 18,814 | ||
Estimated Fair Value Assets | 177 | 177 | 300 | ||
Estimated Fair Value Liabilities | 1,049 | 1,049 | 1,147 | ||
Not Designated as Hedging Instrument, Economic Hedge | Interest Rate Contract | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Notional Amount | 8,064 | 8,064 | 9,098 | ||
Estimated Fair Value Assets | 13 | 13 | 41 | ||
Estimated Fair Value Liabilities | 690 | 690 | 764 | ||
Not Designated as Hedging Instrument, Economic Hedge | Foreign currency exchange rate | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Notional Amount | 1,065 | 1,065 | 887 | ||
Estimated Fair Value Assets | 11 | 11 | 26 | ||
Estimated Fair Value Liabilities | 55 | 55 | 2 | ||
Not Designated as Hedging Instrument, Economic Hedge | Equity | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Notional Amount | 7,783 | 7,783 | 8,829 | ||
Estimated Fair Value Assets | 153 | 153 | 233 | ||
Estimated Fair Value Liabilities | $ 304 | $ 304 | $ 381 |
Derivatives (Effects on the Con
Derivatives (Effects on the Consolidated Statement of Operations and Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net investment income | $ (5,072) | $ (3,583) | $ (9,717) | $ (7,867) |
Net investment gains (losses) | (1,039) | (682) | (1,723) | (1,199) |
Derivative, Gain (Loss) on Derivative, Net | 997 | 970 | 1,087 | 1,921 |
Gain (Loss) on Derivative Instruments, Net, Pretax | 997 | 970 | 1,087 | 1,921 |
Policyholder Benefits and Claims Incurred, Net | (11,809) | (11,615) | (21,681) | (22,789) |
Interest credited to policyholder account balances | (1,933) | (527) | (3,797) | (1,153) |
Operating Expenses | 3,133 | 2,908 | 6,190 | 5,860 |
Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net investment income | (36) | 39 | (42) | (50) |
Net investment gains (losses) | 0 | 0 | 0 | 0 |
Derivative, Gain (Loss) on Derivative, Net | 1,257 | 1,382 | 1,660 | 2,466 |
Policyholder Benefits and Claims Incurred, Net | 0 | 0 | 0 | 0 |
Interest credited to policyholder account balances | 0 | 0 | 0 | 0 |
Operating Expenses | 0 | 0 | 0 | 0 |
Fair Value Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net investment income | 2 | 1 | 2 | (1) |
Net investment gains (losses) | (2) | 23 | (12) | 55 |
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 | 0 |
Policyholder Benefits and Claims Incurred, Net | (14) | (18) | (14) | (33) |
Interest credited to policyholder account balances | (1) | (3) | (1) | (5) |
Operating Expenses | 0 | 0 | 0 | 0 |
Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net investment income | (14) | (17) | (29) | (34) |
Net investment gains (losses) | 79 | 34 | 81 | 50 |
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 | 0 |
Interest credited to policyholder account balances | 0 | 0 | 0 | 0 |
Operating Expenses | 0 | 2 | 1 | 3 |
Other Comprehensive Income (Loss), before Tax | (737) | 475 | (482) | 275 |
Net Investment Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), before Tax | 185 | 205 | 233 | 267 |
Foreign Exchange Forward [Member] | Net Investment Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), before Tax | 211 | |||
Designated as Hedging Instrument [Member] | Net Investment Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), before Tax | 160 | 168 | 206 | |
Interest Rate Contract | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net investment income | (13) | (16) | (27) | (31) |
Net investment gains (losses) | 55 | 42 | 60 | 60 |
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 | 0 |
Policyholder Benefits and Claims Incurred, Net | 0 | 0 | 0 | 0 |
Interest credited to policyholder account balances | 0 | 0 | 0 | 0 |
Operating Expenses | 0 | 1 | 0 | 2 |
Other Comprehensive Income (Loss), before Tax | (68) | (59) | (87) | (93) |
Credit forwards [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net investment income | 0 | 0 | 0 | 0 |
Net investment gains (losses) | 0 | 0 | 0 | 0 |
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 | 0 |
Policyholder Benefits and Claims Incurred, Net | 0 | 0 | 0 | 0 |
Interest credited to policyholder account balances | 0 | 0 | 0 | 0 |
Operating Expenses | 0 | 0 | 0 | 0 |
Other Comprehensive Income (Loss), before Tax | 0 | 0 | 0 | 0 |
Currency Swap [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net investment income | (1) | (1) | (2) | (3) |
Net investment gains (losses) | 200 | (690) | 311 | (838) |
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 | 0 |
Policyholder Benefits and Claims Incurred, Net | 0 | 0 | 0 | 0 |
Interest credited to policyholder account balances | 0 | 0 | 0 | 0 |
Operating Expenses | 0 | 1 | 1 | 1 |
Other Comprehensive Income (Loss), before Tax | (201) | 688 | (314) | 834 |
Derivative [Member] | Fair Value Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net investment income | 0 | 0 | 0 | 0 |
Net investment gains (losses) | 10 | 28 | 0 | 61 |
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 | 0 |
Policyholder Benefits and Claims Incurred, Net | 0 | 0 | 0 | 0 |
Interest credited to policyholder account balances | 0 | 0 | 0 | 0 |
Operating Expenses | 0 | 0 | 0 | 0 |
Derivative [Member] | Interest rate swaps | Fair Value Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net investment income | 0 | 3 | (1) | (7) |
Net investment gains (losses) | 0 | 0 | 0 | 0 |
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 | 0 |
Policyholder Benefits and Claims Incurred, Net | 135 | 324 | 9 | 696 |
Interest credited to policyholder account balances | (35) | (94) | (1) | (174) |
Operating Expenses | 0 | 0 | 0 | 0 |
Derivative [Member] | Currency Swap [Member] | Fair Value Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net investment income | (5) | 61 | (22) | (93) |
Net investment gains (losses) | (51) | (170) | (54) | (251) |
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 | 0 |
Policyholder Benefits and Claims Incurred, Net | 0 | 0 | 0 | 0 |
Interest credited to policyholder account balances | (13) | 0 | (13) | 0 |
Operating Expenses | 0 | 0 | 0 | 0 |
Debt Securities [Member] | Interest rate swaps | Fair Value Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net investment income | 1 | 4 | 0 | (8) |
Net investment gains (losses) | 0 | 0 | 0 | 0 |
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 | 0 |
Policyholder Benefits and Claims Incurred, Net | 121 | 306 | (5) | 663 |
Interest credited to policyholder account balances | (34) | (91) | (2) | (169) |
Operating Expenses | 0 | 0 | 0 | 0 |
Debt Securities [Member] | Currency Swap [Member] | Fair Value Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net investment income | (4) | 61 | (21) | (91) |
Net investment gains (losses) | 39 | 165 | 42 | 245 |
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 | 0 |
Policyholder Benefits and Claims Incurred, Net | 0 | 0 | 0 | 0 |
Interest credited to policyholder account balances | (11) | 0 | (11) | 0 |
Operating Expenses | 0 | 0 | 0 | 0 |
Non-derivative [Domain] [Member] | Net Investment Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), before Tax | 25 | 37 | 27 | 56 |
Foreign Currency Gain (Loss) [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net investment income | 0 | 0 | 0 | 0 |
Net investment gains (losses) | (176) | 682 | (290) | 828 |
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 | 0 |
Policyholder Benefits and Claims Incurred, Net | 0 | 0 | 0 | 0 |
Interest credited to policyholder account balances | 0 | 0 | 0 | 0 |
Operating Expenses | 0 | 0 | 0 | 0 |
Other Comprehensive Income (Loss), before Tax | 0 | 0 | 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 | (1) | 0 | (1) | |
Accumulated Other Comprehensive Income (Loss) | Currency Swap [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), before Tax | (262) | 749 | (422) | 1,201 |
Accumulated Other Comprehensive Income (Loss) | Interest rate swaps | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), before Tax | (205) | (903) | 342 | (1,667) |
Foreign Exchange [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net investment income | 0 | (1) | 0 | (2) |
Net investment gains (losses) | 0 | 0 | 0 | 0 |
Derivative, Gain (Loss) on Derivative, Net | 800 | 665 | 962 | 740 |
Policyholder Benefits and Claims Incurred, Net | 0 | 0 | 0 | 0 |
Interest credited to policyholder account balances | 0 | 0 | 0 | 0 |
Operating Expenses | 0 | 0 | 0 | 0 |
Credit derivatives — purchased | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net investment income | 0 | 0 | 0 | 0 |
Net investment gains (losses) | 0 | 0 | 0 | 0 |
Derivative, Gain (Loss) on Derivative, Net | 18 | (46) | 31 | (92) |
Policyholder Benefits and Claims Incurred, Net | 0 | 0 | 0 | 0 |
Interest credited to policyholder account balances | 0 | 0 | 0 | 0 |
Operating Expenses | 0 | 0 | 0 | 0 |
Credit derivatives — written | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net investment income | 0 | 0 | 0 | 0 |
Net investment gains (losses) | 0 | 0 | 0 | 0 |
Derivative, Gain (Loss) on Derivative, Net | (85) | 196 | (88) | 245 |
Policyholder Benefits and Claims Incurred, Net | 0 | 0 | 0 | 0 |
Interest credited to policyholder account balances | 0 | 0 | 0 | 0 |
Operating Expenses | 0 | 0 | 0 | 0 |
Equity Market Risk [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net investment income | (36) | 36 | (42) | (45) |
Net investment gains (losses) | 0 | 0 | 0 | 0 |
Derivative, Gain (Loss) on Derivative, Net | 409 | (778) | 921 | (1,020) |
Policyholder Benefits and Claims Incurred, Net | 0 | 0 | 0 | 0 |
Interest credited to policyholder account balances | 0 | 0 | 0 | 0 |
Operating Expenses | 0 | 0 | 0 | 0 |
Interest Rate Risk [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net investment income | 0 | (2) | 0 | (3) |
Net investment gains (losses) | 0 | 0 | 0 | 0 |
Derivative, Gain (Loss) on Derivative, Net | 434 | 1,521 | 276 | 2,887 |
Policyholder Benefits and Claims Incurred, Net | 0 | 0 | 0 | 0 |
Interest credited to policyholder account balances | 0 | 0 | 0 | 0 |
Operating Expenses | 0 | 0 | 0 | 0 |
Foreign Currency Gain (Loss) [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net investment income | 0 | 0 | 0 | 0 |
Net investment gains (losses) | 0 | 0 | 0 | 0 |
Derivative, Gain (Loss) on Derivative, Net | (319) | (176) | (442) | (294) |
Policyholder Benefits and Claims Incurred, Net | 0 | 0 | 0 | 0 |
Interest credited to policyholder account balances | 0 | 0 | 0 | 0 |
Operating Expenses | 0 | 0 | 0 | 0 |
Net Derivative Gain (Loss) [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net investment income | (32) | (140) | (75) | (223) |
Net investment gains (losses) | 0 | 0 | 0 | 0 |
Derivative, Gain (Loss) on Derivative, Net | (260) | (252) | (572) | (488) |
Policyholder Benefits and Claims Incurred, Net | (3) | (36) | (8) | (76) |
Interest credited to policyholder account balances | (34) | (28) | (68) | (54) |
Operating Expenses | 0 | 0 | 0 | 0 |
Other Comprehensive Income (Loss), before Tax | 0 | 0 | 0 | 0 |
Net Embedded Derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) on Derivative Instruments, Net, Pretax | (18) | 160 | (35) | 57 |
Policyholder Benefits and Claims Incurred, Net | 0 | 0 | 0 | 0 |
Synthetic GICs [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (18) | 0 | (36) | 0 |
Effects of Derivatives on Consolidated Statements of Operations and Comprehensive Income (Loss) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net investment income | (8) | (195) | (60) | (308) |
Net investment gains (losses) | 77 | 57 | 69 | 105 |
Policyholder Benefits and Claims Incurred, Net | 11 | (18) | 6 | (43) |
Interest credited to policyholder account balances | 33 | 31 | 67 | 59 |
Operating Expenses | 0 | 2 | 1 | 3 |
Other Comprehensive Income (Loss), before Tax | $ (552) | $ 680 | $ (249) | $ 542 |
Derivatives (Fair Value Hedges)
Derivatives (Fair Value Hedges) (Details) - Designated as Hedging Instrument [Member] - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Fixed maturity securities AFS | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Hedged Asset, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | $ (124,000,000) | $ (136,000,000) |
Debt Instruments, Carrying Amount | 614,000,000 | 1,411,000,000 |
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | 1,000,000 | 1,000,000 |
Mortgages [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Debt Instruments, Carrying Amount | 335,000,000 | 331,000,000 |
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | (21,000,000) | (19,000,000) |
Future policy benefits [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Debt Instruments, Carrying Amount | 2,901,000,000 | 2,816,000,000 |
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | 204,000,000 | 199,000,000 |
Policyholder Account Balances [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Debt Instruments, Carrying Amount | 1,872,000,000 | 1,789,000,000 |
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | $ 65,000,000 | $ 104,000,000 |
Derivatives (Cash Flow Hedges)
Derivatives (Cash Flow Hedges) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Net | $ 26 | $ 4 | $ 27 | $ 2 | |
Maximum Length of Time Hedged in Cash Flow Hedge | 6 years | 6 years | |||
Accumulated Other Comprehensive Income Loss | $ 1,500 | $ 1,500 | $ 2,000 |
Derivatives (Hedges of Net Inve
Derivatives (Hedges of Net Investments in Foreign Operations) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Debt Designated as Non-derivative Hedging Instrument | $ 291 | $ 318 |
Derivatives used in Net Investment Hedge, Net of Tax | $ 668 | $ 435 |
Derivatives (Credit Derivatives
Derivatives (Credit Derivatives) (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 183 | $ 105 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 13,367 | $ 11,512 |
Weighted Average Years to Maturity | 4 years 3 months 18 days | 4 years 8 months 12 days |
Aaa/Aa/A | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 86 | $ 82 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 4,506 | $ 4,409 |
Weighted Average Years to Maturity | 2 years 9 months 18 days | 3 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 | $ 2 | $ 3 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 155 | $ 158 |
Weighted Average Years to Maturity | 1 year 10 months 24 days | 2 years 2 months 12 days |
Aaa/Aa/A | Credit default swaps referencing indices | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 84 | $ 79 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 4,351 | $ 4,251 |
Weighted Average Years to Maturity | 2 years 10 months 24 days | 3 years 4 months 24 days |
Baa [Member] | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 99 | $ 29 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 8,639 | $ 6,856 |
Weighted Average Years to Maturity | 5 years 1 month 6 days | 5 years 6 months |
Baa [Member] | Single name credit default swaps (3) | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 1 | $ 1 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 80 | $ 81 |
Weighted Average Years to Maturity | 2 years 1 month 6 days | 2 years 6 months |
Baa [Member] | Credit default swaps referencing indices | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 98 | $ 28 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 8,559 | $ 6,775 |
Weighted Average Years to Maturity | 5 years 1 month 6 days | 5 years 7 months 6 days |
B | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 4 | $ 2 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 130 | $ 130 |
Weighted Average Years to Maturity | 5 years | 4 years 8 months 12 days |
B | Credit default swaps referencing indices | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 4 | $ 2 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 130 | $ 130 |
Weighted Average Years to Maturity | 5 years | 4 years 8 months 12 days |
Caa | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ (7) | $ (10) |
Maximum Amount of Future Payments under Credit Default Swaps | $ 30 | $ 30 |
Weighted Average Years to Maturity | 3 years | 3 years 6 months |
Caa | Credit default swaps referencing indices | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ (10) | |
Estimated Fair Value of Credit Default Swaps | $ (7) | |
Maximum Amount of Future Payments under Credit Default Swaps | $ 30 | $ 30 |
Weighted Average Years to Maturity | 3 years | 3 years 6 months |
Ba | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 1 | $ 2 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 62 | $ 87 |
Weighted Average Years to Maturity | 2 years 3 months 18 days | 2 years 1 month 6 days |
Ba | Single name credit default swaps (3) | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ (1) | $ 0 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 37 | $ 62 |
Weighted Average Years to Maturity | 1 year 4 months 24 days | 1 year 3 months 18 days |
Ba | Credit default swaps referencing indices | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 2 | $ 2 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 25 | $ 25 |
Weighted Average Years to Maturity | 3 years 6 months | 4 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 | Jun. 30, 2023 | Dec. 31, 2022 |
Offsetting Assets [Line Items] | ||
Estimated fair value of derivative assets presented in the consolidated balance sheets | $ 10,208 | $ 11,577 |
Estimated fair value of derivative liabilities presented in the consolidated balance sheets | 6,233 | 6,975 |
Net amount of derivative assets after application of master netting agreements and cash collateral | 168 | 175 |
Net amount of derivative liabilities after application of master netting agreements and cash collateral | 46 | 25 |
Over the Counter [Member] | ||
Offsetting Assets [Line Items] | ||
Gross estimated fair value of derivative assets | 10,067 | 11,438 |
Gross estimated fair value of derivative liabilities | 6,120 | 6,628 |
Gross estimated fair value of derivative assets | (3,880) | (4,579) |
Gross estimated fair value of derivative liabilities | (3,880) | (4,579) |
Cash collateral on derivative assets | (4,050) | (5,432) |
Cash collateral on derivative liabilities | 0 | 0 |
Securities collateral on derivative assets | (2,006) | (1,322) |
Securities collateral on derivative liabilities | (2,194) | (2,024) |
Cleared [Member] | ||
Offsetting Assets [Line Items] | ||
Gross estimated fair value of derivative assets | 129 | 121 |
Gross estimated fair value of derivative liabilities | 86 | 342 |
Gross estimated fair value of derivative assets | (8) | (33) |
Gross estimated fair value of derivative liabilities | (8) | (33) |
Cash collateral on derivative assets | (92) | (35) |
Cash collateral on derivative liabilities | (78) | (295) |
Securities collateral on derivative assets | 0 | 0 |
Securities collateral on derivative liabilities | 0 | (14) |
Exchange-traded | ||
Offsetting Assets [Line Items] | ||
Gross estimated fair value of derivative assets | 12 | 18 |
Gross estimated fair value of derivative liabilities | 27 | 5 |
Gross estimated fair value of derivative assets | (4) | (1) |
Gross estimated fair value of derivative liabilities | (4) | (1) |
Cash collateral on derivative assets | 0 | 0 |
Cash collateral on derivative liabilities | (11) | (3) |
Securities collateral on derivative assets | 0 | 0 |
Securities collateral on derivative liabilities | $ (12) | $ (1) |
Derivatives (Credit Risk on Fre
Derivatives (Credit Risk on Freestanding Derivatives) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Credit Derivatives [Line Items] | ||
Estimated fair value of derivatives in a net liability position (1) | $ 2,240 | $ 2,049 |
Derivative, Collateral, Right to Reclaim Cash | 107 | 125 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 10,208 | 11,577 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 6,233 | 6,975 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 168 | 175 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 46 | 25 |
Derivative assets | 10,035 | 11,411 |
Derivative liabilities | 6,176 | 6,975 |
Derivative, Collateral, Obligation to Return Cash | 305 | 252 |
Customer Securities for which Entity has Right to Sell or Repledge, Fair Value of Securities Sold or Repledged | 0 | |
Collateral Amount Not Provided Due to Downgrade Threshold | 15 | |
Exchange Traded [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative, Collateral, Right to Reclaim Securities | 107 | 184 |
Gross estimated fair value of derivative assets | 12 | 18 |
Gross estimated fair value of derivative liabilities | 27 | 5 |
Derivative Asset, Subject to Master Netting Arrangement, Deduction of Financial Instrument Not Offset | (4) | (1) |
Derivative Liability, Subject to Master Netting Arrangement, Deduction of Financial Instrument Not Offset | (4) | (1) |
Derivative Asset, Subject to Master Netting Arrangement, Collateral, Obligation to Return Cash, Offset Against Derivative Asset | 0 | 0 |
Derivative Liability, Subject to Master Netting Arrangement, Collateral, Right to Reclaim Cash Offset | (11) | (3) |
Derivative Asset, Collateral, Obligation to Return Securities, Offset | 0 | 0 |
Derivative Liability, Collateral, Right to Reclaim Securities, Offset | (12) | (1) |
Derivative, Collateral, Obligation to Return Securities | 955 | 1,000 |
Over the Counter [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative, Collateral, Right to Reclaim Securities | 1,200 | 1,200 |
Gross estimated fair value of derivative assets | 10,067 | 11,438 |
Gross estimated fair value of derivative liabilities | 6,120 | 6,628 |
Derivative Asset, Subject to Master Netting Arrangement, Deduction of Financial Instrument Not Offset | (3,880) | (4,579) |
Derivative Liability, Subject to Master Netting Arrangement, Deduction of Financial Instrument Not Offset | (3,880) | (4,579) |
Derivative Asset, Subject to Master Netting Arrangement, Collateral, Obligation to Return Cash, Offset Against Derivative Asset | (4,050) | (5,432) |
Derivative Liability, Subject to Master Netting Arrangement, Collateral, Right to Reclaim Cash Offset | 0 | 0 |
Derivative Asset, Collateral, Obligation to Return Securities, Offset | (2,006) | (1,322) |
Derivative Liability, Collateral, Right to Reclaim Securities, Offset | (2,194) | (2,024) |
Derivative, Collateral, Obligation to Return Securities | 408 | 398 |
Exchange Cleared [Member] | ||
Credit Derivatives [Line Items] | ||
Gross estimated fair value of derivative assets | 129 | 121 |
Gross estimated fair value of derivative liabilities | 86 | 342 |
Derivative Asset, Subject to Master Netting Arrangement, Deduction of Financial Instrument Not Offset | (8) | (33) |
Derivative Liability, Subject to Master Netting Arrangement, Deduction of Financial Instrument Not Offset | (8) | (33) |
Derivative Asset, Subject to Master Netting Arrangement, Collateral, Obligation to Return Cash, Offset Against Derivative Asset | (92) | (35) |
Derivative Liability, Subject to Master Netting Arrangement, Collateral, Right to Reclaim Cash Offset | (78) | (295) |
Derivative Asset, Collateral, Obligation to Return Securities, Offset | 0 | 0 |
Derivative Liability, Collateral, Right to Reclaim Securities, Offset | 0 | (14) |
Fixed maturity securities AFS | ||
Credit Derivatives [Line Items] | ||
Estimated fair value of collateral provided: | 2,663 | 2,267 |
Accrued Liabilities [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative assets | 173 | 166 |
Derivative liabilities | 57 | 0 |
Derivatives Subject to Credit- Contingent Provisions | ||
Credit Derivatives [Line Items] | ||
Estimated fair value of derivatives in a net liability position (1) | 2,239 | 2,049 |
Derivatives Subject to Credit- Contingent Provisions | Fixed maturity securities AFS | ||
Credit Derivatives [Line Items] | ||
Estimated fair value of collateral provided: | 2,656 | 2,267 |
Derivatives Not Subject to Credit- Contingent Provisions | ||
Credit Derivatives [Line Items] | ||
Estimated fair value of derivatives in a net liability position (1) | 1 | 0 |
Derivatives Not Subject to Credit- Contingent Provisions | Fixed maturity securities AFS | ||
Credit Derivatives [Line Items] | ||
Estimated fair value of collateral provided: | $ 7 | $ 0 |
Derivatives (Embedded Derivativ
Derivatives (Embedded Derivatives) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Total | $ 64 | $ 17 |
Funds withheld and guarantees on reinsurance | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Total | (92) | (123) |
Fixed annuities with equity indexed returns [Member] | Policyholder account balances | ||
Derivatives, Fair Value [Line Items] | ||
Total | $ 156 | $ 140 |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Derivatives, Fair Value [Line Items] | |||||
Maximum Amount of Future Payments under Credit Default Swaps | $ 13,367 | $ 13,367 | $ 11,512 | ||
Estimated Fair Value Assets | 10,035 | 10,035 | 11,411 | ||
Estimated Fair Value Liabilities | 6,176 | 6,176 | 6,975 | ||
Excess securities collateral received on derivatives | 305 | 305 | $ 252 | ||
Collateral Amount Not Provided Due to Downgrade Threshold | 15 | 15 | |||
Derivative Instrument Detail [Abstract] | |||||
Net amounts reclassified into net derivatives gains (losses) on discontinued cash flow hedges | 26 | $ 4 | $ 27 | $ 2 | |
Hedging exposure to variability in future cash flows for specific length of time | 6 years | 6 years | |||
Accumulated Other Comprehensive Income Loss | 1,500 | $ 1,500 | $ 2,000 | ||
Cumulative foreign currency translation gain (loss) recorded in accumulated other comprehensive income (loss) for net investment in foreign operations hedges | 668 | 668 | 435 | ||
Excess securities collateral provided on derivatives | 107 | 107 | 125 | ||
Securities collateral received which the company is permitted to sell or repledge, amount that has been sold or repledged | 0 | 0 | |||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 29 | ||||
Over the Counter [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Excess securities collateral received on derivatives | (408) | (408) | (398) | ||
Excess securities collateral provided on derivatives | (1,200) | (1,200) | (1,200) | ||
Cash collateral on derivative assets | (4,050) | (4,050) | (5,432) | ||
Exchange-traded | |||||
Derivatives, Fair Value [Line Items] | |||||
Excess securities collateral received on derivatives | (955) | (955) | (1,000) | ||
Excess securities collateral provided on derivatives | (107) | (107) | (184) | ||
Cash collateral on derivative assets | 0 | 0 | 0 | ||
Accrued Liabilities [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Estimated Fair Value Assets | 173 | 173 | 166 | ||
Estimated Fair Value Liabilities | $ 57 | $ 57 | $ 0 |
Fair Value (Recurring Fair Valu
Fair Value (Recurring Fair Value Measurements) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2021 | Dec. 31, 2020 |
Assets [Abstract] | ||||
Estimated Fair Value of Fixed Maturity Securities AFS | $ 283,857 | $ 276,780 | ||
Equity securities | 769 | 1,684 | ||
Unit-linked and FVO Securities (1) | 10,204 | 9,668 | ||
Short-term investments (2) | 6,921 | 4,935 | ||
Derivative assets | 10,035 | 11,411 | ||
Market risk benefits | 279 | 280 | ||
Reinsured MRB Assets | $ 51 | $ 0 | ||
Separate account assets | 145,946 | 146,038 | ||
Liabilities [Abstract] | ||||
Derivative liabilities | 6,176 | 6,975 | ||
Embedded derivatives within liability host contracts | 64 | 17 | ||
Market risk benefits | 3,259 | 3,763 | $ 7,901 | |
Separate account liabilities | 145,946 | 146,038 | ||
Recurring | ||||
Assets [Abstract] | ||||
Estimated Fair Value of Fixed Maturity Securities AFS | 283,857 | 276,780 | ||
Equity securities | 769 | 1,684 | ||
Unit-linked and FVO Securities (1) | 10,204 | 9,668 | ||
Short-term investments (2) | 6,609 | 4,573 | ||
Other investments | 1,311 | 1,132 | ||
Derivative assets | 10,035 | 11,411 | ||
Market risk benefits | 279 | 280 | ||
Reinsured MRB Assets | 18 | 23 | ||
Separate account assets | 145,946 | 146,038 | ||
Total assets (6) | 459,028 | 451,589 | ||
Liabilities [Abstract] | ||||
Derivative liabilities | 6,176 | 6,975 | ||
Embedded derivatives within liability host contracts | 64 | 17 | ||
Market risk benefits | 3,259 | 3,763 | ||
Total liabilities | 9,510 | 10,796 | ||
Recurring | Interest rate | ||||
Assets [Abstract] | ||||
Derivative assets | 3,968 | 4,572 | ||
Liabilities [Abstract] | ||||
Derivative liabilities | 2,669 | 3,558 | ||
Recurring | Foreign currency exchange rate contracts | ||||
Assets [Abstract] | ||||
Derivative assets | 5,396 | 5,888 | ||
Liabilities [Abstract] | ||||
Derivative liabilities | 2,996 | 2,870 | ||
Recurring | Credit | ||||
Assets [Abstract] | ||||
Derivative assets | 205 | 151 | ||
Liabilities [Abstract] | ||||
Derivative liabilities | 104 | 107 | ||
Recurring | Equity market contracts | ||||
Assets [Abstract] | ||||
Derivative assets | 466 | 800 | ||
Liabilities [Abstract] | ||||
Derivative liabilities | 407 | 440 | ||
Recurring | Derivative Liabilities Within Separate Accounts | ||||
Liabilities [Abstract] | ||||
Separate account liabilities | 11 | 41 | ||
Recurring | U.S. corporate | ||||
Assets [Abstract] | ||||
Estimated Fair Value of Fixed Maturity Securities AFS | 82,523 | 80,030 | ||
Recurring | Foreign corporate | ||||
Assets [Abstract] | ||||
Estimated Fair Value of Fixed Maturity Securities AFS | 53,690 | 52,572 | ||
Recurring | Foreign government | ||||
Assets [Abstract] | ||||
Estimated Fair Value of Fixed Maturity Securities AFS | 45,994 | 46,747 | ||
Recurring | U.S. government and agency | ||||
Assets [Abstract] | ||||
Estimated Fair Value of Fixed Maturity Securities AFS | 33,129 | 32,229 | ||
Recurring | RMBS | ||||
Assets [Abstract] | ||||
Estimated Fair Value of Fixed Maturity Securities AFS | 28,458 | 26,165 | ||
Recurring | ABS & CLO | ||||
Assets [Abstract] | ||||
Estimated Fair Value of Fixed Maturity Securities AFS | 17,480 | 16,822 | ||
Recurring | Municipals | ||||
Assets [Abstract] | ||||
Estimated Fair Value of Fixed Maturity Securities AFS | 12,324 | 12,152 | ||
Recurring | CMBS | ||||
Assets [Abstract] | ||||
Estimated Fair Value of Fixed Maturity Securities AFS | 10,259 | 10,063 | ||
Recurring | Level 1 | ||||
Assets [Abstract] | ||||
Estimated Fair Value of Fixed Maturity Securities AFS | 16,798 | 15,959 | ||
Equity securities | 420 | 1,293 | ||
Unit-linked and FVO Securities (1) | 7,471 | 7,101 | ||
Short-term investments (2) | 5,897 | 3,830 | ||
Other investments | 0 | 0 | ||
Derivative assets | 12 | 18 | ||
Market risk benefits | 0 | 0 | ||
Reinsured MRB Assets | 0 | 0 | ||
Separate account assets | 66,293 | 65,107 | ||
Total assets (6) | 96,891 | 93,308 | ||
Liabilities [Abstract] | ||||
Derivative liabilities | 27 | 5 | ||
Embedded derivatives within liability host contracts | 0 | 0 | ||
Market risk benefits | 0 | 0 | ||
Total liabilities | 34 | 13 | ||
Recurring | Level 1 | Interest rate | ||||
Assets [Abstract] | ||||
Derivative assets | 3 | 2 | ||
Liabilities [Abstract] | ||||
Derivative liabilities | 1 | 1 | ||
Recurring | Level 1 | Foreign currency exchange rate contracts | ||||
Assets [Abstract] | ||||
Derivative assets | 0 | 8 | ||
Liabilities [Abstract] | ||||
Derivative liabilities | 0 | 0 | ||
Recurring | Level 1 | Credit | ||||
Assets [Abstract] | ||||
Derivative assets | 0 | 0 | ||
Liabilities [Abstract] | ||||
Derivative liabilities | 0 | 0 | ||
Recurring | Level 1 | Equity market contracts | ||||
Assets [Abstract] | ||||
Derivative assets | 9 | 8 | ||
Liabilities [Abstract] | ||||
Derivative liabilities | 26 | 4 | ||
Recurring | Level 1 | Derivative Liabilities Within Separate Accounts | ||||
Liabilities [Abstract] | ||||
Separate account liabilities | 7 | 8 | ||
Recurring | Level 1 | U.S. corporate | ||||
Assets [Abstract] | ||||
Estimated Fair Value of Fixed Maturity Securities AFS | 0 | 0 | ||
Recurring | Level 1 | Foreign corporate | ||||
Assets [Abstract] | ||||
Estimated Fair Value of Fixed Maturity Securities AFS | 0 | 0 | ||
Recurring | Level 1 | Foreign government | ||||
Assets [Abstract] | ||||
Estimated Fair Value of Fixed Maturity Securities AFS | 0 | 0 | ||
Recurring | Level 1 | U.S. government and agency | ||||
Assets [Abstract] | ||||
Estimated Fair Value of Fixed Maturity Securities AFS | 16,744 | 15,955 | ||
Recurring | Level 1 | RMBS | ||||
Assets [Abstract] | ||||
Estimated Fair Value of Fixed Maturity Securities AFS | 54 | 4 | ||
Recurring | Level 1 | ABS & CLO | ||||
Assets [Abstract] | ||||
Estimated Fair Value of Fixed Maturity Securities AFS | 0 | 0 | ||
Recurring | Level 1 | Municipals | ||||
Assets [Abstract] | ||||
Estimated Fair Value of Fixed Maturity Securities AFS | 0 | 0 | ||
Recurring | Level 1 | CMBS | ||||
Assets [Abstract] | ||||
Estimated Fair Value of Fixed Maturity Securities AFS | 0 | 0 | ||
Recurring | Level 2 | ||||
Assets [Abstract] | ||||
Estimated Fair Value of Fixed Maturity Securities AFS | 236,470 | 232,048 | ||
Equity securities | 99 | 132 | ||
Unit-linked and FVO Securities (1) | 1,676 | 1,780 | ||
Short-term investments (2) | 694 | 686 | ||
Other investments | 347 | 206 | ||
Derivative assets | 9,945 | 11,094 | ||
Market risk benefits | 0 | 0 | ||
Reinsured MRB Assets | 0 | 0 | ||
Separate account assets | 78,404 | 79,703 | ||
Total assets (6) | 327,635 | 325,649 | ||
Liabilities [Abstract] | ||||
Derivative liabilities | 5,857 | 6,501 | ||
Embedded derivatives within liability host contracts | 0 | 0 | ||
Market risk benefits | 0 | 0 | ||
Total liabilities | 5,860 | 6,516 | ||
Recurring | Level 2 | Interest rate | ||||
Assets [Abstract] | ||||
Derivative assets | 3,965 | 4,570 | ||
Liabilities [Abstract] | ||||
Derivative liabilities | 2,376 | 3,153 | ||
Recurring | Level 2 | Foreign currency exchange rate contracts | ||||
Assets [Abstract] | ||||
Derivative assets | 5,332 | 5,670 | ||
Liabilities [Abstract] | ||||
Derivative liabilities | 2,996 | 2,820 | ||
Recurring | Level 2 | Credit | ||||
Assets [Abstract] | ||||
Derivative assets | 198 | 69 | ||
Liabilities [Abstract] | ||||
Derivative liabilities | 104 | 92 | ||
Recurring | Level 2 | Equity market contracts | ||||
Assets [Abstract] | ||||
Derivative assets | 450 | 785 | ||
Liabilities [Abstract] | ||||
Derivative liabilities | 381 | 436 | ||
Recurring | Level 2 | Derivative Liabilities Within Separate Accounts | ||||
Liabilities [Abstract] | ||||
Separate account liabilities | 3 | 15 | ||
Recurring | Level 2 | U.S. corporate | ||||
Assets [Abstract] | ||||
Estimated Fair Value of Fixed Maturity Securities AFS | 69,534 | 67,578 | ||
Recurring | Level 2 | Foreign corporate | ||||
Assets [Abstract] | ||||
Estimated Fair Value of Fixed Maturity Securities AFS | 40,711 | 40,623 | ||
Recurring | Level 2 | Foreign government | ||||
Assets [Abstract] | ||||
Estimated Fair Value of Fixed Maturity Securities AFS | 45,934 | 46,644 | ||
Recurring | Level 2 | U.S. government and agency | ||||
Assets [Abstract] | ||||
Estimated Fair Value of Fixed Maturity Securities AFS | 16,385 | 16,274 | ||
Recurring | Level 2 | RMBS | ||||
Assets [Abstract] | ||||
Estimated Fair Value of Fixed Maturity Securities AFS | 26,700 | 24,515 | ||
Recurring | Level 2 | ABS & CLO | ||||
Assets [Abstract] | ||||
Estimated Fair Value of Fixed Maturity Securities AFS | 15,277 | 14,895 | ||
Recurring | Level 2 | Municipals | ||||
Assets [Abstract] | ||||
Estimated Fair Value of Fixed Maturity Securities AFS | 12,317 | 12,152 | ||
Recurring | Level 2 | CMBS | ||||
Assets [Abstract] | ||||
Estimated Fair Value of Fixed Maturity Securities AFS | 9,612 | 9,367 | ||
Recurring | Level 3 | ||||
Assets [Abstract] | ||||
Estimated Fair Value of Fixed Maturity Securities AFS | 30,589 | 28,773 | ||
Equity securities | 250 | 259 | ||
Unit-linked and FVO Securities (1) | 1,057 | 787 | ||
Short-term investments (2) | 18 | 57 | ||
Other investments | 964 | 926 | ||
Derivative assets | 78 | 299 | ||
Market risk benefits | 279 | 280 | ||
Reinsured MRB Assets | 18 | 23 | ||
Separate account assets | 1,249 | 1,228 | ||
Total assets (6) | 34,502 | 32,632 | ||
Liabilities [Abstract] | ||||
Derivative liabilities | 292 | 469 | ||
Embedded derivatives within liability host contracts | 64 | 17 | ||
Market risk benefits | 3,259 | 3,763 | ||
Total liabilities | 3,616 | 4,267 | ||
Recurring | Level 3 | Interest rate | ||||
Assets [Abstract] | ||||
Derivative assets | 0 | 0 | ||
Liabilities [Abstract] | ||||
Derivative liabilities | 292 | 404 | ||
Recurring | Level 3 | Foreign currency exchange rate contracts | ||||
Assets [Abstract] | ||||
Derivative assets | 64 | 210 | ||
Liabilities [Abstract] | ||||
Derivative liabilities | 0 | 50 | ||
Recurring | Level 3 | Credit | ||||
Assets [Abstract] | ||||
Derivative assets | 7 | 82 | ||
Liabilities [Abstract] | ||||
Derivative liabilities | 0 | 15 | ||
Recurring | Level 3 | Equity market contracts | ||||
Assets [Abstract] | ||||
Derivative assets | 7 | 7 | ||
Liabilities [Abstract] | ||||
Derivative liabilities | 0 | 0 | ||
Recurring | Level 3 | Derivative Liabilities Within Separate Accounts | ||||
Liabilities [Abstract] | ||||
Separate account liabilities | 1 | 18 | ||
Recurring | Level 3 | U.S. corporate | ||||
Assets [Abstract] | ||||
Estimated Fair Value of Fixed Maturity Securities AFS | 12,989 | 12,452 | ||
Recurring | Level 3 | Foreign corporate | ||||
Assets [Abstract] | ||||
Estimated Fair Value of Fixed Maturity Securities AFS | 12,979 | 11,949 | ||
Recurring | Level 3 | Foreign government | ||||
Assets [Abstract] | ||||
Estimated Fair Value of Fixed Maturity Securities AFS | 60 | 103 | ||
Recurring | Level 3 | U.S. government and agency | ||||
Assets [Abstract] | ||||
Estimated Fair Value of Fixed Maturity Securities AFS | 0 | 0 | ||
Recurring | Level 3 | RMBS | ||||
Assets [Abstract] | ||||
Estimated Fair Value of Fixed Maturity Securities AFS | 1,704 | 1,646 | ||
Recurring | Level 3 | ABS & CLO | ||||
Assets [Abstract] | ||||
Estimated Fair Value of Fixed Maturity Securities AFS | 2,203 | 1,927 | ||
Recurring | Level 3 | Municipals | ||||
Assets [Abstract] | ||||
Estimated Fair Value of Fixed Maturity Securities AFS | 7 | 0 | ||
Recurring | Level 3 | CMBS | ||||
Assets [Abstract] | ||||
Estimated Fair Value of Fixed Maturity Securities AFS | 647 | 696 | ||
OLPI | Recurring | ||||
Assets [Abstract] | ||||
Investments, Fair Value Disclosure | $ 65 | $ 65 |
Fair Value (Quantitative Inform
Fair Value (Quantitative Information) (Details) | Jun. 30, 2023 | Dec. 31, 2022 |
Minimum | Interest rate | Measurement Input, Swap Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 360 | 372 |
Minimum | Foreign currency exchange rate | Measurement Input, Swap Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 155 | 74 |
Minimum | Credit | Measurement Input, Credit Spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 0 | 84 |
Minimum | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Mortality rates: Ages 0 - 40 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | 0 | 0 |
Minimum | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Mortality rates: Ages 41 - 60 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | 0.0003 | 0.0005 |
Minimum | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Mortality rates: Ages 61 - 115 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | 0.0017 | 0.0023 |
Minimum | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Lapse rates: Durations 1 - 10 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | 0.0040 | 0.0040 |
Minimum | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Lapse rates: Durations 11 - 20 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | 0.0049 | 0.0049 |
Minimum | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Lapse rates: Durations 21 - 116 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | 0.0049 | 0.0049 |
Minimum | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Measurement Input, Utilization Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | 0.0020 | 0.0020 |
Minimum | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Measurement Input, Withdrawal Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | 0 | 0 |
Minimum | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Measurement Input, Long-Term Equity Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | 0.0804 | 0.0826 |
Minimum | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Nonperformance risk spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | 0.0044 | 0.0034 |
Minimum | U.S. corporate and foreign corporate | Valuation Technique, Matrix Pricing | Measurement Input, Offered Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 17 | 0 |
Minimum | U.S. corporate and foreign corporate | Valuation Technique, Market Approach | Measurement Input, Quoted Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 5 | 20 |
Minimum | U.S. corporate and foreign corporate | 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 | 96 | 5 |
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 & CLO | 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 |
Maximum | Interest rate | Measurement Input, Swap Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 380 | 392 |
Maximum | Foreign currency exchange rate | Measurement Input, Swap Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 443 | 1,938 |
Maximum | Credit | Measurement Input, Credit Spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 0 | 138 |
Maximum | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Mortality rates: Ages 0 - 40 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | 0.0015 | 0.0015 |
Maximum | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Mortality rates: Ages 41 - 60 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | 0.0075 | 0.0075 |
Maximum | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Mortality rates: Ages 61 - 115 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | 1 | 1 |
Maximum | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Lapse rates: Durations 1 - 10 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | 0.3280 | 0.3750 |
Maximum | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Lapse rates: Durations 11 - 20 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | 0.1820 | 0.3575 |
Maximum | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Lapse rates: Durations 21 - 116 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | 0.15 | 0.3575 |
Maximum | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Measurement Input, Utilization Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | 0.22 | 0.22 |
Maximum | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Measurement Input, Withdrawal Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | 0.20 | 0.20 |
Maximum | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Measurement Input, Long-Term Equity Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | 0.2201 | 0.2201 |
Maximum | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Nonperformance risk spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | 0.0200 | 0.0177 |
Maximum | U.S. corporate and foreign corporate | Valuation Technique, Matrix Pricing | Measurement Input, Offered Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 128 | 126 |
Maximum | U.S. corporate and foreign corporate | Valuation Technique, Market Approach | Measurement Input, Quoted Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 127 | 109 |
Maximum | U.S. corporate and foreign corporate | 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 | 99 |
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 | 109 | 106 |
Maximum | ABS & CLO | Valuation Technique, Market Approach | Measurement Input, Quoted Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 101 | 102 |
Weighted Average | Interest rate | Measurement Input, Swap Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 371 | 381 |
Weighted Average | Foreign currency exchange rate | Measurement Input, Swap Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 174 | 208 |
Weighted Average | Credit | Measurement Input, Credit Spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 0 | 101 |
Weighted Average | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Mortality rates: Ages 0 - 40 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | 0.0005 | 0.0005 |
Weighted Average | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Mortality rates: Ages 41 - 60 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | 0.0020 | 0.0020 |
Weighted Average | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Mortality rates: Ages 61 - 115 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | 0.0144 | 0.0144 |
Weighted Average | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Lapse rates: Durations 1 - 10 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | 0.0896 | 0.0896 |
Weighted Average | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Lapse rates: Durations 11 - 20 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | 0.0652 | 0.0652 |
Weighted Average | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Lapse rates: Durations 21 - 116 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | 0.0289 | 0.0289 |
Weighted Average | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Measurement Input, Utilization Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | 0.0038 | 0.0038 |
Weighted Average | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Measurement Input, Withdrawal Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | 0.0402 | 0.0402 |
Weighted Average | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Measurement Input, Long-Term Equity Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | 0.1849 | 0.1849 |
Weighted Average | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Nonperformance risk spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | 0.0075 | 0.0075 |
Weighted Average | U.S. corporate and foreign corporate | Valuation Technique, Matrix Pricing | Measurement Input, Offered Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 88 | 87 |
Weighted Average | U.S. corporate and foreign corporate | Valuation Technique, Market Approach | Measurement Input, Quoted Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 91 | 90 |
Weighted Average | U.S. corporate and foreign corporate | 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 | 98 | 93 |
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 | 93 | 93 |
Weighted Average | ABS & CLO | Valuation Technique, Market Approach | Measurement Input, Quoted Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 91 | 91 |
Fair Value (Unobservable Input
Fair Value (Unobservable Input Reconciliation) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Residential mortgage loans - FVO | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | $ 0 | $ 119 | $ 0 | $ 127 |
Total realized/unrealized gains (losses) included in net income (loss) | 0 | (5) | 0 | (9) |
Total realized/unrealized gains (losses) included in AOCI | 0 | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | (5) | 0 | (9) |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Balance, end of period | 0 | 109 | 0 | 109 |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 0 | (5) | 0 | (9) |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 0 | (5) | 0 | (9) |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | 0 | 0 | 0 | 0 |
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 | 13 | (291) | 31 | (15) |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | (48) | (199) | 7 | (390) |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Balance, beginning of period | 53 | 31 | (170) | (152) |
Total realized/unrealized gains (losses) included in net income (loss) | 32 | (292) | 38 | 17 |
Total realized/unrealized gains (losses) included in AOCI | (41) | (191) | 46 | (410) |
Purchases | 0 | 152 | 0 | 240 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | (1) | (2) |
Settlements | (3) | 13 | 33 | 20 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | (255) | 0 | (160) | 0 |
Balance, end of period | (214) | (287) | (214) | (287) |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 13 | (291) | 31 | (15) |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | (48) | (199) | 7 | (390) |
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 | (17) | 160 | (35) | 57 |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Balance, beginning of period | (44) | (296) | (17) | (222) |
Total realized/unrealized gains (losses) included in net income (loss) | (18) | 160 | (35) | 57 |
Total realized/unrealized gains (losses) included in AOCI | 0 | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | (2) | 19 | (12) | 48 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Balance, end of period | (64) | (117) | (64) | (117) |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | (17) | 160 | (35) | 57 |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | 0 | 0 | 0 | 0 |
Corporate fixed maturity securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | 25,676 | 24,362 | 24,401 | 25,435 |
Total realized/unrealized gains (losses) included in net income (loss) | (8) | (5) | (17) | (16) |
Total realized/unrealized gains (losses) included in AOCI | (369) | (2,857) | 343 | (4,892) |
Purchases | 1,122 | 1,643 | 2,408 | 2,698 |
Sales | (527) | (315) | (1,064) | (782) |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 210 | 154 | 391 | 463 |
Transfers out of Level 3 | (136) | (400) | (494) | (324) |
Balance, end of period | 25,968 | 22,582 | 25,968 | 22,582 |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | (8) | (5) | (20) | (16) |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | (379) | (2,851) | 321 | (4,885) |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | (8) | (5) | (20) | (16) |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | (379) | (2,851) | 321 | (4,885) |
Foreign government | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | 46 | 248 | 103 | 91 |
Total realized/unrealized gains (losses) included in net income (loss) | (1) | 4 | (1) | (43) |
Total realized/unrealized gains (losses) included in AOCI | 3 | 3 | 2 | 7 |
Purchases | 5 | 1 | 13 | 1 |
Sales | (4) | (2) | (12) | (2) |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 11 | 3 | 10 | 49 |
Transfers out of Level 3 | 0 | (154) | (55) | 0 |
Balance, end of period | 60 | 103 | 60 | 103 |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | (1) | 4 | (1) | (43) |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | 3 | 3 | 2 | 6 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | (1) | 4 | (1) | (43) |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | 3 | 3 | 2 | 6 |
Structured Securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | 4,553 | 5,930 | 4,269 | 5,871 |
Total realized/unrealized gains (losses) included in net income (loss) | 2 | 12 | (7) | 23 |
Total realized/unrealized gains (losses) included in AOCI | (43) | (207) | (24) | (423) |
Purchases | 272 | 536 | 413 | 732 |
Sales | (112) | (468) | (239) | (668) |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 71 | 129 | 212 | 190 |
Transfers out of Level 3 | (189) | (585) | (70) | (378) |
Balance, end of period | 4,554 | 5,347 | 4,554 | 5,347 |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 4 | 12 | 3 | 23 |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | (45) | (205) | (26) | (416) |
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 | 4 | 12 | 3 | 23 |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | (45) | (205) | (26) | (416) |
Municipals | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | 0 | 29 | 0 | 0 |
Total realized/unrealized gains (losses) included in net income (loss) | 0 | 0 | 0 | 0 |
Total realized/unrealized gains (losses) included in AOCI | 0 | 0 | 0 | 0 |
Purchases | 7 | 0 | 7 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | (29) | 0 | 0 |
Balance, end of period | 7 | 0 | 7 | 0 |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 0 | 0 | 0 | 0 |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 0 | 0 | 0 | 0 |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | 0 | 0 | 0 | 0 |
Equity Securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | 258 | 189 | 259 | 151 |
Total realized/unrealized gains (losses) included in net income (loss) | (1) | (2) | 6 | 11 |
Total realized/unrealized gains (losses) included in AOCI | 0 | 0 | 0 | 0 |
Purchases | 0 | 2 | 2 | 25 |
Sales | (7) | (10) | (17) | (6) |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | (2) |
Balance, end of period | 250 | 179 | 250 | 179 |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 1 | (3) | (3) | 9 |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 1 | (3) | (3) | 9 |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | 0 | 0 | 0 | 0 |
Unit-linked and FVO Securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | 1,011 | 868 | 787 | 901 |
Total realized/unrealized gains (losses) included in net income (loss) | 50 | (132) | 95 | (169) |
Total realized/unrealized gains (losses) included in AOCI | 0 | 0 | 0 | 0 |
Purchases | 190 | 8 | 205 | 15 |
Sales | (193) | (2) | (26) | (4) |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 1 | 13 |
Transfers out of Level 3 | (1) | 0 | (5) | (14) |
Balance, end of period | 1,057 | 742 | 1,057 | 742 |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 50 | (132) | 94 | (168) |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 50 | (132) | 94 | (168) |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | 0 | 0 | 0 | 0 |
Short-term Investments | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | 58 | 5 | 57 | 3 |
Total realized/unrealized gains (losses) included in net income (loss) | 0 | 0 | 0 | (1) |
Total realized/unrealized gains (losses) included in AOCI | (1) | 0 | 0 | 0 |
Purchases | 5 | 15 | 17 | 119 |
Sales | (44) | (1) | (47) | (2) |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 100 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | (9) | 0 |
Balance, end of period | 18 | 119 | 18 | 119 |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 0 | 0 | 0 | 0 |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | (1) | 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 | 0 | 0 | 0 |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | (1) | 0 | (1) | 0 |
Other Investments | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | 928 | 1,047 | 926 | 898 |
Total realized/unrealized gains (losses) included in net income (loss) | 23 | 26 | 25 | 72 |
Total realized/unrealized gains (losses) included in AOCI | 0 | 0 | 0 | 0 |
Purchases | 13 | 61 | 13 | 187 |
Sales | 0 | (21) | 0 | (44) |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | (100) | 0 | (100) |
Balance, end of period | 964 | 1,013 | 964 | 1,013 |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 23 | 23 | 26 | 69 |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 23 | 23 | 26 | 69 |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | 0 | 0 | 0 | 0 |
Separate Accounts | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | 1,202 | 2,118 | 1,210 | 2,131 |
Total realized/unrealized gains (losses) included in net income (loss) | (17) | 24 | (39) | 43 |
Total realized/unrealized gains (losses) included in AOCI | 0 | 0 | 0 | 0 |
Purchases | 72 | 36 | 170 | 107 |
Sales | (21) | (949) | (110) | (1,047) |
Issuances | 0 | (5) | 0 | (5) |
Settlements | 0 | 6 | 1 | 4 |
Transfers into Level 3 | 12 | 0 | 16 | 1 |
Transfers out of Level 3 | 0 | 0 | 0 | (4) |
Balance, end of period | 1,248 | 1,230 | 1,248 | 1,230 |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 0 | 0 | 0 | 0 |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 0 | 0 | 0 | 0 |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value (Nonrecurring Fair V
Fair Value (Nonrecurring Fair Value Measurements) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total mortgage loans | $ 92,986 | $ 92,986 | $ 83,763 | ||
Nonrecurring | Mortgages [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Adjustment | (54) | $ (24) | (141) | $ (14) | |
Fair Value, Inputs, Level 3 [Member] | Nonrecurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total mortgage loans | $ 513 | $ 513 | $ 263 |
Fair Value (Financial Instrumen
Fair Value (Financial Instruments Carried at Other Than Fair Value) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Policy loans | $ 8,788 | $ 8,874 |
Liabilities | ||
Collateral financing arrangement | 675 | 716 |
Junior subordinated debt securities | 3,160 | 3,158 |
Separate account liabilities | 145,946 | 146,038 |
Carrying Value | ||
Assets | ||
Mortgage loans (1) | 92,986 | 83,763 |
Policy loans | 8,788 | 8,874 |
Other invested assets | 951 | 946 |
Premiums, reinsurance and other receivables | 2,856 | 2,905 |
Other assets | 256 | 267 |
Liabilities | ||
Policyholder account balances | 135,972 | 133,788 |
Long-term debt | 14,494 | 14,591 |
Collateral financing arrangement | 675 | 716 |
Junior subordinated debt securities | 3,160 | 3,158 |
Other liabilities | 11,429 | 2,908 |
Separate account liabilities | 78,710 | 81,976 |
Estimated Fair Value | ||
Assets | ||
Mortgage loans (1) | 87,267 | 78,694 |
Policy loans | 9,602 | 9,682 |
Other invested assets | 951 | 946 |
Premiums, reinsurance and other receivables | 2,906 | 2,963 |
Other assets | 256 | 265 |
Liabilities | ||
Policyholder account balances | 129,224 | 127,514 |
Long-term debt | 14,058 | 14,241 |
Collateral financing arrangement | 559 | 591 |
Junior subordinated debt securities | 3,495 | 3,502 |
Other liabilities | 11,052 | 3,170 |
Separate account liabilities | 78,710 | 81,976 |
Estimated Fair Value | Level 1 | ||
Assets | ||
Mortgage loans (1) | 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 (1) | 0 | 0 |
Policy loans | 0 | 0 |
Other invested assets | 746 | 729 |
Premiums, reinsurance and other receivables | 993 | 1,042 |
Other assets | 88 | 90 |
Liabilities | ||
Policyholder account balances | 0 | 0 |
Long-term debt | 14,058 | 14,241 |
Collateral financing arrangement | 0 | 0 |
Junior subordinated debt securities | 3,495 | 3,502 |
Other liabilities | 1,686 | 1,377 |
Separate account liabilities | 78,710 | 81,976 |
Estimated Fair Value | Level 3 | ||
Assets | ||
Mortgage loans (1) | 87,267 | 78,694 |
Policy loans | 9,602 | 9,682 |
Other invested assets | 205 | 217 |
Premiums, reinsurance and other receivables | 1,913 | 1,921 |
Other assets | 168 | 175 |
Liabilities | ||
Policyholder account balances | 129,224 | 127,514 |
Long-term debt | 0 | 0 |
Collateral financing arrangement | 559 | 591 |
Junior subordinated debt securities | 0 | 0 |
Other liabilities | 9,366 | 1,793 |
Separate account liabilities | $ 0 | $ 0 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 6 Months Ended | |||
Jan. 31, 2023 | Jun. 30, 2023 | May 08, 2023 | Feb. 10, 2023 | Jan. 06, 2023 | |
Revolving Credit Facility | |||||
Debt Instrument, Redemption [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,000 | ||||
Senior Debt $1.0 billion 4.368% September 2023 | |||||
Debt Instrument, Redemption [Line Items] | |||||
Early Repayment of Senior Debt | $ 1,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.368% | ||||
senior debt $1.0 billion January 2054 | |||||
Debt Instrument, Redemption [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | ||||
Debt Instrument, Face Amount | $ 1,000 | ||||
Payments of Debt Issuance Costs | $ 11 |
Equity Equity (Preferred Stock
Equity Equity (Preferred Stock Classification) (Details) - shares | Jun. 30, 2023 | Dec. 31, 2022 |
Class of Stock [Line Items] | ||
Preferred Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Preferred Stock, Shares Issued | 25,572,200 | 25,572,200 |
Preferred Stock, Shares Outstanding | 25,572,200 | 25,572,200 |
Floating Rate Non-Cumulative Preferred Stock, Series A, par value $0.01 | ||
Class of Stock [Line Items] | ||
Preferred Stock, Shares Authorized | 27,600,000 | 27,600,000 |
Preferred Stock, Shares Issued | 24,000,000 | 24,000,000 |
Preferred Stock, Shares Outstanding | 24,000,000 | 24,000,000 |
Series D Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred Stock, Shares Authorized | 500,000 | 500,000 |
Preferred Stock, Shares Issued | 500,000 | 500,000 |
Preferred Stock, Shares Outstanding | 500,000 | 500,000 |
Series E Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred Stock, Shares Authorized | 32,200 | 32,200 |
Preferred Stock, Shares Issued | 32,200 | 32,200 |
Preferred Stock, Shares Outstanding | 32,200 | 32,200 |
Series F Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred Stock, Shares Authorized | 40,000 | 40,000 |
Preferred Stock, Shares Issued | 40,000 | 40,000 |
Preferred Stock, Shares Outstanding | 40,000 | 40,000 |
Series G Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 |
Preferred Stock, Shares Issued | 1,000,000 | 1,000,000 |
Preferred Stock, Shares Outstanding | 1,000,000 | 1,000,000 |
Series A Junior Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Not Designated Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred Stock, Shares Authorized | 160,827,800 | 160,827,800 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Equity Equity (Preferred Stoc_2
Equity Equity (Preferred Stock Dividends) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Dividends Payable [Line Items] | ||||
Dividends, Preferred Stock, Cash | $ 32 | $ 29 | $ 98 | $ 92 |
Floating Rate Non-Cumulative Preferred Stock, Series A, par value $0.01 | ||||
Dividends Payable [Line Items] | ||||
Preferred Stock, Dividends Per Share, Declared | $ 0.375 | $ 0.256 | $ 0.736 | $ 0.506 |
Dividends, Preferred Stock, Cash | $ 9 | $ 6 | $ 18 | $ 12 |
Series D Preferred Stock | ||||
Dividends Payable [Line Items] | ||||
Preferred Stock, Dividends Per Share, Declared | $ 0 | $ 0 | $ 29.375 | $ 29.375 |
Dividends, Preferred Stock, Cash | $ 0 | $ 0 | $ 15 | $ 15 |
Series E Preferred Stock | ||||
Dividends Payable [Line Items] | ||||
Preferred Stock, Dividends Per Share, Declared | $ 351.563 | $ 351.563 | $ 703.126 | $ 703.126 |
Dividends, Preferred Stock, Cash | $ 11 | $ 11 | $ 22 | $ 22 |
Series F Preferred Stock [Member] | ||||
Dividends Payable [Line Items] | ||||
Preferred Stock, Dividends Per Share, Declared | $ 296.875 | $ 296.875 | $ 593.750 | $ 593.750 |
Dividends, Preferred Stock, Cash | $ 12 | $ 12 | $ 24 | $ 24 |
Series G Preferred Stock | ||||
Dividends Payable [Line Items] | ||||
Preferred Stock, Dividends Per Share, Declared | $ 0 | $ 0 | $ 19.250 | $ 19.250 |
Dividends, Preferred Stock, Cash | $ 0 | $ 0 | $ 19 | $ 19 |
Equity (Common Stock Repurchase
Equity (Common Stock Repurchase Authorization) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | May 25, 2023 | May 03, 2023 | May 04, 2022 |
Equity, Class of Treasury Stock [Line Items] | ||||
Stock Repurchase Program, Authorized Amount | $ 1,000 | $ 3,000 | $ 3,000 | |
May32023Authorization | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 2,754 | |||
May252023Authorization | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 1,000 | |||
May2022Authorization | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 0 |
Equity (Common Stock - Narrativ
Equity (Common Stock - Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Equity [Abstract] | ||||||
Treasury Stock, Shares, Acquired | 23,665,630 | 30,939,541 | ||||
Treasury Stock, Value, Acquired, Cost Method, Net Of Excise Tax | $ 1,500 | |||||
Treasury Stock, Value, Acquired, Cost Method | $ 678 | $ 787 | $ 1,116 | $ 915 | $ 2,000 | |
Treasury Stock, Value, Acquired, Cost Method, Excise Tax | $ 6 | $ 7 | $ 13 |
Equity (Stock-Based Compensatio
Equity (Stock-Based Compensation Plans - Narrative) (Details) - shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Minimum | ||
Equity - Stock-based Compensation Plans [Line Items] | ||
Future Performance Factor | 0% | |
Maximum | ||
Equity - Stock-based Compensation Plans [Line Items] | ||
Future Performance Factor | 175% | |
Performance Shares | ||
Equity - Stock-based Compensation Plans [Line Items] | ||
Performance Factor | 156.30% | |
Vested in period | 1,174,602 | |
Issued in period | 1,835,903 | |
Performance Units | ||
Equity - Stock-based Compensation Plans [Line Items] | ||
Vested in period | 154,904 | |
Paid in period | 242,115 |
Equity (Dividend Restrictions -
Equity (Dividend Restrictions - Narrative) (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Equity [Abstract] | |
Cash Dividends Paid to Parent Company by Consolidated Subsidiaries | $ 942 |
Equity (Components of Accumulat
Equity (Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance, beginning of period | $ (19,147) | $ (10,044) | $ (22,621) | $ (2,451) |
OCI before reclassifications | (2,372) | (11,885) | 1,607 | (22,276) |
Deferred income tax benefit (expense) | 513 | 2,427 | (354) | 4,807 |
AOCI before reclassifications, net of income tax | (21,006) | (19,502) | (21,368) | (19,920) |
Amounts reclassified from AOCI | 801 | 1,334 | 1,265 | 1,791 |
Deferred income tax benefit (expense) | (181) | (291) | (283) | (389) |
Amounts reclassified from AOCI, net of income tax | 620 | 1,043 | 982 | 1,402 |
Balance, end of period | (20,386) | (18,106) | (20,386) | (18,106) |
Unrealized Investment Gains (Losses), Net of Related Offsets | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance, beginning of period | (16,354) | 4,619 | (22,646) | 20,919 |
OCI before reclassifications | (3,173) | (22,365) | 4,410 | (43,815) |
Deferred income tax benefit (expense) | 739 | 5,062 | (989) | 9,996 |
AOCI before reclassifications, net of income tax | (18,788) | (12,684) | (19,225) | (12,900) |
Amounts reclassified from AOCI | 1,040 | 682 | 1,606 | 1,003 |
Deferred income tax benefit (expense) | (231) | (155) | (360) | (230) |
Amounts reclassified from AOCI, net of income tax | 809 | 527 | 1,246 | 773 |
Balance, end of period | (17,979) | (12,136) | (17,979) | (12,136) |
Unrealized Gains (Losses) on Derivatives | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance, beginning of period | 1,748 | 1,464 | 1,557 | 1,629 |
OCI before reclassifications | (468) | (154) | (81) | (466) |
Deferred income tax benefit (expense) | 114 | 40 | 17 | 95 |
AOCI before reclassifications, net of income tax | 1,394 | 1,350 | 1,493 | 1,258 |
Amounts reclassified from AOCI | (269) | 629 | (401) | 741 |
Deferred income tax benefit (expense) | 54 | (132) | 87 | (152) |
Amounts reclassified from AOCI, net of income tax | (215) | 497 | (314) | 589 |
Balance, end of period | 1,179 | 1,847 | 1,179 | 1,847 |
AOCI, Liability for Future Policy Benefit, Parent | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance, beginning of period | 2,748 | (9,248) | 6,115 | (18,559) |
OCI before reclassifications | 1,471 | 11,738 | (2,898) | 23,607 |
Deferred income tax benefit (expense) | (300) | (2,608) | 702 | (5,219) |
AOCI before reclassifications, net of income tax | 3,919 | (118) | 3,919 | (171) |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 |
Deferred income tax benefit (expense) | 0 | 0 | 0 | 0 |
Amounts reclassified from AOCI, net of income tax | 0 | 0 | 0 | 0 |
Balance, end of period | 3,919 | (136) | 3,919 | (136) |
AOCI, Market Risk Benefit, Instrument-Specific Credit Risk, Parent | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance, beginning of period | 186 | 195 | 107 | 279 |
OCI before reclassifications | (99) | (2) | 1 | (109) |
Deferred income tax benefit (expense) | 21 | 0 | 0 | 23 |
AOCI before reclassifications, net of income tax | 108 | 193 | 108 | 193 |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 |
Deferred income tax benefit (expense) | 0 | 0 | 0 | 0 |
Amounts reclassified from AOCI, net of income tax | 0 | 0 | 0 | 0 |
Balance, end of period | 108 | 193 | 108 | 193 |
Foreign Currency Translation Adjustments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance, beginning of period | (6,119) | (5,497) | (6,377) | (5,121) |
OCI before reclassifications | (102) | (1,105) | 180 | (1,499) |
Deferred income tax benefit (expense) | (61) | (67) | (85) | (87) |
AOCI before reclassifications, net of income tax | (6,282) | (6,669) | (6,282) | (6,707) |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 |
Deferred income tax benefit (expense) | 0 | 0 | 0 | 0 |
Amounts reclassified from AOCI, net of income tax | 0 | 0 | 0 | 0 |
Balance, end of period | (6,282) | (6,319) | (6,282) | (6,319) |
Defined Benefit Plans Adjustment | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance, beginning of period | (1,356) | (1,577) | (1,377) | (1,598) |
OCI before reclassifications | (1) | 3 | (5) | 6 |
Deferred income tax benefit (expense) | 0 | 0 | 1 | (1) |
AOCI before reclassifications, net of income tax | (1,357) | (1,574) | (1,381) | (1,593) |
Amounts reclassified from AOCI | 30 | 23 | 60 | 47 |
Deferred income tax benefit (expense) | (4) | (4) | (10) | (7) |
Amounts reclassified from AOCI, net of income tax | 26 | 19 | 50 | 40 |
Balance, end of period | $ (1,331) | (1,555) | $ (1,331) | (1,555) |
Disposal Group, Held-for-Sale or Disposed of by Sale | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Amounts reclassified from AOCI, net of income tax | 353 | 412 | ||
Disposal Group, Held-for-Sale or Disposed of by Sale | Unrealized Investment Gains (Losses), Net of Related Offsets | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Amounts reclassified from AOCI, net of income tax | 21 | (9) | ||
Disposal Group, Held-for-Sale or Disposed of by Sale | Unrealized Gains (Losses) on Derivatives | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Amounts reclassified from AOCI, net of income tax | 0 | 0 | ||
Disposal Group, Held-for-Sale or Disposed of by Sale | AOCI, Liability for Future Policy Benefit, Parent | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Amounts reclassified from AOCI, net of income tax | (18) | 35 | ||
Disposal Group, Held-for-Sale or Disposed of by Sale | AOCI, Market Risk Benefit, Instrument-Specific Credit Risk, Parent | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Amounts reclassified from AOCI, net of income tax | 0 | 0 | ||
Disposal Group, Held-for-Sale or Disposed of by Sale | Foreign Currency Translation Adjustments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Amounts reclassified from AOCI, net of income tax | 350 | 388 | ||
Disposal Group, Held-for-Sale or Disposed of by Sale | Defined Benefit Plans Adjustment | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Amounts reclassified from AOCI, net of income tax | $ 0 | $ (2) |
Equity (Reclassifications Out o
Equity (Reclassifications Out of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Net investment gains (losses) | $ (1,039) | $ (682) | $ (1,723) | $ (1,199) | ||
Net investment income | 5,072 | 3,583 | 9,717 | 7,867 | ||
Net derivative gains (losses) | (997) | (970) | (1,087) | (1,921) | ||
Other expenses | 3,133 | 2,908 | 6,190 | 5,860 | ||
Income (loss) from continuing operations before provision for income tax | 430 | 988 | 687 | 2,923 | ||
Income tax (expense) benefit | (22) | (73) | (194) | (369) | ||
Net income (loss) | 408 | $ 85 | 915 | $ 1,639 | 493 | 2,554 |
Reclassification out of Accumulated Other Comprehensive Income | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Net income (loss) | (620) | (1,043) | (982) | (1,402) | ||
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) | (1,079) | (772) | (1,690) | (1,122) | ||
Net investment income | 3 | 2 | 5 | 4 | ||
Net derivative gains (losses) | 36 | 88 | 79 | 115 | ||
Income (loss) from continuing operations before provision for income tax | (1,040) | (682) | (1,606) | (1,003) | ||
Income tax (expense) benefit | 231 | 155 | 360 | 230 | ||
Net income (loss) | (809) | (527) | (1,246) | (773) | ||
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 | 269 | (629) | 401 | (741) | ||
Income tax (expense) benefit | (54) | 132 | (87) | 152 | ||
Net income (loss) | 215 | (497) | 314 | (589) | ||
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Derivatives | Interest Rate Contract | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Net investment gains (losses) | 55 | 42 | 60 | 60 | ||
Net investment income | 13 | 16 | 27 | 31 | ||
Other expenses | 0 | 1 | 0 | 2 | ||
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Derivatives | Foreign currency swaps | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Net investment gains (losses) | 200 | (690) | 311 | (838) | ||
Net investment income | 1 | 1 | 2 | 3 | ||
Other expenses | 0 | 1 | 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) | (32) | (26) | (65) | (53) | ||
Amortization of prior service (costs) credit | 2 | 3 | 5 | 6 | ||
Income (loss) from continuing operations before provision for income tax | (30) | (23) | (60) | (47) | ||
Income tax (expense) benefit | 4 | 4 | 10 | 7 | ||
Net income (loss) | $ (26) | $ (19) | $ (50) | $ (40) |
Equity (Net Unrealized Investme
Equity (Net Unrealized Investment Gains Losses) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Components of net unrealized investment gains (losses) included in accumulated other comprehensive income | ||
Fixed maturity securities AFS | $ (23,150) | $ (29,262) |
Derivatives | 1,494 | 1,976 |
Other | 535 | 549 |
Subtotal | (21,121) | (26,737) |
Policyholder liabilities | 23 | 120 |
Deferred income tax benefit (expense) | 4,300 | 5,545 |
Net unrealized investment gains (losses) | (16,798) | (21,072) |
Net unrealized investment gains (losses) attributable to noncontrolling interests | (2) | (17) |
Net unrealized investment gains (losses) attributable to MetLife, Inc. | $ (16,800) | $ (21,089) |
Other Revenues and Other Expe_3
Other Revenues and Other Expenses Other Revenues (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 546 | $ 525 | $ 1,108 | $ 1,075 |
Other revenues | 621 | 615 | 1,260 | 1,275 |
Vision fee for service arrangements | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 143 | 138 | 302 | 292 |
Prepaid legal plans | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 130 | 118 | 261 | 238 |
Fee-based investment management | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 103 | 100 | 203 | 202 |
Recordkeeping and administrative services (1) | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 38 | 43 | 75 | 90 |
Administrative services-only contracts | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 64 | 59 | 128 | 118 |
Other revenue from service contracts from customers | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 68 | 67 | 139 | 135 |
Other Income | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | $ 75 | $ 90 | $ 152 | $ 200 |
Other Revenues and Other Expe_4
Other Revenues and Other Expenses Other Revenues (Narrative) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Revenue from Contract with Customer [Abstract] | ||
Receivables related to revenues from service contracts from customers | $ 240 | $ 226 |
Other Expenses (Other Expenses)
Other Expenses (Other Expenses) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Other Income and Expenses [Abstract] | ||||
Employee-related costs (1) | $ 896 | $ 868 | $ 1,829 | $ 1,772 |
Third-party staffing costs | 360 | 375 | 704 | 758 |
General and administrative expenses | 187 | 164 | 330 | 280 |
Pension, postretirement and postemployment benefit costs | 59 | 24 | 118 | 49 |
Premium taxes, other taxes, and licenses & fees | 184 | 137 | 345 | 290 |
Commissions and other variable expenses | 1,447 | 1,300 | 2,864 | 2,631 |
Capitalization of DAC | (729) | (637) | (1,447) | (1,289) |
Amortization of DAC and VOBA | 479 | 458 | 949 | 933 |
Amortization of negative VOBA | (6) | (7) | (13) | (15) |
Interest expense on debt | 256 | 226 | 511 | 451 |
Total other expenses | 3,133 | 2,908 | 6,190 | 5,860 |
Net change in cash surrender value of investments, net of premiums paid | $ (34) | $ 78 | $ (72) | $ 115 |
Employee Benefit Plans (Net Per
Employee Benefit Plans (Net Periodic Benefit Costs) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pension Benefits | ||||
Net periodic benefit costs [Abstract] | ||||
Service costs | $ 37 | $ 50 | $ 75 | $ 102 |
Interest costs | 117 | 82 | 235 | 163 |
Expected return on plan assets | (121) | (129) | (241) | (258) |
Amortization of net actuarial (gains) losses | 39 | 30 | 78 | 61 |
Amortization of prior service costs (credit) | (3) | (3) | (6) | (6) |
Net periodic benefit costs (credit) | 69 | 30 | 141 | 62 |
Other Postretirement Benefits | ||||
Net periodic benefit costs [Abstract] | ||||
Service costs | 0 | 1 | 1 | 2 |
Interest costs | 10 | 9 | 21 | 17 |
Expected return on plan assets | (15) | (15) | (28) | (28) |
Amortization of net actuarial (gains) losses | (7) | (6) | (15) | (12) |
Amortization of prior service costs (credit) | 0 | 0 | 0 | 0 |
Net periodic benefit costs (credit) | $ (12) | $ (11) | $ (21) | $ (21) |
Income Tax (Narrative) (Details
Income Tax (Narrative) (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Effective Income Tax Rate Reconciliation, Percent | 5% | 7% | 28% | 13% |
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 | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Weighted Average Shares: | ||||||
Weighted average common stock outstanding - basic | 765.9 | 809.7 | 770.6 | 816.7 | ||
Incremental common shares from assumed exercise or issuance of stock-based awards | 3.7 | 4.8 | 4.8 | 5.8 | ||
Weighted average common stock outstanding - diluted | 769.6 | 814.5 | 775.4 | 822.5 | ||
Net Income (Loss): | ||||||
Net income (loss) | $ 408 | $ 85 | $ 915 | $ 1,639 | $ 493 | $ 2,554 |
Less: Net income (loss) attributable to noncontrolling interests | 6 | 5 | 11 | 10 | ||
Less: Preferred stock dividends | 32 | $ 66 | 29 | $ 63 | 98 | 92 |
Net income (loss) available to MetLife, Inc.’s common shareholders | $ 370 | $ 881 | $ 384 | $ 2,452 | ||
Basic | $ 0.48 | $ 1.09 | $ 0.50 | $ 3 | ||
Diluted | $ 0.48 | $ 1.08 | $ 0.50 | $ 2.98 |
Contingencies, Commitments an_2
Contingencies, Commitments and Guarantees (Contingencies - Narrative) (Details) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 USD ($) Claims | Jun. 30, 2022 Claims | Dec. 31, 2022 Claims | |
Minimum | |||
Loss Contingencies | |||
Loss Contingency, Range of Possible Loss, Portion Not Accrued | $ 0 | ||
Maximum | |||
Loss Contingencies | |||
Loss Contingency, Range of Possible Loss, Portion Not Accrued | $ 125 | ||
Asbestos Related Claims | |||
Loss Contingencies | |||
Asbestos-Related Claims | Claims | 1,306 | 1,319 | 2,610 |
Contingencies, Commitments an_3
Contingencies, Commitments and Guarantees (Commitments and Guarantees - Narrative) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Contingencies, Commitments and Guarantees [Abstract] | ||
Cumulative maximum indemnities and guarantees contractual limitation | $ 629 | |
Liabilities for indemnities, guarantees and commitments | 20 | $ 20 |
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 | |
Mortgage Loan Commitments | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 2,800 | 3,400 |
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 | $ 9,700 | $ 9,400 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event $ in Millions | 1 Months Ended |
Jul. 31, 2023 USD ($) | |
Subsequent Event [Line Items] | |
Debt Instrument, Face Amount | $ 1,000 |
Debt Instrument, Interest Rate, Stated Percentage | 5.375% |
Payments of Debt Issuance Costs | $ 6 |