Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Mar. 06, 2024 | |
Cover [Abstract] | ||
Document Type | 10-K | |
Entity Registrant Name | Metropolitan Life Insurance Co | |
Document Annual Report | true | |
Document Period End Date | Dec. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 000-55029 | |
Entity Incorporation, State or Country Code | NY | |
Entity Tax Identification Number | 13-5581829 | |
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 | |
Title of 12(g) Security | Common Stock, par value $0.01 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Central Index Key | 0000937834 | |
Document Financial Statement Error Correction [Flag] | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 494,466,664 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | FY | |
Current Fiscal Year End Date | --12-31 | |
ICFR Auditor Attestation Flag | false | |
Entity Public Float | $ 0 | |
Documents Incorporated by Reference [Text Block] | DOCUMENTS INCORPORATED BY REFERENCE: NONE |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Name | DELOITTE & TOUCHE LLP |
Auditor Firm ID | 34 |
Auditor Location | New York, New York |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Investments: | ||
Fixed maturity securities available-for-sale, at estimated fair value (net of allowance for credit loss of $132 and $114, respectively); and amortized cost: $152,080 and $160,477, respectively | $ 142,805 | $ 145,576 |
Mortgage loans (net of allowance for credit loss of $509 and $448, respectively; includes $166 and $144, respectively, relating to variable interest entities) | 62,584 | 62,570 |
Policy loans | 5,671 | 5,729 |
Real estate and real estate joint ventures (includes $1,427 and $1,358, respectively, relating to variable interest entities, $317 and $299, respectively, under the fair value option) | 8,690 | 8,416 |
Other limited partnership interests | 7,765 | 7,887 |
Short-term investments, at estimated fair value | 3,048 | 2,759 |
Other invested assets (net of allowance for credit loss of $14 and $19, respectively; includes $805 and $858, respectively, of leveraged and direct financing leases; $117 and $161, respectively, relating to variable interest entities) | 17,040 | 19,148 |
Total investments | 247,603 | 252,085 |
Cash and cash equivalents, principally at estimated fair value | 6,795 | 9,405 |
Accrued investment income | 2,026 | 1,949 |
Premiums, reinsurance and other receivables | 28,236 | 20,791 |
Market risk benefits, at estimated fair value | 177 | 174 |
Deferred policy acquisition costs and value of business acquired | 3,305 | 3,757 |
Current income tax recoverable | 112 | 165 |
Deferred income tax asset | 2,922 | 2,920 |
Other assets | 4,312 | 4,352 |
Separate account assets | 83,197 | 89,241 |
Total assets | 378,685 | 384,839 |
Liabilities | ||
Future policy benefits | 129,182 | 126,914 |
Policyholder account balances | 103,894 | 103,407 |
Market risk benefits, at estimated fair value | 2,878 | 3,270 |
Other policy-related balances | 8,289 | 7,931 |
Policyholder dividends payable | 233 | 240 |
Payables for collateral under securities loaned and other transactions | 11,790 | 14,171 |
Short-term debt | 0 | 99 |
Long-term debt | 1,887 | 1,676 |
Other liabilities | 23,719 | 24,495 |
Separate account liabilities | 83,197 | 89,241 |
Total liabilities | 365,069 | 371,444 |
Contingencies, Commitments and Guarantees (Note 19) | ||
Metropolitan Life Insurance Company stockholder’s equity: | ||
Common stock, par value $0.01 per share; 1,000,000,000 shares authorized; 494,466,664 shares issued and outstanding | 5 | 5 |
Additional paid-in capital | 12,475 | 12,476 |
Retained earnings | 7,645 | 9,022 |
Accumulated other comprehensive income (loss) | (6,872) | (8,320) |
Total Metropolitan Life Insurance Company stockholder’s equity | 13,253 | 13,183 |
Noncontrolling interests | 363 | 212 |
Total equity | 13,616 | 13,395 |
Total liabilities and equity | $ 378,685 | $ 384,839 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Amortized cost of fixed maturity securities valuation allowances | $ 132 | $ 114 |
Amortized Cost | 152,080 | 160,477 |
Mortgage loans valuation allowances | 509 | 448 |
Mortgage loans (net of allowance for credit loss of $509 and $448, respectively; includes $166 and $144, respectively, relating to variable interest entities) | 62,584 | 62,570 |
Real estate and real estate joint ventures (includes $1,427 and $1,358, respectively, relating to variable interest entities, $317 and $299, respectively, under the fair value option) | 8,690 | 8,416 |
Other Invested Assets - Leveraged and Direct Financing Leases | 805 | 858 |
Other invested assets - VIE | 17,040 | 19,148 |
Net Investment in Lease, Allowance for Credit Loss | $ 14 | $ 19 |
Metropolitan Life Insurance Company stockholder’s equity: | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares, issued | 494,466,664 | 494,466,664 |
Common stock, shares, outstanding | 494,466,664 | 494,466,664 |
Residential mortgage loans — FVO | ||
Assets | ||
Real estate and real estate joint ventures (includes $1,427 and $1,358, respectively, relating to variable interest entities, $317 and $299, respectively, under the fair value option) | $ 317 | $ 299 |
Variable interest entities | ||
Assets | ||
Mortgage loans (net of allowance for credit loss of $509 and $448, respectively; includes $166 and $144, respectively, relating to variable interest entities) | 166 | 144 |
Real estate and real estate joint ventures (includes $1,427 and $1,358, respectively, relating to variable interest entities, $317 and $299, respectively, under the fair value option) | 1,427 | 1,358 |
Other invested assets - VIE | $ 117 | $ 161 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues | |||||||||||
Premiums | $ 24,718 | $ 31,189 | $ 26,188 | ||||||||
Universal life and investment-type product policy fees | 1,664 | 1,817 | 1,874 | ||||||||
Net investment income | 11,206 | 10,122 | 12,486 | ||||||||
Other revenues | 1,673 | 1,694 | 1,616 | ||||||||
Net investment gains (losses) | (1,375) | (127) | 652 | ||||||||
Net derivative gains (losses) | (1,537) | 752 | (1,629) | ||||||||
Total revenues | $ 9,532 | $ 9,324 | $ 8,776 | $ 8,717 | $ 8,836 | $ 17,646 | $ 9,448 | $ 9,517 | 36,349 | 45,447 | 41,187 |
Expenses | |||||||||||
Policyholder benefits and claims | 26,150 | 33,133 | 29,084 | ||||||||
Policyholder liability remeasurement (gains) losses | (150) | (11) | 0 | ||||||||
Market risk benefits remeasurement (gains) losses | (703) | (3,379) | (758) | ||||||||
Interest credited to policyholder account balances | 3,602 | 2,509 | 2,185 | ||||||||
Policyholder dividends | 470 | 563 | 732 | ||||||||
Other expenses | 5,785 | 5,703 | 5,700 | ||||||||
Total expenses | 10,420 | 7,634 | 8,188 | 8,912 | 8,114 | 15,793 | 7,379 | 7,232 | 35,154 | 38,518 | 36,943 |
Income (loss) before provision for income tax | 1,195 | 6,929 | 4,244 | ||||||||
Provision for income tax expense (benefit) | 60 | 1,273 | 529 | ||||||||
Net income (loss) | (663) | 1,379 | 510 | (91) | 580 | 1,510 | 1,684 | 1,882 | 1,135 | 5,656 | 3,715 |
Less: Net income (loss) attributable to noncontrolling interests | 0 | 0 | 43 | (2) | 24 | 2 | 2 | 0 | 41 | 28 | 5 |
Net income (loss) attributable to Metropolitan Life Insurance Company | $ (663) | $ 1,379 | $ 467 | $ (89) | $ 556 | $ 1,508 | $ 1,682 | $ 1,882 | $ 1,094 | $ 5,628 | $ 3,710 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 1,135 | $ 5,656 | $ 3,715 |
Other comprehensive income (loss): | |||
Unrealized investment gains (losses), net of related offsets | 5,841 | (30,335) | (5,341) |
Deferred gains (losses) on derivatives | (1,078) | (399) | 111 |
Future policy benefits discount rate remeasurement gains (losses) | (2,957) | 21,623 | 5,118 |
Market risk benefit instrument-specific credit risk remeasurement gains (losses) | (59) | (236) | 311 |
Foreign currency translation adjustments | 56 | (177) | 9 |
Defined benefit plans adjustment | (34) | 325 | 82 |
Other comprehensive income (loss), before income tax | 1,769 | (9,199) | 290 |
Income tax (expense) benefit related to items of other comprehensive income (loss) | (321) | 1,934 | (20) |
Other comprehensive income (loss), net of income tax | 1,448 | (7,265) | 270 |
Comprehensive income (loss) | 2,583 | (1,609) | 3,985 |
Less: Comprehensive income (loss) attributable to noncontrolling interest, net of income tax | 41 | 28 | 5 |
Comprehensive income (loss) attributable to Metropolitan Life Insurance Company | $ 2,542 | $ (1,637) | $ 3,980 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Millions | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Metropolitan Life Insurance Company Stockholder’s Equity | Noncontrolling Interests | Cumulative Effect, Period of Adoption, Adjustment | Cumulative Effect, Period of Adoption, Adjustment Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment Accumulated Other Comprehensive Income (Loss) | Cumulative Effect, Period of Adoption, Adjustment Total Metropolitan Life Insurance Company Stockholder’s Equity |
Beginning Balance at Dec. 31, 2020 | $ 34,858 | $ 5 | $ 12,460 | $ 10,548 | $ 11,662 | $ 34,675 | $ 183 | $ (16,919) | $ (3,932) | $ (12,987) | $ (16,919) |
Capital contributions from MetLife, Inc. | 4 | 4 | 4 | ||||||||
Dividends to MetLife, Inc. | (3,393) | (3,393) | (3,393) | ||||||||
Change in equity of noncontrolling interests | (14) | 0 | (14) | ||||||||
Net income (loss) | 3,715 | 3,710 | 3,710 | 5 | |||||||
Other comprehensive income (loss), net of income tax | 270 | 270 | 270 | ||||||||
Ending Balance at Dec. 31, 2021 | 18,521 | 5 | 12,464 | 6,933 | (1,055) | 18,347 | 174 | $ (3,932) | $ (16,919) | ||
Capital contributions from MetLife, Inc. | 12 | 12 | 12 | ||||||||
Dividends to MetLife, Inc. | (3,539) | (3,539) | (3,539) | ||||||||
Change in equity of noncontrolling interests | 10 | 0 | 10 | ||||||||
Net income (loss) | 5,656 | 5,628 | 5,628 | 28 | |||||||
Other comprehensive income (loss), net of income tax | (7,265) | (7,265) | (7,265) | ||||||||
Ending Balance at Dec. 31, 2022 | 13,395 | 5 | 12,476 | 9,022 | (8,320) | 13,183 | 212 | ||||
Returns of capital | (1) | (1) | (1) | ||||||||
Dividends to MetLife, Inc. | (2,471) | (2,471) | (2,471) | ||||||||
Change in equity of noncontrolling interests | 110 | 0 | 110 | ||||||||
Net income (loss) | 1,135 | 1,094 | 1,094 | 41 | |||||||
Other comprehensive income (loss), net of income tax | 1,448 | 1,448 | 1,448 | ||||||||
Ending Balance at Dec. 31, 2023 | $ 13,616 | $ 5 | $ 12,475 | $ 7,645 | $ (6,872) | $ 13,253 | $ 363 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities | |||
Net income (loss) | $ 1,135 | $ 5,656 | $ 3,715 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Depreciation and amortization expenses | 124 | 127 | 136 |
Amortization of premiums and accretion of discounts associated with investments, net | (858) | (595) | (656) |
(Gains) losses on investments and from sales of businesses, net | 1,353 | 127 | (652) |
(Gains) losses on derivatives, net | 2,461 | 935 | 2,712 |
(Income) loss from equity method investments, net of dividends or distributions | 1,098 | 890 | (1,873) |
Interest credited to policyholder account balances | 3,623 | 2,293 | 2,104 |
Universal life and investment-type product policy fees | (1,175) | (1,163) | (1,091) |
Change in fair value option and trading securities | 39 | 123 | (125) |
Change in accrued investment income | (146) | (230) | 69 |
Change in premiums, reinsurance and other receivables | (992) | 215 | 590 |
Change in market risk benefits | (455) | (3,141) | (476) |
Change in deferred policy acquisition costs and value of business acquired, net | 452 | 108 | 278 |
Change in income tax | (267) | 853 | 4 |
Change in other assets | (77) | 187 | (303) |
Change in insurance-related liabilities and policy-related balances | (1,546) | (1,330) | (257) |
Change in other liabilities | 84 | (63) | (372) |
Other, net | (18) | 148 | (74) |
Net cash provided by (used in) operating activities | 4,835 | 5,140 | 3,729 |
Cash flows from investing activities | |||
Sales, maturities and repayments of fixed maturity securities available-for-sale | 30,090 | 54,515 | 51,010 |
Sales, maturities and repayments of equity securities | 104 | 213 | 565 |
Sales, maturities and repayments of mortgage loans | 6,129 | 8,912 | 16,790 |
Sales, maturities and repayments of real estate and real estate joint ventures | 354 | 925 | 1,329 |
Sales, maturities and repayments of other limited partnership interests | 415 | 992 | 541 |
Sales, maturities and repayments of short-term investments | 7,271 | 8,914 | 10,309 |
Purchases of fixed maturity securities available-for-sale | (27,700) | (49,620) | (52,513) |
Purchases of equity securities | (162) | (127) | (48) |
Purchases of mortgage loans | (6,087) | (12,083) | (10,502) |
Purchases of real estate and real estate joint ventures | (931) | (589) | (1,042) |
Purchases of other limited partnership interests | (715) | (1,036) | (1,896) |
Purchases of short-term investments | (7,438) | (6,727) | (12,604) |
Cash received in connection with freestanding derivatives | 1,628 | 2,967 | 1,720 |
Cash paid in connection with freestanding derivatives | (2,998) | (3,971) | (5,181) |
Cash received from the redemption of an investment in affiliated preferred stock | 0 | 0 | 315 |
Receipts on loans to affiliates | 100 | 0 | 87 |
Purchases of loans to affiliates | 0 | (19) | (15) |
Net change in policy loans | 58 | 87 | 157 |
Net change in other invested assets | 6 | 114 | 74 |
Net change in property, equipment and leasehold improvements | 2 | 12 | 15 |
Other, net | 41 | 19 | 14 |
Net cash provided by (used in) investing activities | 167 | 3,498 | (875) |
Cash flows from financing activities | |||
Policyholder account balances: Deposits | 69,794 | 85,285 | 78,129 |
Policyholder account balances: Withdrawals | (72,788) | (80,492) | (80,850) |
Net change in payables for collateral under securities loaned and other transactions | (2,381) | (10,695) | 1,744 |
Long-term debt issued | 210 | 64 | 35 |
Long-term debt repaid | 0 | (57) | (26) |
Derivatives with certain financing elements and other derivative related transactions, net | 24 | 308 | 173 |
Dividends paid to MetLife, Inc. | (2,471) | (3,539) | (3,393) |
Other, net | (2) | (57) | (42) |
Net cash provided by (used in) financing activities | (7,614) | (9,183) | (4,230) |
Effect of change in foreign currency exchange rates on cash and cash equivalents balances | 2 | (7) | (4) |
Change in cash and cash equivalents | (2,610) | (552) | (1,380) |
Cash and cash equivalents, beginning of year | 9,405 | 9,957 | 11,337 |
Cash and cash equivalents, end of year | 6,795 | 9,405 | 9,957 |
Supplemental disclosures of cash flow information | |||
Net cash paid for Interest | 131 | 102 | 95 |
Net cash paid (received) for Income tax | 374 | 344 | 388 |
Non-cash transactions: | |||
Fixed maturity securities available-for-sale disposed of in connection with a reinsurance transaction | 6,527 | 0 | 0 |
Fixed maturity securities available-for-sale received in connection with pension risk transfer transactions | 1,113 | 7,450 | 0 |
Fixed maturity securities available-for-sale received from an affiliate | 502 | 139 | 0 |
Policyholder account balances received in connection with affiliated reinsurance transactions | 502 | 0 | 0 |
Mortgage loans disposed of in connection with a reinsurance transaction | 110 | 0 | 0 |
Fixed maturity securities available-for-sale transferred to an affiliate | 0 | 328 | 0 |
Equity securities received due to in-kind distributions from other limited partnership interests | 64 | 84 | 337 |
Real estate and real estate joint ventures acquired in satisfaction of debt | 34 | 313 | 174 |
Fair value option securities received from an affiliate | 0 | 186 | 0 |
Real estate and real estate joint ventures received from an affiliate | 0 | 144 | 0 |
Real estate and real estate joint ventures transferred to an affiliate | 0 | 144 | 0 |
Other invested assets received in connection with an affiliated reinsurance transaction | $ 0 | $ 0 | $ 3,140 |
Business, Basis of Presentation
Business, Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 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 Metropolitan Life Insurance Company and its subsidiaries (collectively, “MLIC” or the “Company”) is a provider of insurance, annuities, employee benefits and asset management. In the fourth quarter of 2023, MLIC reorganized from two segments into the following three segments to reflect changes in management’s responsibilities: Group Benefits; Retirement and Income Solutions (“RIS”); and MetLife Holdings. The Group Benefits and RIS businesses were previously reported as the U.S. segment. In addition, the Company continues to report certain of its results of operations in Corporate & Other. See Note 2 for further information on the Company’s segments and Corporate & Other. Metropolitan Life Insurance Company is a wholly-owned subsidiary of MetLife, Inc. (MetLife, Inc., together with its subsidiaries and affiliates, “MetLife”). Basis of Presentation The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to adopt accounting policies and make estimates and assumptions that affect amounts reported on the consolidated financial statements. In applying these policies and estimates, management makes subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain. Many of these policies, estimates and related judgments are common in the insurance and financial services industries; others are specific to the Company’s business and operations. Actual results could differ from these estimates. Adoption of ASU 2018-12 - Targeted Improvements to the Accounting for Long-Duration Contracts Effective January 1, 2023, the Company adopted Accounting Standards Update (“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 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 consolidated financial statements include the accounts of Metropolitan Life Insurance Company 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, unless the fair value option (“FVO”) is applied, 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. Since the Company is a member of a controlled group of affiliated companies, its results may not be indicative of those of a stand-alone entity. Separate Accounts Separate accounts are established in conformity with insurance laws. Generally, the assets of the separate accounts cannot be used to settle the liabilities that arise from any other business of the Company. Separate account assets are subject to general account claims only to the extent the value of such assets exceeds the separate account liabilities. The Company reports separately, as separate account assets and liabilities, investments held in separate accounts and corresponding policyholder liabilities of the same amount if all of the following criteria are met: • such separate accounts are legally recognized; • assets supporting the contract liabilities are legally insulated from the Company’s general account liabilities; • investment objectives are directed by the contractholder; and • all investment performance, net of contract fees and assessments, is passed through to the contractholder. The Company reports separate account assets at their fair value, which is based on the estimated fair values of the underlying assets comprising the individual separate account portfolios. Investment performance (including investment income, net investment gains (losses) and changes in unrealized gains (losses)) and the corresponding amounts credited to contractholders of such separate accounts are offset within the same line on the statements of operations. Separate accounts credited with a contractual investment return are not reported as separate account assets and liabilities and are combined on a line-by-line basis with the Company’s general account assets, liabilities, revenues and expenses and the accounting for these investments is consistent with the methodologies described herein for similar financial instruments held within the general account. The Company’s revenues reflect fees charged to the separate accounts, including mortality charges, risk charges, policy administration fees, investment management fees and surrender charges. Such fees are included in universal life and investment-type product policy fees on the statements of operations. Summary of Significant Accounting Policies The following table presents the Company’s significant accounting policies 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 Reinsurance 8 Investments 10 Derivatives 11 Fair Value 12 Employee Benefit Plans 17 Income Tax 18 Litigation Contingencies 19 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, pension risk transfers, structured settlements, institutional income annuities, long-term care, individual disability, as well as whole and term life 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 is generally considered its own cohort. Contracts from different subsidiaries or branches, issue years, benefit currencies 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) are accrued each period as FPBs. 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. 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 of the change in the NPR based on experience at the 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 reflected 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 corporate single A rate that reflects the duration characteristics of the liability. The upper-medium grade discount rate for the products that are included in the disaggregated rollforwards in Note 3 which are issued in the U.S. is determined by using observable market data, including published single A base curves. The last liquid point on the upper-medium grade discount curve grades to an ultimate forward rate, which is derived using assumptions of economic growth, inflation, and a long-term upper-medium grade spread. 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 benefits 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. When a cohort’s present value of future net premiums exceeds the present value of future benefits, a “flooring” adjustment is required. The flooring adjustment ensures that the liability for future policy benefits for each cohort is not less than zero, and is reported in net income or OCI, depending on whether the flooring relates to the FPB discounted at the locked-in discount rate versus the current upper-medium grade discount rate, respectively. 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 9 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 and variable universal 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 adjustments are recorded as policyholder liability remeasurement (gains) losses in the statement of operations reflecting the impact on the change in the ratio of benefits payable to total assessments over the life of the contract based on experience at the end of the quarter applied to the cumulative assessments received as of the beginning of the quarter. Premium Deficiency Reserves 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. For universal life-type and certain participating contracts, a premium deficiency reserve may be established when existing contract liabilities together with the present value of future fees and/or premiums are not sufficient to cover the present value of future benefits and settlement costs. Anticipated investment income is also considered in the calculations of premium deficiency reserves for short-duration contracts, as well as universal life-type and certain participating contracts. Policyholder Account Balances Policyholder account balances (“PABs”) represent 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 (e.g., 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 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 and policyholder dividends left on deposit. The liability for policy and contract claims generally relates to incurred but not reported (“IBNR”) death, disability, and dental claims. In addition, generally included in other policy-related balances are claims which have been reported but not yet settled for death, disability, and dental. The liability for these claims is based on the Company’s estimated ultimate cost of settling all claims. The Company derives estimates for the development of IBNR claims principally from analyses of historical patterns of claims by business line. The methods used to determine these estimates are continually reviewed. Adjustments resulting from this continuous review process and differences between estimates and payments for claims are recognized in policyholder benefits and claims expense in the period in which the estimates are changed or payments are made. The Company accounts for the prepayment of premiums on its individual life, group life and health contracts as premiums received in advance. 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 UREV 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. Recognition of Insurance Revenues and Deposits Premiums related to long-duration individual and group fixed annuities (including pension risk transfers, certain structured settlements and certain income annuities), long-term care, individual disability, whole and term life, 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 group term life, dental, disability, and legal plan 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 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; and • other essential direct costs that would not have been incurred had a policy not been acquired or renewed. All other acquisition-related costs, including those related to general advertising and solicitation, market research, agent training, product development, unsuccessful sales and underwriting efforts, as well as all indirect costs, are expensed as incurred. Value of business acquired (“VOBA”) is an intangible asset resulting from a business combination that represents the excess of book value over the estimated fair value of acquired insurance, annuity, and investment-type contracts in-force at the acquisition date. The estimated fair value of the acquired liabilities is based on projections, by each block of business, of future policy and contract charges, premiums, mortality and morbidity, separate account performance, surrenders, operating expenses, investment returns, nonperformance risk adjustment and other factors. Actual experience 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. 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 RIS 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. 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 deferred sales inducements (“DSI”) is included in policyholder benefits and claims. DSI assets were $45 million and $49 million at December 31, 2023 and 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 10 to 30 years and such amortization is included in other expenses. Each year, or more frequently if circumstances indicate a possible impairment exists, the Company reviews VODA and VOCRA to determine whether the asset is impaired. Reinsurance For each of its reinsurance agreements, the Company determines whether the agreement provides indemnification against loss or liability relating to insurance risk in accordance with applicable accounting standards. Cessions under reinsurance agreements do not discharge the Company’s obligations as the primary insurer. The Company reviews all contractual features, including those that may limit the amount of insurance risk to which the reinsurer is subject or features that delay the timely reimbursement of claims. For reinsurance of existing in-force blocks of long-duration contracts that transfer significant insurance risk, the difference, if any, between the amounts paid (received), and the liabilities ceded (assumed) related to the underlying 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 accounting for in-force blocks and new business assumed is the same as if the business was directly sold by the Company. 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. 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. 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”). The funds withheld liability represents amounts withheld by the Company in accordance with the terms of the reinsurance agreements. The Company withholds the funds rather than transferring the underlying investments and, as a result, records funds withheld liability within other liabilities. The Company recognizes interest on funds withheld, included in other expenses, at rates defined by the terms of the agreement which may be contractually specified or directly related to the investment portfolio. See “— Investments — Other Invested Assets” for information on funds withheld assets. Premiums, fees, policyholder liability remeasurement (gains) losses, 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 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | 2. Segment Information In the fourth quarter of 2023, MLIC reorganized from two segments into the following three segments to reflect changes in management’s responsibilities: Group Benefits, RIS and MetLife Holdings. The Group Benefits and RIS businesses were previously reported as the U.S. segment. These changes were applied retrospectively and did not have an impact on prior period total consolidated net income (loss) or adjusted earnings. In addition, the Company continues to report certain of its results of operations in Corporate & Other. Group Benefits The Group Benefits segment, based in the U.S., offers a broad range of products to corporations and their respective employees, other institutions and their respective members, as well as individuals. These products include term, variable and universal life insurance, dental, group and individual disability and accident & health insurance. RIS The RIS segment, based in the U.S., offers a broad range of life and annuity-based insurance and investment products to corporations and their respective employees, other institutions and their respective members, as well as individuals. These products include stable value and pension risk transfer products, institutional income annuities, structured settlements, benefit funding solutions and capital markets investment products. 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, including the Company’s ancillary non-U.S. operations. Also included in Corporate & Other are: the excess capital, as well as certain charges and activities, not allocated to the segments (including 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, and the elimination of intersegment amounts (which generally relate to intersegment loans bearing interest rates commensurate with related borrowings). 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), MRB 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 and exclude asymmetrical accounting associated with in-force reinsurance. • 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, (iii) asymmetrical accounting associated with in-force reinsurance, and (iv) 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 and asymmetrical accounting associated with in-force reinsurance. Divested businesses are those that have been or will be sold or exited by MLIC 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 MLIC 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 years ended December 31, 2023, 2022 and 2021 and at December 31, 2023 and 2022. The segment accounting policies are the same as those used to prepare the Company’s consolidated financial statements, except for adjusted earnings adjustments as defined above. In addition, segment accounting policies include the method of capital allocation described below. Economic capital is an internally developed risk capital model, the purpose of which is to measure the risk in the business and to provide a basis upon which capital is deployed. The economic capital model accounts for the unique and specific nature of the risks inherent in MetLife’s and the Company’s businesses. MetLife’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. MetLife’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 capital 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. Year Ended December 31, 2023 Group Benefits RIS MetLife Holdings Corporate Total Adjustments Total (In millions) Revenues Premiums $ 20,593 $ 1,776 $ 2,346 $ 3 $ 24,718 $ — $ 24,718 Universal life and investment-type product policy fees 878 264 519 3 1,664 — 1,664 Net investment income (1) 1,272 6,508 3,991 224 11,995 (789) 11,206 Other revenues 711 256 197 499 1,663 10 1,673 Net investment gains (losses) — — — — — (1,375) (1,375) Net derivative gains (losses) — — — — — (1,537) (1,537) Total revenues 23,454 8,804 7,053 729 40,040 (3,691) 36,349 Expenses Policyholder benefits and claims and policyholder dividends 17,976 4,163 4,462 1 26,602 18 26,620 Policyholder liability remeasurement (gains) losses (26) (158) 34 — (150) — (150) Market risk benefit remeasurement (gains) losses — — — — — (703) (703) Interest credited to policyholder account balances 193 2,492 582 317 3,584 18 3,602 Capitalization of DAC (18) (46) 1 (55) (118) — (118) Amortization of DAC and VOBA 26 31 224 17 298 — 298 Interest expense on debt 2 14 13 103 132 — 132 Other expenses 3,318 559 794 852 5,523 (50) 5,473 Total expenses 21,471 7,055 6,110 1,235 35,871 (717) 35,154 Provision for income tax expense (benefit) 416 365 182 (283) 680 (620) 60 Adjusted earnings $ 1,567 $ 1,384 $ 761 $ (223) 3,489 Adjustments to: Total revenues (3,691) Total expenses 717 Provision for income tax (expense) benefit 620 Net income (loss) $ 1,135 $ 1,135 At December 31, 2023 Group Benefits RIS MetLife Holdings Corporate Total (In millions) Total assets $ 34,185 $ 180,625 $ 133,219 $ 30,656 $ 378,685 Separate account assets $ 1,159 $ 47,310 $ 34,728 $ — $ 83,197 Separate account liabilities $ 1,159 $ 47,310 $ 34,728 $ — $ 83,197 __________________ (1) Net investment income from equity method invested assets represents 0%, 1% and 2% of segment net investment income, and equity method invested assets represent 1%, 3% and 4% of segment total assets for the Group Benefits, RIS and MetLife Holdings segments, respectively. Year Ended December 31, 2022 Group Benefits RIS MetLife Holdings Corporate Total Adjustments Total (In millions) Revenues Premiums $ 20,269 $ 8,425 $ 2,495 $ — $ 31,189 $ — $ 31,189 Universal life and investment-type product policy fees 855 267 695 — 1,817 — 1,817 Net investment income (1) 1,126 5,236 4,393 (45) 10,710 (588) 10,122 Other revenues 653 407 149 485 1,694 — 1,694 Net investment gains (losses) — — — — — (127) (127) Net derivative gains (losses) — — — — — 752 752 Total revenues 22,903 14,335 7,732 440 45,410 37 45,447 Expenses Policyholder benefits and claims and policyholder dividends 18,157 10,666 4,757 — 33,580 116 33,696 Policyholder liability remeasurement (gains) losses 7 (85) 67 — (11) — (11) Market risk benefit remeasurement (gains) losses — — — — — (3,379) (3,379) Interest credited to policyholder account balances 143 1,687 643 67 2,540 (31) 2,509 Capitalization of DAC (18) (51) — (120) (189) — (189) Amortization of DAC and VOBA 26 28 237 6 297 — 297 Interest expense on debt 1 8 8 87 104 — 104 Other expenses 3,073 391 801 1,249 5,514 (23) 5,491 Total expenses 21,389 12,644 6,513 1,289 41,835 (3,317) 38,518 Provision for income tax expense (benefit) 318 350 240 (339) 569 704 1,273 Adjusted earnings $ 1,196 $ 1,341 $ 979 $ (510) 3,006 Adjustments to: Total revenues 37 Total expenses 3,317 Provision for income tax (expense) benefit (704) Net income (loss) $ 5,656 $ 5,656 At December 31, 2022 Group Benefits RIS MetLife Holdings Corporate Total (In millions) Total assets $ 33,179 $ 187,479 $ 133,393 $ 30,788 $ 384,839 Separate account assets $ 990 $ 55,020 $ 33,231 $ — $ 89,241 Separate account liabilities $ 990 $ 55,020 $ 33,231 $ — $ 89,241 __________________ (1) Net investment income from equity method invested assets represents 1%, 5% and 7% of segment net investment income for the Group Benefits, RIS and MetLife Holdings segments, respectively. Year Ended December 31, 2021 Group Benefits RIS MetLife Holdings Corporate Total Adjustments Total (In millions) Revenues Premiums $ 19,640 $ 3,823 $ 2,725 $ — $ 26,188 $ — $ 26,188 Universal life and investment-type product policy fees 829 272 773 — 1,874 — 1,874 Net investment income (1) 1,152 6,097 5,768 48 13,065 (579) 12,486 Other revenues 617 244 243 512 1,616 — 1,616 Net investment gains (losses) — — — — — 652 652 Net derivative gains (losses) — — — — — (1,629) (1,629) Total revenues 22,238 10,436 9,509 560 42,743 (1,556) 41,187 Expenses Policyholder benefits and claims and policyholder dividends 18,820 5,813 5,154 — 29,787 29 29,816 Policyholder liability remeasurement (gains) losses (4) (11) 15 — — — — Market risk benefit remeasurement (gains) losses — — — — — (758) (758) Interest credited to policyholder account balances 127 1,397 666 1 2,191 (6) 2,185 Capitalization of DAC (19) (40) 2 (6) (63) — (63) Amortization of DAC and VOBA 26 29 286 — 341 — 341 Interest expense on debt 1 5 5 85 96 — 96 Other expenses 2,819 447 839 1,230 5,335 (9) 5,326 Total expenses 21,770 7,640 6,967 1,310 37,687 (744) 36,943 Provision for income tax expense (benefit) 100 580 514 (505) 689 (160) 529 Adjusted earnings $ 368 $ 2,216 $ 2,028 $ (245) 4,367 Adjustments to: Total revenues (1,556) Total expenses 744 Provision for income tax (expense) benefit 160 Net income (loss) $ 3,715 $ 3,715 __________________ (1) Net investment income from equity method invested assets represents 5%, 26% and 28% of segment net investment income for the Group Benefits, RIS and MetLife Holdings segments, respectively. The following table presents total premiums, universal life and investment-type product policy fees and other revenues by major product groups of the Company’s segments, as well as Corporate & Other: Years Ended December 31, 2023 2022 2021 (In millions) Life insurance $ 14,721 $ 14,809 $ 15,396 Accident & health insurance 10,460 10,111 9,493 Annuities 2,412 9,346 4,386 Other 462 434 403 Total $ 28,055 $ 34,700 $ 29,678 Substantially all of the Company’s consolidated premiums, universal life and investment-type product policy fees and other revenues originated in the U.S. Revenues derived from one RIS customer were $8.1 billion for the year ended December 31, 2022, which represented 23%, of consolidated premiums, universal life and investment-type product policy fees and other revenues. The revenue was from a single premium received for a pension risk transfer. Revenues derived from one Group Benefits customer were $3.6 billion, $3.8 billion and $3.9 billion for the years ended December 31, 2023, 2022 and 2021, respectively, which represented 13%, 11% and 13% of the consolidated premiums, universal life and investment-type product policy fees and other revenues, respectively. Revenues derived from any other customer did not exceed 10% of consolidated premiums, universal life and investment-type product policy fees and other revenues for the years ended December 31, 2023, 2022 or 2021. |
Future Policy Benefits
Future Policy Benefits | 12 Months Ended |
Dec. 31, 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: RIS Annuities MetLife Holdings MetLife Other Long-Duration Short-Duration and Other Total (In millions) Balance, future policy benefits, at December 31, 2020 $ 54,535 $ 14,281 $ 45,349 $ 9,625 $ 10,131 $ 133,921 Removal of additional insurance liabilities for separate presentation (1) (4) — — (2,925) — (2,929) Subtotal - pre-adoption balance, excluding additional liabilities 54,531 14,281 45,349 6,700 10,131 130,992 Removal of related amounts in AOCI (5,571) (1,210) — (54) — (6,835) Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach 41 — — 48 — 89 Effect of remeasurement of future policy benefits to an upper-medium grade discount rate 15,011 8,270 — 1,927 — 25,208 Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard (4,747) — — (47) — (4,794) Removal of remeasured deferred profit liabilities for separate presentation (1) (2,413) — — (250) — (2,663) Balance, traditional and limited-payment contracts, at January 1, 2021 $ 56,852 $ 21,341 $ 45,349 $ 8,324 $ 10,131 $ 141,997 Balance, deferred profit liabilities at January 1, 2021 $ 2,413 $ — $ — $ 250 $ — $ 2,663 Balance, ceded recoverables on traditional and limited-payment contracts at December 31, 2020 $ 203 $ — $ 752 $ 955 Effect of remeasurement of the ceded recoverable to an upper-medium grade discount rate 135 — 268 403 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 — 20 26 Balance ceded recoverables on traditional and limited-payment contracts at January 1, 2021 $ 344 $ — $ 1,072 $ 1,416 __________________ (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. MetLife Holdings Other Total (In millions) Additional insurance liabilities at December 31, 2020 $ 1,478 $ 1,451 $ 2,929 Reclassification of carrying amount of contracts and contract features that are market risk benefits — (1,447) (1,447) Adjustments for the cumulative effect of adoption on additional insurance liabilities 36 — 36 Additional insurance liabilities at January 1, 2021 $ 1,514 $ 4 $ 1,518 Ceded recoverables on additional insurance liabilities at December 31, 2020 $ 554 $ — $ 554 Adjustments for the cumulative effect of adoption on ceded recoverables on additional insurance liabilities 9 — 9 Ceded recoverables on additional insurance liabilities at January 1, 2021 $ 563 $ — $ 563 Balance, traditional and limited-payment contracts, at January 1, 2021 $ 141,997 Balance, deferred profit liabilities at January 1, 2021 2,663 Balance, additional insurance liabilities at January 1, 2021 1,518 Total future policy benefits at January 1, 2021 $ 146,178 The Company’s future policy benefits on the consolidated balance sheets was as follows at: December 31, 2023 2022 (In millions) Traditional and Limited-Payment Contracts: RIS - Annuities $ 48,695 $ 47,990 MetLife Holdings - Long-term care 15,240 13,845 Deferred Profit Liabilities: RIS - Annuities 3,000 2,699 Additional Insurance Liabilities: MetLife Holdings - Universal and variable universal life 1,841 1,641 MetLife Holdings - Participating life 43,586 44,434 Other long-duration (1) 6,605 6,297 Short-duration and other 10,215 10,008 Total $ 129,182 $ 126,914 __________________ (1) This balance represents liabilities for various smaller product lines across all segments. 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. All amounts presented in the rollforwards and accompanying financial information do not include a reduction for amounts ceded to reinsurers, except with respect to ending net liability for future policy benefits balances where applicable. See Note 8 for further information regarding the impact of reinsurance on the consolidated balance sheets and the consolidated statements of operations. RIS - Annuities The RIS segment’s annuity 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: Years Ended December 31, 2023 2022 2021 (Dollars in millions) Present Value of Expected Net Premiums Balance at January 1, at current discount rate at balance sheet date $ — $ — $ — Balance at January 1, at original discount rate $ — $ — $ — Effect of changes in cash flow assumptions (1) — — — Effect of actual variances from expected experience (2) (44) — — Adjusted balance (44) — — Issuances 1,607 8,326 3,370 Net premiums collected (1,563) (8,326) (3,370) Balance at December 31, at original discount rate — — — Balance at December 31, at current discount rate at balance sheet date $ — $ — $ — Present Value of Expected Future Policy Benefits Balance at January 1, at current discount rate at balance sheet date $ 48,190 $ 54,172 $ 55,778 Balance at January 1, at original discount rate $ 49,194 $ 42,453 $ 40,767 Effect of changes in cash flow assumptions (1) (193) (99) (112) Effect of actual variances from expected experience (2) (411) (136) (183) Adjusted balance 48,590 42,218 40,472 Issuances 1,642 8,427 3,419 Interest accrual 2,377 2,182 2,098 Benefit payments (4,618) (3,633) (3,536) Balance at December 31, at original discount rate 47,991 49,194 42,453 Effect of changes in discount rate assumptions 895 (1,004) 11,719 Balance at December 31, at current discount rate at balance sheet date 48,886 48,190 54,172 Cumulative amount of fair value hedging adjustments (191) (200) 727 Net liability for future policy benefits 48,695 47,990 54,899 Less: Reinsurance recoverables — — 312 Net liability for future policy benefits, net of reinsurance $ 48,695 $ 47,990 $ 54,587 Undiscounted - Expected future benefit payments $ 93,959 $ 95,493 $ 80,524 Discounted - Expected future benefit payments (at current discount rate at balance sheet date) $ 48,886 $ 48,190 $ 54,172 Weighted-average duration of the liability 9 years 9 years 12 years Weighted-average interest accretion (original locked-in) rate 5.0 % 4.9 % 5.2 % Weighted-average current discount rate at balance sheet date 5.1 % 5.5 % 2.9 % __________________ (1) For the years ended December 31, 2023 and 2021, the net effect of changes in cash flow assumptions was largely offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $136 million and $95 million, respectively. For the year ended December 31, 2022, the net effect of changes in cash flow assumptions was more than offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $113 million. (2) For the year ended December 31, 2023, the net effect of actual variances from expected experience was largely offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $269 million. For the year ended December 31, 2022, the net effect of actual variances from expected experience was partially offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $51 million. For the year ended December 31, 2021, the net effect of actual variances from expected experience was more than offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $188 million. Significant Methodologies and Assumptions The principal inputs used in the establishment of the FPB for the RIS segment’s annuity 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 each of the years ended December 31, 2023, 2022 and 2021, the net effect of changes in cash flow assumptions was primarily driven by updates in biometric assumptions related to mortality. For the year ended December 31, 2023, the net effect of actual variances from expected experience was primarily driven by favorable mortality, an amendment of an affiliated reinsurance treaty and model refinements. For the years ended December 31, 2022 and 2021, the net effect of actual variances from expected experience was primarily driven by favorable mortality. When single premium annuity contracts are issued, the FPB reserve is required to be measured at an upper-medium grade discount rate. Due to differences between the upper-medium grade discount rate and pricing assumptions used to determine the contractual premium, the initial FPB reserve at issue for a particular cohort may be greater than the contractual premium received, and the difference must be recognized as an immediate loss at issue. On these cohorts, future experience that differs from expected experience and changes in cash flow assumptions result in the recognition of remeasurement gains and losses with net remeasurement gains limited to the amount of the original loss at issue, after which any favorable experience is deferred and recorded within the DPL. For the year ended December 31, 2022, the Company incurred a loss at issue of $91 million and recognized a net remeasurement gain of $8 million attributable to cohorts with no DPL or where the DPL was depleted during the year. 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: Years Ended December 31, 2023 2022 2021 (Dollars in millions) Present Value of Expected Net Premiums Balance at January 1, at current discount rate at balance sheet date $ 5,775 $ 7,058 $ 7,142 Balance at January 1, at original discount rate $ 5,807 $ 5,699 $ 5,516 Effect of changes in cash flow assumptions (152) 272 270 Effect of actual variances from expected experience 199 120 183 Adjusted balance 5,854 6,091 5,969 Interest accrual 294 298 287 Net premiums collected (582) (582) (557) Balance at December 31, at original discount rate 5,566 5,807 5,699 Effect of changes in discount rate assumptions 121 (32) 1,359 Balance at December 31, at current discount rate at balance sheet date $ 5,687 $ 5,775 $ 7,058 Present Value of Expected Future Policy Benefits Balance at January 1, at current discount rate at balance sheet date $ 19,619 $ 27,627 $ 28,483 Balance at January 1, at original discount rate $ 20,165 $ 19,406 $ 18,586 Effect of changes in cash flow assumptions (190) 301 276 Effect of actual variances from expected experience 223 115 188 Adjusted balance 20,198 19,822 19,050 Interest accrual 1,070 1,043 998 Benefit payments (774) (700) (642) Balance at December 31, at original discount rate 20,494 20,165 19,406 Effect of changes in discount rate assumptions 433 (546) 8,221 Balance at December 31, at current discount rate at balance sheet date 20,927 19,619 27,627 Other adjustments — 1 — Net liability for future policy benefits $ 15,240 $ 13,845 $ 20,569 Undiscounted: Expected future gross premiums $ 10,603 $ 11,201 $ 11,404 Expected future benefit payments $ 45,016 $ 45,872 $ 45,835 Discounted (at current discount rate at balance sheet date): Expected future gross premiums $ 7,139 $ 7,200 $ 9,049 Expected future benefit payments $ 20,927 $ 19,619 $ 27,627 Weighted-average duration of the liability 15 years 15 years 18 years Weighted -average interest accretion (original locked-in) rate 5.4 % 5.5 % 5.5 % Weighted-average current discount rate at balance sheet date 5.2 % 5.6 % 3.0 % 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. For the year ended December 31, 2023, the net effect of changes in cash flow assumptions was primarily driven by updates in policyholder behavior assumptions related to claim utilization experience, which lowered the expected cost of care. This was partially offset by updates in biometric assumptions associated with an increase in incidence rates. For the year ended December 31, 2022, the net effect of changes in cash flow assumptions was primarily driven by updates in operational assumptions related to inflation, which increased the expected cost of care. For the year ended December 31, 2021, the net effect of actual variances from expected experience was primarily driven by a model refinement resulting in unfavorable claim utilization expectations, largely offset by higher than expected claim terminations and mortality. Rollforward - Additional Insurance Liabilities The Company establishes additional insurance liabilities for annuitization, death or other insurance benefits for 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 a disaggregated rollforward. The products grouped within the rollforward 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. All amounts presented in the rollforward and accompanying financial information do not include a reduction for amounts ceded to reinsurers. See Note 8 for further information regarding the impact of reinsurance on the consolidated balance sheets and the consolidated statements of operations. 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: Years Ended December 31, 2023 2022 2021 Universal and Variable Universal Life (Dollars in millions) Balance, at January 1 $ 1,642 $ 1,623 $ 1,514 Less: AOCI adjustment (63) 66 78 Balance, at January 1, before AOCI adjustment 1,705 1,557 1,436 Effect of changes in cash flow assumptions 26 18 — Effect of actual variances from expected experience 16 31 13 Adjusted balance 1,747 1,606 1,449 Assessments accrual 91 90 100 Interest accrual 90 82 75 Excess benefits paid (73) (73) (67) Balance, at December 31, before AOCI adjustment 1,855 1,705 1,557 Add: AOCI adjustment (14) (63) 66 Balance, at December 31 1,841 1,642 1,623 Less: Reinsurance recoverables 1,841 627 605 Balance, at December 31, net of reinsurance $ — $ 1,015 $ 1,018 Weighted-average duration of the liability 17 years 18 years 18 years Weighted-average interest accretion rate 5.2 % 5.2 % 5.2 % 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 gross premiums or assessments and interest expense recognized in the consolidated statements of operations and comprehensive income (loss) for long-duration contracts, excluding MetLife Holdings’ participating life contracts, were as follows: Years Ended December 31, 2023 2022 2021 Gross Premiums or Assessments (1) Interest Expense (2) Gross Premiums or Assessments (1) Interest Expense (2) Gross Premiums or Assessments (1) Interest Expense (2) (In millions) Traditional and Limited-Payment Contracts: RIS - Annuities $ 1,584 $ 2,377 $ 8,353 $ 2,182 $ 3,383 $ 2,098 MetLife Holdings - Long-term care 731 776 734 745 736 711 Deferred Profit Liabilities: RIS - Annuities N/A 144 N/A 136 N/A 132 Additional Insurance Liabilities: MetLife Holdings - Universal and variable universal life 452 90 470 82 535 75 Other long-duration 887 304 821 301 1,131 304 Total $ 3,654 $ 3,691 $ 10,378 $ 3,446 $ 5,785 $ 3,320 __________________ (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. Participating Business Participating business represented 2% and 3% of the Company’s life insurance in-force at December 31, 2023 and 2022, respectively. Participating policies represented 11%, 13% and 14% of gross traditional life insurance premiums for the years ended December 31, 2023, 2022 and 2021, respectively. Liabilities for Unpaid Claims and Claim Expenses The following is information about incurred and paid claims development by segment at December 31, 2023. Such amounts are presented net of reinsurance, and are not discounted. The tables present claims development and cumulative claim payments by incurral year. The development tables are only presented for significant short-duration product liabilities within each segment. The information about incurred and paid claims development prior to 2023 is presented as supplementary information. Group Benefits Group Life - Term Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance At December 31, 2023 Years Ended December 31, Total IBNR Cumulative (Unaudited) Incurral Year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (Dollars in millions) 2014 $ 6,986 $ 6,919 $ 6,913 $ 6,910 $ 6,914 $ 6,919 $ 6,920 $ 6,918 $ 6,920 $ 6,921 $ 1 216,354 2015 7,040 7,015 7,014 7,021 7,024 7,025 7,026 7,026 7,028 1 219,102 2016 7,125 7,085 7,095 7,104 7,105 7,104 7,107 7,109 2 221,155 2017 7,432 7,418 7,425 7,427 7,428 7,428 7,432 2 264,341 2018 7,757 7,655 7,646 7,650 7,651 7,652 2 252,744 2019 7,935 7,900 7,907 7,917 7,914 4 254,564 2020 8,913 9,367 9,389 9,384 11 299,634 2021 10,555 10,795 10,777 23 332,964 2022 9,640 9,653 44 331,022 2023 9,584 1,198 263,329 Total 83,454 Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance (80,287) All outstanding liabilities for incurral years prior to 2014, net of reinsurance 20 Total unpaid claims and claim adjustment expenses, net of reinsurance $ 3,187 Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, (Unaudited) Incurral Year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (In millions) 2014 $ 5,428 $ 6,809 $ 6,858 $ 6,869 $ 6,902 $ 6,912 $ 6,915 $ 6,916 $ 6,917 $ 6,919 2015 5,524 6,913 6,958 6,974 7,008 7,018 7,022 7,024 7,027 2016 5,582 6,980 7,034 7,053 7,086 7,096 7,100 7,106 2017 5,761 7,292 7,355 7,374 7,400 7,414 7,427 2018 6,008 7,521 7,578 7,595 7,629 7,646 2019 6,178 7,756 7,820 7,853 7,898 2020 6,862 9,103 9,242 9,296 2021 8,008 10,476 10,640 2022 7,101 9,399 2023 6,929 Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance $ 80,287 Average Annual Percentage Payout The following is supplementary information about average historical claims duration at December 31, 2023: Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Years 1 2 3 4 5 6 7 8 9 10 Group Life - Term 76.3% 21.1% 0.9% 0.3% 0.5% 0.2% 0.1% —% —% —% Group Long-Term Disability Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance At December 31, 2023 Years Ended December 31, Total IBNR Liabilities Plus Expected Development on Reported Claims Cumulative Number of Reported Claims (Unaudited) Incurral Year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (Dollars in millions) 2014 $ 1,076 $ 1,077 $ 1,079 $ 1,101 $ 1,109 $ 1,098 $ 1,097 $ 1,081 $ 1,078 $ 1,071 $ — 22,854 2015 1,082 1,105 1,093 1,100 1,087 1,081 1,067 1,086 1,078 — 21,218 2016 1,131 1,139 1,159 1,162 1,139 1,124 1,123 1,086 — 17,974 2017 1,244 1,202 1,203 1,195 1,165 1,181 1,101 — 16,329 2018 1,240 1,175 1,163 1,147 1,170 1,102 — 15,215 2019 1,277 1,212 1,169 1,177 1,103 — 15,408 2020 1,253 1,223 1,155 1,100 — 15,773 2021 1,552 1,608 1,477 9 19,557 2022 1,641 1,732 46 18,006 2023 1,725 793 10,994 Total 12,575 Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance (6,295) All outstanding liabilities for incurral years prior to 2014, net of reinsurance 1,477 Total unpaid claims and claim adjustment expenses, net of reinsurance $ 7,757 Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, (Unaudited) Incurral Year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (In millions) 2014 $ 51 $ 266 $ 428 $ 526 $ 609 $ 677 $ 732 $ 778 $ 818 $ 850 2015 50 264 427 524 601 665 718 764 801 2016 49 267 433 548 628 696 750 769 2017 56 290 476 579 655 719 718 2018 54 314 497 594 666 663 2019 57 342 522 620 621 2020 59 355 535 560 2021 95 505 620 2022 76 609 2023 84 Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance $ 6,295 Average Annual Percentage Payout The following is supplementary information about average historical claims duration at December 31, 2023: Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Years 1 2 3 4 5 6 7 8 9 10 Group Long-Term Disability 5.0% 24.0% 14.9% 8.3% 6.0% 4.8% 3.7% 3.4% 3.6% 3.0% Significant Methodologies and Assumptions Group Life - Term and Group Long-Term Disability incurred but not paid (“IBNP”) liabilities are developed using a combination of loss ratio and development methods. Claims in the course of settlement are then subtracted from the IBNP liabilities, resulting in the IBNR liabilities. The loss ratio method is used in the period in which the claims are neither sufficient nor credible. In developing the loss ratios, any material rate increases that could change the underlying premium without affecting the estimated incurred losses are taken into account. For periods where sufficient and credible claim data exists, the development method is used based on the claim triangles which categorize claims according to both the period in which they were incurred and the period in which they were paid, adjudicated or reported. The end result is a triangle of known data that is used to develop known completion ratios and factors. Claims paid are then subtracted from the estimated ultimate incurred claims to calculate the IBNP liability. An expense liability is held for the future expenses associated with the payment of incurred but not yet paid claims (IBNR and pending). This is expressed as a percentage of the underlying claims liability and is based on past experience and the anticipated future expense structure. For Group Life - Term, first year incurred claims and allocated loss adjustment expenses decreased in 2023 compared to the 2022 incurral year due to the decline in COVID-19 related death claims. For Group Long-Term Disability, first year incurred claims and allocated loss adjustment expenses increased in 2023 compared to 2022 incurral year due to the growth in the size of the business. The assumptions used in calculating the unpaid claims and claim adjustment expenses for Group Life - Term and Group Long-Term Disability are updated annually to reflect emerging trends in claim experience. Certain of the Group Life - Term customers have experience-rated contracts, whereby the group sponsor participates in the favorable and/or adverse claim experience, including favorable and/or adverse prior year development. Claim experience adjustments on these contracts are not reflected in the foregoing incurred and paid claim development tables, but are instead reflected as an increase (adverse experience) or decrease (favorable experience) to premiums on the consolidated statements of operations. Liabilities for Group Life - Term unpaid claims and claim adjustment expenses are not discounted. The liabilities for Group Long-Term Disability unpaid claims and claim adjustment expenses were $6.7 billion and $6.5 billion at December 31, 2023 and 2022, respectively. Using interest rates ranging from 3% to 8%, based on the incurral year, the total discount applied to these liabilities was $1.3 billion and $1.2 billion at December 31, 2023 and 2022, respectively. The amount of interest accretion recognized was $ 516 million 461 million 518 million For Group Life - Term, claims were based upon individual death claims. For Group Long-Term Disability, claim frequency was determined by the number of reported claims as identified by a unique claim number assigned to individual claimants. Claim counts initially include claims that do not ultimately result in a liability. These claims are omitted from the claim counts once it is determined that there is no liability. The incurred and paid claims disclosed for the Group Life - Term product includes activity related to the product’s continued protection feature; however, the associated actuarial reserve for future benefit obligations under this feature is excluded from the liability for unpaid claims. The Group Long-Term Disability IBNR, included in the development tables above, was developed using discounted cash flows, and is presented on a discounted basis. Reconciliation of the Disclosure of Incurred and Paid Claims Development to the Liability for Unpaid Claims and Claim Adjustment Expenses The reconciliation of the net incurred and paid claims development tables to the liability for unpaid claims and claims adjustment expenses on the consolidated balance sheet was as follows at: December 31, 2023 (In millions) Short-Duration: Unpaid claims and allocated claims adjustment expenses, net of reinsurance: Group Benefits: Group Life - Term $ 3,187 Group Long-Term Disability 7,757 Total $ 10,944 Other insurance lines - all segments combined 894 Total unpaid claims and allocated claims adjustment expenses, net of reinsurance 11,838 Reinsurance recoverables on unpaid claims: Group Benefits: Group Life - Term 8 Group Long-Term Disability 272 Total 280 Other insurance lines - all segments combined 31 Total reinsurance recoverable on unpaid claims 311 Total unpaid claims and allocated claims adjustment expense 12,149 Discounting (1,325) Liability for unpaid claims and claim adjustment liabilities - short-duration 10,824 Liability for unpaid claims and claim adjustment liabilities - all long-duration lines 785 Total liability for unpaid claims and claim adjustment expense (included in future policy benefits and other policy-related balances) $ 11,609 Rollforward of Claims and Claim Adjustment Expenses Information regarding the liabilities for unpaid claims and claim adjustment expenses was as follows: Years Ended December 31, 2023 2022 2021 (In millions) Balance at January 1, $ 11,300 $ 10,820 $ 9,791 Less: Reinsurance recoverables 1,633 1,857 1,209 Net balance at January 1, 9,667 8,963 8,582 Incurred related to: Current year 19,983 19,997 19,876 Prior years (1) 14 359 567 Total incurred 19,997 20,356 20,443 Paid related to: Current year (14,484) (14,439) (15,331) Prior years (5,311) (5,213) (4,731) Total paid (19,795) (19,652) (20,062) Net balance at December 31, 9,869 9,667 8,963 Add: Reinsurance recoverables 1,740 1,633 1,857 Balance at December 31, $ 11,609 $ 11,300 $ 10,820 ______________ (1) For the year ended December 31, 2023, incurred claims and claim adjustment expenses associated with prior years increased due to events incurred in prior years but reported in the current year. For the years ended December 31, 2022 and 2021, incurred claims and claim adjustment expenses include expenses associated with prior years but reported in 2022 and 2021 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 | 12 Months Ended |
Dec. 31, 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: Group Benefits Group Life RIS Capital Markets Investment Products and Stable Value GICs RIS Annuities and Risk Solutions MetLife Holdings Annuities Other Total (In millions) Balance at December 31, 2020 $ 7,585 $ 60,641 $ 5,316 $ 15,012 $ 8,081 $ 96,635 Reclassification of carrying amounts of contracts and contract features that are market risk benefits — — (1) (494) — (495) Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard — — 4,747 — 47 4,794 Balance at January 1, 2021 $ 7,585 $ 60,641 $ 10,062 $ 14,518 $ 8,128 $ 100,934 The Company’s PABs on the consolidated balance sheets were as follows at: December 31, 2023 December 31, 2022 (In millions) Group Benefits - Group Life $ 7,605 $ 7,954 RIS: Capital Markets Investment Products and Stable Value GICs 58,554 58,508 Annuities and Risk Solutions 10,650 10,244 MetLife Holdings - Annuities 10,888 12,598 Other 16,197 14,103 Total $ 103,894 $ 103,407 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. Group Benefits Group Life The Group Benefits 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: Years Ended December 31, 2023 2022 2021 (Dollars in millions) Balance at January 1, $ 7,954 $ 7,889 $ 7,585 Deposits 3,227 3,227 3,444 Policy charges (635) (612) (589) Surrenders and withdrawals (3,121) (2,680) (2,667) Benefit payments (12) (10) (9) Net transfers from (to) separate accounts — (2) (1) Interest credited 192 142 126 Balance at December 31, $ 7,605 $ 7,954 $ 7,889 Weighted-average annual crediting rate 2.5 % 1.8 % 1.6 % At period end: Cash surrender value $ 7,543 $ 7,900 $ 7,837 Net amount at risk, excluding offsets from reinsurance: In the event of death (1) $ 250,033 $ 244,638 $ 238,062 __________________ (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 Group Benefits 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 greater than 0.50% but less than 1.50% Equal to or greater than 1.50% above GMCR Total (In millions) December 31, 2023 Equal to or greater than 0% but less than 2% $ — $ — $ 863 $ 4,558 $ 5,421 Equal to or greater than 2% but less than 4% 1,196 9 62 2 1,269 Equal to or greater than 4% 727 1 43 34 805 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 110 Total $ 1,923 $ 10 $ 968 $ 4,594 $ 7,605 December 31, 2022 Equal to or greater than 0% but less than 2% $ — $ 899 $ 4,471 $ 236 $ 5,606 Equal to or greater than 2% but less than 4% 1,303 52 21 — 1,376 Equal to or greater than 4% 803 1 11 30 845 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 127 Total $ 2,106 $ 952 $ 4,503 $ 266 $ 7,954 December 31, 2021 Equal to or greater than 0% but less than 2% $ 5,228 $ 132 $ — $ 131 $ 5,491 Equal to or greater than 2% but less than 4% 1,374 50 23 — 1,447 Equal to or greater than 4% 793 — — 29 822 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 129 Total $ 7,395 $ 182 $ 23 $ 160 $ 7,889 RIS Capital Markets Investment Products and Stable Value GICs The RIS segment’s capital markets investment products and stable value GICs in PABs are investment-type products, mainly funding agreements. In addition, the Company has entered into funding agreements with FHLBNY and a subsidiary of the Federal Agricultural Mortgage Corporation, a federally chartered instrumentality of the U.S. (“Farmer Mac”). The PAB balances for FHLBNY funding agreements were $13.0 billion and $13.5 billion at December 31, 2023 and 2022, respectively. These advances are collateralized by residential mortgage-backed securities (“RMBS”) with an estimated fair value of $15.9 billion at both December 31, 2023 and 2022. The Company is permitted to withdraw any portion of the collateral in the custody of FHLBNY as long as there is no event of default and the remaining qualified collateral is sufficient to satisfy the collateral maintenance level. Upon any event of default by the Company, FHLBNY’s recovery on the collateral is limited to the amount of the Company’s liability to FHLBNY. The PAB balances for the Farmer Mac funding agreements were $2.1 billion at both December 31, 2023 and 2022. The obligations under the Farmer Mac funding agreements are secured by a pledge of certain eligible agricultural mortgage loans and may, under certain circumstances, be secured by other qualified collateral. The carrying value of such collateral was $2.2 billion and $2.1 billion at December 31, 2023 and 2022, respectively. Information regarding the RIS segment’s capital markets investment products and stable value GICs in PABs was as follows: Years Ended December 31, 2023 2022 2021 (Dollars in millions) Balance at January 1, $ 58,508 $ 58,495 $ 60,641 Deposits 62,605 74,689 72,504 Surrenders and withdrawals (65,444) (75,129) (75,079) Interest credited 1,907 1,190 885 Effect of foreign currency translation and other, net 978 (737) (456) Balance at December 31, $ 58,554 $ 58,508 $ 58,495 Weighted-average annual crediting rate 3.3 % 2.1 % 1.5 % Cash surrender value at period end $ 1,583 $ 1,706 $ 1,571 The RIS 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 greater than 0.50% but less than 1.50% Equal to or greater than 1.50% above GMCR Total (In millions) December 31, 2023 Equal to or greater than 0% but less than 2% $ — $ — $ 1 $ 2,621 $ 2,622 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 55,932 Total $ — $ — $ 1 $ 2,621 $ 58,554 December 31, 2022 Equal to or greater than 0% but less than 2% $ — $ — $ 1 $ 3,053 $ 3,054 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 55,454 Total $ — $ — $ 1 $ 3,053 $ 58,508 December 31, 2021 Equal to or greater than 0% but less than 2% $ — $ 632 $ 3,542 $ 10 $ 4,184 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 54,311 Total $ — $ 632 $ 3,542 $ 10 $ 58,495 Annuities and Risk Solutions The RIS 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: Years Ended December 31, 2023 2022 2021 (Dollars in millions) Balance at January 1, $ 10,244 $ 10,009 $ 10,062 Deposits 850 912 754 Policy charges (160) (135) (108) Surrenders and withdrawals (215) (176) (444) Benefit payments (547) (555) (570) Net transfers from (to) separate accounts 53 (1) 10 Interest credited 427 396 388 Other (2) (206) (83) Balance at December 31, $ 10,650 $ 10,244 $ 10,009 Weighted-average annual crediting rate 4.2 % 4.0 % 4.0 % At period end: Cash surrender value $ 6,798 $ 6,365 $ 5,637 Net amount at risk, excluding offsets from ceded reinsurance: In the event of death (1) $ 33,148 $ 33,908 $ 32,158 __________________ (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 RIS 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 greater than 0.50% but less than 1.50% Equal to or greater than 1.50% above GMCR Total (In millions) December 31, 2023 Equal to or greater than 0% but less than 2% $ — $ — $ 20 $ 1,490 $ 1,510 Equal to or greater than 2% but less than 4% 249 34 7 432 722 Equal to or greater than 4% 3,607 — 165 5 3,777 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 4,641 Total $ 3,856 $ 34 $ 192 $ 1,927 $ 10,650 December 31, 2022 Equal to or greater than 0% but less than 2% $ — $ — $ 64 $ 1,201 $ 1,265 Equal to or greater than 2% but less than 4% 301 39 40 375 755 Equal to or greater than 4% 3,657 122 1 4 3,784 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 4,440 Total $ 3,958 $ 161 $ 105 $ 1,580 $ 10,244 December 31, 2021 Equal to or greater than 0% but less than 2% $ — $ — $ 114 $ 490 $ 604 Equal to or greater than 2% but less than 4% 258 36 41 469 804 Equal to or greater than 4% 3,650 126 1 5 3,782 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 4,819 Total $ 3,908 $ 162 $ 156 $ 964 $ 10,009 MetLife Holdings Annuities The MetLife Holdings segment’s annuity 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: Years Ended December 31, 2023 2022 2021 (Dollars in millions) Balance at January 1, $ 12,598 $ 13,692 $ 14,518 Deposits 172 229 274 Policy charges (12) (13) (13) Surrenders and withdrawals (1,916) (1,453) (1,341) Benefit payments (408) (406) (404) Net transfers from (to) separate accounts 72 198 237 Interest credited 359 375 394 Other 23 (24) 27 Balance at December 31, $ 10,888 $ 12,598 $ 13,692 Weighted-average annual crediting rate 3.1 % 2.9 % 2.9 % At period end: Cash surrender value $ 10,181 $ 11,688 $ 12,554 Net amount at risk, excluding offsets from ceded reinsurance (1): In the event of death (2) $ 2,821 $ 4,354 $ 1,119 At annuitization or exercise of other living benefits (3) $ 646 $ 917 $ 538 __________________ (1) Includes amounts for certain variable annuities recorded as PABs with the related guarantees recorded as MRBs which are disclosed in “MetLife Holdings – Annuities” in Note 5. (2) 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. (3) 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 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) December 31, 2023 Equal to or greater than 0% but less than 2% $ 36 $ 307 $ 378 $ 252 $ 973 Equal to or greater than 2% but less than 4% 1,033 7,197 454 202 8,886 Equal to or greater than 4% 426 145 27 — 598 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 431 Total $ 1,495 $ 7,649 $ 859 $ 454 $ 10,888 December 31, 2022 Equal to or greater than 0% but less than 2% $ 934 $ 4 $ 8 $ 16 $ 962 Equal to or greater than 2% but less than 4% 9,381 892 186 12 10,471 Equal to or greater than 4% 593 43 — — 636 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 529 Total $ 10,908 $ 939 $ 194 $ 28 $ 12,598 December 31, 2021 Equal to or greater than 0% but less than 2% $ 1,066 $ 7 $ 14 $ 11 $ 1,098 Equal to or greater than 2% but less than 4% 10,671 299 192 1 11,163 Equal to or greater than 4% 623 40 — — 663 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 768 Total $ 12,360 $ 346 $ 206 $ 12 $ 13,692 5. Market Risk Benefits The Company establishes liabilities for variable annuity contract features which include a minimum benefit guarantee that provides to the contractholder a minimum return based on their initial deposit less withdrawals. In some cases, the benefit base may be increased by additional deposits, bonus amounts, accruals or optional market value resets. The LDTI transition adjustments related to MRB liabilities, as described in Note 1, were as follows at the Transition Date: MetLife Holdings Other Total (In millions) Direct and assumed MRB liabilities at December 31, 2020 $ — $ — $ — Reclassification of carrying amounts of contracts and contract features that are market risk benefits 1,882 1 1,883 Adjustments for the cumulative effect of changes in nonperformance risk between contract issue date and Transition Date (9) (17) (26) 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 4,728 204 4,932 Direct and assumed MRB liabilities at January 1, 2021 $ 6,601 $ 188 $ 6,789 The Company’s MRB assets and MRB liabilities on the consolidated balance sheets were as follows at: December 31, 2023 2022 Asset Liability Net Asset Liability Net (In millions) MetLife Holdings - Annuities $ 156 $ 2,858 $ 2,702 $ 153 $ 3,224 $ 3,071 Other 21 20 (1) 21 46 25 Total $ 177 $ 2,878 $ 2,701 $ 174 $ 3,270 $ 3,096 Rollforwards The following information about the direct liability for MRBs includes a disaggregated rollforward. The products grouped within this rollforward were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business. 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. Information regarding MetLife Holdings annuity products was as follows: Years Ended December 31, 2023 2022 2021 (In millions) Balance at January 1, $ 3,071 $ 5,715 $ 6,601 Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk $ 3,164 $ 6,017 $ 6,610 Attributed fees collected 315 316 320 Benefit payments (57) (42) (41) Effect of changes in interest rates (156) (3,584) (524) Effect of changes in capital markets (734) 896 (934) Effect of changes in equity index volatility (120) 41 20 Actual policyholder behavior different from expected behavior 115 3 (46) Effect of changes in future expected policyholder behavior and other assumptions (1) 9 (317) 557 Effect of foreign currency translation and other, net (2) 219 72 399 Effect of changes in risk margin (14) (238) (344) Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk 2,741 3,164 6,017 Cumulative effect of changes in the instrument-specific credit risk (39) (93) (302) Balance at December 31, $ 2,702 $ 3,071 $ 5,715 At period end: Net amount at risk, excluding offsets from hedging (3): In the event of death (4) $ 2,821 $ 4,354 $ 1,119 At annuitization or exercise of other living benefits (5) $ 646 $ 917 $ 538 Weighted-average attained age of contractholders: In the event of death (4) 70 years 69 years 70 years At annuitization or exercise of other living benefits (5) 70 years 69 years 67 years __________________ (1) For the year ended December 31, 2022, the effect of changes in future expected policyholder behavior and other assumptions was primarily driven by changes in policyholder behavior assumptions relating to projected annuitizations for variable annuities. (2) Included is the covariance impact from aggregating the market observable inputs, mostly driven by interest rate and capital market volatility. (3) Includes amounts for certain variable annuities guarantees recorded as MRBs on contracts also recorded as PABs which are disclosed in “MetLife Holdings – Annuities” in Note 4. (4) 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. (5) 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 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 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 12 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 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. Other In addition to the disaggregated MRB product rollforward above, the Company offers other products with guaranteed minimum benefit features. These MRBs are measured 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. See Note 12 for additional information on significant unobservable inputs used in the fair value measurement of MRBs. Information regarding these product liabilities was as follows: Years Ended December 31, 2023 2022 2021 (In millions) Balance at January 1, $ 25 $ 286 $ 188 Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk $ 34 $ 322 $ 205 Attributed fees collected 2 2 2 Effect of changes in interest rates (9) (156) (63) Effect of changes in capital markets — (2) (5) Actual policyholder behavior different from expected behavior (26) (5) (4) Effect of changes in future expected policyholder behavior and other assumptions 1 (2) 63 Effect of foreign currency translation and other, net — (125) 124 Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk 2 34 322 Cumulative effect of changes in the instrument-specific credit risk (3) (9) (36) Balance at December 31, $ (1) $ 25 $ 286 |
Market Risk Benefits
Market Risk Benefits | 12 Months Ended |
Dec. 31, 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: Group Benefits Group Life RIS Capital Markets Investment Products and Stable Value GICs RIS Annuities and Risk Solutions MetLife Holdings Annuities Other Total (In millions) Balance at December 31, 2020 $ 7,585 $ 60,641 $ 5,316 $ 15,012 $ 8,081 $ 96,635 Reclassification of carrying amounts of contracts and contract features that are market risk benefits — — (1) (494) — (495) Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard — — 4,747 — 47 4,794 Balance at January 1, 2021 $ 7,585 $ 60,641 $ 10,062 $ 14,518 $ 8,128 $ 100,934 The Company’s PABs on the consolidated balance sheets were as follows at: December 31, 2023 December 31, 2022 (In millions) Group Benefits - Group Life $ 7,605 $ 7,954 RIS: Capital Markets Investment Products and Stable Value GICs 58,554 58,508 Annuities and Risk Solutions 10,650 10,244 MetLife Holdings - Annuities 10,888 12,598 Other 16,197 14,103 Total $ 103,894 $ 103,407 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. Group Benefits Group Life The Group Benefits 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: Years Ended December 31, 2023 2022 2021 (Dollars in millions) Balance at January 1, $ 7,954 $ 7,889 $ 7,585 Deposits 3,227 3,227 3,444 Policy charges (635) (612) (589) Surrenders and withdrawals (3,121) (2,680) (2,667) Benefit payments (12) (10) (9) Net transfers from (to) separate accounts — (2) (1) Interest credited 192 142 126 Balance at December 31, $ 7,605 $ 7,954 $ 7,889 Weighted-average annual crediting rate 2.5 % 1.8 % 1.6 % At period end: Cash surrender value $ 7,543 $ 7,900 $ 7,837 Net amount at risk, excluding offsets from reinsurance: In the event of death (1) $ 250,033 $ 244,638 $ 238,062 __________________ (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 Group Benefits 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 greater than 0.50% but less than 1.50% Equal to or greater than 1.50% above GMCR Total (In millions) December 31, 2023 Equal to or greater than 0% but less than 2% $ — $ — $ 863 $ 4,558 $ 5,421 Equal to or greater than 2% but less than 4% 1,196 9 62 2 1,269 Equal to or greater than 4% 727 1 43 34 805 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 110 Total $ 1,923 $ 10 $ 968 $ 4,594 $ 7,605 December 31, 2022 Equal to or greater than 0% but less than 2% $ — $ 899 $ 4,471 $ 236 $ 5,606 Equal to or greater than 2% but less than 4% 1,303 52 21 — 1,376 Equal to or greater than 4% 803 1 11 30 845 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 127 Total $ 2,106 $ 952 $ 4,503 $ 266 $ 7,954 December 31, 2021 Equal to or greater than 0% but less than 2% $ 5,228 $ 132 $ — $ 131 $ 5,491 Equal to or greater than 2% but less than 4% 1,374 50 23 — 1,447 Equal to or greater than 4% 793 — — 29 822 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 129 Total $ 7,395 $ 182 $ 23 $ 160 $ 7,889 RIS Capital Markets Investment Products and Stable Value GICs The RIS segment’s capital markets investment products and stable value GICs in PABs are investment-type products, mainly funding agreements. In addition, the Company has entered into funding agreements with FHLBNY and a subsidiary of the Federal Agricultural Mortgage Corporation, a federally chartered instrumentality of the U.S. (“Farmer Mac”). The PAB balances for FHLBNY funding agreements were $13.0 billion and $13.5 billion at December 31, 2023 and 2022, respectively. These advances are collateralized by residential mortgage-backed securities (“RMBS”) with an estimated fair value of $15.9 billion at both December 31, 2023 and 2022. The Company is permitted to withdraw any portion of the collateral in the custody of FHLBNY as long as there is no event of default and the remaining qualified collateral is sufficient to satisfy the collateral maintenance level. Upon any event of default by the Company, FHLBNY’s recovery on the collateral is limited to the amount of the Company’s liability to FHLBNY. The PAB balances for the Farmer Mac funding agreements were $2.1 billion at both December 31, 2023 and 2022. The obligations under the Farmer Mac funding agreements are secured by a pledge of certain eligible agricultural mortgage loans and may, under certain circumstances, be secured by other qualified collateral. The carrying value of such collateral was $2.2 billion and $2.1 billion at December 31, 2023 and 2022, respectively. Information regarding the RIS segment’s capital markets investment products and stable value GICs in PABs was as follows: Years Ended December 31, 2023 2022 2021 (Dollars in millions) Balance at January 1, $ 58,508 $ 58,495 $ 60,641 Deposits 62,605 74,689 72,504 Surrenders and withdrawals (65,444) (75,129) (75,079) Interest credited 1,907 1,190 885 Effect of foreign currency translation and other, net 978 (737) (456) Balance at December 31, $ 58,554 $ 58,508 $ 58,495 Weighted-average annual crediting rate 3.3 % 2.1 % 1.5 % Cash surrender value at period end $ 1,583 $ 1,706 $ 1,571 The RIS 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 greater than 0.50% but less than 1.50% Equal to or greater than 1.50% above GMCR Total (In millions) December 31, 2023 Equal to or greater than 0% but less than 2% $ — $ — $ 1 $ 2,621 $ 2,622 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 55,932 Total $ — $ — $ 1 $ 2,621 $ 58,554 December 31, 2022 Equal to or greater than 0% but less than 2% $ — $ — $ 1 $ 3,053 $ 3,054 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 55,454 Total $ — $ — $ 1 $ 3,053 $ 58,508 December 31, 2021 Equal to or greater than 0% but less than 2% $ — $ 632 $ 3,542 $ 10 $ 4,184 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 54,311 Total $ — $ 632 $ 3,542 $ 10 $ 58,495 Annuities and Risk Solutions The RIS 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: Years Ended December 31, 2023 2022 2021 (Dollars in millions) Balance at January 1, $ 10,244 $ 10,009 $ 10,062 Deposits 850 912 754 Policy charges (160) (135) (108) Surrenders and withdrawals (215) (176) (444) Benefit payments (547) (555) (570) Net transfers from (to) separate accounts 53 (1) 10 Interest credited 427 396 388 Other (2) (206) (83) Balance at December 31, $ 10,650 $ 10,244 $ 10,009 Weighted-average annual crediting rate 4.2 % 4.0 % 4.0 % At period end: Cash surrender value $ 6,798 $ 6,365 $ 5,637 Net amount at risk, excluding offsets from ceded reinsurance: In the event of death (1) $ 33,148 $ 33,908 $ 32,158 __________________ (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 RIS 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 greater than 0.50% but less than 1.50% Equal to or greater than 1.50% above GMCR Total (In millions) December 31, 2023 Equal to or greater than 0% but less than 2% $ — $ — $ 20 $ 1,490 $ 1,510 Equal to or greater than 2% but less than 4% 249 34 7 432 722 Equal to or greater than 4% 3,607 — 165 5 3,777 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 4,641 Total $ 3,856 $ 34 $ 192 $ 1,927 $ 10,650 December 31, 2022 Equal to or greater than 0% but less than 2% $ — $ — $ 64 $ 1,201 $ 1,265 Equal to or greater than 2% but less than 4% 301 39 40 375 755 Equal to or greater than 4% 3,657 122 1 4 3,784 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 4,440 Total $ 3,958 $ 161 $ 105 $ 1,580 $ 10,244 December 31, 2021 Equal to or greater than 0% but less than 2% $ — $ — $ 114 $ 490 $ 604 Equal to or greater than 2% but less than 4% 258 36 41 469 804 Equal to or greater than 4% 3,650 126 1 5 3,782 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 4,819 Total $ 3,908 $ 162 $ 156 $ 964 $ 10,009 MetLife Holdings Annuities The MetLife Holdings segment’s annuity 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: Years Ended December 31, 2023 2022 2021 (Dollars in millions) Balance at January 1, $ 12,598 $ 13,692 $ 14,518 Deposits 172 229 274 Policy charges (12) (13) (13) Surrenders and withdrawals (1,916) (1,453) (1,341) Benefit payments (408) (406) (404) Net transfers from (to) separate accounts 72 198 237 Interest credited 359 375 394 Other 23 (24) 27 Balance at December 31, $ 10,888 $ 12,598 $ 13,692 Weighted-average annual crediting rate 3.1 % 2.9 % 2.9 % At period end: Cash surrender value $ 10,181 $ 11,688 $ 12,554 Net amount at risk, excluding offsets from ceded reinsurance (1): In the event of death (2) $ 2,821 $ 4,354 $ 1,119 At annuitization or exercise of other living benefits (3) $ 646 $ 917 $ 538 __________________ (1) Includes amounts for certain variable annuities recorded as PABs with the related guarantees recorded as MRBs which are disclosed in “MetLife Holdings – Annuities” in Note 5. (2) 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. (3) 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 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) December 31, 2023 Equal to or greater than 0% but less than 2% $ 36 $ 307 $ 378 $ 252 $ 973 Equal to or greater than 2% but less than 4% 1,033 7,197 454 202 8,886 Equal to or greater than 4% 426 145 27 — 598 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 431 Total $ 1,495 $ 7,649 $ 859 $ 454 $ 10,888 December 31, 2022 Equal to or greater than 0% but less than 2% $ 934 $ 4 $ 8 $ 16 $ 962 Equal to or greater than 2% but less than 4% 9,381 892 186 12 10,471 Equal to or greater than 4% 593 43 — — 636 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 529 Total $ 10,908 $ 939 $ 194 $ 28 $ 12,598 December 31, 2021 Equal to or greater than 0% but less than 2% $ 1,066 $ 7 $ 14 $ 11 $ 1,098 Equal to or greater than 2% but less than 4% 10,671 299 192 1 11,163 Equal to or greater than 4% 623 40 — — 663 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 768 Total $ 12,360 $ 346 $ 206 $ 12 $ 13,692 5. Market Risk Benefits The Company establishes liabilities for variable annuity contract features which include a minimum benefit guarantee that provides to the contractholder a minimum return based on their initial deposit less withdrawals. In some cases, the benefit base may be increased by additional deposits, bonus amounts, accruals or optional market value resets. The LDTI transition adjustments related to MRB liabilities, as described in Note 1, were as follows at the Transition Date: MetLife Holdings Other Total (In millions) Direct and assumed MRB liabilities at December 31, 2020 $ — $ — $ — Reclassification of carrying amounts of contracts and contract features that are market risk benefits 1,882 1 1,883 Adjustments for the cumulative effect of changes in nonperformance risk between contract issue date and Transition Date (9) (17) (26) 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 4,728 204 4,932 Direct and assumed MRB liabilities at January 1, 2021 $ 6,601 $ 188 $ 6,789 The Company’s MRB assets and MRB liabilities on the consolidated balance sheets were as follows at: December 31, 2023 2022 Asset Liability Net Asset Liability Net (In millions) MetLife Holdings - Annuities $ 156 $ 2,858 $ 2,702 $ 153 $ 3,224 $ 3,071 Other 21 20 (1) 21 46 25 Total $ 177 $ 2,878 $ 2,701 $ 174 $ 3,270 $ 3,096 Rollforwards The following information about the direct liability for MRBs includes a disaggregated rollforward. The products grouped within this rollforward were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business. 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. Information regarding MetLife Holdings annuity products was as follows: Years Ended December 31, 2023 2022 2021 (In millions) Balance at January 1, $ 3,071 $ 5,715 $ 6,601 Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk $ 3,164 $ 6,017 $ 6,610 Attributed fees collected 315 316 320 Benefit payments (57) (42) (41) Effect of changes in interest rates (156) (3,584) (524) Effect of changes in capital markets (734) 896 (934) Effect of changes in equity index volatility (120) 41 20 Actual policyholder behavior different from expected behavior 115 3 (46) Effect of changes in future expected policyholder behavior and other assumptions (1) 9 (317) 557 Effect of foreign currency translation and other, net (2) 219 72 399 Effect of changes in risk margin (14) (238) (344) Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk 2,741 3,164 6,017 Cumulative effect of changes in the instrument-specific credit risk (39) (93) (302) Balance at December 31, $ 2,702 $ 3,071 $ 5,715 At period end: Net amount at risk, excluding offsets from hedging (3): In the event of death (4) $ 2,821 $ 4,354 $ 1,119 At annuitization or exercise of other living benefits (5) $ 646 $ 917 $ 538 Weighted-average attained age of contractholders: In the event of death (4) 70 years 69 years 70 years At annuitization or exercise of other living benefits (5) 70 years 69 years 67 years __________________ (1) For the year ended December 31, 2022, the effect of changes in future expected policyholder behavior and other assumptions was primarily driven by changes in policyholder behavior assumptions relating to projected annuitizations for variable annuities. (2) Included is the covariance impact from aggregating the market observable inputs, mostly driven by interest rate and capital market volatility. (3) Includes amounts for certain variable annuities guarantees recorded as MRBs on contracts also recorded as PABs which are disclosed in “MetLife Holdings – Annuities” in Note 4. (4) 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. (5) 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 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 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 12 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 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. Other In addition to the disaggregated MRB product rollforward above, the Company offers other products with guaranteed minimum benefit features. These MRBs are measured 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. See Note 12 for additional information on significant unobservable inputs used in the fair value measurement of MRBs. Information regarding these product liabilities was as follows: Years Ended December 31, 2023 2022 2021 (In millions) Balance at January 1, $ 25 $ 286 $ 188 Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk $ 34 $ 322 $ 205 Attributed fees collected 2 2 2 Effect of changes in interest rates (9) (156) (63) Effect of changes in capital markets — (2) (5) Actual policyholder behavior different from expected behavior (26) (5) (4) Effect of changes in future expected policyholder behavior and other assumptions 1 (2) 63 Effect of foreign currency translation and other, net — (125) 124 Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk 2 34 322 Cumulative effect of changes in the instrument-specific credit risk (3) (9) (36) Balance at December 31, $ (1) $ 25 $ 286 |
Separate Account
Separate Account | 12 Months Ended |
Dec. 31, 2023 | |
Separate Accounts Disclosure [Abstract] | |
Separate Account | 6. Separate Accounts Separate account assets consist of investment accounts established and maintained by the Company. The investment objectives of these assets 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 assets and liabilities include two categories of account types: pass-through separate accounts totaling $54.7 billion and $52.4 billion at December 31, 2023 and 2022, respectively, for which the contractholder assumes all investment risk, and separate accounts for which the Company contractually guarantees either a minimum return or account value to the contractholder which totaled $28.5 billion and $36.8 billion at December 31, 2023 and 2022, respectively. The latter category consisted primarily of GICs. The average interest rate credited on these contracts was 2.6% and 2.5% at December 31, 2023 and 2022, respectively. Separate Account Liabilities The Company’s separate account liabilities on the consolidated balance sheets were as follows at: December 31, 2023 December 31, 2022 (In millions) RIS: Stable Value and Risk Solutions $ 35,562 $ 43,249 Annuities 11,659 11,694 MetLife Holdings - Annuities 29,162 28,443 Other 6,814 5,855 Total $ 83,197 $ 89,241 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: RIS stable value and risk solutions contracts, RIS annuities participating and non-participating group contracts and MetLife Holdings variable annuities. The balances of and changes in separate account liabilities were as follows: RIS RIS MetLife Holdings (In millions) Balance, January 1, 2021 $ 58,704 $ 21,895 $ 40,755 Premiums and deposits 3,411 944 298 Policy charges (263) (35) (788) Surrenders and withdrawals (8,170) (2,457) (4,454) Benefit payments (137) — (500) Investment performance 400 1,189 5,023 Net transfers from (to) general account (41) 30 (237) Other 487 (274) (1) Balance, December 31, 2021 $ 54,391 $ 21,292 $ 40,096 Premiums and deposits 4,329 1,233 266 Policy charges (263) (25) (665) Surrenders and withdrawals (5,882) (7,481) (2,906) Benefit payments (108) — (431) Investment performance (4,492) (2,823) (7,722) Net transfers from (to) general account 57 (56) (199) Other (1) (4,783) (446) 4 Balance, December 31, 2022 $ 43,249 $ 11,694 $ 28,443 Premiums and deposits 1,643 175 256 Policy charges (232) (21) (608) Surrenders and withdrawals (11,087) (944) (2,942) Benefit payments (95) — (464) Investment performance 2,241 774 4,548 Net transfers from (to) general account (56) 3 (73) Other (101) (22) 2 Balance, December 31, 2023 $ 35,562 $ 11,659 $ 29,162 Cash surrender value at December 31, 2021 (2) $ 44,774 N/A $ 39,855 Cash surrender value at December 31, 2022 (2) $ 38,420 N/A $ 28,292 Cash surrender value at December 31, 2023 (2) $ 30,841 N/A 29,016 _____________ (1) Other for RIS stable value and risk solutions primarily includes changes related to unsettled trades of mortgage-backed securities. (2) 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: December 31, 2023 Group Benefits RIS MetLife Holdings Total (In millions) Fixed maturity securities: Bonds: Foreign government $ — $ 509 $ — $ 509 U.S. government and agency — 9,603 — 9,603 Public utilities — 1,066 — 1,066 Municipals — 346 — 346 Corporate bonds: Materials — 143 — 143 Communications — 883 — 883 Consumer — 1,843 — 1,843 Energy — 906 — 906 Financial — 2,670 — 2,670 Industrial and other — 757 — 757 Technology — 541 — 541 Foreign — 1,889 — 1,889 Total corporate bonds — 9,632 — 9,632 Total bonds — 21,156 — 21,156 Mortgage-backed securities — 9,515 — 9,515 Asset-backed securities and collateralized loan obligations — 2,341 — 2,341 Redeemable preferred stock — 9 — 9 Total fixed maturity securities — 33,021 — 33,021 Equity securities: Common stock: Industrial, miscellaneous and all other — 2,338 — 2,338 Banks, trust and insurance companies — 716 — 716 Public utilities — 65 — 65 Non-redeemable preferred stock — — — — Mutual funds 1,159 3,672 34,728 39,559 Total equity securities 1,159 6,791 34,728 42,678 Other invested assets — 1,425 — 1,425 Total investments 1,159 41,237 34,728 77,124 Other assets — 6,073 — 6,073 Total $ 1,159 $ 47,310 $ 34,728 $ 83,197 December 31, 2022 Group Benefits (1) RIS (1) MetLife Holdings Total (In millions) Fixed maturity securities: Bonds: Foreign government $ — $ 588 $ — $ 588 U.S. government and agency — 11,189 — 11,189 Public utilities — 1,174 — 1,174 Municipals — 475 — 475 Corporate bonds: Materials — 242 — 242 Communications — 1,174 — 1,174 Consumer — 2,365 — 2,365 Energy — 861 — 861 Financial — 3,495 — 3,495 Industrial and other — 876 — 876 Technology — 711 — 711 Foreign — 2,451 — 2,451 Total corporate bonds — 12,175 — 12,175 Total bonds — 25,601 — 25,601 Mortgage-backed securities — 12,202 — 12,202 Asset-backed securities and collateralized loan obligations — 2,763 — 2,763 Redeemable preferred stock — 4 — 4 Total fixed maturity securities — 40,570 — 40,570 Equity securities: Common stock: Industrial, miscellaneous and all other — 2,853 — 2,853 Banks, trust and insurance companies — 586 — 586 Public utilities — 94 — 94 Non-redeemable preferred stock — 2 — 2 Mutual funds 988 3,367 33,231 37,586 Total equity securities 988 6,902 33,231 41,121 Other invested assets 2 1,634 — 1,636 Total investments 990 49,106 33,231 83,327 Other assets — 5,914 — 5,914 Total $ 990 $ 55,020 $ 33,231 $ 89,241 __________________ (1) |
Deferred Policy Acquisition Cos
Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract] | |
Insurance Contract, Acquisition Cost | 7. Deferred Policy Acquisition Costs, Value of Business Acquired, Unearned Revenue and Other Intangibles The transition adjustments related to DAC, VOBA, and UREV, as described in Note 1, were as follows at the Transition Date: Group Benefits (1) RIS (1) MetLife Holdings Total (In millions) DAC: Balance at December 31, 2020 $ 278 $ 100 $ 2,248 $ 2,626 Removal of related amounts in AOCI — — 1,480 1,480 Other adjustments upon adoption of the LDTI standard — — 12 12 Balance at January 1, 2021 $ 278 $ 100 $ 3,740 $ 4,118 VOBA: Balance at December 31, 2020 $ — $ 20 $ 3 $ 23 Removal of related amounts in AOCI — — 2 2 Balance at January 1, 2021 $ — $ 20 $ 5 $ 25 UREV: Balance at December 31, 2020 $ — $ 22 $ 157 $ 179 Removal of related amounts in AOCI — — — — Balance at January 1, 2021 $ — $ 22 $ 157 $ 179 __________________ (1) See Note 2 for information on the reorganization of the Company’s segments. DAC and VOBA Information regarding total DAC and VOBA by segment, as well as Corporate & Other, was as follows at: Group Benefits (1) RIS (1) MetLife Holdings (2) Corporate & Other Total (In millions) DAC: Balance at January 1, 2021 $ 278 $ 100 $ 3,740 $ — $ 4,118 Capitalizations 19 40 (2) 6 63 Amortization (25) (28) (281) — (334) Balance at December 31, 2021 272 112 3,457 6 3,847 Capitalizations 18 51 — 120 189 Amortization (26) (26) (237) (6) (295) Balance at December 31, 2022 264 137 3,220 120 3,741 Capitalizations 18 46 (1) 55 118 Amortization (27) (28) (224) (17) (296) Other (3) — — (272) — (272) Balance at December 31, 2023 $ 255 $ 155 $ 2,723 $ 158 $ 3,291 Total DAC and VOBA: Balance at December 31, 2021 $ 3,865 Balance at December 31, 2022 $ 3,757 Balance at December 31, 2023 $ 3,305 __________________ (1) See Note 2 for information on the reorganization of the Company’s segments. (2) Includes DAC balances primarily related to whole life, variable annuities, disability income, term life, long-term care, and universal life products. (3) MetLife Holdings segment includes activity for total DAC ceded at the date of inception related to a reinsurance agreement. See Note 8 for further information on the transaction. 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 RIS 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 and longevity assumptions that are consistent with those used to measure the corresponding liabilities. The Company amortizes DAC for short-duration contracts, which is primarily comprised of commissions and certain underwriting expenses, in proportion to actual and future earned premium over the applicable contract term. Information regarding other intangibles was as follows: Years Ended December 31, 2023 2022 2021 (In millions) VODA and VOCRA: Balance at January 1, $ 99 $ 116 $ 135 Amortization (15) (17) (19) Balance at December 31, $ 84 $ 99 $ 116 Accumulated amortization $ 373 $ 358 $ 341 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: RIS (1) MetLife Holdings Total (In millions) Balance at January 1, 2021 $ 22 $ 157 $ 179 Deferrals 3 49 52 Amortization (4) (11) (15) Balance at December 31, 2021 21 195 216 Deferrals 1 45 46 Amortization (4) (13) (17) Balance at December 31, 2022 18 227 245 Deferrals 2 33 35 Amortization (4) (14) (18) Other (2) — (241) (241) Balance at December 31, 2023 $ 16 $ 5 $ 21 __________________ (1) See Note 2 for information on the reorganization of the Company’s segments. (2) MetLife Holdings segment includes activity for total UREV ceded at the date of inception related to a reinsurance agreement. See Note 8 for further information on the transaction. Significant Methodologies and Assumptions UREV is amortized similarly to DAC and VOBA, see “— DAC and VOBA.” |
Reinsurance
Reinsurance | 12 Months Ended |
Dec. 31, 2023 | |
Reinsurance Disclosures [Abstract] | |
Reinsurance | 8. Reinsurance The Company enters into reinsurance agreements that transfer risk from its various insurance products to affiliated and unaffiliated companies. These cessions limit losses, minimize exposure to significant risks and provide additional capacity for future growth. The Company also provides reinsurance by accepting risk from affiliates and nonaffiliates. Under the terms of the reinsurance agreements, the reinsurer agrees to reimburse the Company for the ceded amount in the event a claim is paid. Cessions under reinsurance agreements do not discharge the Company’s obligation as the primary insurer. In the event that reinsurers do not meet their obligations under the terms of the reinsurance agreements, reinsurance recoverable balances could become uncollectible. Accounting for reinsurance requires extensive use of assumptions and estimates, particularly related to the future performance of the underlying business and the potential impact of counterparty credit risks. The Company periodically reviews actual and anticipated experience compared to the aforementioned assumptions used to establish assets and liabilities relating to ceded and assumed reinsurance and evaluates the financial strength of counterparties to its reinsurance agreements using criteria similar to that evaluated in the security impairment process discussed in “— Fixed Maturity Securities AFS – Evaluation of Fixed Maturity Securities AFS for Credit Loss” in Note 10. Group Benefits For its Group Benefits segment, the Company generally retains most of the risk, with the exception of its Group Term Life business and certain client arrangements. The Company reinsures an 80% quota share of its Group Term Life business and a 50% quota share of its Group Dental business for capital management purposes. The majority of the Company’s other reinsurance activity within this segment relates to client agreements for employer sponsored captive programs, risk-sharing agreements and multinational pooling. The risks ceded under these agreements are generally quota shares of group life and disability policies. The cessions vary and the Company may cede up to 100% of all the risks of these policies. RIS The Company’s RIS segment has engaged in reinsurance activities on an opportunistic basis. Also, the Company assumes certain group annuity contracts issued in connection with pension risk transfers from an affiliate. MetLife Holdings For its life products, the Company has historically reinsured the mortality risk primarily on an excess of retention basis or on a quota share basis. In addition to reinsuring mortality risk as described above, the Company reinsures other risks, as well as specific coverages. Placement of reinsurance is done primarily on an automatic basis and also on a facultative basis for risks with specified characteristics. In 2023, the Company reinsured an in-force block of universal life, variable universal life, universal life with secondary guarantees and fixed annuities to a third party on a 100% quota share basis. Catastrophe Coverage The Company has exposure to catastrophes which could contribute to significant fluctuations in its results of operations. For its Group Benefits segment, the Company purchases catastrophe coverage to reinsure risks issued within territories that it believes are subject to the greatest catastrophic risks. For its other segments, the Company uses excess of retention and quota share reinsurance agreements to provide greater diversification of risk and minimize exposure to larger risks. Excess of retention reinsurance agreements provide for a portion of a risk to remain with the direct writing company and quota share reinsurance agreements provide for the direct writing company to transfer a fixed percentage of all risks of a class of policies. Reinsurance Recoverables The Company reinsures its business through a diversified group of well-capitalized reinsurers. The Company analyzes recent trends in arbitration and litigation outcomes in disputes, if any, with its reinsurers. The Company monitors ratings and evaluates the financial strength of its reinsurers by analyzing their financial statements. In addition, the reinsurance recoverable balance due from each reinsurer is evaluated as part of the overall monitoring process. Recoverability of reinsurance recoverable balances is evaluated based on these analyses. The Company generally secures large reinsurance recoverable balances with various forms of collateral, including secured trusts, funds withheld accounts, and irrevocable letters of credit. These reinsurance recoverable balances are stated net of allowances for uncollectible reinsurance, which at December 31, 2023 and 2022, were not significant. The Company has secured certain reinsurance recoverable balances with various forms of collateral, including secured trusts, funds withheld accounts and irrevocable letters of credit. The Company had $1.4 billion and $1.3 billion of unsecured unaffiliated reinsurance recoverable balances at December 31, 2023 and 2022, respectively. At December 31, 2023, the Company had $9.6 billion of net unaffiliated ceded reinsurance recoverables. Of this total, $8.9 billion, or 93%, were with the Company’s five largest unaffiliated ceded reinsurers, including $925 million of net unaffiliated ceded reinsurance recoverables which were unsecured. At December 31, 2022, the Company had $2.0 billion of net unaffiliated ceded reinsurance recoverables. Of this total, $1.6 billion, or 80%, were with the Company’s five largest unaffiliated ceded reinsurers, including $1.1 billion of net unaffiliated ceded reinsurance recoverables which were unsecured. The Company has reinsured, with an unaffiliated third-party reinsurer, 59% of the closed block through a modified coinsurance agreement. The Company accounts for this agreement under the deposit method of accounting. The Company, having the right of offset, has offset the modified coinsurance deposit liability with the deposit recoverable. The amounts on the consolidated statements of operations include the impact of reinsurance. Information regarding the significant effects of reinsurance was as follows: Years Ended December 31, 2023 2022 2021 (In millions) Premiums Direct premiums $ 25,027 $ 31,265 $ 23,005 Reinsurance assumed 847 872 4,121 Reinsurance ceded (1,156) (948) (938) Net premiums $ 24,718 $ 31,189 $ 26,188 Universal life and investment-type product policy fees Direct universal life and investment-type product policy fees $ 2,019 $ 2,079 $ 2,173 Reinsurance assumed (17) 30 (16) Reinsurance ceded (338) (292) (283) Net universal life and investment-type product policy fees $ 1,664 $ 1,817 $ 1,874 Other revenues Direct other revenues $ 1,025 $ 1,025 $ 1,066 Reinsurance assumed 125 54 13 Reinsurance ceded 523 615 537 Net other revenues $ 1,673 $ 1,694 $ 1,616 Policyholder benefits and claims Direct policyholder benefits and claims $ 26,768 $ 33,433 $ 26,322 Reinsurance assumed 708 856 3,962 Reinsurance ceded (1,326) (1,156) (1,200) Net policyholder benefits and claims $ 26,150 $ 33,133 $ 29,084 Policyholder liability remeasurement (gains) losses Direct policyholder liability remeasurement (gains) losses $ (87) $ 43 $ (19) Reinsurance assumed (48) (39) 31 Reinsurance ceded (15) (15) (12) Net policyholder liability remeasurement (gains) losses $ (150) $ (11) $ — Market risk benefits remeasurement (gains) losses Direct market risk benefits remeasurement (gains) losses $ (701) $ (3,389) $ (758) Reinsurance assumed (2) 10 — Reinsurance ceded — — — Net market risk benefits remeasurement (gains) losses $ (703) $ (3,379) $ (758) Interest credited to policyholder account balances Direct interest credited to policyholder account balances $ 3,276 $ 2,418 $ 2,157 Reinsurance assumed 354 109 43 Reinsurance ceded (28) (18) (15) Net interest credited to policyholder account balances $ 3,602 $ 2,509 $ 2,185 Other expenses Direct other expenses $ 5,365 $ 5,026 $ 4,551 Reinsurance assumed 280 97 162 Reinsurance ceded 140 580 987 Net other expenses $ 5,785 $ 5,703 $ 5,700 The amounts on the consolidated balance sheets include the impact of reinsurance. Information regarding the significant effects of reinsurance was as follows at: December 31, 2023 2022 Direct Assumed Ceded Total Direct Assumed Ceded Total (In millions) Assets Premiums, reinsurance and other receivables $ 3,287 $ 736 $ 24,213 $ 28,236 $ 2,952 $ 1,302 $ 16,537 $ 20,791 Market risk benefits 170 7 — 177 167 7 — 174 Deferred policy acquisition costs and value of business acquired 3,628 158 (481) 3,305 3,860 120 (223) 3,757 Total assets $ 7,085 $ 901 $ 23,732 $ 31,718 $ 6,979 $ 1,429 $ 16,314 $ 24,722 Liabilities Future policy benefits $ 125,885 $ 3,297 $ — $ 129,182 $ 123,335 $ 3,579 $ — $ 126,914 Policyholder account balances 94,825 9,069 — 103,894 97,162 6,245 — 103,407 Market risk benefits 2,863 15 — 2,878 3,255 15 — 3,270 Other policy-related balances 8,186 384 (281) 8,289 7,596 358 (23) 7,931 Other liabilities 7,800 2,112 13,807 23,719 8,718 2,160 13,617 24,495 Total liabilities $ 239,559 $ 14,877 $ 13,526 $ 267,962 $ 240,066 $ 12,357 $ 13,594 $ 266,017 Reinsurance agreements that do not expose the Company to a reasonable possibility of a significant loss from insurance risk are recorded using the deposit method of accounting. Included in the above table are deposit assets on reinsurance of $14.3 billion and $11.6 billion at December 31, 2023 and 2022, respectively. Also, included in the table above are deposit liabilities on reinsurance of $1.5 billion and $1.7 billion at December 31, 2023 and 2022, respectively. In November 2023, the Company completed a risk transfer transaction with a subsidiary 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. The Company entered into a reinsurance agreement on a coinsurance basis for the general account products and on a modified coinsurance basis for the separate account products. The Company recorded reinsurance recoverables and deposit receivables of $7.5 billion at December 31, 2023 reported in premiums, reinsurance and other receivables. At inception of the agreement, in addition to recording the amount recoverable, the Company i) transferred to the reinsurer $7.2 billion of assets primarily consisting of fixed maturity securities AFS and mortgage loans supporting the general account liabilities reduced by a $1.7 billion pre-tax ceding commission, ii) retained $4.5 billion separate account assets under the modified coinsurance arrangement and iii) recorded the net cost of reinsurance of $240 million within other liabilities, related to universal life, variable universal life and universal life with secondary guarantees reinsured. The net cost of reinsurance will be amortized on a basis consistent with the methodologies and assumptions used for amortizing DAC related to the underlying reinsured contracts in policyholder benefits and claims. As part of this transaction, an affiliate entered into investment advisory and other agreements with a subsidiary of Global Atlantic Financial Group to serve as the investment manager for certain of the transferred general account assets. With certain exceptions, the agreements contemplate a term of five years. Related Party Reinsurance Transactions The Company has reinsurance agreements with certain of MetLife, Inc.’s subsidiaries, including MetLife Reinsurance Company of Charleston (“MRC”), MetLife Reinsurance Company of Vermont, Metropolitan Tower Life Insurance Company (“MTL”), Superior Vision Insurance, Inc. and MetLife Insurance K.K., all of which are related parties. Information regarding the significant effects of affiliated reinsurance included on the consolidated statements of operations was as follows: Years Ended December 31, 2023 2022 2021 (In millions) Premiums Reinsurance assumed $ (19) $ 7 $ 3,237 Reinsurance ceded (372) (139) (114) Net premiums $ (391) $ (132) $ 3,123 Universal life and investment-type product policy fees Reinsurance assumed $ 4 $ — $ 1 Reinsurance ceded (6) (4) (9) Net universal life and investment-type product policy fees $ (2) $ (4) $ (8) Other revenues Reinsurance assumed $ 91 $ 78 $ (11) Reinsurance ceded 471 472 505 Net other revenues $ 562 $ 550 $ 494 Policyholder benefits and claims Reinsurance assumed $ (121) $ 52 $ 3,141 Reinsurance ceded (310) (142) (146) Net policyholder benefits and claims $ (431) $ (90) $ 2,995 Policyholder liability remeasurement (gains) losses Reinsurance assumed $ (40) $ (47) $ 10 Reinsurance ceded (11) (9) (2) Net policyholder liability remeasurement (gains) losses $ (51) $ (56) $ 8 Interest credited to policyholder account balances Reinsurance assumed $ 344 $ 97 $ 31 Reinsurance ceded (11) (12) (12) Net interest credited to policyholder account balances $ 333 $ 85 $ 19 Other expenses Reinsurance assumed $ 239 $ 36 $ 89 Reinsurance ceded 220 651 1,065 Net other expenses $ 459 $ 687 $ 1,154 Information regarding the significant effects of affiliated reinsurance included on the consolidated balance sheets was as follows at: December 31, 2023 2022 Assumed Ceded Assumed Ceded (In millions) Assets Premiums, reinsurance and other receivables $ 164 $ 11,302 $ 723 $ 11,303 Deferred policy acquisition costs and value of business acquired 158 (160) 120 (164) Total assets $ 322 $ 11,142 $ 843 $ 11,139 Liabilities Future policy benefits $ 2,236 $ — $ 2,484 $ — Policyholder account balances 9,040 — 6,216 — Other policy-related balances 65 (35) 61 (23) Other liabilities 957 10,267 910 10,380 Total liabilities $ 12,298 $ 10,232 $ 9,671 $ 10,357 Effective April 1, 2021, the Company, through its wholly-owned subsidiary, Missouri Reinsurance, Inc. (“MoRe”), entered into an agreement to assume certain group annuity contracts issued in connection with a qualifying pension risk transfer on a modified coinsurance basis from MTL. The significant reinsurance effects to the Company were primarily in future policy benefits of $2.2 billion and $2.4 billion and other invested assets of $2.8 billion and $3.0 billion at December 31, 2023 and 2022, respectively. Also, the Company recorded policyholder benefits and claims of ($130) million, $50 million and $3.1 billion and other expenses of $194 million, $24 million and $89 million for the years ended December 31, 2023, 2022 and 2021, respectively. The Company ceded two blocks of business to an affiliate on a 75% coinsurance with funds withheld basis. Certain contractual features of this agreement qualify as embedded derivatives, which are separately accounted for at estimated fair value on the Company’s consolidated balance sheets. The embedded derivatives related to the funds withheld associated with this reinsurance agreement are included within other liabilities and were ($39) million and ($28) million at December 31, 2023 and 2022, respectively. Net derivative gains (losses) associated with these embedded derivatives were $11 million, $59 million and $15 million for the years ended December 31, 2023, 2022 and 2021, respectively. Certain contractual features of the closed block agreement with MRC qualify as embedded derivatives, which are separately accounted for at estimated fair value on the Company’s consolidated balance sheets. The embedded derivative related to the funds withheld associated with this reinsurance agreement was included within other liabilities and was ($265) million and ($423) million at December 31, 2023 and 2022, respectively. Net derivative gains (losses) associated with the embedded derivative were ($158) million, $1.5 billion and $341 million for the years ended December 31, 2023, 2022 and 2021, respectively. The Company has secured certain reinsurance recoverable balances with various forms of collateral, including secured trusts, funds withheld accounts and irrevocable letters of credit. The Company had $822 million and $757 million of unsecured affiliated reinsurance recoverable balances at December 31, 2023 and 2022, respectively. Affiliated reinsurance agreements that do not expose the Company to a reasonable possibility of a significant loss from insurance risk are recorded using the deposit method of accounting. Included in the above table are deposit assets on affiliated reinsurance of $9.6 billion and $9.7 billion at December 31, 2023 and 2022, respectively. Also, included in the table above are deposit liabilities on affiliated reinsurance of $764 million and $874 million at December 31, 2023 and 2022, respectively. |
Closed Block
Closed Block | 12 Months Ended |
Dec. 31, 2023 | |
Closed Block Disclosure [Abstract] | |
Closed Block | . Closed Block On April 7, 2000 (the “Demutualization Date”), Metropolitan Life Insurance Company 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 Metropolitan Life Insurance Company’s plan of reorganization, as amended (the “Plan of Reorganization”). On the Demutualization Date, Metropolitan Life Insurance Company established a closed block for the benefit of holders of certain individual life insurance policies of Metropolitan Life Insurance Company. 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 liabilities and assets designated to the closed block was as follows at: December 31, 2023 2022 (In millions) Closed Block Liabilities Future policy benefits $ 36,142 $ 37,222 Other policy-related balances 319 273 Policyholder dividends payable 174 181 Other liabilities 668 455 Total closed block liabilities 37,303 38,131 Assets Designated to the Closed Block Investments: Fixed maturity securities available-for-sale, at estimated fair value 19,939 19,648 Mortgage loans 6,151 6,564 Policy loans 3,960 4,084 Real estate and real estate joint ventures 668 635 Other invested assets 506 705 Total investments 31,224 31,636 Cash and cash equivalents 717 437 Accrued investment income 383 375 Premiums, reinsurance and other receivables 54 52 Current income tax recoverable 3 88 Deferred income tax asset 312 423 Total assets designated to the closed block 32,693 33,011 Excess of closed block liabilities over assets designated to the closed block 4,610 5,120 AOCI: Unrealized investment gains (losses), net of income tax (820) (1,357) Unrealized gains (losses) on derivatives, net of income tax 130 262 Total amounts included in AOCI (690) (1,095) Maximum future earnings to be recognized from closed block assets and liabilities $ 3,920 $ 4,025 Information regarding the closed block policyholder dividend obligation was as follows: Years Ended December 31, 2023 2022 2021 (In millions) Balance at January 1, $ — $ 1,682 $ 2,969 Change in unrealized investment and derivative gains (losses) — (1,682) (1,287) Balance at December 31, $ — $ — $ 1,682 Information regarding the closed block revenues and expenses was as follows: Years Ended December 31, 2023 2022 2021 (In millions) Revenues Premiums $ 922 $ 1,104 $ 1,298 Net investment income 1,362 1,382 1,541 Net investment gains (losses) 7 (51) (36) Net derivative gains (losses) — 33 18 Total revenues 2,291 2,468 2,821 Expenses Policyholder benefits and claims 1,706 1,890 2,150 Policyholder dividends 366 458 626 Other expenses 86 90 96 Total expenses 2,158 2,438 2,872 Revenues, net of expenses before provision for income tax expense (benefit) 133 30 (51) Provision for income tax expense (benefit) 28 6 (11) Revenues, net of expenses and provision for income tax expense (benefit) $ 105 $ 24 $ (40) Metropolitan Life Insurance Company 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. Metropolitan Life Insurance Company also charges the closed block for expenses of maintaining the policies included in the closed block. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | 10. Investments See Note 12 for information about the fair value hierarchy for investments and the related valuation methodologies. Investment Risks and Uncertainties Investments are exposed to the following primary sources of risk: credit, interest rate, liquidity, market valuation, currency and real estate risk. The financial statement risks, stemming from such investment risks, are those associated with the determination of estimated fair values, the diminished ability to sell certain investments in times of strained market conditions, the recognition of ACL and impairments, the recognition of income on certain investments and the potential consolidation of VIEs. The use of different methodologies, assumptions and inputs relating to these financial statement risks may have a material effect on the amounts presented within the consolidated financial statements. The determination of ACL and impairments is highly subjective and is based upon quarterly evaluations and assessments of known and inherent risks associated with the respective asset class. Such evaluations and assessments are revised as conditions change and new information becomes available. The recognition of income on certain investments (e.g. structured securities, including mortgage-backed securities, asset-backed securities and collateralized loan obligations (“ABS & CLO”), certain structured investment transactions and FVO securities) is dependent upon certain factors such as prepayments and defaults, and changes in such factors could result in changes in amounts to be earned. Fixed Maturity Securities AFS Fixed Maturity Securities AFS by Sector The following table presents fixed maturity securities AFS by sector. U.S. corporate and foreign corporate sectors include redeemable preferred stock. RMBS includes agency, prime, prime investor, non-qualified residential mortgage, alternative, reperforming and sub-prime mortgage-backed securities. 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.” December 31, 2023 2022 Amortized Gross Unrealized Estimated Amortized Gross Unrealized Estimated Sector Allowance for Credit Loss Gains Losses Allowance for Credit Loss Gains Losses (In millions) U.S. corporate $ 52,479 $ (62) $ 1,126 $ 3,050 $ 50,493 $ 55,280 $ (28) $ 649 $ 4,811 $ 51,090 Foreign corporate 27,520 (2) 536 2,839 25,215 28,328 (3) 206 4,538 23,993 U.S. government and agency 23,100 — 243 2,283 21,060 24,409 — 333 2,384 22,358 RMBS 20,700 (1) 228 1,979 18,948 21,539 — 177 2,383 19,333 ABS & CLO 12,049 (6) 30 432 11,641 12,639 — 9 812 11,836 Municipals 6,429 — 318 428 6,319 7,880 — 256 672 7,464 CMBS 6,387 (11) 28 570 5,834 6,691 (15) 7 640 6,043 Foreign government 3,416 (50) 156 227 3,295 3,711 (68) 140 324 3,459 Total fixed maturity securities AFS $ 152,080 $ (132) $ 2,665 $ 11,808 $ 142,805 $ 160,477 $ (114) $ 1,777 $ 16,564 $ 145,576 Methodology for Amortization of Premium and Accretion of Discount on Structured Products Amortization of premium and accretion of discount on Structured Products considers the estimated timing and amount of prepayments of the underlying loans. Actual prepayment experience is periodically reviewed and effective yields are recalculated when differences arise between the originally anticipated and the actual prepayments received and currently anticipated. Prepayment assumptions for Structured Products are estimated using inputs obtained from third-party specialists and based on management’s knowledge of the current market. For credit-sensitive and certain prepayment-sensitive Structured Products, the effective yield is recalculated on a prospective basis. For all other Structured Products, the effective yield is recalculated on a retrospective basis. Maturities of Fixed Maturity Securities AFS The amortized cost, net of ACL, and estimated fair value of fixed maturity securities AFS, by contractual maturity date, were as follows at December 31, 2023: Due in One Year or Less Due After One Year Through Five Years Due After Five Years Through Ten Years Due After Ten Years Structured Products Total Fixed Maturity Securities AFS (In millions) Amortized cost, net of ACL $ 4,011 $ 24,416 $ 27,330 $ 57,073 $ 39,118 $ 151,948 Estimated fair value $ 3,949 $ 23,787 $ 26,459 $ 52,187 $ 36,423 $ 142,805 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. December 31, 2023 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 $ 3,537 $ 95 $ 25,752 $ 2,924 $ 34,358 $ 3,953 $ 3,383 $ 856 Foreign corporate 714 64 16,982 2,775 16,834 3,350 3,977 1,188 U.S. government and agency 4,322 228 9,980 2,055 13,489 1,895 2,756 489 RMBS 1,470 37 12,813 1,941 11,622 1,280 4,585 1,103 ABS & CLO 937 20 8,250 410 7,725 499 3,009 313 Municipals 262 10 2,102 418 3,526 616 133 56 CMBS 587 23 4,096 542 4,376 426 1,254 213 Foreign government 431 12 1,452 212 1,803 209 306 115 Total fixed maturity securities AFS $ 12,260 $ 489 $ 81,427 $ 11,277 $ 93,733 $ 12,228 $ 19,403 $ 4,333 Investment grade $ 11,499 $ 453 $ 77,325 $ 10,849 $ 88,059 $ 11,710 $ 17,470 $ 3,897 Below investment grade 761 36 4,102 428 5,674 518 1,933 436 Total fixed maturity securities AFS $ 12,260 $ 489 $ 81,427 $ 11,277 $ 93,733 $ 12,228 $ 19,403 $ 4,333 Total number of securities in an unrealized loss position 1,679 8,441 10,688 2,110 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 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 $4.8 billion for the year ended December 31, 2023 to $11.8 billion primarily due to interest rate volatility, narrowing credit spreads, impairments in connection with a reinsurance transaction and, to a lesser extent, the strengthening of foreign currencies on certain non-functional currency denominated fixed maturity securities. As shown above, most of the gross unrealized losses on securities without an ACL that have been in a continuous gross unrealized loss position for 12 months or greater at December 31, 2023 relate to investment grade securities. These unrealized losses are principally due to widening credit spreads since purchase and, with respect to fixed-rate securities, rising interest rates since purchase. As of December 31, 2023, $428 million of gross unrealized losses on securities without an ACL that have been in a continuous gross unrealized loss position for 12 months or greater on below investment grade securities were concentrated in the transportation, consumer and communications sectors within corporate securities and in 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 and, with respect to fixed-rate securities, rising interest rates since purchase. At December 31, 2023, the Company did not intend to sell its securities in an unrealized loss position without an ACL, 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. Therefore, the Company concluded that these securities had not incurred a credit loss and should not have an ACL at December 31, 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 RMBS ABS & CLO CMBS Total Year Ended December 31, 2023 (In millions) Balance at January 1, $ 28 $ 3 $ 68 $ — $ — $ 15 $ 114 ACL not previously recorded 31 — — 2 6 1 40 Changes for securities with previously recorded ACL 7 (1) (2) (1) — 5 8 Securities sold or exchanged (4) — (16) — — (10) (30) Write-offs — — — — — — — Balance at December 31, $ 62 $ 2 $ 50 $ 1 $ 6 $ 11 $ 132 U.S. Foreign Foreign RMBS ABS & CLO CMBS Total Year Ended December 31, 2022 (In millions) Balance at January 1, $ 30 $ 10 $ — $ — $ — $ 13 $ 53 ACL not previously recorded 13 12 103 — — 2 130 Changes for securities with previously recorded ACL 17 3 (15) — — — 5 Securities sold or exchanged (10) (22) (20) — — — (52) Write-offs (22) — — — — — (22) Balance at December 31, $ 28 $ 3 $ 68 $ — $ — $ 15 $ 114 Mortgage Loans Mortgage Loans by Portfolio Segment Mortgage loans are summarized as follows at: December 31, 2023 2022 Portfolio Segment Carrying % of Carrying % of (Dollars in millions) Commercial $ 37,129 59.3 % $ 37,196 59.4 % Agricultural 15,831 25.3 15,869 25.4 Residential 10,133 16.2 9,953 15.9 Total amortized cost 63,093 100.8 63,018 100.7 Allowance for credit loss (509) (0.8) (448) (0.7) Total mortgage loans $ 62,584 100.0 % $ 62,570 100.0 % The amount of net (discounts) premiums and deferred (fees) expenses, included within total amortized cost, primarily attributable to residential mortgage loans was ($720) million and ($717) million at December 31, 2023 and 2022, respectively. The accrued interest income excluded from total amortized cost for commercial, agricultural and residential mortgage loans at December 31, 2023 was $196 million, $166 million and $79 million, respectively. The accrued interest income excluded from total amortized cost for commercial, agricultural and residential mortgage loans at December 31, 2022 was $171 million, $147 million and $70 million, respectively. Purchases of mortgage loans from unaffiliated parties, consisting primarily of residential mortgage loans, were $1.1 billion, $2.3 billion and $1.4 billion for the years ended December 31, 2023, 2022 and 2021, respectively. During the year ended December 31, 2023, the Company disposed of commercial mortgage loans with an amortized cost of $141 million in connection with a reinsurance transaction. The disposition resulted in a loss of $31 million for the year ended December 31, 2023. The Company originates and acquires unaffiliated mortgage loans and simultaneously sells a portion to affiliates under master participation agreements. The aggregate amount of mortgage loan participation interests in unaffiliated mortgage loans sold by the Company to affiliates for the years ended December 31, 2023, 2022 and 2021 was $22 million, $167 million and $277 million, respectively. In connection with the mortgage loan participations, the Company collected principal and interest payments from unaffiliated borrowers on behalf of affiliates and remitted such receipts to the affiliates in the amount of $536 million, $576 million and $1.0 billion for the years ended December 31, 2023, 2022 and 2021, respectively. The Company acquires mortgage loans from its affiliated mortgage origination company. The affiliate originates and acquires mortgage loans and the Company simultaneously purchases participation interests under a master participation agreement. The aggregate amount of mortgage loan and mortgage secured loan participation interests purchased by the Company from such affiliate for the years ended December 31, 2023, 2022 and 2021 was $2.1 billion, $4.8 billion and $4.7 billion, respectively. In connection with mortgage loan and mortgage secured loan participations, the affiliate collected principal and interest payments on the Company’s behalf and the affiliate remitted such payments to the Company in the amount of $2.5 billion, $2.6 billion and $1.9 billion for the years ended December 31, 2023, 2022 and 2021, respectively. During the second quarter of 2023, the Company assigned mortgage loans with a previously recorded amortized cost of $5.3 billion to its affiliated mortgage origination company. In connection with the assignment, this affiliate contemporaneously assumed the Company’s rights and obligations associated with the assigned mortgage loans. In exchange, the Company received $5.3 billion of mortgage secured loans from this affiliate, secured by the same mortgage loans assigned. As of December 31, 2023, the Company’s aggregate participation interests in affiliated mortgage secured loans included in commercial and agricultural mortgage loans was $13.1 billion. During the years ended December 31, 2023 and 2022, the Company contributed commercial mortgage loans with an amortized cost of $14 million and $306 million, respectively, to joint ventures in anticipation of subsequent foreclosure or deed-in-lieu of foreclosure transactions. During the years ended December 31, 2023 and 2022, the joint ventures completed foreclosure or deed-in-lieu of foreclosure transactions on loans with an amortized cost of $35 million and $285 million, respectively. During the year ended December 31, 2023, no gains or losses were recognized on foreclosures or deed-in-lieu of foreclosures within joint ventures as the estimated fair value of the real estate collateralizing the foreclosures or deed-in-lieu of foreclosures approximated amortized cost. The real estate collateralizing the 2022 foreclosures or deed-in-lieu of foreclosures had an estimated fair value in excess of amortized cost. Therefore, during the year ended December 31, 2022, the Company recognized its pro rata share of $19 million within net investment gains (losses) upon consummation of the foreclosures or deed-in-lieu of foreclosures. See “— Real Estate and Real Estate Joint Ventures” for the carrying value of wholly-owned real estate acquired through foreclosure. 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: Years Ended December 31, 2023 2022 2021 Commercial Agricultural Residential Total Commercial Agricultural Residential Total Commercial Agricultural Residential Total (In millions) Balance at January 1, $ 174 $ 105 $ 169 $ 448 $ 260 $ 79 $ 197 $ 536 $ 199 $ 97 $ 221 $ 517 Provision (release) 50 83 (22) 111 (3) 47 (20) 24 61 6 (25) 42 Initial credit losses on PCD loans (1) — — — — — — — — — — 3 3 Charge-offs, net of recoveries (14) (36) — (50) (83) (21) (8) (112) — (24) (2) (26) Balance at December 31, $ 210 $ 152 $ 147 $ 509 $ 174 $ 105 $ 169 $ 448 $ 260 $ 79 $ 197 $ 536 __________________ (1) Represents the initial credit losses on purchased mortgage loans accounted for as PCD. 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). Commercial and Agricultural Mortgage Loan Portfolio Segments 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. After commercial and agricultural mortgage 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 is 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, in materially impacted segments, 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. Mortgage loans are summarized as follows at: December 31, 2023 Maturity Extension Weighted Average Life Increase % of Total BV Amortized Cost Affected Loans (in Years) (Dollars in millions) Commercial $ 419 Less than one year 1.0 % For the year ended December 31, 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. Credit Quality of Mortgage Loans by Portfolio Segment The amortized cost of commercial mortgage loans by credit quality indicator and vintage year was as follows at December 31, 2023: Credit Quality Indicator 2023 2022 2021 2020 2019 Prior Revolving Total % of (Dollars in millions) L |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | 11. Derivatives See Note 1 for a description of the Company’s accounting policies for derivatives and Note 12 for information about the fair value hierarchy for derivatives. Derivative Strategies The Company is exposed to various risks relating to its ongoing business operations, including interest rate, foreign currency exchange rate, credit and equity market. The Company uses a variety of strategies to manage these risks, including the use of derivatives. Derivatives are financial instruments with values derived from interest rates, foreign currency exchange rates, credit spreads and/or other financial indices. Derivatives may be exchange-traded or contracted in the over-the-counter (“OTC”) market. Certain of the Company’s OTC derivatives are cleared and settled through central clearing counterparties (“OTC-cleared”), while others are bilateral contracts between two counterparties (“OTC-bilateral”). The types of derivatives the Company uses include swaps, forwards, futures and option contracts. To a lesser extent, the Company uses credit default swaps and structured interest rate swaps to synthetically replicate investment risks and returns which are not readily available in the cash markets. Interest Rate Derivatives The Company uses a variety of interest rate derivatives to reduce its exposure to changes in interest rates, including interest rate swaps, interest rate total return swaps, caps, floors, swaptions, futures and forwards. Interest rate swaps are used by the Company primarily to reduce market risks from changes in interest rates and to alter interest rate exposure arising from mismatches between assets and liabilities (duration mismatches). In an interest rate swap, the Company agrees with another party to exchange, at specified intervals, the difference between fixed rate and floating rate interest amounts as calculated by reference to an agreed notional amount. The Company utilizes interest rate swaps in fair value, cash flow and nonqualifying hedging relationships. The Company uses structured interest rate swaps to synthetically create investments that are either more expensive to acquire or otherwise unavailable in the cash markets. These transactions are a combination of a derivative and a cash instrument such as a U.S. government and agency, or other fixed maturity securities AFS. Structured interest rate swaps are included in interest rate swaps and are not designated as hedging instruments. Interest rate total return swaps are swaps whereby the Company agrees with another party to exchange, at specified intervals, the difference between the economic risk and reward of an asset or a market index and a benchmark interest rate, calculated by reference to an agreed notional amount. No cash is exchanged at the outset of the contract. Cash is paid and received over the life of the contract based on the terms of the swap. These transactions are entered into pursuant to master agreements that provide for a single net payment to be made by the counterparty at each due date. Interest rate total return swaps are used by the Company to reduce market risks from changes in interest rates and to alter interest rate exposure arising from mismatches between assets and liabilities (duration mismatches). The Company utilizes interest rate total return swaps in nonqualifying hedging relationships. The Company purchases interest rate caps primarily to protect its floating rate liabilities against rises in interest rates above a specified level, and against interest rate exposure arising from mismatches between assets and liabilities, and interest rate floors primarily to protect its minimum rate guarantee liabilities against declines in interest rates below a specified level. In certain instances, the Company locks in the economic impact of existing purchased caps and floors by entering into offsetting written caps and floors. The Company utilizes interest rate caps and floors in nonqualifying hedging relationships. In exchange-traded interest rate (Treasury and swap) futures transactions, the Company agrees to purchase or sell a specified number of contracts, the value of which is determined by the different classes of interest rate securities, to post variation margin on a daily basis in an amount equal to the difference in the daily market values of those contracts and to pledge initial margin based on futures exchange requirements. The Company enters into exchange-traded futures with regulated futures commission merchants that are members of the exchange. Exchange-traded interest rate (Treasury and swap) futures are used primarily to hedge mismatches between the duration of assets in a portfolio and the duration of liabilities supported by those assets, to hedge against changes in value of securities the Company owns or anticipates acquiring, to hedge against changes in interest rates on anticipated liability issuances by replicating Treasury or swap curve performance, and to hedge minimum guarantees embedded in certain variable annuity products issued by the Company. The Company utilizes exchange-traded interest rate futures in nonqualifying hedging relationships. Swaptions are used by the Company to hedge interest rate risk associated with the Company’s long-term liabilities and invested assets. A swaption is an option to enter into a swap with a forward starting effective date. In certain instances, the Company locks in the economic impact of existing purchased swaptions by entering into offsetting written swaptions. The Company pays a premium for purchased swaptions and receives a premium for written swaptions. The Company utilizes swaptions in nonqualifying hedging relationships. Swaptions are included in interest rate options. The Company enters into interest rate forwards to buy and sell securities. The price is agreed upon at the time of the contract and payment for such a contract is made at a specified future date. The Company utilizes interest rate forwards in cash flow and nonqualifying hedging relationships. Synthetic GICs are contracts that simulate the performance of traditional GICs through the use of financial instruments. The contractholder owns the underlying assets, and the Company provides a guarantee (or “wrap”) on the participant funds for an annual risk charge. The Company’s maximum exposure to loss on synthetic GICs is the notional amount, in the event the values of all of the underlying assets were reduced to zero. The Company’s risk is substantially lower due to contractual provisions that limit the portfolio to high quality assets, which are pre-approved and monitored for compliance, as well as the collection of risk charges. In addition, the crediting rates reset periodically to amortize market value gains and losses over a period equal to the duration of the wrapped portfolio, subject to a 0% floor. While plan participants may transact at book value, contractholder withdrawals may only occur immediately at market value, or at book value paid over a period of time per contract provisions. Synthetic GICs are not designated as hedging instruments. Foreign Currency Exchange Rate Derivatives The Company uses foreign currency exchange rate derivatives, including foreign currency swaps and foreign currency forwards, to reduce the risk from fluctuations in foreign currency exchange rates associated with its assets and liabilities denominated in foreign currencies. In a foreign currency swap transaction, the Company agrees with another party to exchange, at specified intervals, the difference between one currency and another at a fixed exchange rate, generally set at inception, calculated by reference to an agreed upon notional amount. The notional amount of each currency is exchanged at the inception and termination of the currency swap by each party. The Company utilizes foreign currency swaps in fair value, cash flow and nonqualifying hedging relationships. In a foreign currency forward transaction, the Company agrees with another party to deliver a specified amount of an identified currency at a specified future date. The price is agreed upon at the time of the contract and payment for such a contract is made at the specified future date. The Company utilizes foreign currency forwards in nonqualifying hedging relationships. Credit Derivatives The Company enters into purchased credit default swaps to hedge against credit-related changes in the value of its investments. In a credit default swap transaction, the Company agrees with another party to pay, at specified intervals, a premium to hedge credit risk. If a credit event occurs, as defined by the contract, the contract may be cash settled or it may be settled gross by the delivery of par quantities of the referenced investment equal to the specified swap notional amount in exchange for the payment of cash amounts by the counterparty equal to the par value of the investment surrendered. Credit events vary by type of issuer but typically include bankruptcy, failure to pay debt obligations and involuntary restructuring for corporate obligors, as well as repudiation, moratorium or governmental intervention for sovereign obligors. In each case, payout on a credit default swap is triggered only after the relevant third-party, Credit Derivatives Determinations Committee determines that a credit event has occurred. The Company utilizes credit default swaps in nonqualifying hedging relationships. The Company enters into written credit default swaps to synthetically create credit investments that are either more expensive to acquire or otherwise unavailable in the cash markets. These transactions are a combination of a derivative and one or more cash instruments, such as U.S. government and agency, or other fixed maturity securities AFS. These credit default swaps are not designated as hedging instruments. The Company enters into forwards to lock in the price to be paid for forward purchases of certain securities. The price is agreed upon at the time of the contract and payment for the contract is made at a specified future date. When the primary purpose of entering into these transactions is to hedge against the risk of changes in purchase price due to changes in credit spreads, the Company designates these transactions as credit forwards. The Company utilizes credit forwards in cash flow hedging relationships. Equity Derivatives The Company uses a variety of equity derivatives to reduce its exposure to equity market risk, including equity index options, equity variance swaps, exchange-traded equity futures and equity total return swaps. Equity index options are used by the Company primarily to hedge minimum guarantees embedded in certain variable annuity products issued by the Company. To hedge against adverse changes in equity indices, the Company enters into contracts to sell the underlying equity index within a limited time at a contracted price. The contracts will be net settled in cash based on differentials in the indices at the time of exercise and the strike price. Certain of these contracts may also contain settlement provisions linked to interest rates. In certain instances, the Company may enter into a combination of transactions to hedge adverse changes in equity indices within a pre-determined range through the purchase and sale of options. The Company utilizes equity index options in nonqualifying hedging relationships. Equity variance swaps are used by the Company primarily to hedge minimum guarantees embedded in certain variable annuity products issued by the Company. In an equity variance swap, the Company agrees with another party to exchange amounts in the future, based on changes in equity volatility over a defined period. The Company utilizes equity variance swaps in nonqualifying hedging relationships. In exchange-traded equity futures transactions, the Company agrees to purchase or sell a specified number of contracts, the value of which is determined by the different classes of equity securities, to post variation margin on a daily basis in an amount equal to the difference in the daily market values of those contracts and to pledge initial margin based on futures exchange requirements. The Company enters into exchange-traded futures with regulated futures commission merchants that are members of the exchange. Exchange-traded equity futures are used primarily to hedge minimum guarantees embedded in certain variable annuity products issued by the Company. The Company utilizes exchange-traded equity futures in nonqualifying hedging relationships. In an equity total return swap, the Company agrees with another party to exchange, at specified intervals, the difference between the economic risk and reward of an asset or a market index and a benchmark interest rate, calculated by reference to an agreed notional amount. No cash is exchanged at the outset of the contract. Cash is paid and received over the life of the contract based on the terms of the swap. The Company uses equity total return swaps to hedge its equity market guarantees in certain of its insurance products. Equity total return swaps can be used as hedges or to synthetically create investments. The Company utilizes equity total return swaps in nonqualifying hedging relationships. Primary Risks Managed by Derivatives The following table presents the primary underlying risk exposure, gross notional amount and estimated fair value of the Company’s derivatives, excluding embedded derivatives, held at: Primary Underlying Risk Exposure December 31, 2023 2022 Estimated Fair Value Estimated Fair Value Gross Assets Liabilities Gross Assets Liabilities (In millions) Derivatives Designated as Hedging Instruments: Fair value hedges: Interest rate swaps Interest rate $ 4,443 $ 1,257 $ 508 $ 4,036 $ 1,353 $ 443 Foreign currency swaps Foreign currency exchange rate 1,459 55 1 565 74 — Subtotal 5,902 1,312 509 4,601 1,427 443 Cash flow hedges: Interest rate swaps Interest rate 3,789 1 246 3,739 7 239 Interest rate forwards Interest rate 970 — 175 2,227 — 404 Foreign currency swaps Foreign currency exchange rate 30,342 1,977 846 29,290 2,453 1,364 Subtotal 35,101 1,978 1,267 35,256 2,460 2,007 Total qualifying hedges 41,003 3,290 1,776 39,857 3,887 2,450 Derivatives Not Designated or Not Qualifying as Hedging Instruments: Interest rate swaps Interest rate 15,516 1,476 638 15,358 1,579 704 Interest rate floors Interest rate 13,921 39 — 23,371 114 — Interest rate caps Interest rate 28,890 355 — 46,666 903 — Interest rate futures Interest rate 25 — — 414 — 1 Interest rate options Interest rate 39,226 361 27 39,712 434 36 Synthetic GICs Interest rate 6,145 — — 13,044 — — Foreign currency swaps Foreign currency exchange rate 4,304 446 24 4,739 720 5 Foreign currency forwards Foreign currency exchange rate 1,176 8 10 1,328 16 25 Credit default swaps — purchased Credit 809 3 7 843 16 — Credit default swaps — written Credit 10,007 186 4 9,074 113 26 Equity futures Equity market 941 3 — 1,063 2 — Equity index options Equity market 17,703 339 193 14,143 585 179 Equity variance swaps Equity market — — — 90 4 — Equity total return swaps Equity market 1,912 — 218 1,922 23 103 Total non-designated or nonqualifying derivatives 140,575 3,216 1,121 171,767 4,509 1,079 Total $ 181,578 $ 6,506 $ 2,897 $ 211,624 $ 8,396 $ 3,529 Based on gross notional amounts, a substantial portion of the Company’s derivatives was not designated or did not qualify as part of a hedging relationship at both December 31, 2023 and 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 Consolidated Statements of Operations and Comprehensive Income (Loss) The following table presents the consolidated financial statement location and amount of gain (loss) recognized on fair value, cash flow, nonqualifying hedging relationships and embedded derivatives: Year Ended December 31, 2023 Net Investment Income Net Investment Gains (Losses) Net Derivative Gains (Losses) Policyholder Benefits and Claims Interest Credited to Policyholder Account Balances OCI (In millions) Gain (Loss) on Fair Value Hedges: Interest rate derivatives: Derivatives designated as hedging instruments (1) $ (3) $ — N/A $ — $ 29 N/A Hedged items 3 — N/A (26) (31) N/A Foreign currency exchange rate derivatives: Derivatives designated as hedging instruments (1) (39) — N/A — 20 N/A Hedged items 38 — N/A — (24) N/A Subtotal (1) — N/A (26) (6) 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 $ (75) Amount of gains (losses) reclassified from AOCI into income 50 87 — — — (137) Foreign currency exchange rate derivatives: (1) Amount of gains (losses) deferred in AOCI N/A N/A N/A N/A N/A (177) Amount of gains (losses) reclassified from AOCI into income 4 684 — — — (688) Foreign currency transaction gains (losses) on hedged items — (671) — — — — Credit derivatives: (1) Amount of gains (losses) deferred in AOCI N/A N/A N/A N/A N/A — Amount of gains (losses) reclassified from AOCI into income — 1 — — — (1) Subtotal 54 101 — — — (1,078) Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments: Interest rate derivatives (1) — N/A (842) N/A N/A N/A Foreign currency exchange rate derivatives (1) — N/A (288) N/A N/A N/A Credit derivatives — purchased (1) — N/A (22) N/A N/A N/A Credit derivatives — written (1) — N/A 113 N/A N/A N/A Equity derivatives (1) (52) N/A (1,042) N/A N/A N/A Foreign currency transaction gains (losses) on hedged items — N/A 85 N/A N/A N/A Subtotal (52) N/A (1,996) N/A N/A N/A Earned income on derivatives 184 — 808 4 (145) — Synthetic GICs N/A N/A 17 N/A N/A N/A Embedded derivatives N/A N/A (366) N/A N/A N/A Total $ 185 $ 101 $ (1,537) $ (22) $ (151) $ (1,078) Year Ended December 31, 2022 Net Investment Income Net Investment Gains (Losses) Net Derivative Gains (Losses) Policyholder Benefits and Claims Interest Credited to Policyholder Account Balances OCI (In millions) Gain (Loss) on Fair Value Hedges: Interest rate derivatives: Derivatives designated as hedging instruments (1) $ 8 $ — N/A $ (959) $ (231) N/A Hedged items (8) — N/A 905 226 N/A Foreign currency exchange rate derivatives: Derivatives designated as hedging instruments (1) 105 — N/A — — N/A Hedged items (105) — N/A — — N/A Subtotal — — N/A (54) (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 $ (1,467) Amount of gains (losses) reclassified from AOCI into income 59 51 — — — (110) Foreign currency exchange rate derivatives: (1) Amount of gains (losses) deferred in AOCI N/A N/A N/A N/A N/A 766 Amount of gains (losses) reclassified from AOCI into income 5 (417) — — — 412 Foreign currency transaction gains (losses) on hedged items — 411 — — — — Credit derivatives: (1) Amount of gains (losses) deferred in AOCI N/A N/A N/A N/A N/A — Amount of gains (losses) reclassified from AOCI into income — — — — — — Subtotal 64 45 — — — (399) Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments: Interest rate derivatives (1) 3 N/A (2,190) N/A N/A N/A Foreign currency exchange rate derivatives (1) 2 N/A 564 N/A N/A N/A Credit derivatives — purchased (1) — N/A 44 N/A N/A N/A Credit derivatives — written (1) — N/A (66) N/A N/A N/A Equity derivatives (1) 29 N/A 491 N/A N/A N/A Foreign currency transaction gains (losses) on hedged items — N/A (300) N/A N/A N/A Subtotal 34 N/A (1,457) N/A N/A N/A Earned income on derivatives 370 — 599 112 (120) — Synthetic GICs N/A N/A — N/A N/A N/A Embedded derivatives N/A N/A 1,610 N/A N/A N/A Total $ 468 $ 45 $ 752 $ 58 $ (125) $ (399) Year Ended December 31, 2021 Net Investment Income Net Investment Gains (Losses) Net Derivative Gains (Losses) Policyholder Benefits and Claims Interest Credited to Policyholder Account Balances OCI (In millions) Gain (Loss) on Fair Value Hedges: Interest rate derivatives: Derivatives designated as hedging instruments (1) $ 6 $ — N/A $ (372) $ (83) N/A Hedged items (6) — N/A 327 78 N/A Foreign currency exchange rate derivatives: Derivatives designated as hedging instruments (1) 49 — N/A — — N/A Hedged items (43) — N/A — — N/A Subtotal 6 — N/A (45) (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 $ (570) Amount of gains (losses) reclassified from AOCI into income 57 87 — — — (144) Foreign currency exchange rate derivatives: (1) Amount of gains (losses) deferred in AOCI N/A N/A N/A N/A N/A 600 Amount of gains (losses) reclassified from AOCI into income 4 (229) — — — 225 Foreign currency transaction gains (losses) on hedged items — 227 — — — — Credit derivatives: (1) Amount of gains (losses) deferred in AOCI N/A N/A N/A N/A N/A — Amount of gains (losses) reclassified from AOCI into income — — — — — — Subtotal 61 85 — — — 111 Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments: Interest rate derivatives (1) 2 N/A (1,523) N/A N/A N/A Foreign currency exchange rate derivatives (1) — N/A 264 N/A N/A N/A Credit derivatives — purchased (1) — N/A 2 N/A N/A N/A Credit derivatives — written (1) — N/A 23 N/A N/A N/A Equity derivatives (1) (1) N/A (1,308) N/A N/A N/A Foreign currency transaction gains (losses) on hedged items — N/A (65) N/A N/A N/A Subtotal 1 N/A (2,607) N/A N/A N/A Earned income on derivatives 167 — 648 168 (121) — Synthetic GICs N/A N/A — N/A N/A N/A Embedded derivatives N/A N/A 330 — N/A N/A Total $ 235 $ 85 $ (1,629) $ 123 $ (126) $ 111 __________________ (1) Excludes earned income on derivatives. Fair Value Hedges The Company designates and accounts for the following as fair value hedges when they have met the requirements of fair value hedging: (i) interest rate swaps to convert fixed rate assets and liabilities to floating rate assets and liabilities; and (ii) foreign currency swaps to hedge the foreign currency fair value exposure of foreign currency denominated assets and liabilities. 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 of the Cumulative Amount December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 (In millions) Fixed maturity securities AFS $ 120 $ 247 $ 1 $ 1 Mortgage loans $ 345 $ 319 $ (10) $ (18) Future policy benefits $ (2,863) $ (2,816) $ 191 $ 200 Policyholder account balances $ (1,844) $ (1,735) $ 2 $ 80 __________________ (1) Includes ($113) million and ($136) million of hedging adjustments on discontinued hedging relationships at December 31, 2023 and 2022, respectively. All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness. 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 $23 million, $25 million, and $6 million for the years ended December 31, 2023, 2022 and 2021, respectively. At December 31, 2023 and 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 five years and six years, respectively. At December 31, 2023 and 2022, the balance in AOCI associated with cash flow hedges was $894 million and $2.0 billion, respectively. All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness. At December 31, 2023, the Company expected to reclassify $210 million of deferred net gains (losses) on derivatives in AOCI to earnings within the next 12 months. Credit Derivatives In connection with synthetically created credit investment transactions, the Company writes credit default swaps for which it receives a premium to insure credit risk. Such credit derivatives are included within the effects of derivatives on the consolidated statements of operations and comprehensive income (loss) table. If a credit event occurs, as defined by the contract, the contract may be cash settled or it may be settled gross by the Company paying the counterparty the specified swap notional amount in exchange for the delivery of par quantities of the referenced credit obligation. The Company can terminate these contracts at any time through cash settlement with the counterparty at an amount equal to the then current estimated fair value of the credit default swaps. The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of written credit default swaps at: December 31, 2023 2022 Rating Agency Designation of Referenced Estimated Maximum Amount of Future Payments under Credit Default Swaps Weighted Estimated Maximum Amount of Future Payments under Credit Default Swaps Weighted (Dollars in millions) Aaa/Aa/A Single name credit default swaps (3) $ — $ 10 0.5 $ 1 $ 10 1.5 Credit default swaps referencing indices 80 3,831 2.7 79 4,251 3.4 Subtotal 80 3,841 2.7 80 4,261 3.4 Baa Single name credit default swaps (3) 1 55 2.3 — 40 2.5 Credit default swaps referencing indices 102 5,982 5.6 13 4,598 5.9 Subtotal 103 6,037 5.5 13 4,638 5.8 Ba Single name credit default swaps (3) — — 0.0 1 45 0.7 Credit default swaps referencing indices 2 25 3.0 2 25 4.0 Subtotal 2 25 3.0 3 70 1.9 B Credit default swaps referencing indices 1 74 5.0 1 75 4.5 Subtotal 1 74 5.0 1 75 4.5 Caa Credit default swaps referencing indices (4) 30 2.5 (10) 30 3.5 Subtotal (4) 30 2.5 (10) 30 3.5 Total $ 182 $ 10,007 4.4 $ 87 $ 9,074 4.6 __________________ (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 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 Dodd-Frank) 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 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 12 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: December 31, 2023 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) $ 6,534 $ 2,892 $ 8,456 $ 3,499 OTC-cleared (1) 112 13 57 29 Exchange-traded 3 — 2 1 Total gross estimated fair value of derivatives presented on the consolidated balance sheets (1) 6,649 2,905 8,515 3,529 Gross amounts not offset on the consolidated balance sheets: Gross estimated fair value of derivatives: (2) OTC-bilateral (2,350) (2,350) (3,317) (3,317) OTC-cleared (4) (4) (14) (14) Cash collateral: (3), (4) OTC-bilateral (2,872) — (4,044) — OTC-cleared (105) (1) (18) (1) Securities collateral: (5) OTC-bilateral (1,283) (542) (1,078) (182) OTC-cleared — (8) — (14) Exchange-traded — — — (1) Net amount after application of master netting agreements and collateral $ 35 $ — $ 44 $ — __________________ (1) At December 31, 2023 and 2022, derivative assets included income (expense) accruals reported in accrued investment income or in other liabilities of $143 million and $119 million, respectively, and derivative liabilities included (income) expense accruals reported in accrued investment income or in other liabilities of $8 million and $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 central 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. (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, reinsur |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value | 12. Fair Value When developing estimated fair values, the Company considers three broad valuation approaches: (i) the market approach, (ii) the income approach, and (iii) the cost approach. The Company determines the most appropriate valuation approach to use, given what is being measured and the availability of sufficient inputs, giving priority to observable inputs. The Company categorizes its assets and liabilities measured at estimated fair value into a three-level hierarchy, based on the significant input with the lowest level in its valuation. The input levels are as follows: Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities. The Company defines active markets based on average trading volume for equity securities. The size of the bid/ask spread is used as an indicator of market activity for fixed maturity securities AFS. Level 2 Quoted prices in markets that are not active or inputs that are observable either directly or indirectly. These inputs can include quoted prices for similar assets or liabilities other than quoted prices in Level 1, quoted prices in markets that are not active, or other significant inputs that are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 Unobservable inputs that are supported by little or no market activity and are significant to the determination of estimated fair value of the assets or liabilities. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability. Financial markets are susceptible to severe events evidenced by rapid depreciation in asset values accompanied by a reduction in asset liquidity. The Company’s ability to sell securities, as well as the price ultimately realized for these securities, depends upon the demand and liquidity in the market and increases the use of judgment in determining the estimated fair value of certain securities. Considerable judgment is often required in interpreting 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: December 31, 2023 Fair Value Hierarchy Level 1 Level 2 Level 3 Total (In millions) Assets Fixed maturity securities AFS: U.S. corporate $ — $ 41,718 $ 8,775 $ 50,493 Foreign corporate — 16,875 8,340 25,215 U.S. government and agency 8,963 12,097 — 21,060 RMBS 3 17,616 1,329 18,948 ABS & CLO — 10,109 1,532 11,641 Municipals — 6,319 — 6,319 CMBS — 5,499 335 5,834 Foreign government — 3,281 14 3,295 Total fixed maturity securities AFS 8,966 113,514 20,325 142,805 Short-term investments 2,745 288 15 3,048 Other investments 76 77 1,317 1,470 Derivative assets: (1) Interest rate — 3,489 — 3,489 Foreign currency exchange rate — 2,486 — 2,486 Credit — 181 8 189 Equity market 3 332 7 342 Total derivative assets 3 6,488 15 6,506 Embedded derivatives within asset host contracts (4) — — 15 15 Market risk benefits — — 177 177 Separate account assets (2) 13,945 68,284 968 83,197 Total assets (3) $ 25,735 $ 188,651 $ 22,832 $ 237,218 Liabilities Derivative liabilities: (1) Interest rate $ — $ 1,419 $ 175 $ 1,594 Foreign currency exchange rate — 881 — 881 Credit — 11 — 11 Equity market — 411 — 411 Total derivative liabilities — 2,722 175 2,897 Embedded derivatives within liability host contracts (4) — — (37) (37) Market risk benefits — — 2,878 2,878 Separate account liabilities (2) 4 4 — 8 Total liabilities $ 4 $ 2,726 $ 3,016 $ 5,746 December 31, 2022 Fair Value Hierarchy Level 1 Level 2 Level 3 Total (In millions) Assets Fixed maturity securities AFS: U.S. corporate $ — $ 43,147 $ 7,943 $ 51,090 Foreign corporate — 17,203 6,790 23,993 U.S. government and agency 9,126 13,232 — 22,358 RMBS 4 17,804 1,525 19,333 ABS & CLO — 10,329 1,507 11,836 Municipals — 7,464 — 7,464 CMBS — 5,702 341 6,043 Foreign government — 3,444 15 3,459 Total fixed maturity securities AFS 9,130 118,325 18,121 145,576 Short-term investments 2,677 35 47 2,759 Other investments 246 212 1,022 1,480 Derivative assets: (1) Interest rate — 4,390 — 4,390 Foreign currency exchange rate — 3,263 — 3,263 Credit — 47 82 129 Equity market 2 605 7 614 Total derivative assets 2 8,305 89 8,396 Embedded derivatives within asset host contracts (4) — — 149 149 Market risk benefits — — 174 174 Separate account assets (2) 16,206 72,022 1,013 89,241 Total assets (3) $ 28,261 $ 198,899 $ 20,615 $ 247,775 Liabilities Derivative liabilities: (1) Interest rate $ 1 $ 1,421 $ 405 $ 1,827 Foreign currency exchange rate — 1,394 — 1,394 Credit — 11 15 26 Equity market — 282 — 282 Total derivative liabilities 1 3,108 420 3,529 Embedded derivatives within liability host contracts (4) — — (309) (309) Market risk benefits — — 3,270 3,270 Separate account liabilities (2) 8 15 18 41 Total liabilities $ 9 $ 3,123 $ 3,399 $ 6,531 __________________ (1) Derivative assets are presented within other invested assets on the consolidated balance sheets and derivative liabilities are presented within other liabilities on the consolidated balance sheets. The amounts are presented gross in the tables above to reflect the presentation on the consolidated balance sheets, but are presented net for purposes of the rollforward in the Fair Value Measurements Using Significant Unobservable Inputs (Level 3) tables. (2) 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. (3) Total assets included in the fair value hierarchy exclude OLPI that are measured at estimated fair value using the net asset value (“NAV”) per share (or its equivalent) practical expedient. At December 31, 2023 and 2022, the estimated fair value of such investments was $48 million and $61 million, respectively. (4) Embedded derivatives within asset host contracts are presented within other invested assets on the consolidated balance sheets. Embedded derivatives within liability host contracts are presented within PABs and other liabilities on the 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 U.S. government and agency securities, Municipals and Foreign government securities Valuation Approaches: Principally the market approach. Valuation Approaches: Principally the market approach. Key Inputs: Key Inputs: • quoted prices in markets that are not active • independent non-binding broker quotations • benchmark U.S. Treasury yield or other yields • quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2 • the spread off the U.S. Treasury yield curve for the identical security • issuer ratings and issuer spreads; broker-dealer 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 Short-term investments and Other investments • Certain short-term investments and certain other investments are of a similar nature and class to the fixed maturity securities AFS described above; while certain other investments are similar to equity securities. The valuation approaches and observable inputs used in their valuation are also similar to those described above. Other investments contain equity securities valued using quoted prices in markets that are not considered active. • Certain short-term investments and certain other investments are of a similar nature and class to the fixed maturity securities AFS described above, while certain other investments are similar to equity securities. The valuation approaches and unobservable inputs used in their valuation are also similar to those described above. Other investments contain equity securities that use key unobservable inputs such as credit ratings; issuance structures, in addition to those described above for fixed maturities AFS. Other investments also include certain REJV and use the valuation approach and key inputs as described for OLPI below. 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 OLPI • 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, OLPI, 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) 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 • 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 and experience refund related to certain assumed 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 reinsurance 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 underlying host contracts, in other liabilities and other invested assets on the consolidated balance sheets with changes in estimated fair value recorded in net derivative gains (losses). Changes in the credit spreads on the underlying assets, interest rates and market volatility may result in significant fluctuations in the estimated fair value of these embedded derivatives that could materially affect net income. The estimated fair value of the embedded equity 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: December 31, 2023 December 31, 2022 Impact of Valuation Techniques Significant Range Weighted Range Weighted Fixed maturity securities AFS (3) U.S. corporate and foreign corporate • Matrix pricing • Offered quotes (4) 4 - 131 95 — - 126 89 Increase • Market pricing • Quoted prices (4) — - 110 93 20 - 107 92 Increase RMBS • Market pricing • Quoted prices (4) — - 112 93 — - 106 93 Increase (5) ABS & CLO • Market pricing • Quoted prices (4) 78 - 101 94 74 - 101 91 Increase (5) Derivatives Interest rate • Present value techniques • Swap yield (6) 367 - 399 385 372 - 392 381 Increase (7) Credit • Present value techniques • Credit spreads (8) — - — — 84 - 138 101 Decrease (7) • Consensus pricing • Offered quotes (9) Market Risk Benefits Direct and assumed guaranteed minimum benefits • Option pricing techniques • Mortality rates: Ages 0 - 40 0.01% - 0.13% 0.05% 0.01% - 0.08% 0.05% (10) Ages 41 - 60 0.05% - 0.67% 0.22% 0.05% - 0.43% 0.20% (10) Ages 61 - 115 0.35% - 100% 1.23% 0.34% - 100% 1.44% (10) • Lapse rates: Durations 1 - 10 0.80% - 20.10% 8.72% 0.50% - 37.50% 8.96% Decrease (11) Durations 11 - 20 3.10% - 10.10% 4.34% 0.70% - 35.75% 6.52% Decrease (11) Durations 21 - 116 0.10% - 10.10% 4.59% 1.60% - 35.75% 2.89% Decrease (11) • Utilization rates 0.20% - 22% 0.44% 0.20% - 22% 0.38% Increase (12) • Withdrawal rates 0.25% - 7.75% 4.47% 0.25% - 10% 4.02% (13) • Long-term equity volatilities 16.37% - 21.85% 18.55% 16.46% - 22.01% 18.49% Increase (14) • Nonperformance risk spread 0.38% - 0.70% 0.73% 0.34% - 0.74% 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. (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 December 31, 2023 and 2022, independent non-binding broker quotations were used in the determination of less than 1% and 1%, respectively, 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 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.” 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) Structured Products Foreign Short-term Investments (In millions) Balance, January 1, 2022 $ 14,935 $ 4,600 $ 12 $ 2 Total realized/unrealized gains (losses) included in net income (loss) (1), (2) (25) 38 (37) — Total realized/unrealized gains (losses) included in AOCI (3,334) (356) 6 — Purchases (3) 3,168 750 — 47 Sales (3) (1,231) (795) (2) (2) Issuances (3) — — — — Settlements (3) — — — — Transfers into Level 3 (4) 1,614 204 45 — Transfers out of Level 3 (4) (394) (1,068) (9) — Balance, December 31, 2022 14,733 3,373 15 47 Total realized/unrealized gains (losses) included in net income (loss) (1), (2) (46) (2) 2 — Total realized/unrealized gains (losses) included in AOCI 881 44 (3) 1 Purchases (3) 3,402 268 — 15 Sales (3) (1,673) (609) — (48) Issuances (3) — — — — Settlements (3) — — — — Transfers into Level 3 (4) 221 195 — — Transfers out of Level 3 (4) (403) (73) — — Balance, December 31, 2023 $ 17,115 $ 3,196 $ 14 $ 15 Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2021: (5) $ (7) $ 41 $ — $ — Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2022: (5) $ (21) $ 32 $ (37) $ — Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2023: (5) $ (24) $ 16 $ 2 $ — Changes in unrealized gains (losses) included in AOCI for the instruments still held at December 31, 2021: (5) $ (731) $ 10 $ (1) $ — Changes in unrealized gains (losses) included in AOCI for the instruments still held at December 31, 2022: (5) $ (3,326) $ (341) $ 7 $ — Changes in unrealized gains (losses) included in AOCI for the instruments still held at December 31, 2023: (5) $ 844 $ 24 $ (3) $ — Gains (Losses) Data for the year ended December 31, 2021 Total realized/unrealized gains (losses) included in net income (loss) ( |
Leases Leases
Leases Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Lessee, Operating Leases | 13. Leases The Company, as lessee, has entered into various lease and sublease agreements primarily for office space. The Company has operating leases and subleases with remaining lease terms of less than one year to seven years. ROU assets and lease liabilities for operating leases were: December 31, 2023 December 31, 2022 (In millions) ROU assets $ 416 $ 498 Lease liabilities $ 498 $ 589 Lease Costs The components of operating lease costs were as follows: Years Ended December 31, 2023 2022 2021 (In millions) Operating lease cost $ 104 $ 116 $ 120 Sublease income (87) (73) (91) Other Information Supplemental other information related to operating leases was as follows: December 31, 2023 December 31, 2022 (Dollars in millions) Cash paid for amounts included in the measurement of lease liability - operating cash flows $ 114 $ 124 ROU assets obtained in exchange for new lease liabilities $ 3 $ 4 Weighted-average remaining lease term 6 years 6 years Weighted-average discount rate 4.0 % 4.0 % Maturities of Lease Liabilities Maturities of operating lease liabilities were as follows: December 31, 2023 (In millions) 2024 $ 107 2025 107 2026 104 2027 93 2028 70 Thereafter 88 Total undiscounted cash flows 569 Less: interest 71 Present value of lease liability $ 498 See Note 10 for information about the Company’s investments in leased real estate. |
Long-term and Short-term Debt
Long-term and Short-term Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-term and Short-term Debt | 14. Long-term and Short-term Debt Long-term and short-term debt outstanding was as follows: December 31, Interest Rates (1) 2023 2022 Range Maturity Face Unamortized Carrying Face Unamortized Carrying (In millions) Surplus notes - affiliated 7.38% - 7.38% 2037 $ 700 $ (7) $ 693 $ 700 $ (7) $ 693 Surplus notes 7.80% - 7.88% 2024 - 2025 400 — 400 400 (1) 399 Other notes 2.12% - 8.43% 2024 - 2038 796 (3) 793 586 (2) 584 Financing lease obligations 1 — 1 — — — Total long-term debt 1,897 (10) 1,887 1,686 (10) 1,676 Total short-term debt — — — 99 — 99 Total $ 1,897 $ (10) $ 1,887 $ 1,785 $ (10) $ 1,775 __________________ (1) Range of interest rates are for the year ended December 31, 2023. The aggregate maturities of long-term debt at December 31, 2023 for the next five years and thereafter are $335 million in 2024, $250 million in 2025, $0 in 2026, $51 million in 2027, $427 million in 2028 and $824 million thereafter. Financing lease obligations are collateralized and rank highest in priority, followed by other notes. Payments of interest and principal on the Company’s surplus notes, which are subordinate to all other obligations of Metropolitan Life Insurance Company, and are senior to obligations of MetLife, Inc., may be made only with the prior approval of the New York State Department of Financial Services (“NYDFS”). Other Notes In March 2023, MoRe borrowed funds from MetLife, Inc. under a term loan agreement, interest on which is payable semi-annually. The terms of the promissory notes are as follows: • $80 million 5.34% fixed rate due March 2028; • $80 million 5.68% fixed rate due March 2033; and • $50 million 6.05% fixed rate due March 2038. In December 2022 and 2021, MoRe issued to MetLife, Inc. a $60 million 5.23% promissory note and a $35 million 2.12% promissory note, respectively. Both notes are payable semi-annually and mature in December 2024. Short-term Debt Short-term debt with maturities of one year or less was as follows: December 31, 2023 2022 (Dollars in millions) Commercial paper $ — $ 99 Average daily balance $ 54 $ 100 Average days outstanding 80 days 131 days For the years ended December 31, 2023, 2022 and 2021, the weighted average interest rate on short-term debt was 4.80%, 1.60% and 0.23%, respectively. Interest Expense Interest expense included in other expenses was $132 million, $104 million and $96 million for the years ended December 31, 2023, 2022 and 2021, respectively. These amounts include $65 million, $53 million and $52 million of interest expense related to affiliated debt for the years ended December 31, 2023, 2022 and 2021, respectively. Credit Facility At December 31, 2023, MetLife, Inc. and MetLife Funding, Inc., a wholly-owned subsidiary of Metropolitan Life Insurance Company (“MetLife Funding”), maintained a $3.0 billion unsecured revolving credit facility (the “Credit Facility”). When drawn upon, this facility bears interest at varying rates in accordance with the agreement. The Credit Facility is used for general corporate purposes, to support the borrowers’ commercial paper programs and for the issuance of letters of credit. The Company’s total fees associated with the Credit Facility were $2 million, $4 million and $7 million for the years ended December 31, 2023, 2022 and 2021, respectively, and were included in other expenses. Information on the Credit Facility at December 31, 2023 was as follows: Borrower(s) Expiration Maximum Letters of Credit Used by the Company (1) Letters of Credit Used by Affiliates (1) Drawdowns Unused (In millions) MetLife, Inc. and MetLife Funding, Inc. May 2028 (2) $ 3,000 $ 7 $ 290 $ — $ 2,703 __________________ (1) MetLife, Inc. and MetLife Funding are severally liable for their respective obligations under the Credit Facility. MetLife Funding was not an applicant under letters of credit outstanding as of December 31, 2023 and is not responsible for any reimbursement obligations under such letters of credit. (2) In May 2023, the Credit Facility was amended and restated to, among other things, extend the maturity date. All borrowings under the Credit Facility must be repaid by May 8, 2028, except that letters of credit outstanding on that date may remain outstanding until no later than May 8, 2029. Debt and Facility Covenants Certain of the Company’s debt instruments and the Credit Facility contain various administrative, reporting, legal and financial covenants. The Company believes it was in compliance with all applicable financial covenants at December 31, 2023. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Equity | 15. Equity Statutory Equity and Income Metropolitan Life Insurance Company prepares statutory-basis financial statements in accordance with statutory accounting practices prescribed or permitted by the NYDFS. The National Association of Insurance Commissioners (“NAIC”) has adopted the Codification of Statutory Accounting Principles (“Statutory Codification”). Statutory Codification is intended to standardize regulatory accounting and reporting to state insurance departments. However, statutory accounting principles continue to be established by individual state laws and permitted practices. Modifications by the NYDFS may impact the effect of Statutory Codification on the statutory capital and surplus of Metropolitan Life Insurance Company. New York, the state of domicile of Metropolitan Life Insurance Company, imposes risk-based capital (“RBC”) requirements that were developed by the NAIC. Regulatory compliance is determined by a ratio of a company’s total adjusted capital, calculated in the manner prescribed by the NAIC (“TAC”), with modifications by the state insurance department, to its authorized control level RBC, calculated in the manner prescribed by the NAIC (“ACL RBC”), based on the statutory-based financial statements. Companies below specific trigger levels or ratios are classified by their respective levels, each of which requires specified corrective action. The minimum level of TAC before corrective action commences is twice ACL RBC (“CAL RBC”). The CAL RBC ratios for Metropolitan Life Insurance Company were in excess of 370% and in excess of 340% at December 31, 2023 and 2022, respectively. Metropolitan Life Insurance Company’s ancillary foreign insurance operations are regulated by applicable authorities of the jurisdictions in which each entity operates and are subject to minimum capital and solvency requirements in those jurisdictions before corrective action commences. The aggregate required capital and surplus of Metropolitan Life Insurance Company’s foreign insurance operations was $293 million and the aggregate actual regulatory capital and surplus of such operations was $1.5 billion as of the date of the most recently required capital adequacy calculation for each jurisdiction. The Company’s foreign insurance operations exceeded the minimum capital and solvency requirements as of the date of the most recent fiscal year-end capital adequacy calculation for each jurisdiction. Statutory accounting principles differ from GAAP primarily by charging policy acquisition costs to expense as incurred, establishing FPBs using different actuarial assumptions, reporting surplus notes as surplus instead of debt and valuing securities on a different basis. In addition, certain assets are not admitted under statutory accounting principles and are charged directly to surplus. The most significant assets not admitted by Metropolitan Life Insurance Company are net deferred income tax assets resulting from temporary differences between statutory accounting principles basis and tax basis not expected to reverse and become recoverable within three years. Further, statutory accounting principles do not give recognition to purchase accounting adjustments. New York has adopted certain prescribed accounting practices, primarily consisting of the continuous Commissioners’ Annuity Reserve Valuation Method, which impacts deferred annuities, and the New York Special Considerations Letter, which mandates certain assumptions in asset adequacy testing. The collective impact of these prescribed accounting practices decreased the statutory capital and surplus of Metropolitan Life Insurance Company by $1.4 billion and $1.3 billion at December 31, 2023 and 2022, respectively, compared to what capital and surplus would have been had it been measured under NAIC guidance. Statutory net income (loss) of Metropolitan Life Insurance Company, a New York domiciled insurer, was $3.4 billion, $2.7 billion and $3.5 billion at December 31, 2023, 2022 and 2021, respectively. Statutory capital and surplus, including the aforementioned prescribed practice, was $11.6 billion and $10.9 billion at December 31, 2023 and 2022, respectively. All such amounts are derived from the statutory–basis financial statements as filed with the NYDFS. Dividend Restrictions Under the New York State Insurance Law, Metropolitan Life Insurance Company is permitted, without prior insurance regulatory clearance, to pay stockholder dividends to MetLife, Inc. in any calendar year based on either of two standards. Under one standard, Metropolitan Life Insurance Company is permitted, without prior insurance regulatory clearance, to pay dividends out of earned surplus (defined as positive unassigned funds (surplus), excluding 85% of the change in net unrealized capital gains or losses (less capital gains tax), for the immediately preceding calendar year), in an amount up to the greater of: (i) 10% of its surplus to policyholders as of the end of the immediately preceding calendar year, or (ii) its statutory net gain from operations for the immediately preceding calendar year (excluding realized capital gains), not to exceed 30% of surplus to policyholders as of the end of the immediately preceding calendar year. In addition, under this standard, Metropolitan Life Insurance Company may not, without prior insurance regulatory clearance, pay any dividends in any calendar year immediately following a calendar year for which its net gain from operations, excluding realized capital gains, was negative. Under the second standard, if dividends are paid out of other than earned surplus, Metropolitan Life Insurance Company may, without prior insurance regulatory clearance, pay an amount up to the lesser of: (i) 10% of its surplus to policyholders as of the end of the immediately preceding calendar year, or (ii) its statutory net gain from operations for the immediately preceding calendar year (excluding realized capital gains). In addition, Metropolitan Life Insurance Company will be permitted to pay a dividend to MetLife, Inc. in excess of the amounts allowed under both standards only if it files notice of its intention to declare such a dividend and the amount thereof with the New York Superintendent of Financial Services (the “Superintendent”) and the Superintendent either approves the distribution of the dividend or does not disapprove the dividend within 30 days of its filing. Under the New York State Insurance Law, the Superintendent has broad discretion in determining whether the financial condition of a stock life insurance company would support the payment of such dividends to its stockholder. Metropolitan Life Insurance Company paid $2.5 billion and $3.5 billion in dividends to MetLife, Inc. for the years ended December 31, 2023 and 2022, respectively, including amounts where regulatory approval was obtained as required. Under New York State Insurance Law, Metropolitan Life Insurance Company has calculated that it may pay approximately $3.5 billion to MetLife, Inc. without prior regulatory approval by the end of 2024. Accumulated Other Comprehensive Income (Loss) Information regarding changes in the balances of each component of AOCI attributable to Metropolitan Life Insurance Company was as follows: Unrealized Investment Gains (Losses), Net of Related Offsets (1) 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 at December 31, 2020 $ 10,384 $ 1,791 $ — $ — $ (53) $ (460) $ 11,662 Cumulative effects of changes in accounting principles, net of income tax 6,588 — (19,596) 21 — — (12,987) Balance at January 1, 2021 16,972 1,791 (19,596) 21 (53) (460) (1,325) OCI before reclassifications (5,443) 30 5,118 311 9 44 69 Deferred income tax benefit (expense) 1,191 (8) (1,075) (65) (1) (9) 33 AOCI before reclassifications, net of income tax 12,720 1,813 (15,553) 267 (45) (425) (1,223) Amounts reclassified from AOCI 102 81 — — — 38 221 Deferred income tax benefit (expense) (23) (22) — — — (8) (53) Amounts reclassified from AOCI, net of income tax 79 59 — — — 30 168 Balance at December 31, 2021 12,799 1,872 (15,553) 267 (45) (395) (1,055) OCI before reclassifications (31,197) (701) 21,623 (236) (177) 278 (10,410) Deferred income tax benefit (expense) 6,556 147 (4,541) 49 35 (58) 2,188 AOCI before reclassifications, net of income tax (11,842) 1,318 1,529 80 (187) (175) (9,277) Amounts reclassified from AOCI 862 302 — — — 47 1,211 Deferred income tax benefit (expense) (181) (63) — — — (10) (254) Amounts reclassified from AOCI, net of income tax 681 239 — — — 37 957 Balance at December 31, 2022 (11,161) 1,557 1,529 80 (187) (138) (8,320) OCI before reclassifications 4,420 (252) (2,957) (59) 56 (44) 1,164 Deferred income tax benefit (expense) (889) 53 621 12 (12) 9 (206) AOCI before reclassifications, net of income tax (7,630) 1,358 (807) 33 (143) (173) (7,362) Amounts reclassified from AOCI 1,421 (826) — — — 10 605 Deferred income tax benefit (expense) (286) 173 — — — (2) (115) Amounts reclassified from AOCI, net of income tax 1,135 (653) — — — 8 490 Balance at December 31, 2023 $ (6,495) $ 705 $ (807) $ 33 $ (143) $ (165) $ (6,872) __________________ (1) Primarily unrealized gains (losses) on fixed maturity securities. Information regarding amounts reclassified out of each component of AOCI was as follows: Years Ended December 31, 2023 2022 2021 AOCI Components Amounts Reclassified from AOCI Consolidated Statements of (In millions) Net unrealized investment gains (losses): Net unrealized investment gains (losses) $ (1,404) $ (810) $ (67) Net investment gains (losses) Net unrealized investment gains (losses) 5 6 (13) Net investment income Net unrealized investment gains (losses) (22) (58) (22) Net derivative gains (losses) Net unrealized investment gains (losses), before income tax (1,421) (862) (102) Income tax (expense) benefit 286 181 23 Net unrealized investment gains (losses), net of income tax (1,135) (681) (79) Deferred gains (losses) on derivatives - cash flow hedges: Interest rate derivatives 50 59 57 Net investment income Interest rate derivatives 87 51 87 Net investment gains (losses) Foreign currency exchange rate derivatives 4 5 4 Net investment income Foreign currency exchange rate derivatives 684 (417) (229) Net investment gains (losses) Credit derivatives 1 — — Net investment gains (losses) Gains (losses) on cash flow hedges, before income tax 826 (302) (81) Income tax (expense) benefit (173) 63 22 Gains (losses) on cash flow hedges, net of income tax 653 (239) (59) Defined benefit plans adjustment: (1) Amortization of net actuarial gains (losses) (12) (49) (43) Amortization of prior service (costs) credit 2 2 5 Amortization of defined benefit plan items, before income tax (10) (47) (38) Income tax (expense) benefit 2 10 8 Amortization of defined benefit plan items, net of income tax (8) (37) (30) Total reclassifications, net of income tax $ (490) $ (957) $ (168) __________________ (1) These AOCI components are included in the computation of net periodic benefit costs. See Note 17. |
Other Revenues and Other Expens
Other Revenues and Other Expenses | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Other Revenues and Other Expenses Disclosure | 16. Other Revenues and Other Expenses Other Revenues Information on other revenues, which primarily includes fees related to service contracts from customers, was as follows: Years Ended December 31, 2023 2022 2021 (In millions) Prepaid legal plans $ 446 $ 421 $ 395 Administrative services-only contracts 250 226 219 Recordkeeping and administrative services (1) 148 166 211 Other revenue from service contracts from customers 43 34 35 Total revenues from service contracts from customers 887 847 860 Other (2) 786 847 756 Total other revenues $ 1,673 $ 1,694 $ 1,616 __________________ (1) Related to products and businesses no longer actively marketed by the Company. (2) Primarily includes reinsurance ceded. See Note 8. Other Expenses Information on other expenses was as follows: Years Ended December 31, 2023 2022 2021 (In millions) General and administrative expenses (1) $ 2,799 $ 2,743 $ 2,331 Pension, postretirement and postemployment benefit costs 199 116 112 Premium taxes, other taxes, and licenses & fees 377 342 332 Commissions and other variable expenses 2,098 2,290 2,551 Capitalization of DAC (118) (189) (63) Amortization of DAC and VOBA 298 297 341 Interest expense on debt 132 104 96 Total other expenses $ 5,785 $ 5,703 $ 5,700 __________________ (1) Includes ($116) million, $52 million and ($113) million for the years ended December 31, 2023, 2022 and 2021, respectively, for the net change in cash surrender value of investments in certain life insurance policies, net of premiums paid. Capitalization of DAC and Amortization of DAC and VOBA See Note 7 for additional information on DAC and VOBA including impacts of capitalization and amortization. See also Note 9 for a description of the DAC amortization impact associated with the closed block. Expenses related to Debt See Note 14 for additional information on interest expense on debt, including affiliated interest expense. Affiliated Expenses See Notes 8 and 21 for a discussion of affiliated expenses related to reinsurance and service agreement transactions, respectively, included in the table above. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | 17. Employee Benefit Plans Pension Benefit Plans The Company sponsors a U.S. nonqualified defined benefit pension plan covering MetLife employees who meet specified eligibility requirements of the sponsor and its participating affiliates. Participating affiliates are allocated a proportionate share of net expense related to the plan. Pension benefits are provided utilizing either a traditional formula or cash balance formula. The traditional formula provides benefits that are primarily based upon years of credited service and final average earnings. The cash balance formula utilizes hypothetical or notional accounts which credit participants with benefits equal to a percentage of eligible pay, as well as interest credits, determined annually based upon the annual rate of interest on 30-year U.S. Treasury securities, for each account balance. In September 2018, the nonqualified defined benefit pension plan was amended, effective January 1, 2023, to provide benefit accruals for all active participants under the cash balance formula and to cease future accruals under the traditional formula. The pension plan sponsored by the Company provides supplemental benefits in excess of limits applicable to a qualified plan which is sponsored by an affiliate. Obligations and Funded Status December 31, 2023 2022 Pension Benefits (In millions) Change in benefit obligations: Benefit obligations at January 1, $ 962 $ 1,274 Service costs 10 15 Interest costs 52 37 Net actuarial (gains) losses (1) 43 (280) Settlements and curtailments — — Benefits paid (79) (84) Benefit obligations at December 31, 988 962 Change in plan assets: Estimated fair value of plan assets at January 1, — — Employer contributions 79 84 Benefits paid (79) (84) Estimated fair value of plan assets at December 31, — — Over (under) funded status at December 31, $ (988) $ (962) Amounts recognized on the consolidated balance sheets: Other liabilities $ (988) $ (962) Amount recognized $ (988) $ (962) AOCI: Net actuarial (gains) losses $ 220 $ 189 Prior service costs (credit) (5) (7) AOCI, before income tax $ 215 $ 182 Accumulated benefit obligation $ 967 $ 940 __________________ (1) For the years ended December 31, 2023 and 2022, significant sources of actuarial (gains) losses for pension benefits include the impact of changes to the financial assumptions of $32 million and ($291) million, respectively, plan experience of $21 million and $11 million, respectively, and demographic assumptions of ($10) million and $0, respectively. Information regarding pension plans with PBOs and/or accumulated benefit obligations (“ABO”) in excess of plan assets was as follows at: December 31, 2023 2022 2023 2022 PBO Exceeds Estimated Fair Value ABO Exceeds Estimated Fair Value (In millions) Projected benefit obligations $ 988 $ 961 $ 988 $ 961 Accumulated benefit obligations $ 967 $ 940 $ 967 $ 940 Net Periodic Benefit Costs The components of net periodic benefit costs and benefit obligations recognized in OCI were as follows for pension benefits: Years Ended December 31, 2023 2022 2021 (In millions) Net periodic benefit costs: Service costs $ 10 $ 15 $ 17 Interest costs 52 37 37 Settlement and curtailment (gains) losses — — (3) Amortization of net actuarial (gains) losses 12 41 43 Amortization of prior service costs (credit) (2) (2) (2) Total net periodic benefit costs (credit) 72 91 92 Other changes in plan assets and benefit obligations recognized in OCI: Net actuarial (gains) losses 43 (280) (42) Prior service costs (credit) — — — Settlement and curtailment (gains) losses — — 1 Amortization of net actuarial gains (losses) (12) (41) (43) Amortization of prior service (costs) credit 2 2 2 Total recognized in OCI 33 (319) (82) Total recognized in net periodic benefit costs and OCI $ 105 $ (228) $ 10 Assumptions Assumptions used in determining the benefit obligation for the plan were as follows: Pension Benefits December 31, 2023 Weighted average discount rate 5.25% Weighted average interest crediting rate 4.00% Rate of compensation increase 2.50% - 8.00% December 31, 2022 Weighted average discount rate 5.60% Weighted average interest crediting rate 4.00% Rate of compensation increase 2.50% - 8.00% Assumptions used in determining the net periodic benefit cost for the plan were as follows: Pension Benefits Year Ended December 31, 2023 Weighted average discount rate 5.60% Weighted average interest crediting rate 4.00% Rate of compensation increase 2.50% - 8.00% Year Ended December 31, 2022 Weighted average discount rate 2.95% Weighted average interest crediting rate 3.46% Rate of compensation increase 2.50% - 8.00% Year Ended December 31, 2021 Weighted average discount rate 3.01% Weighted average interest crediting rate 3.24% Rate of compensation increase 2.50% - 8.00% The weighted average discount rate for the plan is determined annually based on the yield, measured on a yield to worst basis, of a hypothetical portfolio constructed of high quality debt instruments available on the measurement date, which would provide the necessary future cash flows to pay the aggregate PBO when due. The weighted average interest crediting rate is determined annually based on the plan selected rate, long-term financial forecasts of that rate and the demographics of the plan participants. Expected Future Contributions and Benefit Payments Benefit payments due under the nonqualified pension plan are primarily funded from the Company’s general assets as they become due under the provisions of the plan. The Company expects to make benefit payments of $80 million in 2024. Gross benefit payments for the next 10 years, which reflect expected future service where appropriate, are expected to be as follows: Pension Benefits (In millions) 2024 $ 78 2025 $ 73 2026 $ 73 2027 $ 74 2028 $ 79 2029-2033 $ 399 |
Income Tax
Income Tax | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Tax | 18. Income Tax The Company’s provision for income tax was as follows: Years Ended December 31, 2023 2022 2021 (In millions) Current: U.S. federal $ 353 $ 309 $ (89) U.S. state and local 14 11 5 Non-U.S. 14 14 43 Subtotal 381 334 (41) Deferred: U.S. federal (321) 939 576 Non-U.S. — — (6) Subtotal (321) 939 570 Provision for income tax expense (benefit) $ 60 $ 1,273 $ 529 The Company’s income (loss) before income tax expense (benefit) was as follows: Years Ended December 31, 2023 2022 2021 (In millions) Income (loss): U.S. $ 1,176 $ 6,895 $ 4,139 Non-U.S. 19 34 105 Total $ 1,195 $ 6,929 $ 4,244 The reconciliation of the income tax provision at the U.S. statutory rate to the provision for income tax as reported was as follows: Years Ended December 31, 2023 2022 2021 (In millions) Tax provision at U.S. statutory rate $ 251 $ 1,455 $ 891 Tax effect of: Dividend received deduction (17) (19) (39) Tax-exempt income (28) 7 (27) Prior year tax 8 22 (13) Low income housing tax credits (116) (143) (178) Other tax credits (30) (36) (38) Foreign tax rate differential 1 (10) (7) Other, net (1) (9) (3) (60) Provision for income tax expense (benefit) $ 60 $ 1,273 $ 529 __________________ (1) For the year ended December 31, 2021, Other, net primarily includes a tax benefit of $53 million related to a non-cash transfer of assets from a wholly-owned United Kingdom subsidiary to Metropolitan Life Insurance Company. Deferred income tax represents the tax effect of the differences between the book and tax bases of assets and liabilities. Net deferred income tax assets and liabilities consisted of the following at: December 31, 2023 2022 (In millions) Deferred income tax assets: Policyholder liabilities and receivables $ 1,591 $ 772 Net operating loss carryforwards (1) 76 72 Employee benefits 473 457 Tax credit carryforwards — 508 Litigation-related and government mandated 83 74 Net unrealized investment losses 1,741 2,699 Other 204 76 Total gross deferred income tax assets 4,168 4,658 Less: Valuation allowance 75 71 Total net deferred income tax assets 4,093 4,587 Deferred income tax liabilities: Investments, including derivatives 1,005 1,441 Intangibles 20 23 DAC 146 203 Total deferred income tax liabilities 1,171 1,667 Net deferred income tax asset (liability) $ 2,922 $ 2,920 __________________ (1) The Company has recorded a deferred tax asset of $76 million primarily related to U.S. state net operating loss carryforwards and an offsetting valuation allowance for the year ended December 31, 2023. U.S. state net operating loss carryforwards will expire between 2024 and 2042, whereas other jurisdictions have an unlimited carryforward period. The Company participates in a tax sharing agreement with MetLife, Inc., as described in Note 1. Pursuant to this tax sharing agreement, the amounts due from MetLife, Inc. included $57 million and $52 million at December 31, 2023 and 2022, respectively. The Company files income tax returns with the U.S. federal government and various U.S. state and local jurisdictions, as well as non-U.S. jurisdictions. The Company is under continuous examination by the Internal Revenue Service (“IRS”) and other tax authorities in jurisdictions in which the Company has significant business operations. The income tax years under examination vary by jurisdiction and subsidiary. The Company is no longer subject to U.S. federal, state, or local income tax examinations for years prior to 2017. In 2022, the IRS began a federal income tax audit of MetLife, Inc. and subsidiaries for tax years 2017-2019. The audit is ongoing and to date, no material issues have been raised and no adjustments have been proposed. In 2021, the Company filed amended federal income tax returns with the IRS for MetLife, Inc. and subsidiaries for tax years 2014 through 2016. In 2022, the IRS reviewed and acknowledged acceptance of the 2014 through 2016 amended federal income tax returns and closed the years to further audit. The Company’s overall liability for unrecognized tax benefits may increase or decrease in the next 12 months. For example, U.S. federal tax legislation and regulation could impact unrecognized tax benefits. A reasonable estimate of the increase or decrease cannot be made at this time. However, the Company continues to believe that the ultimate resolution of the pending issues will not result in a material change to its consolidated financial statements, although the resolution of income tax matters could impact the Company’s effective tax rate for a particular future period. A reconciliation of the beginning and ending amount of unrecognized tax benefits was as follows: Years Ended December 31, 2023 2022 2021 (In millions) Balance at January 1, $ 37 $ 23 $ 35 Additions for tax positions of prior years — 24 — Reductions for tax positions of prior years (1) — (12) (14) Additions for tax positions of current year 2 2 2 Balance at December 31, $ 39 $ 37 $ 23 Unrecognized tax benefits that, if recognized, would impact the effective rate $ 39 $ 37 $ 23 __________________ (1) The decreases in 2022 and 2021 are primarily related to non-cash benefits from tax audit settlements. The Company classifies interest accrued related to unrecognized tax benefits in interest expense, included within other expenses. |
Contingencies, Commitments and
Contingencies, Commitments and Guarantees | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies, Commitments and Guarantees | 19. Contingencies, Commitments and Guarantees Contingencies Litigation The Company is a defendant in a large number of litigation matters. Putative or certified class action litigation and other litigation and claims and assessments against the Company, in addition to those discussed below and those otherwise provided for in the Company’s consolidated financial statements, have arisen in the course of the Company’s business, including, but not limited to, in connection with its activities as an insurer, mortgage lending bank, employer, investor, investment advisor, broker-dealer, and taxpayer. The Company also receives and responds to subpoenas or other inquiries seeking a broad range of information from state regulators, including state insurance commissioners; state attorneys general or other state governmental authorities; federal regulators, including the 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 December 31, 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 December 31, 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 Metropolitan Life Insurance Company 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. Metropolitan Life Insurance Company has never engaged in the business of manufacturing or selling asbestos-containing products, nor has Metropolitan Life Insurance Company 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 Metropolitan Life Insurance Company’s employees during the period from the 1920s through approximately the 1950s and allege that Metropolitan Life Insurance Company 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. Metropolitan Life Insurance Company 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 Metropolitan Life Insurance Company. Metropolitan Life Insurance Company’s defenses include that: (i) Metropolitan Life Insurance Company owed no duty to the plaintiffs; (ii) plaintiffs did not rely on any actions of Metropolitan Life Insurance Company; (iii) Metropolitan Life Insurance Company’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 Metropolitan Life Insurance Company, while other trial courts have denied Metropolitan Life Insurance Company’s motions. There can be no assurance that Metropolitan Life Insurance Company will receive favorable decisions on motions in the future. While most cases brought to date have settled, Metropolitan Life Insurance Company intends to continue to defend aggressively against claims based on asbestos exposure, including defending claims at trials. The approximate total number of asbestos personal injury claims pending against Metropolitan Life Insurance Company as of the dates indicated, the approximate number of new claims during the years ended on those dates and the approximate total settlement payments made to resolve asbestos personal injury claims at or during those years are set forth in the following table: December 31, 2023 2022 2021 (In millions, except number of claims) Asbestos personal injury claims at year end 57,488 58,073 58,785 Number of new claims during the year 2,565 2,610 2,824 Settlement payments during the year (1) $ 50.6 $ 50.5 $ 53.0 __________________ (1) Settlement payments represent payments made by Metropolitan Life Insurance Company during the year in connection with settlements made in that year and in prior years. Amounts do not include Metropolitan Life Insurance Company’s attorneys’ fees and expenses. The number of asbestos cases that may be brought, the aggregate amount of any liability that Metropolitan Life Insurance Company 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 Metropolitan Life Insurance Company 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 Metropolitan Life Insurance Company 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 consolidated financial statements for all probable and reasonably estimable losses for asbestos-related claims. Metropolitan Life Insurance Company’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. Metropolitan Life Insurance Company 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, Metropolitan Life Insurance Company has updated its recorded liability for asbestos-related claims. The frequency of severe claims relating to asbestos has not declined as expected, and MLIC has reflected this in its provisions. Accordingly, MLIC increased its recorded liability for asbestos-related claims to $364 million at December 31, 2023. The recorded liability was $320 million at December 31, 2022. Total Asset Recovery Services, LLC. v. MetLife, Inc., et al. (Supreme Court of the State of New York, County of New York, filed December 27, 2017) Total Asset Recovery Services (the “Relator”) brought an action under the qui tam provision of the New York False Claims Act (the “Act”) on behalf of itself and the State of New York. The Relator originally filed this action under seal in 2010, and the complaint was unsealed on December 19, 2017. The Relator alleges that MetLife, Inc., Metropolitan Life Insurance Company, 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 Metropolitan Life Insurance Company’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 In 2018, the Company announced that it identified a material weakness in its internal control over financial reporting related to the practices and procedures for estimating reserves for certain group annuity benefits. Several regulators have made inquiries into the issue 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 the issue. 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 $3.3 billion and $2.7 billion at December 31, 2023 and 2022, respectively. Commitments to Fund Partnership Investments, Bank Credit Facilities, Bridge Loans and Private Corporate Bond Investments The Company commits to fund partnership investments and to lend funds under bank credit facilities, bridge loans and private corporate bond investments. The amounts of these unfunded commitments were $4.4 billion and $4.8 billion at December 31, 2023 and 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 $208 million, with a cumulative maximum of $306 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’s recorded liabilities were $2 million at both December 31, 2023 and 2022, for indemnities and guarantees. |
Quarterly Results of Operations
Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Dec. 31, 2023 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations (Unaudited) [Text Block] | 20. Quarterly Results of Operations (Unaudited) The unaudited quarterly results of operations for 2023 and 2022 are summarized in the table below: Three Months Ended March 31, June 30, September 30, December 31, (In millions) 2023 Total revenues $ 8,717 $ 8,776 $ 9,324 $ 9,532 Total expenses $ 8,912 $ 8,188 $ 7,634 $ 10,420 Net income (loss) $ (91) $ 510 $ 1,379 $ (663) Less: Net income (loss) attributable to noncontrolling interests $ (2) $ 43 $ — $ — Net income (loss) attributable to Metropolitan Life Insurance Company $ (89) $ 467 $ 1,379 $ (663) 2022 Total revenues $ 9,517 $ 9,448 $ 17,646 $ 8,836 Total expenses $ 7,232 $ 7,379 $ 15,793 $ 8,114 Net income (loss) $ 1,882 $ 1,684 $ 1,510 $ 580 Less: Net income (loss) attributable to noncontrolling interests $ — $ 2 $ 2 $ 24 Net income (loss) attributable to Metropolitan Life Insurance Company $ 1,882 $ 1,682 $ 1,508 $ 556 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 21. Related Party Transactions Service Agreements The Company has entered into various agreements with affiliates for services necessary to conduct its activities. Typical services provided under these agreements include personnel, policy administrative functions and distribution services. The bases for such charges are modified and adjusted by management when necessary or appropriate to reflect fairly and equitably the actual cost incurred by the Company and/or its affiliates. Expenses and fees incurred with affiliates related to these agreements, recorded in other expenses, were $3.0 billion, $2.7 billion and $2.5 billion for the years ended December 31, 2023, 2022 and 2021, respectively. Total revenues received from affiliates related to these agreements were $52 million, $48 million and $40 million for the years ended December 31, 2023, 2022 and 2021, respectively. The Company had net payables to affiliates, related to the items discussed above, of $56 million and $188 million at December 31, 2023 and 2022, respectively. See Notes 1, 8, 10, 14 and 15 for additional information on related party transactions. |
Consolidated Summary of Investm
Consolidated Summary of Investments - Other Than Investments in Related Parties | 12 Months Ended |
Dec. 31, 2023 | |
Consolidated Summary of Investments - Other Than Investments in Related Parties [Abstract] | |
Consolidated Summary of Investments - Other Than Investments in Related Parties | Metropolitan Life Insurance Company (A Wholly-Owned Subsidiary of MetLife, Inc.) Schedule I Consolidated Summary of Investments — Other Than Investments in Related Parties (1) December 31, 2023 (In millions) Types of Investments Cost or Estimated Amount at Fixed maturity securities AFS: Bonds: U.S. government and agency $ 23,100 $ 21,060 $ 21,060 Public utilities 5,569 5,385 5,385 Municipals 6,429 6,319 6,319 Foreign government 3,416 3,295 3,295 All other corporate bonds 73,720 69,596 69,596 Total bonds 112,234 105,655 105,655 Mortgage-backed, asset-backed and collateralized loan obligations securities 39,136 36,423 36,423 Redeemable preferred stock 710 727 727 Total fixed maturity securities AFS 152,080 142,805 142,805 Mortgage loans 63,093 62,584 Policy loans 5,671 5,671 Real estate and real estate joint ventures 8,500 8,500 Real estate acquired in satisfaction of debt 190 190 Other limited partnership interests 7,765 7,765 Short-term investments 3,008 3,048 Other invested assets 17,054 17,040 Total investments $ 257,361 $ 247,603 ______________ (1) Includes investments in related parties of $4.1 billion; see Notes 8, 10 and 11 of the Notes to Consolidated Financial Statements for further information. (2) |
Consolidated Supplementary Insu
Consolidated Supplementary Insurance Information | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract] | |
Consolidated Supplementary Insurance Information | Metropolitan Life Insurance Company (A Wholly-Owned Subsidiary of MetLife, Inc.) Schedule III Consolidated Supplementary Insurance Information December 31, 2023 and 2022 (In millions) Segment DAC Future Policy Benefits, Policyholder Market Risk Benefits (Assets) Liabilities (1) Policyholder Unearned Unearned 2023 Group Benefits (4) $ 255 $ 17,547 $ 7,605 $ — $ — $ 359 $ — RIS (4) 169 54,367 69,758 (1) — — 16 MetLife Holdings 2,723 65,434 17,598 2,702 233 152 5 Corporate & Other 158 123 8,933 — — — — Total $ 3,305 $ 137,471 $ 103,894 $ 2,701 $ 233 $ 511 $ 21 2022 Group Benefits (4) $ 263 $ 16,727 $ 7,954 $ — $ — $ 298 $ — RIS (4) 154 53,116 69,545 25 — 2 18 MetLife Holdings 3,220 64,871 19,828 3,071 240 155 227 Corporate & Other 120 131 6,080 — — — — Total $ 3,757 $ 134,845 $ 103,407 $ 3,096 $ 240 $ 455 $ 245 _____________ (1) MRBs assets and liabilities are presented net. (2) Amounts are included within the future policy benefits, other policy-related balances and policyholder dividend obligation column. (3) Includes premiums received in advance. (4) See Note 2 for information on the reorganization of the Company’s segments. Metropolitan Life Insurance Company (A Wholly-Owned Subsidiary of MetLife, Inc.) Schedule III Consolidated Supplementary Insurance Information — (continued) Years Ended December 31, 2023, 2022 and 2021 (In millions) Segment Premiums and Universal Life Net Policyholder Benefits and Market Risk Benefit Remeasurement (Gains) Losses Amortization of Other 2023 Group Benefits (2) $ 21,472 $ 1,127 $ 18,143 $ — $ 26 $ 3,302 RIS (2) 2,039 6,111 6,527 (34) 31 527 MetLife Holdings 2,865 3,757 4,617 (669) 224 1,278 Corporate & Other 6 211 315 — 17 850 Total $ 26,382 $ 11,206 $ 29,602 $ (703) $ 298 $ 5,957 2022 Group Benefits (2) $ 21,124 $ 1,076 $ 18,307 $ — $ 26 $ 3,056 RIS (2) 8,692 4,980 12,353 (290) 28 347 MetLife Holdings 3,190 4,132 4,904 (3,089) 237 1,372 Corporate & Other — (66) 67 — 6 1,194 Total $ 33,006 $ 10,122 $ 35,631 $ (3,379) $ 297 $ 5,969 2021 Group Benefits (2) $ 20,468 $ 1,105 $ 18,943 $ — $ 26 $ 2,799 RIS (2) 4,095 5,855 7,222 117 29 412 MetLife Holdings 3,499 5,496 5,104 (875) 286 1,579 Corporate & Other — 30 — — — 1,301 Total $ 28,062 $ 12,486 $ 31,269 $ (758) $ 341 $ 6,091 _____________ (1) Includes other expenses and policyholder dividends, excluding amortization of DAC and VOBA charged to other expenses. (2) See Note 2 for information on the reorganization of the Company’s segments. |
Consolidated Reinsurance
Consolidated Reinsurance | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract] | |
Consolidated Reinsurance | Metropolitan Life Insurance Company (A Wholly-Owned Subsidiary of MetLife, Inc.) Schedule IV Consolidated Reinsurance December 31, 2023, 2022 and 2021 (Dollars in millions) Gross Amount Ceded (1) Assumed (1) Net Amount % Amount 2023 Life insurance in-force $ 4,276,976 $ 160,983 $ 660,504 $ 4,776,497 13.8 % Insurance premium Life insurance (2) $ 14,418 $ 704 $ 807 $ 14,521 5.6 % Accident & health insurance 10,609 452 40 10,197 0.4 % Total insurance premium $ 25,027 $ 1,156 $ 847 $ 24,718 3.4 % 2022 Life insurance in-force $ 4,074,989 $ 149,129 $ 538,168 $ 4,464,028 12.1 % Insurance premium Life insurance (2) $ 21,248 $ 769 $ 830 $ 21,309 3.9 % Accident & health insurance 10,017 179 42 9,880 0.4 % Total insurance premium $ 31,265 $ 948 $ 872 $ 31,189 2.8 % 2021 Life insurance in-force $ 3,991,763 $ 164,834 $ 546,176 $ 4,373,105 12.5 % Insurance premium Life insurance (2) $ 13,628 $ 792 $ 4,080 $ 16,916 24.1 % Accident & health insurance 9,377 146 41 9,272 0.4 % Total insurance premium $ 23,005 $ 938 $ 4,121 $ 26,188 15.7 % ______________ (1) For the year ended December 31, 2023, reinsurance ceded and assumed included affiliated transactions for life insurance in-force of $12.1 billion and $338 million, respectively, and life insurance premiums of $372 million and ($19) million, respectively. For the year ended December 31, 2022, reinsurance ceded and assumed included affiliated transactions for life insurance in-force of $12.7 billion and $2.0 billion, respectively, and life insurance premiums of $139 million and $7 million, respectively. For the year ended December 31, 2021, reinsurance ceded and assumed included affiliated transactions for life insurance in-force of $13.7 billion and $1.9 billion, respectively, and life insurance premiums of $114 million and $3.2 billion, respectively. (2) Includes annuities with life contingencies. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||||||||||
Net Income (Loss) Attributable to Parent | $ (663) | $ 1,379 | $ 467 | $ (89) | $ 556 | $ 1,508 | $ 1,682 | $ 1,882 | $ 1,094 | $ 5,628 | $ 3,710 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 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) | 12 Months Ended |
Dec. 31, 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 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. Adoption of ASU 2018-12 - Targeted Improvements to the Accounting for Long-Duration Contracts Effective January 1, 2023, the Company adopted Accounting Standards Update (“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 |
Consolidation of Subsidiaries | Consolidation The accompanying consolidated financial statements include the accounts of Metropolitan Life Insurance Company 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, unless the fair value option (“FVO”) is applied, 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. Since the Company is a member of a controlled group of affiliated companies, its results may not be indicative of those of a stand-alone entity. |
Separate Accounts | Separate Accounts Separate accounts are established in conformity with insurance laws. Generally, the assets of the separate accounts cannot be used to settle the liabilities that arise from any other business of the Company. Separate account assets are subject to general account claims only to the extent the value of such assets exceeds the separate account liabilities. The Company reports separately, as separate account assets and liabilities, investments held in separate accounts and corresponding policyholder liabilities of the same amount if all of the following criteria are met: • such separate accounts are legally recognized; • assets supporting the contract liabilities are legally insulated from the Company’s general account liabilities; • investment objectives are directed by the contractholder; and • all investment performance, net of contract fees and assessments, is passed through to the contractholder. The Company reports separate account assets at their fair value, which is based on the estimated fair values of the underlying assets comprising the individual separate account portfolios. Investment performance (including investment income, net investment gains (losses) and changes in unrealized gains (losses)) and the corresponding amounts credited to contractholders of such separate accounts are offset within the same line on the statements of operations. Separate accounts credited with a contractual investment return are not reported as separate account assets and liabilities and are combined on a line-by-line basis with the Company’s general account assets, liabilities, revenues and expenses and the accounting for these investments is consistent with the methodologies described herein for similar financial instruments held within the general account. The Company’s revenues reflect fees charged to the separate accounts, including mortality charges, risk charges, policy administration fees, investment management fees and surrender charges. Such fees are included in universal life and investment-type product policy fees on the statements of operations. |
Future Policy Benefit Liabilities and Policyholder Account Balances | Future Policy Benefit Liabilities 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, pension risk transfers, structured settlements, institutional income annuities, long-term care, individual disability, as well as whole and term life 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 is generally considered its own cohort. Contracts from different subsidiaries or branches, issue years, benefit currencies 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) are accrued each period as FPBs. 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. 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 of the change in the NPR based on experience at the 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 reflected 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 corporate single A rate that reflects the duration characteristics of the liability. The upper-medium grade discount rate for the products that are included in the disaggregated rollforwards in Note 3 which are issued in the U.S. is determined by using observable market data, including published single A base curves. The last liquid point on the upper-medium grade discount curve grades to an ultimate forward rate, which is derived using assumptions of economic growth, inflation, and a long-term upper-medium grade spread. 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 benefits 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. When a cohort’s present value of future net premiums exceeds the present value of future benefits, a “flooring” adjustment is required. The flooring adjustment ensures that the liability for future policy benefits for each cohort is not less than zero, and is reported in net income or OCI, depending on whether the flooring relates to the FPB discounted at the locked-in discount rate versus the current upper-medium grade discount rate, respectively. 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 9 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 and variable universal 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 adjustments are recorded as policyholder liability remeasurement (gains) losses in the statement of operations reflecting the impact on the change in the ratio of benefits payable to total assessments over the life of the contract based on experience at the end of the quarter applied to the cumulative assessments received as of the beginning of the quarter. Premium Deficiency Reserves 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. For universal life-type and certain participating contracts, a premium deficiency reserve may be established when existing contract liabilities together with the present value of future fees and/or premiums are not sufficient to cover the present value of future benefits and settlement costs. Anticipated investment income is also considered in the calculations of premium deficiency reserves for short-duration contracts, as well as universal life-type and certain participating contracts. Policyholder Account Balances Policyholder account balances (“PABs”) represent 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 (e.g., 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 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 and policyholder dividends left on deposit. The liability for policy and contract claims generally relates to incurred but not reported (“IBNR”) death, disability, and dental claims. In addition, generally included in other policy-related balances are claims which have been reported but not yet settled for death, disability, and dental. The liability for these claims is based on the Company’s estimated ultimate cost of settling all claims. The Company derives estimates for the development of IBNR claims principally from analyses of historical patterns of claims by business line. The methods used to determine these estimates are continually reviewed. Adjustments resulting from this continuous review process and differences between estimates and payments for claims are recognized in policyholder benefits and claims expense in the period in which the estimates are changed or payments are made. The Company accounts for the prepayment of premiums on its individual life, group life and health contracts as premiums received in advance. 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 UREV 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. |
Recognition of Insurance Revenues and Deposits | Recognition of Insurance Revenues and Deposits Premiums related to long-duration individual and group fixed annuities (including pension risk transfers, certain structured settlements and certain income annuities), long-term care, individual disability, whole and term life, 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 group term life, dental, disability, and legal plan 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 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; and • other essential direct costs that would not have been incurred had a policy not been acquired or renewed. All other acquisition-related costs, including those related to general advertising and solicitation, market research, agent training, product development, unsuccessful sales and underwriting efforts, as well as all indirect costs, are expensed as incurred. Value of business acquired (“VOBA”) is an intangible asset resulting from a business combination that represents the excess of book value over the estimated fair value of acquired insurance, annuity, and investment-type contracts in-force at the acquisition date. The estimated fair value of the acquired liabilities is based on projections, by each block of business, of future policy and contract charges, premiums, mortality and morbidity, separate account performance, surrenders, operating expenses, investment returns, nonperformance risk adjustment and other factors. Actual experience 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. 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 RIS 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. Amortization of DAC and VOBA is included in other expenses. |
Intangible Assets Arising from Insurance Contracts Acquired in Business Combination | 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; and • other essential direct costs that would not have been incurred had a policy not been acquired or renewed. All other acquisition-related costs, including those related to general advertising and solicitation, market research, agent training, product development, unsuccessful sales and underwriting efforts, as well as all indirect costs, are expensed as incurred. Value of business acquired (“VOBA”) is an intangible asset resulting from a business combination that represents the excess of book value over the estimated fair value of acquired insurance, annuity, and investment-type contracts in-force at the acquisition date. The estimated fair value of the acquired liabilities is based on projections, by each block of business, of future policy and contract charges, premiums, mortality and morbidity, separate account performance, surrenders, operating expenses, investment returns, nonperformance risk adjustment and other factors. Actual experience 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. 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 RIS 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. 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 deferred sales inducements (“DSI”) is included in policyholder benefits and claims. DSI assets were $45 million and $49 million at December 31, 2023 and 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 10 to 30 years and such amortization is included in other expenses. Each year, or more frequently if circumstances indicate a possible impairment exists, the Company reviews VODA and VOCRA to determine whether the asset is impaired. |
Reinsurance | Reinsurance For each of its reinsurance agreements, the Company determines whether the agreement provides indemnification against loss or liability relating to insurance risk in accordance with applicable accounting standards. Cessions under reinsurance agreements do not discharge the Company’s obligations as the primary insurer. The Company reviews all contractual features, including those that may limit the amount of insurance risk to which the reinsurer is subject or features that delay the timely reimbursement of claims. For reinsurance of existing in-force blocks of long-duration contracts that transfer significant insurance risk, the difference, if any, between the amounts paid (received), and the liabilities ceded (assumed) related to the underlying 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 accounting for in-force blocks and new business assumed is the same as if the business was directly sold by the Company. 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. 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. 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”). The funds withheld liability represents amounts withheld by the Company in accordance with the terms of the reinsurance agreements. The Company withholds the funds rather than transferring the underlying investments and, as a result, records funds withheld liability within other liabilities. The Company recognizes interest on funds withheld, included in other expenses, at rates defined by the terms of the agreement which may be contractually specified or directly related to the investment portfolio. See “— Investments — Other Invested Assets” for information on funds withheld assets. Premiums, fees, policyholder liability remeasurement (gains) losses, 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. Accounting for reinsurance requires extensive use of assumptions and estimates, particularly related to the future performance of the underlying business and the potential impact of counterparty credit risks. The Company periodically reviews actual and anticipated experience compared to the aforementioned assumptions used to establish assets and liabilities relating to ceded and assumed reinsurance and evaluates the financial strength of counterparties to its reinsurance agreements using criteria similar to that evaluated in the security impairment process discussed in “— Fixed Maturity Securities AFS – Evaluation of Fixed Maturity Securities AFS for Credit Loss” in Note 10. |
Investments | Investments Net Investment Income Net investment income includes primarily interest income, including amortization of premium and accretion of discount, prepayment fees, dividend income, rental income and equity method income and is net of related investment expenses. Net investment income also includes, (i) realized gains (losses) on investments sold or disposed and (ii) unrealized gains (losses) recognized in earnings, representing changes in estimated fair value, primarily for FVO securities. Net Investment Gains (Losses) Net investment gains (losses) include primarily (i) realized gains (losses) from sales and disposals of investments, which are determined by specific identification, (ii) intent-to-sell impairment losses on fixed maturity securities available-for-sale (“AFS”) and impairment losses on all other asset classes and, to a lesser extent, (iii) recognized gains (losses). Recognized gains (losses) are primarily comprised of the change in the ACL and unrealized gains (losses) for certain investments for which changes in estimated fair value are recognized in earnings. Changes in the ACL includes both (i) provisions for credit loss on fixed maturity securities AFS, mortgage loans and leveraged and direct financing leases, and (ii) subsequent changes in the ACL. Unrealized gains (losses), representing changes in estimated fair value recognized in earnings, primarily relate to equity securities and certain other limited partnership interests and real estate joint ventures. Net investment gains (losses) also include non-investment portfolio gains (losses) which do not relate to the performance of the investment portfolio, including gains (losses) from sales and divestitures of businesses and impairment of property, equipment, leasehold improvements and right-of-use (“ROU”) lease assets. Accrued Investment Income Accrued investment income is presented separately on the consolidated balance sheet and excluded from the carrying value of the related investments, primarily fixed maturity securities and mortgage loans. Fixed Maturity Securities The majority of the Company’s fixed maturity securities are classified as AFS and are reported at their estimated fair value. Changes in the estimated fair value of these securities not recognized in earnings representing unrecognized unrealized investment gains (losses) are recorded as a separate component of OCI, net of policy-related amounts and deferred income taxes. All security transactions are recorded on a trade date basis. Sales of securities are determined on a specific identification basis. Interest income and prepayment fees are recognized when earned. Interest income is recognized using an effective yield method giving effect to amortization of premium and accretion of discount, and is based on the estimated economic life of the securities, which for mortgage-backed and asset-backed securities considers the estimated timing and amount of prepayments of the underlying loans. See Note 10 “— Fixed Maturity Securities AFS — Methodology for Amortization of Premium and Accretion of Discount on Structured Products.” The amortization of premium and accretion of discount also take into consideration call and maturity dates. Generally, the accrual of income is ceased and accrued investment income that is considered uncollectible is recognized as a charge within net investment gains (losses) when securities are impaired. The Company periodically evaluates these securities for impairment. The assessment of whether impairments have occurred is based on management’s case-by-case evaluation of the underlying reasons for the decline in estimated fair value as described in Note 10 “— Fixed Maturity Securities AFS — Evaluation of Fixed Maturity Securities AFS for Credit Loss.” For securities in an unrealized loss position, a credit loss is recognized in earnings within net investment gains (losses) when it is anticipated that the amortized cost, excluding accrued investment income, will not be recovered. When either: (i) the Company has the intent to sell the security; or (ii) it is more likely than not that the Company will be required to sell the security before recovery, the reduction of amortized cost and the loss recognized in earnings is the entire difference between the security’s amortized cost and estimated fair value. If neither of these conditions exists, the difference between the amortized cost of the security and the present value of projected future cash flows expected to be collected is recognized in earnings as a credit loss by establishing an ACL with a corresponding charge recorded in net investment gains (losses). However, the ACL is limited by the amount that the fair value is less than the amortized cost. This limitation is known as the “fair value floor.” If the estimated fair value is less than the present value of projected future cash flows expected to be collected, this portion of the decline in value related to other-than-credit factors (“noncredit loss”) is recorded in OCI as an unrecognized loss. For purchased credit deteriorated (“PCD”) fixed maturity securities AFS and financing receivables, an ACL is established at acquisition, which is added to the purchase price to establish the initial amortized cost of the investment and is not recognized in earnings. Mortgage Loans The Company may originate or acquire mortgage loans and in certain cases transfer an interest under participation agreements. The Company accounts for transfers of an interest in a mortgage loan as sales if the transfers meet both the conditions of a participating interest and the conditions for sale accounting. The Company also acquires mortgage loans through an affiliate. The affiliate originates and acquires mortgage loans and the Company simultaneously purchases participation interests under a participation agreement. Mortgage loans acquired from affiliates that do not meet the conditions for sale accounting are treated as mortgage secured loans and reported within mortgage loans on the balance sheet. The Company disaggregates its mortgage loan investments into three portfolio segments: commercial, agricultural and residential. Also included in commercial mortgage loans are revolving line of credit loans collateralized by commercial properties. The accounting policies that are applicable to all portfolio segments are presented below and the accounting policies related to each of the portfolio segments are included in Note 10. The Company recognizes an ACL in earnings within net investment gains (losses) at time of purchase or origination based on expected lifetime credit loss on financing receivables carried at amortized cost, including, but not limited to, mortgage loans, in an amount that represents the portion of the amortized cost basis of such financing receivables that the Company does not expect to collect, resulting in financing receivables being presented at the net amount expected to be collected. The Company ceases to accrue interest when the collection of interest is not considered probable, which is based on a current evaluation of the status of the borrower, including the number of days past due. When a loan is placed on non-accrual status, uncollected past due accrued interest income that is considered uncollectible is charged-off against net investment income. Generally, the accrual of interest income resumes after all delinquent amounts are paid and management believes all future principal and interest payments will be collected. The Company records cash receipts on non-accruing loans in accordance with the loan agreement. The Company records charge-offs of mortgage loan balances not considered collectible upon the realization of a credit loss, for commercial and agricultural mortgage loans typically through foreclosure or after a decision is made to sell a loan, and for residential mortgage loans, typically after considering the individual consumer’s financial status. The charge-off is recorded in net investment gains (losses), net of amounts recognized in ACL. Cash recoveries on principal amounts previously charged-off are generally reported in net investment gains (losses). Mortgage loans are stated at unpaid principal balance, adjusted for any unamortized premium or discount, deferred fees or expenses, and are net of ACL. Interest income and prepayment fees are recognized when earned. Interest income is recognized using an effective yield method giving effect to amortization of premium and deferred expenses and accretion of discount and deferred fees. Also included in mortgage loans are residential mortgage loans for which the FVO was elected, and which are stated at estimated fair value. Changes in estimated fair value are recognized in net investment income. Mortgage loans that are designated as held-for-sale are carried at the lower of amortized cost or estimated fair value. Policy Loans Policy loans are stated at unpaid principal balances. Interest income is recognized as earned using the contractual interest rate. Generally, accrued interest is capitalized on the policy’s anniversary date. Valuation allowances are not established for policy loans, as they are fully collateralized by the cash surrender value of the underlying insurance policies. Any unpaid principal and accrued interest are deducted from the cash surrender value or the death benefit prior to settlement of the insurance policy. Real Estate Real estate is stated at cost less accumulated depreciation. Depreciation is recognized on a straight-line basis, without any provision for salvage value, over the estimated useful life of the asset (typically up to 55 years). Rental income is recognized on a straight-line basis over the term of the respective leases. The Company periodically reviews its real estate for impairment and tests for recoverability whenever events or changes in circumstances indicate the carrying value may not be recoverable. Properties whose carrying values are greater than their estimated undiscounted cash flows are written down to their estimated fair value, which is generally computed using the present value of expected future cash flows discounted at a rate commensurate with the underlying risks. Real estate for which the Company commits to a plan to sell within one year and actively markets in its current condition for a reasonable price in comparison to its estimated fair value is classified as held-for-sale and is not depreciated. Real estate held-for-sale is stated at the lower of depreciated cost or estimated fair value less expected disposition costs. Real Estate Joint Ventures and Other Limited Partnership Interests The Company uses the equity method of accounting or the FVO for an investee when it has more than a minor ownership interest or more than a minor influence over the investee’s operations but does not hold a controlling financial interest, including when the Company is not deemed the primary beneficiary of a VIE. Under the equity method, the Company recognizes its share of the investee's earnings within net investment income. Contributions paid by the Company increase carrying value and distributions received by the Company reduce carrying value. The Company generally recognizes its share of the investee’s earnings on a three-month lag in instances where the investee’s financial information is not sufficiently timely or when the investee’s reporting period differs from the Company’s reporting period. The Company accounts for its interest in real estate joint ventures and other limited partnership interests in which it has virtually no influence over the investee’s operations at estimated fair value. Unrealized gains (losses), representing changes in estimated fair value of these investments, are recognized in earnings within net investment gains (losses). Due to the nature and structure of these investments, they do not meet the characteristics of an equity security in accordance with applicable accounting guidance. The Company consolidates real estate joint ventures and other limited partnership interests of which it holds a controlling financial interest, or it is deemed the primary beneficiary of a VIE. Assets of certain consolidated real estate joint ventures and other limited partnership interests are initially recorded at estimated fair value. The Company elects the FVO for certain real estate joint ventures that are managed on a total return basis. Unrealized gains (losses) representing changes in estimated fair value for real estate joint ventures and other limited partnership interests recorded at estimated fair value are recognized in net investment income. The Company routinely evaluates its equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amount is not recoverable and exceeds its estimated fair value. When it is determined an equity method investment has had a loss in value that is other than temporary, an impairment is recognized. Such an impairment is charged to net investment gains (losses). Short-term Investments Short-term investments include highly liquid securities and other investments with remaining maturities of one year or less, but greater than three months, at the time of purchase. Securities included within short-term investments are stated at estimated fair value, while other investments included within short-term investments are stated at amortized cost less ACL, which approximates estimated fair value. Other Invested Assets Other invested assets consist principally of the following: • Freestanding derivatives with positive estimated fair values which are described in “— Derivatives” below. • Funds withheld represent a receivable for amounts contractually withheld by ceding companies in accordance with reinsurance agreements. The Company recognizes interest on funds withheld at rates defined by the terms of the agreement which may be contractually specified or directly related to the underlying investments. • Annuities funding structured settlement claims represent annuities funding claims assumed by the Company in its capacity as a structured settlements assignment company. The annuities are stated at their contract value, which represents the present value of the future periodic claim payments to be provided. The net investment income recognized reflects the amortization of discount of the annuity at its implied effective interest rate. • Affiliated investments are comprised of affiliated loans which are stated at unpaid principal balance, adjusted for any unamortized premium or discount. Interest income is recognized using an effective yield method giving effect to amortization of premium and accretion of discount. • Tax credit and renewable energy partnerships which derive a significant source of investment return in the form of income tax credits or other tax incentives. The Company accounts for its tax credit and renewable energy investments under the equity method. See Note 18. • FVO securities are primarily investments in fixed maturity securities held-for-investment that are managed on a total return basis where the FVO has been elected, with changes in estimated fair value included in net investment income. • Net investment in leveraged leases is equal to the minimum lease payment receivables plus the unguaranteed residual value, less the unearned income, less ACL and is reported net of non-recourse debt. Income is recognized by applying the leveraged lease’s estimated rate of return to the net investment in the lease in those periods in which the net investment at the beginning of the period is positive. Leveraged leases derive investment returns in part from their income tax benefit. The Company regularly reviews its minimum lease payment receivables for credit loss and residual value for impairments. • Investments in Federal Home Loan Bank of New York (“FHLBNY”) common stock are carried at redemption value and are considered restricted investments until redeemed by FHLBNY. Dividends are recognized in net investment income when declared. • Investment in an operating joint venture that engages in insurance underwriting activities is accounted for under the equity method. • Company-owned life insurance policies (“COLI”) are carried at cash surrender value. • Equity securities are reported at their estimated fair value, with changes in estimated fair value included in net investment gains (losses). Sales of securities are determined on a specific identification basis. Dividends are recognized in net investment income when declared. • Net investment in direct financing leases is equal to the minimum lease payment receivables plus the unguaranteed residual value, less the unearned income, less ACL. Income is recognized by applying the pre-tax internal rate of return to the investment balance. The Company regularly reviews its minimum lease payment receivables for credit loss and residual value for impairments. Securities Lending Transactions and Repurchase Agreements The Company accounts for securities lending transactions and repurchase agreements as financing arrangements and the associated liability is recorded at the amount of cash received. The securities loaned or sold under these agreements are included in invested assets. Income and expenses associated with securities lending transactions and repurchase agreements are recognized as investment income and investment expense, respectively, within net investment income. Securities Lending Transactions The Company enters into securities lending transactions, whereby securities are loaned to unaffiliated financial institutions. The Company obtains collateral at the inception of the loan, usually cash, in an amount generally equal to 102% of the estimated fair value of the securities loaned, and maintains it at a level greater than or equal to 100% for the duration of the loan. Securities loaned under such transactions may be sold or re-pledged by the transferee. The Company is liable to return to the counterparties the cash collateral received. Security collateral on deposit from counterparties in connection with securities lending transactions may not be sold or re-pledged, unless the counterparty is in default, and is not reflected on the Company’s consolidated financial statements. The Company monitors the ratio of the collateral held to the estimated fair value of the securities loaned on a daily basis and additional collateral is obtained as necessary throughout the duration of the loan. Repurchase Agreements The Company participates in short-term repurchase agreements with unaffiliated financial institutions. Under these agreements, the Company sells securities and receives cash in an amount generally equal to 85% to 100% of the estimated fair value of the securities sold at the inception of the transaction, with a simultaneous agreement to repurchase such securities at a future date or on demand in an amount equal to the cash initially received plus interest. The Company monitors the ratio of the cash held to the estimated fair value of the securities sold throughout the duration of the transaction and additional cash or securities are obtained as necessary. Securities sold under such transactions may be sold or re-pledged by the transferee. Investment Risks and Uncertainties Investments are exposed to the following primary sources of risk: credit, interest rate, liquidity, market valuation, currency and real estate risk. The financial statement risks, stemming from such investment risks, are those associated with the determination of estimated fair values, the diminished ability to sell certain investments in times of strained market conditions, the recognition of ACL and impairments, the recognition of income on certain investments and the potential consolidation of VIEs. The use of different methodologies, assumptions and inputs relating to these financial statement risks may have a material effect on the amounts presented within the consolidated financial statements. The determination of ACL and impairments is highly subjective and is based upon quarterly evaluations and assessments of known and inherent risks associated with the respective asset class. Such evaluations and assessments are revised as conditions change and new information becomes available. The recognition of income on certain investments (e.g. structured securities, including mortgage-backed securities, asset-backed securities and collateralized loan obligations (“ABS & CLO”), certain structured investment transactions and FVO securities) is dependent upon certain factors such as prepayments and defaults, and changes in such factors could result in changes in amounts to be earned. Methodology for Amortization of Premium and Accretion of Discount on Structured Products Amortization of premium and accretion of discount on Structured Products considers the estimated timing and amount of prepayments of the underlying loans. Actual prepayment experience is periodically reviewed and effective yields are recalculated when differences arise between the originally anticipated and the actual prepayments received and currently anticipated. Prepayment assumptions for Structured Products are estimated using inputs obtained from third-party specialists and based on management’s knowledge of the current market. For credit-sensitive and certain prepayment-sensitive Structured Products, the effective yield is recalculated on a prospective basis. For all other Structured Products, the effective yield is recalculated on a retrospective basis. Maturities of Fixed Maturity Securities AFS 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. 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 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. Mortgage Loans 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). Commercial and Agricultural Mortgage Loan Portfolio Segments 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 se |
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 • Economic hedges of 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. 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. 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 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; • 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 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. Derivatives are financial instruments with values derived from interest rates, foreign currency exchange rates, credit spreads and/or other financial indices. Derivatives may be exchange-traded or contracted in the over-the-counter (“OTC”) market. Certain of the Company’s OTC derivatives are cleared and settled through central clearing counterparties (“OTC-cleared”), while others are bilateral contracts between two counterparties (“OTC-bilateral”). The types of derivatives the Company uses include swaps, forwards, futures and option contracts. To a lesser extent, the Company uses credit default swaps and structured interest rate swaps to synthetically replicate investment risks and returns which are not readily available in the cash markets. The Company designates and accounts for the following as fair value hedges when they have met the requirements of fair value hedging: (i) interest rate swaps to convert fixed rate assets and liabilities to floating rate assets and liabilities; and (ii) foreign currency swaps to hedge the foreign currency fair value exposure of foreign currency denominated assets and liabilities. Cash Flow Hedges Credit Risk on Freestanding Derivatives The Company may be exposed to credit-related losses in the event of nonperformance by its counterparties to derivatives. Generally, the current credit exposure of the Company’s derivatives is limited to the net positive estimated fair value of derivatives at the reporting date after taking into consideration the existence of master netting or similar agreements and any collateral received pursuant to such agreements. |
Fair Value | Fair Value Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. In most cases, the exit price and the transaction (or entry) price will be the same at initial recognition. Subsequent to initial recognition, fair values are based on unadjusted quoted prices for identical assets or liabilities in active markets that are readily and regularly obtainable. When such unadjusted quoted prices are not available, estimated fair values are based on quoted prices in markets that are not active, quoted prices for similar but not identical assets or liabilities, or other observable inputs. If these inputs are not available, or observable inputs are not determinable, unobservable inputs and/or adjustments to observable inputs requiring significant management judgment are used to determine the estimated fair value of assets and liabilities. These unobservable inputs can be based on management’s judgment, assumptions or estimation and may not be observable in market activity. Unobservable inputs are based on management’s assumptions about the inputs market participants would use in pricing the assets. When developing estimated fair values, the Company considers three broad valuation approaches: (i) the market approach, (ii) the income approach, and (iii) the cost approach. The Company determines the most appropriate valuation approach to use, given what is being measured and the availability of sufficient inputs, giving priority to observable inputs. The Company categorizes its assets and liabilities measured at estimated fair value into a three-level hierarchy, based on the significant input with the lowest level in its valuation. The input levels are as follows: Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities. The Company defines active markets based on average trading volume for equity securities. The size of the bid/ask spread is used as an indicator of market activity for fixed maturity securities AFS. Level 2 Quoted prices in markets that are not active or inputs that are observable either directly or indirectly. These inputs can include quoted prices for similar assets or liabilities other than quoted prices in Level 1, quoted prices in markets that are not active, or other significant inputs that are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 Unobservable inputs that are supported by little or no market activity and are significant to the determination of estimated fair value of the assets or liabilities. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability. Financial markets are susceptible to severe events evidenced by rapid depreciation in asset values accompanied by a reduction in asset liquidity. The Company’s ability to sell securities, as well as the price ultimately realized for these securities, depends upon the demand and liquidity in the market and increases the use of judgment in determining the estimated fair value of certain securities. Considerable judgment is often required in interpreting 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. |
Fair Value Transfer | Transfers between Levels Overall, transfers between levels occur when there are changes in the observability of inputs and market activity. Transfers into or out of Level 3: Assets and liabilities are transferred into Level 3 when a significant input cannot be corroborated with market observable data. This occurs when market activity decreases significantly and underlying inputs cannot be observed, current prices are not available, and/or when there are significant variances in quoted prices, thereby affecting transparency. Assets and liabilities are transferred out of Level 3 when circumstances change such that a significant input can be corroborated with market observable data. This may be due to a significant increase in market activity, a specific event, or one or more significant input(s) becoming observable. |
Employee Benefit Plans | Employee Benefit Plans The Company sponsors a U.S. nonqualified defined benefit pension plan covering eligible MetLife employees. A December 31 measurement date is used for the Company’s defined benefit pension plan. The Company recognizes the funded status of its defined benefit pension plan, measured as the difference between the fair value of plan assets and the benefit obligation, which is the projected benefit obligation (“PBO”) for pension benefits, in other liabilities. Actuarial gains and losses result from differences between the plan’s actual experience and the assumed experience on PBO during a particular period and are recorded in accumulated OCI (“AOCI”). To the extent such gains and losses exceed 10% of the PBO, the excess is amortized into net periodic benefit costs, generally over the average projected future service years of the active employees. In addition, prior service costs (credit) are recognized in AOCI at the time of the amendment and then amortized to net periodic benefit costs over the average projected future service years of the active employees. Net periodic benefit costs are determined using management’s estimates and actuarial assumptions and are comprised of service cost, interest cost, settlement and curtailment costs, amortization of net actuarial (gains) losses, and amortization of prior service costs (credit). The Company sponsors a nonqualified defined contribution plan for all MetLife employees who qualify. This nonqualified defined contribution plan provides supplemental benefits in excess of limits applicable to a qualified plan which is sponsored by an affiliate. Pension Benefit Plans The Company sponsors a U.S. nonqualified defined benefit pension plan covering MetLife employees who meet specified eligibility requirements of the sponsor and its participating affiliates. Participating affiliates are allocated a proportionate share of net expense related to the plan. Pension benefits are provided utilizing either a traditional formula or cash balance formula. The traditional formula provides benefits that are primarily based upon years of credited service and final average earnings. The cash balance formula utilizes hypothetical or notional accounts which credit participants with benefits equal to a percentage of eligible pay, as well as interest credits, determined annually based upon the annual rate of interest on 30-year U.S. Treasury securities, for each account balance. In September 2018, the nonqualified defined benefit pension plan was amended, effective January 1, 2023, to provide benefit accruals for all active participants under the cash balance formula and to cease future accruals under the traditional formula. The pension plan sponsored by the Company provides supplemental benefits in excess of limits applicable to a qualified plan which is sponsored by an affiliate. |
Income Tax | Income Tax Metropolitan Life Insurance Company and its includable subsidiaries join with MetLife, Inc. and its includable subsidiaries in filing a consolidated U.S. life insurance and non-life insurance federal income tax return in accordance with the provisions of the Internal Revenue Code of 1986, as amended. Current taxes (and the benefits of tax attributes such as losses) are allocated to Metropolitan Life Insurance Company and its includable subsidiaries under the consolidated tax return regulations and a tax sharing agreement. Under the consolidated tax return regulations, MetLife, Inc. has elected the “percentage method” (and 100% under such method) of reimbursing companies for tax attributes, e.g., net operating losses. As a result, 100% of tax attributes are reimbursed by MetLife, Inc. to the extent that consolidated federal income tax of the consolidated federal tax return group is reduced in a year by tax attributes. On an annual basis, each of the profitable subsidiaries pays to MetLife, Inc. the federal income tax which it would have paid based upon that year’s taxable income. If Metropolitan Life Insurance Company or its includable subsidiaries have current or prior deductions and credits (including but not limited to losses) which reduce the consolidated tax liability of the consolidated federal tax return group, the deductions and credits are characterized as realized (or realizable) by Metropolitan Life Insurance Company and its includable subsidiaries when those tax attributes are realized (or realizable) by the consolidated federal tax return group, even if Metropolitan Life Insurance Company or its includable subsidiaries would not have realized the attributes on a stand-alone basis under a “wait and see” method. The Company’s accounting for income taxes represents management’s best estimate of various events and transactions. Deferred tax assets and liabilities resulting from temporary differences between the financial reporting and tax bases of assets and liabilities are measured at the balance sheet date using enacted tax rates expected to apply to taxable income in the years the temporary differences are expected to reverse. The realization of deferred tax assets depends upon the existence of sufficient taxable income within the carryback or carryforward periods under the tax law in the applicable tax jurisdiction. Valuation allowances are established against deferred tax assets when management determines, based on available information, that it is more likely than not that deferred income tax assets will not be realized. Significant judgment is required in determining whether valuation allowances should be established, as well as the amount of such allowances. When making such determination, the Company considers many factors, including: • the nature, frequency, and amount of cumulative financial reporting income and losses in recent years; • the jurisdiction in which the deferred tax asset was generated; • the length of time that carryforward can be utilized in the various taxing jurisdictions; • future taxable income exclusive of reversing temporary differences and carryforwards; • future reversals of existing taxable temporary differences; • taxable income in prior carryback years; and • tax planning strategies, including the intent and ability to hold certain AFS debt securities until they recover in value. The Company may be required to change its provision for income taxes when estimates used in determining valuation allowances on deferred tax assets significantly change or when receipt of new information indicates the need for adjustment in valuation allowances. Additionally, the effect of changes in tax laws, tax regulations, or interpretations of such laws or regulations, is recognized in net income tax expense (benefit) in the period of change. The Company determines whether it is more likely than not that a tax position will be sustained upon examination by the appropriate taxing authorities before any part of the benefit can be recorded on the financial statements. A tax position is measured at the largest amount of benefit that is greater than 50% likely of being realized upon settlement. Unrecognized tax benefits due to tax uncertainties that do not meet the threshold are included within other liabilities and are charged to earnings in the period that such determination is made. The Company classifies interest recognized as interest expense and penalties recognized as a component of income tax expense. The Company classifies interest accrued related to unrecognized tax benefits in interest expense, included within other expenses. |
Litigation Contingencies | Litigation Contingencies The Company is a defendant in a large number of litigation matters and is involved in a number of regulatory investigations. Liabilities are established when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. Except as otherwise disclosed in Note 19, legal costs are recognized as incurred. On a quarterly and annual basis, the Company reviews relevant information with respect to liabilities for litigation, regulatory investigations and litigation-related contingencies to be reflected on the Company’s consolidated financial statements. |
Stock-based Compensation | Other Accounting Policies Stock-Based Compensation The Company does not issue any awards payable in its common stock or options to purchase its common stock. MetLife, Inc. grants certain employees stock-based compensation awards under various plans, subject to vesting conditions. In accordance with a services agreement with an affiliate, the Company bears a proportionate share of stock-based compensation expense. The Company’s expense related to stock-based compensation included in other expenses was $67 million, $67 million and $59 million for the years ended December 31, 2023, 2022 and 2021, respectively. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers highly liquid securities and other investments purchased with an original or remaining maturity of three months or less at the date of purchase to be cash equivalents. Securities included within cash equivalents are stated at estimated fair value, while other investments included within cash equivalents are stated at amortized cost, which approximates estimated fair value. |
Property, Equipment and Leasehold Improvements | Property, Equipment and Leasehold Improvements Property, equipment and leasehold improvements, which are included in other assets, are stated at cost, less accumulated depreciation and amortization. Depreciation and amortization on property and equipment are determined using the straight-line method over the estimated useful lives of the assets, generally ranging from four to 40 years. Leasehold improvements are amortized over the shorter of the useful life or remaining lease term up to 20 |
Leases | Leases The Company, as lessee, has entered into various lease and sublease agreements for office space and equipment. At contract inception, the Company determines that an arrangement contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. For contracts that contain a lease, the Company recognizes the ROU asset in other assets and the lease liability in other liabilities. The Company evaluates whether a ROU asset is impaired when events or changes in circumstances indicate that its carrying amount may not be recoverable. Leases with an initial term of 12 months or less are not recorded on the balance sheet and the associated lease costs are recorded as an expense on a straight-line basis over the lease term. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are determined using the Company’s incremental borrowing rate based upon information available at commencement date to recognize the present value of lease payments over the lease term. ROU assets also include lease payments and exclude lease incentives. Lease terms may include options to extend or terminate the lease and are included in the lease measurement when it is reasonably certain that the Company will exercise that option. The Company has lease agreements with lease and non-lease components. The Company does not separate lease and non-lease components and accounts for these items as a single lease component for all asset classes. The majority of the Company’s leases and subleases are operating leases related to office space. The Company recognizes lease expense for operating leases on a straight-line basis over the lease term. |
Other Revenues | Other Revenues Other revenues primarily include fees related to service contracts from customers for prepaid legal plans, administrative services-only contracts, and recordkeeping and related services. Substantially all of the revenue from the services is recognized over time as the applicable services are provided or are made available to the customers. The revenue recognized includes variable consideration to the extent it is probable that a significant reversal will not occur. In addition to the service fees, other revenues also include certain stable value fees and interest on ceded reinsurance deposit assets. These amounts are recognized as earned. |
Policyholder Dividends | Policyholder Dividends Policyholder dividends are approved annually by Metropolitan Life Insurance Company’s Board of Directors. The aggregate amount of policyholder dividends is related to actual interest, mortality, morbidity and expense experience for the year, as well as management’s judgment as to the appropriate level of statutory surplus to be retained by Metropolitan Life Insurance Company. |
Foreign Currency | Foreign Currency Assets, liabilities and operations of foreign affiliates and subsidiaries, as well as investments accounted for under the equity method, are recorded based on the functional currency of each entity. The determination of the functional currency is made based on the appropriate economic and management indicators. For most of the Company’s foreign operations, the local currency is the functional currency. Assets and liabilities of foreign affiliates and subsidiaries are translated from the functional currency to U.S. dollars at the exchange rates in effect at each year-end and revenues and expenses are translated at the average exchange rates during the year. The resulting translation adjustments are charged or credited directly to OCI, net of applicable taxes. Gains and losses from foreign currency transactions, including the effect of re-measurement of monetary assets and liabilities to the appropriate functional currency, are reported as part of net investment gains (losses) in the period in which they occur. |
Goodwill | Goodwill Goodwill represents the future economic benefits arising from net assets acquired in a business combination that are not individually identified and recognized. Goodwill is calculated as the excess of the cost of the acquired entity over the estimated fair value of such assets acquired and liabilities assumed. Goodwill is not amortized, but is tested for impairment at least annually, or more frequently if events or circumstances indicate that there may be justification for conducting an interim test. The Company performs its annual goodwill impairment testing during the third quarter based upon data as of the close of the second quarter. Goodwill associated with a business acquisition is not tested for impairment during the year the business is acquired unless there is a significant identified impairment event. For the 2023 annual goodwill impairment tests, the Company concluded that goodwill was not impaired. The goodwill balance was $84 million, $2 million and $31 million in the Group Benefits, RIS and MetLife Holdings segments, respectively, at both December 31, 2023 and 2022. |
Closed Block | On April 7, 2000 (the “Demutualization Date”), Metropolitan Life Insurance Company 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 Metropolitan Life Insurance Company’s plan of reorganization, as amended (the “Plan of Reorganization”). On the Demutualization Date, Metropolitan Life Insurance Company established a closed block for the benefit of holders of certain individual life insurance policies of Metropolitan Life Insurance Company. 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. |
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 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 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 Deferred Tax Asset Other Future Policy Benefits Policyholder Account Balances Market Risk Benefit Liabilities Deferred Income Tax Liability Retained Earnings Accumulated Other Comprehensive Income (Loss) (In millions) Balances as reported, December 31, 2020 $ 21,478 $ 2,649 $ — $ 4,276 $ 133,921 $ 96,635 $ — $ 1,980 $ 10,548 $ 11,662 Reclassification of carrying amounts of contracts and contract features that are market risk benefits (59) — — — (1,447) (495) 1,883 — — — Adjustments for the difference between previous carrying amounts and fair value measurements for market risk benefits — — — — — — 4,906 (1,030) (3,897) 21 Removal of related amounts in accumulated other comprehensive income — 1,482 — 29 (6,835) — — 1,751 — 6,595 Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach 32 — — — 89 — — (12) (45) — Effect of remeasurement of future policy benefits to an upper-medium grade discount rate 403 — — — 25,208 — — (5,209) — (19,596) Adjustments for the cumulative effect of adoption on additional insurance assets and liabilities 29 — — — 36 — — — — (7) Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard 2 12 2,518 — (4,794) 4,794 — 2,520 10 — Balances as adjusted, January 1, 2021 $ 21,885 $ 4,143 $ 2,518 $ 4,305 $ 146,178 $ 100,934 $ 6,789 $ — $ 6,616 $ (1,325) 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; and • The cumulative effect of changes in nonperformance risk between the contract issue date and the Transition Date was recorded as an adjustment to opening AOCI as of the Transition Date. 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 $4.7 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 Reported Adoption Post (In millions) Assets Premiums, reinsurance and other receivables $ 20,704 $ 87 $ 20,791 Market risk benefits $ — $ 174 $ 174 Deferred policy acquisition costs and value of business acquired $ 5,263 $ (1,506) $ 3,757 Deferred income tax asset $ 2,661 $ 259 $ 2,920 Other assets $ 4,367 $ (15) $ 4,352 Total assets $ 385,840 $ (1,001) $ 384,839 Liabilities Future policy benefits $ 133,725 $ (6,811) $ 126,914 Policyholder account balances $ 99,967 $ 3,440 $ 103,407 Market risk benefits $ — $ 3,270 $ 3,270 Other policy-related balances $ 7,863 $ 68 $ 7,931 Other liabilities $ 24,489 $ 6 $ 24,495 Total liabilities $ 371,471 $ (27) $ 371,444 Equity Retained earnings $ 10,572 $ (1,550) $ 9,022 Accumulated other comprehensive income (loss) $ (8,896) $ 576 $ (8,320) Total Metropolitan Life Insurance Company stockholder’s equity $ 14,157 $ (974) $ 13,183 Total equity $ 14,369 $ (974) $ 13,395 Total liabilities and equity $ 385,840 $ (1,001) $ 384,839 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 statements of operations: December 31, 2022 2021 As Previously Reported Adoption Post As Previously Reported Adoption Post (In millions) Revenues Premiums $ 31,198 $ (9) $ 31,189 $ 26,191 $ (3) $ 26,188 Universal life and investment-type product policy fees $ 1,997 $ (180) $ 1,817 $ 2,062 $ (188) $ 1,874 Other revenues $ 1,698 $ (4) $ 1,694 $ 1,616 $ — $ 1,616 Net derivative gains (losses) $ 472 $ 280 $ 752 $ (964) $ (665) $ (1,629) Total revenues $ 45,360 $ 87 $ 45,447 $ 42,043 $ (856) $ 41,187 Expenses Policyholder benefits and claims $ 32,954 $ 179 $ 33,133 $ 29,423 $ (339) $ 29,084 Policyholder liability remeasurement (gains) losses $ — $ (11) $ (11) $ — $ — $ — Market risk benefits remeasurement (gains) losses $ — $ (3,379) $ (3,379) $ — $ (758) $ (758) Interest credited to policyholder account balances $ 2,382 $ 127 $ 2,509 $ 2,027 $ 158 $ 2,185 Policyholder dividends $ 559 $ 4 $ 563 $ 728 $ 4 $ 732 Other expenses $ 5,555 $ 148 $ 5,703 $ 5,617 $ 83 $ 5,700 Total expenses $ 41,450 $ (2,932) $ 38,518 $ 37,795 $ (852) $ 36,943 Income (loss) before provision for income tax $ 3,910 $ 3,019 $ 6,929 $ 4,248 $ (4) $ 4,244 Provision for income tax expense (benefit) $ 639 $ 634 $ 1,273 $ 530 $ (1) $ 529 Net income (loss) $ 3,271 $ 2,385 $ 5,656 $ 3,718 $ (3) $ 3,715 Net income (loss) attributable to Metropolitan Life Insurance Company $ 3,243 $ 2,385 $ 5,628 $ 3,713 $ (3) $ 3,710 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 statements of comprehensive income: December 31, 2022 2021 As Previously Reported Adoption Post As Previously Reported Adoption Post (In millions) Net income (loss) $ 3,271 $ 2,385 $ 5,656 $ 3,718 $ (3) $ 3,715 Unrealized investment gains (losses), net of related offsets $ (23,566) $ (6,769) $ (30,335) $ (2,462) $ (2,879) $ (5,341) Future policy benefits discount rate remeasurement gains (losses) $ — $ 21,623 $ 21,623 $ — $ 5,118 $ 5,118 Market risk benefits instrument-specific credit risk remeasurement gains (losses) $ — $ (236) $ (236) $ — $ 311 $ 311 Other comprehensive income (loss), before income tax $ (23,817) $ 14,618 $ (9,199) $ (2,260) $ 2,550 $ 290 Income tax (expense) benefit related to items of other comprehensive income (loss) $ 5,004 $ (3,070) $ 1,934 $ 515 $ (535) $ (20) Other comprehensive income (loss), net of income tax $ (18,813) $ 11,548 $ (7,265) $ (1,745) $ 2,015 $ 270 Comprehensive income (loss) $ (15,542) $ 13,933 $ (1,609) $ 1,973 $ 2,012 $ 3,985 Comprehensive income (loss) attributable to Metropolitan Life Insurance Company $ (15,570) $ 13,933 $ (1,637) $ 1,968 $ 2,012 $ 3,980 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 statements of equity: As Previously Reported Adoption Post (In millions) Retained Earnings Balance at December 31, 2020 $ 10,548 $ — $ 10,548 Cumulative effects of changes in accounting principles, net of income tax $ — $ (3,932) $ (3,932) Net income (loss) $ 3,713 $ (3) $ 3,710 Balance at December 31, 2021 $ 10,868 $ (3,935) $ 6,933 Net income (loss) $ 3,243 $ 2,385 $ 5,628 Balance at December 31, 2022 $ 10,572 $ (1,550) $ 9,022 Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2020 $ 11,662 $ — $ 11,662 Cumulative effects of changes in accounting principles, net of income tax $ — $ (12,987) $ (12,987) Other comprehensive income (loss), net of income tax $ (1,745) $ 2,015 $ 270 Balance at December 31, 2021 $ 9,917 $ (10,972) $ (1,055) Other comprehensive income (loss), net of income tax $ (18,813) $ 11,548 $ (7,265) Balance at December 31, 2022 $ (8,896) $ 576 $ (8,320) Total Metropolitan Life Insurance Company Stockholder’s Equity Balance at December 31, 2020 $ 34,675 $ — $ 34,675 Cumulative effects of changes in accounting principles, net of income tax $ — $ (16,919) $ (16,919) Net income (loss) $ 3,713 $ (3) $ 3,710 Other comprehensive income (loss), net of income tax $ (1,745) $ 2,015 $ 270 Balance at December 31, 2021 $ 33,254 $ (14,907) $ 18,347 Net income (loss) $ 3,243 $ 2,385 $ 5,628 Other comprehensive income (loss), net of income tax $ (18,813) $ 11,548 $ (7,265) Balance at December 31, 2022 $ 14,157 $ (974) $ 13,183 Total Equity Balance at December 31, 2020 $ 34,858 $ — $ 34,858 Cumulative effects of changes in accounting principles, net of income tax $ — $ (16,919) $ (16,919) Net income (loss) $ 3,718 $ (3) $ 3,715 Other comprehensive income (loss), net of income tax $ (1,745) $ 2,015 $ 270 Balance at December 31, 2021 $ 33,428 $ (14,907) $ 18,521 Change in equity of noncontrolling interests $ 10 $ — $ 10 Net income (loss) $ 3,271 $ 2,385 $ 5,656 Other comprehensive income (loss), net of income tax $ (18,813) $ 11,548 $ (7,265) Balance at December 31, 2022 $ 14,369 $ (974) $ 13,395 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 statements of cash flows: December 31, 2022 2021 As Previously Reported Adoption Post As Previously Reported Adoption Post (In millions) Cash flows from operating activities Net income (loss) $ 3,271 $ 2,385 $ 5,656 $ 3,718 $ (3) $ 3,715 (Gains) losses on derivatives, net $ 1,122 $ (187) $ 935 $ 2,480 $ 232 $ 2,712 Interest credited to policyholder account balances $ 2,344 $ (51) $ 2,293 $ 1,988 $ 116 $ 2,104 Universal life and investment-type product policy fees $ (1,162) $ (1) $ (1,163) $ (1,070) $ (21) $ (1,091) Change in premiums, reinsurance and other receivables $ 146 $ 69 $ 215 $ 752 $ (162) $ 590 Change in market risk benefits $ — $ (3,141) $ (3,141) $ — $ (476) $ (476) Change in deferred policy acquisition costs and value of business acquired, net $ (39) $ 147 $ 108 $ 194 $ 84 $ 278 Change in income tax $ 219 $ 634 $ 853 $ 5 $ (1) $ 4 Change in other assets $ 201 $ (14) $ 187 $ (308) $ 5 $ (303) Change in insurance-related liabilities and policy-related balances $ (1,958) $ 628 $ (1,330) $ (957) $ 700 $ (257) Change in other liabilities $ (67) $ 4 $ (63) $ (370) $ (2) $ (372) Net cash provided by (used in) operating activities $ 4,667 $ 473 $ 5,140 $ 3,257 $ 472 $ 3,729 Cash flows from financing activities Policyholder account balances - deposits $ 85,294 $ (9) $ 85,285 $ 78,129 $ — $ 78,129 Policyholder account balances - withdrawals $ (80,028) $ (464) $ (80,492) $ (80,378) $ (472) $ (80,850) Net cash provided by (used in) financing activities $ (8,710) $ (473) $ (9,183) $ (3,758) $ (472) $ (4,230) Other Adopted Accounting Pronouncements The table below describes the impacts of the other ASUs adopted by the Company. Standard Description Effective Date and Method of Adoption 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 new guidance has reduced the complexity involved with evaluating and accounting for certain loan modifications. The adoption of the guidance did not have a material impact on the Company’s consolidated financial statements, other than expanded disclosures in Note 10. 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, 2022 and 2023. The adoption of the guidance did not have a material impact on the Company’s consolidated financial statements. |
Accounting Policies (Tables)
Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [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 Deferred Tax Asset Other Future Policy Benefits Policyholder Account Balances Market Risk Benefit Liabilities Deferred Income Tax Liability Retained Earnings Accumulated Other Comprehensive Income (Loss) (In millions) Balances as reported, December 31, 2020 $ 21,478 $ 2,649 $ — $ 4,276 $ 133,921 $ 96,635 $ — $ 1,980 $ 10,548 $ 11,662 Reclassification of carrying amounts of contracts and contract features that are market risk benefits (59) — — — (1,447) (495) 1,883 — — — Adjustments for the difference between previous carrying amounts and fair value measurements for market risk benefits — — — — — — 4,906 (1,030) (3,897) 21 Removal of related amounts in accumulated other comprehensive income — 1,482 — 29 (6,835) — — 1,751 — 6,595 Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach 32 — — — 89 — — (12) (45) — Effect of remeasurement of future policy benefits to an upper-medium grade discount rate 403 — — — 25,208 — — (5,209) — (19,596) Adjustments for the cumulative effect of adoption on additional insurance assets and liabilities 29 — — — 36 — — — — (7) Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard 2 12 2,518 — (4,794) 4,794 — 2,520 10 — Balances as adjusted, January 1, 2021 $ 21,885 $ 4,143 $ 2,518 $ 4,305 $ 146,178 $ 100,934 $ 6,789 $ — $ 6,616 $ (1,325) 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 Reported Adoption Post (In millions) Assets Premiums, reinsurance and other receivables $ 20,704 $ 87 $ 20,791 Market risk benefits $ — $ 174 $ 174 Deferred policy acquisition costs and value of business acquired $ 5,263 $ (1,506) $ 3,757 Deferred income tax asset $ 2,661 $ 259 $ 2,920 Other assets $ 4,367 $ (15) $ 4,352 Total assets $ 385,840 $ (1,001) $ 384,839 Liabilities Future policy benefits $ 133,725 $ (6,811) $ 126,914 Policyholder account balances $ 99,967 $ 3,440 $ 103,407 Market risk benefits $ — $ 3,270 $ 3,270 Other policy-related balances $ 7,863 $ 68 $ 7,931 Other liabilities $ 24,489 $ 6 $ 24,495 Total liabilities $ 371,471 $ (27) $ 371,444 Equity Retained earnings $ 10,572 $ (1,550) $ 9,022 Accumulated other comprehensive income (loss) $ (8,896) $ 576 $ (8,320) Total Metropolitan Life Insurance Company stockholder’s equity $ 14,157 $ (974) $ 13,183 Total equity $ 14,369 $ (974) $ 13,395 Total liabilities and equity $ 385,840 $ (1,001) $ 384,839 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 statements of operations: December 31, 2022 2021 As Previously Reported Adoption Post As Previously Reported Adoption Post (In millions) Revenues Premiums $ 31,198 $ (9) $ 31,189 $ 26,191 $ (3) $ 26,188 Universal life and investment-type product policy fees $ 1,997 $ (180) $ 1,817 $ 2,062 $ (188) $ 1,874 Other revenues $ 1,698 $ (4) $ 1,694 $ 1,616 $ — $ 1,616 Net derivative gains (losses) $ 472 $ 280 $ 752 $ (964) $ (665) $ (1,629) Total revenues $ 45,360 $ 87 $ 45,447 $ 42,043 $ (856) $ 41,187 Expenses Policyholder benefits and claims $ 32,954 $ 179 $ 33,133 $ 29,423 $ (339) $ 29,084 Policyholder liability remeasurement (gains) losses $ — $ (11) $ (11) $ — $ — $ — Market risk benefits remeasurement (gains) losses $ — $ (3,379) $ (3,379) $ — $ (758) $ (758) Interest credited to policyholder account balances $ 2,382 $ 127 $ 2,509 $ 2,027 $ 158 $ 2,185 Policyholder dividends $ 559 $ 4 $ 563 $ 728 $ 4 $ 732 Other expenses $ 5,555 $ 148 $ 5,703 $ 5,617 $ 83 $ 5,700 Total expenses $ 41,450 $ (2,932) $ 38,518 $ 37,795 $ (852) $ 36,943 Income (loss) before provision for income tax $ 3,910 $ 3,019 $ 6,929 $ 4,248 $ (4) $ 4,244 Provision for income tax expense (benefit) $ 639 $ 634 $ 1,273 $ 530 $ (1) $ 529 Net income (loss) $ 3,271 $ 2,385 $ 5,656 $ 3,718 $ (3) $ 3,715 Net income (loss) attributable to Metropolitan Life Insurance Company $ 3,243 $ 2,385 $ 5,628 $ 3,713 $ (3) $ 3,710 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 statements of comprehensive income: December 31, 2022 2021 As Previously Reported Adoption Post As Previously Reported Adoption Post (In millions) Net income (loss) $ 3,271 $ 2,385 $ 5,656 $ 3,718 $ (3) $ 3,715 Unrealized investment gains (losses), net of related offsets $ (23,566) $ (6,769) $ (30,335) $ (2,462) $ (2,879) $ (5,341) Future policy benefits discount rate remeasurement gains (losses) $ — $ 21,623 $ 21,623 $ — $ 5,118 $ 5,118 Market risk benefits instrument-specific credit risk remeasurement gains (losses) $ — $ (236) $ (236) $ — $ 311 $ 311 Other comprehensive income (loss), before income tax $ (23,817) $ 14,618 $ (9,199) $ (2,260) $ 2,550 $ 290 Income tax (expense) benefit related to items of other comprehensive income (loss) $ 5,004 $ (3,070) $ 1,934 $ 515 $ (535) $ (20) Other comprehensive income (loss), net of income tax $ (18,813) $ 11,548 $ (7,265) $ (1,745) $ 2,015 $ 270 Comprehensive income (loss) $ (15,542) $ 13,933 $ (1,609) $ 1,973 $ 2,012 $ 3,985 Comprehensive income (loss) attributable to Metropolitan Life Insurance Company $ (15,570) $ 13,933 $ (1,637) $ 1,968 $ 2,012 $ 3,980 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 statements of equity: As Previously Reported Adoption Post (In millions) Retained Earnings Balance at December 31, 2020 $ 10,548 $ — $ 10,548 Cumulative effects of changes in accounting principles, net of income tax $ — $ (3,932) $ (3,932) Net income (loss) $ 3,713 $ (3) $ 3,710 Balance at December 31, 2021 $ 10,868 $ (3,935) $ 6,933 Net income (loss) $ 3,243 $ 2,385 $ 5,628 Balance at December 31, 2022 $ 10,572 $ (1,550) $ 9,022 Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2020 $ 11,662 $ — $ 11,662 Cumulative effects of changes in accounting principles, net of income tax $ — $ (12,987) $ (12,987) Other comprehensive income (loss), net of income tax $ (1,745) $ 2,015 $ 270 Balance at December 31, 2021 $ 9,917 $ (10,972) $ (1,055) Other comprehensive income (loss), net of income tax $ (18,813) $ 11,548 $ (7,265) Balance at December 31, 2022 $ (8,896) $ 576 $ (8,320) Total Metropolitan Life Insurance Company Stockholder’s Equity Balance at December 31, 2020 $ 34,675 $ — $ 34,675 Cumulative effects of changes in accounting principles, net of income tax $ — $ (16,919) $ (16,919) Net income (loss) $ 3,713 $ (3) $ 3,710 Other comprehensive income (loss), net of income tax $ (1,745) $ 2,015 $ 270 Balance at December 31, 2021 $ 33,254 $ (14,907) $ 18,347 Net income (loss) $ 3,243 $ 2,385 $ 5,628 Other comprehensive income (loss), net of income tax $ (18,813) $ 11,548 $ (7,265) Balance at December 31, 2022 $ 14,157 $ (974) $ 13,183 Total Equity Balance at December 31, 2020 $ 34,858 $ — $ 34,858 Cumulative effects of changes in accounting principles, net of income tax $ — $ (16,919) $ (16,919) Net income (loss) $ 3,718 $ (3) $ 3,715 Other comprehensive income (loss), net of income tax $ (1,745) $ 2,015 $ 270 Balance at December 31, 2021 $ 33,428 $ (14,907) $ 18,521 Change in equity of noncontrolling interests $ 10 $ — $ 10 Net income (loss) $ 3,271 $ 2,385 $ 5,656 Other comprehensive income (loss), net of income tax $ (18,813) $ 11,548 $ (7,265) Balance at December 31, 2022 $ 14,369 $ (974) $ 13,395 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 statements of cash flows: December 31, 2022 2021 As Previously Reported Adoption Post As Previously Reported Adoption Post (In millions) Cash flows from operating activities Net income (loss) $ 3,271 $ 2,385 $ 5,656 $ 3,718 $ (3) $ 3,715 (Gains) losses on derivatives, net $ 1,122 $ (187) $ 935 $ 2,480 $ 232 $ 2,712 Interest credited to policyholder account balances $ 2,344 $ (51) $ 2,293 $ 1,988 $ 116 $ 2,104 Universal life and investment-type product policy fees $ (1,162) $ (1) $ (1,163) $ (1,070) $ (21) $ (1,091) Change in premiums, reinsurance and other receivables $ 146 $ 69 $ 215 $ 752 $ (162) $ 590 Change in market risk benefits $ — $ (3,141) $ (3,141) $ — $ (476) $ (476) Change in deferred policy acquisition costs and value of business acquired, net $ (39) $ 147 $ 108 $ 194 $ 84 $ 278 Change in income tax $ 219 $ 634 $ 853 $ 5 $ (1) $ 4 Change in other assets $ 201 $ (14) $ 187 $ (308) $ 5 $ (303) Change in insurance-related liabilities and policy-related balances $ (1,958) $ 628 $ (1,330) $ (957) $ 700 $ (257) Change in other liabilities $ (67) $ 4 $ (63) $ (370) $ (2) $ (372) Net cash provided by (used in) operating activities $ 4,667 $ 473 $ 5,140 $ 3,257 $ 472 $ 3,729 Cash flows from financing activities Policyholder account balances - deposits $ 85,294 $ (9) $ 85,285 $ 78,129 $ — $ 78,129 Policyholder account balances - withdrawals $ (80,028) $ (464) $ (80,492) $ (80,378) $ (472) $ (80,850) Net cash provided by (used in) financing activities $ (8,710) $ (473) $ (9,183) $ (3,758) $ (472) $ (4,230) 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: RIS Annuities MetLife Holdings MetLife Other Long-Duration Short-Duration and Other Total (In millions) Balance, future policy benefits, at December 31, 2020 $ 54,535 $ 14,281 $ 45,349 $ 9,625 $ 10,131 $ 133,921 Removal of additional insurance liabilities for separate presentation (1) (4) — — (2,925) — (2,929) Subtotal - pre-adoption balance, excluding additional liabilities 54,531 14,281 45,349 6,700 10,131 130,992 Removal of related amounts in AOCI (5,571) (1,210) — (54) — (6,835) Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach 41 — — 48 — 89 Effect of remeasurement of future policy benefits to an upper-medium grade discount rate 15,011 8,270 — 1,927 — 25,208 Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard (4,747) — — (47) — (4,794) Removal of remeasured deferred profit liabilities for separate presentation (1) (2,413) — — (250) — (2,663) Balance, traditional and limited-payment contracts, at January 1, 2021 $ 56,852 $ 21,341 $ 45,349 $ 8,324 $ 10,131 $ 141,997 Balance, deferred profit liabilities at January 1, 2021 $ 2,413 $ — $ — $ 250 $ — $ 2,663 Balance, ceded recoverables on traditional and limited-payment contracts at December 31, 2020 $ 203 $ — $ 752 $ 955 Effect of remeasurement of the ceded recoverable to an upper-medium grade discount rate 135 — 268 403 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 — 20 26 Balance ceded recoverables on traditional and limited-payment contracts at January 1, 2021 $ 344 $ — $ 1,072 $ 1,416 __________________ (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. MetLife Holdings Other Total (In millions) Additional insurance liabilities at December 31, 2020 $ 1,478 $ 1,451 $ 2,929 Reclassification of carrying amount of contracts and contract features that are market risk benefits — (1,447) (1,447) Adjustments for the cumulative effect of adoption on additional insurance liabilities 36 — 36 Additional insurance liabilities at January 1, 2021 $ 1,514 $ 4 $ 1,518 Ceded recoverables on additional insurance liabilities at December 31, 2020 $ 554 $ — $ 554 Adjustments for the cumulative effect of adoption on ceded recoverables on additional insurance liabilities 9 — 9 Ceded recoverables on additional insurance liabilities at January 1, 2021 $ 563 $ — $ 563 Balance, traditional and limited-payment contracts, at January 1, 2021 $ 141,997 Balance, deferred profit liabilities at January 1, 2021 2,663 Balance, additional insurance liabilities at January 1, 2021 1,518 Total future policy benefits at January 1, 2021 $ 146,178 The LDTI transition adjustments related to PABs, as described in Note 1, were as follows at the Transition Date: Group Benefits Group Life RIS Capital Markets Investment Products and Stable Value GICs RIS Annuities and Risk Solutions MetLife Holdings Annuities Other Total (In millions) Balance at December 31, 2020 $ 7,585 $ 60,641 $ 5,316 $ 15,012 $ 8,081 $ 96,635 Reclassification of carrying amounts of contracts and contract features that are market risk benefits — — (1) (494) — (495) Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard — — 4,747 — 47 4,794 Balance at January 1, 2021 $ 7,585 $ 60,641 $ 10,062 $ 14,518 $ 8,128 $ 100,934 The LDTI transition adjustments related to MRB liabilities, as described in Note 1, were as follows at the Transition Date: MetLife Holdings Other Total (In millions) Direct and assumed MRB liabilities at December 31, 2020 $ — $ — $ — Reclassification of carrying amounts of contracts and contract features that are market risk benefits 1,882 1 1,883 Adjustments for the cumulative effect of changes in nonperformance risk between contract issue date and Transition Date (9) (17) (26) 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 4,728 204 4,932 Direct and assumed MRB liabilities at January 1, 2021 $ 6,601 $ 188 $ 6,789 The transition adjustments related to DAC, VOBA, and UREV, as described in Note 1, were as follows at the Transition Date: Group Benefits (1) RIS (1) MetLife Holdings Total (In millions) DAC: Balance at December 31, 2020 $ 278 $ 100 $ 2,248 $ 2,626 Removal of related amounts in AOCI — — 1,480 1,480 Other adjustments upon adoption of the LDTI standard — — 12 12 Balance at January 1, 2021 $ 278 $ 100 $ 3,740 $ 4,118 VOBA: Balance at December 31, 2020 $ — $ 20 $ 3 $ 23 Removal of related amounts in AOCI — — 2 2 Balance at January 1, 2021 $ — $ 20 $ 5 $ 25 UREV: Balance at December 31, 2020 $ — $ 22 $ 157 $ 179 Removal of related amounts in AOCI — — — — Balance at January 1, 2021 $ — $ 22 $ 157 $ 179 __________________ (1) See Note 2 for information on the reorganization of the Company’s segments. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Reporting Information, by Segment | Year Ended December 31, 2023 Group Benefits RIS MetLife Holdings Corporate Total Adjustments Total (In millions) Revenues Premiums $ 20,593 $ 1,776 $ 2,346 $ 3 $ 24,718 $ — $ 24,718 Universal life and investment-type product policy fees 878 264 519 3 1,664 — 1,664 Net investment income (1) 1,272 6,508 3,991 224 11,995 (789) 11,206 Other revenues 711 256 197 499 1,663 10 1,673 Net investment gains (losses) — — — — — (1,375) (1,375) Net derivative gains (losses) — — — — — (1,537) (1,537) Total revenues 23,454 8,804 7,053 729 40,040 (3,691) 36,349 Expenses Policyholder benefits and claims and policyholder dividends 17,976 4,163 4,462 1 26,602 18 26,620 Policyholder liability remeasurement (gains) losses (26) (158) 34 — (150) — (150) Market risk benefit remeasurement (gains) losses — — — — — (703) (703) Interest credited to policyholder account balances 193 2,492 582 317 3,584 18 3,602 Capitalization of DAC (18) (46) 1 (55) (118) — (118) Amortization of DAC and VOBA 26 31 224 17 298 — 298 Interest expense on debt 2 14 13 103 132 — 132 Other expenses 3,318 559 794 852 5,523 (50) 5,473 Total expenses 21,471 7,055 6,110 1,235 35,871 (717) 35,154 Provision for income tax expense (benefit) 416 365 182 (283) 680 (620) 60 Adjusted earnings $ 1,567 $ 1,384 $ 761 $ (223) 3,489 Adjustments to: Total revenues (3,691) Total expenses 717 Provision for income tax (expense) benefit 620 Net income (loss) $ 1,135 $ 1,135 At December 31, 2023 Group Benefits RIS MetLife Holdings Corporate Total (In millions) Total assets $ 34,185 $ 180,625 $ 133,219 $ 30,656 $ 378,685 Separate account assets $ 1,159 $ 47,310 $ 34,728 $ — $ 83,197 Separate account liabilities $ 1,159 $ 47,310 $ 34,728 $ — $ 83,197 __________________ (1) Net investment income from equity method invested assets represents 0%, 1% and 2% of segment net investment income, and equity method invested assets represent 1%, 3% and 4% of segment total assets for the Group Benefits, RIS and MetLife Holdings segments, respectively. Year Ended December 31, 2022 Group Benefits RIS MetLife Holdings Corporate Total Adjustments Total (In millions) Revenues Premiums $ 20,269 $ 8,425 $ 2,495 $ — $ 31,189 $ — $ 31,189 Universal life and investment-type product policy fees 855 267 695 — 1,817 — 1,817 Net investment income (1) 1,126 5,236 4,393 (45) 10,710 (588) 10,122 Other revenues 653 407 149 485 1,694 — 1,694 Net investment gains (losses) — — — — — (127) (127) Net derivative gains (losses) — — — — — 752 752 Total revenues 22,903 14,335 7,732 440 45,410 37 45,447 Expenses Policyholder benefits and claims and policyholder dividends 18,157 10,666 4,757 — 33,580 116 33,696 Policyholder liability remeasurement (gains) losses 7 (85) 67 — (11) — (11) Market risk benefit remeasurement (gains) losses — — — — — (3,379) (3,379) Interest credited to policyholder account balances 143 1,687 643 67 2,540 (31) 2,509 Capitalization of DAC (18) (51) — (120) (189) — (189) Amortization of DAC and VOBA 26 28 237 6 297 — 297 Interest expense on debt 1 8 8 87 104 — 104 Other expenses 3,073 391 801 1,249 5,514 (23) 5,491 Total expenses 21,389 12,644 6,513 1,289 41,835 (3,317) 38,518 Provision for income tax expense (benefit) 318 350 240 (339) 569 704 1,273 Adjusted earnings $ 1,196 $ 1,341 $ 979 $ (510) 3,006 Adjustments to: Total revenues 37 Total expenses 3,317 Provision for income tax (expense) benefit (704) Net income (loss) $ 5,656 $ 5,656 At December 31, 2022 Group Benefits RIS MetLife Holdings Corporate Total (In millions) Total assets $ 33,179 $ 187,479 $ 133,393 $ 30,788 $ 384,839 Separate account assets $ 990 $ 55,020 $ 33,231 $ — $ 89,241 Separate account liabilities $ 990 $ 55,020 $ 33,231 $ — $ 89,241 __________________ (1) Net investment income from equity method invested assets represents 1%, 5% and 7% of segment net investment income for the Group Benefits, RIS and MetLife Holdings segments, respectively. Year Ended December 31, 2021 Group Benefits RIS MetLife Holdings Corporate Total Adjustments Total (In millions) Revenues Premiums $ 19,640 $ 3,823 $ 2,725 $ — $ 26,188 $ — $ 26,188 Universal life and investment-type product policy fees 829 272 773 — 1,874 — 1,874 Net investment income (1) 1,152 6,097 5,768 48 13,065 (579) 12,486 Other revenues 617 244 243 512 1,616 — 1,616 Net investment gains (losses) — — — — — 652 652 Net derivative gains (losses) — — — — — (1,629) (1,629) Total revenues 22,238 10,436 9,509 560 42,743 (1,556) 41,187 Expenses Policyholder benefits and claims and policyholder dividends 18,820 5,813 5,154 — 29,787 29 29,816 Policyholder liability remeasurement (gains) losses (4) (11) 15 — — — — Market risk benefit remeasurement (gains) losses — — — — — (758) (758) Interest credited to policyholder account balances 127 1,397 666 1 2,191 (6) 2,185 Capitalization of DAC (19) (40) 2 (6) (63) — (63) Amortization of DAC and VOBA 26 29 286 — 341 — 341 Interest expense on debt 1 5 5 85 96 — 96 Other expenses 2,819 447 839 1,230 5,335 (9) 5,326 Total expenses 21,770 7,640 6,967 1,310 37,687 (744) 36,943 Provision for income tax expense (benefit) 100 580 514 (505) 689 (160) 529 Adjusted earnings $ 368 $ 2,216 $ 2,028 $ (245) 4,367 Adjustments to: Total revenues (1,556) Total expenses 744 Provision for income tax (expense) benefit 160 Net income (loss) $ 3,715 $ 3,715 __________________ (1) Net investment income from equity method invested assets represents 5%, 26% and 28% of segment net investment income for the Group Benefits, RIS and MetLife Holdings segments, respectively. |
Revenue from External Customers by Products and Services | The following table presents total premiums, universal life and investment-type product policy fees and other revenues by major product groups of the Company’s segments, as well as Corporate & Other: Years Ended December 31, 2023 2022 2021 (In millions) Life insurance $ 14,721 $ 14,809 $ 15,396 Accident & health insurance 10,460 10,111 9,493 Annuities 2,412 9,346 4,386 Other 462 434 403 Total $ 28,055 $ 34,700 $ 29,678 |
Future Policy Benefits (Tables)
Future Policy Benefits (Tables) | 12 Months Ended |
Dec. 31, 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 Deferred Tax Asset Other Future Policy Benefits Policyholder Account Balances Market Risk Benefit Liabilities Deferred Income Tax Liability Retained Earnings Accumulated Other Comprehensive Income (Loss) (In millions) Balances as reported, December 31, 2020 $ 21,478 $ 2,649 $ — $ 4,276 $ 133,921 $ 96,635 $ — $ 1,980 $ 10,548 $ 11,662 Reclassification of carrying amounts of contracts and contract features that are market risk benefits (59) — — — (1,447) (495) 1,883 — — — Adjustments for the difference between previous carrying amounts and fair value measurements for market risk benefits — — — — — — 4,906 (1,030) (3,897) 21 Removal of related amounts in accumulated other comprehensive income — 1,482 — 29 (6,835) — — 1,751 — 6,595 Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach 32 — — — 89 — — (12) (45) — Effect of remeasurement of future policy benefits to an upper-medium grade discount rate 403 — — — 25,208 — — (5,209) — (19,596) Adjustments for the cumulative effect of adoption on additional insurance assets and liabilities 29 — — — 36 — — — — (7) Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard 2 12 2,518 — (4,794) 4,794 — 2,520 10 — Balances as adjusted, January 1, 2021 $ 21,885 $ 4,143 $ 2,518 $ 4,305 $ 146,178 $ 100,934 $ 6,789 $ — $ 6,616 $ (1,325) 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 Reported Adoption Post (In millions) Assets Premiums, reinsurance and other receivables $ 20,704 $ 87 $ 20,791 Market risk benefits $ — $ 174 $ 174 Deferred policy acquisition costs and value of business acquired $ 5,263 $ (1,506) $ 3,757 Deferred income tax asset $ 2,661 $ 259 $ 2,920 Other assets $ 4,367 $ (15) $ 4,352 Total assets $ 385,840 $ (1,001) $ 384,839 Liabilities Future policy benefits $ 133,725 $ (6,811) $ 126,914 Policyholder account balances $ 99,967 $ 3,440 $ 103,407 Market risk benefits $ — $ 3,270 $ 3,270 Other policy-related balances $ 7,863 $ 68 $ 7,931 Other liabilities $ 24,489 $ 6 $ 24,495 Total liabilities $ 371,471 $ (27) $ 371,444 Equity Retained earnings $ 10,572 $ (1,550) $ 9,022 Accumulated other comprehensive income (loss) $ (8,896) $ 576 $ (8,320) Total Metropolitan Life Insurance Company stockholder’s equity $ 14,157 $ (974) $ 13,183 Total equity $ 14,369 $ (974) $ 13,395 Total liabilities and equity $ 385,840 $ (1,001) $ 384,839 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 statements of operations: December 31, 2022 2021 As Previously Reported Adoption Post As Previously Reported Adoption Post (In millions) Revenues Premiums $ 31,198 $ (9) $ 31,189 $ 26,191 $ (3) $ 26,188 Universal life and investment-type product policy fees $ 1,997 $ (180) $ 1,817 $ 2,062 $ (188) $ 1,874 Other revenues $ 1,698 $ (4) $ 1,694 $ 1,616 $ — $ 1,616 Net derivative gains (losses) $ 472 $ 280 $ 752 $ (964) $ (665) $ (1,629) Total revenues $ 45,360 $ 87 $ 45,447 $ 42,043 $ (856) $ 41,187 Expenses Policyholder benefits and claims $ 32,954 $ 179 $ 33,133 $ 29,423 $ (339) $ 29,084 Policyholder liability remeasurement (gains) losses $ — $ (11) $ (11) $ — $ — $ — Market risk benefits remeasurement (gains) losses $ — $ (3,379) $ (3,379) $ — $ (758) $ (758) Interest credited to policyholder account balances $ 2,382 $ 127 $ 2,509 $ 2,027 $ 158 $ 2,185 Policyholder dividends $ 559 $ 4 $ 563 $ 728 $ 4 $ 732 Other expenses $ 5,555 $ 148 $ 5,703 $ 5,617 $ 83 $ 5,700 Total expenses $ 41,450 $ (2,932) $ 38,518 $ 37,795 $ (852) $ 36,943 Income (loss) before provision for income tax $ 3,910 $ 3,019 $ 6,929 $ 4,248 $ (4) $ 4,244 Provision for income tax expense (benefit) $ 639 $ 634 $ 1,273 $ 530 $ (1) $ 529 Net income (loss) $ 3,271 $ 2,385 $ 5,656 $ 3,718 $ (3) $ 3,715 Net income (loss) attributable to Metropolitan Life Insurance Company $ 3,243 $ 2,385 $ 5,628 $ 3,713 $ (3) $ 3,710 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 statements of comprehensive income: December 31, 2022 2021 As Previously Reported Adoption Post As Previously Reported Adoption Post (In millions) Net income (loss) $ 3,271 $ 2,385 $ 5,656 $ 3,718 $ (3) $ 3,715 Unrealized investment gains (losses), net of related offsets $ (23,566) $ (6,769) $ (30,335) $ (2,462) $ (2,879) $ (5,341) Future policy benefits discount rate remeasurement gains (losses) $ — $ 21,623 $ 21,623 $ — $ 5,118 $ 5,118 Market risk benefits instrument-specific credit risk remeasurement gains (losses) $ — $ (236) $ (236) $ — $ 311 $ 311 Other comprehensive income (loss), before income tax $ (23,817) $ 14,618 $ (9,199) $ (2,260) $ 2,550 $ 290 Income tax (expense) benefit related to items of other comprehensive income (loss) $ 5,004 $ (3,070) $ 1,934 $ 515 $ (535) $ (20) Other comprehensive income (loss), net of income tax $ (18,813) $ 11,548 $ (7,265) $ (1,745) $ 2,015 $ 270 Comprehensive income (loss) $ (15,542) $ 13,933 $ (1,609) $ 1,973 $ 2,012 $ 3,985 Comprehensive income (loss) attributable to Metropolitan Life Insurance Company $ (15,570) $ 13,933 $ (1,637) $ 1,968 $ 2,012 $ 3,980 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 statements of equity: As Previously Reported Adoption Post (In millions) Retained Earnings Balance at December 31, 2020 $ 10,548 $ — $ 10,548 Cumulative effects of changes in accounting principles, net of income tax $ — $ (3,932) $ (3,932) Net income (loss) $ 3,713 $ (3) $ 3,710 Balance at December 31, 2021 $ 10,868 $ (3,935) $ 6,933 Net income (loss) $ 3,243 $ 2,385 $ 5,628 Balance at December 31, 2022 $ 10,572 $ (1,550) $ 9,022 Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2020 $ 11,662 $ — $ 11,662 Cumulative effects of changes in accounting principles, net of income tax $ — $ (12,987) $ (12,987) Other comprehensive income (loss), net of income tax $ (1,745) $ 2,015 $ 270 Balance at December 31, 2021 $ 9,917 $ (10,972) $ (1,055) Other comprehensive income (loss), net of income tax $ (18,813) $ 11,548 $ (7,265) Balance at December 31, 2022 $ (8,896) $ 576 $ (8,320) Total Metropolitan Life Insurance Company Stockholder’s Equity Balance at December 31, 2020 $ 34,675 $ — $ 34,675 Cumulative effects of changes in accounting principles, net of income tax $ — $ (16,919) $ (16,919) Net income (loss) $ 3,713 $ (3) $ 3,710 Other comprehensive income (loss), net of income tax $ (1,745) $ 2,015 $ 270 Balance at December 31, 2021 $ 33,254 $ (14,907) $ 18,347 Net income (loss) $ 3,243 $ 2,385 $ 5,628 Other comprehensive income (loss), net of income tax $ (18,813) $ 11,548 $ (7,265) Balance at December 31, 2022 $ 14,157 $ (974) $ 13,183 Total Equity Balance at December 31, 2020 $ 34,858 $ — $ 34,858 Cumulative effects of changes in accounting principles, net of income tax $ — $ (16,919) $ (16,919) Net income (loss) $ 3,718 $ (3) $ 3,715 Other comprehensive income (loss), net of income tax $ (1,745) $ 2,015 $ 270 Balance at December 31, 2021 $ 33,428 $ (14,907) $ 18,521 Change in equity of noncontrolling interests $ 10 $ — $ 10 Net income (loss) $ 3,271 $ 2,385 $ 5,656 Other comprehensive income (loss), net of income tax $ (18,813) $ 11,548 $ (7,265) Balance at December 31, 2022 $ 14,369 $ (974) $ 13,395 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 statements of cash flows: December 31, 2022 2021 As Previously Reported Adoption Post As Previously Reported Adoption Post (In millions) Cash flows from operating activities Net income (loss) $ 3,271 $ 2,385 $ 5,656 $ 3,718 $ (3) $ 3,715 (Gains) losses on derivatives, net $ 1,122 $ (187) $ 935 $ 2,480 $ 232 $ 2,712 Interest credited to policyholder account balances $ 2,344 $ (51) $ 2,293 $ 1,988 $ 116 $ 2,104 Universal life and investment-type product policy fees $ (1,162) $ (1) $ (1,163) $ (1,070) $ (21) $ (1,091) Change in premiums, reinsurance and other receivables $ 146 $ 69 $ 215 $ 752 $ (162) $ 590 Change in market risk benefits $ — $ (3,141) $ (3,141) $ — $ (476) $ (476) Change in deferred policy acquisition costs and value of business acquired, net $ (39) $ 147 $ 108 $ 194 $ 84 $ 278 Change in income tax $ 219 $ 634 $ 853 $ 5 $ (1) $ 4 Change in other assets $ 201 $ (14) $ 187 $ (308) $ 5 $ (303) Change in insurance-related liabilities and policy-related balances $ (1,958) $ 628 $ (1,330) $ (957) $ 700 $ (257) Change in other liabilities $ (67) $ 4 $ (63) $ (370) $ (2) $ (372) Net cash provided by (used in) operating activities $ 4,667 $ 473 $ 5,140 $ 3,257 $ 472 $ 3,729 Cash flows from financing activities Policyholder account balances - deposits $ 85,294 $ (9) $ 85,285 $ 78,129 $ — $ 78,129 Policyholder account balances - withdrawals $ (80,028) $ (464) $ (80,492) $ (80,378) $ (472) $ (80,850) Net cash provided by (used in) financing activities $ (8,710) $ (473) $ (9,183) $ (3,758) $ (472) $ (4,230) 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: RIS Annuities MetLife Holdings MetLife Other Long-Duration Short-Duration and Other Total (In millions) Balance, future policy benefits, at December 31, 2020 $ 54,535 $ 14,281 $ 45,349 $ 9,625 $ 10,131 $ 133,921 Removal of additional insurance liabilities for separate presentation (1) (4) — — (2,925) — (2,929) Subtotal - pre-adoption balance, excluding additional liabilities 54,531 14,281 45,349 6,700 10,131 130,992 Removal of related amounts in AOCI (5,571) (1,210) — (54) — (6,835) Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach 41 — — 48 — 89 Effect of remeasurement of future policy benefits to an upper-medium grade discount rate 15,011 8,270 — 1,927 — 25,208 Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard (4,747) — — (47) — (4,794) Removal of remeasured deferred profit liabilities for separate presentation (1) (2,413) — — (250) — (2,663) Balance, traditional and limited-payment contracts, at January 1, 2021 $ 56,852 $ 21,341 $ 45,349 $ 8,324 $ 10,131 $ 141,997 Balance, deferred profit liabilities at January 1, 2021 $ 2,413 $ — $ — $ 250 $ — $ 2,663 Balance, ceded recoverables on traditional and limited-payment contracts at December 31, 2020 $ 203 $ — $ 752 $ 955 Effect of remeasurement of the ceded recoverable to an upper-medium grade discount rate 135 — 268 403 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 — 20 26 Balance ceded recoverables on traditional and limited-payment contracts at January 1, 2021 $ 344 $ — $ 1,072 $ 1,416 __________________ (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. MetLife Holdings Other Total (In millions) Additional insurance liabilities at December 31, 2020 $ 1,478 $ 1,451 $ 2,929 Reclassification of carrying amount of contracts and contract features that are market risk benefits — (1,447) (1,447) Adjustments for the cumulative effect of adoption on additional insurance liabilities 36 — 36 Additional insurance liabilities at January 1, 2021 $ 1,514 $ 4 $ 1,518 Ceded recoverables on additional insurance liabilities at December 31, 2020 $ 554 $ — $ 554 Adjustments for the cumulative effect of adoption on ceded recoverables on additional insurance liabilities 9 — 9 Ceded recoverables on additional insurance liabilities at January 1, 2021 $ 563 $ — $ 563 Balance, traditional and limited-payment contracts, at January 1, 2021 $ 141,997 Balance, deferred profit liabilities at January 1, 2021 2,663 Balance, additional insurance liabilities at January 1, 2021 1,518 Total future policy benefits at January 1, 2021 $ 146,178 The LDTI transition adjustments related to PABs, as described in Note 1, were as follows at the Transition Date: Group Benefits Group Life RIS Capital Markets Investment Products and Stable Value GICs RIS Annuities and Risk Solutions MetLife Holdings Annuities Other Total (In millions) Balance at December 31, 2020 $ 7,585 $ 60,641 $ 5,316 $ 15,012 $ 8,081 $ 96,635 Reclassification of carrying amounts of contracts and contract features that are market risk benefits — — (1) (494) — (495) Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard — — 4,747 — 47 4,794 Balance at January 1, 2021 $ 7,585 $ 60,641 $ 10,062 $ 14,518 $ 8,128 $ 100,934 The LDTI transition adjustments related to MRB liabilities, as described in Note 1, were as follows at the Transition Date: MetLife Holdings Other Total (In millions) Direct and assumed MRB liabilities at December 31, 2020 $ — $ — $ — Reclassification of carrying amounts of contracts and contract features that are market risk benefits 1,882 1 1,883 Adjustments for the cumulative effect of changes in nonperformance risk between contract issue date and Transition Date (9) (17) (26) 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 4,728 204 4,932 Direct and assumed MRB liabilities at January 1, 2021 $ 6,601 $ 188 $ 6,789 The transition adjustments related to DAC, VOBA, and UREV, as described in Note 1, were as follows at the Transition Date: Group Benefits (1) RIS (1) MetLife Holdings Total (In millions) DAC: Balance at December 31, 2020 $ 278 $ 100 $ 2,248 $ 2,626 Removal of related amounts in AOCI — — 1,480 1,480 Other adjustments upon adoption of the LDTI standard — — 12 12 Balance at January 1, 2021 $ 278 $ 100 $ 3,740 $ 4,118 VOBA: Balance at December 31, 2020 $ — $ 20 $ 3 $ 23 Removal of related amounts in AOCI — — 2 2 Balance at January 1, 2021 $ — $ 20 $ 5 $ 25 UREV: Balance at December 31, 2020 $ — $ 22 $ 157 $ 179 Removal of related amounts in AOCI — — — — Balance at January 1, 2021 $ — $ 22 $ 157 $ 179 __________________ (1) See Note 2 for information on the reorganization of the Company’s segments. |
Schedule of Liability for Future Policy Benefits, by Product Segment | The Company’s future policy benefits on the consolidated balance sheets was as follows at: December 31, 2023 2022 (In millions) Traditional and Limited-Payment Contracts: RIS - Annuities $ 48,695 $ 47,990 MetLife Holdings - Long-term care 15,240 13,845 Deferred Profit Liabilities: RIS - Annuities 3,000 2,699 Additional Insurance Liabilities: MetLife Holdings - Universal and variable universal life 1,841 1,641 MetLife Holdings - Participating life 43,586 44,434 Other long-duration (1) 6,605 6,297 Short-duration and other 10,215 10,008 Total $ 129,182 $ 126,914 __________________ (1) This balance represents liabilities for various smaller product lines across all segments. |
Liability for Future Policy Benefit, Activity | Information regarding these products was as follows: Years Ended December 31, 2023 2022 2021 (Dollars in millions) Present Value of Expected Net Premiums Balance at January 1, at current discount rate at balance sheet date $ — $ — $ — Balance at January 1, at original discount rate $ — $ — $ — Effect of changes in cash flow assumptions (1) — — — Effect of actual variances from expected experience (2) (44) — — Adjusted balance (44) — — Issuances 1,607 8,326 3,370 Net premiums collected (1,563) (8,326) (3,370) Balance at December 31, at original discount rate — — — Balance at December 31, at current discount rate at balance sheet date $ — $ — $ — Present Value of Expected Future Policy Benefits Balance at January 1, at current discount rate at balance sheet date $ 48,190 $ 54,172 $ 55,778 Balance at January 1, at original discount rate $ 49,194 $ 42,453 $ 40,767 Effect of changes in cash flow assumptions (1) (193) (99) (112) Effect of actual variances from expected experience (2) (411) (136) (183) Adjusted balance 48,590 42,218 40,472 Issuances 1,642 8,427 3,419 Interest accrual 2,377 2,182 2,098 Benefit payments (4,618) (3,633) (3,536) Balance at December 31, at original discount rate 47,991 49,194 42,453 Effect of changes in discount rate assumptions 895 (1,004) 11,719 Balance at December 31, at current discount rate at balance sheet date 48,886 48,190 54,172 Cumulative amount of fair value hedging adjustments (191) (200) 727 Net liability for future policy benefits 48,695 47,990 54,899 Less: Reinsurance recoverables — — 312 Net liability for future policy benefits, net of reinsurance $ 48,695 $ 47,990 $ 54,587 Undiscounted - Expected future benefit payments $ 93,959 $ 95,493 $ 80,524 Discounted - Expected future benefit payments (at current discount rate at balance sheet date) $ 48,886 $ 48,190 $ 54,172 Weighted-average duration of the liability 9 years 9 years 12 years Weighted-average interest accretion (original locked-in) rate 5.0 % 4.9 % 5.2 % Weighted-average current discount rate at balance sheet date 5.1 % 5.5 % 2.9 % __________________ (1) For the years ended December 31, 2023 and 2021, the net effect of changes in cash flow assumptions was largely offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $136 million and $95 million, respectively. For the year ended December 31, 2022, the net effect of changes in cash flow assumptions was more than offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $113 million. (2) For the year ended December 31, 2023, the net effect of actual variances from expected experience was largely offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $269 million. For the year ended December 31, 2022, the net effect of actual variances from expected experience was partially offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $51 million. For the year ended December 31, 2021, the net effect of actual variances from expected experience was more than offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $188 million. Years Ended December 31, 2023 2022 2021 (Dollars in millions) Present Value of Expected Net Premiums Balance at January 1, at current discount rate at balance sheet date $ 5,775 $ 7,058 $ 7,142 Balance at January 1, at original discount rate $ 5,807 $ 5,699 $ 5,516 Effect of changes in cash flow assumptions (152) 272 270 Effect of actual variances from expected experience 199 120 183 Adjusted balance 5,854 6,091 5,969 Interest accrual 294 298 287 Net premiums collected (582) (582) (557) Balance at December 31, at original discount rate 5,566 5,807 5,699 Effect of changes in discount rate assumptions 121 (32) 1,359 Balance at December 31, at current discount rate at balance sheet date $ 5,687 $ 5,775 $ 7,058 Present Value of Expected Future Policy Benefits Balance at January 1, at current discount rate at balance sheet date $ 19,619 $ 27,627 $ 28,483 Balance at January 1, at original discount rate $ 20,165 $ 19,406 $ 18,586 Effect of changes in cash flow assumptions (190) 301 276 Effect of actual variances from expected experience 223 115 188 Adjusted balance 20,198 19,822 19,050 Interest accrual 1,070 1,043 998 Benefit payments (774) (700) (642) Balance at December 31, at original discount rate 20,494 20,165 19,406 Effect of changes in discount rate assumptions 433 (546) 8,221 Balance at December 31, at current discount rate at balance sheet date 20,927 19,619 27,627 Other adjustments — 1 — Net liability for future policy benefits $ 15,240 $ 13,845 $ 20,569 Undiscounted: Expected future gross premiums $ 10,603 $ 11,201 $ 11,404 Expected future benefit payments $ 45,016 $ 45,872 $ 45,835 Discounted (at current discount rate at balance sheet date): Expected future gross premiums $ 7,139 $ 7,200 $ 9,049 Expected future benefit payments $ 20,927 $ 19,619 $ 27,627 Weighted-average duration of the liability 15 years 15 years 18 years Weighted -average interest accretion (original locked-in) rate 5.4 % 5.5 % 5.5 % Weighted-average current discount rate at balance sheet date 5.2 % 5.6 % 3.0 % |
Additional Liability, Long-Duration Insurance | Information regarding these additional insurance liabilities was as follows: Years Ended December 31, 2023 2022 2021 Universal and Variable Universal Life (Dollars in millions) Balance, at January 1 $ 1,642 $ 1,623 $ 1,514 Less: AOCI adjustment (63) 66 78 Balance, at January 1, before AOCI adjustment 1,705 1,557 1,436 Effect of changes in cash flow assumptions 26 18 — Effect of actual variances from expected experience 16 31 13 Adjusted balance 1,747 1,606 1,449 Assessments accrual 91 90 100 Interest accrual 90 82 75 Excess benefits paid (73) (73) (67) Balance, at December 31, before AOCI adjustment 1,855 1,705 1,557 Add: AOCI adjustment (14) (63) 66 Balance, at December 31 1,841 1,642 1,623 Less: Reinsurance recoverables 1,841 627 605 Balance, at December 31, net of reinsurance $ — $ 1,015 $ 1,018 Weighted-average duration of the liability 17 years 18 years 18 years Weighted-average interest accretion rate 5.2 % 5.2 % 5.2 % The Company’s gross premiums or assessments and interest expense recognized in the consolidated statements of operations and comprehensive income (loss) for long-duration contracts, excluding MetLife Holdings’ participating life contracts, were as follows: Years Ended December 31, 2023 2022 2021 Gross Premiums or Assessments (1) Interest Expense (2) Gross Premiums or Assessments (1) Interest Expense (2) Gross Premiums or Assessments (1) Interest Expense (2) (In millions) Traditional and Limited-Payment Contracts: RIS - Annuities $ 1,584 $ 2,377 $ 8,353 $ 2,182 $ 3,383 $ 2,098 MetLife Holdings - Long-term care 731 776 734 745 736 711 Deferred Profit Liabilities: RIS - Annuities N/A 144 N/A 136 N/A 132 Additional Insurance Liabilities: MetLife Holdings - Universal and variable universal life 452 90 470 82 535 75 Other long-duration 887 304 821 301 1,131 304 Total $ 3,654 $ 3,691 $ 10,378 $ 3,446 $ 5,785 $ 3,320 __________________ (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. |
Short-duration Insurance Contracts, Claims Development | Group Life - Term Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance At December 31, 2023 Years Ended December 31, Total IBNR Cumulative (Unaudited) Incurral Year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (Dollars in millions) 2014 $ 6,986 $ 6,919 $ 6,913 $ 6,910 $ 6,914 $ 6,919 $ 6,920 $ 6,918 $ 6,920 $ 6,921 $ 1 216,354 2015 7,040 7,015 7,014 7,021 7,024 7,025 7,026 7,026 7,028 1 219,102 2016 7,125 7,085 7,095 7,104 7,105 7,104 7,107 7,109 2 221,155 2017 7,432 7,418 7,425 7,427 7,428 7,428 7,432 2 264,341 2018 7,757 7,655 7,646 7,650 7,651 7,652 2 252,744 2019 7,935 7,900 7,907 7,917 7,914 4 254,564 2020 8,913 9,367 9,389 9,384 11 299,634 2021 10,555 10,795 10,777 23 332,964 2022 9,640 9,653 44 331,022 2023 9,584 1,198 263,329 Total 83,454 Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance (80,287) All outstanding liabilities for incurral years prior to 2014, net of reinsurance 20 Total unpaid claims and claim adjustment expenses, net of reinsurance $ 3,187 Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, (Unaudited) Incurral Year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (In millions) 2014 $ 5,428 $ 6,809 $ 6,858 $ 6,869 $ 6,902 $ 6,912 $ 6,915 $ 6,916 $ 6,917 $ 6,919 2015 5,524 6,913 6,958 6,974 7,008 7,018 7,022 7,024 7,027 2016 5,582 6,980 7,034 7,053 7,086 7,096 7,100 7,106 2017 5,761 7,292 7,355 7,374 7,400 7,414 7,427 2018 6,008 7,521 7,578 7,595 7,629 7,646 2019 6,178 7,756 7,820 7,853 7,898 2020 6,862 9,103 9,242 9,296 2021 8,008 10,476 10,640 2022 7,101 9,399 2023 6,929 Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance $ 80,287 Group Long-Term Disability Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance At December 31, 2023 Years Ended December 31, Total IBNR Liabilities Plus Expected Development on Reported Claims Cumulative Number of Reported Claims (Unaudited) Incurral Year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (Dollars in millions) 2014 $ 1,076 $ 1,077 $ 1,079 $ 1,101 $ 1,109 $ 1,098 $ 1,097 $ 1,081 $ 1,078 $ 1,071 $ — 22,854 2015 1,082 1,105 1,093 1,100 1,087 1,081 1,067 1,086 1,078 — 21,218 2016 1,131 1,139 1,159 1,162 1,139 1,124 1,123 1,086 — 17,974 2017 1,244 1,202 1,203 1,195 1,165 1,181 1,101 — 16,329 2018 1,240 1,175 1,163 1,147 1,170 1,102 — 15,215 2019 1,277 1,212 1,169 1,177 1,103 — 15,408 2020 1,253 1,223 1,155 1,100 — 15,773 2021 1,552 1,608 1,477 9 19,557 2022 1,641 1,732 46 18,006 2023 1,725 793 10,994 Total 12,575 Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance (6,295) All outstanding liabilities for incurral years prior to 2014, net of reinsurance 1,477 Total unpaid claims and claim adjustment expenses, net of reinsurance $ 7,757 Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, (Unaudited) Incurral Year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (In millions) 2014 $ 51 $ 266 $ 428 $ 526 $ 609 $ 677 $ 732 $ 778 $ 818 $ 850 2015 50 264 427 524 601 665 718 764 801 2016 49 267 433 548 628 696 750 769 2017 56 290 476 579 655 719 718 2018 54 314 497 594 666 663 2019 57 342 522 620 621 2020 59 355 535 560 2021 95 505 620 2022 76 609 2023 84 Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance $ 6,295 |
Short-duration Insurance Contracts, Schedule of Historical Claims Duration | The following is supplementary information about average historical claims duration at December 31, 2023: Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Years 1 2 3 4 5 6 7 8 9 10 Group Life - Term 76.3% 21.1% 0.9% 0.3% 0.5% 0.2% 0.1% —% —% —% The following is supplementary information about average historical claims duration at December 31, 2023: Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Years 1 2 3 4 5 6 7 8 9 10 Group Long-Term Disability 5.0% 24.0% 14.9% 8.3% 6.0% 4.8% 3.7% 3.4% 3.6% 3.0% |
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability | The reconciliation of the net incurred and paid claims development tables to the liability for unpaid claims and claims adjustment expenses on the consolidated balance sheet was as follows at: December 31, 2023 (In millions) Short-Duration: Unpaid claims and allocated claims adjustment expenses, net of reinsurance: Group Benefits: Group Life - Term $ 3,187 Group Long-Term Disability 7,757 Total $ 10,944 Other insurance lines - all segments combined 894 Total unpaid claims and allocated claims adjustment expenses, net of reinsurance 11,838 Reinsurance recoverables on unpaid claims: Group Benefits: Group Life - Term 8 Group Long-Term Disability 272 Total 280 Other insurance lines - all segments combined 31 Total reinsurance recoverable on unpaid claims 311 Total unpaid claims and allocated claims adjustment expense 12,149 Discounting (1,325) Liability for unpaid claims and claim adjustment liabilities - short-duration 10,824 Liability for unpaid claims and claim adjustment liabilities - all long-duration lines 785 Total liability for unpaid claims and claim adjustment expense (included in future policy benefits and other policy-related balances) $ 11,609 |
Liabilities for Unpaid Claims and Claim Expenses | Information regarding the liabilities for unpaid claims and claim adjustment expenses was as follows: Years Ended December 31, 2023 2022 2021 (In millions) Balance at January 1, $ 11,300 $ 10,820 $ 9,791 Less: Reinsurance recoverables 1,633 1,857 1,209 Net balance at January 1, 9,667 8,963 8,582 Incurred related to: Current year 19,983 19,997 19,876 Prior years (1) 14 359 567 Total incurred 19,997 20,356 20,443 Paid related to: Current year (14,484) (14,439) (15,331) Prior years (5,311) (5,213) (4,731) Total paid (19,795) (19,652) (20,062) Net balance at December 31, 9,869 9,667 8,963 Add: Reinsurance recoverables 1,740 1,633 1,857 Balance at December 31, $ 11,609 $ 11,300 $ 10,820 ______________ (1) For the year ended December 31, 2023, incurred claims and claim adjustment expenses associated with prior years increased due to events incurred in prior years but reported in the current year. For the years ended December 31, 2022 and 2021, incurred claims and claim adjustment expenses include expenses associated with prior years but reported in 2022 and 2021 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) | 12 Months Ended |
Dec. 31, 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 Deferred Tax Asset Other Future Policy Benefits Policyholder Account Balances Market Risk Benefit Liabilities Deferred Income Tax Liability Retained Earnings Accumulated Other Comprehensive Income (Loss) (In millions) Balances as reported, December 31, 2020 $ 21,478 $ 2,649 $ — $ 4,276 $ 133,921 $ 96,635 $ — $ 1,980 $ 10,548 $ 11,662 Reclassification of carrying amounts of contracts and contract features that are market risk benefits (59) — — — (1,447) (495) 1,883 — — — Adjustments for the difference between previous carrying amounts and fair value measurements for market risk benefits — — — — — — 4,906 (1,030) (3,897) 21 Removal of related amounts in accumulated other comprehensive income — 1,482 — 29 (6,835) — — 1,751 — 6,595 Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach 32 — — — 89 — — (12) (45) — Effect of remeasurement of future policy benefits to an upper-medium grade discount rate 403 — — — 25,208 — — (5,209) — (19,596) Adjustments for the cumulative effect of adoption on additional insurance assets and liabilities 29 — — — 36 — — — — (7) Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard 2 12 2,518 — (4,794) 4,794 — 2,520 10 — Balances as adjusted, January 1, 2021 $ 21,885 $ 4,143 $ 2,518 $ 4,305 $ 146,178 $ 100,934 $ 6,789 $ — $ 6,616 $ (1,325) 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 Reported Adoption Post (In millions) Assets Premiums, reinsurance and other receivables $ 20,704 $ 87 $ 20,791 Market risk benefits $ — $ 174 $ 174 Deferred policy acquisition costs and value of business acquired $ 5,263 $ (1,506) $ 3,757 Deferred income tax asset $ 2,661 $ 259 $ 2,920 Other assets $ 4,367 $ (15) $ 4,352 Total assets $ 385,840 $ (1,001) $ 384,839 Liabilities Future policy benefits $ 133,725 $ (6,811) $ 126,914 Policyholder account balances $ 99,967 $ 3,440 $ 103,407 Market risk benefits $ — $ 3,270 $ 3,270 Other policy-related balances $ 7,863 $ 68 $ 7,931 Other liabilities $ 24,489 $ 6 $ 24,495 Total liabilities $ 371,471 $ (27) $ 371,444 Equity Retained earnings $ 10,572 $ (1,550) $ 9,022 Accumulated other comprehensive income (loss) $ (8,896) $ 576 $ (8,320) Total Metropolitan Life Insurance Company stockholder’s equity $ 14,157 $ (974) $ 13,183 Total equity $ 14,369 $ (974) $ 13,395 Total liabilities and equity $ 385,840 $ (1,001) $ 384,839 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 statements of operations: December 31, 2022 2021 As Previously Reported Adoption Post As Previously Reported Adoption Post (In millions) Revenues Premiums $ 31,198 $ (9) $ 31,189 $ 26,191 $ (3) $ 26,188 Universal life and investment-type product policy fees $ 1,997 $ (180) $ 1,817 $ 2,062 $ (188) $ 1,874 Other revenues $ 1,698 $ (4) $ 1,694 $ 1,616 $ — $ 1,616 Net derivative gains (losses) $ 472 $ 280 $ 752 $ (964) $ (665) $ (1,629) Total revenues $ 45,360 $ 87 $ 45,447 $ 42,043 $ (856) $ 41,187 Expenses Policyholder benefits and claims $ 32,954 $ 179 $ 33,133 $ 29,423 $ (339) $ 29,084 Policyholder liability remeasurement (gains) losses $ — $ (11) $ (11) $ — $ — $ — Market risk benefits remeasurement (gains) losses $ — $ (3,379) $ (3,379) $ — $ (758) $ (758) Interest credited to policyholder account balances $ 2,382 $ 127 $ 2,509 $ 2,027 $ 158 $ 2,185 Policyholder dividends $ 559 $ 4 $ 563 $ 728 $ 4 $ 732 Other expenses $ 5,555 $ 148 $ 5,703 $ 5,617 $ 83 $ 5,700 Total expenses $ 41,450 $ (2,932) $ 38,518 $ 37,795 $ (852) $ 36,943 Income (loss) before provision for income tax $ 3,910 $ 3,019 $ 6,929 $ 4,248 $ (4) $ 4,244 Provision for income tax expense (benefit) $ 639 $ 634 $ 1,273 $ 530 $ (1) $ 529 Net income (loss) $ 3,271 $ 2,385 $ 5,656 $ 3,718 $ (3) $ 3,715 Net income (loss) attributable to Metropolitan Life Insurance Company $ 3,243 $ 2,385 $ 5,628 $ 3,713 $ (3) $ 3,710 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 statements of comprehensive income: December 31, 2022 2021 As Previously Reported Adoption Post As Previously Reported Adoption Post (In millions) Net income (loss) $ 3,271 $ 2,385 $ 5,656 $ 3,718 $ (3) $ 3,715 Unrealized investment gains (losses), net of related offsets $ (23,566) $ (6,769) $ (30,335) $ (2,462) $ (2,879) $ (5,341) Future policy benefits discount rate remeasurement gains (losses) $ — $ 21,623 $ 21,623 $ — $ 5,118 $ 5,118 Market risk benefits instrument-specific credit risk remeasurement gains (losses) $ — $ (236) $ (236) $ — $ 311 $ 311 Other comprehensive income (loss), before income tax $ (23,817) $ 14,618 $ (9,199) $ (2,260) $ 2,550 $ 290 Income tax (expense) benefit related to items of other comprehensive income (loss) $ 5,004 $ (3,070) $ 1,934 $ 515 $ (535) $ (20) Other comprehensive income (loss), net of income tax $ (18,813) $ 11,548 $ (7,265) $ (1,745) $ 2,015 $ 270 Comprehensive income (loss) $ (15,542) $ 13,933 $ (1,609) $ 1,973 $ 2,012 $ 3,985 Comprehensive income (loss) attributable to Metropolitan Life Insurance Company $ (15,570) $ 13,933 $ (1,637) $ 1,968 $ 2,012 $ 3,980 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 statements of equity: As Previously Reported Adoption Post (In millions) Retained Earnings Balance at December 31, 2020 $ 10,548 $ — $ 10,548 Cumulative effects of changes in accounting principles, net of income tax $ — $ (3,932) $ (3,932) Net income (loss) $ 3,713 $ (3) $ 3,710 Balance at December 31, 2021 $ 10,868 $ (3,935) $ 6,933 Net income (loss) $ 3,243 $ 2,385 $ 5,628 Balance at December 31, 2022 $ 10,572 $ (1,550) $ 9,022 Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2020 $ 11,662 $ — $ 11,662 Cumulative effects of changes in accounting principles, net of income tax $ — $ (12,987) $ (12,987) Other comprehensive income (loss), net of income tax $ (1,745) $ 2,015 $ 270 Balance at December 31, 2021 $ 9,917 $ (10,972) $ (1,055) Other comprehensive income (loss), net of income tax $ (18,813) $ 11,548 $ (7,265) Balance at December 31, 2022 $ (8,896) $ 576 $ (8,320) Total Metropolitan Life Insurance Company Stockholder’s Equity Balance at December 31, 2020 $ 34,675 $ — $ 34,675 Cumulative effects of changes in accounting principles, net of income tax $ — $ (16,919) $ (16,919) Net income (loss) $ 3,713 $ (3) $ 3,710 Other comprehensive income (loss), net of income tax $ (1,745) $ 2,015 $ 270 Balance at December 31, 2021 $ 33,254 $ (14,907) $ 18,347 Net income (loss) $ 3,243 $ 2,385 $ 5,628 Other comprehensive income (loss), net of income tax $ (18,813) $ 11,548 $ (7,265) Balance at December 31, 2022 $ 14,157 $ (974) $ 13,183 Total Equity Balance at December 31, 2020 $ 34,858 $ — $ 34,858 Cumulative effects of changes in accounting principles, net of income tax $ — $ (16,919) $ (16,919) Net income (loss) $ 3,718 $ (3) $ 3,715 Other comprehensive income (loss), net of income tax $ (1,745) $ 2,015 $ 270 Balance at December 31, 2021 $ 33,428 $ (14,907) $ 18,521 Change in equity of noncontrolling interests $ 10 $ — $ 10 Net income (loss) $ 3,271 $ 2,385 $ 5,656 Other comprehensive income (loss), net of income tax $ (18,813) $ 11,548 $ (7,265) Balance at December 31, 2022 $ 14,369 $ (974) $ 13,395 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 statements of cash flows: December 31, 2022 2021 As Previously Reported Adoption Post As Previously Reported Adoption Post (In millions) Cash flows from operating activities Net income (loss) $ 3,271 $ 2,385 $ 5,656 $ 3,718 $ (3) $ 3,715 (Gains) losses on derivatives, net $ 1,122 $ (187) $ 935 $ 2,480 $ 232 $ 2,712 Interest credited to policyholder account balances $ 2,344 $ (51) $ 2,293 $ 1,988 $ 116 $ 2,104 Universal life and investment-type product policy fees $ (1,162) $ (1) $ (1,163) $ (1,070) $ (21) $ (1,091) Change in premiums, reinsurance and other receivables $ 146 $ 69 $ 215 $ 752 $ (162) $ 590 Change in market risk benefits $ — $ (3,141) $ (3,141) $ — $ (476) $ (476) Change in deferred policy acquisition costs and value of business acquired, net $ (39) $ 147 $ 108 $ 194 $ 84 $ 278 Change in income tax $ 219 $ 634 $ 853 $ 5 $ (1) $ 4 Change in other assets $ 201 $ (14) $ 187 $ (308) $ 5 $ (303) Change in insurance-related liabilities and policy-related balances $ (1,958) $ 628 $ (1,330) $ (957) $ 700 $ (257) Change in other liabilities $ (67) $ 4 $ (63) $ (370) $ (2) $ (372) Net cash provided by (used in) operating activities $ 4,667 $ 473 $ 5,140 $ 3,257 $ 472 $ 3,729 Cash flows from financing activities Policyholder account balances - deposits $ 85,294 $ (9) $ 85,285 $ 78,129 $ — $ 78,129 Policyholder account balances - withdrawals $ (80,028) $ (464) $ (80,492) $ (80,378) $ (472) $ (80,850) Net cash provided by (used in) financing activities $ (8,710) $ (473) $ (9,183) $ (3,758) $ (472) $ (4,230) 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: RIS Annuities MetLife Holdings MetLife Other Long-Duration Short-Duration and Other Total (In millions) Balance, future policy benefits, at December 31, 2020 $ 54,535 $ 14,281 $ 45,349 $ 9,625 $ 10,131 $ 133,921 Removal of additional insurance liabilities for separate presentation (1) (4) — — (2,925) — (2,929) Subtotal - pre-adoption balance, excluding additional liabilities 54,531 14,281 45,349 6,700 10,131 130,992 Removal of related amounts in AOCI (5,571) (1,210) — (54) — (6,835) Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach 41 — — 48 — 89 Effect of remeasurement of future policy benefits to an upper-medium grade discount rate 15,011 8,270 — 1,927 — 25,208 Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard (4,747) — — (47) — (4,794) Removal of remeasured deferred profit liabilities for separate presentation (1) (2,413) — — (250) — (2,663) Balance, traditional and limited-payment contracts, at January 1, 2021 $ 56,852 $ 21,341 $ 45,349 $ 8,324 $ 10,131 $ 141,997 Balance, deferred profit liabilities at January 1, 2021 $ 2,413 $ — $ — $ 250 $ — $ 2,663 Balance, ceded recoverables on traditional and limited-payment contracts at December 31, 2020 $ 203 $ — $ 752 $ 955 Effect of remeasurement of the ceded recoverable to an upper-medium grade discount rate 135 — 268 403 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 — 20 26 Balance ceded recoverables on traditional and limited-payment contracts at January 1, 2021 $ 344 $ — $ 1,072 $ 1,416 __________________ (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. MetLife Holdings Other Total (In millions) Additional insurance liabilities at December 31, 2020 $ 1,478 $ 1,451 $ 2,929 Reclassification of carrying amount of contracts and contract features that are market risk benefits — (1,447) (1,447) Adjustments for the cumulative effect of adoption on additional insurance liabilities 36 — 36 Additional insurance liabilities at January 1, 2021 $ 1,514 $ 4 $ 1,518 Ceded recoverables on additional insurance liabilities at December 31, 2020 $ 554 $ — $ 554 Adjustments for the cumulative effect of adoption on ceded recoverables on additional insurance liabilities 9 — 9 Ceded recoverables on additional insurance liabilities at January 1, 2021 $ 563 $ — $ 563 Balance, traditional and limited-payment contracts, at January 1, 2021 $ 141,997 Balance, deferred profit liabilities at January 1, 2021 2,663 Balance, additional insurance liabilities at January 1, 2021 1,518 Total future policy benefits at January 1, 2021 $ 146,178 The LDTI transition adjustments related to PABs, as described in Note 1, were as follows at the Transition Date: Group Benefits Group Life RIS Capital Markets Investment Products and Stable Value GICs RIS Annuities and Risk Solutions MetLife Holdings Annuities Other Total (In millions) Balance at December 31, 2020 $ 7,585 $ 60,641 $ 5,316 $ 15,012 $ 8,081 $ 96,635 Reclassification of carrying amounts of contracts and contract features that are market risk benefits — — (1) (494) — (495) Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard — — 4,747 — 47 4,794 Balance at January 1, 2021 $ 7,585 $ 60,641 $ 10,062 $ 14,518 $ 8,128 $ 100,934 The LDTI transition adjustments related to MRB liabilities, as described in Note 1, were as follows at the Transition Date: MetLife Holdings Other Total (In millions) Direct and assumed MRB liabilities at December 31, 2020 $ — $ — $ — Reclassification of carrying amounts of contracts and contract features that are market risk benefits 1,882 1 1,883 Adjustments for the cumulative effect of changes in nonperformance risk between contract issue date and Transition Date (9) (17) (26) 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 4,728 204 4,932 Direct and assumed MRB liabilities at January 1, 2021 $ 6,601 $ 188 $ 6,789 The transition adjustments related to DAC, VOBA, and UREV, as described in Note 1, were as follows at the Transition Date: Group Benefits (1) RIS (1) MetLife Holdings Total (In millions) DAC: Balance at December 31, 2020 $ 278 $ 100 $ 2,248 $ 2,626 Removal of related amounts in AOCI — — 1,480 1,480 Other adjustments upon adoption of the LDTI standard — — 12 12 Balance at January 1, 2021 $ 278 $ 100 $ 3,740 $ 4,118 VOBA: Balance at December 31, 2020 $ — $ 20 $ 3 $ 23 Removal of related amounts in AOCI — — 2 2 Balance at January 1, 2021 $ — $ 20 $ 5 $ 25 UREV: Balance at December 31, 2020 $ — $ 22 $ 157 $ 179 Removal of related amounts in AOCI — — — — Balance at January 1, 2021 $ — $ 22 $ 157 $ 179 __________________ (1) See Note 2 for information on the reorganization of the Company’s segments. |
Policyholder Account Balances | The Company’s PABs on the consolidated balance sheets were as follows at: December 31, 2023 December 31, 2022 (In millions) Group Benefits - Group Life $ 7,605 $ 7,954 RIS: Capital Markets Investment Products and Stable Value GICs 58,554 58,508 Annuities and Risk Solutions 10,650 10,244 MetLife Holdings - Annuities 10,888 12,598 Other 16,197 14,103 Total $ 103,894 $ 103,407 |
Policyholder Account Balance Rollforward | Information regarding this liability was as follows: Years Ended December 31, 2023 2022 2021 (Dollars in millions) Balance at January 1, $ 7,954 $ 7,889 $ 7,585 Deposits 3,227 3,227 3,444 Policy charges (635) (612) (589) Surrenders and withdrawals (3,121) (2,680) (2,667) Benefit payments (12) (10) (9) Net transfers from (to) separate accounts — (2) (1) Interest credited 192 142 126 Balance at December 31, $ 7,605 $ 7,954 $ 7,889 Weighted-average annual crediting rate 2.5 % 1.8 % 1.6 % At period end: Cash surrender value $ 7,543 $ 7,900 $ 7,837 Net amount at risk, excluding offsets from reinsurance: In the event of death (1) $ 250,033 $ 244,638 $ 238,062 __________________ (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. Information regarding the RIS segment’s capital markets investment products and stable value GICs in PABs was as follows: Years Ended December 31, 2023 2022 2021 (Dollars in millions) Balance at January 1, $ 58,508 $ 58,495 $ 60,641 Deposits 62,605 74,689 72,504 Surrenders and withdrawals (65,444) (75,129) (75,079) Interest credited 1,907 1,190 885 Effect of foreign currency translation and other, net 978 (737) (456) Balance at December 31, $ 58,554 $ 58,508 $ 58,495 Weighted-average annual crediting rate 3.3 % 2.1 % 1.5 % Cash surrender value at period end $ 1,583 $ 1,706 $ 1,571 Years Ended December 31, 2023 2022 2021 (Dollars in millions) Balance at January 1, $ 10,244 $ 10,009 $ 10,062 Deposits 850 912 754 Policy charges (160) (135) (108) Surrenders and withdrawals (215) (176) (444) Benefit payments (547) (555) (570) Net transfers from (to) separate accounts 53 (1) 10 Interest credited 427 396 388 Other (2) (206) (83) Balance at December 31, $ 10,650 $ 10,244 $ 10,009 Weighted-average annual crediting rate 4.2 % 4.0 % 4.0 % At period end: Cash surrender value $ 6,798 $ 6,365 $ 5,637 Net amount at risk, excluding offsets from ceded reinsurance: In the event of death (1) $ 33,148 $ 33,908 $ 32,158 __________________ (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. Years Ended December 31, 2023 2022 2021 (Dollars in millions) Balance at January 1, $ 12,598 $ 13,692 $ 14,518 Deposits 172 229 274 Policy charges (12) (13) (13) Surrenders and withdrawals (1,916) (1,453) (1,341) Benefit payments (408) (406) (404) Net transfers from (to) separate accounts 72 198 237 Interest credited 359 375 394 Other 23 (24) 27 Balance at December 31, $ 10,888 $ 12,598 $ 13,692 Weighted-average annual crediting rate 3.1 % 2.9 % 2.9 % At period end: Cash surrender value $ 10,181 $ 11,688 $ 12,554 Net amount at risk, excluding offsets from ceded reinsurance (1): In the event of death (2) $ 2,821 $ 4,354 $ 1,119 At annuitization or exercise of other living benefits (3) $ 646 $ 917 $ 538 __________________ (1) Includes amounts for certain variable annuities recorded as PABs with the related guarantees recorded as MRBs which are disclosed in “MetLife Holdings – Annuities” in Note 5. (2) 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. (3) 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. |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate | The Group Benefits 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 greater than 0.50% but less than 1.50% Equal to or greater than 1.50% above GMCR Total (In millions) December 31, 2023 Equal to or greater than 0% but less than 2% $ — $ — $ 863 $ 4,558 $ 5,421 Equal to or greater than 2% but less than 4% 1,196 9 62 2 1,269 Equal to or greater than 4% 727 1 43 34 805 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 110 Total $ 1,923 $ 10 $ 968 $ 4,594 $ 7,605 December 31, 2022 Equal to or greater than 0% but less than 2% $ — $ 899 $ 4,471 $ 236 $ 5,606 Equal to or greater than 2% but less than 4% 1,303 52 21 — 1,376 Equal to or greater than 4% 803 1 11 30 845 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 127 Total $ 2,106 $ 952 $ 4,503 $ 266 $ 7,954 December 31, 2021 Equal to or greater than 0% but less than 2% $ 5,228 $ 132 $ — $ 131 $ 5,491 Equal to or greater than 2% but less than 4% 1,374 50 23 — 1,447 Equal to or greater than 4% 793 — — 29 822 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 129 Total $ 7,395 $ 182 $ 23 $ 160 $ 7,889 The RIS 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 greater than 0.50% but less than 1.50% Equal to or greater than 1.50% above GMCR Total (In millions) December 31, 2023 Equal to or greater than 0% but less than 2% $ — $ — $ 1 $ 2,621 $ 2,622 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 55,932 Total $ — $ — $ 1 $ 2,621 $ 58,554 December 31, 2022 Equal to or greater than 0% but less than 2% $ — $ — $ 1 $ 3,053 $ 3,054 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 55,454 Total $ — $ — $ 1 $ 3,053 $ 58,508 December 31, 2021 Equal to or greater than 0% but less than 2% $ — $ 632 $ 3,542 $ 10 $ 4,184 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 54,311 Total $ — $ 632 $ 3,542 $ 10 $ 58,495 The RIS 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 greater than 0.50% but less than 1.50% Equal to or greater than 1.50% above GMCR Total (In millions) December 31, 2023 Equal to or greater than 0% but less than 2% $ — $ — $ 20 $ 1,490 $ 1,510 Equal to or greater than 2% but less than 4% 249 34 7 432 722 Equal to or greater than 4% 3,607 — 165 5 3,777 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 4,641 Total $ 3,856 $ 34 $ 192 $ 1,927 $ 10,650 December 31, 2022 Equal to or greater than 0% but less than 2% $ — $ — $ 64 $ 1,201 $ 1,265 Equal to or greater than 2% but less than 4% 301 39 40 375 755 Equal to or greater than 4% 3,657 122 1 4 3,784 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 4,440 Total $ 3,958 $ 161 $ 105 $ 1,580 $ 10,244 December 31, 2021 Equal to or greater than 0% but less than 2% $ — $ — $ 114 $ 490 $ 604 Equal to or greater than 2% but less than 4% 258 36 41 469 804 Equal to or greater than 4% 3,650 126 1 5 3,782 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 4,819 Total $ 3,908 $ 162 $ 156 $ 964 $ 10,009 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) December 31, 2023 Equal to or greater than 0% but less than 2% $ 36 $ 307 $ 378 $ 252 $ 973 Equal to or greater than 2% but less than 4% 1,033 7,197 454 202 8,886 Equal to or greater than 4% 426 145 27 — 598 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 431 Total $ 1,495 $ 7,649 $ 859 $ 454 $ 10,888 December 31, 2022 Equal to or greater than 0% but less than 2% $ 934 $ 4 $ 8 $ 16 $ 962 Equal to or greater than 2% but less than 4% 9,381 892 186 12 10,471 Equal to or greater than 4% 593 43 — — 636 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 529 Total $ 10,908 $ 939 $ 194 $ 28 $ 12,598 December 31, 2021 Equal to or greater than 0% but less than 2% $ 1,066 $ 7 $ 14 $ 11 $ 1,098 Equal to or greater than 2% but less than 4% 10,671 299 192 1 11,163 Equal to or greater than 4% 623 40 — — 663 Products with either a fixed rate or no guaranteed minimum crediting rate N/A N/A N/A N/A 768 Total $ 12,360 $ 346 $ 206 $ 12 $ 13,692 |
Market Risk Benefits (Tables)
Market Risk Benefits (Tables) | 12 Months Ended |
Dec. 31, 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 Deferred Tax Asset Other Future Policy Benefits Policyholder Account Balances Market Risk Benefit Liabilities Deferred Income Tax Liability Retained Earnings Accumulated Other Comprehensive Income (Loss) (In millions) Balances as reported, December 31, 2020 $ 21,478 $ 2,649 $ — $ 4,276 $ 133,921 $ 96,635 $ — $ 1,980 $ 10,548 $ 11,662 Reclassification of carrying amounts of contracts and contract features that are market risk benefits (59) — — — (1,447) (495) 1,883 — — — Adjustments for the difference between previous carrying amounts and fair value measurements for market risk benefits — — — — — — 4,906 (1,030) (3,897) 21 Removal of related amounts in accumulated other comprehensive income — 1,482 — 29 (6,835) — — 1,751 — 6,595 Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach 32 — — — 89 — — (12) (45) — Effect of remeasurement of future policy benefits to an upper-medium grade discount rate 403 — — — 25,208 — — (5,209) — (19,596) Adjustments for the cumulative effect of adoption on additional insurance assets and liabilities 29 — — — 36 — — — — (7) Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard 2 12 2,518 — (4,794) 4,794 — 2,520 10 — Balances as adjusted, January 1, 2021 $ 21,885 $ 4,143 $ 2,518 $ 4,305 $ 146,178 $ 100,934 $ 6,789 $ — $ 6,616 $ (1,325) 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 Reported Adoption Post (In millions) Assets Premiums, reinsurance and other receivables $ 20,704 $ 87 $ 20,791 Market risk benefits $ — $ 174 $ 174 Deferred policy acquisition costs and value of business acquired $ 5,263 $ (1,506) $ 3,757 Deferred income tax asset $ 2,661 $ 259 $ 2,920 Other assets $ 4,367 $ (15) $ 4,352 Total assets $ 385,840 $ (1,001) $ 384,839 Liabilities Future policy benefits $ 133,725 $ (6,811) $ 126,914 Policyholder account balances $ 99,967 $ 3,440 $ 103,407 Market risk benefits $ — $ 3,270 $ 3,270 Other policy-related balances $ 7,863 $ 68 $ 7,931 Other liabilities $ 24,489 $ 6 $ 24,495 Total liabilities $ 371,471 $ (27) $ 371,444 Equity Retained earnings $ 10,572 $ (1,550) $ 9,022 Accumulated other comprehensive income (loss) $ (8,896) $ 576 $ (8,320) Total Metropolitan Life Insurance Company stockholder’s equity $ 14,157 $ (974) $ 13,183 Total equity $ 14,369 $ (974) $ 13,395 Total liabilities and equity $ 385,840 $ (1,001) $ 384,839 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 statements of operations: December 31, 2022 2021 As Previously Reported Adoption Post As Previously Reported Adoption Post (In millions) Revenues Premiums $ 31,198 $ (9) $ 31,189 $ 26,191 $ (3) $ 26,188 Universal life and investment-type product policy fees $ 1,997 $ (180) $ 1,817 $ 2,062 $ (188) $ 1,874 Other revenues $ 1,698 $ (4) $ 1,694 $ 1,616 $ — $ 1,616 Net derivative gains (losses) $ 472 $ 280 $ 752 $ (964) $ (665) $ (1,629) Total revenues $ 45,360 $ 87 $ 45,447 $ 42,043 $ (856) $ 41,187 Expenses Policyholder benefits and claims $ 32,954 $ 179 $ 33,133 $ 29,423 $ (339) $ 29,084 Policyholder liability remeasurement (gains) losses $ — $ (11) $ (11) $ — $ — $ — Market risk benefits remeasurement (gains) losses $ — $ (3,379) $ (3,379) $ — $ (758) $ (758) Interest credited to policyholder account balances $ 2,382 $ 127 $ 2,509 $ 2,027 $ 158 $ 2,185 Policyholder dividends $ 559 $ 4 $ 563 $ 728 $ 4 $ 732 Other expenses $ 5,555 $ 148 $ 5,703 $ 5,617 $ 83 $ 5,700 Total expenses $ 41,450 $ (2,932) $ 38,518 $ 37,795 $ (852) $ 36,943 Income (loss) before provision for income tax $ 3,910 $ 3,019 $ 6,929 $ 4,248 $ (4) $ 4,244 Provision for income tax expense (benefit) $ 639 $ 634 $ 1,273 $ 530 $ (1) $ 529 Net income (loss) $ 3,271 $ 2,385 $ 5,656 $ 3,718 $ (3) $ 3,715 Net income (loss) attributable to Metropolitan Life Insurance Company $ 3,243 $ 2,385 $ 5,628 $ 3,713 $ (3) $ 3,710 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 statements of comprehensive income: December 31, 2022 2021 As Previously Reported Adoption Post As Previously Reported Adoption Post (In millions) Net income (loss) $ 3,271 $ 2,385 $ 5,656 $ 3,718 $ (3) $ 3,715 Unrealized investment gains (losses), net of related offsets $ (23,566) $ (6,769) $ (30,335) $ (2,462) $ (2,879) $ (5,341) Future policy benefits discount rate remeasurement gains (losses) $ — $ 21,623 $ 21,623 $ — $ 5,118 $ 5,118 Market risk benefits instrument-specific credit risk remeasurement gains (losses) $ — $ (236) $ (236) $ — $ 311 $ 311 Other comprehensive income (loss), before income tax $ (23,817) $ 14,618 $ (9,199) $ (2,260) $ 2,550 $ 290 Income tax (expense) benefit related to items of other comprehensive income (loss) $ 5,004 $ (3,070) $ 1,934 $ 515 $ (535) $ (20) Other comprehensive income (loss), net of income tax $ (18,813) $ 11,548 $ (7,265) $ (1,745) $ 2,015 $ 270 Comprehensive income (loss) $ (15,542) $ 13,933 $ (1,609) $ 1,973 $ 2,012 $ 3,985 Comprehensive income (loss) attributable to Metropolitan Life Insurance Company $ (15,570) $ 13,933 $ (1,637) $ 1,968 $ 2,012 $ 3,980 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 statements of equity: As Previously Reported Adoption Post (In millions) Retained Earnings Balance at December 31, 2020 $ 10,548 $ — $ 10,548 Cumulative effects of changes in accounting principles, net of income tax $ — $ (3,932) $ (3,932) Net income (loss) $ 3,713 $ (3) $ 3,710 Balance at December 31, 2021 $ 10,868 $ (3,935) $ 6,933 Net income (loss) $ 3,243 $ 2,385 $ 5,628 Balance at December 31, 2022 $ 10,572 $ (1,550) $ 9,022 Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2020 $ 11,662 $ — $ 11,662 Cumulative effects of changes in accounting principles, net of income tax $ — $ (12,987) $ (12,987) Other comprehensive income (loss), net of income tax $ (1,745) $ 2,015 $ 270 Balance at December 31, 2021 $ 9,917 $ (10,972) $ (1,055) Other comprehensive income (loss), net of income tax $ (18,813) $ 11,548 $ (7,265) Balance at December 31, 2022 $ (8,896) $ 576 $ (8,320) Total Metropolitan Life Insurance Company Stockholder’s Equity Balance at December 31, 2020 $ 34,675 $ — $ 34,675 Cumulative effects of changes in accounting principles, net of income tax $ — $ (16,919) $ (16,919) Net income (loss) $ 3,713 $ (3) $ 3,710 Other comprehensive income (loss), net of income tax $ (1,745) $ 2,015 $ 270 Balance at December 31, 2021 $ 33,254 $ (14,907) $ 18,347 Net income (loss) $ 3,243 $ 2,385 $ 5,628 Other comprehensive income (loss), net of income tax $ (18,813) $ 11,548 $ (7,265) Balance at December 31, 2022 $ 14,157 $ (974) $ 13,183 Total Equity Balance at December 31, 2020 $ 34,858 $ — $ 34,858 Cumulative effects of changes in accounting principles, net of income tax $ — $ (16,919) $ (16,919) Net income (loss) $ 3,718 $ (3) $ 3,715 Other comprehensive income (loss), net of income tax $ (1,745) $ 2,015 $ 270 Balance at December 31, 2021 $ 33,428 $ (14,907) $ 18,521 Change in equity of noncontrolling interests $ 10 $ — $ 10 Net income (loss) $ 3,271 $ 2,385 $ 5,656 Other comprehensive income (loss), net of income tax $ (18,813) $ 11,548 $ (7,265) Balance at December 31, 2022 $ 14,369 $ (974) $ 13,395 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 statements of cash flows: December 31, 2022 2021 As Previously Reported Adoption Post As Previously Reported Adoption Post (In millions) Cash flows from operating activities Net income (loss) $ 3,271 $ 2,385 $ 5,656 $ 3,718 $ (3) $ 3,715 (Gains) losses on derivatives, net $ 1,122 $ (187) $ 935 $ 2,480 $ 232 $ 2,712 Interest credited to policyholder account balances $ 2,344 $ (51) $ 2,293 $ 1,988 $ 116 $ 2,104 Universal life and investment-type product policy fees $ (1,162) $ (1) $ (1,163) $ (1,070) $ (21) $ (1,091) Change in premiums, reinsurance and other receivables $ 146 $ 69 $ 215 $ 752 $ (162) $ 590 Change in market risk benefits $ — $ (3,141) $ (3,141) $ — $ (476) $ (476) Change in deferred policy acquisition costs and value of business acquired, net $ (39) $ 147 $ 108 $ 194 $ 84 $ 278 Change in income tax $ 219 $ 634 $ 853 $ 5 $ (1) $ 4 Change in other assets $ 201 $ (14) $ 187 $ (308) $ 5 $ (303) Change in insurance-related liabilities and policy-related balances $ (1,958) $ 628 $ (1,330) $ (957) $ 700 $ (257) Change in other liabilities $ (67) $ 4 $ (63) $ (370) $ (2) $ (372) Net cash provided by (used in) operating activities $ 4,667 $ 473 $ 5,140 $ 3,257 $ 472 $ 3,729 Cash flows from financing activities Policyholder account balances - deposits $ 85,294 $ (9) $ 85,285 $ 78,129 $ — $ 78,129 Policyholder account balances - withdrawals $ (80,028) $ (464) $ (80,492) $ (80,378) $ (472) $ (80,850) Net cash provided by (used in) financing activities $ (8,710) $ (473) $ (9,183) $ (3,758) $ (472) $ (4,230) 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: RIS Annuities MetLife Holdings MetLife Other Long-Duration Short-Duration and Other Total (In millions) Balance, future policy benefits, at December 31, 2020 $ 54,535 $ 14,281 $ 45,349 $ 9,625 $ 10,131 $ 133,921 Removal of additional insurance liabilities for separate presentation (1) (4) — — (2,925) — (2,929) Subtotal - pre-adoption balance, excluding additional liabilities 54,531 14,281 45,349 6,700 10,131 130,992 Removal of related amounts in AOCI (5,571) (1,210) — (54) — (6,835) Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach 41 — — 48 — 89 Effect of remeasurement of future policy benefits to an upper-medium grade discount rate 15,011 8,270 — 1,927 — 25,208 Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard (4,747) — — (47) — (4,794) Removal of remeasured deferred profit liabilities for separate presentation (1) (2,413) — — (250) — (2,663) Balance, traditional and limited-payment contracts, at January 1, 2021 $ 56,852 $ 21,341 $ 45,349 $ 8,324 $ 10,131 $ 141,997 Balance, deferred profit liabilities at January 1, 2021 $ 2,413 $ — $ — $ 250 $ — $ 2,663 Balance, ceded recoverables on traditional and limited-payment contracts at December 31, 2020 $ 203 $ — $ 752 $ 955 Effect of remeasurement of the ceded recoverable to an upper-medium grade discount rate 135 — 268 403 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 — 20 26 Balance ceded recoverables on traditional and limited-payment contracts at January 1, 2021 $ 344 $ — $ 1,072 $ 1,416 __________________ (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. MetLife Holdings Other Total (In millions) Additional insurance liabilities at December 31, 2020 $ 1,478 $ 1,451 $ 2,929 Reclassification of carrying amount of contracts and contract features that are market risk benefits — (1,447) (1,447) Adjustments for the cumulative effect of adoption on additional insurance liabilities 36 — 36 Additional insurance liabilities at January 1, 2021 $ 1,514 $ 4 $ 1,518 Ceded recoverables on additional insurance liabilities at December 31, 2020 $ 554 $ — $ 554 Adjustments for the cumulative effect of adoption on ceded recoverables on additional insurance liabilities 9 — 9 Ceded recoverables on additional insurance liabilities at January 1, 2021 $ 563 $ — $ 563 Balance, traditional and limited-payment contracts, at January 1, 2021 $ 141,997 Balance, deferred profit liabilities at January 1, 2021 2,663 Balance, additional insurance liabilities at January 1, 2021 1,518 Total future policy benefits at January 1, 2021 $ 146,178 The LDTI transition adjustments related to PABs, as described in Note 1, were as follows at the Transition Date: Group Benefits Group Life RIS Capital Markets Investment Products and Stable Value GICs RIS Annuities and Risk Solutions MetLife Holdings Annuities Other Total (In millions) Balance at December 31, 2020 $ 7,585 $ 60,641 $ 5,316 $ 15,012 $ 8,081 $ 96,635 Reclassification of carrying amounts of contracts and contract features that are market risk benefits — — (1) (494) — (495) Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard — — 4,747 — 47 4,794 Balance at January 1, 2021 $ 7,585 $ 60,641 $ 10,062 $ 14,518 $ 8,128 $ 100,934 The LDTI transition adjustments related to MRB liabilities, as described in Note 1, were as follows at the Transition Date: MetLife Holdings Other Total (In millions) Direct and assumed MRB liabilities at December 31, 2020 $ — $ — $ — Reclassification of carrying amounts of contracts and contract features that are market risk benefits 1,882 1 1,883 Adjustments for the cumulative effect of changes in nonperformance risk between contract issue date and Transition Date (9) (17) (26) 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 4,728 204 4,932 Direct and assumed MRB liabilities at January 1, 2021 $ 6,601 $ 188 $ 6,789 The transition adjustments related to DAC, VOBA, and UREV, as described in Note 1, were as follows at the Transition Date: Group Benefits (1) RIS (1) MetLife Holdings Total (In millions) DAC: Balance at December 31, 2020 $ 278 $ 100 $ 2,248 $ 2,626 Removal of related amounts in AOCI — — 1,480 1,480 Other adjustments upon adoption of the LDTI standard — — 12 12 Balance at January 1, 2021 $ 278 $ 100 $ 3,740 $ 4,118 VOBA: Balance at December 31, 2020 $ — $ 20 $ 3 $ 23 Removal of related amounts in AOCI — — 2 2 Balance at January 1, 2021 $ — $ 20 $ 5 $ 25 UREV: Balance at December 31, 2020 $ — $ 22 $ 157 $ 179 Removal of related amounts in AOCI — — — — Balance at January 1, 2021 $ — $ 22 $ 157 $ 179 __________________ (1) See Note 2 for information on the reorganization of the Company’s segments. |
Market Risk Benefit | The Company’s MRB assets and MRB liabilities on the consolidated balance sheets were as follows at: December 31, 2023 2022 Asset Liability Net Asset Liability Net (In millions) MetLife Holdings - Annuities $ 156 $ 2,858 $ 2,702 $ 153 $ 3,224 $ 3,071 Other 21 20 (1) 21 46 25 Total $ 177 $ 2,878 $ 2,701 $ 174 $ 3,270 $ 3,096 |
Market Risk Benefit, Activity | Information regarding MetLife Holdings annuity products was as follows: Years Ended December 31, 2023 2022 2021 (In millions) Balance at January 1, $ 3,071 $ 5,715 $ 6,601 Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk $ 3,164 $ 6,017 $ 6,610 Attributed fees collected 315 316 320 Benefit payments (57) (42) (41) Effect of changes in interest rates (156) (3,584) (524) Effect of changes in capital markets (734) 896 (934) Effect of changes in equity index volatility (120) 41 20 Actual policyholder behavior different from expected behavior 115 3 (46) Effect of changes in future expected policyholder behavior and other assumptions (1) 9 (317) 557 Effect of foreign currency translation and other, net (2) 219 72 399 Effect of changes in risk margin (14) (238) (344) Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk 2,741 3,164 6,017 Cumulative effect of changes in the instrument-specific credit risk (39) (93) (302) Balance at December 31, $ 2,702 $ 3,071 $ 5,715 At period end: Net amount at risk, excluding offsets from hedging (3): In the event of death (4) $ 2,821 $ 4,354 $ 1,119 At annuitization or exercise of other living benefits (5) $ 646 $ 917 $ 538 Weighted-average attained age of contractholders: In the event of death (4) 70 years 69 years 70 years At annuitization or exercise of other living benefits (5) 70 years 69 years 67 years __________________ (1) For the year ended December 31, 2022, the effect of changes in future expected policyholder behavior and other assumptions was primarily driven by changes in policyholder behavior assumptions relating to projected annuitizations for variable annuities. (2) Included is the covariance impact from aggregating the market observable inputs, mostly driven by interest rate and capital market volatility. (3) Includes amounts for certain variable annuities guarantees recorded as MRBs on contracts also recorded as PABs which are disclosed in “MetLife Holdings – Annuities” in Note 4. (4) 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. (5) 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. Years Ended December 31, 2023 2022 2021 (In millions) Balance at January 1, $ 25 $ 286 $ 188 Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk $ 34 $ 322 $ 205 Attributed fees collected 2 2 2 Effect of changes in interest rates (9) (156) (63) Effect of changes in capital markets — (2) (5) Actual policyholder behavior different from expected behavior (26) (5) (4) Effect of changes in future expected policyholder behavior and other assumptions 1 (2) 63 Effect of foreign currency translation and other, net — (125) 124 Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk 2 34 322 Cumulative effect of changes in the instrument-specific credit risk (3) (9) (36) Balance at December 31, $ (1) $ 25 $ 286 |
Separate Account (Tables)
Separate Account (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Separate Accounts Disclosure [Abstract] | |
Separate Account Liabilities | The Company’s separate account liabilities on the consolidated balance sheets were as follows at: December 31, 2023 December 31, 2022 (In millions) RIS: Stable Value and Risk Solutions $ 35,562 $ 43,249 Annuities 11,659 11,694 MetLife Holdings - Annuities 29,162 28,443 Other 6,814 5,855 Total $ 83,197 $ 89,241 |
Separate Account, Liability Rollforward | The balances of and changes in separate account liabilities were as follows: RIS RIS MetLife Holdings (In millions) Balance, January 1, 2021 $ 58,704 $ 21,895 $ 40,755 Premiums and deposits 3,411 944 298 Policy charges (263) (35) (788) Surrenders and withdrawals (8,170) (2,457) (4,454) Benefit payments (137) — (500) Investment performance 400 1,189 5,023 Net transfers from (to) general account (41) 30 (237) Other 487 (274) (1) Balance, December 31, 2021 $ 54,391 $ 21,292 $ 40,096 Premiums and deposits 4,329 1,233 266 Policy charges (263) (25) (665) Surrenders and withdrawals (5,882) (7,481) (2,906) Benefit payments (108) — (431) Investment performance (4,492) (2,823) (7,722) Net transfers from (to) general account 57 (56) (199) Other (1) (4,783) (446) 4 Balance, December 31, 2022 $ 43,249 $ 11,694 $ 28,443 Premiums and deposits 1,643 175 256 Policy charges (232) (21) (608) Surrenders and withdrawals (11,087) (944) (2,942) Benefit payments (95) — (464) Investment performance 2,241 774 4,548 Net transfers from (to) general account (56) 3 (73) Other (101) (22) 2 Balance, December 31, 2023 $ 35,562 $ 11,659 $ 29,162 Cash surrender value at December 31, 2021 (2) $ 44,774 N/A $ 39,855 Cash surrender value at December 31, 2022 (2) $ 38,420 N/A $ 28,292 Cash surrender value at December 31, 2023 (2) $ 30,841 N/A 29,016 _____________ (1) Other for RIS stable value and risk solutions primarily includes changes related to unsettled trades of mortgage-backed securities. (2) 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: December 31, 2023 Group Benefits RIS MetLife Holdings Total (In millions) Fixed maturity securities: Bonds: Foreign government $ — $ 509 $ — $ 509 U.S. government and agency — 9,603 — 9,603 Public utilities — 1,066 — 1,066 Municipals — 346 — 346 Corporate bonds: Materials — 143 — 143 Communications — 883 — 883 Consumer — 1,843 — 1,843 Energy — 906 — 906 Financial — 2,670 — 2,670 Industrial and other — 757 — 757 Technology — 541 — 541 Foreign — 1,889 — 1,889 Total corporate bonds — 9,632 — 9,632 Total bonds — 21,156 — 21,156 Mortgage-backed securities — 9,515 — 9,515 Asset-backed securities and collateralized loan obligations — 2,341 — 2,341 Redeemable preferred stock — 9 — 9 Total fixed maturity securities — 33,021 — 33,021 Equity securities: Common stock: Industrial, miscellaneous and all other — 2,338 — 2,338 Banks, trust and insurance companies — 716 — 716 Public utilities — 65 — 65 Non-redeemable preferred stock — — — — Mutual funds 1,159 3,672 34,728 39,559 Total equity securities 1,159 6,791 34,728 42,678 Other invested assets — 1,425 — 1,425 Total investments 1,159 41,237 34,728 77,124 Other assets — 6,073 — 6,073 Total $ 1,159 $ 47,310 $ 34,728 $ 83,197 December 31, 2022 Group Benefits (1) RIS (1) MetLife Holdings Total (In millions) Fixed maturity securities: Bonds: Foreign government $ — $ 588 $ — $ 588 U.S. government and agency — 11,189 — 11,189 Public utilities — 1,174 — 1,174 Municipals — 475 — 475 Corporate bonds: Materials — 242 — 242 Communications — 1,174 — 1,174 Consumer — 2,365 — 2,365 Energy — 861 — 861 Financial — 3,495 — 3,495 Industrial and other — 876 — 876 Technology — 711 — 711 Foreign — 2,451 — 2,451 Total corporate bonds — 12,175 — 12,175 Total bonds — 25,601 — 25,601 Mortgage-backed securities — 12,202 — 12,202 Asset-backed securities and collateralized loan obligations — 2,763 — 2,763 Redeemable preferred stock — 4 — 4 Total fixed maturity securities — 40,570 — 40,570 Equity securities: Common stock: Industrial, miscellaneous and all other — 2,853 — 2,853 Banks, trust and insurance companies — 586 — 586 Public utilities — 94 — 94 Non-redeemable preferred stock — 2 — 2 Mutual funds 988 3,367 33,231 37,586 Total equity securities 988 6,902 33,231 41,121 Other invested assets 2 1,634 — 1,636 Total investments 990 49,106 33,231 83,327 Other assets — 5,914 — 5,914 Total $ 990 $ 55,020 $ 33,231 $ 89,241 __________________ (1) |
Deferred Policy Acquisition C_2
Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles (Tables) | 12 Months Ended |
Dec. 31, 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 Deferred Tax Asset Other Future Policy Benefits Policyholder Account Balances Market Risk Benefit Liabilities Deferred Income Tax Liability Retained Earnings Accumulated Other Comprehensive Income (Loss) (In millions) Balances as reported, December 31, 2020 $ 21,478 $ 2,649 $ — $ 4,276 $ 133,921 $ 96,635 $ — $ 1,980 $ 10,548 $ 11,662 Reclassification of carrying amounts of contracts and contract features that are market risk benefits (59) — — — (1,447) (495) 1,883 — — — Adjustments for the difference between previous carrying amounts and fair value measurements for market risk benefits — — — — — — 4,906 (1,030) (3,897) 21 Removal of related amounts in accumulated other comprehensive income — 1,482 — 29 (6,835) — — 1,751 — 6,595 Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach 32 — — — 89 — — (12) (45) — Effect of remeasurement of future policy benefits to an upper-medium grade discount rate 403 — — — 25,208 — — (5,209) — (19,596) Adjustments for the cumulative effect of adoption on additional insurance assets and liabilities 29 — — — 36 — — — — (7) Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard 2 12 2,518 — (4,794) 4,794 — 2,520 10 — Balances as adjusted, January 1, 2021 $ 21,885 $ 4,143 $ 2,518 $ 4,305 $ 146,178 $ 100,934 $ 6,789 $ — $ 6,616 $ (1,325) 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 Reported Adoption Post (In millions) Assets Premiums, reinsurance and other receivables $ 20,704 $ 87 $ 20,791 Market risk benefits $ — $ 174 $ 174 Deferred policy acquisition costs and value of business acquired $ 5,263 $ (1,506) $ 3,757 Deferred income tax asset $ 2,661 $ 259 $ 2,920 Other assets $ 4,367 $ (15) $ 4,352 Total assets $ 385,840 $ (1,001) $ 384,839 Liabilities Future policy benefits $ 133,725 $ (6,811) $ 126,914 Policyholder account balances $ 99,967 $ 3,440 $ 103,407 Market risk benefits $ — $ 3,270 $ 3,270 Other policy-related balances $ 7,863 $ 68 $ 7,931 Other liabilities $ 24,489 $ 6 $ 24,495 Total liabilities $ 371,471 $ (27) $ 371,444 Equity Retained earnings $ 10,572 $ (1,550) $ 9,022 Accumulated other comprehensive income (loss) $ (8,896) $ 576 $ (8,320) Total Metropolitan Life Insurance Company stockholder’s equity $ 14,157 $ (974) $ 13,183 Total equity $ 14,369 $ (974) $ 13,395 Total liabilities and equity $ 385,840 $ (1,001) $ 384,839 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 statements of operations: December 31, 2022 2021 As Previously Reported Adoption Post As Previously Reported Adoption Post (In millions) Revenues Premiums $ 31,198 $ (9) $ 31,189 $ 26,191 $ (3) $ 26,188 Universal life and investment-type product policy fees $ 1,997 $ (180) $ 1,817 $ 2,062 $ (188) $ 1,874 Other revenues $ 1,698 $ (4) $ 1,694 $ 1,616 $ — $ 1,616 Net derivative gains (losses) $ 472 $ 280 $ 752 $ (964) $ (665) $ (1,629) Total revenues $ 45,360 $ 87 $ 45,447 $ 42,043 $ (856) $ 41,187 Expenses Policyholder benefits and claims $ 32,954 $ 179 $ 33,133 $ 29,423 $ (339) $ 29,084 Policyholder liability remeasurement (gains) losses $ — $ (11) $ (11) $ — $ — $ — Market risk benefits remeasurement (gains) losses $ — $ (3,379) $ (3,379) $ — $ (758) $ (758) Interest credited to policyholder account balances $ 2,382 $ 127 $ 2,509 $ 2,027 $ 158 $ 2,185 Policyholder dividends $ 559 $ 4 $ 563 $ 728 $ 4 $ 732 Other expenses $ 5,555 $ 148 $ 5,703 $ 5,617 $ 83 $ 5,700 Total expenses $ 41,450 $ (2,932) $ 38,518 $ 37,795 $ (852) $ 36,943 Income (loss) before provision for income tax $ 3,910 $ 3,019 $ 6,929 $ 4,248 $ (4) $ 4,244 Provision for income tax expense (benefit) $ 639 $ 634 $ 1,273 $ 530 $ (1) $ 529 Net income (loss) $ 3,271 $ 2,385 $ 5,656 $ 3,718 $ (3) $ 3,715 Net income (loss) attributable to Metropolitan Life Insurance Company $ 3,243 $ 2,385 $ 5,628 $ 3,713 $ (3) $ 3,710 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 statements of comprehensive income: December 31, 2022 2021 As Previously Reported Adoption Post As Previously Reported Adoption Post (In millions) Net income (loss) $ 3,271 $ 2,385 $ 5,656 $ 3,718 $ (3) $ 3,715 Unrealized investment gains (losses), net of related offsets $ (23,566) $ (6,769) $ (30,335) $ (2,462) $ (2,879) $ (5,341) Future policy benefits discount rate remeasurement gains (losses) $ — $ 21,623 $ 21,623 $ — $ 5,118 $ 5,118 Market risk benefits instrument-specific credit risk remeasurement gains (losses) $ — $ (236) $ (236) $ — $ 311 $ 311 Other comprehensive income (loss), before income tax $ (23,817) $ 14,618 $ (9,199) $ (2,260) $ 2,550 $ 290 Income tax (expense) benefit related to items of other comprehensive income (loss) $ 5,004 $ (3,070) $ 1,934 $ 515 $ (535) $ (20) Other comprehensive income (loss), net of income tax $ (18,813) $ 11,548 $ (7,265) $ (1,745) $ 2,015 $ 270 Comprehensive income (loss) $ (15,542) $ 13,933 $ (1,609) $ 1,973 $ 2,012 $ 3,985 Comprehensive income (loss) attributable to Metropolitan Life Insurance Company $ (15,570) $ 13,933 $ (1,637) $ 1,968 $ 2,012 $ 3,980 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 statements of equity: As Previously Reported Adoption Post (In millions) Retained Earnings Balance at December 31, 2020 $ 10,548 $ — $ 10,548 Cumulative effects of changes in accounting principles, net of income tax $ — $ (3,932) $ (3,932) Net income (loss) $ 3,713 $ (3) $ 3,710 Balance at December 31, 2021 $ 10,868 $ (3,935) $ 6,933 Net income (loss) $ 3,243 $ 2,385 $ 5,628 Balance at December 31, 2022 $ 10,572 $ (1,550) $ 9,022 Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2020 $ 11,662 $ — $ 11,662 Cumulative effects of changes in accounting principles, net of income tax $ — $ (12,987) $ (12,987) Other comprehensive income (loss), net of income tax $ (1,745) $ 2,015 $ 270 Balance at December 31, 2021 $ 9,917 $ (10,972) $ (1,055) Other comprehensive income (loss), net of income tax $ (18,813) $ 11,548 $ (7,265) Balance at December 31, 2022 $ (8,896) $ 576 $ (8,320) Total Metropolitan Life Insurance Company Stockholder’s Equity Balance at December 31, 2020 $ 34,675 $ — $ 34,675 Cumulative effects of changes in accounting principles, net of income tax $ — $ (16,919) $ (16,919) Net income (loss) $ 3,713 $ (3) $ 3,710 Other comprehensive income (loss), net of income tax $ (1,745) $ 2,015 $ 270 Balance at December 31, 2021 $ 33,254 $ (14,907) $ 18,347 Net income (loss) $ 3,243 $ 2,385 $ 5,628 Other comprehensive income (loss), net of income tax $ (18,813) $ 11,548 $ (7,265) Balance at December 31, 2022 $ 14,157 $ (974) $ 13,183 Total Equity Balance at December 31, 2020 $ 34,858 $ — $ 34,858 Cumulative effects of changes in accounting principles, net of income tax $ — $ (16,919) $ (16,919) Net income (loss) $ 3,718 $ (3) $ 3,715 Other comprehensive income (loss), net of income tax $ (1,745) $ 2,015 $ 270 Balance at December 31, 2021 $ 33,428 $ (14,907) $ 18,521 Change in equity of noncontrolling interests $ 10 $ — $ 10 Net income (loss) $ 3,271 $ 2,385 $ 5,656 Other comprehensive income (loss), net of income tax $ (18,813) $ 11,548 $ (7,265) Balance at December 31, 2022 $ 14,369 $ (974) $ 13,395 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 statements of cash flows: December 31, 2022 2021 As Previously Reported Adoption Post As Previously Reported Adoption Post (In millions) Cash flows from operating activities Net income (loss) $ 3,271 $ 2,385 $ 5,656 $ 3,718 $ (3) $ 3,715 (Gains) losses on derivatives, net $ 1,122 $ (187) $ 935 $ 2,480 $ 232 $ 2,712 Interest credited to policyholder account balances $ 2,344 $ (51) $ 2,293 $ 1,988 $ 116 $ 2,104 Universal life and investment-type product policy fees $ (1,162) $ (1) $ (1,163) $ (1,070) $ (21) $ (1,091) Change in premiums, reinsurance and other receivables $ 146 $ 69 $ 215 $ 752 $ (162) $ 590 Change in market risk benefits $ — $ (3,141) $ (3,141) $ — $ (476) $ (476) Change in deferred policy acquisition costs and value of business acquired, net $ (39) $ 147 $ 108 $ 194 $ 84 $ 278 Change in income tax $ 219 $ 634 $ 853 $ 5 $ (1) $ 4 Change in other assets $ 201 $ (14) $ 187 $ (308) $ 5 $ (303) Change in insurance-related liabilities and policy-related balances $ (1,958) $ 628 $ (1,330) $ (957) $ 700 $ (257) Change in other liabilities $ (67) $ 4 $ (63) $ (370) $ (2) $ (372) Net cash provided by (used in) operating activities $ 4,667 $ 473 $ 5,140 $ 3,257 $ 472 $ 3,729 Cash flows from financing activities Policyholder account balances - deposits $ 85,294 $ (9) $ 85,285 $ 78,129 $ — $ 78,129 Policyholder account balances - withdrawals $ (80,028) $ (464) $ (80,492) $ (80,378) $ (472) $ (80,850) Net cash provided by (used in) financing activities $ (8,710) $ (473) $ (9,183) $ (3,758) $ (472) $ (4,230) 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: RIS Annuities MetLife Holdings MetLife Other Long-Duration Short-Duration and Other Total (In millions) Balance, future policy benefits, at December 31, 2020 $ 54,535 $ 14,281 $ 45,349 $ 9,625 $ 10,131 $ 133,921 Removal of additional insurance liabilities for separate presentation (1) (4) — — (2,925) — (2,929) Subtotal - pre-adoption balance, excluding additional liabilities 54,531 14,281 45,349 6,700 10,131 130,992 Removal of related amounts in AOCI (5,571) (1,210) — (54) — (6,835) Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach 41 — — 48 — 89 Effect of remeasurement of future policy benefits to an upper-medium grade discount rate 15,011 8,270 — 1,927 — 25,208 Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard (4,747) — — (47) — (4,794) Removal of remeasured deferred profit liabilities for separate presentation (1) (2,413) — — (250) — (2,663) Balance, traditional and limited-payment contracts, at January 1, 2021 $ 56,852 $ 21,341 $ 45,349 $ 8,324 $ 10,131 $ 141,997 Balance, deferred profit liabilities at January 1, 2021 $ 2,413 $ — $ — $ 250 $ — $ 2,663 Balance, ceded recoverables on traditional and limited-payment contracts at December 31, 2020 $ 203 $ — $ 752 $ 955 Effect of remeasurement of the ceded recoverable to an upper-medium grade discount rate 135 — 268 403 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 — 20 26 Balance ceded recoverables on traditional and limited-payment contracts at January 1, 2021 $ 344 $ — $ 1,072 $ 1,416 __________________ (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. MetLife Holdings Other Total (In millions) Additional insurance liabilities at December 31, 2020 $ 1,478 $ 1,451 $ 2,929 Reclassification of carrying amount of contracts and contract features that are market risk benefits — (1,447) (1,447) Adjustments for the cumulative effect of adoption on additional insurance liabilities 36 — 36 Additional insurance liabilities at January 1, 2021 $ 1,514 $ 4 $ 1,518 Ceded recoverables on additional insurance liabilities at December 31, 2020 $ 554 $ — $ 554 Adjustments for the cumulative effect of adoption on ceded recoverables on additional insurance liabilities 9 — 9 Ceded recoverables on additional insurance liabilities at January 1, 2021 $ 563 $ — $ 563 Balance, traditional and limited-payment contracts, at January 1, 2021 $ 141,997 Balance, deferred profit liabilities at January 1, 2021 2,663 Balance, additional insurance liabilities at January 1, 2021 1,518 Total future policy benefits at January 1, 2021 $ 146,178 The LDTI transition adjustments related to PABs, as described in Note 1, were as follows at the Transition Date: Group Benefits Group Life RIS Capital Markets Investment Products and Stable Value GICs RIS Annuities and Risk Solutions MetLife Holdings Annuities Other Total (In millions) Balance at December 31, 2020 $ 7,585 $ 60,641 $ 5,316 $ 15,012 $ 8,081 $ 96,635 Reclassification of carrying amounts of contracts and contract features that are market risk benefits — — (1) (494) — (495) Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard — — 4,747 — 47 4,794 Balance at January 1, 2021 $ 7,585 $ 60,641 $ 10,062 $ 14,518 $ 8,128 $ 100,934 The LDTI transition adjustments related to MRB liabilities, as described in Note 1, were as follows at the Transition Date: MetLife Holdings Other Total (In millions) Direct and assumed MRB liabilities at December 31, 2020 $ — $ — $ — Reclassification of carrying amounts of contracts and contract features that are market risk benefits 1,882 1 1,883 Adjustments for the cumulative effect of changes in nonperformance risk between contract issue date and Transition Date (9) (17) (26) 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 4,728 204 4,932 Direct and assumed MRB liabilities at January 1, 2021 $ 6,601 $ 188 $ 6,789 The transition adjustments related to DAC, VOBA, and UREV, as described in Note 1, were as follows at the Transition Date: Group Benefits (1) RIS (1) MetLife Holdings Total (In millions) DAC: Balance at December 31, 2020 $ 278 $ 100 $ 2,248 $ 2,626 Removal of related amounts in AOCI — — 1,480 1,480 Other adjustments upon adoption of the LDTI standard — — 12 12 Balance at January 1, 2021 $ 278 $ 100 $ 3,740 $ 4,118 VOBA: Balance at December 31, 2020 $ — $ 20 $ 3 $ 23 Removal of related amounts in AOCI — — 2 2 Balance at January 1, 2021 $ — $ 20 $ 5 $ 25 UREV: Balance at December 31, 2020 $ — $ 22 $ 157 $ 179 Removal of related amounts in AOCI — — — — Balance at January 1, 2021 $ — $ 22 $ 157 $ 179 __________________ (1) See Note 2 for information on the reorganization of the Company’s segments. |
Deferred Policy Acquisition Costs | Information regarding total DAC and VOBA by segment, as well as Corporate & Other, was as follows at: Group Benefits (1) RIS (1) MetLife Holdings (2) Corporate & Other Total (In millions) DAC: Balance at January 1, 2021 $ 278 $ 100 $ 3,740 $ — $ 4,118 Capitalizations 19 40 (2) 6 63 Amortization (25) (28) (281) — (334) Balance at December 31, 2021 272 112 3,457 6 3,847 Capitalizations 18 51 — 120 189 Amortization (26) (26) (237) (6) (295) Balance at December 31, 2022 264 137 3,220 120 3,741 Capitalizations 18 46 (1) 55 118 Amortization (27) (28) (224) (17) (296) Other (3) — — (272) — (272) Balance at December 31, 2023 $ 255 $ 155 $ 2,723 $ 158 $ 3,291 Total DAC and VOBA: Balance at December 31, 2021 $ 3,865 Balance at December 31, 2022 $ 3,757 Balance at December 31, 2023 $ 3,305 __________________ (1) See Note 2 for information on the reorganization of the Company’s segments. (2) Includes DAC balances primarily related to whole life, variable annuities, disability income, term life, long-term care, and universal life products. (3) MetLife Holdings segment includes activity for total DAC ceded at the date of inception related to a reinsurance agreement. See Note 8 for further information on the transaction. |
Value of Distribution Agreements and Customer Relationships Acquired | Information regarding other intangibles was as follows: Years Ended December 31, 2023 2022 2021 (In millions) VODA and VOCRA: Balance at January 1, $ 99 $ 116 $ 135 Amortization (15) (17) (19) Balance at December 31, $ 84 $ 99 $ 116 Accumulated amortization $ 373 $ 358 $ 341 |
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: RIS (1) MetLife Holdings Total (In millions) Balance at January 1, 2021 $ 22 $ 157 $ 179 Deferrals 3 49 52 Amortization (4) (11) (15) Balance at December 31, 2021 21 195 216 Deferrals 1 45 46 Amortization (4) (13) (17) Balance at December 31, 2022 18 227 245 Deferrals 2 33 35 Amortization (4) (14) (18) Other (2) — (241) (241) Balance at December 31, 2023 $ 16 $ 5 $ 21 __________________ (1) See Note 2 for information on the reorganization of the Company’s segments. (2) MetLife Holdings segment includes activity for total UREV ceded at the date of inception related to a reinsurance agreement. See Note 8 for further information on the transaction. |
Reinsurance (Tables)
Reinsurance (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Reinsurance Disclosure [Line Items] | |
Effects of reinsurance | The amounts on the consolidated statements of operations include the impact of reinsurance. Information regarding the significant effects of reinsurance was as follows: Years Ended December 31, 2023 2022 2021 (In millions) Premiums Direct premiums $ 25,027 $ 31,265 $ 23,005 Reinsurance assumed 847 872 4,121 Reinsurance ceded (1,156) (948) (938) Net premiums $ 24,718 $ 31,189 $ 26,188 Universal life and investment-type product policy fees Direct universal life and investment-type product policy fees $ 2,019 $ 2,079 $ 2,173 Reinsurance assumed (17) 30 (16) Reinsurance ceded (338) (292) (283) Net universal life and investment-type product policy fees $ 1,664 $ 1,817 $ 1,874 Other revenues Direct other revenues $ 1,025 $ 1,025 $ 1,066 Reinsurance assumed 125 54 13 Reinsurance ceded 523 615 537 Net other revenues $ 1,673 $ 1,694 $ 1,616 Policyholder benefits and claims Direct policyholder benefits and claims $ 26,768 $ 33,433 $ 26,322 Reinsurance assumed 708 856 3,962 Reinsurance ceded (1,326) (1,156) (1,200) Net policyholder benefits and claims $ 26,150 $ 33,133 $ 29,084 Policyholder liability remeasurement (gains) losses Direct policyholder liability remeasurement (gains) losses $ (87) $ 43 $ (19) Reinsurance assumed (48) (39) 31 Reinsurance ceded (15) (15) (12) Net policyholder liability remeasurement (gains) losses $ (150) $ (11) $ — Market risk benefits remeasurement (gains) losses Direct market risk benefits remeasurement (gains) losses $ (701) $ (3,389) $ (758) Reinsurance assumed (2) 10 — Reinsurance ceded — — — Net market risk benefits remeasurement (gains) losses $ (703) $ (3,379) $ (758) Interest credited to policyholder account balances Direct interest credited to policyholder account balances $ 3,276 $ 2,418 $ 2,157 Reinsurance assumed 354 109 43 Reinsurance ceded (28) (18) (15) Net interest credited to policyholder account balances $ 3,602 $ 2,509 $ 2,185 Other expenses Direct other expenses $ 5,365 $ 5,026 $ 4,551 Reinsurance assumed 280 97 162 Reinsurance ceded 140 580 987 Net other expenses $ 5,785 $ 5,703 $ 5,700 The amounts on the consolidated balance sheets include the impact of reinsurance. Information regarding the significant effects of reinsurance was as follows at: December 31, 2023 2022 Direct Assumed Ceded Total Direct Assumed Ceded Total (In millions) Assets Premiums, reinsurance and other receivables $ 3,287 $ 736 $ 24,213 $ 28,236 $ 2,952 $ 1,302 $ 16,537 $ 20,791 Market risk benefits 170 7 — 177 167 7 — 174 Deferred policy acquisition costs and value of business acquired 3,628 158 (481) 3,305 3,860 120 (223) 3,757 Total assets $ 7,085 $ 901 $ 23,732 $ 31,718 $ 6,979 $ 1,429 $ 16,314 $ 24,722 Liabilities Future policy benefits $ 125,885 $ 3,297 $ — $ 129,182 $ 123,335 $ 3,579 $ — $ 126,914 Policyholder account balances 94,825 9,069 — 103,894 97,162 6,245 — 103,407 Market risk benefits 2,863 15 — 2,878 3,255 15 — 3,270 Other policy-related balances 8,186 384 (281) 8,289 7,596 358 (23) 7,931 Other liabilities 7,800 2,112 13,807 23,719 8,718 2,160 13,617 24,495 Total liabilities $ 239,559 $ 14,877 $ 13,526 $ 267,962 $ 240,066 $ 12,357 $ 13,594 $ 266,017 |
Affiliated Entity | |
Reinsurance Disclosure [Line Items] | |
Effects of reinsurance | Information regarding the significant effects of affiliated reinsurance included on the consolidated statements of operations was as follows: Years Ended December 31, 2023 2022 2021 (In millions) Premiums Reinsurance assumed $ (19) $ 7 $ 3,237 Reinsurance ceded (372) (139) (114) Net premiums $ (391) $ (132) $ 3,123 Universal life and investment-type product policy fees Reinsurance assumed $ 4 $ — $ 1 Reinsurance ceded (6) (4) (9) Net universal life and investment-type product policy fees $ (2) $ (4) $ (8) Other revenues Reinsurance assumed $ 91 $ 78 $ (11) Reinsurance ceded 471 472 505 Net other revenues $ 562 $ 550 $ 494 Policyholder benefits and claims Reinsurance assumed $ (121) $ 52 $ 3,141 Reinsurance ceded (310) (142) (146) Net policyholder benefits and claims $ (431) $ (90) $ 2,995 Policyholder liability remeasurement (gains) losses Reinsurance assumed $ (40) $ (47) $ 10 Reinsurance ceded (11) (9) (2) Net policyholder liability remeasurement (gains) losses $ (51) $ (56) $ 8 Interest credited to policyholder account balances Reinsurance assumed $ 344 $ 97 $ 31 Reinsurance ceded (11) (12) (12) Net interest credited to policyholder account balances $ 333 $ 85 $ 19 Other expenses Reinsurance assumed $ 239 $ 36 $ 89 Reinsurance ceded 220 651 1,065 Net other expenses $ 459 $ 687 $ 1,154 Information regarding the significant effects of affiliated reinsurance included on the consolidated balance sheets was as follows at: December 31, 2023 2022 Assumed Ceded Assumed Ceded (In millions) Assets Premiums, reinsurance and other receivables $ 164 $ 11,302 $ 723 $ 11,303 Deferred policy acquisition costs and value of business acquired 158 (160) 120 (164) Total assets $ 322 $ 11,142 $ 843 $ 11,139 Liabilities Future policy benefits $ 2,236 $ — $ 2,484 $ — Policyholder account balances 9,040 — 6,216 — Other policy-related balances 65 (35) 61 (23) Other liabilities 957 10,267 910 10,380 Total liabilities $ 12,298 $ 10,232 $ 9,671 $ 10,357 |
Closed Block (Tables)
Closed Block (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Closed Block Disclosure [Abstract] | |
Closed block liabilities and assets | Information regarding the liabilities and assets designated to the closed block was as follows at: December 31, 2023 2022 (In millions) Closed Block Liabilities Future policy benefits $ 36,142 $ 37,222 Other policy-related balances 319 273 Policyholder dividends payable 174 181 Other liabilities 668 455 Total closed block liabilities 37,303 38,131 Assets Designated to the Closed Block Investments: Fixed maturity securities available-for-sale, at estimated fair value 19,939 19,648 Mortgage loans 6,151 6,564 Policy loans 3,960 4,084 Real estate and real estate joint ventures 668 635 Other invested assets 506 705 Total investments 31,224 31,636 Cash and cash equivalents 717 437 Accrued investment income 383 375 Premiums, reinsurance and other receivables 54 52 Current income tax recoverable 3 88 Deferred income tax asset 312 423 Total assets designated to the closed block 32,693 33,011 Excess of closed block liabilities over assets designated to the closed block 4,610 5,120 AOCI: Unrealized investment gains (losses), net of income tax (820) (1,357) Unrealized gains (losses) on derivatives, net of income tax 130 262 Total amounts included in AOCI (690) (1,095) Maximum future earnings to be recognized from closed block assets and liabilities $ 3,920 $ 4,025 |
Closed block policyholder dividend obligation | Information regarding the closed block policyholder dividend obligation was as follows: Years Ended December 31, 2023 2022 2021 (In millions) Balance at January 1, $ — $ 1,682 $ 2,969 Change in unrealized investment and derivative gains (losses) — (1,682) (1,287) Balance at December 31, $ — $ — $ 1,682 |
Closed block revenues and expenses | Information regarding the closed block revenues and expenses was as follows: Years Ended December 31, 2023 2022 2021 (In millions) Revenues Premiums $ 922 $ 1,104 $ 1,298 Net investment income 1,362 1,382 1,541 Net investment gains (losses) 7 (51) (36) Net derivative gains (losses) — 33 18 Total revenues 2,291 2,468 2,821 Expenses Policyholder benefits and claims 1,706 1,890 2,150 Policyholder dividends 366 458 626 Other expenses 86 90 96 Total expenses 2,158 2,438 2,872 Revenues, net of expenses before provision for income tax expense (benefit) 133 30 (51) Provision for income tax expense (benefit) 28 6 (11) Revenues, net of expenses and provision for income tax expense (benefit) $ 105 $ 24 $ (40) |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Fixed Maturity Securities AFS by Sector | The following table presents fixed maturity securities AFS by sector. U.S. corporate and foreign corporate sectors include redeemable preferred stock. RMBS includes agency, prime, prime investor, non-qualified residential mortgage, alternative, reperforming and sub-prime mortgage-backed securities. 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.” December 31, 2023 2022 Amortized Gross Unrealized Estimated Amortized Gross Unrealized Estimated Sector Allowance for Credit Loss Gains Losses Allowance for Credit Loss Gains Losses (In millions) U.S. corporate $ 52,479 $ (62) $ 1,126 $ 3,050 $ 50,493 $ 55,280 $ (28) $ 649 $ 4,811 $ 51,090 Foreign corporate 27,520 (2) 536 2,839 25,215 28,328 (3) 206 4,538 23,993 U.S. government and agency 23,100 — 243 2,283 21,060 24,409 — 333 2,384 22,358 RMBS 20,700 (1) 228 1,979 18,948 21,539 — 177 2,383 19,333 ABS & CLO 12,049 (6) 30 432 11,641 12,639 — 9 812 11,836 Municipals 6,429 — 318 428 6,319 7,880 — 256 672 7,464 CMBS 6,387 (11) 28 570 5,834 6,691 (15) 7 640 6,043 Foreign government 3,416 (50) 156 227 3,295 3,711 (68) 140 324 3,459 Total fixed maturity securities AFS $ 152,080 $ (132) $ 2,665 $ 11,808 $ 142,805 $ 160,477 $ (114) $ 1,777 $ 16,564 $ 145,576 |
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 December 31, 2023: Due in One Year or Less Due After One Year Through Five Years Due After Five Years Through Ten Years Due After Ten Years Structured Products Total Fixed Maturity Securities AFS (In millions) Amortized cost, net of ACL $ 4,011 $ 24,416 $ 27,330 $ 57,073 $ 39,118 $ 151,948 Estimated fair value $ 3,949 $ 23,787 $ 26,459 $ 52,187 $ 36,423 $ 142,805 |
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. December 31, 2023 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 $ 3,537 $ 95 $ 25,752 $ 2,924 $ 34,358 $ 3,953 $ 3,383 $ 856 Foreign corporate 714 64 16,982 2,775 16,834 3,350 3,977 1,188 U.S. government and agency 4,322 228 9,980 2,055 13,489 1,895 2,756 489 RMBS 1,470 37 12,813 1,941 11,622 1,280 4,585 1,103 ABS & CLO 937 20 8,250 410 7,725 499 3,009 313 Municipals 262 10 2,102 418 3,526 616 133 56 CMBS 587 23 4,096 542 4,376 426 1,254 213 Foreign government 431 12 1,452 212 1,803 209 306 115 Total fixed maturity securities AFS $ 12,260 $ 489 $ 81,427 $ 11,277 $ 93,733 $ 12,228 $ 19,403 $ 4,333 Investment grade $ 11,499 $ 453 $ 77,325 $ 10,849 $ 88,059 $ 11,710 $ 17,470 $ 3,897 Below investment grade 761 36 4,102 428 5,674 518 1,933 436 Total fixed maturity securities AFS $ 12,260 $ 489 $ 81,427 $ 11,277 $ 93,733 $ 12,228 $ 19,403 $ 4,333 Total number of securities in an unrealized loss position 1,679 8,441 10,688 2,110 |
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 RMBS ABS & CLO CMBS Total Year Ended December 31, 2023 (In millions) Balance at January 1, $ 28 $ 3 $ 68 $ — $ — $ 15 $ 114 ACL not previously recorded 31 — — 2 6 1 40 Changes for securities with previously recorded ACL 7 (1) (2) (1) — 5 8 Securities sold or exchanged (4) — (16) — — (10) (30) Write-offs — — — — — — — Balance at December 31, $ 62 $ 2 $ 50 $ 1 $ 6 $ 11 $ 132 U.S. Foreign Foreign RMBS ABS & CLO CMBS Total Year Ended December 31, 2022 (In millions) Balance at January 1, $ 30 $ 10 $ — $ — $ — $ 13 $ 53 ACL not previously recorded 13 12 103 — — 2 130 Changes for securities with previously recorded ACL 17 3 (15) — — — 5 Securities sold or exchanged (10) (22) (20) — — — (52) Write-offs (22) — — — — — (22) Balance at December 31, $ 28 $ 3 $ 68 $ — $ — $ 15 $ 114 |
Disclosure of Mortgage Loans Net of Valuation Allowance | Mortgage loans are summarized as follows at: December 31, 2023 2022 Portfolio Segment Carrying % of Carrying % of (Dollars in millions) Commercial $ 37,129 59.3 % $ 37,196 59.4 % Agricultural 15,831 25.3 15,869 25.4 Residential 10,133 16.2 9,953 15.9 Total amortized cost 63,093 100.8 63,018 100.7 Allowance for credit loss (509) (0.8) (448) (0.7) Total mortgage loans $ 62,584 100.0 % $ 62,570 100.0 % |
Allowance for Loan and Lease Losses, Provision for Loss, Net | The rollforward of ACL for mortgage loans, by portfolio segment, is as follows: Years Ended December 31, 2023 2022 2021 Commercial Agricultural Residential Total Commercial Agricultural Residential Total Commercial Agricultural Residential Total (In millions) Balance at January 1, $ 174 $ 105 $ 169 $ 448 $ 260 $ 79 $ 197 $ 536 $ 199 $ 97 $ 221 $ 517 Provision (release) 50 83 (22) 111 (3) 47 (20) 24 61 6 (25) 42 Initial credit losses on PCD loans (1) — — — — — — — — — — 3 3 Charge-offs, net of recoveries (14) (36) — (50) (83) (21) (8) (112) — (24) (2) (26) Balance at December 31, $ 210 $ 152 $ 147 $ 509 $ 174 $ 105 $ 169 $ 448 $ 260 $ 79 $ 197 $ 536 __________________ (1) Represents the initial credit losses on purchased mortgage loans accounted for as PCD. |
Financing Receivable, Modified | 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, in materially impacted segments, 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. Mortgage loans are summarized as follows at: December 31, 2023 Maturity Extension Weighted Average Life Increase % of Total BV Amortized Cost Affected Loans (in Years) (Dollars in millions) Commercial $ 419 Less than one year 1.0 % |
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 December 31, 2023: Credit Quality Indicator 2023 2022 2021 2020 2019 Prior Revolving Total % of (Dollars in millions) LTV ratios: Less than 65% $ 1,609 $ 1,228 $ 1,795 $ 989 $ 1,980 $ 8,873 $ 2,698 $ 19,172 51.7 % 65% to 75% 226 3,030 1,416 937 1,024 3,549 — 10,182 27.4 76% to 80% — 359 227 111 843 996 — 2,536 6.8 Greater than 80% 31 587 723 611 659 2,628 — 5,239 14.1 Total $ 1,866 $ 5,204 $ 4,161 $ 2,648 $ 4,506 $ 16,046 $ 2,698 $ 37,129 100.0 % DSCR: > 1.20x $ 1,309 $ 4,221 $ 3,777 $ 2,375 $ 3,963 $ 13,609 $ 2,698 $ 31,952 86.1 % 1.00x - 1.20x 459 393 368 — 331 1,427 — 2,978 8.0 <1.00x 98 590 16 273 212 1,010 — 2,199 5.9 Total $ 1,866 $ 5,204 $ 4,161 $ 2,648 $ 4,506 $ 16,046 $ 2,698 $ 37,129 100.0 % The amortized cost of agricultural mortgage loans by credit quality indicator and vintage year was as follows at December 31, 2023: Credit Quality Indicator 2023 2022 2021 2020 2019 Prior Revolving Total % of (Dollars in millions) LTV ratios: Less than 65% $ 772 $ 1,985 $ 1,474 $ 1,977 $ 1,512 $ 5,596 $ 1,293 $ 14,609 92.3 % 65% to 75% 22 82 201 126 24 489 118 1,062 6.7 76% to 80% — — — — — — — — — Greater than 80% 5 — — 5 133 12 5 160 1.0 Total $ 799 $ 2,067 $ 1,675 $ 2,108 $ 1,669 $ 6,097 $ 1,416 $ 15,831 100.0 % The amortized cost of residential mortgage loans by credit quality indicator and vintage year was as follows at December 31, 2023: Credit Quality Indicator 2023 2022 2021 2020 2019 Prior Revolving Total % of (Dollars in millions) Performance indicators: Performing $ 243 $ 1,855 $ 880 $ 151 $ 565 $ 6,096 $ — $ 9,790 96.6 % Nonperforming (1) 1 32 15 8 32 255 — 343 3.4 Total $ 244 $ 1,887 $ 895 $ 159 $ 597 $ 6,351 $ — $ 10,133 100.0 % __________________ (1) |
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 December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 (In millions) Commercial $ 19 $ — $ — $ — $ 303 $ 158 Agricultural 40 120 — 18 206 131 Residential 343 428 — — 343 429 Total $ 402 $ 548 $ — $ 18 $ 852 $ 718 |
Disclosure of 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: December 31, Years Ended December 31, 2023 2022 2023 2022 2021 Income Type Carrying Value Income (In millions) Wholly-owned real estate: Leased real estate $ 1,594 $ 1,618 $ 171 $ 198 $ 209 Other real estate 506 487 287 243 186 Real estate joint ventures 6,590 6,311 (75) 308 180 Total real estate and real estate joint ventures $ 8,690 $ 8,416 $ 383 $ 749 $ 575 |
Schedule of Operating Leases by Property Type | Leased real estate investments and income earned, by property type, were as follows at and for the periods indicated: December 31, Years Ended December 31, 2023 2022 2023 2022 2021 Property Type Carrying Value Income (In millions) Leased real estate investments: Office $ 848 $ 797 $ 114 $ 74 $ 73 Apartment 324 328 23 34 40 Retail 280 298 23 35 44 Industrial 119 171 11 55 52 Land 23 24 — — — Total leased real estate investments $ 1,594 $ 1,618 $ 171 $ 198 $ 209 |
Debt Securities, Trading, and Equity Securities, FV-NI | The following table presents FVO securities and equity securities by security type. Common stock includes common stock and certain 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. December 31, 2023 2022 Cost Net Unrealized Gains (Losses) (1) Estimated Fair Value Cost Net Unrealized Gains (Losses) (1) Estimated Fair Value Security Type (In millions) FVO securities $ 379 $ 367 $ 746 $ 673 $ 171 $ 844 Equity securities Common stock $ 118 $ 45 $ 163 $ 119 $ 47 $ 166 Non-redeemable preferred stock 177 7 184 77 (3) 74 Total equity securities $ 295 $ 52 $ 347 $ 196 $ 44 $ 240 __________________ (1) Represents cumulative changes in estimated fair value, recognized in earnings, and not in OCI. |
Securities Lending and Repurchase Agreements | A summary of these transactions and agreements accounted for as secured borrowings were as follows: December 31, 2023 2022 Securities (1) Securities (1) Agreement Type Estimated Fair Value Cash Collateral Received from Counterparties (2) Reinvestment Portfolio at Estimated Fair Value Estimated Fair Value Cash Collateral Received from Counterparties (2) Reinvestment Portfolio at Estimated Fair Value (In millions) Securities lending $ 5,528 $ 5,684 $ 5,565 $ 6,601 $ 6,773 $ 6,625 Repurchase agreements $ 3,029 $ 2,975 $ 2,913 $ 3,176 $ 3,125 $ 3,057 __________________ (1) These securities were included within fixed maturity securities AFS, short-term investments and cash equivalents at December 31, 2023 and within fixed maturity securities AFS and short-term investments at 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: December 31, 2023 2022 Remaining Maturities Remaining Maturities Security Type Open (1) 1 Month Over 1 Month Over 6 Months to 1 Year Total Open (1) 1 Month Over 1 Month to 6 Months Over 6 Months to 1 Year Total (In millions) Cash collateral liability by security type: Securities lending: U.S. government and agency $ 943 $ 2,523 $ 2,218 $ — $ 5,684 $ 935 $ 4,233 $ 1,605 $ — $ 6,773 Repurchase agreements: U.S. government and agency $ — $ 2,975 $ — $ — $ 2,975 $ — $ 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, and Pledged as Collateral | Invested assets on deposit 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: December 31, 2023 2022 (In millions) Invested assets on deposit (regulatory deposits) $ 105 $ 98 Invested assets pledged as collateral (1) 21,177 20,612 Total invested assets on deposit and pledged as collateral $ 21,282 $ 20,710 __________________ (1) The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements (see Note 4), derivative transactions (see Note 11) and secured debt (see Note 14). |
Schedule of Variable Interest Entities | The following table presents the total assets and total liabilities relating to investment related VIEs for which the Company has concluded that it is the primary beneficiary and which are consolidated at: December 31, 2023 2022 Asset Type Total Total Total Total (In millions) Real estate joint ventures $ 1,427 $ — $ 1,357 $ — Mortgage loan joint ventures 171 — 147 — Renewable energy partnership (primarily other invested assets) 65 — 76 — Investment funds (primarily other invested assets) 61 — 98 — Total $ 1,724 $ — $ 1,678 $ — The carrying amount and maximum exposure to loss relating to VIEs in which the Company holds a significant variable interest but is not the primary beneficiary and which have not been consolidated were as follows at: December 31, 2023 2022 Asset Type Carrying Maximum Carrying Maximum (In millions) Fixed maturity securities AFS (2) $ 35,370 $ 35,370 $ 35,813 $ 35,813 Other limited partnership interests 7,319 9,452 7,299 9,716 Other invested assets 1,318 1,405 1,342 1,509 Real estate joint ventures 104 267 86 88 Total $ 44,111 $ 46,494 $ 44,540 $ 47,126 __________________ (1) The maximum exposure to loss relating to fixed maturity securities AFS and FVO securities 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: Years Ended December 31, Asset Type 2023 2022 2021 (In millions) Fixed maturity securities AFS $ 7,492 $ 6,458 $ 6,101 Mortgage loans 3,302 2,615 2,661 Policy loans 294 288 292 Real estate and REJV 383 749 575 OLPI 191 433 3,161 Cash, cash equivalents and short-term investments 382 147 11 FVO securities 147 (143) 102 Operating joint venture 18 34 65 Equity securities 7 11 16 Other 297 410 142 Subtotal investment income 12,513 11,002 13,126 Less: Investment expenses 1,307 880 640 Net investment income $ 11,206 $ 10,122 $ 12,486 Net Investment Income (“NII”) Information Net realized and unrealized gains (losses) recognized in NII: Net realized gains (losses) from sales and disposals (primarily Residential - FVO mortgage loans and FVO securities) $ — $ (13) $ 22 Net unrealized gains (losses) from changes in estimated fair value (primarily FVO securities and REJV) 216 (33) 168 Net realized and unrealized gains (losses) recognized in NII $ 216 $ (46) $ 190 Changes in estimated fair value subsequent to purchase of FVO securities still held at the end of the respective periods and recognized in NII: $ 140 $ (145) $ 77 Equity method investments NII (primarily REJV, OLPI, tax credit and renewable energy partnerships and an operating joint venture) $ 51 $ 625 $ 3,235 |
Components of Net Investment Gains (Losses) | The composition of net investment gains (losses) by asset type and transaction type was as follows: Years Ended December 31, Asset Type 2023 2022 2021 (In millions) Fixed maturity securities AFS (1) $ (1,284) $ (851) $ (49) Equity securities 5 6 40 Mortgage loans (1) (174) (42) (34) Real estate and REJV (excluding changes in estimated fair value) 102 561 568 OLPI (excluding changes in estimated fair value) 9 4 (15) Other gains (losses) 18 72 109 Subtotal (1,324) (250) 619 Change in estimated fair value of OLPI and REJV (6) (14) 45 Non-investment portfolio gains (losses) (45) 137 (12) Subtotal (51) 123 33 Net investment gains (losses) $ (1,375) $ (127) $ 652 Transaction Type Realized gains (losses) on investments sold or disposed $ (193) $ (146) $ 579 Impairment (losses) (1) (994) (38) (24) Recognized gains (losses): Change in allowance for credit loss recognized in earnings (144) (77) (41) Unrealized net gains (losses) recognized in earnings 1 (3) 150 Total recognized gains (losses) (1,330) (264) 664 Non-investment portfolio gains (losses) (45) 137 (12) Net investment gains (losses) $ (1,375) $ (127) $ 652 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 $ 7 $ 8 $ 10 Other gains (losses) include: Gains (losses) on disposed investments which were previously in a qualified cash flow hedge relationship $ (10) $ 48 $ 91 Gains (losses) on leveraged leases and renewable energy partnerships $ 26 $ 33 $ 12 Foreign currency gains (losses) $ (61) $ 97 $ 62 Net Realized Investment Gains (Losses) From Sales and Disposals of Investments: Recognized in NIGL $ (193) $ (146) $ 579 Recognized in NII — (13) 22 Net realized investment gains (losses) from sales and disposals of investments $ (193) $ (159) $ 601 __________________ (1) Includes a net loss of $895 million during the year ended December 31, 2023 for investments disposed of in connection with a reinsurance transaction. The net loss was comprised of ($946) million of impairments and $82 million of realized gains on disposal for fixed maturity securities AFS, ($29) million of adjustments to mortgage loans, reflected as impairments, (calculated at lower of amortized cost or estimated fair value) and ($2) million of realized losses on disposal for mortgage loans. See Note 8 for further information on this reinsurance transaction. |
Schedule of Realized Gain (Loss) | The composition of net investment gains (losses) for these securities is as follows: Years Ended December 31, Fixed Maturity Securities AFS 2023 2022 2021 (In millions) Proceeds $ 19,803 $ 42,903 $ 27,587 Gross investment gains $ 354 $ 469 $ 232 Gross investment (losses) (655) (1,221) (256) Realized gains (losses) on sales and disposals (301) (752) (24) Net credit loss (provision) release (change in ACL recognized in earnings) (18) (61) (1) Impairment (losses) (965) (38) (24) Net credit loss (provision) release and impairment (losses) (983) (99) (25) Net investment gains (losses) $ (1,284) $ (851) $ (49) Equity Securities Realized gains (losses) on sales and disposals $ (2) $ (6) $ (61) Unrealized net gains (losses) recognized in earnings 7 12 101 Net investment gains (losses) $ 5 $ 6 $ 40 |
Schedule of Related Party Transactions | The Company transfers invested assets primarily consisting of fixed maturity securities AFS, mortgage loans and real estate and real estate joint ventures to and from affiliates. Invested assets transferred were as follows: Years Ended December 31, 2023 2022 2021 (In millions) Estimated fair value of invested assets transferred to affiliates $ 718 $ 472 $ 795 Amortized cost of invested assets transferred to affiliates $ 756 $ 432 $ 776 Net investment gains (losses) recognized on transfers $ (38) $ 40 $ 19 Estimated fair value of invested assets transferred from affiliates $ 1,178 $ 497 $ 1,346 Estimated fair value of derivative liabilities transferred from affiliates $ — $ 64 $ — Recurring related party investments and related net investment income were as follows at and for the periods ended: December 31, Years Ended December 31, 2023 2022 2023 2022 2021 Investment Type/Balance Sheet Category Related Party Carrying Value Net Investment Income (In millions) Affiliated investments (1) MetLife, Inc. $ 1,130 $ 1,207 $ 20 $ 16 $ 31 Affiliated investments (2) American Life Insurance Company — 100 1 1 2 Affiliated investments (3) Metropolitan General Insurance Company 150 — — — — Other invested assets $ 1,280 $ 1,307 $ 21 $ 17 $ 33 ________________ (1) Represents an investment in affiliated senior unsecured notes which have maturity dates from July 2026 to December 2031 and bear interest, payable semi-annually, at rates per annum ranging from 1.61% to 2.16%. In July 2023, ¥37.3 billion (the equivalent of $258 million) of 1.60% affiliated senior unsecured notes matured and were refinanced with ¥37.3 billion 2.16% affiliated senior unsecured notes due July 2030. (2) Represents an affiliated surplus note which was prepaid in June 2023. The surplus note had an original maturity date in June 2025 and bore interest, payable semi-annually, at a rate per annum of 1.88%. (3) Represents an investment in affiliated preferred stock with a dividend yield of 7.50% that will be cumulative and payable annually in arrears. The shares can be redeemed, at MetLife General Insurance Company’s option, after December 15, 2028. |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location | The following table presents the primary underlying risk exposure, gross notional amount and estimated fair value of the Company’s derivatives, excluding embedded derivatives, held at: Primary Underlying Risk Exposure December 31, 2023 2022 Estimated Fair Value Estimated Fair Value Gross Assets Liabilities Gross Assets Liabilities (In millions) Derivatives Designated as Hedging Instruments: Fair value hedges: Interest rate swaps Interest rate $ 4,443 $ 1,257 $ 508 $ 4,036 $ 1,353 $ 443 Foreign currency swaps Foreign currency exchange rate 1,459 55 1 565 74 — Subtotal 5,902 1,312 509 4,601 1,427 443 Cash flow hedges: Interest rate swaps Interest rate 3,789 1 246 3,739 7 239 Interest rate forwards Interest rate 970 — 175 2,227 — 404 Foreign currency swaps Foreign currency exchange rate 30,342 1,977 846 29,290 2,453 1,364 Subtotal 35,101 1,978 1,267 35,256 2,460 2,007 Total qualifying hedges 41,003 3,290 1,776 39,857 3,887 2,450 Derivatives Not Designated or Not Qualifying as Hedging Instruments: Interest rate swaps Interest rate 15,516 1,476 638 15,358 1,579 704 Interest rate floors Interest rate 13,921 39 — 23,371 114 — Interest rate caps Interest rate 28,890 355 — 46,666 903 — Interest rate futures Interest rate 25 — — 414 — 1 Interest rate options Interest rate 39,226 361 27 39,712 434 36 Synthetic GICs Interest rate 6,145 — — 13,044 — — Foreign currency swaps Foreign currency exchange rate 4,304 446 24 4,739 720 5 Foreign currency forwards Foreign currency exchange rate 1,176 8 10 1,328 16 25 Credit default swaps — purchased Credit 809 3 7 843 16 — Credit default swaps — written Credit 10,007 186 4 9,074 113 26 Equity futures Equity market 941 3 — 1,063 2 — Equity index options Equity market 17,703 339 193 14,143 585 179 Equity variance swaps Equity market — — — 90 4 — Equity total return swaps Equity market 1,912 — 218 1,922 23 103 Total non-designated or nonqualifying derivatives 140,575 3,216 1,121 171,767 4,509 1,079 Total $ 181,578 $ 6,506 $ 2,897 $ 211,624 $ 8,396 $ 3,529 |
Components of Net Derivatives Gains (Losses) | Year Ended December 31, 2023 Net Investment Income Net Investment Gains (Losses) Net Derivative Gains (Losses) Policyholder Benefits and Claims Interest Credited to Policyholder Account Balances OCI (In millions) Gain (Loss) on Fair Value Hedges: Interest rate derivatives: Derivatives designated as hedging instruments (1) $ (3) $ — N/A $ — $ 29 N/A Hedged items 3 — N/A (26) (31) N/A Foreign currency exchange rate derivatives: Derivatives designated as hedging instruments (1) (39) — N/A — 20 N/A Hedged items 38 — N/A — (24) N/A Subtotal (1) — N/A (26) (6) 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 $ (75) Amount of gains (losses) reclassified from AOCI into income 50 87 — — — (137) Foreign currency exchange rate derivatives: (1) Amount of gains (losses) deferred in AOCI N/A N/A N/A N/A N/A (177) Amount of gains (losses) reclassified from AOCI into income 4 684 — — — (688) Foreign currency transaction gains (losses) on hedged items — (671) — — — — Credit derivatives: (1) Amount of gains (losses) deferred in AOCI N/A N/A N/A N/A N/A — Amount of gains (losses) reclassified from AOCI into income — 1 — — — (1) Subtotal 54 101 — — — (1,078) Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments: Interest rate derivatives (1) — N/A (842) N/A N/A N/A Foreign currency exchange rate derivatives (1) — N/A (288) N/A N/A N/A Credit derivatives — purchased (1) — N/A (22) N/A N/A N/A Credit derivatives — written (1) — N/A 113 N/A N/A N/A Equity derivatives (1) (52) N/A (1,042) N/A N/A N/A Foreign currency transaction gains (losses) on hedged items — N/A 85 N/A N/A N/A Subtotal (52) N/A (1,996) N/A N/A N/A Earned income on derivatives 184 — 808 4 (145) — Synthetic GICs N/A N/A 17 N/A N/A N/A Embedded derivatives N/A N/A (366) N/A N/A N/A Total $ 185 $ 101 $ (1,537) $ (22) $ (151) $ (1,078) Year Ended December 31, 2022 Net Investment Income Net Investment Gains (Losses) Net Derivative Gains (Losses) Policyholder Benefits and Claims Interest Credited to Policyholder Account Balances OCI (In millions) Gain (Loss) on Fair Value Hedges: Interest rate derivatives: Derivatives designated as hedging instruments (1) $ 8 $ — N/A $ (959) $ (231) N/A Hedged items (8) — N/A 905 226 N/A Foreign currency exchange rate derivatives: Derivatives designated as hedging instruments (1) 105 — N/A — — N/A Hedged items (105) — N/A — — N/A Subtotal — — N/A (54) (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 $ (1,467) Amount of gains (losses) reclassified from AOCI into income 59 51 — — — (110) Foreign currency exchange rate derivatives: (1) Amount of gains (losses) deferred in AOCI N/A N/A N/A N/A N/A 766 Amount of gains (losses) reclassified from AOCI into income 5 (417) — — — 412 Foreign currency transaction gains (losses) on hedged items — 411 — — — — Credit derivatives: (1) Amount of gains (losses) deferred in AOCI N/A N/A N/A N/A N/A — Amount of gains (losses) reclassified from AOCI into income — — — — — — Subtotal 64 45 — — — (399) Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments: Interest rate derivatives (1) 3 N/A (2,190) N/A N/A N/A Foreign currency exchange rate derivatives (1) 2 N/A 564 N/A N/A N/A Credit derivatives — purchased (1) — N/A 44 N/A N/A N/A Credit derivatives — written (1) — N/A (66) N/A N/A N/A Equity derivatives (1) 29 N/A 491 N/A N/A N/A Foreign currency transaction gains (losses) on hedged items — N/A (300) N/A N/A N/A Subtotal 34 N/A (1,457) N/A N/A N/A Earned income on derivatives 370 — 599 112 (120) — Synthetic GICs N/A N/A — N/A N/A N/A Embedded derivatives N/A N/A 1,610 N/A N/A N/A Total $ 468 $ 45 $ 752 $ 58 $ (125) $ (399) Year Ended December 31, 2021 Net Investment Income Net Investment Gains (Losses) Net Derivative Gains (Losses) Policyholder Benefits and Claims Interest Credited to Policyholder Account Balances OCI (In millions) Gain (Loss) on Fair Value Hedges: Interest rate derivatives: Derivatives designated as hedging instruments (1) $ 6 $ — N/A $ (372) $ (83) N/A Hedged items (6) — N/A 327 78 N/A Foreign currency exchange rate derivatives: Derivatives designated as hedging instruments (1) 49 — N/A — — N/A Hedged items (43) — N/A — — N/A Subtotal 6 — N/A (45) (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 $ (570) Amount of gains (losses) reclassified from AOCI into income 57 87 — — — (144) Foreign currency exchange rate derivatives: (1) Amount of gains (losses) deferred in AOCI N/A N/A N/A N/A N/A 600 Amount of gains (losses) reclassified from AOCI into income 4 (229) — — — 225 Foreign currency transaction gains (losses) on hedged items — 227 — — — — Credit derivatives: (1) Amount of gains (losses) deferred in AOCI N/A N/A N/A N/A N/A — Amount of gains (losses) reclassified from AOCI into income — — — — — — Subtotal 61 85 — — — 111 Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments: Interest rate derivatives (1) 2 N/A (1,523) N/A N/A N/A Foreign currency exchange rate derivatives (1) — N/A 264 N/A N/A N/A Credit derivatives — purchased (1) — N/A 2 N/A N/A N/A Credit derivatives — written (1) — N/A 23 N/A N/A N/A Equity derivatives (1) (1) N/A (1,308) N/A N/A N/A Foreign currency transaction gains (losses) on hedged items — N/A (65) N/A N/A N/A Subtotal 1 N/A (2,607) N/A N/A N/A Earned income on derivatives 167 — 648 168 (121) — Synthetic GICs N/A N/A — N/A N/A N/A Embedded derivatives N/A N/A 330 — N/A N/A Total $ 235 $ 85 $ (1,629) $ 123 $ (126) $ 111 __________________ (1) Excludes earned income on derivatives. |
Net derivatives gains (losses) recognized on fair value derivatives and the related hedged items | The following table presents the balance sheet classification, carrying amount and cumulative fair value hedging adjustments for items designated and qualifying as hedged items in fair value hedges: Balance Sheet Line Item Carrying Amount of the Cumulative Amount December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 (In millions) Fixed maturity securities AFS $ 120 $ 247 $ 1 $ 1 Mortgage loans $ 345 $ 319 $ (10) $ (18) Future policy benefits $ (2,863) $ (2,816) $ 191 $ 200 Policyholder account balances $ (1,844) $ (1,735) $ 2 $ 80 __________________ (1) Includes ($113) million and ($136) million of hedging adjustments on discontinued hedging relationships at December 31, 2023 and 2022, respectively. |
Schedule of estimated fair value, maximum amount of future payments and weighted average years to maturity of written credit default swaps | The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of written credit default swaps at: December 31, 2023 2022 Rating Agency Designation of Referenced Estimated Maximum Amount of Future Payments under Credit Default Swaps Weighted Estimated Maximum Amount of Future Payments under Credit Default Swaps Weighted (Dollars in millions) Aaa/Aa/A Single name credit default swaps (3) $ — $ 10 0.5 $ 1 $ 10 1.5 Credit default swaps referencing indices 80 3,831 2.7 79 4,251 3.4 Subtotal 80 3,841 2.7 80 4,261 3.4 Baa Single name credit default swaps (3) 1 55 2.3 — 40 2.5 Credit default swaps referencing indices 102 5,982 5.6 13 4,598 5.9 Subtotal 103 6,037 5.5 13 4,638 5.8 Ba Single name credit default swaps (3) — — 0.0 1 45 0.7 Credit default swaps referencing indices 2 25 3.0 2 25 4.0 Subtotal 2 25 3.0 3 70 1.9 B Credit default swaps referencing indices 1 74 5.0 1 75 4.5 Subtotal 1 74 5.0 1 75 4.5 Caa Credit default swaps referencing indices (4) 30 2.5 (10) 30 3.5 Subtotal (4) 30 2.5 (10) 30 3.5 Total $ 182 $ 10,007 4.4 $ 87 $ 9,074 4.6 __________________ (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: December 31, 2023 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) $ 6,534 $ 2,892 $ 8,456 $ 3,499 OTC-cleared (1) 112 13 57 29 Exchange-traded 3 — 2 1 Total gross estimated fair value of derivatives presented on the consolidated balance sheets (1) 6,649 2,905 8,515 3,529 Gross amounts not offset on the consolidated balance sheets: Gross estimated fair value of derivatives: (2) OTC-bilateral (2,350) (2,350) (3,317) (3,317) OTC-cleared (4) (4) (14) (14) Cash collateral: (3), (4) OTC-bilateral (2,872) — (4,044) — OTC-cleared (105) (1) (18) (1) Securities collateral: (5) OTC-bilateral (1,283) (542) (1,078) (182) OTC-cleared — (8) — (14) Exchange-traded — — — (1) Net amount after application of master netting agreements and collateral $ 35 $ — $ 44 $ — __________________ (1) At December 31, 2023 and 2022, derivative assets included income (expense) accruals reported in accrued investment income or in other liabilities of $143 million and $119 million, respectively, and derivative liabilities included (income) expense accruals reported in accrued investment income or in other liabilities of $8 million and $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 central 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. (4) The receivable for the return of cash collateral provided by the Company is inclusive of initial margin on exchange-traded and OTC-cleared derivatives and is included in premiums, reinsurance and other receivables on the balance sheet. The amount of cash collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements. At December 31, 2023 and 2022, the Company received excess cash collateral of $154 million and $210 million, respectively, and provided excess cash collateral of $4 million and $1 million, respectively, which are not included in the table above due to the foregoing limitation. (5) Securities collateral received by the Company is held in separate custodial accounts and is not recorded on the balance sheet. Subject to certain constraints, the Company is permitted by contract to sell or re-pledge this collateral, but at December 31, 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 December 31, 2023 and 2022, the Company received excess securities collateral with an estimated fair value of $286 million and $366 million, respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At December 31, 2023 and 2022, the Company provided excess securities collateral with an estimated fair value of $1.1 billion and $934 million, respectively, for its OTC-bilateral derivatives, $495 million and $442 million, respectively, for its OTC-cleared derivatives, and $56 million and $96 million, respectively, for its exchange-traded derivatives, which are not included in the table above due to the foregoing limitation. |
Derivative Instruments, Gain (Loss) [Line Items] | |
Schedule of Derivative Instruments | 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. December 31, 2023 2022 Derivatives Subject to Financial Strength-Contingent Provisions (In millions) Estimated fair value of derivatives in a net liability position (1) $ 542 $ 182 Estimated fair value of collateral provided: Fixed maturity securities AFS $ 896 $ 221 __________________ (1) After taking into consideration the existence of netting agreements. |
Net Embedded Derivatives | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Schedule of Derivative Instruments | The following table presents the estimated fair value and balance sheet location of the Company’s embedded derivatives that have been separated from their host contracts at: December 31, Balance Sheet Location 2023 2022 (In millions) Embedded derivatives within asset host contracts: Assumed on affiliated reinsurance Other invested assets $ 41 $ 149 Funds withheld on affiliated reinsurance Other invested assets (26) — Total $ 15 $ 149 Embedded derivatives within liability host contracts: Assumed on affiliated reinsurance Other liabilities $ 104 $ — Funds withheld on affiliated reinsurance Other liabilities (304) (450) Fixed annuities with equity indexed returns Policyholder account balances 163 141 Total $ (37) $ (309) |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 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: December 31, 2023 Fair Value Hierarchy Level 1 Level 2 Level 3 Total (In millions) Assets Fixed maturity securities AFS: U.S. corporate $ — $ 41,718 $ 8,775 $ 50,493 Foreign corporate — 16,875 8,340 25,215 U.S. government and agency 8,963 12,097 — 21,060 RMBS 3 17,616 1,329 18,948 ABS & CLO — 10,109 1,532 11,641 Municipals — 6,319 — 6,319 CMBS — 5,499 335 5,834 Foreign government — 3,281 14 3,295 Total fixed maturity securities AFS 8,966 113,514 20,325 142,805 Short-term investments 2,745 288 15 3,048 Other investments 76 77 1,317 1,470 Derivative assets: (1) Interest rate — 3,489 — 3,489 Foreign currency exchange rate — 2,486 — 2,486 Credit — 181 8 189 Equity market 3 332 7 342 Total derivative assets 3 6,488 15 6,506 Embedded derivatives within asset host contracts (4) — — 15 15 Market risk benefits — — 177 177 Separate account assets (2) 13,945 68,284 968 83,197 Total assets (3) $ 25,735 $ 188,651 $ 22,832 $ 237,218 Liabilities Derivative liabilities: (1) Interest rate $ — $ 1,419 $ 175 $ 1,594 Foreign currency exchange rate — 881 — 881 Credit — 11 — 11 Equity market — 411 — 411 Total derivative liabilities — 2,722 175 2,897 Embedded derivatives within liability host contracts (4) — — (37) (37) Market risk benefits — — 2,878 2,878 Separate account liabilities (2) 4 4 — 8 Total liabilities $ 4 $ 2,726 $ 3,016 $ 5,746 December 31, 2022 Fair Value Hierarchy Level 1 Level 2 Level 3 Total (In millions) Assets Fixed maturity securities AFS: U.S. corporate $ — $ 43,147 $ 7,943 $ 51,090 Foreign corporate — 17,203 6,790 23,993 U.S. government and agency 9,126 13,232 — 22,358 RMBS 4 17,804 1,525 19,333 ABS & CLO — 10,329 1,507 11,836 Municipals — 7,464 — 7,464 CMBS — 5,702 341 6,043 Foreign government — 3,444 15 3,459 Total fixed maturity securities AFS 9,130 118,325 18,121 145,576 Short-term investments 2,677 35 47 2,759 Other investments 246 212 1,022 1,480 Derivative assets: (1) Interest rate — 4,390 — 4,390 Foreign currency exchange rate — 3,263 — 3,263 Credit — 47 82 129 Equity market 2 605 7 614 Total derivative assets 2 8,305 89 8,396 Embedded derivatives within asset host contracts (4) — — 149 149 Market risk benefits — — 174 174 Separate account assets (2) 16,206 72,022 1,013 89,241 Total assets (3) $ 28,261 $ 198,899 $ 20,615 $ 247,775 Liabilities Derivative liabilities: (1) Interest rate $ 1 $ 1,421 $ 405 $ 1,827 Foreign currency exchange rate — 1,394 — 1,394 Credit — 11 15 26 Equity market — 282 — 282 Total derivative liabilities 1 3,108 420 3,529 Embedded derivatives within liability host contracts (4) — — (309) (309) Market risk benefits — — 3,270 3,270 Separate account liabilities (2) 8 15 18 41 Total liabilities $ 9 $ 3,123 $ 3,399 $ 6,531 __________________ (1) Derivative assets are presented within other invested assets on the consolidated balance sheets and derivative liabilities are presented within other liabilities on the consolidated balance sheets. The amounts are presented gross in the tables above to reflect the presentation on the consolidated balance sheets, but are presented net for purposes of the rollforward in the Fair Value Measurements Using Significant Unobservable Inputs (Level 3) tables. (2) 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. (3) Total assets included in the fair value hierarchy exclude OLPI that are measured at estimated fair value using the net asset value (“NAV”) per share (or its equivalent) practical expedient. At December 31, 2023 and 2022, the estimated fair value of such investments was $48 million and $61 million, respectively. (4) Embedded derivatives within asset host contracts are presented within other invested assets on the consolidated balance sheets. Embedded derivatives within liability host contracts are presented within PABs and other liabilities on the consolidated balance sheets. |
Fair Value Inputs, Quantitative Information | The following table presents certain quantitative information about the significant unobservable inputs used in the fair value measurement, and the sensitivity of the estimated fair value to changes in those inputs, for the more significant asset and liability classes measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at: December 31, 2023 December 31, 2022 Impact of Valuation Techniques Significant Range Weighted Range Weighted Fixed maturity securities AFS (3) U.S. corporate and foreign corporate • Matrix pricing • Offered quotes (4) 4 - 131 95 — - 126 89 Increase • Market pricing • Quoted prices (4) — - 110 93 20 - 107 92 Increase RMBS • Market pricing • Quoted prices (4) — - 112 93 — - 106 93 Increase (5) ABS & CLO • Market pricing • Quoted prices (4) 78 - 101 94 74 - 101 91 Increase (5) Derivatives Interest rate • Present value techniques • Swap yield (6) 367 - 399 385 372 - 392 381 Increase (7) Credit • Present value techniques • Credit spreads (8) — - — — 84 - 138 101 Decrease (7) • Consensus pricing • Offered quotes (9) Market Risk Benefits Direct and assumed guaranteed minimum benefits • Option pricing techniques • Mortality rates: Ages 0 - 40 0.01% - 0.13% 0.05% 0.01% - 0.08% 0.05% (10) Ages 41 - 60 0.05% - 0.67% 0.22% 0.05% - 0.43% 0.20% (10) Ages 61 - 115 0.35% - 100% 1.23% 0.34% - 100% 1.44% (10) • Lapse rates: Durations 1 - 10 0.80% - 20.10% 8.72% 0.50% - 37.50% 8.96% Decrease (11) Durations 11 - 20 3.10% - 10.10% 4.34% 0.70% - 35.75% 6.52% Decrease (11) Durations 21 - 116 0.10% - 10.10% 4.59% 1.60% - 35.75% 2.89% Decrease (11) • Utilization rates 0.20% - 22% 0.44% 0.20% - 22% 0.38% Increase (12) • Withdrawal rates 0.25% - 7.75% 4.47% 0.25% - 10% 4.02% (13) • Long-term equity volatilities 16.37% - 21.85% 18.55% 16.46% - 22.01% 18.49% Increase (14) • Nonperformance risk spread 0.38% - 0.70% 0.73% 0.34% - 0.74% 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. (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 December 31, 2023 and 2022, independent non-binding broker quotations were used in the determination of less than 1% and 1%, respectively, 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) Structured Products Foreign Short-term Investments (In millions) Balance, January 1, 2022 $ 14,935 $ 4,600 $ 12 $ 2 Total realized/unrealized gains (losses) included in net income (loss) (1), (2) (25) 38 (37) — Total realized/unrealized gains (losses) included in AOCI (3,334) (356) 6 — Purchases (3) 3,168 750 — 47 Sales (3) (1,231) (795) (2) (2) Issuances (3) — — — — Settlements (3) — — — — Transfers into Level 3 (4) 1,614 204 45 — Transfers out of Level 3 (4) (394) (1,068) (9) — Balance, December 31, 2022 14,733 3,373 15 47 Total realized/unrealized gains (losses) included in net income (loss) (1), (2) (46) (2) 2 — Total realized/unrealized gains (losses) included in AOCI 881 44 (3) 1 Purchases (3) 3,402 268 — 15 Sales (3) (1,673) (609) — (48) Issuances (3) — — — — Settlements (3) — — — — Transfers into Level 3 (4) 221 195 — — Transfers out of Level 3 (4) (403) (73) — — Balance, December 31, 2023 $ 17,115 $ 3,196 $ 14 $ 15 Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2021: (5) $ (7) $ 41 $ — $ — Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2022: (5) $ (21) $ 32 $ (37) $ — Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2023: (5) $ (24) $ 16 $ 2 $ — Changes in unrealized gains (losses) included in AOCI for the instruments still held at December 31, 2021: (5) $ (731) $ 10 $ (1) $ — Changes in unrealized gains (losses) included in AOCI for the instruments still held at December 31, 2022: (5) $ (3,326) $ (341) $ 7 $ — Changes in unrealized gains (losses) included in AOCI for the instruments still held at December 31, 2023: (5) $ 844 $ 24 $ (3) $ — Gains (Losses) Data for the year ended December 31, 2021 Total realized/unrealized gains (losses) included in net income (loss) (1), (2) $ (40) $ 45 $ — $ — Total realized/unrealized gains (losses) included in AOCI $ (745) $ 8 $ (1) $ — Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Residential Mortgage Other Investments Net Derivatives (7) Net Embedded Derivatives (8) Separate (In millions) Balance, January 1, 2022 $ 127 $ 894 $ 86 $ (1,236) $ 1,958 Total realized/unrealized gains (losses) included in net income (loss) (1), (2) (8) (16) (140) 1,610 25 Total realized/unrealized gains (losses) included in AOCI — — (547) — — Purchases (3) — 262 82 — 196 Sales (3) (108) (19) — — (1,164) Issuances (3) — — (3) — (2) Settlements (3) (11) — 191 84 4 Transfers into Level 3 (4) — 3 — — 1 Transfers out of Level 3 (4) — (102) — — (23) Balance, December 31, 2022 — 1,022 (331) 458 995 Total realized/unrealized gains (losses) included in net income (loss) (1), (2) — 147 (24) (366) (27) Total realized/unrealized gains (losses) included in AOCI — — (5) — — Purchases (3) — 152 — — 166 Sales (3) — (4) — — (176) Issuances (3) — — — — — Settlements (3) — — 201 (40) 1 Transfers into Level 3 (4) — — — — 13 Transfers out of Level 3 (4) — — (1) — (4) Balance, December 31, 2023 $ — $ 1,317 $ (160) $ 52 $ 968 Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2021: (5) $ (10) $ 170 $ (7) $ 330 $ — Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2022: (5) $ — $ (22) $ (17) $ 1,610 $ — Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2023: (5) $ — $ 150 $ (24) $ (366) $ — Changes in unrealized gains (losses) included in AOCI for the instruments still held at December 31, 2021: (5) $ — $ — $ (128) $ — $ — Changes in unrealized gains (losses) included in AOCI for the instruments still held at December 31, 2022: (5) $ — $ — $ (454) $ — $ — Changes in unrealized gains (losses) included in AOCI for the instruments still held at December 31, 2023: (5) $ — $ — $ (5) $ — $ — Gains (Losses) Data for the year ended December 31, 2021 Total realized/unrealized gains (losses) included in net income (loss) (1), (2) $ (5) $ 183 $ (69) $ 330 $ 8 Total realized/unrealized gains (losses) included in AOCI $ — $ — $ (352) $ — $ — __________________ (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 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). December 31, 2023 2022 (In millions) Carrying value after measurement: Mortgage loans (1) $ 295 $ 222 Years Ended December 31, 2023 2022 2021 (In millions) Realized gains (losses) net: Mortgage loans (1) $ (162) $ (13) $ (91) __________________ (1) Estimated fair values of impaired mortgage loans are based on the underlying collateral or discounted cash flows. See Note 10. |
Fair Value of Financial Instruments Carried at Other Than Fair Value | The carrying values and estimated fair values for such financial instruments, and their corresponding placement in the fair value hierarchy, are summarized as follows at: December 31, 2023 Fair Value Hierarchy Carrying Level 1 Level 2 Level 3 Total (In millions) Assets Mortgage loans (1) $ 62,584 $ — $ — $ 59,511 $ 59,511 Policy loans $ 5,671 $ — $ — $ 6,042 $ 6,042 Other invested assets $ 1,778 $ — $ 1,794 $ — $ 1,794 Premiums, reinsurance and other receivables $ 14,028 $ — $ 221 $ 14,053 $ 14,274 Liabilities Policyholder account balances $ 87,518 $ — $ — $ 86,093 $ 86,093 Long-term debt $ 1,886 $ — $ 1,958 $ — $ 1,958 Other liabilities $ 11,481 $ — $ 141 $ 11,333 $ 11,474 Separate account liabilities $ 29,204 $ — $ 29,204 $ — $ 29,204 December 31, 2022 Fair Value Hierarchy Carrying Level 1 Level 2 Level 3 Total (In millions) Assets Mortgage loans (1) $ 62,570 $ — $ — $ 58,858 $ 58,858 Policy loans $ 5,729 $ — $ — $ 6,143 $ 6,143 Other invested assets $ 1,978 $ — $ 1,979 $ — $ 1,979 Premiums, reinsurance and other receivables $ 12,036 $ — $ 454 $ 11,826 $ 12,280 Liabilities Policyholder account balances $ 85,957 $ — $ — $ 83,594 $ 83,594 Long-term debt $ 1,676 $ — $ 1,758 $ — $ 1,758 Other liabilities $ 12,546 $ — $ 671 $ 11,842 $ 12,513 Separate account liabilities $ 38,391 $ — $ 38,391 $ — $ 38,391 _________________ (1) Includes mortgage loans measured at estimated fair value on a nonrecurring basis. |
Leases Leases (Tables)
Leases Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Lease, Cost | ROU assets and lease liabilities for operating leases were: December 31, 2023 December 31, 2022 (In millions) ROU assets $ 416 $ 498 Lease liabilities $ 498 $ 589 The components of operating lease costs were as follows: Years Ended December 31, 2023 2022 2021 (In millions) Operating lease cost $ 104 $ 116 $ 120 Sublease income (87) (73) (91) Supplemental other information related to operating leases was as follows: December 31, 2023 December 31, 2022 (Dollars in millions) Cash paid for amounts included in the measurement of lease liability - operating cash flows $ 114 $ 124 ROU assets obtained in exchange for new lease liabilities $ 3 $ 4 Weighted-average remaining lease term 6 years 6 years Weighted-average discount rate 4.0 % 4.0 % |
Lessee, Operating Lease, Liability, Maturity | Maturities of operating lease liabilities were as follows: December 31, 2023 (In millions) 2024 $ 107 2025 107 2026 104 2027 93 2028 70 Thereafter 88 Total undiscounted cash flows 569 Less: interest 71 Present value of lease liability $ 498 |
Long-term and Short-term Debt (
Long-term and Short-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-term and Short-term debt outstanding | Long-term and short-term debt outstanding was as follows: December 31, Interest Rates (1) 2023 2022 Range Maturity Face Unamortized Carrying Face Unamortized Carrying (In millions) Surplus notes - affiliated 7.38% - 7.38% 2037 $ 700 $ (7) $ 693 $ 700 $ (7) $ 693 Surplus notes 7.80% - 7.88% 2024 - 2025 400 — 400 400 (1) 399 Other notes 2.12% - 8.43% 2024 - 2038 796 (3) 793 586 (2) 584 Financing lease obligations 1 — 1 — — — Total long-term debt 1,897 (10) 1,887 1,686 (10) 1,676 Total short-term debt — — — 99 — 99 Total $ 1,897 $ (10) $ 1,887 $ 1,785 $ (10) $ 1,775 __________________ (1) Range of interest rates are for the year ended December 31, 2023. |
Schedule of Short-term Debt | Short-term debt with maturities of one year or less was as follows: December 31, 2023 2022 (Dollars in millions) Commercial paper $ — $ 99 Average daily balance $ 54 $ 100 Average days outstanding 80 days 131 days |
Schedule of Line of Credit Facilities | Information on the Credit Facility at December 31, 2023 was as follows: Borrower(s) Expiration Maximum Letters of Credit Used by the Company (1) Letters of Credit Used by Affiliates (1) Drawdowns Unused (In millions) MetLife, Inc. and MetLife Funding, Inc. May 2028 (2) $ 3,000 $ 7 $ 290 $ — $ 2,703 __________________ (1) MetLife, Inc. and MetLife Funding are severally liable for their respective obligations under the Credit Facility. MetLife Funding was not an applicant under letters of credit outstanding as of December 31, 2023 and is not responsible for any reimbursement obligations under such letters of credit. (2) In May 2023, the Credit Facility was amended and restated to, among other things, extend the maturity date. All borrowings under the Credit Facility must be repaid by May 8, 2028, except that letters of credit outstanding on that date may remain outstanding until no later than May 8, 2029. |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Income (Loss) | Information regarding changes in the balances of each component of AOCI attributable to Metropolitan Life Insurance Company was as follows: Unrealized Investment Gains (Losses), Net of Related Offsets (1) 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 at December 31, 2020 $ 10,384 $ 1,791 $ — $ — $ (53) $ (460) $ 11,662 Cumulative effects of changes in accounting principles, net of income tax 6,588 — (19,596) 21 — — (12,987) Balance at January 1, 2021 16,972 1,791 (19,596) 21 (53) (460) (1,325) OCI before reclassifications (5,443) 30 5,118 311 9 44 69 Deferred income tax benefit (expense) 1,191 (8) (1,075) (65) (1) (9) 33 AOCI before reclassifications, net of income tax 12,720 1,813 (15,553) 267 (45) (425) (1,223) Amounts reclassified from AOCI 102 81 — — — 38 221 Deferred income tax benefit (expense) (23) (22) — — — (8) (53) Amounts reclassified from AOCI, net of income tax 79 59 — — — 30 168 Balance at December 31, 2021 12,799 1,872 (15,553) 267 (45) (395) (1,055) OCI before reclassifications (31,197) (701) 21,623 (236) (177) 278 (10,410) Deferred income tax benefit (expense) 6,556 147 (4,541) 49 35 (58) 2,188 AOCI before reclassifications, net of income tax (11,842) 1,318 1,529 80 (187) (175) (9,277) Amounts reclassified from AOCI 862 302 — — — 47 1,211 Deferred income tax benefit (expense) (181) (63) — — — (10) (254) Amounts reclassified from AOCI, net of income tax 681 239 — — — 37 957 Balance at December 31, 2022 (11,161) 1,557 1,529 80 (187) (138) (8,320) OCI before reclassifications 4,420 (252) (2,957) (59) 56 (44) 1,164 Deferred income tax benefit (expense) (889) 53 621 12 (12) 9 (206) AOCI before reclassifications, net of income tax (7,630) 1,358 (807) 33 (143) (173) (7,362) Amounts reclassified from AOCI 1,421 (826) — — — 10 605 Deferred income tax benefit (expense) (286) 173 — — — (2) (115) Amounts reclassified from AOCI, net of income tax 1,135 (653) — — — 8 490 Balance at December 31, 2023 $ (6,495) $ 705 $ (807) $ 33 $ (143) $ (165) $ (6,872) __________________ (1) Primarily unrealized gains (losses) on fixed maturity securities. |
Reclassification out of Accumulated Other Comprehensive Income (Loss) | Information regarding amounts reclassified out of each component of AOCI was as follows: Years Ended December 31, 2023 2022 2021 AOCI Components Amounts Reclassified from AOCI Consolidated Statements of (In millions) Net unrealized investment gains (losses): Net unrealized investment gains (losses) $ (1,404) $ (810) $ (67) Net investment gains (losses) Net unrealized investment gains (losses) 5 6 (13) Net investment income Net unrealized investment gains (losses) (22) (58) (22) Net derivative gains (losses) Net unrealized investment gains (losses), before income tax (1,421) (862) (102) Income tax (expense) benefit 286 181 23 Net unrealized investment gains (losses), net of income tax (1,135) (681) (79) Deferred gains (losses) on derivatives - cash flow hedges: Interest rate derivatives 50 59 57 Net investment income Interest rate derivatives 87 51 87 Net investment gains (losses) Foreign currency exchange rate derivatives 4 5 4 Net investment income Foreign currency exchange rate derivatives 684 (417) (229) Net investment gains (losses) Credit derivatives 1 — — Net investment gains (losses) Gains (losses) on cash flow hedges, before income tax 826 (302) (81) Income tax (expense) benefit (173) 63 22 Gains (losses) on cash flow hedges, net of income tax 653 (239) (59) Defined benefit plans adjustment: (1) Amortization of net actuarial gains (losses) (12) (49) (43) Amortization of prior service (costs) credit 2 2 5 Amortization of defined benefit plan items, before income tax (10) (47) (38) Income tax (expense) benefit 2 10 8 Amortization of defined benefit plan items, net of income tax (8) (37) (30) Total reclassifications, net of income tax $ (490) $ (957) $ (168) __________________ (1) These AOCI components are included in the computation of net periodic benefit costs. See Note 17. |
Other Revenues and Other Expe_2
Other Revenues and Other Expenses (Tables) | 12 Months Ended |
Dec. 31, 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: Years Ended December 31, 2023 2022 2021 (In millions) Prepaid legal plans $ 446 $ 421 $ 395 Administrative services-only contracts 250 226 219 Recordkeeping and administrative services (1) 148 166 211 Other revenue from service contracts from customers 43 34 35 Total revenues from service contracts from customers 887 847 860 Other (2) 786 847 756 Total other revenues $ 1,673 $ 1,694 $ 1,616 __________________ (1) Related to products and businesses no longer actively marketed by the Company. (2) Primarily includes reinsurance ceded. See Note 8. |
Other Expenses | Information on other expenses was as follows: Years Ended December 31, 2023 2022 2021 (In millions) General and administrative expenses (1) $ 2,799 $ 2,743 $ 2,331 Pension, postretirement and postemployment benefit costs 199 116 112 Premium taxes, other taxes, and licenses & fees 377 342 332 Commissions and other variable expenses 2,098 2,290 2,551 Capitalization of DAC (118) (189) (63) Amortization of DAC and VOBA 298 297 341 Interest expense on debt 132 104 96 Total other expenses $ 5,785 $ 5,703 $ 5,700 __________________ (1) Includes ($116) million, $52 million and ($113) million for the years ended December 31, 2023, 2022 and 2021, 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) | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Benefit Plan Obligations, Assets, Funded Status, Accumulated Other Comprehensive Income (Loss) and Accumulated Benefit Obligation | Obligations and Funded Status December 31, 2023 2022 Pension Benefits (In millions) Change in benefit obligations: Benefit obligations at January 1, $ 962 $ 1,274 Service costs 10 15 Interest costs 52 37 Net actuarial (gains) losses (1) 43 (280) Settlements and curtailments — — Benefits paid (79) (84) Benefit obligations at December 31, 988 962 Change in plan assets: Estimated fair value of plan assets at January 1, — — Employer contributions 79 84 Benefits paid (79) (84) Estimated fair value of plan assets at December 31, — — Over (under) funded status at December 31, $ (988) $ (962) Amounts recognized on the consolidated balance sheets: Other liabilities $ (988) $ (962) Amount recognized $ (988) $ (962) AOCI: Net actuarial (gains) losses $ 220 $ 189 Prior service costs (credit) (5) (7) AOCI, before income tax $ 215 $ 182 Accumulated benefit obligation $ 967 $ 940 __________________ (1) For the years ended December 31, 2023 and 2022, significant sources of actuarial (gains) losses for pension benefits include the impact of changes to the financial assumptions of $32 million and ($291) million, respectively, plan experience of $21 million and $11 million, respectively, and demographic assumptions of ($10) million and $0, respectively. |
Benefit Plan Obligations, Assets, Funded Status, Accumulated Other Comprehensive Income (Loss) and Accumulated Benefit Obligation | Obligations and Funded Status December 31, 2023 2022 Pension Benefits (In millions) Change in benefit obligations: Benefit obligations at January 1, $ 962 $ 1,274 Service costs 10 15 Interest costs 52 37 Net actuarial (gains) losses (1) 43 (280) Settlements and curtailments — — Benefits paid (79) (84) Benefit obligations at December 31, 988 962 Change in plan assets: Estimated fair value of plan assets at January 1, — — Employer contributions 79 84 Benefits paid (79) (84) Estimated fair value of plan assets at December 31, — — Over (under) funded status at December 31, $ (988) $ (962) Amounts recognized on the consolidated balance sheets: Other liabilities $ (988) $ (962) Amount recognized $ (988) $ (962) AOCI: Net actuarial (gains) losses $ 220 $ 189 Prior service costs (credit) (5) (7) AOCI, before income tax $ 215 $ 182 Accumulated benefit obligation $ 967 $ 940 __________________ (1) For the years ended December 31, 2023 and 2022, significant sources of actuarial (gains) losses for pension benefits include the impact of changes to the financial assumptions of $32 million and ($291) million, respectively, plan experience of $21 million and $11 million, respectively, and demographic assumptions of ($10) million and $0, respectively. |
Benefit Plan Obligations, Assets, Funded Status, Accumulated Other Comprehensive Income (Loss) and Accumulated Benefit Obligation | Obligations and Funded Status December 31, 2023 2022 Pension Benefits (In millions) Change in benefit obligations: Benefit obligations at January 1, $ 962 $ 1,274 Service costs 10 15 Interest costs 52 37 Net actuarial (gains) losses (1) 43 (280) Settlements and curtailments — — Benefits paid (79) (84) Benefit obligations at December 31, 988 962 Change in plan assets: Estimated fair value of plan assets at January 1, — — Employer contributions 79 84 Benefits paid (79) (84) Estimated fair value of plan assets at December 31, — — Over (under) funded status at December 31, $ (988) $ (962) Amounts recognized on the consolidated balance sheets: Other liabilities $ (988) $ (962) Amount recognized $ (988) $ (962) AOCI: Net actuarial (gains) losses $ 220 $ 189 Prior service costs (credit) (5) (7) AOCI, before income tax $ 215 $ 182 Accumulated benefit obligation $ 967 $ 940 __________________ (1) For the years ended December 31, 2023 and 2022, significant sources of actuarial (gains) losses for pension benefits include the impact of changes to the financial assumptions of $32 million and ($291) million, respectively, plan experience of $21 million and $11 million, respectively, and demographic assumptions of ($10) million and $0, respectively. |
Accumulated benefit obligations in excess of fair value of plan assets | Information regarding pension plans with PBOs and/or accumulated benefit obligations (“ABO”) in excess of plan assets was as follows at: December 31, 2023 2022 2023 2022 PBO Exceeds Estimated Fair Value ABO Exceeds Estimated Fair Value (In millions) Projected benefit obligations $ 988 $ 961 $ 988 $ 961 Accumulated benefit obligations $ 967 $ 940 $ 967 $ 940 |
Defined benefit plan pension plans with projected benefit obligations in excess of plan assets | Information regarding pension plans with PBOs and/or accumulated benefit obligations (“ABO”) in excess of plan assets was as follows at: December 31, 2023 2022 2023 2022 PBO Exceeds Estimated Fair Value ABO Exceeds Estimated Fair Value (In millions) Projected benefit obligations $ 988 $ 961 $ 988 $ 961 Accumulated benefit obligations $ 967 $ 940 $ 967 $ 940 |
Net periodic benefit costs and other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) | The components of net periodic benefit costs and benefit obligations recognized in OCI were as follows for pension benefits: Years Ended December 31, 2023 2022 2021 (In millions) Net periodic benefit costs: Service costs $ 10 $ 15 $ 17 Interest costs 52 37 37 Settlement and curtailment (gains) losses — — (3) Amortization of net actuarial (gains) losses 12 41 43 Amortization of prior service costs (credit) (2) (2) (2) Total net periodic benefit costs (credit) 72 91 92 Other changes in plan assets and benefit obligations recognized in OCI: Net actuarial (gains) losses 43 (280) (42) Prior service costs (credit) — — — Settlement and curtailment (gains) losses — — 1 Amortization of net actuarial gains (losses) (12) (41) (43) Amortization of prior service (costs) credit 2 2 2 Total recognized in OCI 33 (319) (82) Total recognized in net periodic benefit costs and OCI $ 105 $ (228) $ 10 |
Net periodic benefit costs and other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) | The components of net periodic benefit costs and benefit obligations recognized in OCI were as follows for pension benefits: Years Ended December 31, 2023 2022 2021 (In millions) Net periodic benefit costs: Service costs $ 10 $ 15 $ 17 Interest costs 52 37 37 Settlement and curtailment (gains) losses — — (3) Amortization of net actuarial (gains) losses 12 41 43 Amortization of prior service costs (credit) (2) (2) (2) Total net periodic benefit costs (credit) 72 91 92 Other changes in plan assets and benefit obligations recognized in OCI: Net actuarial (gains) losses 43 (280) (42) Prior service costs (credit) — — — Settlement and curtailment (gains) losses — — 1 Amortization of net actuarial gains (losses) (12) (41) (43) Amortization of prior service (costs) credit 2 2 2 Total recognized in OCI 33 (319) (82) Total recognized in net periodic benefit costs and OCI $ 105 $ (228) $ 10 |
Assumptions used in determining benefit obligations and net periodic benefit costs | Assumptions used in determining the benefit obligation for the plan were as follows: Pension Benefits December 31, 2023 Weighted average discount rate 5.25% Weighted average interest crediting rate 4.00% Rate of compensation increase 2.50% - 8.00% December 31, 2022 Weighted average discount rate 5.60% Weighted average interest crediting rate 4.00% Rate of compensation increase 2.50% - 8.00% Assumptions used in determining the net periodic benefit cost for the plan were as follows: Pension Benefits Year Ended December 31, 2023 Weighted average discount rate 5.60% Weighted average interest crediting rate 4.00% Rate of compensation increase 2.50% - 8.00% Year Ended December 31, 2022 Weighted average discount rate 2.95% Weighted average interest crediting rate 3.46% Rate of compensation increase 2.50% - 8.00% Year Ended December 31, 2021 Weighted average discount rate 3.01% Weighted average interest crediting rate 3.24% Rate of compensation increase 2.50% - 8.00% |
Defined benefit plan estimated future benefit payments | Gross benefit payments for the next 10 years, which reflect expected future service where appropriate, are expected to be as follows: Pension Benefits (In millions) 2024 $ 78 2025 $ 73 2026 $ 73 2027 $ 74 2028 $ 79 2029-2033 $ 399 |
Income Tax (Tables)
Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Provision for income tax from continuing operations | The Company’s provision for income tax was as follows: Years Ended December 31, 2023 2022 2021 (In millions) Current: U.S. federal $ 353 $ 309 $ (89) U.S. state and local 14 11 5 Non-U.S. 14 14 43 Subtotal 381 334 (41) Deferred: U.S. federal (321) 939 576 Non-U.S. — — (6) Subtotal (321) 939 570 Provision for income tax expense (benefit) $ 60 $ 1,273 $ 529 |
Income (loss) from continuing operations before income tax expense (benefit) from domestic and foreign operations | The Company’s income (loss) before income tax expense (benefit) was as follows: Years Ended December 31, 2023 2022 2021 (In millions) Income (loss): U.S. $ 1,176 $ 6,895 $ 4,139 Non-U.S. 19 34 105 Total $ 1,195 $ 6,929 $ 4,244 |
Income tax for continuing operations effective rate reconciliation | The reconciliation of the income tax provision at the U.S. statutory rate to the provision for income tax as reported was as follows: Years Ended December 31, 2023 2022 2021 (In millions) Tax provision at U.S. statutory rate $ 251 $ 1,455 $ 891 Tax effect of: Dividend received deduction (17) (19) (39) Tax-exempt income (28) 7 (27) Prior year tax 8 22 (13) Low income housing tax credits (116) (143) (178) Other tax credits (30) (36) (38) Foreign tax rate differential 1 (10) (7) Other, net (1) (9) (3) (60) Provision for income tax expense (benefit) $ 60 $ 1,273 $ 529 __________________ (1) For the year ended December 31, 2021, Other, net primarily includes a tax benefit of $53 million related to a non-cash transfer of assets from a wholly-owned United Kingdom subsidiary to Metropolitan Life Insurance Company. |
Components of deferred tax assets and liabilities | Deferred income tax represents the tax effect of the differences between the book and tax bases of assets and liabilities. Net deferred income tax assets and liabilities consisted of the following at: December 31, 2023 2022 (In millions) Deferred income tax assets: Policyholder liabilities and receivables $ 1,591 $ 772 Net operating loss carryforwards (1) 76 72 Employee benefits 473 457 Tax credit carryforwards — 508 Litigation-related and government mandated 83 74 Net unrealized investment losses 1,741 2,699 Other 204 76 Total gross deferred income tax assets 4,168 4,658 Less: Valuation allowance 75 71 Total net deferred income tax assets 4,093 4,587 Deferred income tax liabilities: Investments, including derivatives 1,005 1,441 Intangibles 20 23 DAC 146 203 Total deferred income tax liabilities 1,171 1,667 Net deferred income tax asset (liability) $ 2,922 $ 2,920 __________________ (1) |
Reconciliation of unrecognized tax benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits was as follows: Years Ended December 31, 2023 2022 2021 (In millions) Balance at January 1, $ 37 $ 23 $ 35 Additions for tax positions of prior years — 24 — Reductions for tax positions of prior years (1) — (12) (14) Additions for tax positions of current year 2 2 2 Balance at December 31, $ 39 $ 37 $ 23 Unrecognized tax benefits that, if recognized, would impact the effective rate $ 39 $ 37 $ 23 __________________ (1) The decreases in 2022 and 2021 are primarily related to non-cash benefits from tax audit settlements. |
Contingencies, Commitments an_2
Contingencies, Commitments and Guarantees (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Asbestos Related Claims | |
Loss Contingencies [Line Items] | |
Schedule of Loss Contingencies by Contingency | The approximate total number of asbestos personal injury claims pending against Metropolitan Life Insurance Company as of the dates indicated, the approximate number of new claims during the years ended on those dates and the approximate total settlement payments made to resolve asbestos personal injury claims at or during those years are set forth in the following table: December 31, 2023 2022 2021 (In millions, except number of claims) Asbestos personal injury claims at year end 57,488 58,073 58,785 Number of new claims during the year 2,565 2,610 2,824 Settlement payments during the year (1) $ 50.6 $ 50.5 $ 53.0 __________________ (1) Settlement payments represent payments made by Metropolitan Life Insurance Company during the year in connection with settlements made in that year and in prior years. Amounts do not include Metropolitan Life Insurance Company’s attorneys’ fees and expenses. |
Quarterly Results of Operatio_2
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations (Unaudited) [Table Text Block] | The unaudited quarterly results of operations for 2023 and 2022 are summarized in the table below: Three Months Ended March 31, June 30, September 30, December 31, (In millions) 2023 Total revenues $ 8,717 $ 8,776 $ 9,324 $ 9,532 Total expenses $ 8,912 $ 8,188 $ 7,634 $ 10,420 Net income (loss) $ (91) $ 510 $ 1,379 $ (663) Less: Net income (loss) attributable to noncontrolling interests $ (2) $ 43 $ — $ — Net income (loss) attributable to Metropolitan Life Insurance Company $ (89) $ 467 $ 1,379 $ (663) 2022 Total revenues $ 9,517 $ 9,448 $ 17,646 $ 8,836 Total expenses $ 7,232 $ 7,379 $ 15,793 $ 8,114 Net income (loss) $ 1,882 $ 1,684 $ 1,510 $ 580 Less: Net income (loss) attributable to noncontrolling interests $ — $ 2 $ 2 $ 24 Net income (loss) attributable to Metropolitan Life Insurance Company $ 1,882 $ 1,682 $ 1,508 $ 556 |
Business, Basis of Presentati_3
Business, Basis of Presentation and Summary of Significant Accounting Policies (Narrative) (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 USD ($) segment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jan. 01, 2021 USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Number of segments | segment | 3 | |||
Deferred Sale Inducement Cost | $ 45 | $ 49 | ||
Property, Plant and Equipment [Line Items] | ||||
Cost basis of property, equipment and leasehold improvements | 826 | 840 | ||
Accumulated depreciation and amortization of property, equipment and leasehold improvements | 727 | 719 | ||
Equity - Stock-based Compensation Plans [Line Items] | ||||
Policyholder Account Balance | $ 103,894 | 103,407 | $ 100,934 | |
Minimum | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 4 years | |||
Maximum | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 40 years | |||
Real Estate Held-for-investment And Accumulated Depreciation [Line Items] | ||||
Real Estate Held-for-investment And Accumulated Depreciation Life Used For Depreciation | 55 years | |||
Group Benefits | ||||
Goodwill [Line Items] | ||||
Goodwill | $ 84 | 84 | ||
Retirement and Income Solutions | ||||
Goodwill [Line Items] | ||||
Goodwill | 2 | 2 | ||
MetLife Holdings | ||||
Goodwill [Line Items] | ||||
Goodwill | $ 31 | 31 | ||
Leasehold Improvements | Maximum | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 20 years | |||
VODA and VOCRA | Minimum | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization period | 10 years | |||
VODA and VOCRA | Maximum | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization period | 30 years | |||
Other Stock And Incentive Plans | ||||
Equity - Stock-based Compensation Plans [Line Items] | ||||
Share-based Payment Arrangement, Expense | $ 67 | $ 67 | $ 59 |
Business, Basis of Presentati_4
Business, Basis of Presentation and Summary of Significant Accounting Policies - Future Adoption (Details) - USD ($) $ in Millions | Jan. 01, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 13,616 | $ 13,395 | $ 18,521 | $ 34,858 | |
Cumulative Effect, Period of Adoption, Adjustment | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ (16,919) | ||||
Cumulative Effect, Period of Adoption, Adjustment | Pro Forma | Accounting Standards Update 2023-02 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 250 |
Business, Basis of Presentati_5
Business, Basis of Presentation and Summary of Significant Accounting Policies - Summary Matrix (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 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 | $ 28,236 | $ 20,791 | $ 21,885 | ||
Deferred policy acquisition costs and value of business acquired | 3,305 | 3,757 | $ 3,865 | 4,143 | |
Deferred income tax asset | 2,922 | 2,920 | 2,518 | ||
Other assets | 4,312 | 4,352 | 4,305 | ||
Future policy benefits | 129,182 | 126,914 | 146,178 | ||
Policyholder Account Balance | 103,894 | 103,407 | 100,934 | ||
Market risk benefits | 2,878 | 3,270 | 6,789 | ||
Deferred income tax Liability | 0 | ||||
Retained earnings | 7,645 | 9,022 | 6,616 | ||
Accumulated other comprehensive income (loss) | $ (6,872) | (8,320) | (1,325) | ||
Previously Reported | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Premiums, reinsurance and other receivables | 20,704 | $ 21,478 | |||
Deferred policy acquisition costs and value of business acquired | 5,263 | 2,649 | |||
Deferred income tax asset | 2,661 | 0 | |||
Other assets | 4,367 | 4,276 | |||
Future policy benefits | 133,725 | 133,921 | |||
Policyholder Account Balance | 99,967 | 96,635 | |||
Market risk benefits | 0 | 0 | |||
Deferred income tax Liability | 1,980 | ||||
Retained earnings | 10,572 | 10,548 | |||
Accumulated other comprehensive income (loss) | $ (8,896) | $ 11,662 | |||
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 | ||||
Deferred income tax asset | 0 | ||||
Other assets | 0 | ||||
Future policy benefits | (1,447) | ||||
Policyholder Account Balance | (495) | ||||
Market risk benefits | 1,883 | ||||
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 | 0 | ||||
Deferred policy acquisition costs and value of business acquired | 0 | ||||
Deferred income tax asset | 0 | ||||
Other assets | 0 | ||||
Future policy benefits | 0 | ||||
Policyholder Account Balance | 0 | ||||
Market risk benefits | 4,906 | ||||
Deferred income tax Liability | (1,030) | ||||
Retained earnings | (3,897) | ||||
Accumulated other comprehensive income (loss) | 21 | ||||
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 | 1,482 | ||||
Deferred income tax asset | 0 | ||||
Other assets | 29 | ||||
Future policy benefits | (6,835) | ||||
Policyholder Account Balance | 0 | ||||
Market risk benefits | 0 | ||||
Deferred income tax Liability | 1,751 | ||||
Retained earnings | 0 | ||||
Accumulated other comprehensive income (loss) | 6,595 | ||||
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 | ||||
Deferred income tax asset | 0 | ||||
Other assets | 0 | ||||
Future policy benefits | 89 | ||||
Policyholder Account Balance | 0 | ||||
Market risk benefits | 0 | ||||
Deferred income tax Liability | (12) | ||||
Retained earnings | (45) | ||||
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 | 403 | ||||
Deferred policy acquisition costs and value of business acquired | 0 | ||||
Deferred income tax asset | 0 | ||||
Other assets | 0 | ||||
Future policy benefits | 25,208 | ||||
Policyholder Account Balance | 0 | ||||
Market risk benefits | 0 | ||||
Deferred income tax Liability | (5,209) | ||||
Retained earnings | 0 | ||||
Accumulated other comprehensive income (loss) | (19,596) | ||||
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 | 29 | ||||
Deferred policy acquisition costs and value of business acquired | 0 | ||||
Deferred income tax asset | 0 | ||||
Other assets | 0 | ||||
Future policy benefits | 36 | ||||
Policyholder Account Balance | 0 | ||||
Market risk benefits | 0 | ||||
Deferred income tax Liability | 0 | ||||
Retained earnings | 0 | ||||
Accumulated other comprehensive income (loss) | (7) | ||||
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 | 2 | ||||
Deferred policy acquisition costs and value of business acquired | 12 | ||||
Deferred income tax asset | 2,518 | ||||
Other assets | 0 | ||||
Future policy benefits | (4,794) | ||||
Policyholder Account Balance | 4,794 | ||||
Market risk benefits | 0 | ||||
Deferred income tax Liability | 2,520 | ||||
Retained earnings | 10 | ||||
Accumulated other comprehensive income (loss) | $ 0 |
Business, Basis of Presentati_6
Business, Basis of Presentation and Summary of Significant Accounting Policies - Transition Table - Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 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 | $ 28,236 | $ 20,791 | $ 21,885 | ||
Market risk benefits | 177 | 174 | |||
Deferred policy acquisition costs and value of business acquired | 3,305 | 3,757 | $ 3,865 | 4,143 | |
Deferred income tax asset | 2,922 | 2,920 | 2,518 | ||
Other assets | 4,312 | 4,352 | 4,305 | ||
Total assets | 378,685 | 384,839 | |||
Future policy benefits | 129,182 | 126,914 | 146,178 | ||
Policyholder Account Balance | 103,894 | 103,407 | 100,934 | ||
Market risk benefits | 2,878 | 3,270 | 6,789 | ||
Other Policy-Related Balances | 8,289 | 7,931 | |||
Other liabilities | 23,719 | 24,495 | |||
Total Liabilities | 365,069 | 371,444 | |||
Retained earnings | 7,645 | 9,022 | 6,616 | ||
Accumulated other comprehensive income (loss) | (6,872) | (8,320) | $ (1,325) | ||
Total Metropolitan Life Insurance Company stockholder’s equity | 13,253 | 13,183 | |||
Total equity | 13,616 | 13,395 | 18,521 | $ 34,858 | |
Total liabilities and equity | $ 378,685 | 384,839 | |||
Previously Reported | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Premiums, reinsurance and other receivables | 20,704 | 21,478 | |||
Market risk benefits | 0 | ||||
Deferred policy acquisition costs and value of business acquired | 5,263 | 2,649 | |||
Deferred income tax asset | 2,661 | 0 | |||
Other assets | 4,367 | 4,276 | |||
Total assets | 385,840 | ||||
Future policy benefits | 133,725 | 133,921 | |||
Policyholder Account Balance | 99,967 | 96,635 | |||
Market risk benefits | 0 | 0 | |||
Other Policy-Related Balances | 7,863 | ||||
Other liabilities | 24,489 | ||||
Total Liabilities | 371,471 | ||||
Retained earnings | 10,572 | 10,548 | |||
Accumulated other comprehensive income (loss) | (8,896) | 11,662 | |||
Total Metropolitan Life Insurance Company stockholder’s equity | 14,157 | ||||
Total equity | 14,369 | $ 33,428 | $ 34,858 | ||
Total liabilities and equity | 385,840 | ||||
Revision of Prior Period, Accounting Standards Update, Adjustment | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Premiums, reinsurance and other receivables | 87 | ||||
Market risk benefits | 174 | ||||
Deferred policy acquisition costs and value of business acquired | (1,506) | ||||
Deferred income tax asset | 259 | ||||
Other assets | (15) | ||||
Total assets | (1,001) | ||||
Future policy benefits | (6,811) | ||||
Policyholder Account Balance | 3,440 | ||||
Market risk benefits | 3,270 | ||||
Other Policy-Related Balances | 68 | ||||
Other liabilities | 6 | ||||
Total Liabilities | (27) | ||||
Retained earnings | (1,550) | ||||
Accumulated other comprehensive income (loss) | 576 | ||||
Total Metropolitan Life Insurance Company stockholder’s equity | (974) | ||||
Total equity | (974) | ||||
Total liabilities and equity | $ (1,001) |
Business, Basis of Presentati_7
Business, Basis of Presentation and Summary of Significant Accounting Policies - Transition Table - Income Statement (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Premiums | $ 24,718 | $ 31,189 | $ 26,188 | ||||||||
Universal life and investment-type product policy fees | 1,664 | 1,817 | 1,874 | ||||||||
Other revenues | 1,673 | 1,694 | 1,616 | ||||||||
Net derivative gains (losses) | (1,537) | 752 | (1,629) | ||||||||
Total revenues | $ 9,532 | $ 9,324 | $ 8,776 | $ 8,717 | $ 8,836 | $ 17,646 | $ 9,448 | $ 9,517 | 36,349 | 45,447 | 41,187 |
Policyholder benefits and claims | 26,150 | 33,133 | 29,084 | ||||||||
Policyholder liability remeasurement (gains) losses | (150) | (11) | 0 | ||||||||
Market risk benefits remeasurement (gains) losses | (703) | (3,379) | (758) | ||||||||
Interest credited to policyholder account balances | 3,602 | 2,509 | 2,185 | ||||||||
Policyholder dividends | 470 | 563 | 732 | ||||||||
Other expenses | 5,785 | 5,703 | 5,700 | ||||||||
Total expenses | 10,420 | 7,634 | 8,188 | 8,912 | 8,114 | 15,793 | 7,379 | 7,232 | 35,154 | 38,518 | 36,943 |
Income (loss) before provision for income tax | 1,195 | 6,929 | 4,244 | ||||||||
Provision for income tax expense (benefit) | 60 | 1,273 | 529 | ||||||||
Net income (loss) | $ (663) | $ 1,379 | $ 510 | $ (91) | $ 580 | $ 1,510 | $ 1,684 | $ 1,882 | $ 1,135 | 5,656 | 3,715 |
Net income (loss) attributable to Metropolitan Life Insurance Company | 5,628 | 3,710 | |||||||||
Previously Reported | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Premiums | 31,198 | 26,191 | |||||||||
Universal life and investment-type product policy fees | 1,997 | 2,062 | |||||||||
Other revenues | 1,698 | 1,616 | |||||||||
Net derivative gains (losses) | 472 | (964) | |||||||||
Total revenues | 45,360 | 42,043 | |||||||||
Policyholder benefits and claims | 32,954 | 29,423 | |||||||||
Policyholder liability remeasurement (gains) losses | 0 | 0 | |||||||||
Market risk benefits remeasurement (gains) losses | 0 | 0 | |||||||||
Interest credited to policyholder account balances | 2,382 | 2,027 | |||||||||
Policyholder dividends | 559 | 728 | |||||||||
Other expenses | 5,555 | 5,617 | |||||||||
Total expenses | 41,450 | 37,795 | |||||||||
Income (loss) before provision for income tax | 3,910 | 4,248 | |||||||||
Provision for income tax expense (benefit) | 639 | 530 | |||||||||
Net income (loss) | 3,271 | 3,718 | |||||||||
Net income (loss) attributable to Metropolitan Life Insurance Company | 3,243 | 3,713 | |||||||||
Revision of Prior Period, Accounting Standards Update, Adjustment | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Premiums | (9) | (3) | |||||||||
Universal life and investment-type product policy fees | (180) | (188) | |||||||||
Other revenues | (4) | 0 | |||||||||
Net derivative gains (losses) | 280 | (665) | |||||||||
Total revenues | 87 | (856) | |||||||||
Policyholder benefits and claims | 179 | (339) | |||||||||
Policyholder liability remeasurement (gains) losses | (11) | 0 | |||||||||
Market risk benefits remeasurement (gains) losses | (3,379) | (758) | |||||||||
Interest credited to policyholder account balances | 127 | 158 | |||||||||
Policyholder dividends | 4 | 4 | |||||||||
Other expenses | 148 | 83 | |||||||||
Total expenses | (2,932) | (852) | |||||||||
Income (loss) before provision for income tax | 3,019 | (4) | |||||||||
Provision for income tax expense (benefit) | 634 | (1) | |||||||||
Net income (loss) | 2,385 | (3) | |||||||||
Net income (loss) attributable to Metropolitan Life Insurance Company | $ 2,385 | $ (3) |
Business, Basis of Presentati_8
Business, Basis of Presentation and Summary of Significant Accounting Policies - Transition Table - SCF (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Net income (loss) | $ (663) | $ 1,379 | $ 510 | $ (91) | $ 580 | $ 1,510 | $ 1,684 | $ 1,882 | $ 1,135 | $ 5,656 | $ 3,715 |
(Gains) losses on derivatives, net | 2,461 | 935 | 2,712 | ||||||||
Interest credited to policyholder account balances | 3,623 | 2,293 | 2,104 | ||||||||
Insurance Commissions and Fees1 | (1,175) | (1,163) | (1,091) | ||||||||
Increase (Decrease) in Accounts and Other Receivables | (992) | 215 | 590 | ||||||||
Change in market risk benefits | (455) | (3,141) | (476) | ||||||||
Increase (Decrease) in Deferred Policy Acquisition Costs | 452 | 108 | 278 | ||||||||
Increase (Decrease) in Income Taxes Payable | (267) | 853 | 4 | ||||||||
Increase (Decrease) in Other Operating Assets | (77) | 187 | (303) | ||||||||
Increase (Decrease) in Insurance Liabilities | (1,546) | (1,330) | (257) | ||||||||
Increase (Decrease) in Other Operating Liabilities | 84 | (63) | (372) | ||||||||
Net Cash Provided by (Used in) Operating Activities | 4,835 | 5,140 | 3,729 | ||||||||
Policyholder account balances: Deposits | 69,794 | 85,285 | 78,129 | ||||||||
Policyholder account balances: Withdrawals | (72,788) | (80,492) | (80,850) | ||||||||
Net cash provided by (used in) financing activities | $ (7,614) | (9,183) | (4,230) | ||||||||
Previously Reported | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Net income (loss) | 3,271 | 3,718 | |||||||||
(Gains) losses on derivatives, net | 1,122 | 2,480 | |||||||||
Interest credited to policyholder account balances | 2,344 | 1,988 | |||||||||
Insurance Commissions and Fees1 | (1,162) | (1,070) | |||||||||
Increase (Decrease) in Accounts and Other Receivables | 146 | 752 | |||||||||
Change in market risk benefits | 0 | 0 | |||||||||
Increase (Decrease) in Deferred Policy Acquisition Costs | (39) | 194 | |||||||||
Increase (Decrease) in Income Taxes Payable | 219 | 5 | |||||||||
Increase (Decrease) in Other Operating Assets | 201 | (308) | |||||||||
Increase (Decrease) in Insurance Liabilities | (1,958) | (957) | |||||||||
Increase (Decrease) in Other Operating Liabilities | (67) | (370) | |||||||||
Net Cash Provided by (Used in) Operating Activities | 4,667 | 3,257 | |||||||||
Policyholder account balances: Deposits | 85,294 | 78,129 | |||||||||
Policyholder account balances: Withdrawals | (80,028) | (80,378) | |||||||||
Net cash provided by (used in) financing activities | (8,710) | (3,758) | |||||||||
Revision of Prior Period, Accounting Standards Update, Adjustment | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Net income (loss) | 2,385 | (3) | |||||||||
(Gains) losses on derivatives, net | (187) | 232 | |||||||||
Interest credited to policyholder account balances | (51) | 116 | |||||||||
Insurance Commissions and Fees1 | (1) | (21) | |||||||||
Increase (Decrease) in Accounts and Other Receivables | 69 | (162) | |||||||||
Change in market risk benefits | (3,141) | (476) | |||||||||
Increase (Decrease) in Deferred Policy Acquisition Costs | 147 | 84 | |||||||||
Increase (Decrease) in Income Taxes Payable | 634 | (1) | |||||||||
Increase (Decrease) in Other Operating Assets | (14) | 5 | |||||||||
Increase (Decrease) in Insurance Liabilities | 628 | 700 | |||||||||
Increase (Decrease) in Other Operating Liabilities | 4 | (2) | |||||||||
Net Cash Provided by (Used in) Operating Activities | 473 | 472 | |||||||||
Policyholder account balances: Deposits | (9) | 0 | |||||||||
Policyholder account balances: Withdrawals | (464) | (472) | |||||||||
Net cash provided by (used in) financing activities | $ (473) | $ (472) |
Business, Basis of Presentati_9
Business, Basis of Presentation and Summary of Significant Accounting Policies - Transition Table - SOCI (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Net income (loss) | $ (663) | $ 1,379 | $ 510 | $ (91) | $ 580 | $ 1,510 | $ 1,684 | $ 1,882 | $ 1,135 | $ 5,656 | $ 3,715 |
Change in Gross Unrealized Temporary (loss) | 5,841 | (30,335) | (5,341) | ||||||||
Future policy benefits discount rate remeasurement gains (losses) | (2,957) | 21,623 | 5,118 | ||||||||
Market risk benefit instrument-specific credit risk remeasurement gains (losses) | (59) | (236) | 311 | ||||||||
Other Comprehensive Income (Loss), before Tax | 1,769 | (9,199) | 290 | ||||||||
Other Comprehensive Income (Loss), Tax | (321) | 1,934 | (20) | ||||||||
Other Comprehensive Income (Loss), Net of Tax | 1,448 | (7,265) | 270 | ||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 2,583 | (1,609) | 3,985 | ||||||||
Comprehensive income (loss) attributable to Metropolitan Life Insurance Company | $ 2,542 | (1,637) | 3,980 | ||||||||
Previously Reported | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Net income (loss) | 3,271 | 3,718 | |||||||||
Change in Gross Unrealized Temporary (loss) | (23,566) | (2,462) | |||||||||
Future policy benefits discount rate remeasurement gains (losses) | 0 | 0 | |||||||||
Market risk benefit instrument-specific credit risk remeasurement gains (losses) | 0 | 0 | |||||||||
Other Comprehensive Income (Loss), before Tax | (23,817) | (2,260) | |||||||||
Other Comprehensive Income (Loss), Tax | 5,004 | 515 | |||||||||
Other Comprehensive Income (Loss), Net of Tax | (18,813) | (1,745) | |||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | (15,542) | 1,973 | |||||||||
Comprehensive income (loss) attributable to Metropolitan Life Insurance Company | (15,570) | 1,968 | |||||||||
Restatement Adjustment | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Net income (loss) | 2,385 | (3) | |||||||||
Change in Gross Unrealized Temporary (loss) | (6,769) | (2,879) | |||||||||
Future policy benefits discount rate remeasurement gains (losses) | 21,623 | 5,118 | |||||||||
Market risk benefit instrument-specific credit risk remeasurement gains (losses) | (236) | 311 | |||||||||
Other Comprehensive Income (Loss), before Tax | 14,618 | 2,550 | |||||||||
Other Comprehensive Income (Loss), Tax | (3,070) | (535) | |||||||||
Other Comprehensive Income (Loss), Net of Tax | 11,548 | 2,015 | |||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 13,933 | 2,012 | |||||||||
Comprehensive income (loss) attributable to Metropolitan Life Insurance Company | $ 13,933 | $ 2,012 |
Business, Basis of Presentat_10
Business, Basis of Presentation and Summary of Significant Accounting Policies - Transition Table - SOE (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 13,616 | $ 13,395 | $ 13,616 | $ 13,395 | $ 18,521 | $ 34,858 | ||||||
Net income (loss) | (663) | $ 1,379 | $ 510 | $ (91) | 580 | $ 1,510 | $ 1,684 | $ 1,882 | 1,135 | 5,656 | 3,715 | |
Other Comprehensive Income (Loss), Net of Tax | 1,448 | (7,265) | 270 | |||||||||
Change in equity of noncontrolling interests | 110 | 10 | (14) | |||||||||
Cumulative Effect, Period of Adoption, Adjustment | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (16,919) | |||||||||||
Retained Earnings | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 7,645 | 9,022 | 7,645 | 9,022 | 6,933 | 10,548 | ||||||
Net income (loss) | 1,094 | 5,628 | 3,710 | |||||||||
Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (3,932) | (3,932) | ||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (6,872) | (8,320) | (6,872) | (8,320) | (1,055) | 11,662 | ||||||
Other Comprehensive Income (Loss), Net of Tax | 1,448 | (7,265) | 270 | |||||||||
Accumulated Other Comprehensive Income (Loss) | Cumulative Effect, Period of Adoption, Adjustment | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (12,987) | |||||||||||
Total Metropolitan Life Insurance Company Stockholder’s Equity | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 13,253 | 13,183 | 13,253 | 13,183 | 18,347 | 34,675 | ||||||
Net income (loss) | 1,094 | 5,628 | 3,710 | |||||||||
Other Comprehensive Income (Loss), Net of Tax | 1,448 | (7,265) | 270 | |||||||||
Change in equity of noncontrolling interests | 0 | 0 | 0 | |||||||||
Total Metropolitan Life Insurance Company Stockholder’s Equity | Cumulative Effect, Period of Adoption, Adjustment | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (16,919) | (16,919) | ||||||||||
Noncontrolling Interests | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 363 | 212 | 363 | 212 | 174 | 183 | ||||||
Net income (loss) | 41 | 28 | 5 | |||||||||
Change in equity of noncontrolling interests | $ 110 | 10 | (14) | |||||||||
Previously Reported | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 14,369 | 14,369 | 33,428 | 34,858 | ||||||||
Net income (loss) | 3,271 | 3,718 | ||||||||||
Other Comprehensive Income (Loss), Net of Tax | (18,813) | (1,745) | ||||||||||
Change in equity of noncontrolling interests | 10 | |||||||||||
Previously Reported | Cumulative Effect, Period of Adoption, Adjustment | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 0 | |||||||||||
Previously Reported | Retained Earnings | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 10,572 | 10,572 | 10,868 | 10,548 | ||||||||
Net income (loss) | 3,243 | 3,713 | ||||||||||
Previously Reported | Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 0 | |||||||||||
Previously Reported | Accumulated Other Comprehensive Income (Loss) | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (8,896) | (8,896) | 9,917 | 11,662 | ||||||||
Other Comprehensive Income (Loss), Net of Tax | (18,813) | (1,745) | ||||||||||
Previously Reported | Accumulated Other Comprehensive Income (Loss) | Cumulative Effect, Period of Adoption, Adjustment | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 0 | |||||||||||
Previously Reported | Total Metropolitan Life Insurance Company Stockholder’s Equity | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 14,157 | 14,157 | 33,254 | 34,675 | ||||||||
Net income (loss) | 3,243 | 3,713 | ||||||||||
Other Comprehensive Income (Loss), Net of Tax | (18,813) | (1,745) | ||||||||||
Previously Reported | Total Metropolitan Life Insurance Company Stockholder’s Equity | Cumulative Effect, Period of Adoption, Adjustment | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 0 | |||||||||||
Restatement Adjustment | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (974) | (974) | (14,907) | 0 | ||||||||
Net income (loss) | 2,385 | (3) | ||||||||||
Other Comprehensive Income (Loss), Net of Tax | 11,548 | 2,015 | ||||||||||
Change in equity of noncontrolling interests | 0 | |||||||||||
Restatement Adjustment | Cumulative Effect, Period of Adoption, Adjustment | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (16,919) | |||||||||||
Restatement Adjustment | Retained Earnings | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (1,550) | (1,550) | (3,935) | 0 | ||||||||
Net income (loss) | 2,385 | (3) | ||||||||||
Restatement Adjustment | Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (3,932) | |||||||||||
Restatement Adjustment | Accumulated Other Comprehensive Income (Loss) | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 576 | 576 | (10,972) | 0 | ||||||||
Other Comprehensive Income (Loss), Net of Tax | 11,548 | 2,015 | ||||||||||
Restatement Adjustment | Accumulated Other Comprehensive Income (Loss) | Cumulative Effect, Period of Adoption, Adjustment | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (12,987) | |||||||||||
Restatement Adjustment | Total Metropolitan Life Insurance Company Stockholder’s Equity | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ (974) | (974) | (14,907) | $ 0 | ||||||||
Net income (loss) | 2,385 | (3) | ||||||||||
Other Comprehensive Income (Loss), Net of Tax | $ 11,548 | 2,015 | ||||||||||
Restatement Adjustment | Total Metropolitan Life Insurance Company Stockholder’s Equity | Cumulative Effect, Period of Adoption, Adjustment | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ (16,919) |
Segment Information (Earnings)
Segment Information (Earnings) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues | |||||||||||
Premiums | $ 24,718 | $ 31,189 | $ 26,188 | ||||||||
Universal life and investment-type product policy fees | 1,664 | 1,817 | 1,874 | ||||||||
Net investment income | 11,206 | 10,122 | 12,486 | ||||||||
Other revenues | 1,673 | 1,694 | 1,616 | ||||||||
Net investment gains (losses) | (1,375) | (127) | 652 | ||||||||
Net derivative gains (losses) | (1,537) | 752 | (1,629) | ||||||||
Total revenues | $ 9,532 | $ 9,324 | $ 8,776 | $ 8,717 | $ 8,836 | $ 17,646 | $ 9,448 | $ 9,517 | 36,349 | 45,447 | 41,187 |
Expenses | |||||||||||
Policyholder benefits and claims and policyholder dividends | 26,620 | 33,696 | 29,816 | ||||||||
Policyholder liability remeasurement (gains) losses | (150) | (11) | 0 | ||||||||
Market risk benefits remeasurement (gains) losses | (703) | (3,379) | (758) | ||||||||
Interest credited to policyholder account balances | 3,602 | 2,509 | 2,185 | ||||||||
Capitalization of DAC | (118) | (189) | (63) | ||||||||
Amortization of DAC and VOBA | 298 | 297 | 341 | ||||||||
Interest expense on debt | 132 | 104 | 96 | ||||||||
Other expenses | 5,473 | 5,491 | 5,326 | ||||||||
Total expenses | 10,420 | 7,634 | 8,188 | 8,912 | 8,114 | 15,793 | 7,379 | 7,232 | 35,154 | 38,518 | 36,943 |
Provision for income tax expense (benefit) | 60 | 1,273 | 529 | ||||||||
Net income (loss) | $ (663) | $ 1,379 | $ 510 | $ (91) | $ 580 | $ 1,510 | $ 1,684 | $ 1,882 | 1,135 | 5,656 | 3,715 |
Group Benefits | |||||||||||
Expenses | |||||||||||
Market risk benefits remeasurement (gains) losses | 0 | 0 | 0 | ||||||||
Capitalization of DAC | (18) | (18) | (19) | ||||||||
Amortization of DAC and VOBA | 26 | 26 | 26 | ||||||||
Retirement and Income Solutions | |||||||||||
Expenses | |||||||||||
Market risk benefits remeasurement (gains) losses | (34) | (290) | 117 | ||||||||
Capitalization of DAC | (46) | (51) | (40) | ||||||||
Amortization of DAC and VOBA | 31 | 28 | 29 | ||||||||
MetLife Holdings | |||||||||||
Expenses | |||||||||||
Market risk benefits remeasurement (gains) losses | (669) | (3,089) | (875) | ||||||||
Capitalization of DAC | 1 | 0 | 2 | ||||||||
Amortization of DAC and VOBA | 224 | 237 | 286 | ||||||||
Corporate & Other | |||||||||||
Expenses | |||||||||||
Market risk benefits remeasurement (gains) losses | 0 | 0 | 0 | ||||||||
Capitalization of DAC | (55) | (120) | (6) | ||||||||
Amortization of DAC and VOBA | 17 | 6 | 0 | ||||||||
Operating Segments | |||||||||||
Revenues | |||||||||||
Premiums | 24,718 | 31,189 | 26,188 | ||||||||
Universal life and investment-type product policy fees | 1,664 | 1,817 | 1,874 | ||||||||
Net investment income | 11,995 | 10,710 | 13,065 | ||||||||
Other revenues | 1,663 | 1,694 | 1,616 | ||||||||
Net investment gains (losses) | 0 | 0 | 0 | ||||||||
Net derivative gains (losses) | 0 | 0 | 0 | ||||||||
Total revenues | 40,040 | 45,410 | 42,743 | ||||||||
Expenses | |||||||||||
Policyholder benefits and claims and policyholder dividends | 26,602 | 33,580 | 29,787 | ||||||||
Policyholder liability remeasurement (gains) losses | (150) | (11) | 0 | ||||||||
Market risk benefits remeasurement (gains) losses | 0 | 0 | 0 | ||||||||
Interest credited to policyholder account balances | 3,584 | 2,540 | 2,191 | ||||||||
Capitalization of DAC | (118) | (189) | (63) | ||||||||
Amortization of DAC and VOBA | 298 | 297 | 341 | ||||||||
Interest expense on debt | 132 | 104 | 96 | ||||||||
Other expenses | 5,523 | 5,514 | 5,335 | ||||||||
Total expenses | 35,871 | 41,835 | 37,687 | ||||||||
Provision for income tax expense (benefit) | 680 | 569 | 689 | ||||||||
Adjusted earnings | 3,489 | 3,006 | 4,367 | ||||||||
Operating Segments | Group Benefits | |||||||||||
Revenues | |||||||||||
Premiums | 20,593 | 20,269 | 19,640 | ||||||||
Universal life and investment-type product policy fees | 878 | 855 | 829 | ||||||||
Net investment income | 1,272 | 1,126 | 1,152 | ||||||||
Other revenues | 711 | 653 | 617 | ||||||||
Net investment gains (losses) | 0 | 0 | 0 | ||||||||
Net derivative gains (losses) | 0 | 0 | 0 | ||||||||
Total revenues | 23,454 | 22,903 | 22,238 | ||||||||
Expenses | |||||||||||
Policyholder benefits and claims and policyholder dividends | 17,976 | 18,157 | 18,820 | ||||||||
Policyholder liability remeasurement (gains) losses | (26) | 7 | (4) | ||||||||
Market risk benefits remeasurement (gains) losses | 0 | 0 | 0 | ||||||||
Interest credited to policyholder account balances | 193 | 143 | 127 | ||||||||
Capitalization of DAC | (18) | (18) | (19) | ||||||||
Amortization of DAC and VOBA | 26 | 26 | 26 | ||||||||
Interest expense on debt | 2 | 1 | 1 | ||||||||
Other expenses | 3,318 | 3,073 | 2,819 | ||||||||
Total expenses | 21,471 | 21,389 | 21,770 | ||||||||
Provision for income tax expense (benefit) | 416 | 318 | 100 | ||||||||
Adjusted earnings | 1,567 | 1,196 | 368 | ||||||||
Operating Segments | Retirement and Income Solutions | |||||||||||
Revenues | |||||||||||
Premiums | 1,776 | 8,425 | 3,823 | ||||||||
Universal life and investment-type product policy fees | 264 | 267 | 272 | ||||||||
Net investment income | 6,508 | 5,236 | 6,097 | ||||||||
Other revenues | 256 | 407 | 244 | ||||||||
Net investment gains (losses) | 0 | 0 | 0 | ||||||||
Net derivative gains (losses) | 0 | 0 | 0 | ||||||||
Total revenues | 8,804 | 14,335 | 10,436 | ||||||||
Expenses | |||||||||||
Policyholder benefits and claims and policyholder dividends | 4,163 | 10,666 | 5,813 | ||||||||
Policyholder liability remeasurement (gains) losses | (158) | (85) | (11) | ||||||||
Market risk benefits remeasurement (gains) losses | 0 | 0 | 0 | ||||||||
Interest credited to policyholder account balances | 2,492 | 1,687 | 1,397 | ||||||||
Capitalization of DAC | (46) | (51) | (40) | ||||||||
Amortization of DAC and VOBA | 31 | 28 | 29 | ||||||||
Interest expense on debt | 14 | 8 | 5 | ||||||||
Other expenses | 559 | 391 | 447 | ||||||||
Total expenses | 7,055 | 12,644 | 7,640 | ||||||||
Provision for income tax expense (benefit) | 365 | 350 | 580 | ||||||||
Adjusted earnings | 1,384 | 1,341 | 2,216 | ||||||||
Operating Segments | MetLife Holdings | |||||||||||
Revenues | |||||||||||
Premiums | 2,346 | 2,495 | 2,725 | ||||||||
Universal life and investment-type product policy fees | 519 | 695 | 773 | ||||||||
Net investment income | 3,991 | 4,393 | 5,768 | ||||||||
Other revenues | 197 | 149 | 243 | ||||||||
Net investment gains (losses) | 0 | 0 | 0 | ||||||||
Net derivative gains (losses) | 0 | 0 | 0 | ||||||||
Total revenues | 7,053 | 7,732 | 9,509 | ||||||||
Expenses | |||||||||||
Policyholder benefits and claims and policyholder dividends | 4,462 | 4,757 | 5,154 | ||||||||
Policyholder liability remeasurement (gains) losses | 34 | 67 | 15 | ||||||||
Market risk benefits remeasurement (gains) losses | 0 | 0 | 0 | ||||||||
Interest credited to policyholder account balances | 582 | 643 | 666 | ||||||||
Capitalization of DAC | 1 | 0 | 2 | ||||||||
Amortization of DAC and VOBA | 224 | 237 | 286 | ||||||||
Interest expense on debt | 13 | 8 | 5 | ||||||||
Other expenses | 794 | 801 | 839 | ||||||||
Total expenses | 6,110 | 6,513 | 6,967 | ||||||||
Provision for income tax expense (benefit) | 182 | 240 | 514 | ||||||||
Adjusted earnings | 761 | 979 | 2,028 | ||||||||
Operating Segments | Corporate & Other | |||||||||||
Revenues | |||||||||||
Premiums | 3 | 0 | 0 | ||||||||
Universal life and investment-type product policy fees | 3 | 0 | 0 | ||||||||
Net investment income | 224 | (45) | 48 | ||||||||
Other revenues | 499 | 485 | 512 | ||||||||
Net investment gains (losses) | 0 | 0 | 0 | ||||||||
Net derivative gains (losses) | 0 | 0 | 0 | ||||||||
Total revenues | 729 | 440 | 560 | ||||||||
Expenses | |||||||||||
Policyholder benefits and claims and policyholder dividends | 1 | 0 | 0 | ||||||||
Policyholder liability remeasurement (gains) losses | 0 | 0 | 0 | ||||||||
Market risk benefits remeasurement (gains) losses | 0 | 0 | 0 | ||||||||
Interest credited to policyholder account balances | 317 | 67 | 1 | ||||||||
Capitalization of DAC | (55) | (120) | (6) | ||||||||
Amortization of DAC and VOBA | 17 | 6 | 0 | ||||||||
Interest expense on debt | 103 | 87 | 85 | ||||||||
Other expenses | 852 | 1,249 | 1,230 | ||||||||
Total expenses | 1,235 | 1,289 | 1,310 | ||||||||
Provision for income tax expense (benefit) | (283) | (339) | (505) | ||||||||
Adjusted earnings | (223) | (510) | (245) | ||||||||
Significant Reconciling Items | |||||||||||
Revenues | |||||||||||
Premiums | 0 | 0 | 0 | ||||||||
Universal life and investment-type product policy fees | 0 | 0 | 0 | ||||||||
Net investment income | (789) | (588) | (579) | ||||||||
Other revenues | 10 | 0 | 0 | ||||||||
Net investment gains (losses) | (1,375) | (127) | 652 | ||||||||
Net derivative gains (losses) | (1,537) | 752 | (1,629) | ||||||||
Total revenues | (3,691) | 37 | (1,556) | ||||||||
Expenses | |||||||||||
Policyholder benefits and claims and policyholder dividends | 18 | 116 | 29 | ||||||||
Policyholder liability remeasurement (gains) losses | 0 | 0 | 0 | ||||||||
Market risk benefits remeasurement (gains) losses | (703) | (3,379) | (758) | ||||||||
Interest credited to policyholder account balances | 18 | (31) | (6) | ||||||||
Capitalization of DAC | 0 | 0 | 0 | ||||||||
Amortization of DAC and VOBA | 0 | 0 | 0 | ||||||||
Interest expense on debt | 0 | 0 | 0 | ||||||||
Other expenses | (50) | (23) | (9) | ||||||||
Total expenses | (717) | (3,317) | (744) | ||||||||
Provision for income tax expense (benefit) | $ (620) | $ 704 | $ (160) |
Segment Information (Total Asse
Segment Information (Total Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Total assets | $ 378,685 | $ 384,839 | |
Separate account assets | 83,197 | 89,241 | |
Separate account liabilities | 83,197 | 89,241 | |
Group Benefits | |||
Segment Reporting Information [Line Items] | |||
Total assets | 34,185 | 33,179 | |
Separate account assets | 1,159 | 990 | |
Separate account liabilities | $ 1,159 | $ 990 | |
Net investment income from equity method investments | 0% | 1% | 5% |
Equity Method Invested Assets | 1% | ||
Retirement and Income Solutions | |||
Segment Reporting Information [Line Items] | |||
Total assets | $ 180,625 | $ 187,479 | |
Separate account assets | 47,310 | 55,020 | |
Separate account liabilities | $ 47,310 | $ 55,020 | |
Net investment income from equity method investments | 1% | 5% | 26% |
Equity Method Invested Assets | 3% | ||
MetLife Holdings | |||
Segment Reporting Information [Line Items] | |||
Total assets | $ 133,219 | $ 133,393 | |
Separate account assets | 34,728 | 33,231 | |
Separate account liabilities | $ 34,728 | $ 33,231 | |
Net investment income from equity method investments | 2% | 7% | 28% |
Equity Method Invested Assets | 4% | ||
Corporate & Other | |||
Segment Reporting Information [Line Items] | |||
Total assets | $ 30,656 | $ 30,788 | |
Separate account assets | 0 | 0 | |
Separate account liabilities | $ 0 | $ 0 |
Segment Information (Product Ta
Segment Information (Product Table) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Premiums, Fees & Other Revenues | $ 28,055 | $ 34,700 | $ 29,678 |
Life insurance | |||
Segment Reporting Information [Line Items] | |||
Premiums, Fees & Other Revenues | 14,721 | 14,809 | 15,396 |
Accident & health insurance | |||
Segment Reporting Information [Line Items] | |||
Premiums, Fees & Other Revenues | 10,460 | 10,111 | 9,493 |
Annuities | |||
Segment Reporting Information [Line Items] | |||
Premiums, Fees & Other Revenues | 2,412 | 9,346 | 4,386 |
Other | |||
Segment Reporting Information [Line Items] | |||
Premiums, Fees & Other Revenues | $ 462 | $ 434 | $ 403 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 USD ($) | Sep. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2023 USD ($) segment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Segment Reporting [Abstract] | |||||||||||
Number of Segments | segment | 3 | ||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total Revenues | $ 9,532 | $ 9,324 | $ 8,776 | $ 8,717 | $ 8,836 | $ 17,646 | $ 9,448 | $ 9,517 | $ 36,349 | $ 45,447 | $ 41,187 |
Revenue Benchmark | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration Risk, Benchmark Description | 10 | 10 | 10 | ||||||||
Retirement and Income Solutions | One.U.S.Customer | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total Revenues | $ 8,100 | ||||||||||
Retirement and Income Solutions | One.U.S.Customer | Revenue Benchmark | Customer Concentration Risk | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration Risk, Percentage | 23% | ||||||||||
Group Benefits | One U.S. Customer | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total Revenues | $ 3,600 | $ 3,800 | $ 3,900 | ||||||||
Group Benefits | One U.S. Customer | Revenue Benchmark | Customer Concentration Risk | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration Risk, Percentage | 13% | 11% | 13% |
Future Policy Benefits - Transi
Future Policy Benefits - Transition Tables (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Net liability for future policy benefits | $ 129,182 | $ 126,914 | $ 146,178 | ||
Removal of additional insurance liabilities for separate presentation | $ (2,929) | ||||
Subtotal - pre-adoption balance, excluding additional liabilities | 130,992 | ||||
FPB Removal of related amounts in accumulated other comprehensive income | (6,835) | ||||
Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach | 89 | ||||
Effect of remeasurement of future policy benefits to an upper-medium grade discount rate | 25,208 | ||||
Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard | (4,794) | ||||
Removal of remeasured deferred profit liabilities for separate presentation | (2,663) | ||||
FPB - traditional and limited-payment contracts | 141,997 | ||||
Balance, deferred profit liabilities at January 1, 2021 | 2,663 | ||||
Ceded Recoverables on traditional and limited-payment contracts | 1,416 | ||||
Effect of remeasurement of the ceded recoverable to an upper-medium grade discount rate | 403 | ||||
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 | 26 | ||||
Additional Liability, Long-Duration Insurance, Original Discount Rate, before Cash Flow and Reinsurance | 1,518 | 2,929 | |||
Additional Insurance Liabilities Reclassification of carrying amount of contracts and contract features that are market risk benefits | (1,447) | ||||
Additional Insurance Liabilities Adjustments for the cumulative effect of adoption on additional insurance liabilities | 36 | ||||
Ceded recoverables on additional insurance liabilities | 563 | 554 | |||
Ceded Recoverable Adjustments for the cumulative effect of adoption on ceded recoverables on additional insurance liabilities | 9 | ||||
Previously Reported | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Net liability for future policy benefits | 133,921 | ||||
Ceded Recoverables on traditional and limited-payment contracts | 955 | ||||
Fixed & Immediate Annuities | Retirement and Income Solutions | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Net liability for future policy benefits | 48,695 | 47,990 | $ 54,899 | ||
Removal of additional insurance liabilities for separate presentation | (4) | ||||
Subtotal - pre-adoption balance, excluding additional liabilities | 54,531 | ||||
FPB Removal of related amounts in accumulated other comprehensive income | (5,571) | ||||
Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach | 41 | ||||
Effect of remeasurement of future policy benefits to an upper-medium grade discount rate | 15,011 | ||||
Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard | (4,747) | ||||
Removal of remeasured deferred profit liabilities for separate presentation | (2,413) | ||||
FPB - traditional and limited-payment contracts | 56,852 | ||||
Balance, deferred profit liabilities at January 1, 2021 | 2,413 | ||||
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 | ||||
Fixed & Immediate Annuities | Retirement and Income Solutions | Previously Reported | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Net liability for future policy benefits | 54,535 | ||||
Ceded Recoverables on traditional and limited-payment contracts | 203 | ||||
Long-term Care | MetLife Holdings | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Net liability for future policy benefits | 15,240 | 13,845 | 20,569 | ||
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) | ||||
Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach | 0 | ||||
Effect of remeasurement of future policy benefits to an upper-medium grade discount rate | 8,270 | ||||
Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard | 0 | ||||
Removal of remeasured deferred profit liabilities for separate presentation | 0 | ||||
FPB - traditional and limited-payment contracts | 21,341 | ||||
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] | |||||
Net liability for future policy benefits | 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] | |||||
Net liability for future policy benefits | 43,586 | 44,434 | |||
Removal of additional insurance liabilities for separate presentation | 0 | ||||
Subtotal - pre-adoption balance, excluding additional liabilities | 45,349 | ||||
FPB Removal of related amounts in accumulated other comprehensive income | 0 | ||||
Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach | 0 | ||||
Effect of remeasurement of future policy benefits to an upper-medium grade discount rate | 0 | ||||
Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard | 0 | ||||
Removal of remeasured deferred profit liabilities for separate presentation | 0 | ||||
FPB - traditional and limited-payment contracts | 45,349 | ||||
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] | |||||
Net liability for future policy benefits | 45,349 | ||||
Long-Duration Insurance, Other | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Net liability for future policy benefits | 6,605 | 6,297 | |||
Removal of additional insurance liabilities for separate presentation | (2,925) | ||||
Subtotal - pre-adoption balance, excluding additional liabilities | 6,700 | ||||
FPB Removal of related amounts in accumulated other comprehensive income | (54) | ||||
Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach | 48 | ||||
Effect of remeasurement of future policy benefits to an upper-medium grade discount rate | 1,927 | ||||
Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard | (47) | ||||
Removal of remeasured deferred profit liabilities for separate presentation | (250) | ||||
FPB - traditional and limited-payment contracts | 8,324 | ||||
Balance, deferred profit liabilities at January 1, 2021 | 250 | ||||
Ceded Recoverables on traditional and limited-payment contracts | 1,072 | ||||
Effect of remeasurement of the ceded recoverable to an upper-medium grade discount rate | 268 | ||||
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 | 20 | ||||
Additional Liability, Long-Duration Insurance, Original Discount Rate, before Cash Flow and Reinsurance | 4 | 1,451 | |||
Additional Insurance Liabilities Reclassification of carrying amount of contracts and contract features that are market risk benefits | (1,447) | ||||
Additional Insurance Liabilities Adjustments for the cumulative effect of adoption on additional insurance liabilities | 0 | ||||
Ceded recoverables on additional insurance liabilities | 0 | 0 | |||
Ceded Recoverable Adjustments for the cumulative effect of adoption on ceded recoverables on additional insurance liabilities | 0 | ||||
Long-Duration Insurance, Other | Previously Reported | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Net liability for future policy benefits | 9,625 | ||||
Ceded Recoverables on traditional and limited-payment contracts | 752 | ||||
Short-Duration Insurance, Other | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Net liability for future policy benefits | 10,215 | 10,008 | |||
Removal of additional insurance liabilities for separate presentation | 0 | ||||
Subtotal - pre-adoption balance, excluding additional liabilities | 10,131 | ||||
FPB Removal of related amounts in accumulated other comprehensive income | 0 | ||||
Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach | 0 | ||||
Effect of remeasurement of future policy benefits to an upper-medium grade discount rate | 0 | ||||
Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard | 0 | ||||
Removal of remeasured deferred profit liabilities for separate presentation | 0 | ||||
FPB - traditional and limited-payment contracts | 10,131 | ||||
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] | |||||
Net liability for future policy benefits | 10,131 | ||||
Universal and Variable Universal Life | MetLife Holdings | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Net liability for future policy benefits | 1,841 | 1,641 | |||
Additional Liability, Long-Duration Insurance, Original Discount Rate, before Cash Flow and Reinsurance | $ 1,841 | $ 1,642 | $ 1,623 | 1,514 | 1,478 |
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 | 36 | ||||
Ceded recoverables on additional insurance liabilities | 563 | $ 554 | |||
Ceded Recoverable Adjustments for the cumulative effect of adoption on ceded recoverables on additional insurance liabilities | $ 9 |
Future Policy Benefits - FPB on
Future Policy Benefits - FPB on Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 |
Net liability for future policy benefits | $ 129,182 | $ 126,914 | $ 146,178 | |
Fixed & Immediate Annuities | Retirement and Income Solutions | ||||
Net liability for future policy benefits | 48,695 | 47,990 | $ 54,899 | |
Long-term Care | MetLife Holdings | ||||
Net liability for future policy benefits | 15,240 | 13,845 | $ 20,569 | |
Fixed & Immediate Annuities for Deferred Profit Liabilities | Retirement and Income Solutions | ||||
Net liability for future policy benefits | 3,000 | 2,699 | ||
Universal and Variable Universal Life | MetLife Holdings | ||||
Net liability for future policy benefits | 1,841 | 1,641 | ||
Participating Life Insurance Contract | MetLife Holdings | ||||
Net liability for future policy benefits | 43,586 | 44,434 | ||
Long-Duration Insurance, Other | ||||
Net liability for future policy benefits | 6,605 | 6,297 | ||
Short-Duration Insurance, Other | ||||
Net liability for future policy benefits | $ 10,215 | $ 10,008 |
Future Policy Benefits - Disagg
Future Policy Benefits - Disaggregate Rollforwards (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | |
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Net liability for future policy benefits | $ 129,182 | $ 126,914 | $ 146,178 | |
Net liability for future policy benefits, net of reinsurance | 129,182 | 126,914 | ||
Fixed & Immediate Annuities | Retirement and Income Solutions | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Balance, beginning of period, at current discount rate at balance sheet date | 0 | 0 | $ 0 | |
Balance, beginning of period, at original discount rate | 0 | 0 | 0 | |
Effect of changes in cash flow assumptions (1) | 0 | 0 | 0 | |
Effect of actual variances from expected experience (2) | (44) | 0 | 0 | |
Adjusted balance | (44) | 0 | 0 | |
Issuances | 1,607 | 8,326 | 3,370 | |
Net premiums collected | (1,563) | (8,326) | (3,370) | |
Ending balance at original discount rate | 0 | 0 | 0 | |
Balance, end of period, at current discount rate at balance sheet date | 0 | 0 | 0 | |
Balance, beginning of period, at current discount rate at balance sheet date | 48,190 | 54,172 | 55,778 | |
Balance, beginning of period, at original discount rate | 49,194 | 42,453 | 40,767 | |
Effect of changes in cash flow assumptions (1) | (193) | (99) | (112) | |
Effect of actual variances from expected experience (2) | (411) | (136) | (183) | |
Adjusted balance | 48,590 | 42,218 | 40,472 | |
Issuances | 1,642 | 8,427 | 3,419 | |
Interest accrual | 2,377 | 2,182 | 2,098 | |
Benefit payments | (4,618) | (3,633) | (3,536) | |
Ending balance at original discount rate | 47,991 | 49,194 | 42,453 | |
Effect of changes in discount rate assumptions | 895 | (1,004) | 11,719 | |
Balance, end of period, at current discount rate at balance sheet date | 48,886 | 48,190 | 54,172 | |
Cumulative amount of fair value hedging adjustments | (191) | (200) | 727 | |
Net liability for future policy benefits | 48,695 | 47,990 | 54,899 | |
Less: Reinsurance recoverables | 0 | 0 | 312 | |
Net liability for future policy benefits, net of reinsurance | 48,695 | 47,990 | 54,587 | |
Undiscounted - Expected future benefit payments | 93,959 | 95,493 | 80,524 | |
Discounted - Expected future benefit payments (at current discount rate at balance sheet date) | $ 48,886 | $ 48,190 | $ 54,172 | |
Weighted-average duration of the liability | 9 years | 9 years | 12 years | |
Weighted-average interest accretion (original locked-in) rate | 5% | 4.90% | 5.20% | |
Weighted-average current discount rate at balance sheet date | 5.10% | 5.50% | 2.90% | |
Deferred Profit Liability Offset to Cash Flow Assumption Update | $ 136 | $ 113 | $ 95 | |
Deferred Profit Liability Offset to Actual Versus Expected | 269 | 51 | 188 | |
Long-term Care | MetLife Holdings | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Balance, beginning of period, at current discount rate at balance sheet date | 5,775 | 7,058 | 7,142 | |
Balance, beginning of period, at original discount rate | 5,807 | 5,699 | 5,516 | |
Effect of changes in cash flow assumptions (1) | (152) | 272 | 270 | |
Effect of actual variances from expected experience (2) | 199 | 120 | 183 | |
Adjusted balance | 5,854 | 6,091 | 5,969 | |
Interest accrual | 294 | 298 | 287 | |
Net premiums collected | (582) | (582) | (557) | |
Ending balance at original discount rate | 5,566 | 5,807 | 5,699 | |
Effect of changes in discount rate assumptions | 121 | (32) | 1,359 | |
Balance, end of period, at current discount rate at balance sheet date | 5,687 | 5,775 | 7,058 | |
Balance, beginning of period, at current discount rate at balance sheet date | 19,619 | 27,627 | 28,483 | |
Balance, beginning of period, at original discount rate | 20,165 | 19,406 | 18,586 | |
Effect of changes in cash flow assumptions (1) | (190) | 301 | 276 | |
Effect of actual variances from expected experience (2) | 223 | 115 | 188 | |
Adjusted balance | 20,198 | 19,822 | 19,050 | |
Interest accrual | 1,070 | 1,043 | 998 | |
Benefit payments | (774) | (700) | (642) | |
Ending balance at original discount rate | 20,494 | 20,165 | 19,406 | |
Effect of changes in discount rate assumptions | 433 | (546) | 8,221 | |
Balance, end of period, at current discount rate at balance sheet date | 20,927 | 19,619 | 27,627 | |
Other adjustments | 0 | 1 | 0 | |
Net liability for future policy benefits | 15,240 | 13,845 | 20,569 | |
Undiscounted - Expected future gross premiums | 10,603 | 11,201 | 11,404 | |
Undiscounted - Expected future benefit payments | 45,016 | 45,872 | 45,835 | |
Discounted - Expected future gross premiums | 7,139 | 7,200 | 9,049 | |
Discounted - Expected future benefit payments (at current discount rate at balance sheet date) | $ 20,927 | $ 19,619 | $ 27,627 | |
Weighted-average duration of the liability | 15 years | 15 years | 18 years | |
Weighted-average interest accretion (original locked-in) rate | 5.40% | 5.50% | 5.50% | |
Weighted-average current discount rate at balance sheet date | 5.20% | 5.60% | 3% |
Future Policy Benefits - Narrat
Future Policy Benefits - Narrative (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Insurance [Abstract] | |
Liability for Future Policy Benefit, Adverse Development, Expense, Loss At Issue | $ 91 |
Liability for Future Policy Benefit, Adverse Development, Gain, Loss at Issue, Net Remeasurement Gain | $ 8 |
Future Policy Benefits - FPB -
Future Policy Benefits - FPB - Additional Insurance Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Additional Liability, Long-Duration Insurance [Roll Forward] | |||
Balance, beginning of period | $ 2,929 | ||
Universal and Variable Universal Life | MetLife Holdings | |||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||
Balance, beginning of period | $ 1,642 | $ 1,623 | 1,478 |
Less: AOCI adjustment | (63) | 66 | 78 |
Balance, beginning of period, before AOCI adjustment | 1,705 | 1,557 | 1,436 |
Effect of changes in cash flow assumptions | 26 | 18 | 0 |
Effect of actual variances from expected experience | 16 | 31 | 13 |
Adjusted balance | 1,747 | 1,606 | 1,449 |
Assessments accrual | 91 | 90 | 100 |
Interest accrual | 90 | 82 | 75 |
Excess benefits paid | (73) | (73) | (67) |
Balance, end of period, before AOCI adjustment | 1,855 | 1,705 | 1,557 |
Add: AOCI adjustment | (14) | (63) | 66 |
Balance, end of period | 1,841 | 1,642 | 1,623 |
Less: Reinsurance recoverables | 1,841 | 627 | 605 |
Balance, end of period, net of reinsurance | $ 0 | $ 1,015 | $ 1,018 |
Weighted-average duration of the liability | 17 years | 18 years | 18 years |
Weighted-average interest accretion rate | 5.20% | 5.20% | 5.20% |
Future Policy Benefits - FPB In
Future Policy Benefits - FPB Income Statement (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Principal Transaction Revenue [Line Items] | |||
Gross Premiums or Assessments (1) | $ 3,654 | $ 10,378 | $ 5,785 |
Interest Expense (2) | 3,691 | 3,446 | 3,320 |
Fixed & Immediate Annuities | Retirement and Income Solutions | |||
Principal Transaction Revenue [Line Items] | |||
Gross Premiums or Assessments (1) | 1,584 | 8,353 | 3,383 |
Interest Expense (2) | 2,377 | 2,182 | 2,098 |
Long-term Care | MetLife Holdings | |||
Principal Transaction Revenue [Line Items] | |||
Gross Premiums or Assessments (1) | 731 | 734 | 736 |
Interest Expense (2) | 776 | 745 | 711 |
Fixed & Immediate Annuities for Deferred Profit Liabilities | Retirement and Income Solutions | |||
Principal Transaction Revenue [Line Items] | |||
Interest Expense (2) | 144 | 136 | 132 |
Universal and Variable Universal Life | MetLife Holdings | |||
Principal Transaction Revenue [Line Items] | |||
Gross Premiums or Assessments (1) | 452 | 470 | 535 |
Interest Expense (2) | 90 | 82 | 75 |
Long-Duration Insurance, Other | |||
Principal Transaction Revenue [Line Items] | |||
Gross Premiums or Assessments (1) | 887 | 821 | 1,131 |
Interest Expense (2) | $ 304 | $ 301 | $ 304 |
Future Policy Benefits - Partic
Future Policy Benefits - Participating Business - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Liability for Future Policy Benefits and Policyholder Contract Deposits, Assumptions [Abstract] | |||
Participating Insurance, Percentage of Gross Insurance in Force | 2% | 3% | |
Life Premiums as Percentage of Gross Premiums | 11% | 13% | 14% |
Future Policy Benefits (Liabili
Future Policy Benefits (Liabilities for Unpaid Claims and Claims Expense - Development Tables) (Details) $ in Millions | Dec. 31, 2023 USD ($) Claims | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | Dec. 31, 2018 USD ($) | Dec. 31, 2017 USD ($) | Dec. 31, 2016 USD ($) | Dec. 31, 2015 USD ($) | Dec. 31, 2014 USD ($) |
Claims Development [Line Items] | ||||||||||
Total unpaid claims and claim adjustment expenses, net of reinsurance | $ 11,838 | |||||||||
Group Life | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 83,454 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | 80,287 | |||||||||
All outstanding liabilities for incurral years not separately stated, net of reinsurance | 20 | |||||||||
Total unpaid claims and claim adjustment expenses, net of reinsurance | 3,187 | |||||||||
Group Life | Short-duration Insurance Contracts, Accident Year 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 6,921 | $ 6,920 | $ 6,918 | $ 6,920 | $ 6,919 | $ 6,914 | $ 6,910 | $ 6,913 | $ 6,919 | $ 6,986 |
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 1 | |||||||||
Cumulative Number of Reported Claims | Claims | 216,354 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 6,919 | 6,917 | 6,916 | 6,915 | 6,912 | 6,902 | 6,869 | 6,858 | 6,809 | 5,428 |
Group Life | Short-duration Insurance Contracts, Accident Year 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 7,028 | 7,026 | 7,026 | 7,025 | 7,024 | 7,021 | 7,014 | 7,015 | 7,040 | |
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 1 | |||||||||
Cumulative Number of Reported Claims | Claims | 219,102 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 7,027 | 7,024 | 7,022 | 7,018 | 7,008 | 6,974 | 6,958 | 6,913 | 5,524 | |
Group Life | Short-duration Insurance Contracts, Accident Year 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 7,109 | 7,107 | 7,104 | 7,105 | 7,104 | 7,095 | 7,085 | 7,125 | ||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 2 | |||||||||
Cumulative Number of Reported Claims | Claims | 221,155 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 7,106 | 7,100 | 7,096 | 7,086 | 7,053 | 7,034 | 6,980 | 5,582 | ||
Group Life | Short-duration Insurance Contracts, Accident Year 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 7,432 | 7,428 | 7,428 | 7,427 | 7,425 | 7,418 | 7,432 | |||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 2 | |||||||||
Cumulative Number of Reported Claims | Claims | 264,341 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 7,427 | 7,414 | 7,400 | 7,374 | 7,355 | 7,292 | 5,761 | |||
Group Life | Short-duration Insurance Contracts, Accident Year 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 7,652 | 7,651 | 7,650 | 7,646 | 7,655 | 7,757 | ||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 2 | |||||||||
Cumulative Number of Reported Claims | Claims | 252,744 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 7,646 | 7,629 | 7,595 | 7,578 | 7,521 | 6,008 | ||||
Group Life | Short-Duration Insurance Contract, Accident Year 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 7,914 | 7,917 | 7,907 | 7,900 | 7,935 | |||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 4 | |||||||||
Cumulative Number of Reported Claims | Claims | 254,564 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 7,898 | 7,853 | 7,820 | 7,756 | 6,178 | |||||
Group Life | Short-Duration Insurance Contract, Accident Year 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 9,384 | 9,389 | 9,367 | 8,913 | ||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 11 | |||||||||
Cumulative Number of Reported Claims | Claims | 299,634 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 9,296 | 9,242 | 9,103 | 6,862 | ||||||
Group Life | Short-Duration Insurance Contract, Accident Year 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 10,777 | 10,795 | 10,555 | |||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 23 | |||||||||
Cumulative Number of Reported Claims | Claims | 332,964 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 10,640 | 10,476 | 8,008 | |||||||
Group Life | Short-Duration Insurance Contract, Accident Year 2022 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 9,653 | 9,640 | ||||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 44 | |||||||||
Cumulative Number of Reported Claims | Claims | 331,022 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 9,399 | 7,101 | ||||||||
Group Life | Short-Duration Insurance Contract, Accident Year 2023 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 9,584 | |||||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 1,198 | |||||||||
Cumulative Number of Reported Claims | Claims | 263,329 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 6,929 | |||||||||
Group Long-Term Disability | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 12,575 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | 6,295 | |||||||||
All outstanding liabilities for incurral years not separately stated, net of reinsurance | 1,477 | |||||||||
Total unpaid claims and claim adjustment expenses, net of reinsurance | 7,757 | |||||||||
Group Long-Term Disability | Short-duration Insurance Contracts, Accident Year 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 1,071 | 1,078 | 1,081 | 1,097 | 1,098 | 1,109 | 1,101 | 1,079 | 1,077 | 1,076 |
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | |||||||||
Cumulative Number of Reported Claims | Claims | 22,854 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 850 | 818 | 778 | 732 | 677 | 609 | 526 | 428 | 266 | $ 51 |
Group Long-Term Disability | Short-duration Insurance Contracts, Accident Year 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 1,078 | 1,086 | 1,067 | 1,081 | 1,087 | 1,100 | 1,093 | 1,105 | 1,082 | |
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | |||||||||
Cumulative Number of Reported Claims | Claims | 21,218 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 801 | 764 | 718 | 665 | 601 | 524 | 427 | 264 | $ 50 | |
Group Long-Term Disability | Short-duration Insurance Contracts, Accident Year 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 1,086 | 1,123 | 1,124 | 1,139 | 1,162 | 1,159 | 1,139 | 1,131 | ||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | |||||||||
Cumulative Number of Reported Claims | Claims | 17,974 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 769 | 750 | 696 | 628 | 548 | 433 | 267 | $ 49 | ||
Group Long-Term Disability | Short-duration Insurance Contracts, Accident Year 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 1,101 | 1,181 | 1,165 | 1,195 | 1,203 | 1,202 | 1,244 | |||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | |||||||||
Cumulative Number of Reported Claims | Claims | 16,329 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 718 | 719 | 655 | 579 | 476 | 290 | $ 56 | |||
Group Long-Term Disability | Short-duration Insurance Contracts, Accident Year 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 1,102 | 1,170 | 1,147 | 1,163 | 1,175 | 1,240 | ||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | |||||||||
Cumulative Number of Reported Claims | Claims | 15,215 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 663 | 666 | 594 | 497 | 314 | $ 54 | ||||
Group Long-Term Disability | Short-Duration Insurance Contract, Accident Year 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 1,103 | 1,177 | 1,169 | 1,212 | 1,277 | |||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | |||||||||
Cumulative Number of Reported Claims | Claims | 15,408 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 621 | 620 | 522 | 342 | $ 57 | |||||
Group Long-Term Disability | Short-Duration Insurance Contract, Accident Year 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 1,100 | 1,155 | 1,223 | 1,253 | ||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | |||||||||
Cumulative Number of Reported Claims | Claims | 15,773 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 560 | 535 | 355 | $ 59 | ||||||
Group Long-Term Disability | Short-Duration Insurance Contract, Accident Year 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 1,477 | 1,608 | 1,552 | |||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 9 | |||||||||
Cumulative Number of Reported Claims | Claims | 19,557 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 620 | 505 | $ 95 | |||||||
Group Long-Term Disability | Short-Duration Insurance Contract, Accident Year 2022 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 1,732 | 1,641 | ||||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 46 | |||||||||
Cumulative Number of Reported Claims | Claims | 18,006 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 609 | $ 76 | ||||||||
Group Long-Term Disability | Short-Duration Insurance Contract, Accident Year 2023 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 1,725 | |||||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 793 | |||||||||
Cumulative Number of Reported Claims | Claims | 10,994 | |||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 84 |
Future Policy Benefits (Short-D
Future Policy Benefits (Short-Duration Contracts Historical Claims) (Details) | Dec. 31, 2023 |
Group Life | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 76.30% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 21.10% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 0.90% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 0.30% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 0.50% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Six | 0.20% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven | 0.10% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight | 0% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine | 0% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten | 0% |
Group Long-Term Disability | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 5% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 24% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 14.90% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 8.30% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 6% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Six | 4.80% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven | 3.70% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight | 3.40% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine | 3.60% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten | 3% |
Future Policy Benefits (Liabi_2
Future Policy Benefits (Liabilities for Unpaid Claims - Methodology) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Short-duration Insurance Contract, Discounted Liability, Discount | $ 1,325 | ||
Short-Duration Insurance Contract, Discounted Liability, Interest Accretion, Statement of Financial Position [Extensible Enumeration] | Net policyholder benefits and claims | Net policyholder benefits and claims | Net policyholder benefits and claims |
Group Long-Term Disability | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Short-Duration Contracts, Discounted Liabilities, Amount | $ 6,700 | $ 6,500 | |
Short-duration Insurance Contract, Discounted Liability, Discount | 1,300 | 1,200 | |
Short-duration Insurance Contracts, Discounted Liabilities, Interest Accretion | $ 516 | $ 461 | $ 518 |
Group Long-Term Disability | Minimum | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Short-Duration Contract, Discounted Liability, Discount Rate | 3% | ||
Group Long-Term Disability | Maximum | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Short-Duration Contract, Discounted Liability, Discount Rate | 8% |
Future Policy Benefits (Reconci
Future Policy Benefits (Reconciliation of Disclosure to Liability) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net | $ 11,838 | |||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 311 | |||
Total unpaid claims and allocated claims adjustment expense | 12,149 | |||
Discounting | (1,325) | |||
Liability for unpaid claims and claim adjustment liabilities - short-duration | 10,824 | |||
Liability for unpaid claims and claim adjustment liabilities - long-duration | 785 | |||
Liability for Claims and Claims Adjustment Expense | 11,609 | $ 11,300 | $ 10,820 | $ 9,791 |
Group Life | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net | 3,187 | |||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 8 | |||
Group Long-Term Disability | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net | 7,757 | |||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 272 | |||
Discounting | (1,300) | $ (1,200) | ||
Other insurance lines - all segments combined | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net | 894 | |||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 31 | |||
Group Benefits | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net | 10,944 | |||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | $ 280 |
Future Policy Benefits (Rollfor
Future Policy Benefits (Rollforward of Unpaid Claims) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | |||
Balance at January 1, | $ 11,300 | $ 10,820 | $ 9,791 |
Less: Reinsurance recoverables | 1,633 | 1,857 | 1,209 |
Net Balance at January 1, | 9,667 | 8,963 | 8,582 |
Incurred related to: | |||
Current year | 19,983 | 19,997 | 19,876 |
Prior years | 14 | 359 | 567 |
Total incurred | 19,997 | 20,356 | 20,443 |
Paid related to: | |||
Current year | (14,484) | (14,439) | (15,331) |
Prior years | (5,311) | (5,213) | (4,731) |
Total paid | (19,795) | (19,652) | (20,062) |
Net Balance at December 31, | 9,869 | 9,667 | 8,963 |
Add: Reinsurance recoverables | 1,740 | 1,633 | 1,857 |
Balance at December 31, | $ 11,609 | $ 11,300 | $ 10,820 |
Policyholder Account Balances -
Policyholder Account Balances - Transition Table (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Policyholder Account Balance | $ 103,894 | $ 103,407 | $ 100,934 | ||
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 | (495) | ||||
Other balance sheet reclassifications upon adoption of the LDTI standard | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Policyholder Account Balance | 4,794 | ||||
Previously Reported | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Policyholder Account Balance | 99,967 | $ 96,635 | |||
Other | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Policyholder Account Balance | 16,197 | 14,103 | 8,128 | ||
Other | 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 | ||||
Other | Other balance sheet reclassifications upon adoption of the LDTI standard | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Policyholder Account Balance | 47 | ||||
Other | Previously Reported | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Policyholder Account Balance | 8,081 | ||||
Group Life | Group Benefits | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Policyholder Account Balance | 7,605 | 7,954 | $ 7,889 | 7,585 | 7,585 |
Group Life | Group Benefits | 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 Life | Group Benefits | 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 Life | Group Benefits | Previously Reported | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Policyholder Account Balance | 7,585 | ||||
Capital Markets Investment Products and Stable Value GICs | Retirement and Income Solutions | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Policyholder Account Balance | 58,554 | 58,508 | 58,495 | 60,641 | 60,641 |
Capital Markets Investment Products and Stable Value GICs | Retirement and Income Solutions | 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 | ||||
Capital Markets Investment Products and Stable Value GICs | Retirement and Income Solutions | Other balance sheet reclassifications upon adoption of the LDTI standard | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Policyholder Account Balance | 0 | ||||
Capital Markets Investment Products and Stable Value GICs | Retirement and Income Solutions | Previously Reported | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Policyholder Account Balance | 60,641 | ||||
Annuities and Risk Solutions | Retirement and Income Solutions | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Policyholder Account Balance | 10,650 | 10,244 | 10,009 | 10,062 | 10,062 |
Annuities and Risk Solutions | Retirement and Income Solutions | 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 | (1) | ||||
Annuities and Risk Solutions | Retirement and Income Solutions | Other balance sheet reclassifications upon adoption of the LDTI standard | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Policyholder Account Balance | 4,747 | 4,700 | |||
Annuities and Risk Solutions | Retirement and Income Solutions | Previously Reported | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Policyholder Account Balance | 5,316 | ||||
Annuities | MetLife Holdings | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Policyholder Account Balance | $ 10,888 | $ 12,598 | $ 13,692 | 14,518 | 14,518 |
Annuities | 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 | (494) | ||||
Annuities | 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 | ||||
Annuities | MetLife Holdings | Previously Reported | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Policyholder Account Balance | $ 15,012 |
Policyholder Account Balances_2
Policyholder Account Balances - Amounts on Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 |
Policyholder Account Balance [Line Items] | |||||
Policyholder Account Balance | $ 103,894 | $ 103,407 | $ 100,934 | ||
Other | |||||
Policyholder Account Balance [Line Items] | |||||
Policyholder Account Balance | 16,197 | 14,103 | 8,128 | ||
Group Life | Group Benefits | |||||
Policyholder Account Balance [Line Items] | |||||
Policyholder Account Balance | 7,605 | 7,954 | $ 7,889 | 7,585 | $ 7,585 |
Capital Markets Investment Products and Stable Value GICs | Retirement and Income Solutions | |||||
Policyholder Account Balance [Line Items] | |||||
Policyholder Account Balance | 58,554 | 58,508 | 58,495 | 60,641 | 60,641 |
Annuities and Risk Solutions | Retirement and Income Solutions | |||||
Policyholder Account Balance [Line Items] | |||||
Policyholder Account Balance | 10,650 | 10,244 | 10,009 | 10,062 | 10,062 |
Annuities | MetLife Holdings | |||||
Policyholder Account Balance [Line Items] | |||||
Policyholder Account Balance | $ 10,888 | $ 12,598 | $ 13,692 | $ 14,518 | $ 14,518 |
Policyholder Account Balances_3
Policyholder Account Balances - LDTI Rollforward (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Policyholder Account Balance [Roll Forward] | |||
Balance, beginning of period | $ 103,407 | ||
Interest credited | 3,623 | $ 2,293 | $ 2,104 |
Balance, end of period | 103,894 | 103,407 | |
Group Life | Group Benefits | |||
Policyholder Account Balance [Roll Forward] | |||
Balance, beginning of period | 7,954 | 7,889 | 7,585 |
Deposits | 3,227 | 3,227 | 3,444 |
Policy charges | 635 | 612 | 589 |
Surrenders and withdrawals | 3,121 | 2,680 | 2,667 |
Benefit payments | 12 | 10 | 9 |
Net transfers from (to) separate accounts | 0 | (2) | (1) |
Interest credited | 192 | 142 | 126 |
Balance, end of period | $ 7,605 | $ 7,954 | $ 7,889 |
Weighted-average annual crediting rate | 2.50% | 1.80% | 1.60% |
Cash surrender value | $ 7,543 | $ 7,900 | $ 7,837 |
Group Life | In the event of death | Group Benefits | |||
Policyholder Account Balance [Roll Forward] | |||
Net amount at risk | 250,033 | 244,638 | 238,062 |
Capital Markets Investment Products and Stable Value GICs | Retirement and Income Solutions | |||
Policyholder Account Balance [Roll Forward] | |||
Balance, beginning of period | 58,508 | 58,495 | 60,641 |
Deposits | 62,605 | 74,689 | 72,504 |
Surrenders and withdrawals | (65,444) | (75,129) | (75,079) |
Interest credited | 1,907 | 1,190 | 885 |
Effect of foreign currency translation and other, net | 978 | (737) | (456) |
Balance, end of period | $ 58,554 | $ 58,508 | $ 58,495 |
Weighted-average annual crediting rate | 3.30% | 2.10% | 1.50% |
Cash surrender value | $ 1,583 | $ 1,706 | $ 1,571 |
Annuities and Risk Solutions | Retirement and Income Solutions | |||
Policyholder Account Balance [Roll Forward] | |||
Balance, beginning of period | 10,244 | 10,009 | 10,062 |
Deposits | 850 | 912 | 754 |
Policy charges | (160) | (135) | (108) |
Surrenders and withdrawals | (215) | (176) | (444) |
Benefit payments | (547) | (555) | (570) |
Net transfers from (to) separate accounts | 53 | (1) | 10 |
Interest credited | 427 | 396 | 388 |
Other | (2) | (206) | (83) |
Balance, end of period | $ 10,650 | $ 10,244 | $ 10,009 |
Weighted-average annual crediting rate | 4.20% | 4% | 4% |
Cash surrender value | $ 6,798 | $ 6,365 | $ 5,637 |
Annuities and Risk Solutions | In the event of death | Retirement and Income Solutions | |||
Policyholder Account Balance [Roll Forward] | |||
Net amount at risk | 33,148 | 33,908 | 32,158 |
Annuities | MetLife Holdings | |||
Policyholder Account Balance [Roll Forward] | |||
Balance, beginning of period | 12,598 | 13,692 | 14,518 |
Deposits | 172 | 229 | 274 |
Policy charges | 12 | 13 | 13 |
Surrenders and withdrawals | 1,916 | 1,453 | 1,341 |
Benefit payments | 408 | 406 | 404 |
Net transfers from (to) separate accounts | 72 | 198 | 237 |
Interest credited | 359 | 375 | 394 |
Other | 23 | (24) | 27 |
Balance, end of period | $ 10,888 | $ 12,598 | $ 13,692 |
Weighted-average annual crediting rate | 3.10% | 2.90% | 2.90% |
Cash surrender value | $ 10,181 | $ 11,688 | $ 12,554 |
Annuities | In the event of death | MetLife Holdings | |||
Policyholder Account Balance [Roll Forward] | |||
Net amount at risk | 2,821 | 4,354 | 1,119 |
Annuities | At annuitization or exercise of other living benefits | MetLife Holdings | |||
Policyholder Account Balance [Roll Forward] | |||
Net amount at risk | $ 646 | $ 917 | $ 538 |
Policyholder Account Balances_4
Policyholder Account Balances - Range of Guaranteed Minimum Crediting Rate (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | $ 103,894 | $ 103,407 | $ 100,934 | ||
Group Life | Group Benefits | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | 7,605 | 7,954 | $ 7,889 | 7,585 | $ 7,585 |
Group Life | Equal to or greater than 0% but less than 2% | Group Benefits | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | $ 5,421 | $ 5,606 | $ 5,491 | ||
Group Life | Equal to or greater than 0% but less than 2% | Group Benefits | Minimum | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Range of Guaranteed Minimum Credit Rating | 0% | 0% | 0% | ||
Group Life | Equal to or greater than 0% but less than 2% | Group Benefits | Maximum | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Range of Guaranteed Minimum Credit Rating | 2% | 2% | 2% | ||
Group Life | Equal to or greater than 2% but less than 4% | Group Benefits | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | $ 1,269 | $ 1,376 | $ 1,447 | ||
Group Life | Equal to or greater than 2% but less than 4% | Group Benefits | Minimum | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Range of Guaranteed Minimum Credit Rating | 2% | 2% | 2% | ||
Group Life | Equal to or greater than 2% but less than 4% | Group Benefits | Maximum | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Range of Guaranteed Minimum Credit Rating | 4% | 4% | 4% | ||
Group Life | Equal to or greater than 4% | Group Benefits | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | $ 805 | $ 845 | $ 822 | ||
Group Life | Equal to or greater than 4% | Group Benefits | Minimum | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Range of Guaranteed Minimum Credit Rating | 4% | 4% | 4% | ||
Group Life | Products with either a fixed rate or no guaranteed minimum crediting rate | Group Benefits | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | $ 110 | $ 127 | $ 129 | ||
Group Life | At GMCR | Group Benefits | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | 1,923 | 2,106 | 7,395 | ||
Group Life | At GMCR | Equal to or greater than 0% but less than 2% | Group Benefits | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | 0 | 0 | 5,228 | ||
Group Life | At GMCR | Equal to or greater than 2% but less than 4% | Group Benefits | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | 1,196 | 1,303 | 1,374 | ||
Group Life | At GMCR | Equal to or greater than 4% | Group Benefits | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | 727 | 803 | 793 | ||
Group Life | Greater than 0% but less than 0.50% above GMCR | Group Benefits | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | 10 | 952 | 182 | ||
Group Life | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 0% but less than 2% | Group Benefits | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | 0 | 899 | 132 | ||
Group Life | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 2% but less than 4% | Group Benefits | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | 9 | 52 | 50 | ||
Group Life | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 4% | Group Benefits | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | 1 | 1 | 0 | ||
Group Life | Equal to or greater than 0.50% but less than 1.50% above GMCR | Group Benefits | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | 968 | 4,503 | 23 | ||
Group Life | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 0% but less than 2% | Group Benefits | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | 863 | 4,471 | 0 | ||
Group Life | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 2% but less than 4% | Group Benefits | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | 62 | 21 | 23 | ||
Group Life | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 4% | Group Benefits | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | 43 | 11 | 0 | ||
Group Life | Equal to or greater than 1.50% above GMCR | Group Benefits | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | 4,594 | 266 | 160 | ||
Group Life | Equal to or greater than 1.50% above GMCR | Equal to or greater than 0% but less than 2% | Group Benefits | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | 4,558 | 236 | 131 | ||
Group Life | Equal to or greater than 1.50% above GMCR | Equal to or greater than 2% but less than 4% | Group Benefits | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | 2 | 0 | 0 | ||
Group Life | Equal to or greater than 1.50% above GMCR | Equal to or greater than 4% | Group Benefits | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | 34 | 30 | 29 | ||
Capital Markets Investment Products and Stable Value GICs | Retirement and Income Solutions | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | 58,554 | 58,508 | 58,495 | 60,641 | 60,641 |
Capital Markets Investment Products and Stable Value GICs | Equal to or greater than 0% but less than 2% | Retirement and Income Solutions | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | $ 2,622 | $ 3,054 | $ 4,184 | ||
Capital Markets Investment Products and Stable Value GICs | Equal to or greater than 0% but less than 2% | Retirement and Income Solutions | Minimum | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Range of Guaranteed Minimum Credit Rating | 0% | 0% | 0% | ||
Capital Markets Investment Products and Stable Value GICs | Equal to or greater than 0% but less than 2% | Retirement and Income Solutions | Maximum | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Range of Guaranteed Minimum Credit Rating | 2% | 2% | 2% | ||
Capital Markets Investment Products and Stable Value GICs | Products with either a fixed rate or no guaranteed minimum crediting rate | Retirement and Income Solutions | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | $ 55,932 | $ 55,454 | $ 54,311 | ||
Capital Markets Investment Products and Stable Value GICs | At GMCR | Retirement and Income Solutions | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | 0 | 0 | 0 | ||
Capital Markets Investment Products and Stable Value GICs | At GMCR | Equal to or greater than 0% but less than 2% | Retirement and Income Solutions | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | 0 | 0 | 0 | ||
Capital Markets Investment Products and Stable Value GICs | Greater than 0% but less than 0.50% above GMCR | Retirement and Income Solutions | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | 0 | 0 | 632 | ||
Capital Markets Investment Products and Stable Value GICs | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 0% but less than 2% | Retirement and Income Solutions | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | 0 | 0 | 632 | ||
Capital Markets Investment Products and Stable Value GICs | Equal to or greater than 0.50% but less than 1.50% above GMCR | Retirement and Income Solutions | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | 1 | 1 | 3,542 | ||
Capital Markets Investment Products and Stable Value GICs | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 0% but less than 2% | Retirement and Income Solutions | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | 1 | 1 | 3,542 | ||
Capital Markets Investment Products and Stable Value GICs | Equal to or greater than 1.50% above GMCR | Retirement and Income Solutions | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | 2,621 | 3,053 | 10 | ||
Capital Markets Investment Products and Stable Value GICs | Equal to or greater than 1.50% above GMCR | Equal to or greater than 0% but less than 2% | Retirement and Income Solutions | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | 2,621 | 3,053 | 10 | ||
Annuities and Risk Solutions | Retirement and Income Solutions | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | 10,650 | 10,244 | 10,009 | 10,062 | 10,062 |
Annuities and Risk Solutions | Equal to or greater than 0% but less than 2% | Retirement and Income Solutions | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | $ 1,510 | $ 1,265 | $ 604 | ||
Annuities and Risk Solutions | Equal to or greater than 0% but less than 2% | Retirement and Income Solutions | Minimum | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Range of Guaranteed Minimum Credit Rating | 0% | 0% | 0% | ||
Annuities and Risk Solutions | Equal to or greater than 0% but less than 2% | Retirement and Income Solutions | Maximum | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Range of Guaranteed Minimum Credit Rating | 2% | 2% | 2% | ||
Annuities and Risk Solutions | Equal to or greater than 2% but less than 4% | Retirement and Income Solutions | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | $ 722 | $ 755 | $ 804 | ||
Annuities and Risk Solutions | Equal to or greater than 2% but less than 4% | Retirement and Income Solutions | Minimum | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Range of Guaranteed Minimum Credit Rating | 2% | 2% | 2% | ||
Annuities and Risk Solutions | Equal to or greater than 2% but less than 4% | Retirement and Income Solutions | Maximum | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Range of Guaranteed Minimum Credit Rating | 4% | 4% | 4% | ||
Annuities and Risk Solutions | Equal to or greater than 4% | Retirement and Income Solutions | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | $ 3,777 | $ 3,784 | $ 3,782 | ||
Annuities and Risk Solutions | Equal to or greater than 4% | Retirement and Income Solutions | Minimum | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance, Range of Guaranteed Minimum Credit Rating | 4% | 4% | 4% | ||
Annuities and Risk Solutions | Products with either a fixed rate or no guaranteed minimum crediting rate | Retirement and Income Solutions | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | $ 4,641 | $ 4,440 | $ 4,819 | ||
Annuities and Risk Solutions | At GMCR | Retirement and Income Solutions | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | 3,856 | 3,958 | 3,908 | ||
Annuities and Risk Solutions | At GMCR | Equal to or greater than 0% but less than 2% | Retirement and Income Solutions | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | 0 | 0 | 0 | ||
Annuities and Risk Solutions | At GMCR | Equal to or greater than 2% but less than 4% | Retirement and Income Solutions | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | 249 | 301 | 258 | ||
Annuities and Risk Solutions | At GMCR | Equal to or greater than 4% | Retirement and Income Solutions | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | 3,607 | 3,657 | 3,650 | ||
Annuities and Risk Solutions | Greater than 0% but less than 0.50% above GMCR | Retirement and Income Solutions | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | 34 | 161 | 162 | ||
Annuities and Risk Solutions | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 0% but less than 2% | Retirement and Income Solutions | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | 0 | 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% | Retirement and Income Solutions | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | 34 | 39 | 36 | ||
Annuities and Risk Solutions | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 4% | Retirement and Income Solutions | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | 0 | 122 | 126 | ||
Annuities and Risk Solutions | Equal to or greater than 0.50% but less than 1.50% above GMCR | Retirement and Income Solutions | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | 192 | 105 | 156 | ||
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% | Retirement and Income Solutions | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | 20 | 64 | 114 | ||
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% | Retirement and Income Solutions | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | 7 | 40 | 41 | ||
Annuities and Risk Solutions | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 4% | Retirement and Income Solutions | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | 165 | 1 | 1 | ||
Annuities and Risk Solutions | Equal to or greater than 1.50% above GMCR | Retirement and Income Solutions | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | 1,927 | 1,580 | 964 | ||
Annuities and Risk Solutions | Equal to or greater than 1.50% above GMCR | Equal to or greater than 0% but less than 2% | Retirement and Income Solutions | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | 1,490 | 1,201 | 490 | ||
Annuities and Risk Solutions | Equal to or greater than 1.50% above GMCR | Equal to or greater than 2% but less than 4% | Retirement and Income Solutions | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | 432 | 375 | 469 | ||
Annuities and Risk Solutions | Equal to or greater than 1.50% above GMCR | Equal to or greater than 4% | Retirement and Income Solutions | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | 5 | 4 | 5 | ||
Annuities | MetLife Holdings | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | 10,888 | 12,598 | 13,692 | $ 14,518 | $ 14,518 |
Annuities | Equal to or greater than 0% but less than 2% | MetLife Holdings | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | $ 973 | $ 962 | $ 1,098 | ||
Annuities | 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% | 0% | ||
Annuities | 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% | 2% | ||
Annuities | Equal to or greater than 2% but less than 4% | MetLife Holdings | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | $ 8,886 | $ 10,471 | $ 11,163 | ||
Annuities | 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% | 2% | ||
Annuities | 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% | 4% | ||
Annuities | Equal to or greater than 4% | MetLife Holdings | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | $ 598 | $ 636 | $ 663 | ||
Annuities | 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% | 4% | ||
Annuities | 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 | $ 431 | $ 529 | $ 768 | ||
Annuities | At GMCR | MetLife Holdings | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | 1,495 | 10,908 | 12,360 | ||
Annuities | 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 | 36 | 934 | 1,066 | ||
Annuities | 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 | 1,033 | 9,381 | 10,671 | ||
Annuities | At GMCR | Equal to or greater than 4% | MetLife Holdings | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | 426 | 593 | 623 | ||
Annuities | Greater than 0% but less than 0.50% above GMCR | MetLife Holdings | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | 7,649 | 939 | 346 | ||
Annuities | 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 | 307 | 4 | 7 | ||
Annuities | 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 | 7,197 | 892 | 299 | ||
Annuities | 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 | 145 | 43 | 40 | ||
Annuities | 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 | 859 | 194 | 206 | ||
Annuities | 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 | 378 | 8 | 14 | ||
Annuities | 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 | 454 | 186 | 192 | ||
Annuities | 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 | 27 | 0 | 0 | ||
Annuities | Equal to or greater than 1.50% above GMCR | MetLife Holdings | |||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | |||||
Policyholder Account Balance | 454 | 28 | 12 | ||
Annuities | 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 | 252 | 16 | 11 | ||
Annuities | 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 | 202 | 12 | 1 | ||
Annuities | 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 | $ 0 | $ 0 | $ 0 |
Policyholder Account Balances_5
Policyholder Account Balances - Narrative (Details) - USD ($) $ in Billions | Dec. 31, 2023 | Dec. 31, 2022 |
Funding Agreements Farmer Mac [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Outstanding Funding Agreements To Certain SPEs | $ 2.1 | $ 2.1 |
Invested Assets Pledged As Collateral | 2.2 | 2.1 |
Federal Home Loan Bank of New York | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Federal Home Loan Bank amount of advances by branch for funding agreements | 13 | 13.5 |
Collateral pledged relating to obligations under funding agreements | $ 15.9 | $ 15.9 |
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 | $ 6,789 | $ 0 |
Reclassification of carrying amounts of contracts and contract features that are market risk benefits | 1,883 | |
Adjustments for the cumulative effect of changes in nonperformance risk between contract issue date and Transition Date | (26) | |
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 | 4,932 | |
Insurance, Other | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Direct and assumed MRB liabilities | 188 | 0 |
Reclassification of carrying amounts of contracts and contract features that are market risk benefits | 1 | |
Adjustments for the cumulative effect of changes in nonperformance risk between contract issue date and Transition Date | (17) | |
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 | 204 | |
MetLife Holdings | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Direct and assumed MRB liabilities | 6,601 | $ 0 |
Reclassification of carrying amounts of contracts and contract features that are market risk benefits | 1,882 | |
Adjustments for the cumulative effect of changes in nonperformance risk between contract issue date and Transition Date | (9) | |
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 | $ 4,728 |
Market Risk Benefits Balance Sh
Market Risk Benefits Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2021 |
Market Risk Benefit [Line Items] | |||
Market risk benefits | $ 177 | $ 174 | |
Market risk benefits | 2,878 | 3,270 | $ 6,789 |
Market Risk Benefit, Net Amount | 2,701 | 3,096 | |
Investment Product | MetLife Holdings | |||
Market Risk Benefit [Line Items] | |||
Market risk benefits | 156 | 153 | |
Market risk benefits | 2,858 | 3,224 | |
Market Risk Benefit, Net Amount | 2,702 | 3,071 | |
Insurance, Other | |||
Market Risk Benefit [Line Items] | |||
Market risk benefits | 21 | 21 | |
Market risk benefits | 20 | 46 | |
Market Risk Benefit, Net Amount | $ (1) | $ 25 |
Market Risk Benefits Rollforwar
Market Risk Benefits Rollforward (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Market Risk Benefit [Line Items] | |||
Beginning balance | $ 3,096 | ||
Effect of changes in capital markets | 455 | $ 3,141 | $ 476 |
Ending balance | 2,701 | 3,096 | |
Other Segments | |||
Market Risk Benefit [Line Items] | |||
Beginning balance | 25 | 286 | 188 |
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk | 34 | 322 | 205 |
Attributed fees collected | 2 | 2 | 2 |
Effect of changes in interest rates | (9) | (156) | (63) |
Effect of changes in capital markets | 0 | (2) | (5) |
Actual policyholder behavior different from expected behavior | (26) | (5) | (4) |
Effect of changes in future expected policyholder behavior and other assumptions | 1 | (2) | 63 |
Effect of foreign currency translation and other, net | 0 | (125) | 124 |
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk | 2 | 34 | 322 |
Cumulative effect of changes in the instrument-specific credit risk | (3) | (9) | (36) |
Ending balance | (1) | 25 | 286 |
Variable Annuity | MetLife Holdings | |||
Market Risk Benefit [Line Items] | |||
Beginning balance | 3,071 | 5,715 | 6,601 |
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk | 3,164 | 6,017 | 6,610 |
Attributed fees collected | 315 | 316 | 320 |
Benefit payments | (57) | (42) | (41) |
Effect of changes in interest rates | (156) | (3,584) | (524) |
Effect of changes in capital markets | (734) | 896 | (934) |
Effect of changes in equity index volatility | (120) | 41 | 20 |
Actual policyholder behavior different from expected behavior | 115 | 3 | (46) |
Effect of changes in future expected policyholder behavior and other assumptions | 9 | (317) | 557 |
Effect of foreign currency translation and other, net | 219 | 72 | 399 |
Effect of changes in risk margin | (14) | (238) | (344) |
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk | 2,741 | 3,164 | 6,017 |
Cumulative effect of changes in the instrument-specific credit risk | (39) | (93) | (302) |
Ending balance | 2,702 | 3,071 | 5,715 |
Variable Annuity | MetLife Holdings | In the event of death | |||
Market Risk Benefit [Line Items] | |||
Net amount at risk, excluding offsets from hedging | $ 2,821 | $ 4,354 | $ 1,119 |
Weighted-average attained age of contractholders | 70 years | 69 years | 70 years |
Variable Annuity | MetLife Holdings | At annuitization or exercise of other living benefits | |||
Market Risk Benefit [Line Items] | |||
Net amount at risk, excluding offsets from hedging | $ 646 | $ 917 | $ 538 |
Weighted-average attained age of contractholders | 70 years | 69 years | 67 years |
Separate Account Liabilities Ba
Separate Account Liabilities Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Separate Account, Liability [Line Items] | ||||
Separate account liabilities | $ 83,197 | $ 89,241 | ||
Retirement and Income Solutions | ||||
Separate Account, Liability [Line Items] | ||||
Separate account liabilities | 47,310 | 55,020 | ||
MetLife Holdings | ||||
Separate Account, Liability [Line Items] | ||||
Separate account liabilities | 34,728 | 33,231 | ||
Stable Value and Risk Solutions | Retirement and Income Solutions | ||||
Separate Account, Liability [Line Items] | ||||
Separate account liabilities | 35,562 | 43,249 | $ 54,391 | $ 58,704 |
Annuities | Retirement and Income Solutions | ||||
Separate Account, Liability [Line Items] | ||||
Separate account liabilities | 11,659 | 11,694 | 21,292 | 21,895 |
Annuities | MetLife Holdings | ||||
Separate Account, Liability [Line Items] | ||||
Separate account liabilities | 29,162 | 28,443 | $ 40,096 | $ 40,755 |
Insurance, Other | ||||
Separate Account, Liability [Line Items] | ||||
Separate account liabilities | $ 6,814 | $ 5,855 |
Separate Account Liabilities Ro
Separate Account Liabilities Rollforward (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Separate Account, Liability [Roll Forward] | |||
Balance, beginning of period | $ 89,241 | ||
Balance, end of period | 83,197 | $ 89,241 | |
Retirement and Income Solutions | |||
Separate Account, Liability [Roll Forward] | |||
Balance, beginning of period | 55,020 | ||
Balance, end of period | 47,310 | 55,020 | |
Retirement and Income Solutions | Stable Value and Risk Solutions | |||
Separate Account, Liability [Roll Forward] | |||
Balance, beginning of period | 43,249 | 54,391 | $ 58,704 |
Premiums and deposits | 1,643 | 4,329 | 3,411 |
Policy charges | (232) | (263) | (263) |
Surrenders and withdrawals | (11,087) | (5,882) | (8,170) |
Benefit payments | (95) | (108) | (137) |
Investment performance | 2,241 | (4,492) | 400 |
Net transfers from (to) general account | (56) | 57 | (41) |
Other (1) | (101) | (4,783) | 487 |
Balance, end of period | 35,562 | 43,249 | 54,391 |
Cash Surrender Value | 30,841 | 38,420 | 44,774 |
Retirement and Income Solutions | Annuities | |||
Separate Account, Liability [Roll Forward] | |||
Balance, beginning of period | 11,694 | 21,292 | 21,895 |
Premiums and deposits | 175 | 1,233 | 944 |
Policy charges | (21) | (25) | (35) |
Surrenders and withdrawals | (944) | (7,481) | (2,457) |
Benefit payments | 0 | 0 | 0 |
Investment performance | 774 | (2,823) | 1,189 |
Net transfers from (to) general account | 3 | (56) | 30 |
Other (1) | (22) | (446) | (274) |
Balance, end of period | 11,659 | 11,694 | 21,292 |
MetLife Holdings | |||
Separate Account, Liability [Roll Forward] | |||
Balance, beginning of period | 33,231 | ||
Balance, end of period | 34,728 | 33,231 | |
MetLife Holdings | Annuities | |||
Separate Account, Liability [Roll Forward] | |||
Balance, beginning of period | 28,443 | 40,096 | 40,755 |
Premiums and deposits | 256 | 266 | 298 |
Policy charges | (608) | (665) | (788) |
Surrenders and withdrawals | (2,942) | (2,906) | (4,454) |
Benefit payments | (464) | (431) | (500) |
Investment performance | 4,548 | (7,722) | 5,023 |
Net transfers from (to) general account | (73) | (199) | (237) |
Other (1) | 2 | 4 | (1) |
Balance, end of period | 29,162 | 28,443 | 40,096 |
Cash Surrender Value | $ 29,016 | $ 28,292 | $ 39,855 |
Separate Account Assets Fair Va
Separate Account Assets Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | $ 83,197 | $ 89,241 |
Other invested assets | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 1,425 | 1,636 |
Separate Account, Debt Security | Materials | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 143 | 242 |
Separate Account, Debt Security | Communications | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 883 | 1,174 |
Separate Account, Debt Security | Consumer | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 1,843 | 2,365 |
Separate Account, Debt Security | Energy | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 906 | 861 |
Separate Account, Debt Security | Financial Services Sector | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 2,670 | 3,495 |
Separate Account, Debt Security | Commercial and Industrial Sector | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 757 | 876 |
Separate Account, Debt Security | Technology | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 541 | 711 |
Separate Account, Debt Security | Foreign | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 1,889 | 2,451 |
Separate Account, Debt Security | Foreign government | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 509 | 588 |
Separate Account, Debt Security | U.S. government and agency | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 9,603 | 11,189 |
Separate Account, Debt Security | Public utilities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 1,066 | 1,174 |
Separate Account, Debt Security | Municipals | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 346 | 475 |
Separate Account, Debt Security | Total corporate bonds | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 9,632 | 12,175 |
Separate Account, Debt Security | Total Bonds | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 21,156 | 25,601 |
Separate Account, Debt Security | Mortgage-backed securities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 9,515 | 12,202 |
Separate Account, Debt Security | Asset-backed securities and collateralized loan obligations | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 2,341 | 2,763 |
Separate Account, Debt Security | Redeemable preferred stock | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 9 | 4 |
Separate Account, Debt Security | Total fixed maturity securities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 33,021 | 40,570 |
Separate Account, Equity Security | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 42,678 | 41,121 |
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 | 716 | 586 |
Separate Account, Equity Security | Commercial and Industrial Sector | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 2,338 | 2,853 |
Separate Account, Equity Security | Public utilities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 65 | 94 |
Separate Account, Equity Security | Mutual funds | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 39,559 | 37,586 |
Total investments | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 77,124 | 83,327 |
Other assets | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 6,073 | 5,914 |
Group Benefits | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 1,159 | 990 |
Group Benefits | Other invested assets | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 2 |
Group Benefits | Separate Account, Debt Security | Materials | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
Group Benefits | Separate Account, Debt Security | Communications | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
Group Benefits | Separate Account, Debt Security | Consumer | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
Group Benefits | Separate Account, Debt Security | Energy | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
Group Benefits | Separate Account, Debt Security | Financial Services Sector | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
Group Benefits | Separate Account, Debt Security | Commercial and Industrial Sector | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
Group Benefits | Separate Account, Debt Security | Technology | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
Group Benefits | Separate Account, Debt Security | Foreign | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
Group Benefits | Separate Account, Debt Security | Foreign government | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
Group Benefits | Separate Account, Debt Security | U.S. government and agency | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
Group Benefits | Separate Account, Debt Security | Public utilities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
Group Benefits | Separate Account, Debt Security | Municipals | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
Group Benefits | Separate Account, Debt Security | Total corporate bonds | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
Group Benefits | Separate Account, Debt Security | Total Bonds | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
Group Benefits | Separate Account, Debt Security | Mortgage-backed securities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
Group Benefits | Separate Account, Debt Security | Asset-backed securities and collateralized loan obligations | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
Group Benefits | Separate Account, Debt Security | Redeemable preferred stock | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
Group Benefits | Separate Account, Debt Security | Total fixed maturity securities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
Group Benefits | Separate Account, Equity Security | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 1,159 | 988 |
Group Benefits | Separate Account, Equity Security | Non-redeemable preferred stock | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
Group Benefits | Separate Account, Equity Security | Financial Services Sector | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
Group Benefits | Separate Account, Equity Security | Commercial and Industrial Sector | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
Group Benefits | Separate Account, Equity Security | Public utilities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
Group Benefits | Separate Account, Equity Security | Mutual funds | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 1,159 | 988 |
Group Benefits | Total investments | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 1,159 | 990 |
Group Benefits | Other assets | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
Retirement and Income Solutions | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 47,310 | 55,020 |
Retirement and Income Solutions | Other invested assets | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 1,425 | 1,634 |
Retirement and Income Solutions | Separate Account, Debt Security | Materials | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 143 | 242 |
Retirement and Income Solutions | Separate Account, Debt Security | Communications | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 883 | 1,174 |
Retirement and Income Solutions | Separate Account, Debt Security | Consumer | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 1,843 | 2,365 |
Retirement and Income Solutions | Separate Account, Debt Security | Energy | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 906 | 861 |
Retirement and Income Solutions | Separate Account, Debt Security | Financial Services Sector | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 2,670 | 3,495 |
Retirement and Income Solutions | Separate Account, Debt Security | Commercial and Industrial Sector | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 757 | 876 |
Retirement and Income Solutions | Separate Account, Debt Security | Technology | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 541 | 711 |
Retirement and Income Solutions | Separate Account, Debt Security | Foreign | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 1,889 | 2,451 |
Retirement and Income Solutions | Separate Account, Debt Security | Foreign government | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 509 | 588 |
Retirement and Income Solutions | Separate Account, Debt Security | U.S. government and agency | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 9,603 | 11,189 |
Retirement and Income Solutions | Separate Account, Debt Security | Public utilities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 1,066 | 1,174 |
Retirement and Income Solutions | Separate Account, Debt Security | Municipals | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 346 | 475 |
Retirement and Income Solutions | Separate Account, Debt Security | Total corporate bonds | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 9,632 | 12,175 |
Retirement and Income Solutions | Separate Account, Debt Security | Total Bonds | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 21,156 | 25,601 |
Retirement and Income Solutions | Separate Account, Debt Security | Mortgage-backed securities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 9,515 | 12,202 |
Retirement and Income Solutions | Separate Account, Debt Security | Asset-backed securities and collateralized loan obligations | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 2,341 | 2,763 |
Retirement and Income Solutions | Separate Account, Debt Security | Redeemable preferred stock | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 9 | 4 |
Retirement and Income Solutions | Separate Account, Debt Security | Total fixed maturity securities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 33,021 | 40,570 |
Retirement and Income Solutions | Separate Account, Equity Security | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 6,791 | 6,902 |
Retirement and Income Solutions | Separate Account, Equity Security | Non-redeemable preferred stock | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 2 |
Retirement and Income Solutions | Separate Account, Equity Security | Financial Services Sector | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 716 | 586 |
Retirement and Income Solutions | Separate Account, Equity Security | Commercial and Industrial Sector | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 2,338 | 2,853 |
Retirement and Income Solutions | Separate Account, Equity Security | Public utilities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 65 | 94 |
Retirement and Income Solutions | Separate Account, Equity Security | Mutual funds | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 3,672 | 3,367 |
Retirement and Income Solutions | Total investments | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 41,237 | 49,106 |
Retirement and Income Solutions | Other assets | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 6,073 | 5,914 |
MetLife Holdings | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 34,728 | 33,231 |
MetLife Holdings | Other invested assets | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
MetLife Holdings | Separate Account, Debt Security | Materials | ||
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 | 0 | 0 |
MetLife Holdings | Separate Account, Debt Security | Consumer | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
MetLife Holdings | Separate Account, Debt Security | Energy | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
MetLife Holdings | Separate Account, Debt Security | Financial Services Sector | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
MetLife Holdings | Separate Account, Debt Security | Commercial and Industrial Sector | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
MetLife Holdings | Separate Account, Debt Security | Technology | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
MetLife Holdings | Separate Account, Debt Security | Foreign | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
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 | U.S. government and agency | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
MetLife Holdings | Separate Account, Debt Security | Public utilities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
MetLife Holdings | Separate Account, Debt Security | Municipals | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
MetLife Holdings | Separate Account, Debt Security | Total corporate bonds | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
MetLife Holdings | Separate Account, Debt Security | Total Bonds | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
MetLife Holdings | Separate Account, Debt Security | Mortgage-backed securities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
MetLife Holdings | Separate Account, Debt Security | Asset-backed securities and collateralized loan obligations | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
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 | Total fixed maturity securities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 0 | 0 |
MetLife Holdings | Separate Account, Equity Security | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 34,728 | 33,231 |
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 funds | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 34,728 | 33,231 |
MetLife Holdings | Total investments | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 34,728 | 33,231 |
MetLife Holdings | Other assets | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | $ 0 | $ 0 |
Separate Account - Narrative (D
Separate Account - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule Of Fees Charged To Separate Accounts [Line Items] | ||
Separate account assets | $ 83,197 | $ 89,241 |
Pass Through Separate Accounts [Member] | ||
Schedule Of Fees Charged To Separate Accounts [Line Items] | ||
Separate account assets | 54,700 | 52,400 |
Separate Accounts With Minimum Return Or Account Value [Member] | ||
Schedule Of Fees Charged To Separate Accounts [Line Items] | ||
Separate account assets | $ 28,500 | $ 36,800 |
Funding Agreements And Participating Close Out Contracts Included In Separate Accounts With Guaranteed Minimum Return Or Account Value [Member] | ||
Schedule Of Fees Charged To Separate Accounts [Line Items] | ||
Average interest rate credited on separate accounts with a guaranteed minimum return or account value | 2.60% | 2.50% |
Deferred Policy Acquisition C_3
Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles - Transition Table (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 |
Segment Reporting Information [Line Items] | |||||
Balance at December 31, 2020 | $ 3,291 | $ 3,741 | $ 3,847 | $ 2,626 | |
Balance at January 1, 2021 | 3,291 | 3,741 | 3,847 | 2,626 | |
Balance at December 31, 2020 | 23 | ||||
Balance at January 1, 2021 | 23 | ||||
Balance at December 31, 2020 | 179 | ||||
Balance at January 1, 2021 | 179 | ||||
Accounting Standards Update 2018-12 | |||||
Segment Reporting Information [Line Items] | |||||
Balance at December 31, 2020 | $ 4,118 | ||||
Removal of related amounts in AOCI | 1,480 | ||||
Other adjustments upon adoption of the LDTI standard | 12 | ||||
Balance at January 1, 2021 | 4,118 | ||||
Balance at December 31, 2020 | 25 | ||||
Removal of related amounts in AOCI | 2 | ||||
Balance at January 1, 2021 | 25 | ||||
Balance at December 31, 2020 | 179 | ||||
Removal of related amounts in AOCI | 0 | ||||
Balance at January 1, 2021 | 179 | ||||
Group Benefits | |||||
Segment Reporting Information [Line Items] | |||||
Balance at December 31, 2020 | 255 | 264 | 272 | 278 | |
Balance at January 1, 2021 | 255 | 264 | 272 | 278 | |
Balance at December 31, 2020 | 0 | ||||
Balance at January 1, 2021 | 0 | ||||
Balance at December 31, 2020 | 0 | ||||
Balance at January 1, 2021 | 0 | ||||
Group Benefits | Accounting Standards Update 2018-12 | |||||
Segment Reporting Information [Line Items] | |||||
Balance at December 31, 2020 | 278 | ||||
Removal of related amounts in AOCI | 0 | ||||
Other adjustments upon adoption of the LDTI standard | 0 | ||||
Balance at January 1, 2021 | 278 | ||||
Balance at December 31, 2020 | 0 | ||||
Removal of related amounts in AOCI | 0 | ||||
Balance at January 1, 2021 | 0 | ||||
Balance at December 31, 2020 | 0 | ||||
Removal of related amounts in AOCI | 0 | ||||
Balance at January 1, 2021 | 0 | ||||
Retirement and Income Solutions | |||||
Segment Reporting Information [Line Items] | |||||
Balance at December 31, 2020 | 155 | 137 | 112 | 100 | |
Balance at January 1, 2021 | 155 | 137 | 112 | 100 | |
Balance at December 31, 2020 | 20 | ||||
Balance at January 1, 2021 | 20 | ||||
Balance at December 31, 2020 | 22 | ||||
Balance at January 1, 2021 | 22 | ||||
Retirement and Income Solutions | Accounting Standards Update 2018-12 | |||||
Segment Reporting Information [Line Items] | |||||
Balance at December 31, 2020 | 100 | ||||
Removal of related amounts in AOCI | 0 | ||||
Other adjustments upon adoption of the LDTI standard | 0 | ||||
Balance at January 1, 2021 | 100 | ||||
Balance at December 31, 2020 | 20 | ||||
Removal of related amounts in AOCI | 0 | ||||
Balance at January 1, 2021 | 20 | ||||
Balance at December 31, 2020 | 22 | ||||
Removal of related amounts in AOCI | 0 | ||||
Balance at January 1, 2021 | 22 | ||||
MetLife Holdings | |||||
Segment Reporting Information [Line Items] | |||||
Balance at December 31, 2020 | 2,723 | 3,220 | 3,457 | 2,248 | |
Balance at January 1, 2021 | $ 2,723 | $ 3,220 | $ 3,457 | 2,248 | |
Balance at December 31, 2020 | 3 | ||||
Balance at January 1, 2021 | 3 | ||||
Balance at December 31, 2020 | 157 | ||||
Balance at January 1, 2021 | $ 157 | ||||
MetLife Holdings | Accounting Standards Update 2018-12 | |||||
Segment Reporting Information [Line Items] | |||||
Balance at December 31, 2020 | 3,740 | ||||
Removal of related amounts in AOCI | 1,480 | ||||
Other adjustments upon adoption of the LDTI standard | 12 | ||||
Balance at January 1, 2021 | 3,740 | ||||
Balance at December 31, 2020 | 5 | ||||
Removal of related amounts in AOCI | 2 | ||||
Balance at January 1, 2021 | 5 | ||||
Balance at December 31, 2020 | 157 | ||||
Removal of related amounts in AOCI | 0 | ||||
Balance at January 1, 2021 | $ 157 |
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 | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | |
Segment Reporting Information [Line Items] | ||||
DAC, Beginning Balance | $ 3,741 | $ 3,847 | $ 2,626 | |
Capitalizations | 118 | 189 | 63 | |
Amortization | 296 | 295 | 334 | |
Other (3) | (272) | |||
DAC, Ending Balance | 3,291 | 3,741 | 3,847 | |
DAC and VOBA | 3,305 | 3,757 | 3,865 | $ 4,143 |
Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Segment Reporting Information [Line Items] | ||||
DAC, Beginning Balance | 4,118 | |||
Group Benefits | ||||
Segment Reporting Information [Line Items] | ||||
DAC, Beginning Balance | 264 | 272 | 278 | |
Capitalizations | 18 | 18 | 19 | |
Amortization | 27 | 26 | 25 | |
Other (3) | 0 | |||
DAC, Ending Balance | 255 | 264 | 272 | |
DAC and VOBA | 255 | 263 | ||
Group Benefits | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Segment Reporting Information [Line Items] | ||||
DAC, Beginning Balance | 278 | |||
Retirement and Income Solutions | ||||
Segment Reporting Information [Line Items] | ||||
DAC, Beginning Balance | 137 | 112 | 100 | |
Capitalizations | 46 | 51 | 40 | |
Amortization | 28 | 26 | 28 | |
Other (3) | 0 | |||
DAC, Ending Balance | 155 | 137 | 112 | |
DAC and VOBA | 169 | 154 | ||
Retirement and Income Solutions | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Segment Reporting Information [Line Items] | ||||
DAC, Beginning Balance | 100 | |||
MetLife Holdings | ||||
Segment Reporting Information [Line Items] | ||||
DAC, Beginning Balance | 3,220 | 3,457 | 2,248 | |
Capitalizations | (1) | 0 | (2) | |
Amortization | 224 | 237 | 281 | |
Other (3) | (272) | |||
DAC, Ending Balance | 2,723 | 3,220 | 3,457 | |
DAC and VOBA | 2,723 | 3,220 | ||
MetLife Holdings | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Segment Reporting Information [Line Items] | ||||
DAC, Beginning Balance | 3,740 | |||
Corporate & Other | ||||
Segment Reporting Information [Line Items] | ||||
DAC, Beginning Balance | 120 | 6 | ||
Capitalizations | 55 | 120 | 6 | |
Amortization | 17 | 6 | 0 | |
Other (3) | 0 | |||
DAC, Ending Balance | 158 | 120 | 6 | |
DAC and VOBA | $ 158 | $ 120 | ||
Corporate & Other | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Segment Reporting Information [Line Items] | ||||
DAC, Beginning Balance | $ 0 |
Deferred Policy Acquisition C_5
Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles (VODA and VOCRA) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Insurance [Abstract] | |||
Balance at January 1, | $ 99 | $ 116 | $ 135 |
Amortization | (15) | (17) | (19) |
Balance at December 31, | 84 | 99 | 116 |
Accumulated amortization | $ 373 | $ 358 | $ 341 |
Deferred Policy Acquisition C_6
Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles - Unearned Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Unearned Revenue [Roll Forward] | |||
Deferred Revenue, Current, Beginning Balance | $ 245 | $ 216 | |
Deferrals | 35 | 46 | $ 52 |
Amortization | (18) | (17) | (15) |
Other (2) | (241) | ||
Deferred Revenue, Current, Ending Balance | 21 | 245 | 216 |
Retirement and Income Solutions | |||
Unearned Revenue [Roll Forward] | |||
Deferred Revenue, Current, Beginning Balance | 18 | 21 | |
Deferrals | 2 | 1 | 3 |
Amortization | (4) | (4) | (4) |
Other (2) | 0 | ||
Deferred Revenue, Current, Ending Balance | 16 | 18 | 21 |
MetLife Holdings | |||
Unearned Revenue [Roll Forward] | |||
Deferred Revenue, Current, Beginning Balance | 227 | 195 | |
Deferrals | 33 | 45 | 49 |
Amortization | (14) | (13) | (11) |
Other (2) | (241) | ||
Deferred Revenue, Current, Ending Balance | $ 5 | $ 227 | $ 195 |
Reinsurance (Effects of Reinsur
Reinsurance (Effects of Reinsurance on Earnings) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Premiums: | |||
Direct premiums | $ 25,027 | $ 31,265 | $ 23,005 |
Reinsurance assumed | 847 | 872 | 4,121 |
Reinsurance ceded | (1,156) | (948) | (938) |
Net premiums | 24,718 | 31,189 | 26,188 |
Universal life and investment-type product policy fees: | |||
Direct universal life and investment-type product policy fees | 2,019 | 2,079 | 2,173 |
Reinsurance assumed | (17) | 30 | (16) |
Reinsurance ceded | (338) | (292) | (283) |
Net universal life and investment-type product policy fees | 1,664 | 1,817 | 1,874 |
Other revenues: | |||
Direct other revenues | 1,025 | 1,025 | 1,066 |
Reinsurance assumed | 125 | 54 | 13 |
Reinsurance ceded | 523 | 615 | 537 |
Net other revenues | 1,673 | 1,694 | 1,616 |
Policyholder benefits and claims: | |||
Direct policyholder benefits and claims | 26,768 | 33,433 | 26,322 |
Reinsurance assumed | 708 | 856 | 3,962 |
Reinsurance ceded | (1,326) | (1,156) | (1,200) |
Net policyholder benefits and claims | 26,150 | 33,133 | 29,084 |
Policyholder Liability Remeasurement (Gains) Losses [Abstract] | |||
Direct Policyholder Liability Remeasurement (Gains) Losses | 87 | 43 | 19 |
Assumed Policyholder Liability, Change in Fair Value, Gain (Loss) | (48) | (39) | 31 |
Ceded Policyholder Liability, Change in Fair Value, Gain (Loss) | (15) | (15) | (12) |
Policyholder Liability, Change in Fair Value, Gain (Loss) | 150 | 11 | 0 |
Market Risk Benefit [Abstract] | |||
Direct Market Risk Benefits Remeasurement (Gains) Losses | (701) | (3,389) | (758) |
Assumed Market Risk Benefits Remeasurement (Gains) Losses | (2) | 10 | 0 |
Ceded Market Risk Benefits Remeasurement (Gains) Losses | 0 | 0 | 0 |
Market risk benefits remeasurement (gains) losses | (703) | (3,379) | (758) |
Interest credited to policyholder account balances: | |||
Direct interest credited to policyholder account balances | 3,276 | 2,418 | 2,157 |
Reinsurance assumed | 354 | 109 | 43 |
Reinsurance ceded | (28) | (18) | (15) |
Net interest credited to policyholder account balances | 3,602 | 2,509 | 2,185 |
Other expenses: | |||
Direct other expenses | 5,365 | 5,026 | 4,551 |
Reinsurance assumed | 280 | 97 | 162 |
Reinsurance ceded | 140 | 580 | 987 |
Total other expenses | $ 5,785 | $ 5,703 | $ 5,700 |
Reinsurance (Effects of Reins_2
Reinsurance (Effects of Reinsurance on Balance Sheet) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 |
Assets | ||||
Premiums, reinsurance and other receivables | $ 28,236 | $ 20,791 | $ 21,885 | |
Market risk benefits, at estimated fair value | 177 | 174 | ||
Deferred policy acquisition costs and value of business acquired | 3,305 | 3,757 | $ 3,865 | 4,143 |
Total assets | 31,718 | 24,722 | ||
Liabilities: | ||||
Liability for Future Policy Benefit, after Reinsurance | 129,182 | 126,914 | ||
Policyholder account balances | 103,894 | 103,407 | ||
Market risk benefits, at estimated fair value | 2,878 | 3,270 | $ 6,789 | |
Other policy-related balances | (8,289) | (7,931) | ||
Other Liabilities | 23,719 | 24,495 | ||
Total liabilities | 267,962 | 266,017 | ||
Direct Reinsurance [Member] | ||||
Assets | ||||
Premiums, reinsurance and other receivables | 3,287 | 2,952 | ||
Market risk benefits, at estimated fair value | 170 | 167 | ||
Deferred policy acquisition costs and value of business acquired | 3,628 | 3,860 | ||
Total assets | 7,085 | 6,979 | ||
Liabilities: | ||||
Liability for Future Policy Benefit, after Reinsurance | 125,885 | 123,335 | ||
Policyholder account balances | 94,825 | 97,162 | ||
Market risk benefits, at estimated fair value | 2,863 | 3,255 | ||
Other policy-related balances | (8,186) | (7,596) | ||
Other Liabilities | 7,800 | 8,718 | ||
Total liabilities | 239,559 | 240,066 | ||
Assumed Reinsurance [Member] | ||||
Assets | ||||
Premiums, reinsurance and other receivables | 736 | 1,302 | ||
Market risk benefits, at estimated fair value | 7 | 7 | ||
Deferred policy acquisition costs and value of business acquired | 158 | 120 | ||
Total assets | 901 | 1,429 | ||
Liabilities: | ||||
Liability for Future Policy Benefit, after Reinsurance | 3,297 | 3,579 | ||
Policyholder account balances | 9,069 | 6,245 | ||
Market risk benefits, at estimated fair value | 15 | 15 | ||
Other policy-related balances | (384) | (358) | ||
Other Liabilities | 2,112 | 2,160 | ||
Total liabilities | 14,877 | 12,357 | ||
Assumed Reinsurance [Member] | Affiliated Entity [Member] | ||||
Assets | ||||
Premiums, reinsurance and other receivables | 164 | 723 | ||
Deferred policy acquisition costs and value of business acquired | 158 | 120 | ||
Total assets | 322 | 843 | ||
Liabilities: | ||||
Liability for Future Policy Benefit, after Reinsurance | 2,236 | 2,484 | ||
Policyholder account balances | 9,040 | 6,216 | ||
Other policy-related balances | (65) | (61) | ||
Other Liabilities | 957 | 910 | ||
Total liabilities | 12,298 | 9,671 | ||
Ceded Reinsurance [Member] | ||||
Assets | ||||
Premiums, reinsurance and other receivables | 24,213 | 16,537 | ||
Market risk benefits, at estimated fair value | 0 | 0 | ||
Total assets | 23,732 | 16,314 | ||
Liabilities: | ||||
Policyholder account balances | 0 | 0 | ||
Market risk benefits, at estimated fair value | 0 | 0 | ||
Other policy-related balances | (281) | (23) | ||
Other Liabilities | 13,807 | 13,617 | ||
Total liabilities | 13,526 | 13,594 | ||
Liability for Future Policy Benefit, before Reinsurance, Ceded | 0 | 0 | ||
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Ceded | (481) | (223) | ||
Ceded Reinsurance [Member] | Affiliated Entity [Member] | ||||
Assets | ||||
Premiums, reinsurance and other receivables | 11,302 | 11,303 | ||
Total assets | 11,142 | 11,139 | ||
Liabilities: | ||||
Policyholder account balances | 0 | 0 | ||
Other policy-related balances | 35 | 23 | ||
Other Liabilities | 10,267 | 10,380 | ||
Total liabilities | 10,232 | 10,357 | ||
Liability for Future Policy Benefit, before Reinsurance, Ceded | 0 | 0 | ||
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Ceded | $ (160) | $ (164) |
Reinsurance (Effects of Affilia
Reinsurance (Effects of Affiliated Reinsurance on Earnings) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Premiums: | ||||||
Reinsurance assumed | $ 847 | $ 872 | $ 4,121 | |||
Reinsurance ceded | (1,156) | (948) | (938) | |||
Net premiums | 24,718 | 31,189 | 26,188 | |||
Universal life and investment-type product policy fees: | ||||||
Reinsurance assumed | (17) | 30 | (16) | |||
Reinsurance ceded | (338) | (292) | (283) | |||
Other revenues: | ||||||
Reinsurance assumed | 125 | 54 | 13 | |||
Reinsurance ceded | 523 | 615 | 537 | |||
Other revenues | 1,673 | 1,694 | 1,616 | |||
Policyholder benefits and claims: | ||||||
Reinsurance assumed | (708) | (856) | (3,962) | |||
Reinsurance ceded | (1,326) | (1,156) | (1,200) | |||
Net policyholder benefits and claims | 26,150 | 33,133 | 29,084 | |||
Interest credited to policyholder account balances: | ||||||
Reinsurance assumed | 354 | 109 | 43 | |||
Reinsurance ceded | (28) | (18) | (15) | |||
Interest credited to policyholder account balances | 3,602 | 2,509 | 2,185 | |||
Other expenses: | ||||||
Reinsurance assumed | 280 | 97 | 162 | |||
Reinsurance ceded | 140 | 580 | 987 | |||
Total other expenses | 5,785 | 5,703 | 5,700 | |||
Policyholder Liability, Change in Fair Value, Gain (Loss) | 150 | 11 | 0 | |||
Affiliated Entity [Member] | Assumed Reinsurance [Member] | ||||||
Premiums: | ||||||
Reinsurance assumed | (19) | 7 | 3,237 | |||
Universal life and investment-type product policy fees: | ||||||
Reinsurance assumed | 4 | 0 | 1 | |||
Other revenues: | ||||||
Reinsurance assumed | 91 | 78 | (11) | |||
Policyholder benefits and claims: | ||||||
Reinsurance assumed | (121) | (52) | (3,141) | |||
Interest credited to policyholder account balances: | ||||||
Reinsurance assumed | 344 | 97 | 31 | |||
Other expenses: | ||||||
Reinsurance assumed | 239 | 36 | 89 | |||
Policyholder Liability, Change in Fair Value, Gain (Loss) | $ (40) | $ (47) | $ 10 | |||
Affiliated Entity [Member] | Ceded Reinsurance [Member] | ||||||
Premiums: | ||||||
Reinsurance ceded | (372) | (139) | (114) | |||
Universal life and investment-type product policy fees: | ||||||
Reinsurance ceded | (6) | (4) | (9) | |||
Other revenues: | ||||||
Reinsurance ceded | 471 | 472 | 505 | |||
Policyholder benefits and claims: | ||||||
Reinsurance ceded | (310) | (142) | (146) | |||
Interest credited to policyholder account balances: | ||||||
Reinsurance ceded | (11) | (12) | (12) | |||
Other expenses: | ||||||
Reinsurance ceded | 220 | 651 | 1,065 | |||
Policyholder Liability, Change in Fair Value, Gain (Loss) | $ (11) | $ (9) | $ (2) | |||
Affiliated Entity [Member] | Reinsurance [Member] | ||||||
Premiums: | ||||||
Net premiums | (391) | (132) | 3,123 | |||
Universal life and investment-type product policy fees: | ||||||
Insurance Commissions and Fees, Net Impact from Reinsurance | (2) | (4) | (8) | |||
Other revenues: | ||||||
Other revenues | 562 | 550 | 494 | |||
Policyholder benefits and claims: | ||||||
Net policyholder benefits and claims | (431) | (90) | 2,995 | |||
Interest credited to policyholder account balances: | ||||||
Interest credited to policyholder account balances | 333 | 85 | 19 | |||
Other expenses: | ||||||
Total other expenses | 459 | 687 | 1,154 | |||
Policyholder Liability, Change in Fair Value, Gain (Loss) | $ (51) | $ (56) | $ 8 |
Reinsurance (Effects of Affil_2
Reinsurance (Effects of Affiliated Reinsurance on Balance Sheet) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 |
Assets | ||||
Premiums, reinsurance and other receivables | $ 28,236 | $ 20,791 | $ 21,885 | |
Deferred policy acquisition costs and value of business acquired | 3,305 | 3,757 | $ 3,865 | $ 4,143 |
Total assets | 31,718 | 24,722 | ||
Liability for Future Policy Benefit, after Reinsurance | 129,182 | 126,914 | ||
Liabilities: | ||||
Policyholder account balances | 103,894 | 103,407 | ||
Other policy-related balances | 8,289 | 7,931 | ||
Other Liabilities | 23,719 | 24,495 | ||
Total liabilities | 267,962 | 266,017 | ||
Assumed Reinsurance [Member] | ||||
Assets | ||||
Premiums, reinsurance and other receivables | 736 | 1,302 | ||
Deferred policy acquisition costs and value of business acquired | 158 | 120 | ||
Total assets | 901 | 1,429 | ||
Liability for Future Policy Benefit, after Reinsurance | 3,297 | 3,579 | ||
Liabilities: | ||||
Policyholder account balances | 9,069 | 6,245 | ||
Other policy-related balances | 384 | 358 | ||
Other Liabilities | 2,112 | 2,160 | ||
Total liabilities | 14,877 | 12,357 | ||
Assumed Reinsurance [Member] | Affiliated Entity [Member] | ||||
Assets | ||||
Premiums, reinsurance and other receivables | 164 | 723 | ||
Deferred policy acquisition costs and value of business acquired | 158 | 120 | ||
Total assets | 322 | 843 | ||
Liability for Future Policy Benefit, after Reinsurance | 2,236 | 2,484 | ||
Liabilities: | ||||
Policyholder account balances | 9,040 | 6,216 | ||
Other policy-related balances | 65 | 61 | ||
Other Liabilities | 957 | 910 | ||
Total liabilities | 12,298 | 9,671 | ||
Ceded Reinsurance [Member] | ||||
Assets | ||||
Premiums, reinsurance and other receivables | 24,213 | 16,537 | ||
Total assets | 23,732 | 16,314 | ||
Liabilities: | ||||
Policyholder account balances | 0 | 0 | ||
Other policy-related balances | 281 | 23 | ||
Other Liabilities | 13,807 | 13,617 | ||
Total liabilities | 13,526 | 13,594 | ||
Liability for Future Policy Benefit, before Reinsurance, Ceded | 0 | 0 | ||
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Ceded | (481) | (223) | ||
Ceded Reinsurance [Member] | Affiliated Entity [Member] | ||||
Assets | ||||
Premiums, reinsurance and other receivables | 11,302 | 11,303 | ||
Total assets | 11,142 | 11,139 | ||
Liabilities: | ||||
Policyholder account balances | 0 | 0 | ||
Other policy-related balances | (35) | (23) | ||
Other Liabilities | 10,267 | 10,380 | ||
Total liabilities | 10,232 | 10,357 | ||
Liability for Future Policy Benefit, before Reinsurance, Ceded | 0 | 0 | ||
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Ceded | $ (160) | $ (164) |
Reinsurance (Reinsurance - Narr
Reinsurance (Reinsurance - Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2021 | |
Reinsurance Disclosures [Abstract] | |||
Deposit assets in premiums, reinsurance, and other receivables or secondary guarantee risk for reinsurance | $ 14,300 | $ 11,600 | |
Deposit liabilities in other liabilities for reinsurance | 1,500 | 1,700 | |
Ceded Credit Risk [Line Items] | |||
Reinsurance recoverables | 9,600 | 2,000 | |
Premiums, reinsurance and other receivables | 28,236 | 20,791 | $ 21,885 |
Investments | 247,603 | 252,085 | |
Separate account assets | 83,197 | 89,241 | |
Other Liabilities | 23,719 | 24,495 | |
Ceded Reinsurance [Member] | |||
Ceded Credit Risk [Line Items] | |||
Premiums, reinsurance and other receivables | 24,213 | 16,537 | |
Other Liabilities | $ 13,807 | 13,617 | |
Modified Coinsurance of Closed Block [Member] | |||
Reinsurance Retention Policy [Line Items] | |||
Reinsurance Retention Policy, Reinsured Risk, Percentage | 59% | ||
Universal Life, Variable Universal Life, and Universal Life with Secondary Guarantees [Member] | |||
Ceded Credit Risk [Line Items] | |||
Other Liabilities | $ 240 | ||
Fixed Maturity Securities AFS and Mortgage Loans [Member] | |||
Ceded Credit Risk [Line Items] | |||
Investments | 7,200 | ||
Ceded Credit Risk, Unsecured [Member] | |||
Ceded Credit Risk [Line Items] | |||
Reinsurance recoverables | 1,400 | 1,300 | |
Global Atlantic Financial Group [Member] | |||
Ceded Credit Risk [Line Items] | |||
Ceding Commissions, Before Tax | 1,700 | ||
Separate account assets | 4,500 | ||
Global Atlantic Financial Group [Member] | Ceded Reinsurance [Member] | |||
Ceded Credit Risk [Line Items] | |||
Premiums, reinsurance and other receivables | 7,500 | ||
Five Largest Ceded Reinsurers [Member] | |||
Ceded Credit Risk [Line Items] | |||
Five largest reinsurers, reinsurance recoverables amount | $ 8,900 | $ 1,600 | |
Five largest reinsurers, reinsurance recoverables percentage | 93% | 80% | |
Five Largest Ceded Reinsurers [Member] | Ceded Credit Risk, Unsecured [Member] | |||
Ceded Credit Risk [Line Items] | |||
Five largest reinsurers, reinsurance recoverables amount | $ 925 | $ 1,100 |
Reinsurance (Related Party Rein
Reinsurance (Related Party Reinsurance Transactions - Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | |
Future policy benefits | $ 129,182 | $ 126,914 | $ 146,178 | |
Other invested assets - VIE | 17,040 | 19,148 | ||
Policyholder Benefits and Claims Incurred, Assumed | 708 | 856 | $ 3,962 | |
Operating Expenses | 5,785 | 5,703 | 5,700 | |
Embedded Derivative, Fair Value of Embedded Derivative Liability | (37) | (309) | ||
Reinsurance Recoverables, Ceded | 9,600 | 2,000 | ||
Deposit Contracts, Assets | 14,300 | 11,600 | ||
Deposit Contracts, Liabilities | 1,500 | 1,700 | ||
Ceded Credit Risk, Unsecured [Member] | ||||
Reinsurance Recoverables, Ceded | 1,400 | 1,300 | ||
Missouri Reinsurance Inc. | ||||
Future policy benefits | 2,200 | 2,400 | ||
Other invested assets - VIE | 2,800 | 3,000 | ||
Policyholder Benefits and Claims Incurred, Assumed | (130) | 50 | 3,100 | |
Operating Expenses | 194 | 24 | 89 | |
Affiliated Entity | ||||
Other invested assets - VIE | 1,280 | 1,307 | ||
Deposit Contracts, Assets | 9,600 | 9,700 | ||
Deposit Contracts, Liabilities | 764 | 874 | ||
Affiliated Entity | Ceded Credit Risk, Unsecured [Member] | ||||
Reinsurance Recoverables, Ceded | $ 822 | 757 | ||
Affiliated Entity | Funds Withheld On Ceded Reinsurance | ||||
Coinsurance Funds Withheld Basis, Percent | 75% | |||
Embedded Derivative, Fair Value of Embedded Derivative Liability | $ (39) | (28) | ||
Net derivatives gains (losses) | 11 | 59 | 15 | |
Affiliated Entity | Closed Block Liabilities Ceded To MetLife Reinsurance Of Charleston | ||||
Embedded Derivative, Fair Value of Embedded Derivative Liability | (265) | (423) | ||
Net derivatives gains (losses) | $ (158) | $ 1,500 | $ 341 |
Closed Block (Liabilities and A
Closed Block (Liabilities and Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Closed Block Liabilities | ||
Future policy benefits | $ 36,142 | $ 37,222 |
Other policy-related balances | 319 | 273 |
Policyholder dividends payable | 174 | 181 |
Other liabilities | 668 | 455 |
Total closed block liabilities | 37,303 | 38,131 |
Assets Designated to the Closed Block | ||
Fixed maturity securities available-for-sale, at estimated fair value | 19,939 | 19,648 |
Mortgage loans | 6,151 | 6,564 |
Policy loans | 3,960 | 4,084 |
Real estate and real estate joint ventures | 668 | 635 |
Other invested assets | 506 | 705 |
Total investments | 31,224 | 31,636 |
Cash and cash equivalents | 717 | 437 |
Accrued investment income | 383 | 375 |
Premiums, reinsurance and other receivables | 54 | 52 |
Current income tax recoverable | 3 | 88 |
Deferred income tax asset | 312 | 423 |
Total assets designated to the closed block | 32,693 | 33,011 |
Excess of closed block liabilities over assets designated to the closed block | 4,610 | 5,120 |
AOCI: | ||
Unrealized investment gains (losses), net of income tax | (820) | (1,357) |
Unrealized gains (losses) on derivatives, net of income tax | 130 | 262 |
Total amounts included in AOCI | (690) | (1,095) |
Maximum future earnings to be recognized from closed block assets and liabilities | $ 3,920 | $ 4,025 |
Closed Block (Policyholder Divi
Closed Block (Policyholder Dividend Obligation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Closed block policyholder dividend obligation | |||
Balance at January 1, | $ 0 | $ 1,682 | $ 2,969 |
Change in unrealized investment and derivative gains (losses) | 0 | (1,682) | (1,287) |
Balance at December 31, | $ 0 | $ 0 | $ 1,682 |
Closed Block (Revenues and Expe
Closed Block (Revenues and Expenses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues | |||
Premiums | $ 922 | $ 1,104 | $ 1,298 |
Net investment income | 1,362 | 1,382 | 1,541 |
Net investment gains (losses) | 7 | (51) | (36) |
Net derivative gains (losses) | 0 | 33 | 18 |
Total revenues | 2,291 | 2,468 | 2,821 |
Expenses | |||
Policyholder benefits and claims | 1,706 | 1,890 | 2,150 |
Policyholder dividends | 366 | 458 | 626 |
Other expenses | 86 | 90 | 96 |
Total expenses | 2,158 | 2,438 | 2,872 |
Revenues, net of expenses before provision for income tax expense (benefit) | 133 | 30 | (51) |
Provision for income tax expense (benefit) | 28 | 6 | (11) |
Revenues, net of expenses and provision for income tax expense (benefit) | $ 105 | $ 24 | $ (40) |
Investments (Fixed Maturity Sec
Investments (Fixed Maturity Securities Available-For-Sale by Sector) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | $ 152,080 | $ 160,477 | |
Allowance for Credit Loss for Debt Securities | (132) | (114) | $ (53) |
Gross Unrealized Gains | 2,665 | 1,777 | |
Gross Unrealized Losses | 11,808 | 16,564 | |
Estimated Fair Value of Fixed Maturity Securities AFS | 142,805 | 145,576 | |
U.S. corporate | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 52,479 | 55,280 | |
Allowance for Credit Loss for Debt Securities | (62) | (28) | (30) |
Gross Unrealized Gains | 1,126 | 649 | |
Gross Unrealized Losses | 3,050 | 4,811 | |
Estimated Fair Value of Fixed Maturity Securities AFS | 50,493 | 51,090 | |
Foreign corporate | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 27,520 | 28,328 | |
Allowance for Credit Loss for Debt Securities | (2) | (3) | (10) |
Gross Unrealized Gains | 536 | 206 | |
Gross Unrealized Losses | 2,839 | 4,538 | |
Estimated Fair Value of Fixed Maturity Securities AFS | 25,215 | 23,993 | |
U.S. government and agency | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 23,100 | 24,409 | |
Allowance for Credit Loss for Debt Securities | 0 | 0 | |
Gross Unrealized Gains | 243 | 333 | |
Gross Unrealized Losses | 2,283 | 2,384 | |
Estimated Fair Value of Fixed Maturity Securities AFS | 21,060 | 22,358 | |
RMBS | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 20,700 | 21,539 | |
Allowance for Credit Loss for Debt Securities | (1) | 0 | 0 |
Gross Unrealized Gains | 228 | 177 | |
Gross Unrealized Losses | 1,979 | 2,383 | |
Estimated Fair Value of Fixed Maturity Securities AFS | 18,948 | 19,333 | |
ABS & CLO | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 12,049 | 12,639 | |
Allowance for Credit Loss for Debt Securities | (6) | 0 | 0 |
Gross Unrealized Gains | 30 | 9 | |
Gross Unrealized Losses | 432 | 812 | |
Estimated Fair Value of Fixed Maturity Securities AFS | 11,641 | 11,836 | |
Municipals | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 6,429 | 7,880 | |
Allowance for Credit Loss for Debt Securities | 0 | 0 | |
Gross Unrealized Gains | 318 | 256 | |
Gross Unrealized Losses | 428 | 672 | |
Estimated Fair Value of Fixed Maturity Securities AFS | 6,319 | 7,464 | |
CMBS | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 6,387 | 6,691 | |
Allowance for Credit Loss for Debt Securities | (11) | (15) | (13) |
Gross Unrealized Gains | 28 | 7 | |
Gross Unrealized Losses | 570 | 640 | |
Estimated Fair Value of Fixed Maturity Securities AFS | 5,834 | 6,043 | |
Foreign government | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 3,416 | 3,711 | |
Allowance for Credit Loss for Debt Securities | (50) | (68) | $ 0 |
Gross Unrealized Gains | 156 | 140 | |
Gross Unrealized Losses | 227 | 324 | |
Estimated Fair Value of Fixed Maturity Securities AFS | $ 3,295 | $ 3,459 |
Investments (Maturities of Fixe
Investments (Maturities of Fixed Maturity Securities) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Available-for-sale Securities, Debt Maturities [Abstract] | ||
Amortized Cost, Due in one year or less | $ 4,011 | |
Amortized Cost, Due after one year through five years | 24,416 | |
Amortized Cost, Due after five years through ten years | 27,330 | |
Amortized Cost, Due after ten years | 57,073 | |
Amortized Cost, Structured Securities | 39,118 | |
Amortized Cost, net of ACL | 151,948 | |
Estimated Fair Value, Due in one year or less | 3,949 | |
Estimated Fair Value, Due after one year through five years | 23,787 | |
Estimated Fair Value, Due after five years through ten years | 26,459 | |
Estimated Fair Value, Due after ten years | 52,187 | |
Estimated Fair Value, Structured Securities | 36,423 | |
Estimated Fair Value of Fixed Maturity Securities AFS | $ 142,805 | $ 145,576 |
Investments (Continuous Gross U
Investments (Continuous Gross Unrealized Losses for Fixed Maturity Securities Available-For-Sale) (Details) $ in Millions | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Debt Securities, Available-for-sale [Line Items] | ||
Total number of securities in an unrealized loss position less than 12 months | 1,679 | 10,688 |
Total number of securities in an unrealized loss position equal or greater than 12 months | 8,441 | 2,110 |
Fixed Maturity Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months Estimated Fair Value | $ 12,260 | $ 93,733 |
Less than 12 months Gross Unrealized Loss | 489 | 12,228 |
Equal to or Greater than 12 Months Estimated Fair Value | 81,427 | 19,403 |
Equal to or Greater than 12 Months Gross Unrealized Loss | 11,277 | 4,333 |
U.S. corporate | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months Estimated Fair Value | 3,537 | 34,358 |
Less than 12 months Gross Unrealized Loss | 95 | 3,953 |
Equal to or Greater than 12 Months Estimated Fair Value | 25,752 | 3,383 |
Equal to or Greater than 12 Months Gross Unrealized Loss | 2,924 | 856 |
Foreign corporate | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months Estimated Fair Value | 714 | 16,834 |
Less than 12 months Gross Unrealized Loss | 64 | 3,350 |
Equal to or Greater than 12 Months Estimated Fair Value | 16,982 | 3,977 |
Equal to or Greater than 12 Months Gross Unrealized Loss | 2,775 | 1,188 |
U.S. government and agency | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months Estimated Fair Value | 4,322 | 13,489 |
Less than 12 months Gross Unrealized Loss | 228 | 1,895 |
Equal to or Greater than 12 Months Estimated Fair Value | 9,980 | 2,756 |
Equal to or Greater than 12 Months Gross Unrealized Loss | 2,055 | 489 |
RMBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months Estimated Fair Value | 1,470 | 11,622 |
Less than 12 months Gross Unrealized Loss | 37 | 1,280 |
Equal to or Greater than 12 Months Estimated Fair Value | 12,813 | 4,585 |
Equal to or Greater than 12 Months Gross Unrealized Loss | 1,941 | 1,103 |
ABS & CLO | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months Estimated Fair Value | 937 | 7,725 |
Less than 12 months Gross Unrealized Loss | 20 | 499 |
Equal to or Greater than 12 Months Estimated Fair Value | 8,250 | 3,009 |
Equal to or Greater than 12 Months Gross Unrealized Loss | 410 | 313 |
Municipals | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months Estimated Fair Value | 262 | 3,526 |
Less than 12 months Gross Unrealized Loss | 10 | 616 |
Equal to or Greater than 12 Months Estimated Fair Value | 2,102 | 133 |
Equal to or Greater than 12 Months Gross Unrealized Loss | 418 | 56 |
CMBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months Estimated Fair Value | 587 | 4,376 |
Less than 12 months Gross Unrealized Loss | 23 | 426 |
Equal to or Greater than 12 Months Estimated Fair Value | 4,096 | 1,254 |
Equal to or Greater than 12 Months Gross Unrealized Loss | 542 | 213 |
Foreign government | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months Estimated Fair Value | 431 | 1,803 |
Less than 12 months Gross Unrealized Loss | 12 | 209 |
Equal to or Greater than 12 Months Estimated Fair Value | 1,452 | 306 |
Equal to or Greater than 12 Months Gross Unrealized Loss | 212 | 115 |
Investment Grade | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months Estimated Fair Value | 11,499 | 88,059 |
Less than 12 months Gross Unrealized Loss | 453 | 11,710 |
Equal to or Greater than 12 Months Estimated Fair Value | 77,325 | 17,470 |
Equal to or Greater than 12 Months Gross Unrealized Loss | 10,849 | 3,897 |
Below Investment Grade | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months Estimated Fair Value | 761 | 5,674 |
Less than 12 months Gross Unrealized Loss | 36 | 518 |
Equal to or Greater than 12 Months Estimated Fair Value | 4,102 | 1,933 |
Equal to or Greater than 12 Months Gross Unrealized Loss | $ 428 | $ 436 |
Investments (ACL for Fixed Matu
Investments (ACL for Fixed Maturity Securities AFS By Sector) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | ||
Allowance, beginning of period | $ 114 | $ 53 |
ACL not previously recorded | 40 | 130 |
Changes for securities with previously recorded ACL | 8 | 5 |
Securities Sold or exchanged | (30) | (52) |
Writeoff | 0 | (22) |
Allowance, end of period | 132 | 114 |
U.S. corporate | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | ||
Allowance, beginning of period | 28 | 30 |
ACL not previously recorded | 31 | 13 |
Changes for securities with previously recorded ACL | 7 | 17 |
Securities Sold or exchanged | (4) | (10) |
Writeoff | 0 | (22) |
Allowance, end of period | 62 | 28 |
Foreign corporate | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | ||
Allowance, beginning of period | 3 | 10 |
ACL not previously recorded | 0 | 12 |
Changes for securities with previously recorded ACL | (1) | 3 |
Securities Sold or exchanged | 0 | (22) |
Writeoff | 0 | 0 |
Allowance, end of period | 2 | 3 |
Foreign government | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | ||
Allowance, beginning of period | 68 | 0 |
ACL not previously recorded | 0 | 103 |
Changes for securities with previously recorded ACL | (2) | (15) |
Securities Sold or exchanged | (16) | (20) |
Writeoff | 0 | 0 |
Allowance, end of period | 50 | 68 |
RMBS | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | ||
Allowance, beginning of period | 0 | 0 |
ACL not previously recorded | 2 | 0 |
Changes for securities with previously recorded ACL | (1) | 0 |
Securities Sold or exchanged | 0 | 0 |
Writeoff | 0 | 0 |
Allowance, end of period | 1 | 0 |
ABS & CLO | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | ||
Allowance, beginning of period | 0 | 0 |
ACL not previously recorded | 6 | 0 |
Changes for securities with previously recorded ACL | 0 | 0 |
Securities Sold or exchanged | 0 | 0 |
Writeoff | 0 | 0 |
Allowance, end of period | 6 | 0 |
CMBS | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | ||
Allowance, beginning of period | 15 | 13 |
ACL not previously recorded | 1 | 2 |
Changes for securities with previously recorded ACL | 5 | 0 |
Securities Sold or exchanged | (10) | 0 |
Writeoff | 0 | 0 |
Allowance, end of period | $ 11 | $ 15 |
Investments (Mortgage Loans by
Investments (Mortgage Loans by Portfolio Segment) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage Loans, Gross | $ 63,093 | $ 63,018 | ||
Allowance for Credit Loss | (509) | (448) | $ (536) | $ (517) |
Total mortgage loans | $ 62,584 | $ 62,570 | ||
Percentage Of mortgage total recorded investment To Mortgage Loans On Real Estate Commercial And Consumer Net | 100.80% | 100.70% | ||
Percentage of Allowance for Credit Losses for Financing Receivables | (0.80%) | (0.70%) | ||
Percentage Of Mortgage Loans On Real Estate To Mortgage Loans On Real Estate Commercial And Consumer Net | 100% | 100% | ||
Commercial Mortgage Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage Loans, Gross | $ 37,129 | $ 37,196 | ||
Allowance for Credit Loss | $ (210) | $ (174) | (260) | (199) |
Percentage Of Mortgage Loans, Gross | 59.30% | 59.40% | ||
Residential Mortgage Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage Loans, Gross | $ 10,133 | $ 9,953 | ||
Allowance for Credit Loss | $ (147) | $ (169) | (197) | (221) |
Percentage Of Mortgage Loans, Gross | 16.20% | 15.90% | ||
Agricultural Mortgage Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage Loans, Gross | $ 15,831 | $ 15,869 | ||
Allowance for Credit Loss | $ (152) | $ (105) | $ (79) | $ (97) |
Percentage Of Mortgage Loans, Gross | 25.30% | 25.40% |
Investments (Mortgage Loans All
Investments (Mortgage Loans Allowance for Credit Loss Rollforward by Portfolio Segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Balance at January 1, | $ 448 | $ 536 | $ 517 |
Provision (release) | 111 | 24 | 42 |
Initial credit losses on PCD loans (1) | 0 | 0 | 3 |
Charge-offs, net of recoveries | (50) | (112) | (26) |
Balance at December 31, | 509 | 448 | 536 |
Commercial Mortgage Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Balance at January 1, | 174 | 260 | 199 |
Provision (release) | 50 | (3) | 61 |
Initial credit losses on PCD loans (1) | 0 | 0 | 0 |
Charge-offs, net of recoveries | (14) | (83) | 0 |
Balance at December 31, | 210 | 174 | 260 |
Residential Mortgage Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Balance at January 1, | 169 | 197 | 221 |
Provision (release) | (22) | (20) | (25) |
Initial credit losses on PCD loans (1) | 0 | 0 | 3 |
Charge-offs, net of recoveries | 0 | (8) | (2) |
Balance at December 31, | 147 | 169 | 197 |
Agricultural Mortgage Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Balance at January 1, | 105 | 79 | 97 |
Provision (release) | 83 | 47 | 6 |
Initial credit losses on PCD loans (1) | 0 | 0 | 0 |
Charge-offs, net of recoveries | (36) | (21) | (24) |
Balance at December 31, | $ 152 | $ 105 | $ 79 |
Investments (Modifications to B
Investments (Modifications to Borrowers Experiencing Financial Difficulty) (Details) - Commercial Mortgage Loans $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Maximum | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Modified, Weighted Average Term Increase | Less than one year |
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage | 1% |
Extended Maturity | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 419 |
Investments (Credit Quality of
Investments (Credit Quality of Commercial Mortgage Loans) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Mortgage Loans, Gross | $ 63,093 | $ 63,018 |
Commercial Mortgage Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 1,866 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 5,204 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 4,161 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 2,648 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 4,506 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 16,046 | |
Financing Receivable, Revolving | 2,698 | |
Mortgage Loans, Gross | $ 37,129 | $ 37,196 |
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 | $ 1,309 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 4,221 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 3,777 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 2,375 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 3,963 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 13,609 | |
Financing Receivable, Revolving | 2,698 | |
Mortgage Loans, Gross | $ 31,952 | |
Loans Receivable Commercial Mortgage Percentage | 86.10% | |
Commercial Mortgage Loans | 1.00x - 1.20x | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | $ 459 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 393 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 368 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 331 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,427 | |
Financing Receivable, Revolving | 0 | |
Mortgage Loans, Gross | $ 2,978 | |
Loans Receivable Commercial Mortgage Percentage | 8% | |
Commercial Mortgage Loans | Less Than 1.00x | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | $ 98 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 590 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 16 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 273 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 212 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,010 | |
Financing Receivable, Revolving | 0 | |
Mortgage Loans, Gross | $ 2,199 | |
Loans Receivable Commercial Mortgage Percentage | 5.90% | |
Commercial Mortgage Loans | Less than 65% | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | $ 1,609 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,228 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,795 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 989 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 1,980 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 8,873 | |
Financing Receivable, Revolving | 2,698 | |
Mortgage Loans, Gross | $ 19,172 | |
Loans Receivable Commercial Mortgage Percentage | 51.70% | |
Commercial Mortgage Loans | 65% to 75% | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | $ 226 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 3,030 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,416 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 937 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 1,024 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 3,549 | |
Financing Receivable, Revolving | 0 | |
Mortgage Loans, Gross | $ 10,182 | |
Loans Receivable Commercial Mortgage Percentage | 27.40% | |
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 | 359 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 227 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 111 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 843 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 996 | |
Financing Receivable, Revolving | 0 | |
Mortgage Loans, Gross | $ 2,536 | |
Loans Receivable Commercial Mortgage Percentage | 6.80% | |
Commercial Mortgage Loans | Greater than 80% | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | $ 31 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 587 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 723 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 611 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 659 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 2,628 | |
Financing Receivable, Revolving | 0 | |
Mortgage Loans, Gross | $ 5,239 | |
Loans Receivable Commercial Mortgage Percentage | 14.10% |
Investments (Credit Quality o_2
Investments (Credit Quality of Agricultural and Residential Mortgage Loans) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Mortgage Loans, Gross | $ 63,093 | $ 63,018 |
Residential Mortgage Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 244 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,887 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 895 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 159 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 597 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 6,351 | |
Financing Receivable, Revolving | 0 | |
Mortgage Loans, Gross | $ 10,133 | 9,953 |
Loans Receivable Residential Mortgage Percentage | 100% | |
Mortgage Loans in Process of Foreclosure, Amount | $ 134 | 143 |
Residential Mortgage Loans | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 243 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,855 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 880 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 151 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 565 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 6,096 | |
Financing Receivable, Revolving | 0 | |
Mortgage Loans, Gross | $ 9,790 | |
Loans Receivable Residential Mortgage Percentage | 96.60% | |
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 | 32 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 15 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 8 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 32 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 255 | |
Financing Receivable, Revolving | 0 | |
Mortgage Loans, Gross | $ 343 | |
Loans Receivable Residential Mortgage Percentage | 3.40% | |
Agricultural Mortgage Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | $ 799 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 2,067 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,675 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 2,108 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 1,669 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 6,097 | |
Financing Receivable, Revolving | 1,416 | |
Mortgage Loans, Gross | $ 15,831 | $ 15,869 |
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 | $ 772 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,985 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,474 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 1,977 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 1,512 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 5,596 | |
Financing Receivable, Revolving | 1,293 | |
Mortgage Loans, Gross | $ 14,609 | |
Loans Receivable Agricultural Mortgage Percentage | 92.30% | |
Agricultural Mortgage Loans | 65% to 75% | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | $ 22 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 82 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 201 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 126 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 24 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 489 | |
Financing Receivable, Revolving | 118 | |
Mortgage Loans, Gross | $ 1,062 | |
Loans Receivable Agricultural Mortgage Percentage | 6.70% | |
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 | 0 | |
Financing Receivable, Revolving | 0 | |
Mortgage Loans, Gross | $ 0 | |
Loans Receivable Agricultural Mortgage Percentage | 0% | |
Agricultural Mortgage Loans | Greater than 80% | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | $ 5 | |
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 | 5 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 133 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 12 | |
Financing Receivable, Revolving | 5 | |
Mortgage Loans, Gross | $ 160 | |
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 | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Nonaccrual [Line Items] | ||
Mortgage Loans, Gross | $ 63,093 | $ 63,018 |
Greater than 90 Days Past Due and Still Accruing Interest | 0 | 18 |
Financing Receivable, Nonaccrual | 852 | 718 |
Financial Asset, Past Due | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Mortgage Loans, Gross | 402 | 548 |
Commercial Mortgage Loans | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Mortgage Loans, Gross | 37,129 | 37,196 |
Greater than 90 Days Past Due and Still Accruing Interest | 0 | 0 |
Financing Receivable, Nonaccrual | 303 | 158 |
Commercial Mortgage Loans | Financial Asset, Past Due | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Mortgage Loans, Gross | 19 | 0 |
Residential Mortgage Loans | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Mortgage Loans, Gross | 10,133 | 9,953 |
Greater than 90 Days Past Due and Still Accruing Interest | 0 | 0 |
Financing Receivable, Nonaccrual | 343 | 429 |
Residential Mortgage Loans | Financial Asset, Past Due | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Mortgage Loans, Gross | 343 | 428 |
Agricultural Mortgage Loans | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Mortgage Loans, Gross | 15,831 | 15,869 |
Greater than 90 Days Past Due and Still Accruing Interest | 0 | 18 |
Financing Receivable, Nonaccrual | 206 | 131 |
Agricultural Mortgage Loans | Financial Asset, Past Due | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Mortgage Loans, Gross | $ 40 | $ 120 |
Investments (Real Estate and Re
Investments (Real Estate and Real Estate Joint Ventures) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Real Estate [Line Items] | |||
Leased real estate investments, Carrying Value | $ 1,594 | $ 1,618 | |
Other real estate investments, Carrying Value | 506 | 487 | |
Real estate joint ventures, Carrying Value | 6,590 | 6,311 | |
Real estate and real estate joint ventures | 8,690 | 8,416 | |
Income (Loss) from Equity Method Investments | 51 | 625 | $ 3,235 |
Gross Investment Income, Operating | 12,513 | 11,002 | 13,126 |
Real Estate and Real Estate Joint Ventures | |||
Real Estate [Line Items] | |||
Gross Investment Income, Operating | $ 383 | $ 749 | $ 575 |
Other real estate | |||
Real Estate [Line Items] | |||
Operating Lease, Lease Income | Total Revenues | Total Revenues | Total Revenues |
Operating Lease, Lease Income | $ 287 | $ 243 | $ 186 |
Real estate joint ventures | |||
Real Estate [Line Items] | |||
Income (Loss) from Equity Method Investments | $ (75) | $ 308 | $ 180 |
Leased real estate | |||
Real Estate [Line Items] | |||
Operating Lease, Lease Income | Total Revenues | Total Revenues | Total Revenues |
Operating Lease, Lease Income | $ 171 | $ 198 | $ 209 |
Investments (Leased Real Estate
Investments (Leased Real Estate Investments - Operating Leases) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Operating Leases by Property Type [Line Items] | |||
Leased real estate investments, Carrying Value | $ 1,594 | $ 1,618 | |
Office | |||
Schedule of Operating Leases by Property Type [Line Items] | |||
Leased real estate investments, Carrying Value | $ 848 | $ 797 | |
Operating Lease, Lease Income | Total Revenues | Total Revenues | Total Revenues |
Operating Lease, Lease Income | $ 114 | $ 74 | $ 73 |
Apartment | |||
Schedule of Operating Leases by Property Type [Line Items] | |||
Leased real estate investments, Carrying Value | $ 324 | $ 328 | |
Operating Lease, Lease Income | Total Revenues | Total Revenues | Total Revenues |
Operating Lease, Lease Income | $ 23 | $ 34 | $ 40 |
Retail | |||
Schedule of Operating Leases by Property Type [Line Items] | |||
Leased real estate investments, Carrying Value | $ 280 | $ 298 | |
Operating Lease, Lease Income | Total Revenues | Total Revenues | Total Revenues |
Operating Lease, Lease Income | $ 23 | $ 35 | $ 44 |
Industrial | |||
Schedule of Operating Leases by Property Type [Line Items] | |||
Leased real estate investments, Carrying Value | $ 119 | $ 171 | |
Operating Lease, Lease Income | Total Revenues | Total Revenues | Total Revenues |
Operating Lease, Lease Income | $ 11 | $ 55 | $ 52 |
Land | |||
Schedule of Operating Leases by Property Type [Line Items] | |||
Leased real estate investments, Carrying Value | $ 23 | $ 24 | |
Operating Lease, Lease Income | Total Revenues | Total Revenues | Total Revenues |
Operating Lease, Lease Income | $ 0 | $ 0 | |
Leased real estate | |||
Schedule of Operating Leases by Property Type [Line Items] | |||
Operating Lease, Lease Income | Total Revenues | Total Revenues | Total Revenues |
Operating Lease, Lease Income | $ 171 | $ 198 | $ 209 |
Investments (FVO Securities and
Investments (FVO Securities and Equity Securities) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
FVO Securities | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Debt Securities, Trading, and Equity Securities, FV-NI, Cost | $ 379 | $ 673 |
Equity and Trading Securities, FV-NI, Unrealized Gains (Losses) | 367 | 171 |
Debt Securities, Trading, and Equity Securities, FV-NI | 746 | 844 |
Common Stock | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity Securities, FV-NI, Cost | 118 | 119 |
Equity and Trading Securities, FV-NI, Unrealized Gains (Losses) | 45 | 47 |
Equity Securities, FV-NI | 163 | 166 |
Non-redeemable preferred stock | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity Securities, FV-NI, Cost | 177 | 77 |
Equity and Trading Securities, FV-NI, Unrealized Gains (Losses) | 7 | (3) |
Equity Securities, FV-NI | 184 | 74 |
Equity securities | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity Securities, FV-NI, Cost | 295 | 196 |
Equity and Trading Securities, FV-NI, Unrealized Gains (Losses) | 52 | 44 |
Equity Securities, FV-NI | $ 347 | $ 240 |
Investments (Securities Lending
Investments (Securities Lending and Repurchase Agreements) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | $ 5,684 | $ 6,773 |
Securities Lending Reinvestment Portfolio Estimated Fair Value | 5,565 | 6,625 |
Repurchase Agreements | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 2,975 | 3,125 |
Securities Lending Reinvestment Portfolio Estimated Fair Value | 2,913 | 3,057 |
Estimated fair value | ||
Securities Financing Transaction [Line Items] | ||
Securities loaned | 5,528 | 6,601 |
Securities Sold under Agreements to Repurchase | $ 3,029 | $ 3,176 |
Investments (Securities Lendi_2
Investments (Securities Lending and Repurchase Agreements Remaining Tenor) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | $ 5,684 | $ 6,773 |
U.S. government and agency | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 5,684 | 6,773 |
Open (1) | U.S. government and agency | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 943 | 935 |
1 Month or Less | U.S. government and agency | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 2,523 | 4,233 |
Over 1 Month to 6 Months | U.S. government and agency | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 2,218 | 1,605 |
Over 6 Months to 1 Year | U.S. government and agency | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 0 | 0 |
Repurchase Agreements | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 2,975 | 3,125 |
Repurchase Agreements | U.S. government and agency | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 2,975 | 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 | 2,975 | 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 and Pledged as Collateral) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Investments, Debt and Equity Securities [Abstract] | ||
Invested assets on deposit (regulatory deposits) | $ 105 | $ 98 |
Invested assets pledged as collateral (1) | 21,177 | 20,612 |
Total invested assets on deposit and pledged as collateral | $ 21,282 | $ 20,710 |
Investments (Consolidated Varia
Investments (Consolidated Variable Interest Entities) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Variable Interest Entity [Line Items] | ||
Total Assets | $ 378,685 | $ 384,839 |
Total Liabilities | 365,069 | 371,444 |
Variable Interest Entity, Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 1,724 | 1,678 |
Total Liabilities | 0 | 0 |
Real estate joint ventures | Variable Interest Entity, Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 1,427 | 1,357 |
Total Liabilities | 0 | 0 |
Mortgage loans | Variable Interest Entity, Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 171 | 147 |
Total Liabilities | 0 | 0 |
Renewable energy partnership (primarily other invested assets) | Variable Interest Entity, Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 65 | 76 |
Total Liabilities | 0 | 0 |
Investment funds (primarily other invested assets) | Variable Interest Entity, Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 61 | 98 |
Total Liabilities | $ 0 | $ 0 |
Investments (Unconsolidated Var
Investments (Unconsolidated Variable Interest Entities) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Variable Interest Entity [Line Items] | ||
Total Assets | $ 378,685 | $ 384,839 |
Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 44,111 | 44,540 |
Maximum Exposure to Loss | 46,494 | 47,126 |
Variable Interest Entity, Not Primary Beneficiary | Fixed Maturity Securities | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 35,370 | 35,813 |
Maximum Exposure to Loss | 35,370 | 35,813 |
Variable Interest Entity, Not Primary Beneficiary | Other limited partnership interests | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 7,319 | 7,299 |
Maximum Exposure to Loss | 9,452 | 9,716 |
Variable Interest Entity, Not Primary Beneficiary | Other invested assets | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 1,318 | 1,342 |
Maximum Exposure to Loss | 1,405 | 1,509 |
Variable Interest Entity, Not Primary Beneficiary | Real estate joint ventures | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 104 | 86 |
Maximum Exposure to Loss | $ 267 | $ 88 |
Investments (Net Investment Inc
Investments (Net Investment Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net Investment Income [Line Items] | |||
Gross Investment Income, Operating | $ 12,513 | $ 11,002 | $ 13,126 |
Less: Investment expenses | 1,307 | 880 | 640 |
Net investment income | 11,206 | 10,122 | 12,486 |
Fixed Maturity Securities | |||
Net Investment Income [Line Items] | |||
Gross Investment Income, Operating | 7,492 | 6,458 | 6,101 |
Mortgage loans | |||
Net Investment Income [Line Items] | |||
Gross Investment Income, Operating | 3,302 | 2,615 | 2,661 |
Policy loans | |||
Net Investment Income [Line Items] | |||
Gross Investment Income, Operating | 294 | 288 | 292 |
Real Estate and Real Estate Joint Ventures | |||
Net Investment Income [Line Items] | |||
Gross Investment Income, Operating | 383 | 749 | 575 |
Other limited partnership interests | |||
Net Investment Income [Line Items] | |||
Gross Investment Income, Operating | 191 | 433 | 3,161 |
Cash, cash equivalents and short-term investments | |||
Net Investment Income [Line Items] | |||
Gross Investment Income, Operating | 382 | 147 | 11 |
FVO Securities | |||
Net Investment Income [Line Items] | |||
Net investment income | 147 | (143) | 102 |
Operating joint venture | |||
Net Investment Income [Line Items] | |||
Gross Investment Income, Operating | 18 | 34 | 65 |
Equity securities | |||
Net Investment Income [Line Items] | |||
Gross Investment Income, Operating | 7 | 11 | 16 |
Other Investments | |||
Net Investment Income [Line Items] | |||
Gross Investment Income, Operating | $ 297 | $ 410 | $ 142 |
Investments (Supplemental Net I
Investments (Supplemental Net Investment Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net Investment Income [Line Items] | |||
Debt and Equity Securities, Realized Gain (Loss) | $ (193) | $ (159) | $ 601 |
Equity Securities, FV-NI, Unrealized Gain (Loss) | 7 | 12 | 101 |
Income (Loss) from Equity Method Investments | 51 | 625 | 3,235 |
Net Investment Income | |||
Net Investment Income [Line Items] | |||
Debt and Equity Securities, Realized Gain (Loss) | 0 | (13) | 22 |
Debt and Equity Securities, Unrealized Gain (Loss) | 216 | (33) | 168 |
Debt and Equity Securities, Gain (Loss) | 216 | (46) | 190 |
Unit-Linked Investments | |||
Net Investment Income [Line Items] | |||
Equity Securities, FV-NI, Unrealized Gain (Loss) | $ 140 | $ (145) | $ 77 |
Investments (Components of Net
Investments (Components of Net Investment Gains Losses - Asset Type) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Marketable Securities, Gain (Loss) [Abstract] | |||
Fixed maturity securities AFS (1) | $ (1,284) | $ (851) | $ (49) |
Equity Securities, FV-NI, Gain (Loss) | 5 | 6 | 40 |
Other net investment gains (losses): | |||
Mortgage loans (1) | (174) | (42) | (34) |
Real estate and REJV (excluding changes in estimated fair value) | 102 | 561 | 568 |
OLPI (excluding changes in estimated fair value) | 9 | 4 | (15) |
Other gains (losses) | 18 | 72 | 109 |
Subtotal - investment portfolio gains (losses) | (1,324) | (250) | 619 |
Change In Estimated Fair Value Of Other Limited Partnership Interests And Real Estate Joint Ventures | (6) | (14) | 45 |
Non-investment portfolio gains (losses) | (45) | 137 | (12) |
Subtotal | (51) | 123 | 33 |
Net investment gains (losses) | $ (1,375) | $ (127) | $ 652 |
Investments (Components of Ne_2
Investments (Components of Net Investment Gains Losses - Transaction Type) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Gain (Loss) on Securities [Line Items] | |||
Realized gains (losses) on investments sold or disposed | $ (193) | $ (146) | $ 579 |
Impairments | (994) | (38) | (24) |
Change in allowance for credit loss recognized in earnings | (144) | (77) | (41) |
Unrealized net gains (losses) recognized in earnings | 1 | (3) | 150 |
Total recognized gains (losses) | (1,330) | (264) | 664 |
Non-investment portfolio gains (losses) | (45) | 137 | (12) |
Net investment gains (losses) | (1,375) | (127) | 652 |
Impairment (losses) | (965) | (38) | (24) |
Fixed maturity securities AFS (1) | (1,284) | $ (851) | $ (49) |
Gain (Loss) on Sale of Mortgage Loans | (2) | ||
Reinsurance Risk Transfer Transaction | |||
Gain (Loss) on Securities [Line Items] | |||
Realized gains (losses) on investments sold or disposed | 895 | ||
Impairment (losses) | (946) | ||
Fixed maturity securities AFS (1) | 82 | ||
Commercial Mortgage Loans | Reinsurance Risk Transfer Transaction | |||
Gain (Loss) on Securities [Line Items] | |||
Other Asset Impairment Charges | $ (29) |
Investments (Supplemental Net_2
Investments (Supplemental Net Investment Gains (Losses)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net Investment Income [Line Items] | |||
Equity Securities, FV-NI, Unrealized Gain (Loss) | $ 7 | $ 12 | $ 101 |
Realized gains (losses) on investments sold or disposed | (193) | (146) | 579 |
Gains (losses) on leveraged leases and renewable energy partnerships | 26 | 33 | 12 |
Foreign Currency Transaction Gain (Loss), Realized | (61) | 97 | 62 |
Debt and Equity Securities, Realized Gain (Loss) | (193) | (159) | 601 |
Net Investment Income | |||
Net Investment Income [Line Items] | |||
Debt and Equity Securities, Realized Gain (Loss) | 0 | (13) | 22 |
Cash Flow Hedging [Member] | |||
Net Investment Income [Line Items] | |||
Realized gains (losses) on investments sold or disposed | (10) | 48 | 91 |
Equity securities | |||
Net Investment Income [Line Items] | |||
Equity Securities, FV-NI, Unrealized Gain (Loss) | $ 7 | $ 8 | $ 10 |
Investments (Sales or Disposals
Investments (Sales or Disposals and Impairments of Fixed Maturity AFS Securities) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Securities, Available-for-sale [Line Items] | |||
Proceeds | $ 19,803 | $ 42,903 | $ 27,587 |
Gross investment gains | 354 | 469 | 232 |
Gross investment (losses) | (655) | (1,221) | (256) |
Realized gains (losses) on sales and disposals | (301) | (752) | (24) |
Net credit loss (provision) release (change in ACL recognized in earnings) | (18) | (61) | (1) |
Impairment (losses) | (965) | (38) | (24) |
Net credit loss (provision) release and impairment (losses) | (983) | (99) | (25) |
Net Investment Gains (Losses) | (193) | (146) | 579 |
Equity Securities, Realized gains (Losses) on sales and disposals | (2) | (6) | (61) |
Equity Securities, FV-NI, Unrealized Gain (Loss) | 7 | 12 | 101 |
Equity Securities, FV-NI, Gain (Loss) | 5 | 6 | 40 |
Fixed Maturity Securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Net Investment Gains (Losses) | $ (1,284) | $ (851) | $ (49) |
Investments (Recurring Related
Investments (Recurring Related Party Investments Transactions) (Details) $ in Millions, ¥ in Billions | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2023 JPY (¥) | |
Related Party Transaction [Line Items] | ||||
Other invested assets - VIE | $ 17,040 | $ 19,148 | ||
Metropolitan General Insurance Company | ||||
Related Party Transaction [Line Items] | ||||
Preferred Stock, Dividend Yield, Percentage | 7.50% | 7.50% | ||
Related Party Loan 1 - Matured in July 2023 | Metlife Inc | ||||
Related Party Transaction [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 1.60% | 1.60% | ||
Debt Instrument, Face Amount | $ 258 | ¥ 37.3 | ||
Related Party Loan 1 - Issued in July 2023, Maturing July 2030 | Metlife Inc | ||||
Related Party Transaction [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 2.16% | 2.16% | ||
Debt Instrument, Face Amount | ¥ | ¥ 37.3 | |||
Minimum | ||||
Related Party Transaction [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 1.61% | 1.61% | ||
Maximum | ||||
Related Party Transaction [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 2.16% | 2.16% | ||
Metlife Inc | ||||
Related Party Transaction [Line Items] | ||||
Other invested assets - VIE | $ 1,130 | 1,207 | ||
Related Party Transaction, Other Revenues from Transactions with Related Party | 20 | 16 | $ 31 | |
American Life Insurance Company | ||||
Related Party Transaction [Line Items] | ||||
Other invested assets - VIE | 0 | 100 | ||
Related Party Transaction, Other Revenues from Transactions with Related Party | $ 1 | 1 | 2 | |
Debt Instrument, Interest Rate, Stated Percentage | 1.88% | 1.88% | ||
Metropolitan General Insurance Company | ||||
Related Party Transaction [Line Items] | ||||
Other invested assets - VIE | $ 150 | 0 | ||
Related Party Transaction, Other Revenues from Transactions with Related Party | 0 | 0 | 0 | |
Affiliated Entity | ||||
Related Party Transaction [Line Items] | ||||
Assets Transferred To Affiliates, Estimated Fair Value | 718 | 472 | 795 | |
Transfers of Financial Assets Accounted for as Sale, Amortized Cost of Assets Obtained as Proceeds | 756 | 432 | 776 | |
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale, Gain (Loss) on Sale | (38) | 40 | 19 | |
Assets Transferred From Affiliates Estimated Fair Value | 1,178 | 497 | 1,346 | |
Derivative Liabilities Transferred From Affiliates, Estimated Fair derivative liabilities transferred from affiliates, Estimated Fair Value | 0 | 64 | 0 | |
Other invested assets - VIE | 1,280 | 1,307 | ||
Affiliated Entity | Other Investments | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Other Revenues from Transactions with Related Party | $ 21 | $ 17 | $ 33 |
Investments (Evaluation of Fixe
Investments (Evaluation of Fixed Maturity Securities AFS in an Unrealized Loss Position - Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Securities, Available-for-sale [Line Items] | |||
Change in Gross Unrealized Temporary (loss) | $ 5,841 | $ (30,335) | $ (5,341) |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 11,800 | ||
Below Investment Grade | |||
Debt Securities, Available-for-sale [Line Items] | |||
Equal to or Greater than 12 Months Gross Unrealized Loss | 428 | $ 436 | |
Fixed maturity securities without an allowance for credit loss | |||
Debt Securities, Available-for-sale [Line Items] | |||
Change in Gross Unrealized Temporary (loss) | $ 4,800 |
Investments (Mortgage Loans - N
Investments (Mortgage Loans - Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Dec. 31, 2023 | 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 | $ (720) | $ (717) | ||
Financing Receivable, Purchase | 1,100 | 2,300 | $ 1,400 | |
Related Party Transaction, Amounts of Transaction | 536 | 576 | 1,000 | |
Participating Mortgage Loans, Mortgage Obligations, Amount | 2,100 | 4,800 | 4,700 | |
Mortgage Loan Participations, Principal and Interest Payment collected | 2,500 | 2,600 | 1,900 | |
Loans and Leases Receivable, Related Parties, Additions | $ 5,300 | |||
Loans and Leases Receivable, Related Parties | 13,100 | |||
Mortgage Loans Contributed To Joint Ventures | 14 | 306 | ||
Amortized Cost Of Mortgage Loans Foreclosed | 35 | 285 | ||
Gain On Mortgage Loans Foreclosure | 19 | |||
Mortgage Loans, Gross | $ 63,093 | $ 63,018 | ||
Percentage of mortgage loans with LTV ratio in excess of 100% | 2% | |||
Percentage of Mortgage Loans Classified as Performing | 99% | 99% | ||
Loans Receivable | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Related Party Transaction, Amounts of Transaction | $ 5,300 | |||
Affiliated Entity [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Sale | $ 22 | $ 167 | $ 277 | |
Commercial Mortgage Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Interest Receivable | 196 | 171 | ||
Mortgage Loans, Gross | 37,129 | 37,196 | ||
Commercial Mortgage Loans | Reinsurance Risk Transfer Transaction | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Sale | 141 | |||
Gain (Loss) on Sale of Financing Receivable | 31 | |||
Residential Mortgage Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Interest Receivable | 79 | 70 | ||
Mortgage Loans, Gross | 10,133 | 9,953 | ||
Agricultural Mortgage Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Interest Receivable | 166 | 147 | ||
Mortgage Loans, Gross | 15,831 | $ 15,869 | ||
Mortgage Loans with LTV ratio in excess of 100% [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage Loans, Gross | $ 1,000 |
Investments (Real Estate and _2
Investments (Real Estate and Real Estate Joint Ventures - Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Investments, All Other Investments [Abstract] | |||
Real Estate Acquired Through Foreclosure | $ 190 | $ 179 | |
Depreciation | 81 | 86 | $ 86 |
Real Estate Investment Property, Net | $ 638 | $ 566 |
Investments (Operating Leases -
Investments (Operating Leases - Narrative) (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Investments, All Other Investments [Abstract] | |
Lessor, Operating Lease, Payment to be Received, Year One | $ 99 |
Lessor, Operating Lease, Payment to be Received, Year Two | 101 |
Lessor, Operating Lease, Payment to be Received, Year Three | 93 |
Lessor, Operating Lease, Payment to be Received, Year Four | 84 |
Lessor, Operating Lease, Payment to be Received, Year Five | 71 |
Lessor, Operating Lease, Payment to be Received, after Year Five | 223 |
Lessor, Operating Lease, Payments to be Received | $ 671 |
Investments (Other Invested Ass
Investments (Other Invested Assets - Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |||
Carrying value of Tax Credits | $ 518 | $ 749 | |
Losses From Tax Credits | $ 145 | $ 175 | $ 197 |
Investments (Cash Equivalents -
Investments (Cash Equivalents - Narrative) (Details) - USD ($) $ in Billions | Dec. 31, 2023 | Dec. 31, 2022 |
Investments, Debt and Equity Securities [Abstract] | ||
Cash equivalents | $ 3.5 | $ 6.6 |
Investments (Concentrations of
Investments (Concentrations of Credit Risk - Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Investments, Debt and Equity Securities [Abstract] | ||
Fair Value, Concentration of Risk, Investments | $ 0 | $ 0 |
Investments (Invested Assets _2
Investments (Invested Assets on Deposit and Pledged as Collateral - Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Investments, Debt and Equity Securities [Abstract] | ||
Federal Home Loan Bank Stock | $ 637 | $ 659 |
Investments (Collectively Signi
Investments (Collectively Significant Equity Method Investments - Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity Method Investments | $ 16,000 | $ 16,000 | |||||||||
Unfunded Commitments For Investments Accounted For Under Equity Method | 3,000 | 3,000 | |||||||||
Total Assets | 378,685 | $ 384,839 | 378,685 | $ 384,839 | |||||||
Total Liabilities | 365,069 | 371,444 | 365,069 | 371,444 | |||||||
Net income (loss) | (663) | $ 1,379 | $ 510 | $ (91) | 580 | $ 1,510 | $ 1,684 | $ 1,882 | 1,135 | 5,656 | $ 3,715 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Total Assets | 991,600 | 1,000,000 | 991,600 | 1,000,000 | |||||||
Total Liabilities | $ 114,100 | $ 119,800 | 114,100 | 119,800 | |||||||
Net income (loss) | $ 24,700 | $ (8,300) | $ 218,600 |
Investments (Related Party Inve
Investments (Related Party Investment Transactions - Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |||
Costs and Expenses, Related Party | $ 301 | $ 272 | $ 292 |
Derivatives (Primary Risks) (De
Derivatives (Primary Risks) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Estimated Fair Value Assets | $ 6,506 | $ 8,396 |
Estimated Fair Value Liabilities | 2,897 | 3,529 |
Derivative, Notional Amount | 181,578 | 211,624 |
Derivatives Designated as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Estimated Fair Value Assets | 3,290 | 3,887 |
Estimated Fair Value Liabilities | 1,776 | 2,450 |
Derivative, Notional Amount | 41,003 | 39,857 |
Derivatives Designated as Hedging Instruments [Member] | Fair Value Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Estimated Fair Value Assets | 1,312 | 1,427 |
Estimated Fair Value Liabilities | 509 | 443 |
Derivative, Notional Amount | 5,902 | 4,601 |
Derivatives Designated as Hedging Instruments [Member] | Fair Value Hedges [Member] | Interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Estimated Fair Value Assets | 1,257 | 1,353 |
Estimated Fair Value Liabilities | 508 | 443 |
Derivative, Notional Amount | 4,443 | 4,036 |
Derivatives Designated as Hedging Instruments [Member] | Fair Value Hedges [Member] | Foreign currency swaps | ||
Derivatives, Fair Value [Line Items] | ||
Estimated Fair Value Assets | 55 | 74 |
Estimated Fair Value Liabilities | 1 | 0 |
Derivative, Notional Amount | 1,459 | 565 |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Estimated Fair Value Assets | 1,978 | 2,460 |
Estimated Fair Value Liabilities | 1,267 | 2,007 |
Derivative, Notional Amount | 35,101 | 35,256 |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedges [Member] | Interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Estimated Fair Value Assets | 1 | 7 |
Estimated Fair Value Liabilities | 246 | 239 |
Derivative, Notional Amount | 3,789 | 3,739 |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedges [Member] | Interest rate forwards | ||
Derivatives, Fair Value [Line Items] | ||
Estimated Fair Value Assets | 0 | 0 |
Estimated Fair Value Liabilities | 175 | 404 |
Derivative, Notional Amount | 970 | 2,227 |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedges [Member] | Foreign currency swaps | ||
Derivatives, Fair Value [Line Items] | ||
Estimated Fair Value Assets | 1,977 | 2,453 |
Estimated Fair Value Liabilities | 846 | 1,364 |
Derivative, Notional Amount | 30,342 | 29,290 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Estimated Fair Value Assets | 3,216 | 4,509 |
Estimated Fair Value Liabilities | 1,121 | 1,079 |
Derivative, Notional Amount | 140,575 | 171,767 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Estimated Fair Value Assets | 1,476 | 1,579 |
Estimated Fair Value Liabilities | 638 | 704 |
Derivative, Notional Amount | 15,516 | 15,358 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Interest rate floors | ||
Derivatives, Fair Value [Line Items] | ||
Estimated Fair Value Assets | 39 | 114 |
Estimated Fair Value Liabilities | 0 | 0 |
Derivative, Notional Amount | 13,921 | 23,371 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Interest rate caps | ||
Derivatives, Fair Value [Line Items] | ||
Estimated Fair Value Assets | 355 | 903 |
Estimated Fair Value Liabilities | 0 | 0 |
Derivative, Notional Amount | 28,890 | 46,666 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Interest rate futures | ||
Derivatives, Fair Value [Line Items] | ||
Estimated Fair Value Assets | 0 | 0 |
Estimated Fair Value Liabilities | 0 | 1 |
Derivative, Notional Amount | 25 | 414 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Interest rate options | ||
Derivatives, Fair Value [Line Items] | ||
Estimated Fair Value Assets | 361 | 434 |
Estimated Fair Value Liabilities | 27 | 36 |
Derivative, Notional Amount | 39,226 | 39,712 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Synthetic GICs | ||
Derivatives, Fair Value [Line Items] | ||
Estimated Fair Value Assets | 0 | 0 |
Estimated Fair Value Liabilities | 0 | 0 |
Derivative, Notional Amount | 6,145 | 13,044 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Foreign currency swaps | ||
Derivatives, Fair Value [Line Items] | ||
Estimated Fair Value Assets | 446 | 720 |
Estimated Fair Value Liabilities | 24 | 5 |
Derivative, Notional Amount | 4,304 | 4,739 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Foreign currency forwards | ||
Derivatives, Fair Value [Line Items] | ||
Estimated Fair Value Assets | 8 | 16 |
Estimated Fair Value Liabilities | 10 | 25 |
Derivative, Notional Amount | 1,176 | 1,328 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Credit default swaps — purchased | ||
Derivatives, Fair Value [Line Items] | ||
Estimated Fair Value Assets | 3 | 16 |
Estimated Fair Value Liabilities | 7 | 0 |
Derivative, Notional Amount | 809 | 843 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Credit default swaps — written | ||
Derivatives, Fair Value [Line Items] | ||
Estimated Fair Value Assets | 186 | 113 |
Estimated Fair Value Liabilities | 4 | 26 |
Derivative, Notional Amount | 10,007 | 9,074 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Equity futures | ||
Derivatives, Fair Value [Line Items] | ||
Estimated Fair Value Assets | 3 | 2 |
Estimated Fair Value Liabilities | 0 | 0 |
Derivative, Notional Amount | 941 | 1,063 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Equity index options | ||
Derivatives, Fair Value [Line Items] | ||
Estimated Fair Value Assets | 339 | 585 |
Estimated Fair Value Liabilities | 193 | 179 |
Derivative, Notional Amount | 17,703 | 14,143 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Equity variance swaps | ||
Derivatives, Fair Value [Line Items] | ||
Estimated Fair Value Assets | 0 | 4 |
Estimated Fair Value Liabilities | 0 | 0 |
Derivative, Notional Amount | 0 | 90 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Equity Total Return Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Estimated Fair Value Assets | 0 | 23 |
Estimated Fair Value Liabilities | 218 | 103 |
Derivative, Notional Amount | $ 1,912 | $ 1,922 |
Derivatives Derivatives (Effect
Derivatives Derivatives (Effects on the Consolidated Statements of Operations and Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net Investment Income | $ (11,206) | $ (10,122) | $ (12,486) |
Net investment gains (losses) | (1,375) | (127) | 652 |
Policyholder Benefits and Claims Incurred, Net | (26,150) | (33,133) | (29,084) |
Policyholder Account Balance, Interest Expense | 3,602 | 2,509 | 2,185 |
Gain (Loss) on Derivative Instruments, Net, Pretax | (1,537) | 752 | (1,629) |
Operating Expenses | 5,785 | 5,703 | 5,700 |
Other Comprehensive Income (Loss), before Tax | 1,769 | (9,199) | 290 |
Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net Investment Income | (54) | (64) | (61) |
Net investment gains (losses) | 101 | 45 | 85 |
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 |
Policyholder Benefits and Claims Incurred, Net | 0 | 0 | 0 |
Policyholder Account Balance, Interest Expense | 0 | 0 | 0 |
Other Comprehensive Income (Loss), before Tax | (1,078) | (399) | 111 |
Fair Value Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net Investment Income | (1) | 0 | (6) |
Net investment gains (losses) | 0 | 0 | 0 |
Policyholder Benefits and Claims Incurred, Net | (26) | (54) | 45 |
Policyholder Account Balance, Interest Expense | 6 | 5 | 5 |
Interest rate derivatives | Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net Investment Income | (50) | (59) | (57) |
Net investment gains (losses) | 87 | 51 | 87 |
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 |
Policyholder Benefits and Claims Incurred, Net | 0 | 0 | 0 |
Policyholder Account Balance, Interest Expense | 0 | 0 | 0 |
Other Comprehensive Income (Loss), before Tax | (137) | (110) | (144) |
Currency Swap [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net Investment Income | (4) | (5) | (4) |
Net investment gains (losses) | 684 | (417) | (229) |
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 |
Policyholder Benefits and Claims Incurred, Net | 0 | 0 | 0 |
Policyholder Account Balance, Interest Expense | 0 | 0 | 0 |
Other Comprehensive Income (Loss), before Tax | (688) | 412 | 225 |
Foreign Currency Gain (Loss) [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net Investment Income | 0 | 0 | 0 |
Net investment gains (losses) | (671) | 411 | 227 |
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 |
Policyholder Benefits and Claims Incurred, Net | 0 | 0 | 0 |
Policyholder Account Balance, Interest Expense | 0 | 0 | 0 |
Other Comprehensive Income (Loss), before Tax | 0 | 0 | 0 |
Derivative [Member] | Currency Swap [Member] | Fair Value Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net Investment Income | (39) | (105) | (49) |
Net investment gains (losses) | 0 | 0 | 0 |
Policyholder Benefits and Claims Incurred, Net | 0 | 0 | 0 |
Policyholder Account Balance, Interest Expense | 20 | 0 | 0 |
Derivative [Member] | Interest Rate Swap [Member] | Fair Value Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net Investment Income | (3) | (8) | (6) |
Net investment gains (losses) | 0 | 0 | 0 |
Policyholder Benefits and Claims Incurred, Net | 0 | 959 | 372 |
Policyholder Account Balance, Interest Expense | 29 | 231 | 83 |
Fixed Maturity Securities | Currency Swap [Member] | Fair Value Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net Investment Income | (38) | (105) | (43) |
Net investment gains (losses) | 0 | 0 | 0 |
Policyholder Benefits and Claims Incurred, Net | 0 | 0 | 0 |
Policyholder Account Balance, Interest Expense | 24 | 0 | 0 |
Fixed Maturity Securities | Interest Rate Swap [Member] | Fair Value Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net Investment Income | (3) | (8) | (6) |
Net investment gains (losses) | 0 | 0 | 0 |
Policyholder Benefits and Claims Incurred, Net | (26) | 905 | (327) |
Policyholder Account Balance, Interest Expense | 31 | 226 | 78 |
Credit forwards | Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net Investment Income | 0 | 0 | 0 |
Net investment gains (losses) | 1 | 0 | 0 |
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 |
Policyholder Benefits and Claims Incurred, Net | 0 | 0 | 0 |
Policyholder Account Balance, Interest Expense | 0 | 0 | 0 |
Other Comprehensive Income (Loss), before Tax | (1) | 0 | 0 |
Accumulated Other Comprehensive Income (Loss) | Currency Swap [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Tax | (177) | 766 | 600 |
Accumulated Other Comprehensive Income (Loss) | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Tax | (75) | (1,467) | (570) |
Accumulated Other Comprehensive Income (Loss) | Credit forwards | Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Tax | 0 | 0 | 0 |
Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net Investment Income | (52) | (34) | (1) |
Derivative, Gain (Loss) on Derivative, Net | (1,996) | (1,457) | (2,607) |
Equity Market Risk [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net Investment Income | (52) | (29) | (1) |
Derivative, Gain (Loss) on Derivative, Net | (1,042) | 491 | (1,308) |
Foreign Currency Gain (Loss) [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net Investment Income | 0 | 0 | 0 |
Derivative, Gain (Loss) on Derivative, Net | 85 | (300) | (65) |
Interest Rate Risk [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net Investment Income | 0 | (3) | (2) |
Derivative, Gain (Loss) on Derivative, Net | (842) | (2,190) | (1,523) |
Foreign Exchange [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net Investment Income | 0 | (2) | 0 |
Derivative, Gain (Loss) on Derivative, Net | (288) | 564 | 264 |
Credit Default Swap, Buying Protection [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net Investment Income | 0 | 0 | 0 |
Derivative, Gain (Loss) on Derivative, Net | (22) | 44 | 2 |
Credit Default Swap, Selling Protection [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net Investment Income | 0 | 0 | 0 |
Derivative, Gain (Loss) on Derivative, Net | 113 | (66) | 23 |
Net Embedded Derivatives | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Policyholder Benefits and Claims Incurred, Net | 0 | ||
Gain (Loss) on Derivative Instruments, Net, Pretax | (366) | 1,610 | 330 |
Nonoperating Income (Expense) [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net Investment Income | (184) | (370) | (167) |
Net investment gains (losses) | 0 | 0 | 0 |
Policyholder Benefits and Claims Incurred, Net | (4) | (112) | (168) |
Policyholder Account Balance, Interest Expense | 145 | 120 | 121 |
Gain (Loss) on Derivative Instruments, Net, Pretax | 808 | 599 | 648 |
Other Comprehensive Income (Loss), before Tax | 0 | 0 | 0 |
Synthetic GICs [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivative Instruments, Net, Pretax | 17 | 0 | 0 |
Effects of Derivatives on Consolidated Statements of Operations and Comprehensive Income (Loss) [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net Investment Income | (185) | (468) | (235) |
Net investment gains (losses) | 101 | 45 | 85 |
Policyholder Benefits and Claims Incurred, Net | (22) | (58) | (123) |
Policyholder Account Balance, Interest Expense | (151) | (125) | (126) |
Other Comprehensive Income (Loss), before Tax | $ (1,078) | $ (399) | $ 111 |
Derivatives (Fair Value Hedges)
Derivatives (Fair Value Hedges) (Details) - Designated as Hedging Instrument [Member] - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Hedged Asset, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | $ (113) | $ (136) |
Mortgages [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | (10) | (18) |
Debt Instruments, Carrying Amount | 345 | 319 |
Future policy benefits [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | 191 | 200 |
Debt Instruments, Carrying Amount | (2,863) | (2,816) |
Fixed Maturities [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | 1 | 1 |
Debt Instruments, Carrying Amount | 120 | 247 |
Policyholder Account Balances [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | 2 | 80 |
Debt Instruments, Carrying Amount | $ (1,844) | $ (1,735) |
Derivatives (Cash Flow Hedges)
Derivatives (Cash Flow Hedges) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Net | $ 23 | $ 25 | $ 6 |
Maximum Length of Time Hedged in Cash Flow Hedge | 5 years | 6 years | |
Accumulated Other Comprehensive Income Loss | $ 894 | $ 2,000 | |
Derivatives in cash flow hedging relationships | |||
Document Period End Date | Dec. 31, 2023 | ||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 210 | ||
Designated as Hedging Instrument [Member] | |||
Derivatives in cash flow hedging relationships | |||
Hedged Asset, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | $ (113) | $ (136) |
Derivatives (Credit Derivatives
Derivatives (Credit Derivatives) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 182 | $ 87 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 10,007 | $ 9,074 |
Weighted Average Years to Maturity | 4 years 4 months 24 days | 4 years 7 months 6 days |
Aaa/Aa/A | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 80 | $ 80 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 3,841 | $ 4,261 |
Weighted Average Years to Maturity | 2 years 8 months 12 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 | $ 0 | $ 1 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 10 | $ 10 |
Weighted Average Years to Maturity | 6 months | 1 year 6 months |
Aaa/Aa/A | Credit default swaps referencing indices | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 80 | $ 79 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 3,831 | $ 4,251 |
Weighted Average Years to Maturity | 2 years 8 months 12 days | 3 years 4 months 24 days |
Baa | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 103 | $ 13 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 6,037 | $ 4,638 |
Weighted Average Years to Maturity | 5 years 6 months | 5 years 9 months 18 days |
Baa | 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 | $ 55 | $ 40 |
Weighted Average Years to Maturity | 2 years 3 months 18 days | 2 years 6 months |
Baa | Credit default swaps referencing indices | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 102 | $ 13 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 5,982 | $ 4,598 |
Weighted Average Years to Maturity | 5 years 7 months 6 days | 5 years 10 months 24 days |
Ba | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 2 | $ 3 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 25 | $ 70 |
Weighted Average Years to Maturity | 3 years | 1 year 10 months 24 days |
Ba | Single name credit default swaps (3) | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 0 | $ 1 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 0 | $ 45 |
Weighted Average Years to Maturity | 0 years | 8 months 12 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 | 4 years |
B | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 1 | $ 1 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 74 | $ 75 |
Weighted Average Years to Maturity | 5 years | 4 years 6 months |
B | Credit default swaps referencing indices | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 1 | $ 1 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 74 | $ 75 |
Weighted Average Years to Maturity | 5 years | 4 years 6 months |
Caa | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ (4) | $ (10) |
Maximum Amount of Future Payments under Credit Default Swaps | $ 30 | $ 30 |
Weighted Average Years to Maturity | 2 years 6 months | 3 years 6 months |
Caa | Credit default swaps referencing indices | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ (4) | $ (10) |
Maximum Amount of Future Payments under Credit Default Swaps | $ 30 | $ 30 |
Weighted Average Years to Maturity | 2 years 6 months | 3 years 6 months |
Derivatives (Estimated Fair Val
Derivatives (Estimated Fair Value of Derivative Assets and Liabilities after Master Netting Agreements and Cash Collateral) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Offsetting Assets [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Excluding Accruals | $ 6,649 | $ 8,515 |
Derivative Liability, Fair Value, Gross Liability Excluding Accruals | 2,905 | 3,529 |
Net amount of derivative assets after application of master netting agreements and cash | 35 | 44 |
Net amount of derivative liabilities after application of master netting agreements and cash | 0 | 0 |
Over the Counter [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Excluding Accruals | 6,534 | 8,456 |
Derivative Liability, Fair Value, Gross Liability Excluding Accruals | 2,892 | 3,499 |
Derivative Liability, Subject to Master Netting Arrangement, Deduction of Financial Instrument Not Offset | (2,350) | (3,317) |
Derivative Asset, Subject to Master Netting Arrangement, Deduction of Financial Instrument Not Offset | (2,350) | (3,317) |
Cash collateral on derivative assets | (2,872) | (4,044) |
Cash collateral on derivative liabilities | 0 | 0 |
Securities collateral on derivative assets | (1,283) | (1,078) |
Securities collateral on derivative liabilities | (542) | (182) |
Exchange Traded [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Excluding Accruals | 3 | 2 |
Derivative Liability, Fair Value, Gross Liability Excluding Accruals | 0 | 1 |
Securities collateral on derivative assets | 0 | 0 |
Securities collateral on derivative liabilities | 0 | (1) |
Cleared [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Excluding Accruals | 112 | 57 |
Derivative Liability, Fair Value, Gross Liability Excluding Accruals | 13 | 29 |
Gross estimated fair value of derivative assets | (4) | (14) |
Gross estimated fair value of derivative liabilities | (4) | (14) |
Cash collateral on derivative assets | (105) | (18) |
Cash collateral on derivative liabilities | (1) | (1) |
Securities collateral on derivative assets | 0 | 0 |
Securities collateral on derivative liabilities | $ (8) | $ (14) |
Derivatives (Credit Risk on Fre
Derivatives (Credit Risk on Freestanding Derivatives) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Credit Derivatives [Line Items] | ||
Derivative, Collateral, Right to Reclaim Cash | $ 4 | $ 1 |
Derivatives Subject To Financial Strength-Contingent Provisions | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Derivatives in Net Liability Position | 542 | 182 |
Derivatives Subject To Financial Strength-Contingent Provisions | Fixed Maturities [Member] | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Collateral Provided | $ 896 | $ 221 |
Derivatives (Embedded Derivativ
Derivatives (Embedded Derivatives) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract] | ||
Embedded Derivative, Fair Value of Embedded Derivative Liability | $ (37) | $ (309) |
Embedded derivatives within asset host contracts | 15 | 149 |
Assumed affiliated reinsurance | Other invested assets | ||
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract] | ||
Embedded derivatives within asset host contracts | 41 | 149 |
Assumed affiliated reinsurance | Other liabilities | ||
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract] | ||
Embedded derivatives within asset host contracts | 104 | 0 |
Fixed annuities with equity indexed returns [Member] | Policyholder account balances [Member] | ||
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract] | ||
Embedded Derivative, Fair Value of Embedded Derivative Liability | 163 | 141 |
Funds withheld on affiliated reinsurance | Other invested assets | ||
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract] | ||
Embedded derivatives within asset host contracts | (26) | 0 |
Funds withheld on affiliated reinsurance | Other liabilities | ||
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract] | ||
Embedded Derivative, Fair Value of Embedded Derivative Liability | $ (304) | $ (450) |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivatives, Fair Value [Line Items] | |||
Estimated Fair Value Assets | $ 6,506 | $ 8,396 | |
Estimated Fair Value Liabilities | 2,897 | 3,529 | |
Maximum Amount of Future Payments under Credit Default Swaps | 10,007 | 9,074 | |
Estimated Fair Value of Credit Default Swaps | 182 | 87 | |
Derivative Instrument Detail [Abstract] | |||
Net amounts reclassified into net derivatives gains (losses) on discontinued cash flow hedges | $ 23 | $ 25 | $ 6 |
Hedging exposure to variability in future cash flows for specific length of time | 5 years | 6 years | |
Accumulated Other Comprehensive Income Loss | $ 894 | $ 2,000 | |
Deferred net gains (losses) expected to be reclassified to earnings | 210 | ||
Excess cash collateral received on derivatives | 154 | 210 | |
Excess cash collateral provided on derivatives | 4 | 1 | |
Securities collateral received which the company is permitted to sell or repledge, amount that has been sold or repledged | 0 | ||
Over the Counter [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Excess securities collateral received on derivatives | 286 | 366 | |
Derivative, Collateral, Right to Reclaim Securities | 1,100 | 934 | |
Exchange Traded [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Collateral, Right to Reclaim Securities | 56 | 96 | |
Exchange Cleared [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Collateral, Right to Reclaim Securities | 495 | 442 | |
Accrued Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Estimated Fair Value Assets | 143 | 119 | |
Estimated Fair Value Liabilities | $ 8 | $ 0 |
Fair Value (Recurring Fair Valu
Fair Value (Recurring Fair Value Measurements) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2021 |
Assets [Abstract] | |||
Estimated Fair Value of Fixed Maturity Securities AFS | $ 142,805 | $ 145,576 | |
Short-term investments | 3,048 | 2,759 | |
Derivative assets | 6,506 | 8,396 | |
Embedded derivatives within asset host contracts | 15 | 149 | |
Market risk benefits, at estimated fair value | 177 | 174 | |
Separate account assets | 83,197 | 89,241 | |
Liabilities [Abstract] | |||
Derivative liabilities | 2,897 | 3,529 | |
Embedded derivatives within liability host contracts | (37) | (309) | |
Market risk benefits, at estimated fair value | 2,878 | 3,270 | $ 6,789 |
Separate account liabilities | 83,197 | 89,241 | |
Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | 48 | 61 | |
Assets [Abstract] | |||
Estimated Fair Value of Fixed Maturity Securities AFS | 142,805 | 145,576 | |
Short-term investments | 3,048 | 2,759 | |
Other investments | 1,470 | 1,480 | |
Derivative assets | 6,506 | 8,396 | |
Embedded derivatives within asset host contracts | 15 | 149 | |
Market risk benefits, at estimated fair value | 177 | 174 | |
Separate account assets | 83,197 | 89,241 | |
Total assets (3) | 237,218 | 247,775 | |
Liabilities [Abstract] | |||
Derivative liabilities | 2,897 | 3,529 | |
Embedded derivatives within liability host contracts | (37) | (309) | |
Market risk benefits, at estimated fair value | 2,878 | 3,270 | |
Total liabilities | 5,746 | 6,531 | |
Recurring | Interest rate | |||
Assets [Abstract] | |||
Derivative assets | 3,489 | 4,390 | |
Liabilities [Abstract] | |||
Derivative liabilities | 1,594 | 1,827 | |
Recurring | Foreign currency exchange rate | |||
Assets [Abstract] | |||
Derivative assets | 2,486 | 3,263 | |
Liabilities [Abstract] | |||
Derivative liabilities | 881 | 1,394 | |
Recurring | Credit | |||
Assets [Abstract] | |||
Derivative assets | 189 | 129 | |
Liabilities [Abstract] | |||
Derivative liabilities | 11 | 26 | |
Recurring | Equity market | |||
Assets [Abstract] | |||
Derivative assets | 342 | 614 | |
Liabilities [Abstract] | |||
Derivative liabilities | 411 | 282 | |
Recurring | Separate account liabilities (2) | |||
Liabilities [Abstract] | |||
Separate account liabilities | 8 | 41 | |
Recurring | U.S. corporate | |||
Assets [Abstract] | |||
Estimated Fair Value of Fixed Maturity Securities AFS | 50,493 | 51,090 | |
Recurring | Foreign corporate | |||
Assets [Abstract] | |||
Estimated Fair Value of Fixed Maturity Securities AFS | 25,215 | 23,993 | |
Recurring | U.S. government and agency | |||
Assets [Abstract] | |||
Estimated Fair Value of Fixed Maturity Securities AFS | 21,060 | 22,358 | |
Recurring | RMBS | |||
Assets [Abstract] | |||
Estimated Fair Value of Fixed Maturity Securities AFS | 18,948 | 19,333 | |
Recurring | ABS & CLO | |||
Assets [Abstract] | |||
Estimated Fair Value of Fixed Maturity Securities AFS | 11,641 | 11,836 | |
Recurring | Municipals | |||
Assets [Abstract] | |||
Estimated Fair Value of Fixed Maturity Securities AFS | 6,319 | 7,464 | |
Recurring | CMBS | |||
Assets [Abstract] | |||
Estimated Fair Value of Fixed Maturity Securities AFS | 5,834 | 6,043 | |
Recurring | Foreign government | |||
Assets [Abstract] | |||
Estimated Fair Value of Fixed Maturity Securities AFS | 3,295 | 3,459 | |
Recurring | Level 1 | |||
Assets [Abstract] | |||
Estimated Fair Value of Fixed Maturity Securities AFS | 8,966 | 9,130 | |
Short-term investments | 2,745 | 2,677 | |
Other investments | 76 | 246 | |
Derivative assets | 3 | 2 | |
Embedded derivatives within asset host contracts | 0 | 0 | |
Market risk benefits, at estimated fair value | 0 | 0 | |
Separate account assets | 13,945 | 16,206 | |
Total assets (3) | 25,735 | 28,261 | |
Liabilities [Abstract] | |||
Derivative liabilities | 0 | 1 | |
Embedded derivatives within liability host contracts | 0 | 0 | |
Market risk benefits, at estimated fair value | 0 | 0 | |
Total liabilities | 4 | 9 | |
Recurring | Level 1 | Interest rate | |||
Assets [Abstract] | |||
Derivative assets | 0 | 0 | |
Liabilities [Abstract] | |||
Derivative liabilities | 0 | 1 | |
Recurring | Level 1 | Foreign currency exchange rate | |||
Assets [Abstract] | |||
Derivative assets | 0 | 0 | |
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 | |||
Assets [Abstract] | |||
Derivative assets | 3 | 2 | |
Liabilities [Abstract] | |||
Derivative liabilities | 0 | 0 | |
Recurring | Level 1 | Separate account liabilities (2) | |||
Liabilities [Abstract] | |||
Separate account liabilities | 4 | 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 | U.S. government and agency | |||
Assets [Abstract] | |||
Estimated Fair Value of Fixed Maturity Securities AFS | 8,963 | 9,126 | |
Recurring | Level 1 | RMBS | |||
Assets [Abstract] | |||
Estimated Fair Value of Fixed Maturity Securities AFS | 3 | 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 1 | Foreign government | |||
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 | 113,514 | 118,325 | |
Short-term investments | 288 | 35 | |
Other investments | 77 | 212 | |
Derivative assets | 6,488 | 8,305 | |
Embedded derivatives within asset host contracts | 0 | 0 | |
Market risk benefits, at estimated fair value | 0 | 0 | |
Separate account assets | 68,284 | 72,022 | |
Total assets (3) | 188,651 | 198,899 | |
Liabilities [Abstract] | |||
Derivative liabilities | 2,722 | 3,108 | |
Embedded derivatives within liability host contracts | 0 | 0 | |
Market risk benefits, at estimated fair value | 0 | 0 | |
Total liabilities | 2,726 | 3,123 | |
Recurring | Level 2 | Interest rate | |||
Assets [Abstract] | |||
Derivative assets | 3,489 | 4,390 | |
Liabilities [Abstract] | |||
Derivative liabilities | 1,419 | 1,421 | |
Recurring | Level 2 | Foreign currency exchange rate | |||
Assets [Abstract] | |||
Derivative assets | 2,486 | 3,263 | |
Liabilities [Abstract] | |||
Derivative liabilities | 881 | 1,394 | |
Recurring | Level 2 | Credit | |||
Assets [Abstract] | |||
Derivative assets | 181 | 47 | |
Liabilities [Abstract] | |||
Derivative liabilities | 11 | 11 | |
Recurring | Level 2 | Equity market | |||
Assets [Abstract] | |||
Derivative assets | 332 | 605 | |
Liabilities [Abstract] | |||
Derivative liabilities | 411 | 282 | |
Recurring | Level 2 | Separate account liabilities (2) | |||
Liabilities [Abstract] | |||
Separate account liabilities | 4 | 15 | |
Recurring | Level 2 | U.S. corporate | |||
Assets [Abstract] | |||
Estimated Fair Value of Fixed Maturity Securities AFS | 41,718 | 43,147 | |
Recurring | Level 2 | Foreign corporate | |||
Assets [Abstract] | |||
Estimated Fair Value of Fixed Maturity Securities AFS | 16,875 | 17,203 | |
Recurring | Level 2 | U.S. government and agency | |||
Assets [Abstract] | |||
Estimated Fair Value of Fixed Maturity Securities AFS | 12,097 | 13,232 | |
Recurring | Level 2 | RMBS | |||
Assets [Abstract] | |||
Estimated Fair Value of Fixed Maturity Securities AFS | 17,616 | 17,804 | |
Recurring | Level 2 | ABS & CLO | |||
Assets [Abstract] | |||
Estimated Fair Value of Fixed Maturity Securities AFS | 10,109 | 10,329 | |
Recurring | Level 2 | Municipals | |||
Assets [Abstract] | |||
Estimated Fair Value of Fixed Maturity Securities AFS | 6,319 | 7,464 | |
Recurring | Level 2 | CMBS | |||
Assets [Abstract] | |||
Estimated Fair Value of Fixed Maturity Securities AFS | 5,499 | 5,702 | |
Recurring | Level 2 | Foreign government | |||
Assets [Abstract] | |||
Estimated Fair Value of Fixed Maturity Securities AFS | 3,281 | 3,444 | |
Recurring | Level 3 | |||
Assets [Abstract] | |||
Estimated Fair Value of Fixed Maturity Securities AFS | 20,325 | 18,121 | |
Short-term investments | 15 | 47 | |
Other investments | 1,317 | 1,022 | |
Derivative assets | 15 | 89 | |
Embedded derivatives within asset host contracts | 15 | 149 | |
Market risk benefits, at estimated fair value | 177 | 174 | |
Separate account assets | 968 | 1,013 | |
Total assets (3) | 22,832 | 20,615 | |
Liabilities [Abstract] | |||
Derivative liabilities | 175 | 420 | |
Embedded derivatives within liability host contracts | (37) | (309) | |
Market risk benefits, at estimated fair value | 2,878 | 3,270 | |
Total liabilities | 3,016 | 3,399 | |
Recurring | Level 3 | Interest rate | |||
Assets [Abstract] | |||
Derivative assets | 0 | 0 | |
Liabilities [Abstract] | |||
Derivative liabilities | 175 | 405 | |
Recurring | Level 3 | Foreign currency exchange rate | |||
Assets [Abstract] | |||
Derivative assets | 0 | 0 | |
Liabilities [Abstract] | |||
Derivative liabilities | 0 | 0 | |
Recurring | Level 3 | Credit | |||
Assets [Abstract] | |||
Derivative assets | 8 | 82 | |
Liabilities [Abstract] | |||
Derivative liabilities | 0 | 15 | |
Recurring | Level 3 | Equity market | |||
Assets [Abstract] | |||
Derivative assets | 7 | 7 | |
Liabilities [Abstract] | |||
Derivative liabilities | 0 | 0 | |
Recurring | Level 3 | Separate account liabilities (2) | |||
Liabilities [Abstract] | |||
Separate account liabilities | 0 | 18 | |
Recurring | Level 3 | U.S. corporate | |||
Assets [Abstract] | |||
Estimated Fair Value of Fixed Maturity Securities AFS | 8,775 | 7,943 | |
Recurring | Level 3 | Foreign corporate | |||
Assets [Abstract] | |||
Estimated Fair Value of Fixed Maturity Securities AFS | 8,340 | 6,790 | |
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 | 1,329 | 1,525 | |
Recurring | Level 3 | ABS & CLO | |||
Assets [Abstract] | |||
Estimated Fair Value of Fixed Maturity Securities AFS | 1,532 | 1,507 | |
Recurring | Level 3 | Municipals | |||
Assets [Abstract] | |||
Estimated Fair Value of Fixed Maturity Securities AFS | 0 | 0 | |
Recurring | Level 3 | CMBS | |||
Assets [Abstract] | |||
Estimated Fair Value of Fixed Maturity Securities AFS | 335 | 341 | |
Recurring | Level 3 | Foreign government | |||
Assets [Abstract] | |||
Estimated Fair Value of Fixed Maturity Securities AFS | $ 14 | $ 15 |
Fair Value (Quantitative Inform
Fair Value (Quantitative Information) (Details) | Dec. 31, 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 | 367 | 372 |
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 direct and assumed guaranteed minimum benefits | Mortality rates: Ages 0 - 40 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Market Risk Benefits direct and assumed guaranteed minimum benefits | 0.0001 | 0.0001 |
Minimum | Market Risk Benefits direct and assumed guaranteed minimum benefits | Mortality rates: Ages 41 - 60 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Market Risk Benefits direct and assumed guaranteed minimum benefits | 0.0005 | 0.0005 |
Minimum | Market Risk Benefits direct and assumed guaranteed minimum benefits | Mortality rates: Ages 61 - 115 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Market Risk Benefits direct and assumed guaranteed minimum benefits | 0.0035 | 0.0034 |
Minimum | Market Risk Benefits direct and assumed guaranteed minimum benefits | Lapse rates: Durations 1 - 10 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Market Risk Benefits direct and assumed guaranteed minimum benefits | 0.0080 | 0.0050 |
Minimum | Market Risk Benefits direct and assumed guaranteed minimum benefits | Lapse rates: Durations 11 - 20 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Market Risk Benefits direct and assumed guaranteed minimum benefits | 0.0310 | 0.0070 |
Minimum | Market Risk Benefits direct and assumed guaranteed minimum benefits | Lapse rates: Durations 21 - 116 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Market Risk Benefits direct and assumed guaranteed minimum benefits | 0.0010 | 0.0160 |
Minimum | Market Risk Benefits direct and assumed guaranteed minimum benefits | Measurement Input, Utilization Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Market Risk Benefits direct and assumed guaranteed minimum benefits | 0.0020 | 0.0020 |
Minimum | Market Risk Benefits direct and assumed guaranteed minimum benefits | Measurement Input, Withdrawal Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Market Risk Benefits direct and assumed guaranteed minimum benefits | 0.0025 | 0.0025 |
Minimum | Market Risk Benefits direct and assumed guaranteed minimum benefits | Measurement Input, Long-Term Equity Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Market Risk Benefits direct and assumed guaranteed minimum benefits | 0.1637 | 0.1646 |
Minimum | Market Risk Benefits direct and assumed guaranteed minimum benefits | Measurement Input, Nonperformance risk spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Market Risk Benefits direct and assumed guaranteed minimum benefits | 0.0038 | 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 | 4 | 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 | 0 | 20 |
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 | 78 | 74 |
Maximum | Interest rate | Measurement Input, Swap Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 399 | 392 |
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 direct and assumed guaranteed minimum benefits | Mortality rates: Ages 0 - 40 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Market Risk Benefits direct and assumed guaranteed minimum benefits | 0.0013 | 0.0008 |
Maximum | Market Risk Benefits direct and assumed guaranteed minimum benefits | Mortality rates: Ages 41 - 60 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Market Risk Benefits direct and assumed guaranteed minimum benefits | 0.0067 | 0.0043 |
Maximum | Market Risk Benefits direct and assumed guaranteed minimum benefits | Mortality rates: Ages 61 - 115 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Market Risk Benefits direct and assumed guaranteed minimum benefits | 1 | 1 |
Maximum | Market Risk Benefits direct and assumed guaranteed minimum benefits | Lapse rates: Durations 1 - 10 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Market Risk Benefits direct and assumed guaranteed minimum benefits | 0.2010 | 0.3750 |
Maximum | Market Risk Benefits direct and assumed guaranteed minimum benefits | Lapse rates: Durations 11 - 20 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Market Risk Benefits direct and assumed guaranteed minimum benefits | 0.1010 | 0.3575 |
Maximum | Market Risk Benefits direct and assumed guaranteed minimum benefits | Lapse rates: Durations 21 - 116 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Market Risk Benefits direct and assumed guaranteed minimum benefits | 0.1010 | 0.3575 |
Maximum | Market Risk Benefits direct and assumed guaranteed minimum benefits | Measurement Input, Utilization Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Market Risk Benefits direct and assumed guaranteed minimum benefits | 0.22 | 0.22 |
Maximum | Market Risk Benefits direct and assumed guaranteed minimum benefits | Measurement Input, Withdrawal Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Market Risk Benefits direct and assumed guaranteed minimum benefits | 0.0775 | 0.10 |
Maximum | Market Risk Benefits direct and assumed guaranteed minimum benefits | Measurement Input, Long-Term Equity Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Market Risk Benefits direct and assumed guaranteed minimum benefits | 0.2185 | 0.2201 |
Maximum | Market Risk Benefits direct and assumed guaranteed minimum benefits | Measurement Input, Nonperformance risk spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Market Risk Benefits direct and assumed guaranteed minimum benefits | 0.0070 | 0.0074 |
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 | 131 | 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 | 110 | 107 |
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 | 112 | 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 | 101 |
Weighted Average | Interest rate | Measurement Input, Swap Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 385 | 381 |
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 direct and assumed guaranteed minimum benefits | Mortality rates: Ages 0 - 40 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Market Risk Benefits direct and assumed guaranteed minimum benefits | 0.0005 | 0.0005 |
Weighted Average | Market Risk Benefits direct and assumed guaranteed minimum benefits | Mortality rates: Ages 41 - 60 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Market Risk Benefits direct and assumed guaranteed minimum benefits | 0.0022 | 0.0020 |
Weighted Average | Market Risk Benefits direct and assumed guaranteed minimum benefits | Mortality rates: Ages 61 - 115 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Market Risk Benefits direct and assumed guaranteed minimum benefits | 0.0123 | 0.0144 |
Weighted Average | Market Risk Benefits direct and assumed guaranteed minimum benefits | Lapse rates: Durations 1 - 10 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Market Risk Benefits direct and assumed guaranteed minimum benefits | 0.0872 | 0.0896 |
Weighted Average | Market Risk Benefits direct and assumed guaranteed minimum benefits | Lapse rates: Durations 11 - 20 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Market Risk Benefits direct and assumed guaranteed minimum benefits | 0.0434 | 0.0652 |
Weighted Average | Market Risk Benefits direct and assumed guaranteed minimum benefits | Lapse rates: Durations 21 - 116 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Market Risk Benefits direct and assumed guaranteed minimum benefits | 0.0459 | 0.0289 |
Weighted Average | Market Risk Benefits direct and assumed guaranteed minimum benefits | Measurement Input, Utilization Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Market Risk Benefits direct and assumed guaranteed minimum benefits | 0.0044 | 0.0038 |
Weighted Average | Market Risk Benefits direct and assumed guaranteed minimum benefits | Measurement Input, Withdrawal Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Market Risk Benefits direct and assumed guaranteed minimum benefits | 0.0447 | 0.0402 |
Weighted Average | Market Risk Benefits direct and assumed guaranteed minimum benefits | Measurement Input, Long-Term Equity Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Market Risk Benefits direct and assumed guaranteed minimum benefits | 0.1855 | 0.1849 |
Weighted Average | Market Risk Benefits direct and assumed guaranteed minimum benefits | Measurement Input, Nonperformance risk spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Market Risk Benefits direct and assumed guaranteed minimum benefits | 0.0073 | 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 | 95 | 89 |
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 | 93 | 92 |
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 | 94 | 91 |
Fair Value (Unobservable Input
Fair Value (Unobservable Input Reconciliation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Residential mortgage loans — FVO | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at January 1, | $ 0 | $ 127 | |
Total realized/unrealized gains (losses) included in net income (loss) | 0 | (8) | $ (5) |
Total realized/unrealized gains (losses) included in AOCI | 0 | 0 | 0 |
Purchases | 0 | 0 | |
Sales | 0 | (108) | |
Issuances | 0 | 0 | |
Settlements | 0 | (11) | |
Transfers into Level 3 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | |
Balance at December 31, | 0 | 0 | 127 |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 0 | 0 | (10) |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 0 | 0 | (10) |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | 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 | (24) | (17) | (7) |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | (5) | (454) | (128) |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Balance at January 1, | (331) | 86 | |
Total realized/unrealized gains (losses) included in net income (loss) | (24) | (140) | (69) |
Total realized/unrealized gains (losses) included in AOCI | (5) | (547) | (352) |
Purchases | 0 | 82 | |
Sales | 0 | 0 | |
Issuances | 0 | (3) | |
Settlements | 201 | 191 | |
Transfers into Level 3 | 0 | 0 | |
Transfers out of Level 3 | (1) | 0 | |
Balance at December 31, | (160) | (331) | 86 |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | (24) | (17) | (7) |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | (5) | (454) | (128) |
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 | (366) | 1,610 | 330 |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Balance at January 1, | 458 | (1,236) | |
Total realized/unrealized gains (losses) included in net income (loss) | (366) | 1,610 | 330 |
Total realized/unrealized gains (losses) included in AOCI | 0 | 0 | 0 |
Purchases | 0 | 0 | |
Sales | 0 | 0 | |
Issuances | 0 | 0 | |
Settlements | (40) | 84 | |
Transfers into Level 3 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | |
Balance at December 31, | 52 | 458 | (1,236) |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | (366) | 1,610 | 330 |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | 0 | 0 | 0 |
Corporate fixed maturity securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at January 1, | 14,733 | 14,935 | |
Total realized/unrealized gains (losses) included in net income (loss) | (46) | (25) | (40) |
Total realized/unrealized gains (losses) included in AOCI | 881 | (3,334) | (745) |
Purchases | 3,402 | 3,168 | |
Sales | (1,673) | (1,231) | |
Issuances | 0 | 0 | |
Settlements | 0 | 0 | |
Transfers into Level 3 | 221 | 1,614 | |
Transfers out of Level 3 | (403) | (394) | |
Balance at December 31, | 17,115 | 14,733 | 14,935 |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | (24) | (21) | (7) |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | 844 | (3,326) | (731) |
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 | (24) | (21) | (7) |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | 844 | (3,326) | (731) |
Structured Products | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at January 1, | 3,373 | 4,600 | |
Total realized/unrealized gains (losses) included in net income (loss) | (2) | 38 | 45 |
Total realized/unrealized gains (losses) included in AOCI | 44 | (356) | 8 |
Purchases | 268 | 750 | |
Sales | (609) | (795) | |
Issuances | 0 | 0 | |
Settlements | 0 | 0 | |
Transfers into Level 3 | 195 | 204 | |
Transfers out of Level 3 | (73) | (1,068) | |
Balance at December 31, | 3,196 | 3,373 | 4,600 |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 16 | 32 | 41 |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | 24 | (341) | 10 |
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 | 16 | 32 | 41 |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | 24 | (341) | 10 |
Foreign government | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at January 1, | 15 | 12 | |
Total realized/unrealized gains (losses) included in net income (loss) | 2 | (37) | 0 |
Total realized/unrealized gains (losses) included in AOCI | (3) | 6 | (1) |
Purchases | 0 | 0 | |
Sales | 0 | (2) | |
Issuances | 0 | 0 | |
Settlements | 0 | 0 | |
Transfers into Level 3 | 0 | 45 | |
Transfers out of Level 3 | 0 | (9) | |
Balance at December 31, | 14 | 15 | 12 |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 2 | (37) | 0 |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | (3) | 7 | (1) |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 2 | (37) | 0 |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | (3) | 7 | (1) |
Short-term Investments | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at January 1, | 47 | 2 | |
Total realized/unrealized gains (losses) included in net income (loss) | 0 | 0 | 0 |
Total realized/unrealized gains (losses) included in AOCI | 1 | 0 | 0 |
Purchases | 15 | 47 | |
Sales | (48) | (2) | |
Issuances | 0 | 0 | |
Settlements | 0 | 0 | |
Transfers into Level 3 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | |
Balance at December 31, | 15 | 47 | 2 |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 0 | 0 | 0 |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 0 | 0 | 0 |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | 0 | 0 | 0 |
Other Investments | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at January 1, | 1,022 | 894 | |
Total realized/unrealized gains (losses) included in net income (loss) | 147 | (16) | 183 |
Total realized/unrealized gains (losses) included in AOCI | 0 | 0 | 0 |
Purchases | 152 | 262 | |
Sales | (4) | (19) | |
Issuances | 0 | 0 | |
Settlements | 0 | 0 | |
Transfers into Level 3 | 0 | 3 | |
Transfers out of Level 3 | 0 | (102) | |
Balance at December 31, | 1,317 | 1,022 | 894 |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 150 | (22) | 170 |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 150 | (22) | 170 |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | 0 | 0 | 0 |
Separate Accounts | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at January 1, | 995 | 1,958 | |
Total realized/unrealized gains (losses) included in net income (loss) | (27) | 25 | 8 |
Total realized/unrealized gains (losses) included in AOCI | 0 | 0 | 0 |
Purchases | 166 | 196 | |
Sales | (176) | (1,164) | |
Issuances | 0 | (2) | |
Settlements | 1 | 4 | |
Transfers into Level 3 | 13 | 1 | |
Transfers out of Level 3 | (4) | (23) | |
Balance at December 31, | 968 | 995 | 1,958 |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 0 | 0 | 0 |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 0 | 0 | 0 |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | $ 0 | $ 0 | $ 0 |
Fair Value (Nonrecurring Fair V
Fair Value (Nonrecurring Fair Value Measurements) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mortgage Loans (1) | $ 62,584 | $ 62,570 | |
Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Adjustment | (162) | (13) | $ (91) |
Fair Value, Inputs, Level 3 [Member] | Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mortgage Loans (1) | $ 295 | $ 222 |
Fair Value (Financial Instrumen
Fair Value (Financial Instruments Carried at Other Than Fair Value) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Policy loans | $ 5,671 | $ 5,729 |
Liabilities | ||
Separate account liabilities | 83,197 | 89,241 |
Carrying Value | ||
Assets | ||
Mortgage loans (1) | 62,584 | 62,570 |
Policy loans | 5,671 | 5,729 |
Other invested assets | 1,778 | 1,978 |
Premiums, reinsurance and other receivables | 14,028 | 12,036 |
Liabilities | ||
Policyholder account balances | 87,518 | 85,957 |
Long-term debt | 1,886 | 1,676 |
Other liabilities | 11,481 | 12,546 |
Separate account liabilities | 29,204 | 38,391 |
Estimated Fair Value | ||
Assets | ||
Mortgage loans (1) | 59,511 | 58,858 |
Policy loans | 6,042 | 6,143 |
Other invested assets | 1,794 | 1,979 |
Premiums, reinsurance and other receivables | 14,274 | 12,280 |
Liabilities | ||
Policyholder account balances | 86,093 | 83,594 |
Long-term debt | 1,958 | 1,758 |
Other liabilities | 11,474 | 12,513 |
Separate account liabilities | 29,204 | 38,391 |
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 |
Liabilities | ||
Policyholder account balances | 0 | 0 |
Long-term debt | 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 | 1,794 | 1,979 |
Premiums, reinsurance and other receivables | 221 | 454 |
Liabilities | ||
Policyholder account balances | 0 | 0 |
Long-term debt | 1,958 | 1,758 |
Other liabilities | 141 | 671 |
Separate account liabilities | 29,204 | 38,391 |
Estimated Fair Value | Level 3 | ||
Assets | ||
Mortgage loans (1) | 59,511 | 58,858 |
Policy loans | 6,042 | 6,143 |
Other invested assets | 0 | 0 |
Premiums, reinsurance and other receivables | 14,053 | 11,826 |
Liabilities | ||
Policyholder account balances | 86,093 | 83,594 |
Long-term debt | 0 | 0 |
Other liabilities | 11,333 | 11,842 |
Separate account liabilities | $ 0 | $ 0 |
Leases Lease Costs (Details)
Leases Lease Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Lease Costs [Abstract] | |||
Operating lease cost | $ 104 | $ 116 | $ 120 |
Sublease income | $ (87) | $ (73) | $ (91) |
Leases Leases (Details)
Leases Leases (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Assets and Liabilities, Lessee [Abstract] | ||
Cash paid for amounts included in the measurement of lease liability - operating cash flows | $ 114 | $ 124 |
ROU assets obtained in exchange for new lease liabilities | $ 3 | $ 4 |
Weighted-average remaining lease term | 6 years | 6 years |
Weighted-average discount rate | 4% | 4% |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
2024 | $ 107 | |
2025 | 107 | |
2026 | 104 | |
2027 | 93 | |
2028 | 70 | |
Thereafter | 88 | |
Total undiscounted cash flows | 569 | |
Less: interest | 71 | |
Lease liability | 498 | $ 589 |
Lessee Disclosure [Abstract] | ||
ROU assets | $ 416 | $ 498 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets |
Lease liability | $ 498 | $ 589 |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Other liabilities | Other liabilities |
Leases Leases - (Narrative) (De
Leases Leases - (Narrative) (Details) | Dec. 31, 2023 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Term of Contract | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Term of Contract | 7 years |
Sublease Income | Minimum | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Term of Contract | 1 year |
Sublease Income | Maximum | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Term of Contract | 7 years |
Long-term and Short-term Debt_2
Long-term and Short-term Debt (Long-term and Short-term Outstanding) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ (10) | $ (10) |
Long-term debt | $ 1,887 | $ 1,676 |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Long-Term Debt and Lease Obligation, Including Current Maturities | Long-Term Debt and Lease Obligation, Including Current Maturities |
Finance Lease, Liability | $ 1 | $ 0 |
Long Term Debt Excluding Consolidated Securitization Entities Face Value | 1,897 | 1,686 |
Long-term debt | 1,887 | 1,676 |
Short-term debt | 0 | 99 |
Debt And Capital Lease Obligations Face Value | 1,897 | 1,785 |
Total | 1,887 | 1,775 |
Long-Term Debt | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Unamortized Discount | 0 | 0 |
Surplus Notes, Affiliated [Member] | ||
Debt Instrument [Line Items] | ||
Contractual principal balance | 700 | 700 |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | (7) | (7) |
Long-term debt | 693 | 693 |
Surplus notes (3) | ||
Debt Instrument [Line Items] | ||
Contractual principal balance | 400 | 400 |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | 0 | (1) |
Long-term debt | 400 | 399 |
Notes Payable, Other Payables [Member] | ||
Debt Instrument [Line Items] | ||
Contractual principal balance | 796 | 586 |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | 3 | 2 |
Long-term debt | 793 | 584 |
Short-term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ 0 | $ 0 |
Minimum | Surplus Notes, Affiliated [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate Range Maximum | 7.38% | |
Minimum | Surplus notes (3) | ||
Debt Instrument [Line Items] | ||
Interest Rate Range Maximum | 7.80% | |
Minimum | Notes Payable, Other Payables [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate Range Maximum | 2.12% | |
Maximum | Surplus Notes, Affiliated [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate Range Maximum | 7.38% | |
Maximum | Surplus notes (3) | ||
Debt Instrument [Line Items] | ||
Interest Rate Range Maximum | 7.88% | |
Maximum | Notes Payable, Other Payables [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate Range Maximum | 8.43% |
Long-term and Short-term Debt_3
Long-term and Short-term Debt (Short-term with Maturities of Year or Less) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Debt Disclosure [Abstract] | ||
Commercial paper | $ 0 | $ 99 |
Short-term Debt, average daily balance | $ 54 | $ 100 |
Short-term Debt Average Days Outstanding | 80 days | 131 days |
Long-term and Short-term Debt_4
Long-term and Short-term Debt (Credit Facilities) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||
Interest Expense, Debt | $ 132 | $ 104 | $ 96 |
General Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Borrowers | MetLife, Inc. and MetLife Funding, Inc. | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,000 | ||
Letter of Credit Issuances | 7 | ||
Collateral financing arrangements | 0 | ||
Unused Commitments | 2,703 | ||
Affiliated Entity | |||
Debt Instrument [Line Items] | |||
Interest Expense, Debt | 65 | $ 53 | $ 52 |
Affiliated Entity | General Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Letter of Credit Issuances | $ 290 |
Long-term and Short-term Debt_5
Long-term and Short-term Debt (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Mar. 29, 2023 | Dec. 15, 2022 | Dec. 23, 2021 | |
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 4.80% | 1.60% | 0.23% | |||
Interest Expense, Debt | $ 132 | $ 104 | $ 96 | |||
Long-term debt | 1,887 | 1,676 | ||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 335 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 250 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 0 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 427 | |||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 824 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 51 | |||||
Affiliated Entity | ||||||
Interest Expense, Debt | 65 | 53 | $ 52 | |||
Surplus Notes [Member] | ||||||
Long-term debt | 400 | 399 | ||||
Contractual principal balance | 400 | 400 | ||||
Notes Payable, Other Payables [Member] | ||||||
Long-term debt | 793 | 584 | ||||
Contractual principal balance | 796 | 586 | ||||
Surplus Notes, Affiliated [Member] | ||||||
Long-term debt | 693 | 693 | ||||
Contractual principal balance | $ 700 | $ 700 | ||||
$60 million5.23%2024note | ||||||
Debt Instrument, Interest Rate, Basis for Effective Rate | 5.23 | |||||
$60 million5.23%2024note | Related Party | ||||||
Long-term debt | $ 60 | |||||
$80 million 5.34% 2028 note | ||||||
Debt Instrument, Interest Rate, Basis for Effective Rate | 5.34 | |||||
$80 million 5.34% 2028 note | Related Party | ||||||
Long-term debt | $ 80 | |||||
$35 million 2.12% 2024 note | ||||||
Debt Instrument, Interest Rate, Basis for Effective Rate | 2.12 | |||||
$35 million 2.12% 2024 note | Related Party | ||||||
Long-term debt | $ 35 | |||||
$80 million 5.68% 2033 note | ||||||
Debt Instrument, Interest Rate, Basis for Effective Rate | 5.68 | |||||
$80 million 5.68% 2033 note | Related Party | ||||||
Long-term debt | 80 | |||||
$50 million 6.05% 2038 note | ||||||
Debt Instrument, Interest Rate, Basis for Effective Rate | 6.05 | |||||
$50 million 6.05% 2038 note | Related Party | ||||||
Long-term debt | $ 50 |
Long-term and Short-term Debt L
Long-term and Short-term Debt Long-term and Short-term Debt (Credit and Committed Facility - Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
General Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Commitment Fee Amount | $ 2 | $ 4 | $ 7 |
General Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 3,000 | ||
Letters of Credit Outstanding, Amount | 7 | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 2,703 |
Equity (Statutory Net Income (L
Equity (Statutory Net Income (Loss)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statutory Accounting Practices [Line Items] | |||
Statutory Accounting Practices, Statutory Capital and Surplus Required | $ 293 | ||
Statutory capital and surplus | 1,500 | ||
Metropolitan Life Insurance Company [Member] | |||
Statutory Accounting Practices [Line Items] | |||
Statutory capital and surplus | 11,600 | $ 10,900 | |
Statutory Accounting Practices, Prescribed Practice, Amount | 1,400 | 1,300 | |
Statutory net income (loss) | $ 3,400 | $ 2,700 | $ 3,500 |
Description of Regulatory Capital Requirements under Insurance Regulations | in excess of 370% | in excess of 340% |
Equity (Dividend Restrictions)
Equity (Dividend Restrictions) (Details) - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2024 | |
Statutory Accounting Practices [Line Items] | |||
Cash Dividends Paid | $ 2.5 | $ 3.5 | |
Scenario, Forecast | |||
Statutory Accounting Practices [Line Items] | |||
Permitted w/o Approval | $ 3.5 |
Equity (Components of Accumulat
Equity (Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning Balance | $ 13,395 | $ 18,521 | $ 34,858 |
Ending Balance | 13,616 | 13,395 | 18,521 |
Previously Reported | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning Balance | 14,369 | 33,428 | 34,858 |
Ending Balance | 14,369 | 33,428 | |
Cumulative Effect, Period of Adoption, Adjustment | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning Balance | (16,919) | ||
Cumulative Effect, Period of Adoption, Adjustment | Previously Reported | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning Balance | 0 | ||
Accumulated Other Comprehensive Income (Loss) | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning Balance | (8,320) | (1,055) | 11,662 |
OCI before reclassifications | 1,164 | (10,410) | 69 |
Deferred income tax benefit (expense) | (206) | 2,188 | 33 |
AOCI before reclassifications, net of income tax | (7,362) | (9,277) | (1,223) |
Amounts reclassified from AOCI | 605 | 1,211 | 221 |
Deferred income tax benefit (expense) | (115) | (254) | (53) |
Amounts reclassified from AOCI, net of income tax | 490 | 957 | 168 |
Ending Balance | (6,872) | (8,320) | (1,055) |
Accumulated Other Comprehensive Income (Loss) | Previously Reported | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning Balance | (8,896) | 9,917 | 11,662 |
Ending Balance | (8,896) | 9,917 | |
Accumulated Other Comprehensive Income (Loss) | Cumulative Effect, Period of Adoption, Adjustment | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning Balance | (12,987) | ||
Accumulated Other Comprehensive Income (Loss) | Cumulative Effect, Period of Adoption, Adjustment | Previously Reported | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning Balance | 0 | ||
Accumulated Other Comprehensive Income (Loss) | Cumulative Effect, Period of Adoption, Adjusted Balance | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning Balance | (1,325) | ||
Unrealized Investment Gains (Losses), Net of Related Offsets | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning Balance | (11,161) | 12,799 | |
OCI before reclassifications | 4,420 | (31,197) | (5,443) |
Deferred income tax benefit (expense) | (889) | 6,556 | 1,191 |
AOCI before reclassifications, net of income tax | (7,630) | (11,842) | 12,720 |
Amounts reclassified from AOCI | 1,421 | 862 | 102 |
Deferred income tax benefit (expense) | (286) | (181) | (23) |
Amounts reclassified from AOCI, net of income tax | 1,135 | 681 | 79 |
Ending Balance | (6,495) | (11,161) | 12,799 |
Unrealized Investment Gains (Losses), Net of Related Offsets | Previously Reported | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning Balance | 10,384 | ||
Unrealized Investment Gains (Losses), Net of Related Offsets | Cumulative Effect, Period of Adoption, Adjustment | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning Balance | 6,588 | ||
Unrealized Investment Gains (Losses), Net of Related Offsets | Cumulative Effect, Period of Adoption, Adjusted Balance | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning Balance | 16,972 | ||
Unrealized Gains (Losses) on Derivatives | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning Balance | 1,557 | 1,872 | |
OCI before reclassifications | (252) | (701) | 30 |
Deferred income tax benefit (expense) | 53 | 147 | (8) |
AOCI before reclassifications, net of income tax | 1,358 | 1,318 | 1,813 |
Amounts reclassified from AOCI | (826) | 302 | 81 |
Deferred income tax benefit (expense) | 173 | (63) | (22) |
Amounts reclassified from AOCI, net of income tax | (653) | 239 | 59 |
Ending Balance | 705 | 1,557 | 1,872 |
Unrealized Gains (Losses) on Derivatives | Previously Reported | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning Balance | 1,791 | ||
Unrealized Gains (Losses) on Derivatives | Cumulative Effect, Period of Adoption, Adjustment | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning Balance | 0 | ||
Unrealized Gains (Losses) on Derivatives | Cumulative Effect, Period of Adoption, Adjusted Balance | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning Balance | 1,791 | ||
Future Policy Benefits Discount Rate Remeasurement Gains(Losses) | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning Balance | 1,529 | (15,553) | |
OCI before reclassifications | (2,957) | 21,623 | 5,118 |
Deferred income tax benefit (expense) | 621 | (4,541) | (1,075) |
AOCI before reclassifications, net of income tax | (807) | 1,529 | (15,553) |
Amounts reclassified from AOCI | 0 | 0 | 0 |
Deferred income tax benefit (expense) | 0 | 0 | 0 |
Amounts reclassified from AOCI, net of income tax | 0 | 0 | 0 |
Ending Balance | (807) | 1,529 | (15,553) |
Future Policy Benefits Discount Rate Remeasurement Gains(Losses) | Previously Reported | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning Balance | 0 | ||
Future Policy Benefits Discount Rate Remeasurement Gains(Losses) | Cumulative Effect, Period of Adoption, Adjustment | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning Balance | (19,596) | ||
Future Policy Benefits Discount Rate Remeasurement Gains(Losses) | Cumulative Effect, Period of Adoption, Adjusted Balance | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning Balance | (19,596) | ||
Market Risk Benefits, Instrument-Specific Credit Risk, Remeasurement Gains(Losses) | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning Balance | 80 | 267 | |
OCI before reclassifications | (59) | (236) | 311 |
Deferred income tax benefit (expense) | 12 | 49 | (65) |
AOCI before reclassifications, net of income tax | 33 | 80 | 267 |
Amounts reclassified from AOCI | 0 | 0 | 0 |
Deferred income tax benefit (expense) | 0 | 0 | 0 |
Amounts reclassified from AOCI, net of income tax | 0 | 0 | 0 |
Ending Balance | 33 | 80 | 267 |
Market Risk Benefits, Instrument-Specific Credit Risk, Remeasurement Gains(Losses) | Previously Reported | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning Balance | 0 | ||
Market Risk Benefits, Instrument-Specific Credit Risk, Remeasurement Gains(Losses) | Cumulative Effect, Period of Adoption, Adjustment | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning Balance | 21 | ||
Market Risk Benefits, Instrument-Specific Credit Risk, Remeasurement Gains(Losses) | Cumulative Effect, Period of Adoption, Adjusted Balance | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning Balance | 21 | ||
Foreign Currency Translation Adjustments | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning Balance | (187) | (45) | |
OCI before reclassifications | 56 | (177) | 9 |
Deferred income tax benefit (expense) | (12) | 35 | (1) |
AOCI before reclassifications, net of income tax | (143) | (187) | (45) |
Amounts reclassified from AOCI | 0 | 0 | 0 |
Deferred income tax benefit (expense) | 0 | 0 | 0 |
Amounts reclassified from AOCI, net of income tax | 0 | 0 | 0 |
Ending Balance | (143) | (187) | (45) |
Foreign Currency Translation Adjustments | Previously Reported | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning Balance | (53) | ||
Foreign Currency Translation Adjustments | Cumulative Effect, Period of Adoption, Adjustment | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning Balance | 0 | ||
Foreign Currency Translation Adjustments | Cumulative Effect, Period of Adoption, Adjusted Balance | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning Balance | (53) | ||
Defined Benefit Plans Adjustment | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning Balance | (138) | (395) | |
OCI before reclassifications | (44) | 278 | 44 |
Deferred income tax benefit (expense) | 9 | (58) | (9) |
AOCI before reclassifications, net of income tax | (173) | (175) | (425) |
Amounts reclassified from AOCI | 10 | 47 | 38 |
Deferred income tax benefit (expense) | (2) | (10) | (8) |
Amounts reclassified from AOCI, net of income tax | 8 | 37 | 30 |
Ending Balance | $ (165) | $ (138) | (395) |
Defined Benefit Plans Adjustment | Previously Reported | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning Balance | (460) | ||
Defined Benefit Plans Adjustment | Cumulative Effect, Period of Adoption, Adjustment | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning Balance | 0 | ||
Defined Benefit Plans Adjustment | Cumulative Effect, Period of Adoption, Adjusted Balance | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning Balance | $ (460) |
Equity (Reclassifications Out o
Equity (Reclassifications Out of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net investment gains (losses) | $ (1,375) | $ (127) | $ 652 | ||||||||
Net investment income | 11,206 | 10,122 | 12,486 | ||||||||
Net derivative gains (losses) | $ (1,537) | $ 752 | $ (1,629) | ||||||||
Amortization of net actuarial gains (losses) [Extensible Enumeration] | Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | ||||||||
Income (loss) before provision for income tax | $ 1,195 | $ 6,929 | $ 4,244 | ||||||||
Income tax (expense) benefit | (60) | (1,273) | (529) | ||||||||
Net income (loss) | $ (663) | $ 1,379 | $ 510 | $ (91) | $ 580 | $ 1,510 | $ 1,684 | $ 1,882 | 1,135 | 5,656 | 3,715 |
Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net income (loss) | (490) | (957) | (168) | ||||||||
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) | (1,404) | (810) | (67) | ||||||||
Net investment income | 5 | 6 | (13) | ||||||||
Net derivative gains (losses) | (22) | (58) | (22) | ||||||||
Income (loss) before provision for income tax | (1,421) | (862) | (102) | ||||||||
Income tax (expense) benefit | 286 | 181 | 23 | ||||||||
Net income (loss) | (1,135) | (681) | (79) | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Derivatives | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Income (loss) before provision for income tax | 826 | (302) | (81) | ||||||||
Income tax (expense) benefit | (173) | 63 | 22 | ||||||||
Net income (loss) | 653 | (239) | (59) | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Derivatives | Interest rate | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net investment gains (losses) | 87 | 51 | 87 | ||||||||
Net investment income | 50 | 59 | 57 | ||||||||
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) | 684 | (417) | (229) | ||||||||
Net investment income | 4 | 5 | 4 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Derivatives | Credit derivatives | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net investment gains (losses) | 1 | 0 | 0 | ||||||||
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) | (12) | (49) | (43) | ||||||||
Amortization of prior service (costs) credit | 2 | 2 | 5 | ||||||||
Income (loss) before provision for income tax | (10) | (47) | (38) | ||||||||
Income tax (expense) benefit | 2 | 10 | 8 | ||||||||
Net income (loss) | $ (8) | $ (37) | $ (30) |
Other Revenues and Other Expe_3
Other Revenues and Other Expenses Other Revenues (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 887 | $ 847 | $ 860 |
Other revenues | 1,673 | 1,694 | 1,616 |
Prepaid legal plans | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 446 | 421 | 395 |
Administrative services-only contracts | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 250 | 226 | 219 |
Recordkeeping and administrative services (1) | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 148 | 166 | 211 |
Other revenue from service contracts from customers | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 43 | 34 | 35 |
Other Income | |||
Disaggregation of Revenue [Line Items] | |||
Other revenues | $ 786 | $ 847 | $ 756 |
Other Expenses (Other Expenses)
Other Expenses (Other Expenses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Income and Expenses [Abstract] | |||
General and administrative expenses (1) | $ 2,799 | $ 2,743 | $ 2,331 |
Pension, postretirement and postemployment benefit costs | 199 | 116 | 112 |
Premium taxes, other taxes, and licenses & fees | 377 | 342 | 332 |
Commissions and other variable expenses | 2,098 | 2,290 | 2,551 |
Capitalization of DAC | (118) | (189) | (63) |
Amortization of DAC and VOBA | 298 | 297 | 341 |
Interest expense on debt | 132 | 104 | 96 |
Total other expenses | 5,785 | 5,703 | 5,700 |
Net change in cash surrender value of investments, net of premiums paid | $ (116) | $ 52 | $ (113) |
Employee Benefit Plans (Obligat
Employee Benefit Plans (Obligations and Funded Status) (Details) - Pension Plan - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Change in benefit obligations: | |||
Benefit obligations at January 1, | $ 962 | $ 1,274 | |
Service costs | 10 | 15 | $ 17 |
Interest costs | 52 | 37 | 37 |
Net actuarial (gains) losses (1) | 43 | (280) | |
Settlements and curtailments | 0 | 0 | |
Benefits paid | (79) | (84) | |
Benefit obligations at December 31, | 988 | 962 | 1,274 |
Change in plan assets: | |||
Estimated fair value of plan assets at January 1, | 0 | 0 | |
Employer contributions | 79 | 84 | |
Benefits paid | (79) | (84) | |
Estimated fair value of plan assets at December 31, | 0 | 0 | $ 0 |
Over (under) funded status at December 31, | (988) | (962) | |
Amounts recognized on the consolidated balance sheets: | |||
Other liabilities | (988) | (962) | |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | (988) | (962) | |
Accumulated other comprehensive (income) loss: | |||
Net actuarial (gains) losses | 220 | 189 | |
Prior service costs (credit) | (5) | (7) | |
AOCI, before income tax | 215 | 182 | |
Accumulated benefit obligation | 967 | 940 | |
Changes to financial assumptions [Member] | |||
Change in benefit obligations: | |||
Net actuarial (gains) losses (1) | 32 | (291) | |
Changes to demographic assumptions | |||
Change in benefit obligations: | |||
Net actuarial (gains) losses (1) | (10) | 0 | |
Changes to Plan Experience [Member] | |||
Change in benefit obligations: | |||
Net actuarial (gains) losses (1) | $ 21 | $ 11 |
Employee Benefit Plans (Paid Be
Employee Benefit Plans (Paid Benefit Obligations and Accumulated Benefit Obligations in Excess of Fair Value) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Accumulated benefit obligation [Abstract] | ||
Projected benefit obligations | $ 988 | $ 961 |
Accumulated benefit obligations | 967 | 940 |
Defined Benefit Plan, Pension Plan with Project Benefit Obligation in Excess of Plan Assets [Abstract] | ||
Projected benefit obligations | 988 | 961 |
Accumulated benefit obligations | $ 967 | $ 940 |
Employee Benefit Plans (Net Per
Employee Benefit Plans (Net Periodic Benefit Costs and Other Changes Recognized in OCI) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other changes in plan assets and benefit obligations recognized in OCI: | |||
Total recognized in OCI | $ 34 | $ (325) | $ (82) |
Pension Plan | |||
Net periodic benefit costs [Abstract] | |||
Service costs | 10 | 15 | 17 |
Interest costs | 52 | 37 | 37 |
Settlement and curtailment (gains) losses | 0 | 0 | (3) |
Amortization of net actuarial (gains) losses | 12 | 41 | 43 |
Amortization of prior service costs (credit) | (2) | (2) | (2) |
Total net periodic benefit costs (credit) | 72 | 91 | 92 |
Other changes in plan assets and benefit obligations recognized in OCI: | |||
Net actuarial (gains) losses | 43 | (280) | (42) |
Prior service costs (credit) | 0 | 0 | 0 |
Settlement and curtailment (gains) losses | 0 | 0 | 1 |
Amortization of net actuarial gains (losses) | (12) | (41) | (43) |
Amortization of prior service (costs) credit | 2 | 2 | 2 |
Total recognized in OCI | 33 | (319) | (82) |
Total recognized in net periodic benefit costs and OCI | $ 105 | $ (228) | $ 10 |
Employee Benefit Plans (Assumpt
Employee Benefit Plans (Assumptions in Determining Benefit Obligations) (Details) - Pension Plan | Dec. 31, 2023 | Dec. 31, 2022 |
Assumptions used in determining benefit obligations [Abstract] | ||
Weighted average discount rate | 5.25% | 5.60% |
Weighted average interest crediting rate | 4% | 4% |
Minimum | ||
Assumptions used in determining benefit obligations [Abstract] | ||
Rate of compensation increase | 2.50% | 2.50% |
Maximum | ||
Assumptions used in determining benefit obligations [Abstract] | ||
Rate of compensation increase | 8% | 8% |
Employee Benefit Plans (Assum_2
Employee Benefit Plans (Assumptions in Determining Net Periodic Benefit Costs) (Details) - Pension Plan | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Assumptions used in determining net periodic benefit costs [Abstract] | |||
Weighted average discount rate | 5.60% | 2.95% | 3.01% |
Weighted average interest crediting rate | 4% | 3.46% | 3.24% |
Minimum | |||
Assumptions used in determining net periodic benefit costs [Abstract] | |||
Rate of compensation increase | 2.50% | 2.50% | 2.50% |
Maximum | |||
Assumptions used in determining net periodic benefit costs [Abstract] | |||
Rate of compensation increase | 8% | 8% | 8% |
Employee Benefit Plans (Expecte
Employee Benefit Plans (Expected Gross Benefit Payments) (Details) - Pension Plan $ in Millions | Dec. 31, 2023 USD ($) |
Defined benefit plan estimated future benefit payments [Abstract] | |
2024 | $ 78 |
2025 | 73 |
2026 | 73 |
2027 | 74 |
2028 | 79 |
2029-2033 | $ 399 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) $ in Millions | Dec. 31, 2023 USD ($) |
United States Pension Plan of US Entity, Non Qualified [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected future discretionary contributions | $ 80 |
Income Tax (Provision for Incom
Income Tax (Provision for Income Tax from Continuing Operations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current: | |||
U.S. federal | $ 353 | $ 309 | $ (89) |
U.S. state and local | 14 | 11 | 5 |
Non-U.S. | 14 | 14 | 43 |
Subtotal | 381 | 334 | (41) |
Deferred: | |||
U.S. federal | (321) | 939 | 576 |
Non-U.S. | 0 | 0 | (6) |
Subtotal | (321) | 939 | 570 |
Current and Deferred: | |||
Provision for income tax expense (benefit) | $ 60 | $ 1,273 | $ 529 |
Income Tax (Income Loss from Co
Income Tax (Income Loss from Continuing Operations Before Income Tax Expense from Domestic and Foreign Operations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income (loss) from continuing operations: | |||
U.S. | $ 1,176 | $ 6,895 | $ 4,139 |
Non-U.S. | 19 | 34 | 105 |
Income (loss) before provision for income tax | $ 1,195 | $ 6,929 | $ 4,244 |
Income Tax (Reconciliation of I
Income Tax (Reconciliation of Income Tax Provision between US Statutory Rate and As Reported for Continuing Operations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income tax expense benefit continuing operations income tax reconciliation | |||
Tax provision at U.S. statutory rate | $ 251 | $ 1,455 | $ 891 |
Dividend received deduction | (17) | (19) | (39) |
Tax-exempt income | (28) | 7 | (27) |
Prior year tax (1) | 8 | 22 | (13) |
Low income housing tax credits | (116) | (143) | (178) |
Other tax credits | (30) | (36) | (38) |
Foreign tax rate differential | 1 | (10) | (7) |
Other, net | (9) | (3) | (60) |
Provision for income tax expense (benefit) | $ 60 | $ 1,273 | 529 |
UNITED KINGDOM | |||
Income tax expense benefit continuing operations income tax reconciliation | |||
Other, net | $ (53) |
Income Tax (Net Deferred Income
Income Tax (Net Deferred Income Tax Assets and Liabilities) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Deferred income tax assets: | ||
Policyholder liabilities and receivables | $ 1,591 | $ 772 |
Net operating loss carryforwards (1) | 76 | 72 |
Employee benefits | 473 | 457 |
Tax credit carryforwards | 0 | 508 |
Litigation-related and government mandated | 83 | 74 |
Net unrealized investment losses | 1,741 | 2,699 |
Other | 204 | 76 |
Total gross deferred income tax assets | 4,168 | 4,658 |
Less: Valuation allowance | 75 | 71 |
Total net deferred income tax assets | 4,093 | 4,587 |
Deferred income tax liabilities: | ||
Investments, including derivatives | 1,005 | 1,441 |
Intangibles | 20 | 23 |
DAC | 146 | 203 |
Total deferred income tax liabilities | 1,171 | 1,667 |
Net deferred income tax asset (liability) | 2,922 | $ 2,920 |
Certain State and Foreign Net Operating Loss Carryforwards | ||
Deferred tax assets and liabilities | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 76 |
Income Tax (Reconciliation of U
Income Tax (Reconciliation of Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Balance at January 1, | $ 37 | $ 23 | $ 35 |
Additions for tax positions of prior years | 0 | 24 | 0 |
Reductions for tax positions of prior years (1) | 0 | (12) | (14) |
Additions for tax positions of current year | 2 | 2 | 2 |
Balance at December 31, | 39 | 37 | 23 |
Unrecognized tax benefits that, if recognized, would impact the effective rate | $ 39 | $ 37 | $ 23 |
Income Tax (Narrative) (Details
Income Tax (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Related Party Tax Expense, Due from Affiliates, Current | $ (57) | $ (52) |
Contingencies, Commitments an_3
Contingencies, Commitments and Guarantees (Contingencies - Narrative) (Details) $ in Millions | Dec. 31, 2023 USD ($) |
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 |
Contingencies, Commitments an_4
Contingencies, Commitments and Guarantees (Asbestos Claims) (Details) - Asbestos Related Claims $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) Claims | Dec. 31, 2022 USD ($) Claims | Dec. 31, 2021 USD ($) Claims | |
Loss Contingencies [Line Items] | |||
Asbestos personal injury claims at year end | Claims | 57,488 | 58,073 | 58,785 |
Number of new claims during the year | Claims | 2,565 | 2,610 | 2,824 |
Settlement payments during the year | $ | $ 50.6 | $ 50.5 | $ 53 |
Asbestos-related claims liability, ending balance | $ | $ 364 | $ 320 |
Contingencies, Commitments an_5
Contingencies, Commitments and Guarantees (Commitments and Guarantees - Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Contingencies, Commitments and Guarantees [Abstract] | ||
Liabilities for indemnities, guarantees and commitments | $ 2 | $ 2 |
Cumulative maximum indemnities and guarantees contractual limitation | 306 | |
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 | 208 | |
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 | 4,400 | 4,800 |
Mortgage Loan Commitments | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $ 3,300 | $ 2,700 |
Quarterly Results of Operatio_3
Quarterly Results of Operations (Unaudited) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenues | $ 9,532 | $ 9,324 | $ 8,776 | $ 8,717 | $ 8,836 | $ 17,646 | $ 9,448 | $ 9,517 | $ 36,349 | $ 45,447 | $ 41,187 |
Total expenses | 10,420 | 7,634 | 8,188 | 8,912 | 8,114 | 15,793 | 7,379 | 7,232 | 35,154 | 38,518 | 36,943 |
Net income (loss) | (663) | 1,379 | 510 | (91) | 580 | 1,510 | 1,684 | 1,882 | 1,135 | 5,656 | 3,715 |
Less: Net income (loss) attributable to noncontrolling interests | 0 | 0 | 43 | (2) | 24 | 2 | 2 | 0 | 41 | 28 | 5 |
Net income (loss) attributable to Metropolitan Life Insurance Company | $ (663) | $ 1,379 | $ 467 | $ (89) | $ 556 | $ 1,508 | $ 1,682 | $ 1,882 | $ 1,094 | $ 5,628 | $ 3,710 |
Related Party Transactions (Ser
Related Party Transactions (Service Agreements - Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||||||||||
Other expenses | $ 5,785 | $ 5,703 | $ 5,700 | ||||||||
Total Revenues | $ 9,532 | $ 9,324 | $ 8,776 | $ 8,717 | $ 8,836 | $ 17,646 | $ 9,448 | $ 9,517 | 36,349 | 45,447 | 41,187 |
Other Liabilities | 23,719 | 24,495 | 23,719 | 24,495 | |||||||
Affiliated Entity [Member] | Services Necessary To Conduct The Company's Activities | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Other expenses | 3,000 | 2,700 | 2,500 | ||||||||
Total Revenues | 52 | 48 | $ 40 | ||||||||
Related Party | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Other Liabilities | $ 56 | $ 188 | $ 56 | $ 188 |
Consolidated Summary of Inves_2
Consolidated Summary of Investments - Other Than Investments in Related Parties (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
Cost or Amortized Cost | $ 257,361 | |
Amount at Which Shown on Balance Sheet | 247,603 | |
Other invested assets - VIE | 17,040 | $ 19,148 |
Investments | 247,603 | 252,085 |
Affiliated Entity [Member] | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
Other invested assets - VIE | 1,280 | $ 1,307 |
Investments | 4,100 | |
Fixed Maturities [Member] | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
Cost or Amortized Cost | 152,080 | |
Estimated Fair Value | 142,805 | |
Amount at Which Shown on Balance Sheet | 142,805 | |
U.S. government and agency | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
Cost or Amortized Cost | 23,100 | |
Estimated Fair Value | 21,060 | |
Amount at Which Shown on Balance Sheet | 21,060 | |
Public utilities | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
Cost or Amortized Cost | 5,569 | |
Estimated Fair Value | 5,385 | |
Amount at Which Shown on Balance Sheet | 5,385 | |
Municipals | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
Cost or Amortized Cost | 6,429 | |
Estimated Fair Value | 6,319 | |
Amount at Which Shown on Balance Sheet | 6,319 | |
Foreign government | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
Cost or Amortized Cost | 3,416 | |
Estimated Fair Value | 3,295 | |
Amount at Which Shown on Balance Sheet | 3,295 | |
All other corporate bonds | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
Cost or Amortized Cost | 73,720 | |
Estimated Fair Value | 69,596 | |
Amount at Which Shown on Balance Sheet | 69,596 | |
Total bonds | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
Cost or Amortized Cost | 112,234 | |
Estimated Fair Value | 105,655 | |
Amount at Which Shown on Balance Sheet | 105,655 | |
Mortgage-backed, asset-backed and collateralized loan obligations securities | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
Cost or Amortized Cost | 39,136 | |
Estimated Fair Value | 36,423 | |
Amount at Which Shown on Balance Sheet | 36,423 | |
Redeemable preferred stock | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
Cost or Amortized Cost | 710 | |
Estimated Fair Value | 727 | |
Amount at Which Shown on Balance Sheet | 727 | |
Mortgage loans | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
Cost or Amortized Cost | 63,093 | |
Amount at Which Shown on Balance Sheet | 62,584 | |
Policy loans | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
Cost or Amortized Cost | 5,671 | |
Amount at Which Shown on Balance Sheet | 5,671 | |
Real estate and real estate joint ventures | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
Cost or Amortized Cost | 8,500 | |
Amount at Which Shown on Balance Sheet | 8,500 | |
Real estate acquired in satisfaction of debt | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
Cost or Amortized Cost | 190 | |
Amount at Which Shown on Balance Sheet | 190 | |
Other limited partnership interests | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
Cost or Amortized Cost | 7,765 | |
Amount at Which Shown on Balance Sheet | 7,765 | |
Short-term investments | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
Cost or Amortized Cost | 3,008 | |
Amount at Which Shown on Balance Sheet | 3,048 | |
Other invested assets | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
Cost or Amortized Cost | 17,054 | |
Amount at Which Shown on Balance Sheet | $ 17,040 |
Consolidated Supplementary In_2
Consolidated Supplementary Insurance Information (Balance Sheet Items) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | ||||
DAC and VOBA | $ 3,305 | $ 3,757 | $ 3,865 | $ 4,143 |
Future Policy Benefits, Other Policy-Related Balances and Policyholder Dividend Obligation | 137,471 | 134,845 | ||
Policyholder Account Balances | 103,894 | 103,407 | ||
Market Risk Benefits (Assets) Liabilities | 2,701 | 3,096 | ||
Policyholder Dividends Payable | 233 | 240 | ||
Unearned Premiums (2), (3) | 511 | 455 | ||
Unearned Revenue (2) | 21 | 245 | 216 | 179 |
Group Benefits | ||||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | ||||
DAC and VOBA | 255 | 263 | ||
Future Policy Benefits, Other Policy-Related Balances and Policyholder Dividend Obligation | 17,547 | 16,727 | ||
Policyholder Account Balances | 7,605 | 7,954 | ||
Market Risk Benefits (Assets) Liabilities | 0 | 0 | ||
Policyholder Dividends Payable | 0 | 0 | ||
Unearned Premiums (2), (3) | 359 | 298 | ||
Unearned Revenue (2) | 0 | 0 | ||
Retirement and Income Solutions | ||||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | ||||
DAC and VOBA | 169 | 154 | ||
Future Policy Benefits, Other Policy-Related Balances and Policyholder Dividend Obligation | 54,367 | 53,116 | ||
Policyholder Account Balances | 69,758 | 69,545 | ||
Market Risk Benefits (Assets) Liabilities | (1) | 25 | ||
Policyholder Dividends Payable | 0 | 0 | ||
Unearned Premiums (2), (3) | 0 | 2 | ||
Unearned Revenue (2) | 16 | 18 | 21 | 22 |
MetLife Holdings | ||||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | ||||
DAC and VOBA | 2,723 | 3,220 | ||
Future Policy Benefits, Other Policy-Related Balances and Policyholder Dividend Obligation | 65,434 | 64,871 | ||
Policyholder Account Balances | 17,598 | 19,828 | ||
Market Risk Benefits (Assets) Liabilities | 2,702 | 3,071 | ||
Policyholder Dividends Payable | 233 | 240 | ||
Unearned Premiums (2), (3) | 152 | 155 | ||
Unearned Revenue (2) | 5 | 227 | $ 195 | $ 157 |
Corporate & Other | ||||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | ||||
DAC and VOBA | 158 | 120 | ||
Future Policy Benefits, Other Policy-Related Balances and Policyholder Dividend Obligation | 123 | 131 | ||
Policyholder Account Balances | 8,933 | 6,080 | ||
Market Risk Benefits (Assets) Liabilities | 0 | 0 | ||
Policyholder Dividends Payable | 0 | 0 | ||
Unearned Premiums (2), (3) | 0 | 0 | ||
Unearned Revenue (2) | $ 0 | $ 0 |
Consolidated Supplementary In_3
Consolidated Supplementary Insurance Information (Income Statement Items) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Premiums and Universal Life and Investment-Type Product Policy Fees | $ 26,382 | $ 33,006 | $ 28,062 |
Net Investment Income | 11,206 | 10,122 | 12,486 |
Policyholder Benefits and Claims, Policyholder Liability Remeasurement (Gains) Losses and Interest Credited to Policyholder Account Balances | 29,602 | 35,631 | 31,269 |
Market risk benefits remeasurement (gains) losses | (703) | (3,379) | (758) |
Amortization of DAC and VOBA Charged to Other Expenses | 298 | 297 | 341 |
Other Expenses (1) | 5,957 | 5,969 | 6,091 |
Group Benefits | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Premiums and Universal Life and Investment-Type Product Policy Fees | 21,472 | 21,124 | 20,468 |
Net Investment Income | 1,127 | 1,076 | 1,105 |
Policyholder Benefits and Claims, Policyholder Liability Remeasurement (Gains) Losses and Interest Credited to Policyholder Account Balances | 18,143 | 18,307 | 18,943 |
Market risk benefits remeasurement (gains) losses | 0 | 0 | 0 |
Amortization of DAC and VOBA Charged to Other Expenses | 26 | 26 | 26 |
Other Expenses (1) | 3,302 | 3,056 | 2,799 |
Retirement and Income Solutions | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Premiums and Universal Life and Investment-Type Product Policy Fees | 2,039 | 8,692 | 4,095 |
Net Investment Income | 6,111 | 4,980 | 5,855 |
Policyholder Benefits and Claims, Policyholder Liability Remeasurement (Gains) Losses and Interest Credited to Policyholder Account Balances | 6,527 | 12,353 | 7,222 |
Market risk benefits remeasurement (gains) losses | (34) | (290) | 117 |
Amortization of DAC and VOBA Charged to Other Expenses | 31 | 28 | 29 |
Other Expenses (1) | 527 | 347 | 412 |
MetLife Holdings | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Premiums and Universal Life and Investment-Type Product Policy Fees | 2,865 | 3,190 | 3,499 |
Net Investment Income | 3,757 | 4,132 | 5,496 |
Policyholder Benefits and Claims, Policyholder Liability Remeasurement (Gains) Losses and Interest Credited to Policyholder Account Balances | 4,617 | 4,904 | 5,104 |
Market risk benefits remeasurement (gains) losses | (669) | (3,089) | (875) |
Amortization of DAC and VOBA Charged to Other Expenses | 224 | 237 | 286 |
Other Expenses (1) | 1,278 | 1,372 | 1,579 |
Corporate & Other | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Premiums and Universal Life and Investment-Type Product Policy Fees | 6 | 0 | 0 |
Net Investment Income | 211 | (66) | 30 |
Policyholder Benefits and Claims, Policyholder Liability Remeasurement (Gains) Losses and Interest Credited to Policyholder Account Balances | 315 | 67 | 0 |
Market risk benefits remeasurement (gains) losses | 0 | 0 | 0 |
Amortization of DAC and VOBA Charged to Other Expenses | 17 | 6 | 0 |
Other Expenses (1) | $ 850 | $ 1,194 | $ 1,301 |
Consolidated Reinsurance (Conso
Consolidated Reinsurance (Consolidated Reinsurance) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Direct Premiums, Life Insurance in Force | $ 4,276,976 | $ 4,074,989 | $ 3,991,763 |
Ceded Premiums, Life Insurance in Force | 160,983 | 149,129 | 164,834 |
Assumed Premiums, Life Insurance in Force | 660,504 | 538,168 | 546,176 |
Premiums, Net, Life Insurance in Force | $ 4,776,497 | $ 4,464,028 | $ 4,373,105 |
Life Insurance in Force Premiums, Percentage Assumed to Net | 13.80% | 12.10% | 12.50% |
Consolidated Reinsurance | |||
Gross Amount | $ 25,027 | $ 31,265 | $ 23,005 |
Ceded | 1,156 | 948 | 938 |
Assumed | 847 | 872 | 4,121 |
Premiums | $ 24,718 | $ 31,189 | $ 26,188 |
% Amount Assumed to Net | 3.40% | 2.80% | 15.70% |
Life insurance (2) | |||
Consolidated Reinsurance | |||
Gross Amount | $ 14,418 | $ 21,248 | $ 13,628 |
Ceded | 704 | 769 | 792 |
Assumed | 807 | 830 | 4,080 |
Premiums | $ 14,521 | $ 21,309 | $ 16,916 |
% Amount Assumed to Net | 5.60% | 3.90% | 24.10% |
Accident & health insurance | |||
Consolidated Reinsurance | |||
Gross Amount | $ 10,609 | $ 10,017 | $ 9,377 |
Ceded | 452 | 179 | 146 |
Assumed | 40 | 42 | 41 |
Premiums | $ 10,197 | $ 9,880 | $ 9,272 |
% Amount Assumed to Net | 0.40% | 0.40% | 0.40% |
Consolidated Reinsurance (Con_2
Consolidated Reinsurance (Consolidated Reinsurance - Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Consolidated Reinsurance | |||
Reinsurance ceded | $ 1,156 | $ 948 | $ 938 |
Reinsurance assumed | 847 | 872 | 4,121 |
Assumed Premiums, Life Insurance in Force | 660,504 | 538,168 | 546,176 |
Ceded Premiums, Life Insurance in Force | 160,983 | 149,129 | 164,834 |
Affiliated Entity | |||
Consolidated Reinsurance | |||
Assumed Premiums, Life Insurance in Force | 338 | 2,000 | 1,900 |
Ceded Premiums, Life Insurance in Force | 12,100 | 12,700 | 13,700 |
Life insurance (2) | |||
Consolidated Reinsurance | |||
Reinsurance ceded | 704 | 769 | 792 |
Reinsurance assumed | 807 | 830 | 4,080 |
Life insurance (2) | Affiliated Entity | |||
Consolidated Reinsurance | |||
Reinsurance ceded | 372 | 139 | 114 |
Reinsurance assumed | $ (19) | $ 7 | $ 3,200 |