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Investments (Tables)

3 Months Ended

Mar. 31, 2018

Investments, Debt and Equity Securities [Abstract]

Fixed Maturity and Equity Securities Available-for-Sale

The following table presents the fixed maturity securities AFS by sector. Redeemable preferred stock is reported within U.S. corporate and foreign corporate fixed maturity securities. Included within fixed maturity securities AFS are structured securities including residential mortgage-backed securities (“RMBS”), asset-backed securities (“ABS”) and commercial mortgage-backed securities (“CMBS”) (collectively, “Structured Securities”).



	March 31, 2018																				December 31, 2017
	Amortized Cost				Gross Unrealized												Estimated Fair Value				Amortized Cost				Gross Unrealized												Estimated Fair Value
	Amortized Cost				Gains				Temporary Losses				OTTI Losses (1)				Estimated Fair Value				Amortized Cost				Gains				Temporary Losses				OTTI Losses (1)				Estimated Fair Value
	(In millions)
Fixed maturity securities:
U.S. corporate	$	77,786			$	5,105			$	1,057			$	—			$	81,834			$	76,005			$	7,007			$	351			$	—			$	82,661
Foreign government	58,423				6,484				397				—				64,510				55,351				6,495				312				—				61,534
Foreign corporate	52,894				3,366				797				—				55,463				52,409				3,836				676				—				55,569
U.S. government and agency	40,989				3,395				557				—				43,827				43,446				4,227				279				—				47,394
RMBS	26,858				999				481				(35		)		27,411				27,846				1,145				233				(42		)		28,800
State and political subdivision	10,762				1,473				43				—				12,192				10,752				1,717				13				1				12,455
ABS	11,695				111				41				1				11,764				12,213				116				39				(1		)		12,291
CMBS	7,692				112				94				—				7,710				8,047				222				42				—				8,227
Total fixed maturity securities	$	287,099			$	21,045			$	3,467			$	(34	)		$	304,711			$	286,069			$	24,765			$	1,945			$	(42	)		$	308,931

__________________


(1)	Noncredit OTTI losses included in AOCI in an unrealized gain position are due to increases in estimated fair value subsequent to initial recognition of noncredit losses on such securities. See also “— Net Unrealized Investment Gains (Losses).”



	March 31, 2018							December 31, 2017
	Estimated Fair Value				% of Total			Estimated Fair Value				% of Total
	Estimated Fair Value				% of Total			Estimated Fair Value				% of Total
	(Dollars in millions)
Equity securities:
Common stock	$	1,046			67.7	%		$	2,035			81.0	%
Non-redeemable preferred stock	498				32.3			478				19.0
Total equity securities	$	1,544			100.0	%		$	2,513			100.0	%

Available-for-sale fixed maturity securities by contractual maturity date

The amortized cost and estimated fair value of fixed maturity securities, by contractual maturity date, were as follows at March 31, 2018:



		Due in One Year or Less				Due After One Year Through Five Years				Due After Five Years Through Ten Years				Due After Ten Years				Structured Securities				Total Fixed Maturity Securities
		(In millions)
Amortized cost		$	12,620			$	60,639			$	61,373			$	106,222			$	46,245			$	287,099
Estimated fair value		$	12,674			$	62,809			$	63,919			$	118,424			$	46,885			$	304,711

Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale

The following table presents the estimated fair value and gross unrealized losses of fixed maturity securities AFS in an unrealized loss position, aggregated by sector and by length of time that the securities have been in a continuous unrealized loss position at:



		March 31, 2018																December 31, 2017
		Less than 12 Months								Equal to or Greater than 12 Months								Less than 12 Months								Equal to or Greater than 12 Months
		Estimated Fair Value				Gross Unrealized Losses				Estimated Fair Value				Gross Unrealized Losses				Estimated Fair Value				Gross Unrealized Losses				Estimated Fair Value				Gross Unrealized Losses
		(Dollars in millions)
Fixed maturity securities:
U.S. corporate		$	20,465			$	642			$	4,426			$	415			$	5,604			$	92			$	4,115			$	259
Foreign government		4,510				137				3,297				260				4,234				83				3,251				229
Foreign corporate		8,932				259				5,835				538				4,422				99				6,802				577
U.S. government and agency		19,105				224				3,378				333				18,273				93				3,560				186
RMBS		10,855				237				3,713				209				6,359				50				4,159				141
State and political subdivision		774				24				302				19				182				2				346				12
ABS		2,593				15				551				27				1,695				7				729				31
CMBS		3,069				48				478				46				1,174				9				413				33
Total fixed maturity securities		$	70,303			$	1,586			$	21,980			$	1,847			$	41,943			$	435			$	23,375			$	1,468
Total number of securities in an unrealized loss position		5,111								1,887								2,598								1,955

Disclosure of Mortgage Loans Net of Valuation Allowance

Mortgage loans are summarized as follows at:



	March 31, 2018							December 31, 2017
	Carrying Value				% of Total			Carrying Value				% of Total
	(Dollars in millions)
Mortgage loans:
Commercial	$	46,690			65.7	%		$	44,375			64.6	%
Agricultural	13,098				18.4			13,014				18.9
Residential	11,156				15.7			11,136				16.2
Subtotal (1)	70,944				99.8			68,525				99.7
Valuation allowances	(327		)		(0.4	)		(314		)		(0.5	)
Subtotal mortgage loans, net	70,617				99.4			68,211				99.2
Residential — FVO	438				0.6			520				0.8
Total mortgage loans, net	$	71,055			100.0	%		$	68,731			100.0	%

__________________


(1)	Purchases of mortgage loans, primarily residential mortgage loans, were $307 million and $762 million for the three months ended March 31, 2018 and 2017, respectively.

Disclosure of mortgage loans held-for-investment and valuation allowances by method of evaluation for credit loss

Mortgage loans by portfolio segment, by method of evaluation of credit loss, impaired mortgage loans including those modified in a troubled debt restructuring, and the related valuation allowances, were as follows at:



		Evaluated Individually for Credit Losses																				Evaluated Collectively for Credit Losses								Impaired Loans
		Impaired Loans with a Valuation Allowance												Impaired Loans without a Valuation Allowance
		Unpaid Principal Balance				Recorded Investment				Valuation Allowances				Unpaid Principal Balance				Recorded Investment				Recorded Investment				Valuation Allowances				Carrying Value
		(In millions)
March 31, 2018
Commercial		$	—			$	—			$	—			$	—			$	—			$	46,690			$	228			$	—
Agricultural		22				21				2				101				100				12,977				39				119
Residential		—				—				—				376				339				10,817				58				339
Total		$	22			$	21			$	2			$	477			$	439			$	70,484			$	325			$	458
December 31, 2017
Commercial		$	—			$	—			$	—			$	—			$	—			$	44,375			$	214			$	—
Agricultural		22				21				2				27				27				12,966				39				46
Residential		—				—				—				358				324				10,812				59				324
Total		$	22			$	21			$	2			$	385			$	351			$	68,153			$	312			$	370

Allowance for Loan and Lease Losses, Provision for Loss, Net

The changes in the valuation allowance, by portfolio segment, were as follows:



	Three Months Ended March 31,
	2018																2017
	Commercial				Agricultural				Residential				Total				Commercial				Agricultural				Residential				Total
	(In millions)
Balance, beginning of period	$	214			$	41			$	59			$	314			$	202			$	39			$	63			$	304
Provision (release)	14				—				—				14				5				—				5				10
Charge-offs, net of recoveries	—				—				(1		)		(1		)		—				—				(4		)		(4		)
Balance, end of period	$	228			$	41			$	58			$	327			$	207			$	39			$	64			$	310

Schedule of Financing Receivables, Non Accrual Status

The past due and nonaccrual mortgage loans at recorded investment, prior to valuation allowances, by portfolio segment, were as follows at:



		Past Due								Greater than 90 Days Past Due and Still Accruing Interest								Nonaccrual
		March 31, 2018				December 31, 2017				March 31, 2018				December 31, 2017				March 31, 2018				December 31, 2017
		(In millions)
Commercial		$	1			$	—			$	—			$	—			$	1			$	—
Agricultural		219				134				114				125				106				36
Residential		408				514				42				33				366				481
Total		$	628			$	648			$	156			$	158			$	473			$	517

Components of net unrealized investment gains (losses) included in accumulated other comprehensive income (loss)

The components of net unrealized investment gains (losses), included in AOCI, were as follows:



		March 31, 2018				December 31, 2017
		(In millions)
Fixed maturity securities		$	17,545			$	22,645
Fixed maturity securities with noncredit OTTI losses included in AOCI		35				41
Total fixed maturity securities		17,580				22,686
Equity securities		—				421
Derivatives		936				1,453
Other		136				46
Subtotal		18,652				24,606
Amounts allocated from:
Future policy benefits		(138		)		(77		)
DAC, VOBA and DSI		(1,304		)		(1,768		)
Policyholder dividend obligation		(1,277		)		(2,121		)
Subtotal		(2,719		)		(3,966		)
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI		(5		)		(12		)
Deferred income tax benefit (expense)		(4,372		)		(6,958		)
Net unrealized investment gains (losses)		11,556				13,670
Net unrealized investment gains (losses) attributable to noncontrolling interests		(9		)		(8		)
Net unrealized investment gains (losses) attributable to MetLife, Inc.		$	11,547			$	13,662

The changes in net unrealized investment gains (losses) were as follows:



	Three Months Ended March 31, 2018
	(In millions)
Balance, beginning of period	$	13,662
Cumulative effects of changes in accounting principles, net of income tax (Note 1)	1,258
Fixed maturity securities on which noncredit OTTI losses have been recognized	(6		)
Unrealized investment gains (losses) during the period	(5,523		)
Unrealized investment gains (losses) relating to:
Future policy benefits	(61		)
DAC, VOBA and DSI	464
Policyholder dividend obligation	844
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI	7
Deferred income tax benefit (expense)	903
Net unrealized investment gains (losses)	11,548
Net unrealized investment gains (losses) attributable to noncontrolling interests	(1		)
Balance, end of period	$	11,547
Change in net unrealized investment gains (losses)	$	(2,114	)
Change in net unrealized investment gains (losses) attributable to noncontrolling interests	(1		)
Change in net unrealized investment gains (losses) attributable to MetLife, Inc.	$	(2,115	)

Securities Lending

Elements of the Company’s securities lending program are presented below at:



	March 31, 2018				December 31, 2017
	(In millions)
Securities on loan: (1)
Amortized cost	$	17,047			$	17,801
Estimated fair value	$	17,812			$	19,028
Cash collateral received from counterparties (2)	$	18,111			$	19,417
Security collateral received from counterparties (3)	$	41			$	19
Reinvestment portfolio — estimated fair value	$	18,149			$	19,508

__________________


(1)	Included within fixed maturity securities.


(2)	Included within payables for collateral under securities loaned and other transactions.


(3)	Security collateral received from counterparties may not be sold or re-pledged, unless the counterparty is in default, and is not reflected on the consolidated financial statements.

The cash collateral liability by loaned security type and remaining tenor of the agreements was as follows at:



		March 31, 2018																December 31, 2017
		Remaining Tenor of Securities Lending Agreements																Remaining Tenor of Securities Lending Agreements
		Open (1)				1 Month or Less				Over 1 to 6 Months				Total				Open (1)				1 Month or Less				Over 1 to 6 Months				Total
		(In millions)
Cash collateral liability by loaned security type:
U.S. government and agency		$	3,493			$	6,282			$	7,269			$	17,044			$	3,753			$	6,031			$	8,607			$	18,391
Foreign government		—				312				755				1,067				—				192				834				1,026
Total		$	3,493			$	6,594			$	8,024			$	18,111			$	3,753			$	6,223			$	9,441			$	19,417

__________________


(1)	The related loaned security could be returned to the Company on the next business day which would require the Company to immediately return the cash collateral.

Repurchase Agreements

Elements of the Company’s short-term repurchase agreements are presented below at:



		March 31, 2018				December 31, 2017
		(In millions)
Securities on loan: (1)
Amortized cost		$	2,796			$	994
Estimated fair value		$	2,927			$	1,141
Cash collateral received from counterparties (2)		$	2,861			$	1,102
Reinvestment portfolio — estimated fair value		$	2,854			$	1,102

__________________


(1)	Included within fixed maturity securities, cash equivalents and short-term investments.


(2)	Included within payables for collateral under securities loaned and other transactions and other liabilities.

The cash collateral liability by loaned security type and remaining tenor of the agreements was as follows at:



		March 31, 2018												December 31, 2017
		Remaining Tenor of Repurchase Agreements												Remaining Tenor of Repurchase Agreements
		1 Month or Less				Over 1 to 6 Months				Total				1 Month or Less				Over 1 to 6 Months				Total
		(In millions)
Cash collateral liability by loaned security type:
U.S. government and agency		$	2,760			$	5			$	2,765			$	1,005			$	—			$	1,005
All other corporate and government		—				96				96				44				53				97
Total		$	2,760			$	101			$	2,861			$	1,049			$	53			$	1,102

Invested Assets on Deposit, Held in Trust and Pledged as Collateral

Invested assets on deposit, held in trust and pledged as collateral are presented below at estimated fair value for all asset classes, except mortgage loans, which are presented at carrying value, at:



		March 31, 2018				December 31, 2017
		(In millions)
Invested assets on deposit (regulatory deposits)		$	2,079			$	1,879
Invested assets held in trust (collateral financing arrangement and reinsurance agreements)		2,586				2,490
Invested assets pledged as collateral		25,198				24,174
Total invested assets on deposit, held in trust and pledged as collateral		$	29,863			$	28,543

The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements (see Note 4 of the Notes to the Consolidated Financial Statements included in the 2017 Annual Report) and derivative transactions (see Note 7).

The Components of Net Investment Income

The components of net investment income were as follows:



	Three Months Ended March 31,
	2018				2017
	(In millions)
Investment income:
Fixed maturity securities	$	2,896			$	2,825
Equity securities	16				31
FVO general account securities (1)	6				29
Mortgage loans	792				736
Policy loans	124				127
Real estate and real estate joint ventures	168				153
Other limited partnership interests	207				240
Cash, cash equivalents and short-term investments	72				51
Operating joint ventures	13				2
Other	106				72
Subtotal	4,400				4,266
Less: Investment expenses	302				261
Subtotal, net	4,098				4,005
Unit-linked investments (1)	(353		)		416
Net investment income	$	3,745			$	4,421

__________________


(1)	Changes in estimated fair value subsequent to purchase for investments still held as of the end of the respective periods included in net investment income were principally from Unit-linked investments, and were ($373) million and $340 million for the three months ended March 31, 2018 and 2017, respectively.

The components of net investment gains (losses)

The components of net investment gains (losses) were as follows:



	Three Months Ended March 31,
	2018				2017
	(In millions)
Total gains (losses) on fixed maturity securities:
OTTI losses on fixed maturity securities recognized in earnings	$	—			$	—
Fixed maturity securities — net gains (losses) on sales and disposals	(95		)		(2		)
Total gains (losses) on fixed maturity securities	(95		)		(2		)
Total gains (losses) on equity securities:
OTTI losses recognized — by security type:
Common stock	—				(7		)
Non-redeemable preferred stock	—				(1		)
Total OTTI losses on equity securities recognized in earnings	—				(8		)
Equity securities — net gains (losses) on sales and disposals	102				43
Change in estimated fair value of equity securities (1)	(133		)		—
Total gains (losses) on equity securities	(31		)		35
Mortgage loans	(21		)		(12		)
Real estate and real estate joint ventures	25				(3		)
Other limited partnership interests	—				(7		)
Other	(130		)		(26		)
Subtotal	(252		)		(15		)
Change in estimated fair value of other limited partnership interests and real estate joint ventures	(5		)		—
Non-investment portfolio gains (losses) (2)	(76		)		103
Subtotal	(81		)		103
Total net investment gains (losses)	$	(333	)		$	88

__________________


(1)	Changes in estimated fair value subsequent to purchase for equity securities still held as of the end of the period included in net investment gains (losses) were ($37) million for the three months ended March 31, 2018. See Note 1.


(2)	Non-investment portfolio gains (losses) for the three months ended March 31, 2018 includes a loss of $168 million which represents the change in estimated fair value of FVO Brighthouse Common Stock held by the Company. See Note 3.

Proceeds from sales or disposals of fixed maturity and equity securities and the components of fixed maturity and equity securities net investment gains and losses

Proceeds from sales or disposals of fixed maturity securities AFS and the components of fixed maturity securities AFS net investment gains (losses) were as shown in the table below:



	Three Months Ended March 31,
	2018				2017
	Fixed Maturity Securities
	(In millions)
Proceeds	$	19,070			$	14,461
Gross investment gains	$	106			$	142
Gross investment losses	(201		)		(144		)
OTTI losses	—				—
Net investment gains (losses)	$	(95	)		$	(2	)

Rollforward of the Cumulative Credit Loss Component of OTTI income (loss)

The table below presents a rollforward of the cumulative credit loss component of OTTI loss recognized in earnings on fixed maturity securities still held for which a portion of the OTTI loss was recognized in other comprehensive income (loss) (“OCI”):



	Three Months Ended March 31,
	2018				2017
	(In millions)
Balance, beginning of period	$	138			$	187
Sales (maturities, pay downs or prepayments) of securities previously impaired as credit loss OTTI	(9		)		(17		)
Increase in cash flows — accretion of previous credit loss OTTI	(1		)		—
Balance, end of period	$	128			$	170

Variable Interest Entity, Primary Beneficiary [Member]

Variable Interest Entity [Line Items]

Schedule of Variable Interest Entities [Table Text Block]

The following table presents the total assets and total liabilities relating to investment-related VIEs for which the Company has concluded that it is the primary beneficiary and which are consolidated at:



		March 31, 2018								December 31, 2017
		Total Assets				Total Liabilities				Total Assets				Total Liabilities
		(In millions)
Renewable energy partnership (1)		$	109			$	1			$	116			$	3
Other investments		32				6				32				6
Total		$	141			$	7			$	148			$	9

__________________


(1)	Assets of the renewable energy partnership primarily consisted of other invested assets.

Variable Interest Entity, Not Primary Beneficiary [Member]

Variable Interest Entity [Line Items]

Schedule of Variable Interest Entities [Table Text Block]

The carrying amount and maximum exposure to loss relating to VIEs in which the Company holds a significant variable interest but is not the primary beneficiary and which have not been consolidated were as follows at:



		March 31, 2018								December 31, 2017
		Carrying Amount				Maximum Exposure to Loss (1)				Carrying Amount				Maximum Exposure to Loss (1)
		(In millions)
Fixed maturity securities AFS:
Structured Securities (2)		$	45,555			$	45,555			$	47,614			$	47,614
U.S. and foreign corporate		1,355				1,355				1,560				1,560
Other limited partnership interests		4,941				9,187				4,834				8,543
Other invested assets		2,300				2,557				2,291				2,625
Other investments		41				46				82				87
Total		$	54,192			$	58,700			$	56,381			$	60,429

__________________

(1)

The maximum exposure to loss relating to fixed maturity securities AFS is equal to their carrying amounts or the carrying amounts of retained interests. The maximum exposure to loss relating to other limited partnership interests and real estate joint ventures is equal to the carrying amounts plus any unfunded commitments. For certain of its investments in other invested assets, the Company’s return is in the form of income tax credits which are guaranteed by creditworthy third parties. For such investments, the maximum exposure to loss is equal to the carrying amounts plus any unfunded commitments, reduced by income tax credits guaranteed by third parties of $113 million and $117 million at March 31, 2018 and December 31, 2017, respectively. Such a maximum loss would be expected to occur only upon bankruptcy of the issuer or investee.


(2)	For these variable interests, the Company’s involvement is limited to that of a passive investor in mortgage-backed or asset-backed securities issued by trusts that do not have substantial equity.

Mortgage Loans on Real Estate [Line Items]

Disclosure of the mortgage loans portfolio segment by the recorded investment, prior to valuation allowances, by credit quality indicator categories

The credit quality of commercial mortgage loans was as follows at:



		Recorded Investment																			Estimated Fair Value				% of Total
		Debt Service Coverage Ratios																% of Total
		> 1.20x				1.00x - 1.20x				< 1.00x				Total				% of Total
		(Dollars in millions)
March 31, 2018
Loan-to-value ratios:
Less than 65%		$	39,705			$	1,023			$	186			$	40,914			87.6	%		$	41,327			87.9	%
65% to 75%		4,280				98				143				4,521				9.7			4,504				9.6
76% to 80%		265				210				126				601				1.3			574				1.2
Greater than 80%		401				176				77				654				1.4			613				1.3
Total		$	44,651			$	1,507			$	532			$	46,690			100.0	%		$	47,018			100.0	%
December 31, 2017
Loan-to-value ratios:
Less than 65%		$	37,073			$	1,483			$	201			$	38,757			87.4	%		$	39,528			87.7	%
65% to 75%		4,183				98				119				4,400				9.9			4,408				9.8
76% to 80%		235				210				57				502				1.1			476				1.0
Greater than 80%		401				168				147				716				1.6			672				1.5
Total		$	41,892			$	1,959			$	524			$	44,375			100.0	%		$	45,084			100.0	%

Mortgage Loans on Real Estate [Line Items]

Disclosure of the mortgage loans portfolio segment by the recorded investment, prior to valuation allowances, by credit quality indicator categories

The credit quality of agricultural mortgage loans was as follows at:



		March 31, 2018							December 31, 2017
		Recorded Investment				% of Total			Recorded Investment				% of Total
		(Dollars in millions)
Loan-to-value ratios:
Less than 65%		$	12,433			94.9	%		$	12,347			94.9	%
65% to 75%		616				4.7			618				4.7
76% to 80%		40				0.3			40				0.3
Greater than 80%		9				0.1			9				0.1
Total		$	13,098			100.0	%		$	13,014			100.0	%

Mortgage Loans on Real Estate [Line Items]

Disclosure of the mortgage loans portfolio segment by the recorded investment, prior to valuation allowances, by credit quality indicator categories

The credit quality of residential mortgage loans was as follows at:



		March 31, 2018							December 31, 2017
		Recorded Investment				% of Total			Recorded Investment				% of Total
		(Dollars in millions)
Performance indicators:
Performing		$	10,748			96.3	%		$	10,622			95.4	%
Nonperforming		408				3.7			514				4.6
Total		$	11,156			100.0	%		$	11,136			100.0	%