Income Tax

6 Months Ended

Jun. 30, 2019

Income Tax Disclosure [Abstract]

Income Tax

14. Income Tax

For the three months and six months ended June 30, 2019, the effective tax rate on income (loss) before provision for income tax was 24% and 23%, respectively. The Company’s effective tax rate for both periods differed from the U.S. statutory rate primarily due to tax charges from foreign earnings taxed at different rates than the U.S. statutory rate and the impact from the definitive agreement to sell MetLife Hong Kong, partially offset by tax benefits related to non-taxable investment income and tax credits.

For the three months ended June 30, 2018, the effective tax rate on income (loss) before provision for income tax was 19%. The Company’s effective tax rate differed from the U.S. statutory rate primarily due to tax benefits related to non-taxable investment income, tax credits and a non-cash transfer of assets from a wholly-owned U.K. investment subsidiary to its U.S. parent, partially offset by tax charges from foreign earnings taxed at different rates than the U.S. statutory rate and a non-deductible loss incurred on the mark-to-market and disposition of FVO Brighthouse Common Stock. For the six months ended June 30, 2018, the effective tax rate on income (loss) before provision for income tax was 22%. The Company’s effective tax rate differed from the U.S. statutory rate primarily due to tax charges from foreign earnings taxed at different rates than the U.S. statutory rate, a non-deductible loss incurred on the mark-to-market and disposition of FVO Brighthouse Common Stock and a tax adjustment in Chile. These tax charges were partially offset by tax benefits related to non-taxable investment income, tax credits and a non-cash transfer of assets from a wholly-owned U.K. investment subsidiary to its U.S. parent.