Segment Information (Tables)

12 Months Ended

Dec. 31, 2020

Segment Reporting Information, by Segment



Year Ended December 31, 2020	U.S.		Asia		Latin America		EMEA		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	27,265	$	6,571	$	2,265	$	2,259	$	3,600	$	22	$	41,982	$	52	$	42,034
Universal life and investment-type product policy fees	1,070		1,892		994		433		1,073		3		5,465		138		5,603
Net investment income	6,903		3,938		992		269		5,184		42		17,328		(211)		17,117
Other revenues	957		61		38		52		238		344		1,690		159		1,849
Net investment gains (losses)	—		—		—		—		—		—		—		(110)		(110)
Net derivative gains (losses)	—		—		—		—		—		—		—		1,349		1,349
Total revenues	36,195		12,462		4,289		3,013		10,095		411		66,465		1,377		67,842
Expenses
Policyholder benefits and claims and policyholder dividends	26,309		5,213		2,406		1,196		6,738		(3)		41,859		692		42,551
Interest credited to policyholder account balances	1,622		1,834		240		109		868		—		4,673		541		5,214
Capitalization of DAC	(453)		(1,652)		(362)		(491)		(39)		(11)		(3,008)		(5)		(3,013)
Amortization of DAC and VOBA	471		1,415		276		454		370		8		2,994		166		3,160
Amortization of negative VOBA	—		(37)		—		(8)		—		—		(45)		—		(45)
Interest expense on debt	7		—		4		1		6		895		913		—		913
Other expenses	4,162		3,481		1,318		1,344		942		625		11,872		263		12,135
Total expenses	32,118		10,254		3,882		2,605		8,885		1,514		59,258		1,657		60,915
Provision for income tax expense (benefit)	853		643		127		81		234		(556)		1,382		127		1,509
Adjusted earnings	$	3,224	$	1,565	$	280	$	327	$	976	$	(547)	5,825
Adjustments to:
Total revenues													1,377
Total expenses													(1,657)
Provision for income tax (expense) benefit													(127)
Net income (loss)													$	5,418			$	5,418


At December 31, 2020	U.S.		Asia (1)		Latin America		EMEA		MetLife Holdings		Corporate & Other		Total
	(In millions)
Total assets	$	291,483	$	173,884	$	75,047	$	28,372	$	184,566	$	41,794	$	795,146
Separate account assets	$	85,316	$	10,825	$	50,073	$	6,083	$	47,673	$	—	$	199,970
Separate account liabilities	$	85,316	$	10,825	$	50,073	$	6,083	$	47,673	$	—	$	199,970

__________________

(1)Total assets includes $146.0 billion of assets from the Company’s Japan operations which represents 18% of total consolidated assets.



Year Ended December 31, 2019	U.S.		Asia		Latin America		EMEA		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	26,801	$	6,632	$	2,723	$	2,177	$	3,748	$	83	$	42,164	$	71	$	42,235
Universal life and investment-type product policy fees	1,078		1,674		1,094		423		1,124		2		5,395		208		5,603
Net investment income	7,021		3,691		1,271		291		5,281		275		17,830		1,038		18,868
Other revenues	887		56		44		54		253		291		1,585		257		1,842
Net investment gains (losses)	—		—		—		—		—		—		—		444		444
Net derivative gains (losses)	—		—		—		—		—		—		—		628		628
Total revenues	35,787		12,053		5,132		2,945		10,406		651		66,974		2,646		69,620
Expenses
Policyholder benefits and claims and policyholder dividends	26,165		5,185		2,623		1,176		6,970		73		42,192		480		42,672
Interest credited to policyholder account balances	1,984		1,710		332		98		905		—		5,029		1,435		6,464
Capitalization of DAC	(484)		(1,913)		(396)		(505)		(28)		(12)		(3,338)		(20)		(3,358)
Amortization of DAC and VOBA	475		1,288		291		428		299		6		2,787		109		2,896
Amortization of negative VOBA	—		(25)		—		(8)		—		—		(33)		—		(33)
Interest expense on debt	10		—		3		—		8		934		955		—		955
Other expenses	4,075		3,818		1,443		1,399		969		1,074		12,778		451		13,229
Total expenses	32,225		10,063		4,296		2,588		9,123		2,075		60,370		2,455		62,825
Provision for income tax expense (benefit)	724		585		227		75		249		(1,201)		659		227		886
Adjusted earnings	$	2,838	$	1,405	$	609	$	282	$	1,034	$	(223)	5,945
Adjustments to:
Total revenues													2,646
Total expenses													(2,455)
Provision for income tax (expense) benefit													(227)
Net income (loss)													$	5,909			$	5,909


At December 31, 2019	U.S.		Asia (1)		Latin America		EMEA		MetLife Holdings		Corporate & Other		Total
	(In millions)
Total assets	$	266,174	$	161,018	$	75,069	$	27,281	$	175,199	$	35,722	$	740,463
Separate account assets	$	75,929	$	9,250	$	52,018	$	5,639	$	45,609	$	—	$	188,445
Separate account liabilities	$	75,929	$	9,250	$	52,018	$	5,639	$	45,609	$	—	$	188,445

__________________

(1)Total assets includes $134.0 billion of assets from the Company’s Japan operations which represents 18% of total consolidated assets.



Year Ended December 31, 2018	U.S.		Asia		Latin America		EMEA		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	28,186	$	6,766	$	2,760	$	2,131	$	3,879	$	118	$	43,840	$	—	$	43,840
Universal life and investment-type product policy fees	1,053		1,630		1,050		431		1,218		—		5,382		120		5,502
Net investment income	6,977		3,317		1,239		293		5,379		178		17,383		(1,217)		16,166
Other revenues	821		51		35		66		250		333		1,556		324		1,880
Net investment gains (losses)	—		—		—		—		—		—		—		(298)		(298)
Net derivative gains (losses)	—		—		—		—		—		—		—		851		851
Total revenues	37,037		11,764		5,084		2,921		10,726		629		68,161		(220)		67,941
Expenses
Policyholder benefits and claims and policyholder dividends	27,765		5,326		2,602		1,127		6,833		80		43,733		174		43,907
Interest credited to policyholder account balances	1,790		1,465		394		100		944		—		4,693		(680)		4,013
Capitalization of DAC	(449)		(1,915)		(377)		(468)		(36)		(8)		(3,253)		(1)		(3,254)
Amortization of DAC and VOBA	477		1,302		209		434		332		6		2,760		215		2,975
Amortization of negative VOBA	—		(39)		(1)		(15)		—		—		(55)		(1)		(56)
Interest expense on debt	12		—		6		—		9		1,032		1,059		63		1,122
Other expenses	3,902		3,840		1,421		1,378		1,081		907		12,529		398		12,927
Total expenses	33,497		9,979		4,254		2,556		9,163		2,017		61,466		168		61,634
Provision for income tax expense (benefit)	736		548		238		88		308		(825)		1,093		86		1,179
Adjusted earnings	$	2,804	$	1,237	$	592	$	277	$	1,255	$	(563)	5,602
Adjustments to:
Total revenues													(220)
Total expenses													(168)
Provision for income tax (expense) benefit													(86)
Net income (loss)													$	5,128			$	5,128

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,
	2020		2019		2018
	(In millions)
Life insurance	$	21,256	$	20,759	$	20,550
Accident & health insurance	15,346		15,159		14,489
Annuities	7,916		8,590		10,990
Property and casualty insurance	3,589		3,716		3,651
Other	1,379		1,456		1,542
Total	$	49,486	$	49,680	$	51,222

Revenue from External Customers by Geographic Areas

The following table presents total premiums, universal life and investment-type product policy fees and other revenues associated with the Company’s U.S. and foreign operations:


	Years Ended December 31,
	2020		2019		2018
	(In millions)
U.S.	$	34,717	$	34,433	$	36,078
Foreign:
Japan	6,750		6,608		6,435
Other	8,019		8,639		8,709
Total	$	49,486	$	49,680	$	51,222