Insurance (Tables)

12 Months Ended

Dec. 31, 2020

Insurance [Abstract]

Insurance Liabilities

Insurance liabilities are comprised of future policy benefits, policyholder account balances and other policy-related balances. Information regarding insurance liabilities by segment, as well as Corporate & Other, was as follows at:

	December 31,
	2020		2019
	(In millions)
U.S.	$	162,524	$	150,327
Asia	126,912		118,027
Latin America	16,849		15,911
EMEA	17,252		16,951
MetLife Holdings	103,937		101,945
Corporate & Other	1,459		1,546
Total	$	428,933	$	404,707

Liabilities for Guarantees

Information regarding the liabilities for guarantees (excluding base policy liabilities and embedded derivatives) relating to annuity and universal and variable life contracts was as follows:

	Annuity Contracts				Universal and Variable Life Contracts
	GMDBs and GMWBs		GMIBs		Secondary Guarantees		Paid-Up Guarantees		Total
	(In millions)
Direct and Assumed:
Balance at January 1, 2018	$	528	$	720	$	3,188	$	347	$	4,783
Incurred guaranteed benefits (1)	(78)		178		291		12		403
Paid guaranteed benefits	(22)		—		(37)		—		(59)
Balance at December 31, 2018	428		898		3,442		359		5,127
Incurred guaranteed benefits (1)	62		(3)		358		68		485
Paid guaranteed benefits	(25)		(1)		(38)		—		(64)
Balance at December 31, 2019	465		894		3,762		427		5,548
Incurred guaranteed benefits (1)	195		240		602		26		1,063
Paid guaranteed benefits	(21)		(5)		(99)		(45)		(170)
Balance at December 31, 2020	$	639	$	1,129	$	4,265	$	408	$	6,441
Ceded:
Balance at January 1, 2018	$	34	$	6	$	241	$	242	$	523
Incurred guaranteed benefits	(38)		4		28		9		3
Paid guaranteed benefits	4		—		—		—		4
Balance at December 31, 2018	—		10		269		251		530
Incurred guaranteed benefits	(4)		—		80		30		106
Paid guaranteed benefits	4		—		—		—		4
Balance at December 31, 2019	—		10		349		281		640
Incurred guaranteed benefits	(11)		(3)		96		43		125
Paid guaranteed benefits	9		—		(18)		(32)		(41)
Balance at December 31, 2020	$	(2)	$	7	$	427	$	292	$	724
Net:
Balance at January 1, 2018	$	494	$	714	$	2,947	$	105	$	4,260
Incurred guaranteed benefits	(40)		174		263		3		400
Paid guaranteed benefits	(26)		—		(37)		—		(63)
Balance at December 31, 2018	428		888		3,173		108		4,597
Incurred guaranteed benefits	66		(3)		278		38		379
Paid guaranteed benefits	(29)		(1)		(38)		—		(68)
Balance at December 31, 2019	465		884		3,413		146		4,908
Incurred guaranteed benefits	206		243		506		(17)		938
Paid guaranteed benefits	(30)		(5)		(81)		(13)		(129)
Balance at December 31, 2020	$	641	$	1,122	$	3,838	$	116	$	5,717

__________________

(1)Secondary guarantees include the effects of foreign currency translation of $125 million, $23 million and $62 million at December 31, 2020, 2019 and 2018, respectively.

Fund Groupings

Account balances of contracts with guarantees were invested in separate account asset classes as follows at:

	December 31,
	2020		2019
	(In millions)
Fund Groupings:
Equity	$	28,581	$	25,097
Balanced	18,385		19,014
Bond	5,567		5,565
Money Market	149		117
Total	$	52,682	$	49,793

Guarantees related to Annuity, Universal and Variable Life Contracts

Information regarding the Company’s guarantee exposure, which includes direct and assumed business, but excludes offsets from hedging or ceded reinsurance, if any, was as follows at:

	December 31,
	2020						2019
	In the Event of Death			At Annuitization			In the Event of Death			At Annuitization
	(Dollars in millions)
Annuity Contracts:
Variable Annuity Guarantees:
Total account value (1), (2), (3)	$	65,044		$	24,170		$	64,506		$	24,036
Separate account value (1)	$	42,585		$	22,370		$	41,305		$	22,291
Net amount at risk (2)	$	1,579	(4)	$	614	(5)	$	1,572	(4)	$	584	(5)
Average attained age of contractholders	68 years			66 years			67 years			65 years
Other Annuity Guarantees:
Total account value (1), (3)	N/A			$	6,030		N/A			$	5,671
Net amount at risk	N/A			$	459	(6)	N/A			$	408	(6)
Average attained age of contractholders	N/A			50 years			N/A			51 years

	December 31,
	2020				2019
	Secondary Guarantees		Paid-Up Guarantees		Secondary Guarantees		Paid-Up Guarantees
	(Dollars in millions)
Universal and Variable Life Contracts:
Total account value (1), (3)	$	13,426	$	2,808	$	11,937	$	2,940
Net amount at risk (7)	$	82,940	$	13,557	$	86,221	$	14,500
Average attained age of policyholders	54 years		65 years		53 years		65 years

__________________

(1)The Company’s annuity and life contracts with guarantees may offer more than one type of guarantee in each contract. Therefore, the amounts listed above may not be mutually exclusive.

(2)Includes amounts, which are not reported on the consolidated balance sheets, from assumed variable annuity guarantees from the Company’s former operating joint venture in Japan.

(3)Includes the contractholder’s investments in the general account and separate account, if applicable.

(4)Defined as the death benefit less the total account value, as of the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts on the balance sheet date and includes any additional contractual claims associated with riders purchased to assist with covering income taxes payable upon death.

(5)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, equal to the minimum amount provided under the guaranteed benefit. This amount represents the Company’s potential economic exposure to such guarantees in the event all contractholders were to annuitize on the balance sheet date, even though the contracts contain terms that allow annuitization of the guaranteed amount only after the 10th anniversary of the contract, which not all contractholders have achieved.

(6)Defined as either the excess of the upper tier, adjusted for a profit margin, less the lower tier, as of the balance sheet date or 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, equal to the minimum amount provided under the guaranteed benefit. These amounts represent the Company’s potential economic exposure to such guarantees in the event all contractholders were to annuitize on the balance sheet date.

(7)Defined as the guarantee amount less the account value, as of the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts on the balance sheet date.

Schedule of Federal Home Loan Bank, common stock holdings, by branch of FHLB Bank

Certain of the Company’s subsidiaries are or were members of regional FHLBs. Holdings of common stock of regional FHLBs, included in other invested assets, were as follows at:

	December 31,
	2020		2019
	(In millions)
FHLB of New York	$	812	$	737
FHLB of Des Moines	$	2	$	4
FHLB of Pittsburgh	$	—	$	35

Schedule of liability recorded and collateral pledged for funding agreements

Certain subsidiaries have also entered into funding agreements with regional FHLBs and a subsidiary of the Federal Agricultural Mortgage Corporation, a federally chartered instrumentality of the U.S. (“Farmer Mac”). The liability for such funding agreements is included in policyholder account balances. Information related to such funding agreements was as follows at:

	Liability				Collateral
	December 31,
	2020		2019		2020			2019
	(In millions)
FHLB of New York (1)	$	16,200	$	14,445	$	18,539	(2)	$	16,570	(2)
Farmer Mac (3)	$	2,375	$	2,550	$	2,450		$	2,670
FHLB of Des Moines (1)	$	50	$	100	$	72	(2)	$	141	(2)
FHLB of Pittsburgh (1)	$	—	$	775	$	—		$	895	(2)

__________________

(1)Represents funding agreements issued to the applicable regional FHLB in exchange for cash and for which such regional FHLB has been granted a lien on certain assets, some of which are in the custody of such regional FHLB, including residential mortgage-backed securities (“RMBS”), to collateralize obligations under such funding agreements. The applicable subsidiary of the Company is permitted to withdraw any portion of the collateral in the custody of such regional FHLB 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 such subsidiary, the applicable regional FHLB’s recovery on the collateral is limited to the amount of such subsidiary’s liability to such regional FHLB.

(2)Advances are collateralized by mortgage-backed securities. The amount of collateral presented is at estimated fair value.

(3)Represents funding agreements issued to a subsidiary of Farmer Mac. The obligations under these 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 amount of collateral presented is at carrying value.

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:

	December 31,
	2020		2019
	(In millions)
Invested assets on deposit (regulatory deposits)	$	1,933	$	2,034
Invested assets held in trust (collateral financing arrangement and reinsurance agreements)	3,475		2,991
Invested assets pledged as collateral (1)	25,884		24,493
Total invested assets on deposit, held in trust and pledged as collateral	$	31,292	$	29,518

__________________

(1)    The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements (see Note 4), derivative transactions (see Note 9), secured debt (see Note 13), and a collateral financing arrangement (see Note 14).

Short-duration Insurance Contracts, Claims Development

Group Life - Term

	Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance																				At December 31, 2020
	For the Years Ended December 31,																				Total IBNR Liabilities Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
	(Unaudited)
Incurral Year	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020
	(Dollars in millions)
2011	$	6,318	$	6,290	$	6,293	$	6,269	$	6,287	$	6,295	$	6,294	$	6,295	$	6,297	$	6,299	$	1	208,202
2012			6,503		6,579		6,569		6,546		6,568		6,569		6,569		6,572		6,574		1		209,960
2013					6,637		6,713		6,719		6,720		6,730		6,720		6,723		6,724		1		212,572
2014							6,986		6,919		6,913		6,910		6,914		6,919		6,920		3		215,388
2015									7,040		7,015		7,014		7,021		7,024		7,025		3		217,729
2016											7,125		7,085		7,095		7,104		7,105		6		218,487
2017													7,432		7,418		7,425		7,427		9		257,925
2018															7,757		7,655		7,646		14		242,815
2019																	7,935		7,900		23		239,317
2020																			8,913		757		206,427
Total																			72,533
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																			(70,179)
All outstanding liabilities for incurral years prior to 2011, net of reinsurance																			18
Total unpaid claims and claim adjustment expenses, net of reinsurance																			$	2,372

	Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance
	For the Years Ended December 31,
	(Unaudited)
Incurral Year	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020
	(In millions)
2011	$	4,982	$	6,194	$	6,239	$	6,256	$	6,281	$	6,290	$	6,292	$	6,295	$	6,296	$	6,297
2012			5,132		6,472		6,518		6,532		6,558		6,565		6,566		6,569		6,572
2013					5,216		6,614		6,664		6,678		6,711		6,715		6,720		6,721
2014							5,428		6,809		6,858		6,869		6,902		6,912		6,915
2015									5,524		6,913		6,958		6,974		7,008		7,018
2016											5,582		6,980		7,034		7,053		7,086
2017													5,761		7,292		7,355		7,374
2018															6,008		7,521		7,578
2019																	6,178		7,756
2020																			6,862
Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																			$	70,179

Group Long-Term Disability

	Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance																				At December 31, 2020
	For the Years Ended December 31,																				Total IBNR Liabilities Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
	(Unaudited)
Incurral Year	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020
	(Dollars in millions)
2011	$	955	$	916	$	894	$	914	$	924	$	923	$	918	$	917	$	914	$	910	$	—	21,644
2012			966		979		980		1,014		1,034		1,037		1,021		1,015		1,011		—		20,086
2013					1,008		1,027		1,032		1,049		1,070		1,069		1,044		1,032		—		21,138
2014							1,076		1,077		1,079		1,101		1,109		1,098		1,097		—		22,852
2015									1,082		1,105		1,093		1,100		1,087		1,081		—		21,209
2016											1,131		1,139		1,159		1,162		1,139		—		17,967
2017													1,244		1,202		1,203		1,195		—		16,313
2018															1,240		1,175		1,163		7		15,135
2019																	1,277		1,212		33		15,044
2020																			1,253		630		8,387
Total																			11,093
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																			(5,657)
All outstanding liabilities for incurral years prior to 2011, net of reinsurance																			1,543
Total unpaid claims and claim adjustment expenses, net of reinsurance																			$	6,979

	Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance
	For the Years Ended December 31,
	(Unaudited)
Incurral Year	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020
	(In millions)
2011	$	44	$	217	$	337	$	411	$	478	$	537	$	588	$	635	$	670	$	703
2012			43		229		365		453		524		591		648		694		730
2013					43		234		382		475		551		622		676		722
2014							51		266		428		526		609		677		732
2015									50		264		427		524		601		665
2016											49		267		433		548		628
2017													56		290		476		579
2018															54		314		497
2019																	57		342
2020																			59
Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																			$	5,657

Group Disability & Group Life

	Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance																				At December 31, 2020
	For the Years Ended December 31,																				Total IBNR Liabilities Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
	(Unaudited)
Incurral Year	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020
	(Dollars in millions)
2011	$	63	$	66	$	87	$	87	$	93	$	123	$	130	$	127	$	120	$	118	$	3	3,561
2012			96		103		101		117		117		121		132		125		124		5		5,586
2013					147		148		171		166		165		174		174		177		12		6,503
2014							292		275		252		253		265		260		261		25		6,706
2015									276		264		267		260		272		275		27		6,570
2016											231		235		221		236		239		32		4,472
2017													299		278		286		307		52		5,052
2018															365		333		347		110		5,097
2019																	394		369		175		4,530
2020																			438		341		2,429
Total																			2,655
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																			(1,874)
All outstanding liabilities for incurral years prior to 2011, net of reinsurance																			11
Total unpaid claims and claim adjustment expenses, net of reinsurance																			$	792

	Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance
	For the Years Ended December 31,
	(Unaudited)
Incurral Year	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020
	(In millions)
2011	$	12	$	40	$	53	$	66	$	80	$	100	$	107	$	110	$	114	$	115
2012			30		64		84		97		105		110		112		115		119
2013					43		98		120		134		147		161		157		166
2014							69		142		177		199		224		225		237
2015									80		152		190		205		232		248
2016											65		133		152		190		206
2017													87		157		208		255
2018															96		176		237
2019																	106		194
2020																			97
Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																			$	1,874

Protection Life

	Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance																				At December 31, 2020
	For the Years Ended December 31,																				Total IBNR Liabilities Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
	(Unaudited)
Incurral Year	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020
	(Dollars in millions)
2011	$	129	$	201	$	207	$	208	$	208	$	208	$	204	$	207	$	207	$	207	$	—	27,458
2012			138		187		191		193		193		191		192		193		195		—		27,645
2013					150		212		218		219		218		220		221		221		—		32,040
2014							226		345		354		323		326		327		328		—		40,796
2015									295		424		395		399		399		401		—		46,605
2016											313		409		420		427		428		—		40,431
2017													323		314		314		313		(1)		32,201
2018															300		290		288		1		30,565
2019																	325		297		10		32,072
2020																			490		201		26,643
Total																			3,168
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																			(2,772)
All outstanding liabilities for incurral years prior to 2011, net of reinsurance																			8
Total unpaid claims and claim adjustment expenses, net of reinsurance																			$	404

	Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance
	For the Years Ended December 31,
	(Unaudited)
Incurral Year	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020
	(In millions)
2011	$	127	$	197	$	202	$	203	$	203	$	203	$	204	$	204	$	206	$	206
2012			136		184		188		190		190		189		190		192		192
2013					147		205		210		210		209		211		213		214
2014							201		301		306		309		313		315		316
2015									240		339		360		367		373		376
2016											221		395		414		421		424
2017													191		286		302		306
2018															151		257		268
2019																	169		257
2020																			213
Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																			$	2,772

Protection Health

	Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance																				At December 31, 2020
	For the Years Ended December 31,																				Total IBNR Liabilities Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
	(Unaudited)
Incurral Year	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020
	(Dollars in millions)
2011	$	212	$	236	$	238	$	239	$	239	$	239	$	236	$	236	$	236	$	237	$	—	106,659
2012			205		230		232		233		233		232		232		232		232		—		100,420
2013					222		251		252		253		250		250		250		251		—		104,293
2014							231		257		259		257		256		255		256		—		97,855
2015									198		225		227		226		225		225		—		87,290
2016											260		299		296		297		297		1		106,170
2017													376		350		351		350		2		120,810
2018															403		423		401		4		143,040
2019																	134		175		9		127,651
2020																			486		44		103,841
Total																			2,910
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																			(2,808)
All outstanding liabilities for incurral years prior to 2011, net of reinsurance																			4
Total unpaid claims and claim adjustment expenses, net of reinsurance																			$	106

	Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance
	For the Years Ended December 31,
	(Unaudited)
Incurral Year	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020
	(In millions)
2011	$	212	$	236	$	238	$	238	$	239	$	239	$	236	$	236	$	236	$	237
2012			205		230		232		233		233		232		232		232		232
2013					222		251		252		253		250		250		250		250
2014							229		255		257		253		253		253		254
2015									198		225		224		225		225		225
2016											244		292		295		295		296
2017													307		346		348		349
2018															344		392		395
2019																	113		159
2020																			411
Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																			$	2,808

Short-duration Insurance Contracts, Schedule of Historical Claims Duration

The following is supplementary information about average historical claims duration at December 31, 2020:

	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	78.2%	20.0%	0.7%	0.2%	0.5%	0.1%	—%	—%	—%	—%

The following is supplementary information about average historical claims duration at December 31, 2020:

	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	4.6%	20.0%	14.6%	8.9%	7.2%	6.4%	5.4%	4.7%	3.7%	3.6%

The following is supplementary information about average historical claims duration at December 31, 2020:

	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
Years	1	2	3	4	5	6	7	8	9	10
Group Disability & Group Life	24.8%	26.1%	13.6%	10.6%	8.6%	7.0%	2.5%	3.3%	3.3%	0.8%

The following is supplementary information about average historical claims duration at December 31, 2020:

	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
Years	1	2	3	4	5	6	7	8	9	10
Protection Life	58.4%	30.8%	3.4%	1.0%	0.5%	0.4%	0.6%	0.5%	0.5%	—%

The following is supplementary information about average historical claims duration at December 31, 2020:

	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
Years	1	2	3	4	5	6	7	8	9	10
Protection Health	84.9%	13.4%	0.6%	—%	(0.1%)	(0.1)%	(0.2%)	—%	—%	0.4%

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, 2020
	(In millions)
Short-Duration:
Unpaid claims and allocated claims adjustment expenses, net of reinsurance:
U.S.:
Group Life - Term	$	2,372
Group Long-Term Disability	6,979
Total			$	9,351
Asia - Group Disability & Group Life			792
Latin America:
Protection Life	404
Protection Health	106
Total			510
Other insurance lines - all segments combined			1,991
Total unpaid claims and allocated claims adjustment expenses, net of reinsurance			12,644
Reinsurance recoverables on unpaid claims:
U.S.:
Group Life - Term	12
Group Long-Term Disability	128
Total			140
Asia - Group Disability & Group Life			313
Latin America:
Protection Life	8
Protection Health	12
Total			20
Other insurance lines - all segments combined			437
Total reinsurance recoverable on unpaid claims			910
Total unpaid claims and allocated claims adjustment expense			13,554
Unallocated claims adjustment expenses			2
Discounting			(1,254)
Liability for unpaid claims and claim adjustment liabilities - short-duration			12,302
Liability for unpaid claims and claim adjustment liabilities - all long-duration lines			6,289
Total liability for unpaid claims and claim adjustment expense (included in future policy benefits and other policy-related balances) (1)			$	18,591

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,
	2020		2019		2018
	(In millions)
Balance at January 1,	$	19,216	$	17,788	$	17,094
Less: Reinsurance recoverables	2,377		2,332		2,198
Net balance at January 1,	16,839		15,456		14,896
Incurred related to:
Current year	27,272		27,093		24,571
Prior years (1)	192		313		454
Total incurred	27,464		27,406		25,025
Paid related to:
Current year	(20,230)		(20,141)		(18,757)
Prior years	(6,241)		(5,882)		(5,708)
Total paid	(26,471)		(26,023)		(24,465)
Reclassified to liabilities held-for-sale (2)	(1,658)		—		—
Net balance at December 31,	16,174		16,839		15,456
Add: Reinsurance recoverables	2,417		2,377		2,332
Balance at December 31,	$	18,591	$	19,216	$	17,788

__________________

(1)For the years ended December 31, 2020, 2019 and 2018, claims and claim adjustment expenses associated with prior years increased due to events incurred in prior years but reported in the current year.

(2)See Note 3 for information on the pending disposition of MetLife P&C.