Investments (Tables)

3 Months Ended

Mar. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Fixed Maturity Available-for-Sale and Equity Securities

The following table presents the fixed maturity securities available-for-sale (“AFS”) by sector. U.S. corporate and foreign corporate sectors include redeemable preferred stock. Residential mortgage-backed securities (“RMBS”) includes agency, prime, alternative and sub-prime mortgage-backed securities. Asset-backed securities (“ABS”) includes securities collateralized by corporate loans and consumer 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 and CMBS are, collectively, “Structured Products.”

	March 31, 2021										December 31, 2020
	Amortized Cost				Gross Unrealized (1)				Estimated Fair Value		Amortized Cost				Gross Unrealized (1)				Estimated Fair Value
Sector			Allowance for Credit Loss		Gains		Losses						Allowance for Credit Loss		Gains		Losses
	(In millions)
U.S. corporate	$	79,513	$	(43)	$	9,080	$	548	$	88,002	$	79,788	$	(44)	$	13,924	$	252	$	93,416
Foreign government	60,896		(21)		6,970		708		67,137		63,243		(21)		8,883		406		71,699
Foreign corporate	60,042		(33)		6,395		521		65,883		60,995		(16)		8,897		468		69,408
U.S. government and agency	37,827		—		4,370		795		41,402		39,094		—		8,095		89		47,100
RMBS	27,772		—		1,726		196		29,302		28,415		—		2,062		42		30,435
ABS	16,049		—		208		40		16,217		16,963		—		231		75		17,119
Municipals	11,321		—		1,976		85		13,212		10,982		—		2,746		6		13,722
CMBS	11,347		(7)		526		80		11,786		11,331		—		681		102		11,910
Total fixed maturity securities AFS	$	304,767	$	(104)	$	31,251	$	2,973	$	332,941	$	310,811	$	(81)	$	45,519	$	1,440	$	354,809

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(1)Excludes gross unrealized gains (losses) related to assets held-for-sale; these unrealized gains (losses) are included in AOCI as no component of equity is held-for-sale. See Note 3 for information on the disposition of MetLife P&C.

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

The amortized cost, net of allowance for credit loss (“ACL”), and estimated fair value of fixed maturity securities AFS, by contractual maturity date, were as follows at March 31, 2021:

	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	$	12,007	$	48,386	$	58,346	$	130,763	$	55,161	$	304,663
Estimated fair value	$	12,163	$	51,148	$	64,779	$	147,546	$	57,305	$	332,941

Continuous Gross Unrealized Loss 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.

	March 31, 2021								December 31, 2020
	Less than 12 Months				Equal to or Greater than 12 Months				Less than 12 Months				Equal to or Greater than 12 Months
Sector & Credit Quality	Estimated Fair Value		Gross Unrealized Losses (1)		Estimated Fair Value		Gross Unrealized Losses (1)		Estimated Fair Value		Gross Unrealized Losses (1)		Estimated Fair Value		Gross Unrealized Losses (1)
	(Dollars in millions)
U.S. corporate	$	8,418	$	441	$	1,380	$	98	$	4,338	$	196	$	506	$	50
Foreign government	8,983		421		2,360		284		6,795		305		836		100
Foreign corporate	6,814		305		2,247		216		4,856		321		1,255		147
U.S. government and agency	11,657		779		76		15		4,619		87		33		2
RMBS	5,878		178		450		18		1,531		27		152		14
ABS	2,519		19		1,197		21		3,428		26		2,842		49
Municipals	1,802		85		—		—		273		6		—		—
CMBS	1,678		43		970		37		1,887		63		612		39
Total fixed maturity securities AFS	$	47,749	$	2,271	$	8,680	$	689	$	27,727	$	1,031	$	6,236	$	401
Investment grade	$	45,249	$	2,166	$	7,132	$	534	$	24,572	$	829	$	5,841	$	350
Below investment grade	2,500		105		1,548		155		3,155		202		395		51
Total fixed maturity securities AFS	$	47,749	$	2,271	$	8,680	$	689	$	27,727	$	1,031	$	6,236	$	401
Total number of securities in an unrealized loss position	4,117				852				2,177				690

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(1)Excludes gross unrealized losses related to assets held-for-sale; these unrealized losses are included in AOCI as no component of equity is held-for-sale. See Note 3 for information on the disposition of MetLife P&C.

Debt Securities, Available-for-sale, Allowance for Credit Loss

The rollforward of ACL for fixed maturity securities AFS by sector is as follows:

	U.S. Corporate		Foreign Government		Foreign Corporate		CMBS		Total
Three Months Ended March 31, 2021	(In millions)
Balance, at beginning of period	$	44	$	21	$	16	$	—	$	81
Additions:
ACL not previously recorded	—		—		21		7		28
Changes for securities with previously recorded ACL	(1)		—		(4)		—		(5)
Balance, at end of period	$	43	$	21	$	33	$	7	$	104
Three Months Ended March 31, 2020
Balance, at beginning of period	$	—	$	—	$	—	$	—	$	—
Additions:
ACL not previously recorded	51		136		—		—		187
Balance, at end of period	$	51	$	136	$	—	$	—	$	187

Disclosure of Mortgage Loans Net of Valuation Allowance

Mortgage loans are summarized as follows at:

	March 31, 2021				December 31, 2020
Portfolio Segment	Carrying Value		% of Total		Carrying Value		% of Total
	(Dollars in millions)
Mortgage loans:
Commercial	$	52,300	63.0	%	$	52,434	62.5	%
Agricultural	18,051		21.7		18,128		21.6
Residential	13,043		15.7		13,782		16.4
Total amortized cost	83,394		100.4		84,344		100.5
Allowance for credit loss	(528)		(0.6)		(590)		(0.7)
Subtotal mortgage loans, net	82,866		99.8		83,754		99.8
Residential — FVO	149		0.2		165		0.2
Total mortgage loans, net	$	83,015	100.0	%	$	83,919	100.0	%

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

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

	Three Months Ended March 31,
	2021								2020
	Commercial		Agricultural		Residential		Total		Commercial		Agricultural		Residential		Total
	(In millions)
Balance, beginning of period	$	252	$	106	$	232	$	590	$	246	$	52	$	55	$	353
Provision (release)	(5)		(14)		(30)		(49)		15		(3)		24		36
Adoption of credit loss guidance	—		—		—		—		(118)		35		161		78
Charge-offs, net of recoveries	—		(13)		—		(13)		—		—		(3)		(3)
Balance, end of period	$	247	$	79	$	202	$	528	$	143	$	84	$	237	$	464

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				Greater than 90 Days Past Due and Still Accruing Interest				Nonaccrual
Portfolio Segment	March 31, 2021		December 31, 2020		March 31, 2021		December 31, 2020		March 31, 2021		December 31, 2020
	(In millions)
Commercial	$	—	$	10	$	—	$	7	$	136	$	317
Agricultural	229		252		5		20		259		266
Residential	529		556		13		64		519		534
Total	$	758	$	818	$	18	$	91	$	914	$	1,117

Disclosure 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:

	March 31, 2021		December 31, 2020		Three Months Ended March 31,
					2021		2020
Income Type	Carrying Value				Income
	(In millions)
Leased real estate investments	$	5,384	$	5,450	$	111	$	106
Other real estate investments	425		419		42		35
Real estate joint ventures	6,198		6,064		23		24
Total real estate and real estate joint ventures	$	12,007	$	11,933	$	176	$	165

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, 2021		December 31, 2020
	(In millions)
Fixed maturity securities AFS	$	28,447	$	44,415
Derivatives	656		1,924
Other	194		267
Subtotal	29,297		46,606
Amounts allocated from:
Policyholder liabilities	(3,989)		(10,797)
DAC, VOBA and DSI	(2,781)		(4,050)
Subtotal	(6,770)		(14,847)
Deferred income tax benefit (expense)	(5,794)		(8,009)
Net unrealized investment gains (losses)	16,733		23,750
Net unrealized investment gains (losses) attributable to noncontrolling interests	(21)		(20)
Net unrealized investment gains (losses) attributable to MetLife, Inc.	$	16,712	$	23,730

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

	Three Months Ended March 31, 2021
	(In millions)
Balance, beginning of period	$	23,730
Unrealized investment gains (losses) during the period	(17,309)
Unrealized investment gains (losses) relating to:
Policyholder liabilities	6,808
DAC, VOBA and DSI	1,269
Deferred income tax benefit (expense)	2,215
Net unrealized investment gains (losses)	16,713
Net unrealized investment gains (losses) attributable to noncontrolling interests	(1)
Balance, end of period	$	16,712
Change in net unrealized investment gains (losses)	$	(7,017)
Change in net unrealized investment gains (losses) attributable to noncontrolling interests	(1)
Change in net unrealized investment gains (losses) attributable to MetLife, Inc.	$	(7,018)

Securities Lending and Repurchase Agreements

A summary of the outstanding securities lending and repurchase agreements is as follows:

		March 31, 2021						December 31, 2020
		Securities (1)						Securities (1)
Agreement Type		Estimated Fair Value		Cash Collateral Received from Counterparties (2), (3)		Reinvestment Portfolio at Estimated Fair Value		Estimated Fair Value		Cash Collateral Received from Counterparties (2), (3)		Reinvestment Portfolio at Estimated Fair Value
	(In millions)
Securities lending		$	18,584	$	19,039	$	19,133	$	18,262	$	18,628	$	18,884
Repurchase agreements		$	3,504	$	3,460	$	3,472	$	3,276	$	3,210	$	3,251

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(1)Securities on loan in connection with these programs are included within fixed maturity securities AFS and short-term investments.

(2)In connection with securities lending and repurchase agreements, in addition to cash collateral received, the Company received from counterparties non-cash security collateral of $0 and $1 million at March 31, 2021 and December 31, 2020, respectively, which is not reflected on the interim condensed consolidated financial statements.

(3)The liability for cash collateral for these programs is included within payables for collateral under securities loaned and other transactions and other liabilities.

A summary of the remaining contractual maturities of securities lending and repurchase agreements is as follows:

	March 31, 2021										December 31, 2020
	Remaining Maturities										Remaining Maturities
Security Type	Open (1)		1 Month or Less		Over 1 Month to 6 Months		Over 6 Months to 1 Year		Total		Open (1)		1 Month or Less		Over 1 Month to 6 Months		Over 6 Months to 1 Year		Total
	(In millions)
Cash collateral liability by loaned security type:
Securities lending:
U.S. government and agency	$	4,153	$	9,698	$	4,028	$	—	$	17,879	$	2,946	$	10,553	$	4,009	$	—	$	17,508
Foreign government	—		326		703		—		1,029		—		291		826		—		1,117
U.S. corporate	1		—		—		—		1		3		—		—		—		3
Agency RMBS	—		129		—		—		129		—		—		—		—		—
Municipals	1		—		—		—		1		—		—		—		—		—
Total	$	4,155	$	10,153	$	4,731	$	—	$	19,039	$	2,949	$	10,844	$	4,835	$	—	$	18,628
Repurchase agreements:
U.S. government and agency	$	—	$	3,460	$	—	$	—	$	3,460	$	—	$	3,210	$	—	$	—	$	3,210

__________________

(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.

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, 2021		December 31, 2020
	(In millions)
Invested assets on deposit (regulatory deposits)	$	1,849	$	1,933
Invested assets held in trust (external reinsurance agreements) (1)	1,056		1,124
Invested assets pledged as collateral (2)	25,818		25,884
Total invested assets on deposit, held in trust and pledged as collateral	$	28,723	$	28,941

__________________

(1) Represents assets held in trust related to external reinsurance agreements. Excludes assets held in trust of $2.1 billion and $2.4 billion related to reinsurance agreements between wholly-owned subsidiaries as of March 31, 2021 and December 31, 2020, respectively.

(2) The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements, secured debt, a collateral financing arrangement (see Notes 4, 13 and 14 of the Notes to the Consolidated Financial Statements included in the 2020 Annual Report) and derivative transactions (see Note 7).

Components of Net Investment Income

The components of net investment income were as follows:

	Three Months Ended March 31,
Asset Type	2021		2020
	(In millions)
Investment income:
Fixed maturity securities AFS	$	2,753	$	2,875
Equity securities	11		14
FVO Securities (1)	36		(78)
Mortgage loans	863		884
Policy loans	121		126
Real estate and real estate joint ventures	176		165
Other limited partnership interests	1,282		320
Cash, cash equivalents and short-term investments	25		92
Operating joint ventures	23		25
Other	54		102
Subtotal	5,344		4,525
Less: Investment expenses	237		324
Subtotal, net	5,107		4,201
Unit-linked investments (1)	207		(1,140)
Net investment income	$	5,314	$	3,061

__________________

(1)Changes in estimated fair value subsequent to purchase for investments still held as of the end of the respective periods and included in net investment income were principally from contractholder-directed equity securities supporting unit-linked variable annuity type liabilities (“Unit-linked investments”), and were $197 million and ($1.1) billion for the three months ended March 31, 2021 and 2020, respectively.

Components of Net Investment Gains (Losses)

Components of Net Investment Gains (Losses)

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

	Three Months Ended March 31,
Asset Type	2021		2020
	(In millions)
Fixed maturity securities AFS	$	(67)	$	4
Equity securities (1)	75		(284)
FVO securities	3		1
Mortgage loans	60		(63)
Real estate and real estate joint ventures	48		1
Other limited partnership interests	(5)		4
Other (2)	20		24
Subtotal	134		(313)
Change in estimated fair value of other limited partnership interests and real estate joint ventures	9		1
Non-investment portfolio gains (losses)	(9)		24
Subtotal	—		25
Total net investment gains (losses)	$	134	$	(288)

__________________

(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 $71 million and ($288) million for the three months ended March 31, 2021 and 2020, respectively.

(2)Other gains (losses) included de-designated cash flow hedge gains of $29 million and $12 million for the three months ended March 31, 2021 and 2020, respectively.

Proceeds From Sales Or Disposals Of Fixed Maturity and the Components Of Fixed Maturity Securities Net Investment Gains And Losses

Sales of securities are determined on a specific identification basis. Proceeds from sales or disposals and the components of net investment gains (losses) were as shown in the table below:

	Three Months Ended March 31,
	2021		2020
	(In millions)
Proceeds	$	15,640	$	12,089
Gross investment gains	$	218	$	337
Gross investment (losses)	(259)		(118)
Net credit loss (provision) release	(26)		(215)
Net investment gains (losses)	$	(67)	$	4

Commercial Mortgage Loans

Accounts, Notes, Loans and Financing Receivable [Line Items]

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 March 31, 2021:

Credit Quality Indicator	2021		2020		2019		2018		2017		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
LTV ratios:
Less than 65%	$	865	$	5,029	$	4,745	$	5,536	$	4,214	$	14,215	$	2,291	$	36,895	70.6	%
65% to 75%	319		1,302		3,999		2,475		1,511		2,749		—		12,355		23.6
76% to 80%	66		33		135		66		404		547		—		1,251		2.4
Greater than 80%	8		8		11		79		422		1,271		—		1,799		3.4
Total	$	1,258	$	6,372	$	8,890	$	8,156	$	6,551	$	18,782	$	2,291	$	52,300	100.0	%
DSCR:
> 1.20x	$	1,258	$	5,761	$	8,365	$	8,138	$	6,226	$	17,051	$	2,291	$	49,090	93.9	%
1.00x - 1.20x	—		351		65		18		193		1,019		—		1,646		3.1
<1.00x	—		260		460		—		132		712		—		1,564		3.0
Total	$	1,258	$	6,372	$	8,890	$	8,156	$	6,551	$	18,782	$	2,291	$	52,300	100.0	%

Residential Mortgage Loans

Accounts, Notes, Loans and Financing Receivable [Line Items]

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

The amortized cost of residential mortgage loans by credit quality indicator and vintage year was as follows at March 31, 2021:

Credit Quality Indicator	2021		2020		2019		2018		2017		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
Performance indicators:
Performing	$	40	$	599	$	2,153	$	906	$	445	$	8,371	$	—	$	12,514	95.9	%
Nonperforming (1)	—		6		51		15		10		447		—		529		4.1
Total	$	40	$	605	$	2,204	$	921	$	455	$	8,818	$	—	$	13,043	100.0	%

__________________

(1)Includes residential mortgage loans in process of foreclosure of $94 million and $103 million at March 31, 2021 and December 31, 2020, respectively.

Agricultural Mortgage Loans

Accounts, Notes, Loans and Financing Receivable [Line Items]

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

The amortized cost of agricultural mortgage loans by credit quality indicator and vintage year was as follows at March 31, 2021:

Credit Quality Indicator	2021		2020		2019		2018		2017		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
LTV ratios:
Less than 65%	$	431	$	3,119	$	2,174	$	2,903	$	1,008	$	5,800	$	910	$	16,345	90.6	%
65% to 75%	223		389		172		83		53		590		103		1,613		8.9
76% to 80%	—		—		—		—		—		51		—		51		0.3
Greater than 80%	—		—		—		—		—		42		—		42		0.2
Total	$	654	$	3,508	$	2,346	$	2,986	$	1,061	$	6,483	$	1,013	$	18,051	100.0	%

Variable Interest Entity, Primary Beneficiary

Accounts, Notes, Loans and Financing Receivable [Line Items]

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:

	March 31, 2021				December 31, 2020
Asset Type	Total Assets		Total Liabilities		Total Assets		Total Liabilities
	(In millions)
Investment funds (1)	$	300	$	1	$	258	$	1
Renewable energy partnership (1)	87		—		87		—
Other investments (2)	1		—		4		5
Total	$	388	$	1	$	349	$	6

__________________

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

(2)Assets of other investments primarily consisted of other assets at March 31, 2021, and cash and cash equivalents at December 31, 2020.

Variable Interest Entity, Not Primary Beneficiary

Accounts, Notes, Loans and Financing Receivable [Line Items]

Schedule of Variable Interest Entities

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, 2021				December 31, 2020
Asset Type	Carrying Amount		Maximum Exposure to Loss (1)		Carrying Amount		Maximum Exposure to Loss (1)
	(In millions)
Fixed maturity securities AFS (2)	$	58,442	$	58,442	$	60,115	$	60,115
Other limited partnership interests	9,771		16,133		8,355		14,911
Other invested assets	1,289		1,369		1,320		1,404
Other investments	634		637		619		639
Total	$	70,136	$	76,581	$	70,409	$	77,069

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(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 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 $3 million at both March 31, 2021 and December 31, 2020. 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.