Segment Information (Tables)

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Segment Reporting Information, by Segment

Three Months Ended June 30, 2021	U.S.		Asia		Latin America		EMEA		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	5,474	$	1,582	$	636	$	621	$	839	$	(20)	$	9,132	$	—	$	9,132
Universal life and investment-type product policy fees	282		436		287		107		273		1		1,386		36		1,422
Net investment income	1,998		1,158		308		62		1,543		48		5,117		163		5,280
Other revenues	380		19		11		16		69		109		604		60		664
Net investment gains (losses)	—		—		—		—		—		—		—		1,605		1,605
Net derivative gains (losses)	—		—		—		—		—		—		—		421		421
Total revenues	8,134		3,195		1,242		806		2,724		138		16,239		2,285		18,524
Expenses
Policyholder benefits and claims and policyholder dividends	5,739		1,233		724		333		1,549		(13)		9,565		76		9,641
Interest credited to policyholder account balances	359		496		60		25		210		—		1,150		365		1,515
Capitalization of DAC	(13)		(395)		(100)		(122)		(9)		(3)		(642)		—		(642)
Amortization of DAC and VOBA	8		296		83		94		56		3		540		(3)		537
Amortization of negative VOBA	—		(8)		—		(2)		—		—		(10)		—		(10)
Interest expense on debt	2		—		1		—		2		223		228		—		228
Other expenses	898		832		343		349		244		34		2,700		68		2,768
Total expenses	6,993		2,454		1,111		677		2,052		244		13,531		506		14,037
Provision for income tax expense (benefit)	239		221		34		35		136		(81)		584		491		1,075
Adjusted earnings	$	902	$	520	$	97	$	94	$	536	$	(25)	2,124
Adjustments to:
Total revenues													2,285
Total expenses													(506)
Provision for income tax (expense) benefit													(491)
Net income (loss)													$	3,412			$	3,412

Three Months Ended June 30, 2020	U.S.		Asia		Latin America		EMEA		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	5,184	$	1,584	$	489	$	557	$	889	$	13	$	8,716	$	20	$	8,736
Universal life and investment-type product policy fees	268		420		238		92		249		1		1,268		31		1,299
Net investment income	1,425		767		260		63		981		(52)		3,444		643		4,087
Other revenues	240		14		10		11		70		72		417		39		456
Net investment gains (losses)	—		—		—		—		—		—		—		231		231
Net derivative gains (losses)	—		—		—		—		—		—		—		(710)		(710)
Total revenues	7,117		2,785		997		723		2,189		34		13,845		254		14,099
Expenses
Policyholder benefits and claims and policyholder dividends	5,038		1,255		449		263		1,705		3		8,713		244		8,957
Interest credited to policyholder account balances	412		447		56		27		219		—		1,161		801		1,962
Capitalization of DAC	(122)		(351)		(74)		(115)		(5)		(2)		(669)		(2)		(671)
Amortization of DAC and VOBA	115		284		70		85		11		3		568		(8)		560
Amortization of negative VOBA	—		(8)		—		(2)		—		—		(10)		—		(10)
Interest expense on debt	2		—		1		—		1		228		232		—		232
Other expenses	1,012		797		307		328		239		134		2,817		55		2,872
Total expenses	6,457		2,424		809		586		2,170		366		12,812		1,090		13,902
Provision for income tax expense (benefit)	137		105		56		21		(1)		(120)		198		(151)		47
Adjusted earnings	$	523	$	256	$	132	$	116	$	20	$	(212)	835
Adjustments to:
Total revenues													254
Total expenses													(1,090)
Provision for income tax (expense) benefit													151
Net income (loss)													$	150			$	150

Six Months Ended June 30, 2021	U.S.		Asia		Latin America		EMEA		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	11,173	$	3,267	$	1,231	$	1,219	$	1,666	$	38	$	18,594	$	865	$	19,459
Universal life and investment-type product policy fees	579		894		557		174		547		1		2,752		61		2,813
Net investment income	4,008		2,422		607		125		3,189		60		10,411		183		10,594
Other revenues	776		37		21		29		131		195		1,189		106		1,295
Net investment gains (losses)	—		—		—		—		—		—		—		1,739		1,739
Net derivative gains (losses)	—		—		—		—		—		—		—		(1,814)		(1,814)
Total revenues	16,536		6,620		2,416		1,547		5,533		294		32,946		1,140		34,086
Expenses
Policyholder benefits and claims and policyholder dividends	11,881		2,530		1,485		676		3,072		27		19,671		740		20,411
Interest credited to policyholder account balances	718		985		119		49		420		—		2,291		575		2,866
Capitalization of DAC	(31)		(830)		(195)		(249)		(17)		(6)		(1,328)		(89)		(1,417)
Amortization of DAC and VOBA	24		610		143		156		110		5		1,048		79		1,127
Amortization of negative VOBA	—		(15)		—		(4)		—		—		(19)		—		(19)
Interest expense on debt	3		—		2		—		3		447		455		1		456
Other expenses	1,809		1,731		678		698		497		141		5,554		330		5,884
Total expenses	14,404		5,011		2,232		1,326		4,085		614		27,672		1,636		29,308
Provision for income tax expense (benefit)	446		466		47		56		294		(192)		1,117		(114)		1,003
Adjusted earnings	$	1,686	$	1,143	$	137	$	165	$	1,154	$	(128)	4,157
Adjustments to:
Total revenues													1,140
Total expenses													(1,636)
Provision for income tax (expense) benefit													114
Net income (loss)													$	3,775			$	3,775

Six Months Ended June 30, 2020	U.S.		Asia		Latin America		EMEA		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	10,858	$	3,220	$	1,129	$	1,125	$	1,793	$	25	$	18,150	$	52	$	18,202
Universal life and investment-type product policy fees	543		850		508		208		543		1		2,653		77		2,730
Net investment income	3,191		1,704		478		132		2,296		(36)		7,765		(617)		7,148
Other revenues	480		28		21		24		105		156		814		81		895
Net investment gains (losses)	—		—		—		—		—		—		—		(57)		(57)
Net derivative gains (losses)	—		—		—		—		—		—		—		3,491		3,491
Total revenues	15,072		5,802		2,136		1,489		4,737		146		29,382		3,027		32,409
Expenses
Policyholder benefits and claims and policyholder dividends	10,473		2,576		1,059		573		3,366		29		18,076		195		18,271
Interest credited to policyholder account balances	870		892		126		54		437		—		2,379		(337)		2,042
Capitalization of DAC	(234)		(772)		(174)		(245)		(10)		(5)		(1,440)		(5)		(1,445)
Amortization of DAC and VOBA	234		599		144		215		111		4		1,307		41		1,348
Amortization of negative VOBA	—		(16)		—		(4)		—		—		(20)		—		(20)
Interest expense on debt	4		—		2		—		3		445		454		—		454
Other expenses	2,078		1,671		652		660		467		270		5,798		121		5,919
Total expenses	13,425		4,950		1,809		1,253		4,374		743		26,554		15		26,569
Provision for income tax expense (benefit)	344		246		100		42		66		(286)		512		777		1,289
Adjusted earnings	$	1,303	$	606	$	227	$	194	$	297	$	(311)	2,316
Adjustments to:
Total revenues													3,027
Total expenses													(15)
Provision for income tax (expense) benefit													(777)
Net income (loss)													$	4,551			$	4,551

The following table presents total assets with respect to the Company’s segments, as well as Corporate & Other, at:

	June 30, 2021		December 31, 2020
	(In millions)
U.S.	$	283,698	$	291,483
Asia	170,851		173,884
Latin America	66,728		75,047
EMEA	28,084		28,372
MetLife Holdings	181,609		184,566
Corporate & Other	42,283		41,794
Total	$	773,253	$	795,146