Income Tax

9 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Abstract]

Income Tax

13. Income TaxFor the three months and nine months ended September 30, 2021, the effective tax rate on income (loss) before provision for income tax was 22% and 21%, respectively. The Company’s effective tax rate for the three months ended September 30, 2021 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 completed sale of MetLife Seguros, partially offset by tax benefits related to tax credits and non-taxable investment income. The Company’s effective tax rate for the nine months ended September 30, 2021 was equal to the statutory rate of 21%, primarily due to tax charges from foreign earnings taxed at different rates than the U.S. statutory rate, the completed sales of MetLife P&C and MetLife Seguros and the pending disposition of MetLife Poland

and Greece, offset by tax benefits related to tax credits, non-taxable investment income and the corporate tax deduction for stock compensation.

For the three months and nine months ended September 30, 2020, the effective tax rate on income (loss) before provision for income tax was 23% and 22%, respectively. The Company’s effective tax rate for the three months ended September 30, 2020 differed from the U.S. statutory rate primarily due to tax charges from the sale of MetLife Seguros de Retiro S.A. (“MetLife Seguros de Retiro”) and foreign earnings taxed at different rates than the U.S. statutory rate, partially offset by tax benefits related to non-taxable investment income and tax credits. The Company’s effective tax rate for the nine months ended September 30, 2020 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 sale of MetLife Seguros de Retiro, partially offset by tax benefits related to non-taxable investment income, tax credits and the finalization of bankruptcy proceedings for a leveraged lease investment.