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Investments (Tables)
 9 Months Ended
Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]  
Fixed Maturity Securities Available-for-Sale by Sector
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.”
September 30, 2021December 31, 2020
Amortized
Cost		Gross Unrealized (1)Estimated
Fair
Value		Amortized
Cost		Gross Unrealized (1)Estimated
Fair
Value
Sector
Allowance for
Credit Loss		GainsLossesAllowance for
Credit Loss		Gains
Losses
(In millions)
U.S. corporate$81,187 $(18)$11,110 $267 $92,012 $79,788 $(44)$13,924 $252 $93,416 
Foreign government57,889 (19)6,273 763 63,380 63,243 (21)8,883 406 71,699 
Foreign corporate58,918 (24)5,674 646 63,922 60,995 (16)8,897 468 69,408 
U.S. government and agency43,072 — 5,396 368 48,100 39,094 — 8,095 89 47,100 
RMBS28,716 — 1,669 118 30,267 28,415 — 2,062 42 30,435 
ABS17,203 — 227 27 17,403 16,963 — 231 75 17,119 
Municipals11,636 — 2,419 15 14,040 10,982 — 2,746 6 13,722 
CMBS11,383 (7)581 43 11,914 11,331 — 681 102 11,910 
Total fixed maturity securities AFS
$310,004 $(68)$33,349 $2,247 $341,038 $310,811 $(81)$45,519 $1,440 $354,809 
_________________
(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 Company’s business dispositions.
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 September 30, 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$8,543 $56,031 $57,297 $130,770 $57,295 $309,936 
Estimated fair value$8,702 $58,669 $63,388 $150,695 $59,584 $341,038 
Continuous Gross Unrealized Losses 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.
September 30, 2021December 31, 2020
Less than 12 MonthsEqual to or Greater
than 12 Months		Less than 12 MonthsEqual to or Greater
than 12 Months
Sector & Credit QualityEstimated
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$6,055 $167 $1,390 $99 $4,338 $196 $506 $50 
Foreign government8,654 399 3,501 364 6,795 305 836 100 
Foreign corporate9,318 448 1,885 198 4,856 321 1,255 147 
U.S. government and agency15,354 297 504 71 4,619 87 33 2 
RMBS6,466 99 521 19 1,531 27 152 14 
ABS2,897 13 840 14 3,428 26 2,842 49 
Municipals667 12 49 3 273 6 — — 
CMBS1,300 14 659 21 1,887 63 612 39 
Total fixed maturity securities AFS
$50,711 $1,449 $9,349 $789 $27,727 $1,031 $6,236 $401 
Investment grade$47,639 $1,329 $8,046 $665 $24,572 $829 $5,841 $350 
Below investment grade3,072 120 1,303 124 3,155 202 395 51 
Total fixed maturity securities AFS
$50,711 $1,449 $9,349 $789 $27,727 $1,031 $6,236 $401 
Total number of securities in an unrealized loss position3,545 793 2,177 690 
________________
(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 Company’s business dispositions.
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		RMBSCMBSTotal
Three Months Ended September 30, 2021(In millions)
Balance, at beginning of period$39 $21 $32 $— $7 $99 
Additions:
ACL not previously recorded
18 — — — — 18 
Reductions:
Changes for securities with previously recorded ACL
— — (2)— — (2)
Securities sold or exchanged(26)— (6)— — (32)
Securities intended/required to be sold prior to recovery of amortized cost basis
— — — — — — 
Disposition (1)— (2)— — — (2)
Write-offs
(13)— — — — (13)
Balance, at end of period$18 $19 $24 $— $7 $68 
Three Months Ended September 30, 2020
Balance, at beginning of period$30 $129 $16 $2 $— $177 
Additions:
ACL not previously recorded
— — — — — — 
Reductions:
Changes for securities with previously recorded ACL
4 (4)— (2)— (2)
Securities sold or exchanged(4)(96)— — — (100)
Securities intended/required to be sold prior to recovery of amortized cost basis
— — — — — — 
Disposition— — — — — — 
Write-offs
— — — — — — 
Balance, at end of period$30 $29 $16 $— $— $75 
_________________
(1)In connection with the disposition of MetLife Seguros, ACL was reduced by $2 million. See Note 3 for additional information on the Company’s business dispositions.
U.S.
 Corporate		Foreign
Government		Foreign
Corporate		RMBSCMBSTotal
Nine Months Ended September 30, 2021(In millions)
Balance, at beginning of period$44 $21 $16 $— $— $81 
Additions:
ACL not previously recorded
18 — 25 — 11 54 
Reductions:
Changes for securities with previously recorded ACL
3 — (7)— (4)(8)
Securities sold or exchanged(34)— (10)— — (44)
Securities intended/required to be sold prior to recovery of amortized cost basis
— — — — — — 
Disposition (1)— (2)— — — (2)
Write-offs
(13)— — — — (13)
Balance, at end of period$18 $19 $24 $— $7 $68 
Nine Months Ended September 30, 2020
Balance, at beginning of period$— $— $— $— $— $— 
Additions:
ACL not previously recorded
58 139 16 2 — 215 
Reductions:
Changes for securities with previously recorded ACL
(3)(8)— (2)— (13)
Securities sold or exchanged(24)(102)— — — (126)
Securities intended/required to be sold prior to recovery of amortized cost basis
(1)— — — — (1)
Disposition— — — — — — 
Write-offs— — — — — — 
Balance, at end of period$30 $29 $16 $— $— $75 
_________________
(1)In connection with the disposition of MetLife Seguros, ACL was reduced by $2 million. See Note 3 for additional information on the Company’s business dispositions.
Disclosure of Mortgage Loans Net of Valuation Allowance
Mortgage loans are summarized as follows at:
 September 30, 2021December 31, 2020
Portfolio SegmentCarrying
Value		% of
Total		Carrying
Value		% of
Total
(Dollars in millions)
Commercial$51,336 63.4 %$52,434 62.5 %
Agricultural18,353 22.7 18,128 21.6 
Residential11,704 14.4 13,782 16.4 
Total amortized cost
81,393 100.5 84,344 100.5 
Allowance for credit loss(563)(0.7)(590)(0.7)
Subtotal mortgage loans, net80,830 99.8 83,754 99.8 
Residential — FVO134 0.2 165 0.2 
Total mortgage loans, net
$80,964 100.0 %$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:
Nine Months
Ended
September 30,
20212020
CommercialAgriculturalResidentialTotalCommercialAgriculturalResidentialTotal
(In millions)
Balance, beginning of period
$252 $106 $232 $590 $246 $52 $55 $353 
Provision (release)22 — (37)(15)83 6 13 102 
Adoption of credit loss guidance— — — — (118)35 161 78 
Initial credit losses on PCD loans (1)
— — 3 3 — — 16 16 
Charge-offs, net of recoveries
— (13)(2)(15)— (2)(27)(29)
Balance, end of period
$274 $93 $196 $563 $211 $91 $218 $520 
_________________
(1)Represents the initial credit losses on purchased mortgage loans accounted for as purchased financial assets with credit deterioration (“PCD”).
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 September 30, 2021:
Credit Quality Indicator20212020201920182017PriorRevolving
Loans		Total% of
Total
(Dollars in millions)
LTV ratios:
Less than 65%
$3,682 $4,536 $4,828 $5,511 $4,303 $11,927 $2,332 $37,119 72.3 %
65% to 75%
1,086 1,507 3,375 2,065 1,108 2,220 — 11,361 22.1 
76% to 80%
66 36 335 — 180 454 — 1,071 2.1 
Greater than 80%
7 — 4 79 460 1,235 — 1,785 3.5 
Total
$4,841 $6,079 $8,542 $7,655 $6,051 $15,836 $2,332 $51,336 100.0 %
DSCR:
> 1.20x
$4,308 $5,540 $8,034 $7,492 $5,578 $13,817 $2,064 $46,833 91.2 %
1.00x - 1.20x
87 144 76 83 152 926 — 1,468 2.9 
<1.00x
446 395 432 80 321 1,093 268 3,035 5.9 
Total
$4,841 $6,079 $8,542 $7,655 $6,051 $15,836 $2,332 $51,336 100.0 %
The amortized cost of agricultural mortgage loans by credit quality indicator and vintage year was as follows at September 30, 2021:
Credit Quality Indicator20212020201920182017PriorRevolving
Loans		Total% of
Total
(Dollars in millions)
LTV ratios:
Less than 65%
$1,460 $3,092 $1,972 $2,749 $967 $5,345 $890 $16,475 89.8 %
65% to 75%
335 393 172 117 40 580 108 1,745 9.5 
76% to 80%
— — — — — 11 — 11 — 
Greater than 80%
— — 76 — — 46 — 122 0.7 
Total
$1,795 $3,485 $2,220 $2,866 $1,007 $5,982 $998 $18,353 100.0 %
The amortized cost of residential mortgage loans by credit quality indicator and vintage year was as follows at September 30, 2021:
Credit Quality Indicator20212020201920182017PriorRevolving
Loans		Total% of
Total
(Dollars in millions)
Performance indicators:
Performing
$344 $512 $1,501 $689 $319 $7,898 $— $11,263 96.2 %
Nonperforming (1)
2 2 55 15 4 363 — 441 3.8 
Total
$346 $514 $1,556 $704 $323 $8,261 $— $11,704 100.0 %
__________________
(1)Includes residential mortgage loans in process of foreclosure of $74 million and $103 million at September 30, 2021 and December 31, 2020, respectively.
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 DueGreater than 90 Days Past Due
 and Still Accruing Interest		Nonaccrual
Portfolio SegmentSeptember 30, 2021December 31, 2020September 30, 2021December 31, 2020September 30, 2021December 31, 2020
(In millions)
Commercial$15 $10 $15 $7 $159 $317 
Agricultural156 252 3 20 251 266 
Residential441 556 8 64 438 534 
Total$612 $818 $26 $91 $848 $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:
 September 30, 2021December 31, 2020Three Months
Ended
September 30,		Nine Months
Ended
September 30,
 2021202020212020
Income TypeCarrying ValueIncome
(In millions)
Leased real estate investments$5,216 $5,450 $108 $115 $327 $322 
Other real estate investments455 419 58 34 144 93 
Real estate joint ventures6,511 6,064 113 (45)189 (44)
Total real estate and real estate joint ventures
$12,182 $11,933 $279 $104 $660 $371 
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:
September 30, 2021December 31, 2020
(In millions)
Fixed maturity securities AFS
$31,195 $44,415 
Derivatives
2,031 1,924 
Other
354 267 
Subtotal
33,580 46,606 
Amounts allocated from:
Policyholder liabilities(5,245)(10,797)
DAC, VOBA and DSI
(3,274)(4,050)
Subtotal
(8,519)(14,847)
Deferred income tax benefit (expense)
(6,380)(8,009)
Net unrealized investment gains (losses)
18,681 23,750 
Net unrealized investment gains (losses) attributable to noncontrolling interests
(23)(20)
Net unrealized investment gains (losses) attributable to MetLife, Inc.
$18,658 $23,730 
The changes in net unrealized investment gains (losses) were as follows:
Nine Months
Ended
September 30, 2021
(In millions)
Balance, beginning of period
$23,730 
Unrealized investment gains (losses) during the period
(13,026)
Unrealized investment gains (losses) relating to:
Policyholder liabilities5,552 
DAC, VOBA and DSI
776 
Deferred income tax benefit (expense)
1,629 
Net unrealized investment gains (losses)
18,661 
Net unrealized investment gains (losses) attributable to noncontrolling interests
(3)
Balance, end of period
$18,658 
Change in net unrealized investment gains (losses)
$(5,069)
Change in net unrealized investment gains (losses) attributable to noncontrolling interests
(3)
Change in net unrealized investment gains (losses) attributable to MetLife, Inc.
$(5,072)
Securities Lending and Repurchase Agreements
A summary of the outstanding securities lending and repurchase agreements is as follows:
September 30, 2021December 31, 2020
Securities (1)Securities (1)
Agreement TypeEstimated
Fair Value		Cash Collateral
Received from
Counterparties
(2)		Reinvestment
Portfolio at
Estimated Fair
Value		Estimated
Fair Value		Cash Collateral
Received from
Counterparties
(2)		Reinvestment
Portfolio at
Estimated Fair
Value
(In millions)
Securities lending
$20,557 $20,989 $21,110 $18,262 $18,628 $18,884 
Repurchase agreements
$3,518 $3,460 $3,470 $3,276 $3,210 $3,251 
__________________
(1)Securities on loan in connection with these programs are included within fixed maturity securities AFS and short-term investments.
(2)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:
September 30, 2021December 31, 2020
Remaining MaturitiesRemaining Maturities
Security TypeOpen (1)1 Month
or Less		Over 1 Month
 to 6
Months		Over 6
Months
to 1 Year		TotalOpen (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
$6,195 $7,955 $5,695 $— $19,845 $2,946 $10,553 $4,009 $— $17,508 
Foreign government
— 322 702 — 1,024 — 291 826 — 1,117 
Agency RMBS— — 119 — 119 — — — — — 
U.S. corporate
1 — — — 1 3 — — — 3 
Total
$6,196 $8,277 $6,516 $— $20,989 $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:
September 30, 2021December 31, 2020
(In millions)
Invested assets on deposit (regulatory deposits)
$1,827 $1,933 
Invested assets held in trust (external reinsurance agreements) (1)1,100 1,124 
Invested assets pledged as collateral (2)24,829 25,884 
Total invested assets on deposit, held in trust and pledged as collateral
$27,756 $28,941 
__________________
(1)    Represents assets held in trust related to third-party 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 September 30, 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).
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:
September 30, 2021December 31, 2020
Asset TypeTotal
Assets		Total
Liabilities		Total
Assets		Total
Liabilities
(In millions)
Investment funds (1)$288 $1 $258 $1 
Renewable energy partnership (1)85 — 87 — 
Other investments (2)2 — 4 5 
Total
$375 $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 September 30, 2021, and cash and cash equivalents at December 31, 2020.
Unconsolidated VIEs
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:
September 30, 2021December 31, 2020
Asset TypeCarrying
Amount		Maximum
Exposure
to Loss (1)		Carrying
Amount		Maximum
Exposure
to Loss (1)
(In millions)
Fixed maturity securities AFS (2)$61,304 $61,304 $60,115 $60,115 
Other limited partnership interests
12,218 18,507 8,355 14,911 
Other invested assets
1,181 1,254 1,320 1,404 
Other investments
671 673 619 639 
Total
$75,374 $81,738 $70,409 $77,069 
__________________
(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 September 30, 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.
Components of Net Investment Income
The components of net investment income were as follows:
Three Months
Ended
September 30,		Nine Months
Ended
September 30,
Asset Type2021202020212020
(In millions)
Fixed maturity securities AFS
$2,759 $2,820 $8,251 $8,482 
Equity securities
8 15 28 40 
FVO Securities (1)6 36 92 72 
Mortgage loans
838 885 2,586 2,631 
Policy loans
118 124 359 374 
Real estate and real estate joint ventures
279 104 660 371 
Other limited partnership interests
1,541 578 3,870 291 
Cash, cash equivalents and short-term investments
25 40 74 184 
Operating joint ventures
17 25 55 81 
Other
95 78 189 209 
Subtotal investment income5,686 4,705 16,164 12,735 
Less: Investment expenses
232 238 701 798 
Subtotal, net
5,454 4,467 15,463 11,937 
Unit-linked investments (1)
114 262 699 (60)
Net investment income
$5,568 $4,729 $16,162 $11,877 
__________________
(1)Changes in estimated fair value subsequent to purchase of FVO Securities and contractholder-directed equity securities supporting unit-linked variable annuity type liabilities (“Unit-linked investments”) still held as of the end of the respective periods and included in net investment income were $55 million and $577 million for the three months and nine months ended September 30, 2021, respectively, and $240 million and ($83) million for the three months and nine months ended September 30, 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
September 30,		Nine Months
Ended
September 30,
Asset Type2021202020212020
(In millions)
Fixed maturity securities AFS$129 $113 $67 $267 
Equity securities (1)(33)2 97 (210)
FVO Securities
1 1 5 (2)
Mortgage loans43 (5)101 (148)
Real estate and real estate joint ventures66 1 482 4 
Other limited partnership interests(4)(4)(17)1 
Other (2), (3)19 34 61 159 
Subtotal
221 142 796 71 
Change in estimated fair value of other limited partnership interests and real estate joint ventures9 3 23 (9)
Non-investment portfolio gains (losses) (4)(314)(165)836 (139)
Subtotal
(305)(162)859 (148)
Total net investment gains (losses)
$(84)$(20)$1,655 $(77)
__________________
(1)Changes in estimated fair value subsequent to purchase for equity securities still held as of the end of the periods included in net investment gains (losses) were ($16) million and $86 million for the three months and nine months ended September 30, 2021, respectively, and ($2) million and ($198) million for the three months and nine months ended September 30, 2020, respectively.
(2)Other gains (losses) included de-designated cash flow hedge gains of $6 million and $54 million for the three months and nine months ended September 30, 2021, respectively, and $10 million and $65 million for the three months and nine months ended September 30, 2020, respectively.
(3)Other gains (losses) included leveraged lease gains of $81 million for the nine months ended September 30, 2020.
(4)See Note 3 for information on the Company’s business dispositions.
Schedule of Realized Gain (Loss)
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
September 30,		Nine Months
Ended
September 30,
2021202020212020
(In millions)
Proceeds
$10,743 $5,934 $37,306 $28,004 
Gross investment gains
$217 $196 $580 $957 
Gross investment (losses)(106)(170)(497)(554)
Net credit loss (provision) release18 87 (16)(136)
Net investment gains (losses)$129 $113 $67 $267