Segment Information (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting Information, by Segment



Year Ended December 31, 2021	U.S.		Asia		Latin America		EMEA		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	26,358	$	6,421	$	2,609	$	2,271	$	3,333	$	35	$	41,027	$	982	$	42,009
Universal life and investment-type product policy fees	1,140		1,814		1,109		395		1,101		2		5,561		195		5,756
Net investment income (1)	8,048		5,052		1,271		215		6,450		244		21,280		115		21,395
Other revenues	1,538		73		41		47		257		420		2,376		243		2,619
Net investment gains (losses)	—		—		—		—		—		—		—		1,529		1,529
Net derivative gains (losses)	—		—		—		—		—		—		—		(2,228)		(2,228)
Total revenues	37,084		13,360		5,030		2,928		11,141		701		70,244		836		71,080
Expenses
Policyholder benefits and claims and policyholder dividends	27,957		5,008		3,143		1,241		6,268		34		43,651		1,179		44,830
Interest credited to policyholder account balances	1,422		1,995		249		86		840		—		4,592		946		5,538
Capitalization of DAC	(65)		(1,607)		(414)		(469)		(33)		(11)		(2,599)		(119)		(2,718)
Amortization of DAC and VOBA	60		1,369		285		356		257		9		2,336		219		2,555
Amortization of negative VOBA	—		(27)		—		(7)		—		—		(34)		—		(34)
Interest expense on debt	7		—		5		—		5		902		919		1		920
Other expenses	3,632		3,388		1,401		1,324		992		562		11,299		564		11,863
Total expenses	33,013		10,126		4,669		2,531		8,329		1,496		60,164		2,790		62,954
Provision for income tax expense (benefit)	850		936		70		96		570		(591)		1,931		(380)		1,551
Adjusted earnings	$	3,221	$	2,298	$	291	$	301	$	2,242	$	(204)	8,149
Adjustments to:
Total revenues													836
Total expenses													(2,790)
Provision for income tax (expense) benefit													380
Net income (loss)													$	6,575			$	6,575


At December 31, 2021	U.S.		Asia (2)		Latin America		EMEA		MetLife Holdings		Corporate & Other		Total
	(In millions)
Total assets	$	282,741	$	169,291	$	59,763	$	27,038	$	179,551	$	41,324	$	759,708
Separate account assets	$	81,217	$	10,241	$	37,632	$	3,098	$	47,685	$	—	$	179,873
Separate account liabilities	$	81,217	$	10,241	$	37,632	$	3,098	$	47,685	$	—	$	179,873

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(1)Net investment income from equity method investments represents 23%, 30%, 7% and 26% of segment net investment income for the U.S., Asia, Latin America and MetLife Holdings segments, respectively.

(2)Total assets includes $142.7 billion of assets from the Company’s Japan operations which represents 19% of total consolidated assets.



Year Ended December 31, 2020	U.S.		Asia		Latin America		EMEA		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	27,265	$	6,571	$	2,265	$	2,259	$	3,600	$	22	$	41,982	$	52	$	42,034
Universal life and investment-type product policy fees	1,070		1,892		994		433		1,073		3		5,465		138		5,603
Net investment income (1)	6,903		3,938		992		269		5,184		42		17,328		(211)		17,117
Other revenues	957		61		38		52		238		344		1,690		159		1,849
Net investment gains (losses)	—		—		—		—		—		—		—		(110)		(110)
Net derivative gains (losses)	—		—		—		—		—		—		—		1,349		1,349
Total revenues	36,195		12,462		4,289		3,013		10,095		411		66,465		1,377		67,842
Expenses
Policyholder benefits and claims and policyholder dividends	26,309		5,213		2,406		1,196		6,738		(3)		41,859		692		42,551
Interest credited to policyholder account balances	1,622		1,834		240		109		868		—		4,673		541		5,214
Capitalization of DAC	(453)		(1,652)		(362)		(491)		(39)		(11)		(3,008)		(5)		(3,013)
Amortization of DAC and VOBA	471		1,415		276		454		370		8		2,994		166		3,160
Amortization of negative VOBA	—		(37)		—		(8)		—		—		(45)		—		(45)
Interest expense on debt	7		—		4		1		6		895		913		—		913
Other expenses	4,162		3,481		1,318		1,344		942		625		11,872		263		12,135
Total expenses	32,118		10,254		3,882		2,605		8,885		1,514		59,258		1,657		60,915
Provision for income tax expense (benefit)	853		643		127		81		234		(556)		1,382		127		1,509
Adjusted earnings	$	3,224	$	1,565	$	280	$	327	$	976	$	(547)	5,825
Adjustments to:
Total revenues													1,377
Total expenses													(1,657)
Provision for income tax (expense) benefit													(127)
Net income (loss)													$	5,418			$	5,418


At December 31, 2020	U.S.		Asia (2)		Latin America		EMEA		MetLife Holdings		Corporate & Other		Total
	(In millions)
Total assets	$	291,483	$	173,884	$	75,047	$	28,372	$	184,566	$	41,794	$	795,146
Separate account assets	$	85,316	$	10,825	$	50,073	$	6,083	$	47,673	$	—	$	199,970
Separate account liabilities	$	85,316	$	10,825	$	50,073	$	6,083	$	47,673	$	—	$	199,970

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(1)Net investment income from equity method investments represents 5%, 12%,1% and 5% of segment net investment income for the U.S., Asia, Latin America and MetLife Holdings segments, respectively.

(2)Total assets includes $146.0 billion of assets from the Company’s Japan operations which represents 18% of total consolidated assets.



Year Ended December 31, 2019	U.S.		Asia		Latin America		EMEA		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	26,801	$	6,632	$	2,723	$	2,177	$	3,748	$	83	$	42,164	$	71	$	42,235
Universal life and investment-type product policy fees	1,078		1,674		1,094		423		1,124		2		5,395		208		5,603
Net investment income (1)	7,021		3,691		1,271		291		5,281		275		17,830		1,038		18,868
Other revenues	887		56		44		54		253		291		1,585		257		1,842
Net investment gains (losses)	—		—		—		—		—		—		—		444		444
Net derivative gains (losses)	—		—		—		—		—		—		—		628		628
Total revenues	35,787		12,053		5,132		2,945		10,406		651		66,974		2,646		69,620
Expenses
Policyholder benefits and claims and policyholder dividends	26,165		5,185		2,623		1,176		6,970		73		42,192		480		42,672
Interest credited to policyholder account balances	1,984		1,710		332		98		905		—		5,029		1,435		6,464
Capitalization of DAC	(484)		(1,913)		(396)		(505)		(28)		(12)		(3,338)		(20)		(3,358)
Amortization of DAC and VOBA	475		1,288		291		428		299		6		2,787		109		2,896
Amortization of negative VOBA	—		(25)		—		(8)		—		—		(33)		—		(33)
Interest expense on debt	10		—		3		—		8		934		955		—		955
Other expenses	4,075		3,818		1,443		1,399		969		1,074		12,778		451		13,229
Total expenses	32,225		10,063		4,296		2,588		9,123		2,075		60,370		2,455		62,825
Provision for income tax expense (benefit)	724		585		227		75		249		(1,201)		659		227		886
Adjusted earnings	$	2,838	$	1,405	$	609	$	282	$	1,034	$	(223)	5,945
Adjustments to:
Total revenues													2,646
Total expenses													(2,455)
Provision for income tax (expense) benefit													(227)
Net income (loss)													$	5,909			$	5,909

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(1)Net investment income from equity method investments represents 6%, 9%, 2% and 5% of segment net investment income for the U.S., Asia, Latin America and MetLife Holdings segments, respectively.

Revenue from External Customers by Products and Services

The following table presents total premiums, universal life and investment-type product policy fees and other revenues by major product groups of the Company’s segments, as well as Corporate & Other:


	Years Ended December 31,
	2021		2020		2019
	(In millions)
Life insurance	$	22,872	$	21,256	$	20,759
Accident & health insurance	17,498		15,346		15,159
Annuities	7,499		7,916		8,590
Other (1)	2,515		4,968		5,172
Total	$	50,384	$	49,486	$	49,680

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(1)Includes Property & Casualty insurance products which are no longer a significant product group after the disposal of the Property & Casualty business. See Note 3.

Revenue from External Customers by Geographic Areas

The following table presents total premiums, universal life and investment-type product policy fees and other revenues associated with the Company’s U.S. and foreign operations:


	Years Ended December 31,
	2021		2020		2019
	(In millions)
U.S.	$	35,252	$	34,717	$	34,433
Foreign:
Japan	6,426		6,750		6,608
Other	8,706		8,019		8,639
Total	$	50,384	$	49,486	$	49,680