Investments (Tables)

12 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Fixed Maturity Securities AFS by Sector

The following table presents fixed maturity securities AFS by sector. U.S. corporate and foreign corporate sectors include redeemable preferred stock. RMBS includes agency, prime, alternative and sub-prime mortgage-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.”

	December 31,
	2021										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	$	82,694	$	(30)	$	10,651	$	281	$	93,034	$	79,788	$	(44)	$	13,924	$	252	$	93,416
Foreign corporate	59,124		(28)		5,275		731		63,640		60,995		(16)		8,897		468		69,408
Foreign government	56,848		(19)		5,603		823		61,609		63,243		(21)		8,883		406		71,699
U.S. government and agency	41,068		—		5,807		276		46,599		39,094		—		8,095		89		47,100
RMBS	29,152		—		1,440		188		30,404		28,415		—		2,062		42		30,435
ABS	18,443		—		185		59		18,569		16,963		—		231		75		17,119
Municipals	11,761		—		2,464		13		14,212		10,982		—		2,746		6		13,722
CMBS	11,794		(14)		476		49		12,207		11,331		—		681		102		11,910
Total fixed maturity securities AFS	$	310,884	$	(91)	$	31,901	$	2,420	$	340,274	$	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 Company’s business dispositions.

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

The amortized cost, net of ACL, and estimated fair value of fixed maturity securities AFS, by contractual maturity date, were as follows at December 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	$	7,513	$	55,284	$	58,215	$	130,406	$	59,375	$	310,793
Estimated fair value	$	7,623	$	57,395	$	63,550	$	150,526	$	61,180	$	340,274

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.

	December 31,
	2021								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	$	8,076	$	165	$	1,499	$	116	$	4,338	$	196	$	506	$	50
Foreign corporate	10,011		404		2,834		327		4,856		321		1,255		147
Foreign government	7,812		319		5,377		502		6,795		305		836		100
U.S. government and agency	14,419		138		1,571		138		4,619		87		33		2
RMBS	10,363		158		417		30		1,531		27		152		14
ABS	8,150		39		804		20		3,428		26		2,842		49
Municipals	524		10		65		3		273		6		—		—
CMBS	2,664		31		657		18		1,887		63		612		39
Total fixed maturity securities AFS	$	62,019	$	1,264	$	13,224	$	1,154	$	27,727	$	1,031	$	6,236	$	401
Investment grade	$	58,358	$	1,123	$	12,022	$	1,025	$	24,572	$	829	$	5,841	$	350
Below investment grade	3,661		141		1,202		129		3,155		202		395		51
Total fixed maturity securities AFS	$	62,019	$	1,264	$	13,224	$	1,154	$	27,727	$	1,031	$	6,236	$	401
Total number of securities in an unrealized loss position	4,774				979				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 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 Corporate		Foreign Government		RMBS		CMBS		Total
For the Year Ended December 31, 2021	(In millions)
Balance at January 1,	$	44	$	16	$	21	$	—	$	—	$	81
Additions:
ACL not previously recorded	48		26		—		—		11		85
Changes for securities with previously recorded ACL	3		(4)		—		—		3		2
Reductions:
Securities sold or exchanged	(52)		(10)		—		—		—		(62)
Securities intended/required to be sold prior to recovery of amortized cost basis	—		—		—		—		—		—
Dispositions (1)	—				(2)		—		—		(2)
Write-offs	(13)		—		—		—		—		(13)
Balance at December 31,	$	30	$	28	$	19	$	—	$	14	$	91

	U.S. Corporate		Foreign Corporate		Foreign Government		RMBS		CMBS		Total
For the Year Ended December 31, 2020	(In millions)
Balance at January 1,	$	—	$	—	$	—	$	—	$	—	$	—
Additions:
ACL not previously recorded	81		18		139		2		—		240
Reductions:
Changes for securities with previously recorded ACL	(5)		(2)		(5)		(2)		—		(14)
Securities sold or exchanged	(31)		—		(102)		—		—		(133)
Securities intended/required to be sold prior to recovery of amortized cost basis	(1)		—		—		—		—		(1)
Dispositions (1)	—		—		(11)		—		—		(11)
Write-offs	—		—		—		—		—		—
Balance at December 31,	$	44	$	16	$	21	$	—	$	—	$	81

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(1)In connection with the disposition of MetLife Seguros, ACL was reduced by $2 million for the year ended December 31, 2021. In connection with the disposition of MetLife Seguros de Retiro, ACL was reduced by $11 million for the year ended December 31, 2020. See Note 3 for additional information on the Company’s business dispositions.

Debt Securities, Trading, and Equity Securities, FV-NI

The following table presents equity securities by security type. Common stock includes common stock, exchange traded funds, mutual funds and real estate investment trusts.

	December 31,
	2021						2020
	Cost		Net Unrealized Gains (Losses) (1)		Estimated Fair Value		Cost		Net Unrealized Gains (Losses) (1)		Estimated Fair Value
Security Type
			(Dollars in millions)
Common stock	$	784	$	295	$	1,079	$	644	$	135	$	779
Non-redeemable preferred stock	189		1		190		297		3		300
Total	$	973	$	296	$	1,269	$	941	$	138	$	1,079

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(1)Represents cumulative changes in estimated fair value, recognized in earnings, and not in OCI.

The following table presents these investments by asset type. Unit-linked investments are primarily equity securities (including mutual funds) and, to a lesser extent, fixed income investments and cash and cash equivalents.

	December 31,
	2021						2020
	Cost or Amortized Cost		Net Unrealized Gains (Losses) (1)		Estimated Fair Value		Cost or Amortized Cost		Net Unrealized Gains (Losses) (1)		Estimated Fair Value
Asset Type
			(Dollars in millions)
Unit-linked investments	$	8,643	$	1,897	$	10,540	$	9,934	$	1,774	$	11,708
FVO Securities	1,243		359		1,602		1,405		206		1,611
Total	$	9,886	$	2,256	$	12,142	$	11,339	$	1,980	$	13,319

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(1)Represents cumulative changes in estimated fair value, recognized in earnings, and not in OCI.

Disclosure of Mortgage Loans Net of Valuation Allowance

Mortgage loans are summarized as follows at:

	December 31,
	2021				2020
Portfolio Segment	Carrying Value		% of Total		Carrying Value		% of Total
	(Dollars in millions)
Commercial	$	50,553	63.7	%	$	52,434	62.5	%
Agricultural	18,111		22.8		18,128		21.6
Residential	11,196		14.1		13,782		16.4
Total amortized cost	79,860		100.6		84,344		100.5
Allowance for credit loss	(634)		(0.8)		(590)		(0.7)
Subtotal mortgage loans, net	79,226		99.8		83,754		99.8
Residential — FVO	127		0.2		165		0.2
Total mortgage loans, net	$	79,353	100.0	%	$	83,919	100.0	%

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

The rollforward of ACL for mortgage loans, by portfolio segment, is as follows:

	For the Years Ended December 31,
	2021								2020								2019
	Commercial		Agricultural		Residential		Total		Commercial		Agricultural		Residential		Total		Commercial		Agricultural		Residential		Total
	(In millions)
Balance at January 1,	$	252	$	106	$	232	$	590	$	246	$	52	$	55	$	353	$	238	$	46	$	58	$	342
Adoption of credit loss guidance	—		—		—		—		(118)		35		161		78		—		—		—		—
Provision (release)	88		6		(27)		67		124		22		30		176		8		11		7		26
Initial credit losses on PCD loans (1)	—		—		3		3		—		—		18		18		—		—		—		—
Charge-offs, net of recoveries	—		(24)		(2)		(26)		—		(2)		(32)		(34)		—		(5)		(10)		(15)
HFS transfer	—		—		—		—		—		(1)		—		(1)		—		—		—		—
Balance at December 31,	$	340	$	88	$	206	$	634	$	252	$	106	$	232	$	590	$	246	$	52	$	55	$	353

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(1)Represents the initial credit losses 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 December 31, 2021:

Credit Quality Indicator	2021		2020		2019		2018		2017		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
LTV ratios:
Less than 65%	$	5,675	$	4,970	$	5,379	$	5,650	$	4,176	$	10,873	$	2,443	$	39,166	77.5	%
65% to 75%	1,461		760		2,601		1,400		594		1,857		—		8,673		17.1
76% to 80%	3		50		414		200		161		218		—		1,046		2.1
Greater than 80%	—		—		4		79		290		1,295		—		1,668		3.3
Total	$	7,139	$	5,780	$	8,398	$	7,329	$	5,221	$	14,243	$	2,443	$	50,553	100.0	%
DSCR:
> 1.20x	$	6,418	$	5,288	$	7,682	$	6,787	$	4,780	$	11,199	$	2,164	$	44,318	87.7	%
1.00x - 1.20x	272		133		76		258		29		1,000		—		1,768		3.5
<1.00x	449		359		640		284		412		2,044		279		4,467		8.8
Total	$	7,139	$	5,780	$	8,398	$	7,329	$	5,221	$	14,243	$	2,443	$	50,553	100.0	%

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

Credit Quality Indicator	2021		2020		2019		2018		2017		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
LTV ratios:
Less than 65%	$	2,483	$	2,989	$	1,855	$	2,549	$	922	$	4,325	$	968	$	16,091	88.8	%
65% to 75%	329		383		234		205		40		579		120		1,890		10.4
76% to 80%	—		—		—		—		—		11		—		11		0.1
Greater than 80%	—		—		76		—		—		43		—		119		0.7
Total	$	2,812	$	3,372	$	2,165	$	2,754	$	962	$	4,958	$	1,088	$	18,111	100.0	%

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

Credit Quality Indicator	2021		2020		2019		2018		2017		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
Performance indicators:
Performing	$	695	$	460	$	1,277	$	583	$	283	$	7,448	$	—	$	10,746	96.0	%
Nonperforming (1)	2		5		54		20		4		365		—		450		4.0
Total	$	697	$	465	$	1,331	$	603	$	287	$	7,813	$	—	$	11,196	100.0	%

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(1)Includes residential mortgage loans in process of foreclosure of $70 million and $103 million at December 31, 2021 and 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 Due				Greater than 90 Days Past Due and Still Accruing Interest				Nonaccrual
Portfolio Segment	December 31, 2021		December 31, 2020		December 31, 2021		December 31, 2020		December 31, 2021		December 31, 2020
	(In millions)
Commercial	$	13	$	10	$	13	$	7	$	155	$	317
Agricultural	124		252		16		20		225		266
Residential	450		556		8		64		442		534
Total	$	587	$	818	$	37	$	91	$	822	$	1,117

Purchased Financial Assets with Credit Deterioration

The following table reconciles the contractual principal to the purchase price of PCD investments:

	For the Year Ended December 31, 2021
	Contractual Principal		ACL at Acquisition		Non-Credit (Discount) Premium		Purchase Price
	(In millions)
PCD residential mortgage loans	$	514	$	(3)	$	32	$	543

Disclosure of 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:

	December 31,				For the Years Ended December 31,
	2021		2020		2021		2020		2019
Income Type	Carrying Value				Income
	(In millions)
Leased real estate investments	$	5,146	$	5,450	$	429	$	435	$	380
Other real estate investments	474		419		199		133		192
Real estate joint ventures	6,596		6,064		326		(36)		104
Total real estate and real estate joint ventures	$	12,216	$	11,933	$	954	$	532	$	676

Schedule of Operating Leases by Property Type

Leased real estate investments and income earned, by property type, were as follows at and for the periods indicated:

	December 31,				For the Years Ended December 31,
	2021		2020		2021		2020		2019
Property Type	Carrying Value				Income
	(In millions)
Leased real estate investments:
Office	$	2,322	$	2,351	$	196	$	188	$	175
Retail	938		1,147		75		93		102
Apartment	828		810		66		62		24
Land	635		621		28		25		21
Industrial	339		332		58		56		46
Hotel	84		96		6		5		7
Other	—		93		—		6		5
Total leased real estate investments	$	5,146	$	5,450	$	429	$	435	$	380

Components of Leveraged and Direct Financing Leases

Investment in leveraged and direct financing leases consisted of the following at:

	December 31,
	2021				2020
	Leveraged Leases		Direct Financing Leases		Leveraged Leases		Direct Financing Leases
	(In millions)
Lease receivables, net (1)	$	542	$	1,755	$	597	$	2,055
Estimated residual values	560		39		573		42
Subtotal	1,102		1,794		1,170		2,097
Unearned income	(284)		(642)		(318)		(749)
Investment in leases, before ACL	818		1,152		852		1,348
ACL	(31)		(9)		(36)		(8)
Investment in leases, net of ACL	$	787	$	1,143	$	816	$	1,340

__________________

(1)Future contractual receipts under direct financing leases at December 31, 2021 were $100 million in 2022, $107 million in 2023, $91 million in 2024, $90 million in 2025, $102 million in 2026, $1.3 billion thereafter and, in total were $1.8 billion.

Schedule of Net Income From Investment In Leveraged and Direct Financing Leases

The components of income from investment in leveraged and direct financing leases, excluding net investment gains (losses), were as follows:

	For the Years Ended December 31,
	2021				2020				2019
	Leveraged Leases		Direct Financing Leases		Leveraged Leases		Direct Financing Leases		Leveraged Leases		Direct Financing Leases
	(In millions)
Lease investment income	$	34	$	96	$	39	$	106	$	48	$	109
Less: Income tax expense	7		20		8		22		10		23
Lease investment income, net of income tax	$	27	$	76	$	31	$	84	$	38	$	86

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:

	December 31,
	2021		2020		2019
	(In millions)
Fixed maturity securities AFS	$	29,461	$	44,415	$	30,083
Derivatives	2,061		1,924		2,209
Other	389		267		310
Subtotal	31,911		46,606		32,602
Amounts allocated from:
Policyholder liabilities	(4,978)		(10,797)		(3,039)
DAC, VOBA and DSI	(3,208)		(4,050)		(2,716)
Subtotal	(8,186)		(14,847)		(5,755)
Deferred income tax benefit (expense)	(6,031)		(8,009)		(6,850)
Net unrealized investment gains (losses)	17,694		23,750		19,997
Net unrealized investment gains (losses) attributable to noncontrolling interests	(23)		(20)		(16)
Net unrealized investment gains (losses) attributable to MetLife, Inc.	$	17,671	$	23,730	$	19,981

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

	For the Years Ended December 31,
	2021		2020		2019
	(In millions)
Balance at January 1,	$	23,730	$	19,981	$	8,655
Cumulative effects of changes in accounting principles, net of income tax	—		—		21
Unrealized investment gains (losses) during the year	(14,695)		14,004		18,778
Unrealized investment gains (losses) relating to:
Policyholder liabilities	5,819		(7,758)		(2,642)
DAC, VOBA and DSI	842		(1,334)		(1,485)
Deferred income tax benefit (expense)	1,978		(1,159)		(3,340)
Net unrealized investment gains (losses)	17,674		23,734		19,987
Net unrealized investment gains (losses) attributable to noncontrolling interests	(3)		(4)		(6)
Balance at December 31,	$	17,671	$	23,730	$	19,981
Change in net unrealized investment gains (losses)	$	(6,056)	$	3,753	$	11,332
Change in net unrealized investment gains (losses) attributable to noncontrolling interests	(3)		(4)		(6)
Change in net unrealized investment gains (losses) attributable to MetLife, Inc.	$	(6,059)	$	3,749	$	11,326

Securities Lending and Repurchase Agreements

A summary of these transactions and agreements accounted for as secured borrowings were as follows:

	December 31,
	2021						2020
	Securities (1)						Securities (1)
Agreement Type	Estimated 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	$	20,654	$	21,055	$	21,319	$	18,262	$	18,628	$	18,884
Repurchase agreements	$	3,416	$	3,325	$	3,357	$	3,276	$	3,210	$	3,251

__________________

(1)These securities are included within fixed maturity securities AFS and short-term investments.

(2)The liability for cash collateral is included within payables for collateral under securities loaned and other transactions.

Contractual maturities of these transactions and agreements accounted for as secured borrowings were as follows:

	December 31,
	2021										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 security type:
Securities lending:
U.S. government and agency	$	5,900	$	7,052	$	7,055	$	—	$	20,007	$	2,946	$	10,553	$	4,009	$	—	$	17,508
Foreign government	—		285		762		—		1,047		—		291		826		—		1,117
U.S. corporate	1		—		—		—		1		3		—		—		—		3
Total	$	5,901	$	7,337	$	7,817	$	—	$	21,055	$	2,949	$	10,844	$	4,835	$	—	$	18,628
Repurchase agreements:
U.S. government and agency	$	—	$	3,325	$	—	$	—	$	3,325	$	—	$	3,210	$	—	$	—	$	3,210

__________________

(1)The related 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

Certain subsidiaries have also entered into funding agreements with regional FHLBs and a subsidiary of the Federal Agricultural Mortgage Corporation, a federally chartered instrumentality of the U.S. (“Farmer Mac”). The liability for such funding agreements is included in policyholder account balances. Information related to such funding agreements was as follows at:

	Liability				Collateral
	December 31,
	2021		2020		2021			2020
	(In millions)
FHLB of New York (1)	$	15,750	$	16,200	$	17,981	(2)	$	18,539	(2)
Farmer Mac (3)	$	2,050	$	2,375	$	2,159		$	2,450
FHLB of Des Moines (1)	$	—	$	50	$	—		$	72	(2)

__________________

(1)Represents funding agreements issued to the applicable regional FHLB in exchange for cash and for which such regional FHLB has been granted a lien on certain assets, some of which are in the custody of such regional FHLB, including residential mortgage-backed securities (“RMBS”), to collateralize obligations under such funding agreements. The applicable subsidiary of the Company is permitted to withdraw any portion of the collateral in the custody of such regional FHLB as long as there is no event of default and the remaining qualified collateral is sufficient to satisfy the collateral maintenance level. Upon any event of default by such subsidiary, the applicable regional FHLB’s recovery on the collateral is limited to the amount of such subsidiary’s liability to such regional FHLB.

(2)Advances are collateralized by mortgage-backed securities. The amount of collateral presented is at estimated fair value.

(3)Represents funding agreements issued to a subsidiary of Farmer Mac. The obligations under these funding agreements are secured by a pledge of certain eligible agricultural mortgage loans and may, under certain circumstances, be secured by other qualified collateral. The amount of collateral presented is at carrying value.

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 and were as follows at:

	December 31,
	2021		2020
	(In millions)
Invested assets on deposit (regulatory deposits)	$	1,872	$	1,933
Invested assets held in trust (external reinsurance agreements) (1)	1,114		1,124
Invested assets pledged as collateral (2)	24,261		25,884
Total invested assets on deposit, held in trust and pledged as collateral	$	27,247	$	28,941

__________________

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

(2)The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements (see Note 4), derivative transactions (see Note 9), secured debt and short-term debt related to repurchase agreements (see Note 13), and a collateral financing arrangement (see Note 14).

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:

	December 31,
	2021				2020
Asset Type	Total Assets (1)		Total Liabilities		Total Assets (1)		Total Liabilities
	(In millions)
Investment funds (1)	$	292	$	1	$	258	$	1
Renewable energy partnership (1)	79		—		87		—
Other investments (2)	1		—		4		5
Total	$	372	$	1	$	349	$	6

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(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 December 31, 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:

	December 31,
	2021				2020
Asset Type	Carrying Amount		Maximum Exposure to Loss (1)		Carrying Amount		Maximum Exposure to Loss (1)
	(In millions)
Fixed maturity securities AFS (2)	$	62,654	$	62,654	$	60,115	$	60,115
Other limited partnership interests	13,287		20,720		8,355		14,911
Other invested assets	1,257		1,314		1,320		1,404
Other investments	776		926		619		639
Total	$	77,974	$	85,614	$	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 $5 million and $3 million at December 31, 2021 and 2020, respectively. 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 composition of net investment income by asset type was as follows:

	For the Years Ended December 31,
Asset Type	2021		2020		2019
	(In millions)
Fixed maturity securities AFS	$	10,996	$	11,304	$	11,886
Equity securities	36		50		61
FVO Securities	167		140		184
Mortgage loans	3,435		3,518		3,782
Policy loans	474		498		512
Real estate and real estate joint ventures	954		532		676
Other limited partnership interests	4,927		1,000		825
Cash, cash equivalents and short-term investments	103		213		457
Operating joint ventures	77		93		84
Other	223		255		348
Subtotal investment income	21,392		17,603		18,815
Less: Investment expenses	949		1,054		1,422
Subtotal, net	20,443		16,549		17,393
Unit-linked investments	952		568		1,475
Net investment income	$	21,395	$	17,117	$	18,868

Components of Net Investment Gains (Losses)

Net Investment Gains (Losses) by Asset Type and Transaction Type

The composition of net investment gains (losses) by asset type and transaction type was as follows:

	For the Years Ended December 31,
Asset Type	2021		2020		2019
	(In millions)
Fixed maturity securities AFS	$	66	$	297	$	267
Equity securities	108		(137)		134
Mortgage loans	(18)		(213)		(11)
Real estate and real estate joint ventures (excluding changes in estimated fair value)	502		7		399
Other limited partnership interests (excluding changes in estimated fair value)	(6)		(15)		6
Other gains (losses)	131		198		(142)
Subtotal	783		137		653
Change in estimated fair value of other limited partnership interests and real estate joint ventures	45		(4)		(14)
Non-investment portfolio gains (losses)	701		(243)		(195)
Subtotal	746		(247)		(209)
Net investment gains (losses)	$	1,529	$	(110)	$	444
Transaction Type
Realized gains (losses) on investments sold or disposed	$	711	$	634	$	854
Impairment (losses)	(24)		(63)		(261)
Recognized gains (losses):
Change in allowance for credit loss recognized in earnings	(86)		(280)		(23)
Unrealized net gains (losses) recognized in earnings	227		(158)		69
Total recognized gains (losses)	141		(438)		46
Non-investment portfolio gains (losses)	701		(243)		(195)
Net investment gains (losses)	$	1,529	$	(110)	$	444

Schedule of Realized Gain (Loss)

The composition of net investment gains (losses) for these securities is as follows:

	For the Years Ended December 31,
Fixed Maturity Securities AFS	2021		2020		2019
	(In millions)
Proceeds	$	54,612	$	40,809	$	51,052
Gross investment gains	$	761	$	1,125	$	889
Gross investment (losses)	(656)		(674)		(493)
Realized gains (losses) on sales and disposals	105		451		396
Net credit loss (provision) release (change in ACL recognized in earnings)	(15)		(91)		—
Impairment (loss) (1), (2)	(24)		(63)		(129)
Net credit loss (provision) release and impairment (loss)	(39)		(154)		(129)
Net investment gains (losses)	$	66	$	297	$	267
Equity Securities
Realized gains (losses) on sales and disposals	$	(69)	$	16	$	50
Unrealized net gains (losses) recognized in earnings	177		(153)		84
Net investment gains (losses)	$	108	$	(137)	$	134

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(1)Impairment (loss) by sector for foreign government, consumer corporate, industrial corporate, RMBS and finance corporate securities for the year ended December 31, 2019 were ($81) million, ($23) million, ($22) million, ($2) million and ($1) million, respectively. See “— Rollforward of Allowance for Credit Loss for Fixed Maturity Securities AFS By Sector.” Due to the adoption of credit loss guidance on January 1, 2020, prior period OTTI (loss) is presented as impairment (loss).

(2)After adoption of new guidance on January 1, 2020, impairment (loss) was comprised of intent-to-sell and direct write down losses; prior to January 1, 2020, it was comprised of OTTI losses and intent-to-sell losses.