Disposition

3 Months Ended

Mar. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

3. Dispositions

Disposition of MetLife Poland and Greece

In July 2021, the Company entered into definitive agreements to sell its wholly-owned subsidiaries in Poland and Greece (collectively, “MetLife Poland and Greece”) to NN Group N.V. for $738 million in total consideration, including a pre-closing dividend of $43 million. In January 2022 and April 2022, the Company completed the sales of its wholly-owned subsidiaries in Greece and Poland, respectively. In connection with the sales, an expected loss of $32 million, net of income tax, was recorded for the three months ended March 31, 2022, which was reflected in net investment gains (losses) and resulted in a total expected loss on the sales of $246 million, net of income tax. MetLife Poland and Greece results of operations are reported in the EMEA segment adjusted earnings through June 30, 2021. See Note 2 for information on accounting for divested business.

MetLife Poland and Greece met the criteria in the second quarter of 2021 to be classified as held-for-sale but did not meet the criteria to be classified as discontinued operations. As a result, the related assets and liabilities are included in the separate held-for-sale line items of the asset and liability sections of the interim condensed consolidated balance sheet until the quarter in which the disposition is completed.

The following table summarizes the assets and liabilities held-for-sale:


	March 31, 2022 (1)		December 31, 2021 (2)
	(In millions)
Assets:
Fixed maturity securities available-for-sale	$	806	$	2,043
Contractholder-directed equity securities	286		1,114
Other investments	8		118
Total investments	1,100		3,275
Cash and cash equivalents	23		69
Deferred policy acquisition costs and value of business acquired	76		138
Other	178		259
Separate account assets	3,205		3,497
Total assets held-for-sale	$	4,582	$	7,238

Liabilities:
Future policy benefits	$	405	$	916
Policyholder account balances	619		2,005
Other policy-related balances	28		103
Other	40		113
Separate account liabilities	3,205		3,497
Total liabilities held-for-sale	$	4,297	$	6,634

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(1)Includes MetLife Poland assets and liabilities.

(2)Includes MetLife Poland and Greece assets and liabilities.

MetLife Poland and Greece income (loss) before provision for income tax as reflected in the interim condensed consolidated statements of operations was $19 million and $15 million for the three months ended March 31, 2022 and 2021, respectively.