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Condensed Financial Information (Parent Company)
 12 Months Ended
Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]  
Condensed Financial Information (Parent Company)
MetLife, Inc.
Schedule II
Condensed Financial Information
(Parent Company Only)
December 31, 2022 and 2021
(In millions, except share and per share data)
20222021
Condensed Balance Sheets
Assets
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $3,877 and $2,742, respectively)
$3,729 $2,745 
Other invested assets, at estimated fair value
376 314 
Total investments
4,105 3,059 
Cash and cash equivalents
1,290 1,961 
Accrued investment income
20 4 
Investment in subsidiaries
39,895 80,165 
Loans to subsidiaries
95 35 
Other assets
724 798 
Total assets
$46,129 $86,022 
Liabilities and Stockholders’ Equity
Liabilities
Payables for collateral under derivatives transactions
$154 $153 
Long-term debt — unaffiliated
13,588 12,814 
Long-term debt — affiliated
1,676 1,884 
Junior subordinated debt securities
2,465 2,463 
Other liabilities
1,206 1,226 
Total liabilities
19,089 18,540 
Stockholders’ Equity
Preferred stock, par value $0.01 per share; $3,905 aggregate liquidation preference
— — 
Common stock, par value $0.01 per share; 3,000,000,000 shares authorized; 1,189,831,471 and 1,186,540,473 shares issued, respectively; 779,098,414 and 825,540,267 shares outstanding, respectively
12 12 
Additional paid-in capital
33,616 33,511 
Retained earnings
41,953 41,197 
Treasury stock, at cost; 410,733,057 and 361,000,206 shares, respectively
(21,458)(18,157)
Accumulated other comprehensive income (loss)
(27,083)10,919 
Total stockholders’ equity
27,040 67,482 
Total liabilities and stockholders’ equity
$46,129 $86,022 
See accompanying notes to the condensed financial information.
MetLife, Inc.
Schedule II
Condensed Financial Information — (continued)
(Parent Company Only)
Years Ended December 31, 2022, 2021 and 2020
(In millions)
202220212020
Condensed Statements of Operations
Revenues
Net investment income
$58 $25 $50 
Other revenues
17 19 29 
Net investment gains (losses)
332 1,655 (154)
Net derivative gains (losses)
129 116 (61)
Total revenues
536 1,815 (136)
Expenses
Interest expense
829 847 833 
Other expenses
79 207 154 
Total expenses
908 1,054 987 
Income (loss) before provision for income tax and equity in earnings of subsidiaries(372)761 (1,123)
Provision for income tax (expense) benefit37 (202)267 
Equity in earnings of subsidiaries2,874 5,995 6,263 
Net income (loss)
2,539 6,554 5,407 
Less: Preferred stock dividends
185 195 202 
Preferred stock redemption premium— 6 14 
Net income (loss) available to common shareholders
$2,354 $6,353 $5,191 
Comprehensive income (loss)
$(35,463)$(599)$10,427 
See accompanying notes to the condensed financial information.
MetLife, Inc.
Schedule II
Condensed Financial Information — (continued)
(Parent Company Only)
Years Ended December 31, 2022, 2021 and 2020
(In millions)
202220212020
Condensed Statements of Cash Flows
Cash flows from operating activities
Net income (loss)
$2,539 $6,554 $5,407 
Earnings of subsidiaries
(2,874)(5,995)(6,263)
Dividends from subsidiaries
5,168 4,830 3,970 
(Gains) losses on investments and from sales of businesses, net
(332)(1,655)154 
Other, net
(73)23 211 
Net cash provided by (used in) operating activities
4,428 3,757 3,479 
Cash flows from investing activities
Sales and maturities of fixed maturity securities available-for-sale1,609 5,078 3,693 
Purchases of fixed maturity securities available-for-sale
(2,757)(4,371)(3,858)
Cash received in connection with freestanding derivatives
296 111 71 
Cash paid in connection with freestanding derivatives
(103)(27)(100)
Sales of businesses
— 3,902 — 
Purchases of businesses— — (1,875)
Expense paid on behalf of subsidiaries
(10)(15)(15)
Receipts on loans to subsidiaries
150 195 100 
Issuances of loans to subsidiaries
(210)(230)— 
Returns of capital from subsidiaries
8 13 16 
Capital contributions to subsidiaries
(5)(88)(422)
Net change in short-term investments
— 156 4 
Other, net
15 9 (2)
Net cash provided by (used in) investing activities
(1,007)4,733 (2,388)
Cash flows from financing activities
Net change in payables for collateral under derivative transactions
1 88 49 
Long-term debt issued
1,000 496 1,246 
Long-term debt repaid
— (996)(251)
Treasury stock acquired in connection with share repurchases
(3,326)(4,303)(1,151)
Preferred stock issued, net of issuance costs
— — 1,961 
Redemption of preferred stock— (494)(989)
Preferred stock redemption premium— (6)(14)
Dividends on preferred stock
(185)(195)(202)
Dividends on common stock
(1,598)(1,647)(1,657)
Other, net
16 87 (19)
Net cash provided by (used in) financing activities
(4,092)(6,970)(1,027)
Change in cash and cash equivalents
(671)1,520 64 
Cash and cash equivalents, beginning of year
1,961 441 377 
Cash and cash equivalents, end of year
$1,290 $1,961 $441 
MetLife, Inc.
Schedule II
Condensed Financial Information — (continued)
(Parent Company Only)
Years Ended December 31, 2022, 2021 and 2020
(In millions)
202220212020
Supplemental disclosures of cash flow information
Net cash paid (received) for:
Interest
$800 $853 $815 
Income tax:
Amounts paid to (received from) subsidiaries, net
$(214)$(110)$(392)
Income tax paid (received) by MetLife, Inc., net
85 128 96 
Total income tax, net
$(129)$18 $(296)
Non-cash transactions:
Dividends from subsidiary
$— $14 $341 
Returns of capital from subsidiaries
$12 $7 $13 
Capital contributions to subsidiaries
$11 $15 $1 
MetLife, Inc.
Schedule II
Notes to the Condensed Financial Information
(Parent Company Only)
1. Basis of Presentation
The condensed financial information of MetLife, Inc. (parent company only) should be read in conjunction with the consolidated financial statements of MetLife, Inc. and its subsidiaries and the notes thereto (the “Consolidated Financial Statements”). These condensed unconsolidated financial statements reflect the results of operations, financial position and cash flows for MetLife, Inc. Investments in subsidiaries are accounted for using the equity method of accounting.
The preparation of these condensed unconsolidated financial statements in conformity with GAAP requires management to adopt accounting policies and make certain estimates and assumptions. The most important of these estimates and assumptions relate to the fair value measurements, the accounting for goodwill and the provision for potential losses that may arise from litigation and regulatory proceedings and tax audits, which may affect the amounts reported in the condensed unconsolidated financial statements and accompanying notes. Actual results could differ from these estimates.
2. Investment in Subsidiaries
In April 2021, MetLife, Inc. received $3.9 billion in cash in connection with the disposition of MetLife P&C.
In December 2020, MetLife, Inc. paid $1.8 billion in cash in connection with the acquisition of Versant Health.
See Note 3 of the Notes to the Consolidated Financial Statements for additional information on acquisitions and dispositions.
3. Loans to Subsidiaries
MetLife, Inc. lends funds as necessary, through credit agreements or otherwise to its subsidiaries, some of which are regulated, to meet their capital requirements or to provide liquidity. Payments of interest and principal on surplus notes of regulated subsidiaries, which are subordinate to all other obligations of the issuing company, may be made only with the prior approval of the insurance department of the state of domicile.
During 2022 and 2021, under an existing credit facility, MetLife Services and Solutions, LLC issued $150 million and $195 million, respectively, in short-term notes to MetLife, Inc. which were repaid by September 2022 and August 2021, respectively. The short-term notes bore interest at six-month LIBOR plus 1.00%.
In December 2022 and 2021, Missouri Reinsurance, Inc. (“MoRe”), issued to MetLife, Inc. a $60 million 5.23% promissory note and a $35 million 2.12% promissory note, respectively. Both notes are payable semi-annually and mature in December 2024.
Interest income earned on loans to subsidiaries of $2 million, $1 million and $2 million for the years ended December 31, 2022, 2021 and 2020, respectively, is included in net investment income.
4. Long-term Debt
Interest Expense
Interest expense was comprised of the following:
Years Ended December 31,
202220212020
(In millions)
Long-term debt — unaffiliated
$583 $590 $570 
Long-term debt — affiliated
37 47 52 
Collateral financing arrangements
4 5 6 
Junior subordinated debt securities
205 205 205 
Total
$829 $847 $833 
See Notes 14 and 15 of the Notes to the Consolidated Financial Statements for information on the collateral financing arrangement and junior subordinated debt securities.
5. Support Agreements
MetLife, Inc. is party to various capital support commitments and guarantees with certain of its subsidiaries. Under these arrangements, MetLife, Inc. has agreed to cause each such entity to meet specified capital and surplus levels or has guaranteed certain contractual obligations.
MetLife, Inc. guarantees the obligations of MoRe, under a retrocession agreement with RGA Reinsurance (Barbados) Inc., pursuant to which MoRe retrocedes a portion of the closed block liabilities associated with industrial life and ordinary life insurance policies that it assumed from MLIC.
MetLife, Inc. guarantees the obligations of MetLife Reinsurance Company of Bermuda, Ltd. (“MrB”), a Bermuda insurance affiliate and an indirect, wholly-owned subsidiary of MetLife, Inc. under a reinsurance agreement with Mitsui Sumitomo Primary Life Insurance Co., Ltd. (“Mitsui”), a former affiliate that is now an unaffiliated third party, under which MrB reinsures certain variable annuity business written by Mitsui.
MetLife, Inc. guarantees the obligations of MrB in an aggregate amount up to $1.0 billion, under a reinsurance agreement with MetLife Europe d.a.c., in respect of MrB’s reinsurance of the guaranteed living benefits and guaranteed death benefits associated with certain Unit-linked investments issued by MetLife Europe d.a.c.
MetLife, Inc., in connection with MRV’s reinsurance of certain universal life and term life insurance risks, committed to the Vermont Department of Banking, Insurance, Securities and Health Care Administration to take necessary action to cause the two protected cells of MRV to maintain total adjusted capital in an amount that is equal to or greater than 200% of each such protected cell’s authorized control level RBC, as defined in Vermont state insurance statutes.
MetLife, Inc., in connection with the collateral financing arrangement associated with MRC’s reinsurance of a portion of the liabilities associated with the closed block, committed to the South Carolina Department of Insurance to make capital contributions, if necessary, to MRC so that MRC may at all times maintain its total adjusted capital in an amount that is equal to or greater than 200% of the Company Action Level RBC, as defined in South Carolina state insurance statutes as in effect on the date of determination or December 31, 2007, whichever calculation produces the greater capital requirement, or as otherwise required by the South Carolina Department of Insurance. See Note 14 of the Notes to the Consolidated Financial Statements.
MetLife, Inc. guarantees obligations arising from OTC-bilateral derivatives of MrB. MrB is exposed to various risks relating to its ongoing business operations, including interest rate, foreign currency exchange rate, credit and equity market. MrB uses a variety of strategies to manage these risks, including the use of derivatives. Further, MrB’s derivatives are subject to industry standard netting agreements and collateral agreements that limit the unsecured portion of any open derivative position. On a net counterparty basis at December 31, 2022 and 2021, derivative transactions with positive mark-to-market values (in-the-money) were $174 million and $255 million, respectively, and derivative transactions with negative mark-to-market values (out-of-the-money) were $181 million and $116 million, respectively. To secure the obligations represented by the out-of-the-money transactions, MrB had provided collateral to its counterparties with an estimated fair value of $181 million and $114 million at December 31, 2022 and 2021, respectively. Accordingly, unsecured derivative liabilities guaranteed by MetLife, Inc. were $0 and $2 million at December 31, 2022 and 2021, respectively.
MetLife, Inc. also guarantees the obligations of certain of its subsidiaries under committed facilities with third-party banks. See Note 13 of the Notes to the Consolidated Financial Statements.