Segment Information (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting Information, by Segment



Year Ended December 31, 2022	U.S.		Asia		Latin America		EMEA		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	35,548	$	5,568	$	3,226	$	1,964	$	3,066	$	(16)	$	49,356	$	41	$	49,397
Universal life and investment-type product policy fees	1,158		1,840		1,175		300		1,057		2		5,532		53		5,585
Net investment income (1)	7,340		3,909		1,593		160		4,971		216		18,189		(2,273)		15,916
Other revenues	1,756		90		39		35		155		396		2,471		163		2,634
Net investment gains (losses)	—		—		—		—		—		—		—		(1,262)		(1,262)
Net derivative gains (losses)	—		—		—		—		—		—		—		(2,372)		(2,372)
Total revenues	45,802		11,407		6,033		2,459		9,249		598		75,548		(5,650)		69,898
Expenses
Policyholder benefits and claims and policyholder dividends	36,273		4,752		3,301		990		6,056		(6)		51,366		(53)		51,313
Interest credited to policyholder account balances	1,789		2,003		335		71		813		—		5,011		(1,319)		3,692
Capitalization of DAC	(77)		(1,524)		(499)		(411)		(28)		(8)		(2,547)		(11)		(2,558)
Amortization of DAC and VOBA	59		1,105		339		333		192		9		2,037		(106)		1,931
Amortization of negative VOBA	—		(36)		—		(5)		—		—		(41)		—		(41)
Interest expense on debt	9		—		12		—		8		909		938		—		938
Other expenses	3,962		3,153		1,553		1,171		953		709		11,501		263		11,764
Total expenses	42,015		9,453		5,041		2,149		7,994		1,613		68,265		(1,226)		67,039
Provision for income tax expense (benefit)	791		576		231		64		247		(356)		1,553		(1,252)		301
Adjusted earnings	$	2,996	$	1,378	$	761	$	246	$	1,008	$	(659)	5,730
Adjustments to:
Total revenues													(5,650)
Total expenses													1,226
Provision for income tax (expense) benefit													1,252
Net income (loss)													$	2,558			$	2,558


At December 31, 2022	U.S.		Asia (2)		Latin America		EMEA		MetLife Holdings		Corporate & Other		Total
	(In millions)
Total assets	$	252,559	$	150,134	$	63,810	$	16,765	$	149,739	$	33,604	$	666,611
Separate account assets	$	61,030	$	8,292	$	39,428	$	3,314	$	33,974	$	—	$	146,038
Separate account liabilities	$	61,030	$	8,292	$	39,428	$	3,314	$	33,974	$	—	$	146,038

__________________

(1)Net investment income from equity method investments represents 5%, 12%, 3% and 6% of segment net investment income for the U.S., Asia, Latin America and MetLife Holdings segments, respectively.

(2)Total assets includes $127.1 billion of assets from the Company’s Japan operations which represents 19% of total assets.



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

__________________

(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 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

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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.

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,
	2022		2021		2020
	(In millions)
Life insurance	$	21,969	$	22,872	$	21,256
Accident & health insurance	17,453		17,498		15,346
Annuities	16,647		7,499		7,916
Other	1,547		2,515		4,968
Total	$	57,616	$	50,384	$	49,486

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,
	2022		2021		2020
	(In millions)
U.S.	$	43,319	$	35,252	$	34,717
Foreign:
Japan	5,532		6,426		6,750
Other	8,765		8,706		8,019
Total	$	57,616	$	50,384	$	49,486