Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles (Tables)

12 Months Ended

Dec. 31, 2022

Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract]

Schedule of Deferred Policy Acquisition Costs and Value of Business Acquired

Information regarding DAC and VOBA was as follows:

	Years Ended December 31,
	2022		2021		2020
	(In millions)
DAC:
Balance at January 1,	$	13,643	$	13,446	$	14,790
Capitalizations	2,558		2,718		3,013
Amortization related to:
Net investment gains (losses) and net derivative gains (losses)	105		(100)		(152)
Other expenses	(1,920)		(2,268)		(2,773)
Total amortization	(1,815)		(2,368)		(2,925)
Unrealized investment gains (losses)	7,166		811		(1,312)
Effect of foreign currency translation and other	(688)		(861)		76
Reclassified to assets held-for-sale (1)	—		(103)		(196)
Balance at December 31,	20,864		13,643		13,446
VOBA:
Balance at January 1,	2,418		2,943		3,043
Amortization related to:
Net investment gains (losses) and net derivative gains (losses)	—		—		(2)
Other expenses	(116)		(187)		(233)
Total amortization	(116)		(187)		(235)
Unrealized investment gains (losses)	17		11		(4)
Effect of foreign currency translation and other	(200)		(314)		139
Reclassified to assets held-for-sale (1)	—		(35)		—
Balance at December 31,	2,119		2,418		2,943
Total DAC and VOBA:
Balance at December 31,	$	22,983	$	16,061	$	16,389

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(1)See Note 3 for information on the Company’s dispositions.

Schedule of Deferred Policy Acquisition Costs and Value of Business Acquired

Information regarding DAC and VOBA was as follows:

	Years Ended December 31,
	2022		2021		2020
	(In millions)
DAC:
Balance at January 1,	$	13,643	$	13,446	$	14,790
Capitalizations	2,558		2,718		3,013
Amortization related to:
Net investment gains (losses) and net derivative gains (losses)	105		(100)		(152)
Other expenses	(1,920)		(2,268)		(2,773)
Total amortization	(1,815)		(2,368)		(2,925)
Unrealized investment gains (losses)	7,166		811		(1,312)
Effect of foreign currency translation and other	(688)		(861)		76
Reclassified to assets held-for-sale (1)	—		(103)		(196)
Balance at December 31,	20,864		13,643		13,446
VOBA:
Balance at January 1,	2,418		2,943		3,043
Amortization related to:
Net investment gains (losses) and net derivative gains (losses)	—		—		(2)
Other expenses	(116)		(187)		(233)
Total amortization	(116)		(187)		(235)
Unrealized investment gains (losses)	17		11		(4)
Effect of foreign currency translation and other	(200)		(314)		139
Reclassified to assets held-for-sale (1)	—		(35)		—
Balance at December 31,	2,119		2,418		2,943
Total DAC and VOBA:
Balance at December 31,	$	22,983	$	16,061	$	16,389

__________________

(1)See Note 3 for information on the Company’s dispositions.

Information regarding Deferred Policy Acquisition Costs and Value of Business Acquired by Segment

Information regarding total DAC and VOBA by segment, as well as Corporate & Other, was as follows at:

	December 31,
	2022		2021
	(In millions)
U.S.	$	459	$	440
Asia	13,384		9,339
Latin America	2,211		2,021
EMEA	1,593		1,623
MetLife Holdings	5,308		2,607
Corporate & Other	28		31
Total	$	22,983	$	16,061

Deferred Sales Inducements of Business Acquired

Information regarding other intangibles was as follows:

	Years Ended December 31,
	2022		2021		2020
	(In millions)
DSI:
Balance at January 1,	$	107	$	108	$	158
Capitalization	3		—		6
Amortization	(32)		(14)		(37)
Unrealized investment gains (losses)	59		20		(18)
Effect of foreign currency translation and other	(2)		(7)		(1)
Balance at December 31,	$	135	$	107	$	108
VODA and VOCRA:
Balance at January 1,	$	972	$	1,099	$	335
Acquisitions (1)	—		—		814
Amortization	(92)		(100)		(41)
Effect of foreign currency translation and other	(4)		(27)		(9)
Balance at December 31,	$	876	$	972	$	1,099
Accumulated amortization	$	667	$	575	$	475
Negative VOBA:
Balance at January 1,	$	623	$	738	$	750
Amortization	(41)		(34)		(45)
Effect of foreign currency translation and other	(63)		(81)		33
Balance at December 31,	$	519	$	623	$	738
Accumulated amortization	$	3,383	$	3,342	$	3,308

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(1)Primarily related to the acquisition of Versant Health. See Note 3.

Value of Distribution Agreements and Customer Relationships Acquired and Negative Value of Business Acquired

Information regarding other intangibles was as follows:

	Years Ended December 31,
	2022		2021		2020
	(In millions)
DSI:
Balance at January 1,	$	107	$	108	$	158
Capitalization	3		—		6
Amortization	(32)		(14)		(37)
Unrealized investment gains (losses)	59		20		(18)
Effect of foreign currency translation and other	(2)		(7)		(1)
Balance at December 31,	$	135	$	107	$	108
VODA and VOCRA:
Balance at January 1,	$	972	$	1,099	$	335
Acquisitions (1)	—		—		814
Amortization	(92)		(100)		(41)
Effect of foreign currency translation and other	(4)		(27)		(9)
Balance at December 31,	$	876	$	972	$	1,099
Accumulated amortization	$	667	$	575	$	475
Negative VOBA:
Balance at January 1,	$	623	$	738	$	750
Amortization	(41)		(34)		(45)
Effect of foreign currency translation and other	(63)		(81)		33
Balance at December 31,	$	519	$	623	$	738
Accumulated amortization	$	3,383	$	3,342	$	3,308

__________________

(1)Primarily related to the acquisition of Versant Health. See Note 3.

Estimated Future Amortization Expense (Credit)

The estimated future amortization expense (credit) to be reported in other expenses for the next five years is as follows:

	VOBA		VODA and VOCRA		Negative VOBA
	(In millions)
2023	$	155	$	86	$	(30)
2024	$	161	$	84	$	(29)
2025	$	153	$	82	$	(28)
2026	$	144	$	80	$	(26)
2027	$	133	$	78	$	(25)