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Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles
 3 Months Ended
Mar. 31, 2023
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract]  
Intangible Assets and Liabilities, excluding Goodwill 7. Deferred Policy Acquisition Costs, Value of Business Acquired, Unearned Revenue and Other Intangibles
The transition adjustments related to DAC, VOBA, UREV and negative VOBA, as described in Note 1, were as follows at the Transition Date:
U.S.AsiaLatin AmericaEMEAMetLife HoldingsCorporate & OtherTotal
(In millions)
DAC:
Balance at December 31, 2020$409 $7,432 $1,344 $1,551 $2,679 $31 $13,446 
Removal of related amounts in AOCI— 2,309 50 — 1,621 — 3,980 
Other adjustments upon adoption of the LDTI standard— — — 14 11 — 25 
Balance at January 1, 2021$409 $9,741 $1,394 $1,565 $4,311 $31 $17,451 
VOBA:
Balance at December 31, 2020$25 $1,901 $748 $236 $33 $— $2,943 
Removal of related amounts in AOCI— 14 8 — 5 — 27 
Other adjustments upon adoption of the LDTI standard— — — (4)— — (4)
Balance at January 1, 2021$25 $1,915 $756 $232 $38 $— $2,966 
UREV:
Balance at December 31, 2020$42 $587 $740 $556 $188 $— $2,113 
Removal of related amounts in AOCI— 1,029 95 (81)— — 1,043 
Other adjustments upon adoption of the LDTI standard— — — 7 — — 7 
Balance at January 1, 2021$42 $1,616 $835 $482 $188 $— $3,163 
Negative VOBA:
Balance at December 31, 2020$738 
Reclassification of carrying amount of contracts and contract features that are market risk benefits(72)
Balance at January 1, 2021$666 
DAC and VOBA
Information regarding total DAC and VOBA by segment, as well as Corporate & Other, was as follows at:
U.S.Asia (1)Latin America (2)EMEA (2)MetLife Holdings (3)Corporate & OtherTotal
(In millions)
DAC:
Balance at January 1, 2023$532 $10,270 $1,542 $1,480 $3,791 $29 $17,644 
Capitalizations51 401 151 108 6 1 718 
Amortization(16)(168)(93)(81)(67)(1)(426)
Effect of foreign currency translation and other, net— (89)108 22 — 1 42 
Balance at March 31, 2023$567 $10,414 $1,708 $1,529 $3,730 $30 $17,978 
Balance at January 1, 2022$464 $10,058 $1,361 $1,472 $4,029 $31 $17,415 
Capitalizations32 388 111 112 6 3 652 
Amortization(16)(165)(87)(81)(74)(2)(425)
Effect of foreign currency translation and other, net— (228)63 (33)— (1)(199)
Balance at March 31, 2022$480 $10,053 $1,448 $1,470 $3,961 $31 $17,443 
VOBA:
Balance at January 1, 2023$19 $1,290 $545 $127 $28 $— $2,009 
Acquisitions— — — — — — — 
Amortization(1)(25)(13)(4)(1)— (44)
Effect of foreign currency translation and other, net— (11)42 2 — — 33 
Balance at March 31, 2023$18 $1,254 $574 $125 $27 $— $1,998 
Balance at January 1, 2022$22 $1,593 $591 $154 $31 $— $2,391 
Acquisitions— — — — — — — 
Amortization(1)(29)(13)(6)(1)— (50)
Effect of foreign currency translation and other, net— (80)43 (1)— — (38)
Balance at March 31, 2022$21 $1,484 $621 $147 $30 $— $2,303 
Total DAC and VOBA:
Balance at March 31, 2023$19,976 
Balance at March 31, 2022$19,746 
Balance at December 31, 2022$19,653 
__________________
(1)Includes DAC balances primarily related to accident & health, universal and variable universal life, variable life and fixed annuities products and VOBA balances primarily related to accident & health products.
(2)Includes DAC balances primarily related to universal life and variable universal life products.
(3)Includes DAC balances primarily related to universal life, variable universal life, whole life, term life and variable annuities products.
Significant Methodologies and Assumptions
The Company amortizes DAC and VOBA related to long-duration contracts over the estimated lives of the contracts in proportion to benefits in-force for U.S. annuities and policy count for all other products. The amortization amount is
calculated using the same cohorts as the corresponding liabilities on a quarterly basis, using an amortization rate that includes current period reporting experience and end of period persistency assumptions that are consistent with those used to measure the corresponding liabilities.
The Company amortizes DAC for credit insurance and other short-duration contracts, which is primarily comprised of commissions and certain underwriting expenses, in proportion to actual and future earned premium over the applicable contract term.
Unearned Revenue
Information regarding the Company’s UREV primarily related to universal life and variable universal life products by segment included in other policy-related balances was as follows:
U.S.AsiaLatin
 America		EMEAMetLife
Holdings 		Total
(In millions)
Balance at January 1, 2023$36 $2,382 $848 $559 $281 $4,106 
Deferrals1 105 33 23 14 176 
Amortization(2)(40)(28)(15)(6)(91)
Effect of foreign currency translation and other - net— (16)67 8 — 59 
Balance at March 31, 2023$35 $2,431 $920 $575 $289 $4,250 
U.S.AsiaLatin
 America		EMEAMetLife
Holdings 		Total
(In millions)
Balance at January 1, 2022$38 $2,033 $795 $521 $238 $3,625 
Deferrals3 158 28 26 16 231 
Amortization(2)(29)(25)(15)(4)(75)
Effect of foreign currency translation and other - net— (9)26 (4)— 13 
Balance at March 31, 2022$39 $2,153 $824 $528 $250 $3,794 
Significant Methodologies and Assumptions
UREV is amortized similarly to DAC and VOBA, see “— DAC and VOBA.”