Separate Account (Tables)

3 Months Ended

Mar. 31, 2023

Separate Accounts Disclosure [Abstract]

Separate Account Liabilities

The Company’s separate account liabilities on the interim condensed consolidated balance sheets were as follows at:

	March 31, 2023		December 31, 2022
	(In millions)
U.S.:
Stable Value and Risk Solutions	$	45,687	$	48,265
Annuities	12,219		11,694
Latin America - Pensions	42,211		39,428
MetLife Holdings - Annuities	29,320		28,499
Other	18,980		18,152
Total	$	148,417	$	146,038

Separate Account, Liability Rollforward

The balances of and changes in separate account liabilities were as follows:

	U.S. Stable Value and Risk Solutions		U.S. Annuities		Latin America Pensions		MetLife Holdings Annuities
	(In millions)
Three Month Ended March 31, 2023
Balance, beginning of period	$	48,265	$	11,694	$	39,428	$	28,499
Premiums and deposits	652		78		1,963		67
Policy charges	(70)		(6)		(75)		(149)
Surrenders and withdrawals	(3,425)		(135)		(1,345)		(662)
Benefit payments	(21)		—		(429)		(120)
Investment performance	1,139		505		(393)		1,720
Net transfers from (to) general account	(57)		2		—		(35)
Effect of foreign currency translation and other, net	(796)		81		3,062		—
Balance, end of period	$	45,687	$	12,219	$	42,211	$	29,320
Three Months Ended March 31, 2022
Balance, beginning of period	58,473		21,292		37,631		40,173
Premiums and deposits	1,996		620		1,728		72
Policy charges	(87)		(8)		(66)		(174)
Surrenders and withdrawals	(3,082)		(5,820)		(1,197)		(866)
Benefit payments	(24)		—		(432)		(124)
Investment performance	(1,994)		(1,141)		(1,584)		(2,937)
Net transfers from (to) general account	88		(62)		—		(66)
Effect of foreign currency translation and other, net	(1,251)		24		3,046		1
Balance, end of period	$	54,119	$	14,905	$	39,126	$	36,079
Cash surrender value at March 31, 2023 (1)	$	40,947	N/A		$	42,211	$	29,173
Cash surrender value at March 31, 2022 (1)	$	45,172	N/A		$	39,126	$	35,864

_____________

(1)Cash surrender value represents the amount of the contractholders’ account balances distributable at the balance sheet date less policy loans and certain surrender charges.

Fair Value, Separate Account Investment

The Company’s aggregate fair value of assets, by major investment asset category, supporting separate account liabilities was as follows at:

	March 31, 2023
	U.S.		Asia		Latin America		EMEA		MetLife Holdings		Total
	(In millions)
Fixed maturity securities:
Bonds:
Foreign government	$	578	$	1,174	$	1,117	$	2,135	$	—	$	5,004
U.S. government and agency	11,222		—		9,355		—		22		20,599
Public utilities	1,273		293		—		—		4		1,570
Municipals	534		32		—		—		12		578
Corporate bonds:
Materials	212		—		—		—		—		212
Communications	1,093		—		—		—		4		1,097
Consumer	2,337		29		—		—		8		2,374
Energy	896		109		—		—		2		1,007
Financial	3,145		519		7,465		432		17		11,578
Industrial and other	895		45		3,863		—		4		4,807
Technology	707		25		—		—		3		735
Foreign	2,399		—		4,659		23		13		7,094
Total corporate bonds	11,684		727		15,987		455		51		28,904
Total bonds	25,291		2,226		26,459		2,590		89		56,655
Mortgage-backed securities	11,790		—		—		—		37		11,827
Asset-backed securities and collateralized loan obligations	2,930		28		—		—		14		2,972
Redeemable preferred stock	5		—		—		—		—		5
Total fixed maturity securities	40,016		2,254		26,459		2,590		140		71,459
Equity securities:
Common stock:
Industrial, miscellaneous and all other	2,673		2,506		2,315		500		—		7,994
Banks, trust and insurance companies	508		262		358		186		—		1,314
Public utilities	74		20		—		49		—		143
Non-redeemable preferred stock	2		—		—		—		—		2
Mutual funds	8,679		2,721		8,953		89		34,968		55,410
Total equity securities	11,936		5,509		11,626		824		34,968		64,863
Other invested assets	1,547		385		4,044		46		—		6,022
Total investments	53,499		8,148		42,129		3,460		35,108		142,344
Other assets	5,539		360		82		86		6		6,073
Total	$	59,038	$	8,508	$	42,211	$	3,546	$	35,114	$	148,417

	December 31, 2022
	U.S.		Asia		Latin America		EMEA		MetLife Holdings		Total
	(In millions)
Fixed maturity securities:
Bonds:
Foreign government	$	588	$	1,047	$	593	$	1,988	$	—	$	4,216
U.S. government and agency	11,340		—		8,828		—		13		20,181
Public utilities	1,183		281		—		—		4		1,468
Municipals	504		33		—		—		12		549
Corporate bonds:
Materials	242		—		—		—		—		242
Communications	1,182		8		—		—		3		1,193
Consumer	2,393		—		—		—		7		2,400
Energy	866		103		—		—		1		970
Financial	3,538		527		7,389		444		16		11,914
Industrial and other	882		186		3,635		—		3		4,706
Technology	717		—		—		—		3		720
Foreign	2,473		—		4,018		21		12		6,524
Total corporate bonds	12,293		824		15,042		465		45		28,669
Total bonds	25,908		2,185		24,463		2,453		74		55,083
Mortgage-backed securities	12,328		—		—		—		32		12,360
Asset-backed securities and collateralized loan obligations	2,926		28		—		—		14		2,968
Redeemable preferred stock	4		—		—		—		—		4
Total fixed maturity securities	41,166		2,213		24,463		2,453		120		70,415
Equity securities:
Common stock:
Industrial, miscellaneous and all other	2,910		2,330		2,100		475		—		7,815
Banks, trust and insurance companies	599		270		347		188		—		1,404
Public utilities	96		27		—		45		—		168
Non-redeemable preferred stock	2		—		—		—		—		2
Mutual funds	8,247		2,607		8,639		75		33,848		53,416
Total equity securities	11,854		5,234		11,086		783		33,848		62,805
Other invested assets	1,865		411		3,687		43		—		6,006
Total investments	54,885		7,858		39,236		3,279		33,968		139,226
Other assets	6,145		434		192		35		6		6,812
Total	$	61,030	$	8,292	$	39,428	$	3,314	$	33,974	$	146,038