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Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles
 6 Months Ended
Jun. 30, 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 
Capitalizations106 798 299 227 12 5 1,447 
Amortization(35)(336)(197)(161)(130)(5)(864)
Effect of foreign currency translation and other, net— (428)178 16 — 1 (233)
Balance at June 30, 2023$603 $10,304 $1,822 $1,562 $3,673 $30 $17,994 
Balance at January 1, 2022$464 $10,058 $1,361 $1,472 $4,029 $31 $17,415 
Capitalizations55 769 227220 13 5 1,289 
Amortization(31)(322)(175)(164)(143)(4)(839)
Effect of foreign currency translation and other, net— (815)(10)(103)— (2)(930)
Balance at June 30, 2022$488 $9,690 $1,403 $1,425 $3,899 $30 $16,935 
VOBA:
Balance at January 1, 2023$19 $1,290 $545 $127 $28 $— $2,009 
Acquisitions— — — — — — — 
Amortization(1)(47)(26)(9)(2)— (85)
Effect of foreign currency translation and other, net— (109)39 2 — — (68)
Balance at June 30, 2023$18 $1,134 $558 $120 $26 $— $1,856 
Balance at January 1, 2022$22 $1,593 $591 $154 $31 $— $2,391 
Acquisitions— — — — — — — 
Amortization(1)(54)(26)(11)(2)— (94)
Effect of foreign currency translation and other, net— (237)(42)(8)— — (287)
Balance at June 30, 2022$21 $1,302 $523 $135 $29 $— $2,010 
Total DAC and VOBA:
Balance at June 30, 2023$19,850 
Balance at June 30, 2022$18,945 
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:
Six Months
Ended
June 30, 2023
U.S.AsiaLatin
 America		EMEAMetLife
Holdings 		Total
(In millions)
Balance, beginning of period$36 $2,382 $848 $559 $281 $4,106 
Deferrals1 283 70 46 28 428 
Amortization(4)(80)(58)(31)(11)(184)
Effect of foreign currency translation and other, net— (32)108 13 — 89 
Balance, end of period$33 $2,553 $968 $587 $298 $4,439 
Six Months
Ended
June 30, 2022
U.S.AsiaLatin
 America		EMEAMetLife
Holdings		Total
(In millions)
Balance, beginning of period$38 $2,033 $795 $521 $238 $3,625 
Deferrals4 303 58 52 30 447 
Amortization(3)(68)(49)(28)(8)(156)
Effect of foreign currency translation and other, net— (60)1 (20)— (79)
Balance, end of period$39 $2,208 $805 $525 $260 $3,837 
Significant Methodologies and Assumptions
UREV is amortized similarly to DAC and VOBA, see “— DAC and VOBA.”