Segment Information (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Segment Reporting Information, by Segment

Three Months Ended June 30, 2023	U.S.		Asia		Latin America		EMEA		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	8,108	$	1,310	$	1,023	$	499	$	719	$	19	$	11,678	$	—	$	11,678
Universal life and investment-type product policy fees	294		396		352		75		170		1		1,288		—		1,288
Net investment income	2,275		1,050		418		47		1,170		80		5,040		32		5,072
Other revenues	434		21		10		8		49		106		628		(7)		621
Net investment gains (losses)	—		—		—		—		—		—		—		(1,039)		(1,039)
Net derivative gains (losses)	—		—		—		—		—		—		—		(997)		(997)
Total revenues	11,111		2,777		1,803		629		2,108		206		18,634		(2,011)		16,623
Expenses
Policyholder benefits and claims and policyholder dividends	8,307		1,057		976		237		1,341		12		11,930		30		11,960
Policyholder liability remeasurement (gains) losses	(9)		(27)		3		2		15		—		(16)		—		(16)
Market risk benefit remeasurement (gains) losses	—		—		—		—		—		—		—		(817)		(817)
Interest credited to policyholder account balances	750		570		105		19		198		—		1,642		291		1,933
Capitalization of DAC	(55)		(397)		(148)		(119)		(6)		(4)		(729)		—		(729)
Amortization of DAC and VOBA	19		190		117		85		64		4		479		—		479
Amortization of negative VOBA	—		(5)		—		(1)		—		—		(6)		—		(6)
Interest expense on debt	5		—		4		—		3		244		256		—		256
Other expenses	1,096		778		465		314		231		229		3,113		20		3,133
Total expenses	10,113		2,166		1,522		537		1,846		485		16,669		(476)		16,193
Provision for income tax expense (benefit)	209		180		62		22		51		(83)		441		(419)		22
Adjusted earnings	$	789	$	431	$	219	$	70	$	211	$	(196)	1,524
Adjustments to:
Total revenues													(2,011)
Total expenses													476
Provision for income tax (expense) benefit													419
Net income (loss)													$	408			$	408

Three Months Ended June 30, 2022	U.S.		Asia		Latin America		EMEA		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	8,094	$	1,393	$	822	$	493	$	760	$	(6)	$	11,556	$	—	$	11,556
Universal life and investment-type product policy fees	283		420		294		77		296		2		1,372		—		1,372
Net investment income	1,710		1,012		459		38		1,268		17		4,504		(921)		3,583
Other revenues	404		24		10		8		23		98		567		48		615
Net investment gains (losses)	—		—		—		—		—		—		—		(682)		(682)
Net derivative gains (losses)	—		—		—		—		—		—		—		(970)		(970)
Total revenues	10,491		2,849		1,585		616		2,347		111		17,999		(2,525)		15,474
Expenses
Policyholder benefits and claims and policyholder dividends	8,115		1,123		812		226		1,354		(2)		11,628		181		11,809
Policyholder liability remeasurement (gains) losses	(7)		(10)		6		6		4		—		(1)		—		(1)
Market risk benefit remeasurement (gains) losses	—		—		—		—		—		—		—		(757)		(757)
Interest credited to policyholder account balances	453		493		84		20		203		—		1,253		(726)		527
Capitalization of DAC	(23)		(381)		(116)		(108)		(7)		(2)		(637)		—		(637)
Amortization of DAC and VOBA	15		182		101		88		70		2		458		—		458
Amortization of negative VOBA	—		(5)		—		(2)		—		—		(7)		—		(7)
Interest expense on debt	1		—		4		—		2		219		226		—		226
Other expenses	949		763		364		298		242		184		2,800		68		2,868
Total expenses	9,503		2,165		1,255		528		1,868		401		15,720		(1,234)		14,486
Provision for income tax expense (benefit)	208		198		79		22		97		(92)		512		(439)		73
Adjusted earnings	$	780	$	486	$	251	$	66	$	382	$	(198)	1,767
Adjustments to:
Total revenues													(2,525)
Total expenses													1,234
Provision for income tax (expense) benefit													439
Net income (loss)													$	915			$	915

Six Months Ended June 30, 2023	U.S.		Asia		Latin America		EMEA		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	14,060	$	2,687	$	2,048	$	995	$	1,442	$	35	$	21,267	$	—	$	21,267
Universal life and investment-type product policy fees	591		793		687		152		353		1		2,577		—		2,577
Net investment income	4,399		1,931		797		92		2,297		130		9,646		71		9,717
Other revenues	882		41		22		16		102		207		1,270		(10)		1,260
Net investment gains (losses)	—		—		—		—		—		—		—		(1,723)		(1,723)
Net derivative gains (losses)	—		—		—		—		—		—		—		(1,087)		(1,087)
Total revenues	19,932		5,452		3,554		1,255		4,194		373		34,760		(2,749)		32,011
Expenses
Policyholder benefits and claims and policyholder dividends	14,526		2,187		1,942		498		2,710		28		21,891		100		21,991
Policyholder liability remeasurement (gains) losses	(42)		(16)		(1)		(1)		35		—		(25)		—		(25)
Market risk benefit remeasurement (gains) losses	—		—		—		—		—		—		—		(629)		(629)
Interest credited to policyholder account balances	1,442		1,106		204		35		397		—		3,184		613		3,797
Capitalization of DAC	(106)		(798)		(299)		(227)		(12)		(5)		(1,447)		—		(1,447)
Amortization of DAC and VOBA	36		383		223		170		132		5		949		—		949
Amortization of negative VOBA	—		(11)		—		(2)		—		—		(13)		—		(13)
Interest expense on debt	8		—		6		—		6		491		511		—		511
Other expenses	2,174		1,585		895		614		469		406		6,143		47		6,190
Total expenses	18,038		4,436		2,970		1,087		3,737		925		31,193		131		31,324
Provision for income tax expense (benefit)	398		305		150		38		88		(186)		793		(599)		194
Adjusted earnings	$	1,496	$	711	$	434	$	130	$	369	$	(366)	2,774
Adjustments to:
Total revenues													(2,749)
Total expenses													(131)
Provision for income tax (expense) benefit													599
Net income (loss)													$	493			$	493

Six Months Ended June 30, 2022	U.S.		Asia		Latin America		EMEA		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	15,099	$	2,945	$	1,560	$	1,002	$	1,536	$	(10)	$	22,132	$	41	$	22,173
Universal life and investment-type product policy fees	581		823		583		160		524		2		2,673		11		2,684
Net investment income	3,584		2,254		781		79		2,661		137		9,496		(1,629)		7,867
Other revenues	830		45		19		17		67		199		1,177		98		1,275
Net investment gains (losses)	—		—		—		—		—		—		—		(1,199)		(1,199)
Net derivative gains (losses)	—		—		—		—		—		—		—		(1,921)		(1,921)
Total revenues	20,094		6,067		2,943		1,258		4,788		328		35,478		(4,599)		30,879
Expenses
Policyholder benefits and claims and policyholder dividends	15,532		2,394		1,592		502		2,836		(9)		22,847		335		23,182
Policyholder liability remeasurement (gains) losses	(30)		(34)		(8)		10		20		—		(42)		—		(42)
Market risk benefit remeasurement (gains) losses	—		—		—		—		—		—		—		(2,197)		(2,197)
Interest credited to policyholder account balances	859		991		152		37		405		—		2,444		(1,291)		1,153
Capitalization of DAC	(55)		(769)		(227)		(209)		(13)		(5)		(1,278)		(11)		(1,289)
Amortization of DAC and VOBA	32		376		201		167		145		4		925		8		933
Amortization of negative VOBA	—		(12)		—		(3)		—		—		(15)		—		(15)
Interest expense on debt	3		—		7		—		3		438		451		—		451
Other expenses	1,928		1,600		713		594		478		320		5,633		147		5,780
Total expenses	18,269		4,546		2,430		1,098		3,874		748		30,965		(3,009)		27,956
Provision for income tax expense (benefit)	382		436		127		39		184		(180)		988		(619)		369
Adjusted earnings	$	1,443	$	1,085	$	386	$	121	$	730	$	(240)	3,525
Adjustments to:
Total revenues													(4,599)
Total expenses													3,009
Provision for income tax (expense) benefit													619
Net income (loss)													$	2,554			$	2,554

The following table presents total assets with respect to the Company’s segments, as well as Corporate & Other, at:

	June 30, 2023		December 31, 2022
	(In millions)
U.S.	$	249,706	$	252,219
Asia	150,784		148,305
Latin America	70,048		63,687
EMEA	17,654		16,860
MetLife Holdings	149,965		148,749
Corporate & Other	39,122		33,252
Total	$	677,279	$	663,072