Separate Account (Tables)

6 Months Ended

Jun. 30, 2023

Separate Accounts Disclosure [Abstract]

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


	June 30, 2023		December 31, 2022
	(In millions)
U.S.:
Stable Value and Risk Solutions	$	42,620	$	48,265
Annuities	11,792		11,694
Latin America - Pensions	42,213		39,428
MetLife Holdings - Annuities	29,616		28,499
Other	19,705		18,152
Total	$	145,946	$	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)
Six Months Ended June 30, 2023
Balance, beginning of period	$	48,265	$	11,694	$	39,428	$	28,499
Premiums and deposits	1,586		120		4,096		139
Policy charges	(148)		(11)		(150)		(305)
Surrenders and withdrawals	(7,542)		(360)		(2,921)		(1,362)
Benefit payments	(46)		—		(879)		(242)
Investment performance	1,277		448		187		2,933
Net transfers from (to) general account	(57)		3		—		(47)
Effect of foreign currency translation and other, net	(715)		(102)		2,452		1
Balance, end of period	$	42,620	$	11,792	$	42,213	$	29,616
Six Months Ended June 30, 2022
Balance, beginning of period	58,473		21,292		37,631		40,173
Premiums and deposits	3,193		730		3,970		146
Policy charges	(165)		(13)		(131)		(344)
Surrenders and withdrawals	(3,946)		(6,379)		(2,962)		(1,594)
Benefit payments	(44)		—		(888)		(230)
Investment performance	(3,908)		(2,387)		147		(7,856)
Net transfers from (to) general account	85		(59)		—		(135)
Effect of foreign currency translation and other, net	(5,175)		(156)		(3,371)		3
Balance, end of period	$	48,513	$	13,028	$	34,396	$	30,163

Cash surrender value at June 30, 2023 (1)	$	37,782	N/A		$	42,213	$	29,471
Cash surrender value at June 30, 2022 (1)	$	43,452	N/A		$	34,396	$	29,984

_____________

(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:


	June 30, 2023
	U.S.		Asia		Latin America		EMEA		MetLife Holdings		Total
	(In millions)
Fixed maturity securities:
Bonds:
Foreign government	$	528	$	1,179	$	2,654	$	2,027	$	—	$	6,388
U.S. government and agency	10,193		—		9,651		—		18		19,862
Public utilities	1,153		301		—		—		4		1,458
Municipals	421		25		—		—		13		459
Corporate bonds:
Materials	173		22		—		—		—		195
Communications	1,010		—		—		—		4		1,014
Consumer	2,047		21		—		—		8		2,076
Energy	846		99		—		—		2		947
Financial	2,835		526		7,080		409		15		10,865
Industrial and other	794		22		3,946		—		3		4,765
Technology	618		17		—		—		3		638
Foreign	2,156		—		3,117		17		12		5,302
Total corporate bonds	10,479		707		14,143		426		47		25,802
Total bonds	22,774		2,212		26,448		2,453		82		53,969
Mortgage-backed securities	10,750		—		—		—		36		10,786
Asset-backed securities and collateralized loan obligations	2,771		18		—		—		11		2,800
Redeemable preferred stock	10		—		—		—		—		10
Total fixed maturity securities	36,305		2,230		26,448		2,453		129		67,565
Equity securities:
Common stock:
Industrial, miscellaneous and all other	2,739		2,629		2,380		494		—		8,242
Banks, trust and insurance companies	506		260		374		210		—		1,350
Public utilities	74		19		—		67		—		160
Non-redeemable preferred stock	—		—		—		—		—		—
Mutual funds	9,384		2,814		9,047		83		35,552		56,880
Total equity securities	12,703		5,722		11,801		854		35,552		66,632
Other invested assets	1,859		348		3,917		46		—		6,170
Total investments	50,867		8,300		42,166		3,353		35,681		140,367
Other assets	4,738		414		47		374		6		5,579
Total	$	55,605	$	8,714	$	42,213	$	3,727	$	35,687	$	145,946


	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