Income Tax

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Income Tax

17. Income Tax

For the three months and nine months ended September 30, 2023, the effective tax rate on income (loss) before provision for income tax was 7% and 19%, respectively. The Company’s effective tax rate for the three months ended September 30, 2023 differed from the U.S. statutory rate primarily due to tax benefits related to the reversal of previously non-deductible losses, tax credits and foreign earnings taxed at different rates than the U.S. statutory rate, partially offset by the non-taxable investment loss related to the pending disposition of MetLife Malaysia. The Company’s effective tax rate for the nine months ended September 30, 2023 differed from the U.S. statutory rate primarily due to tax benefits related to tax credits and non-taxable investment income, largely offset by tax charges from foreign earnings taxed at different rates than the U.S. statutory rate and the non-taxable investment loss related to the pending disposition of MetLife Malaysia.

For the three months and nine months ended September 30, 2022, the effective tax rate on income (loss) before provision for income tax was 18% and 14%, respectively. The Company’s effective tax rate for the three months and nine months ended September 30, 2022 differed from the U.S. statutory rate primarily due to tax benefits from foreign earnings taxed at different rates than the U.S. statutory rate and tax credits.