Segment Information (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Segment Reporting Information, by Segment

Three Months Ended September 30, 2023	U.S.		Asia		Latin America		EMEA		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	7,606	$	1,312	$	1,116	$	502	$	685	$	9	$	11,230	$	—	$	11,230
Universal life and investment-type product policy fees	301		411		359		79		184		—		1,334		—		1,334
Net investment income	2,339		1,023		365		51		1,153		125		5,056		(231)		4,825
Other revenues	437		20		9		7		41		103		617		(11)		606
Net investment gains (losses)	—		—		—		—		—		—		—		(927)		(927)
Net derivative gains (losses)	—		—		—		—		—		—		—		(1,202)		(1,202)
Total revenues	10,683		2,766		1,849		639		2,063		237		18,237		(2,371)		15,866
Expenses
Policyholder benefits and claims and policyholder dividends	7,692		1,095		1,020		230		1,311		4		11,352		(69)		11,283
Policyholder liability remeasurement (gains) losses	(105)		108		(4)		(9)		(7)		—		(17)		—		(17)
Market risk benefit remeasurement (gains) losses	—		—		—		—		—		—		—		(796)		(796)
Interest credited to policyholder account balances	806		576		106		19		198		—		1,705		(47)		1,658
Capitalization of DAC	(46)		(404)		(171)		(114)		(5)		(2)		(742)		—		(742)
Amortization of DAC and VOBA	19		204		121		87		65		3		499		—		499
Amortization of negative VOBA	—		(6)		—		(1)		—		—		(7)		—		(7)
Interest expense on debt	3		—		2		—		4		256		265		—		265
Other expenses	1,075		788		493		315		238		250		3,159		30		3,189
Total expenses	9,444		2,361		1,567		527		1,804		511		16,214		(882)		15,332
Provision for income tax expense (benefit)	259		130		83		24		51		(79)		468		(429)		39
Adjusted earnings	$	980	$	275	$	199	$	88	$	208	$	(195)	1,555
Adjustments to:
Total revenues													(2,371)
Total expenses													882
Provision for income tax (expense) benefit													429
Net income (loss)													$	495			$	495

Three Months Ended September 30, 2022	U.S.		Asia		Latin America		EMEA		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	13,954	$	1,346	$	822	$	472	$	745	$	(7)	$	17,332	$	—	$	17,332
Universal life and investment-type product policy fees	286		438		293		57		202		(1)		1,275		—		1,275
Net investment income	1,716		827		399		40		1,103		78		4,163		(578)		3,585
Other revenues	514		21		10		8		39		96		688		40		728
Net investment gains (losses)	—		—		—		—		—		—		—		(411)		(411)
Net derivative gains (losses)	—		—		—		—		—		—		—		(226)		(226)
Total revenues	16,470		2,632		1,524		577		2,089		166		23,458		(1,175)		22,283
Expenses
Policyholder benefits and claims and policyholder dividends	13,978		1,119		872		235		1,385		(3)		17,586		175		17,761
Policyholder liability remeasurement (gains) losses	9		61		3		(11)		74		—		136		—		136
Market risk benefit remeasurement (gains) losses	—		—		—		—		—		—		—		(965)		(965)
Interest credited to policyholder account balances	548		497		89		16		202		—		1,352		(338)		1,014
Capitalization of DAC	(38)		(351)		(130)		(96)		(9)		(2)		(626)		—		(626)
Amortization of DAC and VOBA	17		178		104		75		64		3		441		—		441
Amortization of negative VOBA	—		(6)		—		(1)		—		—		(7)		—		(7)
Interest expense on debt	3		—		3		—		2		231		239		—		239
Other expenses	1,003		749		380		269		228		186		2,815		60		2,875
Total expenses	15,520		2,247		1,321		487		1,946		415		21,936		(1,068)		20,868
Provision for income tax expense (benefit)	199		118		44		26		26		(55)		358		(110)		248
Adjusted earnings	$	751	$	267	$	159	$	64	$	117	$	(194)	1,164
Adjustments to:
Total revenues													(1,175)
Total expenses													1,068
Provision for income tax (expense) benefit													110
Net income (loss)													$	1,167			$	1,167

Nine Months Ended September 30, 2023	U.S.		Asia		Latin America		EMEA		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	21,666	$	3,999	$	3,164	$	1,497	$	2,127	$	44	$	32,497	$	—	$	32,497
Universal life and investment-type product policy fees	892		1,204		1,046		231		537		1		3,911		—		3,911
Net investment income	6,738		2,954		1,162		143		3,450		255		14,702		(160)		14,542
Other revenues	1,319		61		31		23		143		310		1,887		(21)		1,866
Net investment gains (losses)	—		—		—		—		—		—		—		(2,650)		(2,650)
Net derivative gains (losses)	—		—		—		—		—		—		—		(2,289)		(2,289)
Total revenues	30,615		8,218		5,403		1,894		6,257		610		52,997		(5,120)		47,877
Expenses
Policyholder benefits and claims and policyholder dividends	22,218		3,282		2,962		728		4,021		32		33,243		31		33,274
Policyholder liability remeasurement (gains) losses	(147)		92		(5)		(10)		28		—		(42)		—		(42)
Market risk benefit remeasurement (gains) losses	—		—		—		—		—		—		—		(1,425)		(1,425)
Interest credited to policyholder account balances	2,248		1,682		310		54		595		—		4,889		566		5,455
Capitalization of DAC	(152)		(1,202)		(470)		(341)		(17)		(7)		(2,189)		—		(2,189)
Amortization of DAC and VOBA	55		587		344		257		197		8		1,448		—		1,448
Amortization of negative VOBA	—		(17)		—		(3)		—		—		(20)		—		(20)
Interest expense on debt	11		—		8		—		10		747		776		—		776
Other expenses	3,249		2,373		1,388		929		707		656		9,302		77		9,379
Total expenses	27,482		6,797		4,537		1,614		5,541		1,436		47,407		(751)		46,656
Provision for income tax expense (benefit)	657		435		233		62		139		(265)		1,261		(1,028)		233
Adjusted earnings	$	2,476	$	986	$	633	$	218	$	577	$	(561)	4,329
Adjustments to:
Total revenues													(5,120)
Total expenses													751
Provision for income tax (expense) benefit													1,028
Net income (loss)													$	988			$	988

Nine Months Ended September 30, 2022	U.S.		Asia		Latin America		EMEA		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	29,053	$	4,291	$	2,382	$	1,474	$	2,281	$	(17)	$	39,464	$	41	$	39,505
Universal life and investment-type product policy fees	867		1,261		876		217		726		1		3,948		11		3,959
Net investment income	5,300		3,081		1,180		119		3,764		215		13,659		(2,207)		11,452
Other revenues	1,344		66		29		25		106		295		1,865		138		2,003
Net investment gains (losses)	—		—		—		—		—		—		—		(1,610)		(1,610)
Net derivative gains (losses)	—		—		—		—		—		—		—		(2,147)		(2,147)
Total revenues	36,564		8,699		4,467		1,835		6,877		494		58,936		(5,774)		53,162
Expenses
Policyholder benefits and claims and policyholder dividends	29,510		3,513		2,464		737		4,221		(12)		40,433		510		40,943
Policyholder liability remeasurement (gains) losses	(21)		27		(5)		(1)		94		—		94		—		94
Market risk benefit remeasurement (gains) losses	—		—		—		—		—		—		—		(3,162)		(3,162)
Interest credited to policyholder account balances	1,407		1,488		241		53		607		—		3,796		(1,629)		2,167
Capitalization of DAC	(93)		(1,120)		(357)		(305)		(22)		(7)		(1,904)		(11)		(1,915)
Amortization of DAC and VOBA	49		554		305		242		209		7		1,366		8		1,374
Amortization of negative VOBA	—		(18)		—		(4)		—		—		(22)		—		(22)
Interest expense on debt	6		—		10		—		5		669		690		—		690
Other expenses	2,931		2,349		1,093		863		706		506		8,448		207		8,655
Total expenses	33,789		6,793		3,751		1,585		5,820		1,163		52,901		(4,077)		48,824
Provision for income tax expense (benefit)	581		554		171		65		210		(235)		1,346		(729)		617
Adjusted earnings	$	2,194	$	1,352	$	545	$	185	$	847	$	(434)	4,689
Adjustments to:
Total revenues													(5,774)
Total expenses													4,077
Provision for income tax (expense) benefit													729
Net income (loss)													$	3,721			$	3,721

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

	September 30, 2023		December 31, 2022
	(In millions)
U.S.	$	244,564	$	252,219
Asia	145,624		148,305
Latin America	63,305		63,687
EMEA	17,345		16,860
MetLife Holdings	143,244		148,749
Corporate & Other	38,038		33,252
Total	$	652,120	$	663,072