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Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles
 12 Months Ended
Dec. 31, 2023
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract]  
Intangible Assets and Liabilities, excluding Goodwill [Text Block]
8. 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:
Group
Benefits (1)
RIS
(1)
Asia
Latin
America
EMEAMetLife HoldingsCorporate & OtherTotal
(In millions)
DAC:
Balance at December 31, 2020$279 $130 $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$279 $130 $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 amounts of contracts and contract features that are market risk benefits
(72)
Balance at January 1, 2021$666 
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(1)See Note 2 for information on the reorganization of the Company’s segments.
DAC and VOBA
Information regarding total DAC and VOBA by segment, as well as Corporate & Other, was as follows at:
Group
Benefits
(1)
RIS
(1)
Asia
(2)
Latin
America
(3)
EMEA
(3)
MetLife
Holdings
(4)
Corporate
& Other
Total
(In millions)
DAC:
Balance at January 1, 2021$279 $130 $9,741 $1,394 $1,565 $4,311 $31 $17,451 
Capitalizations (5)
19 95 1,601 406 499 31 100 2,751 
Amortization (5)
(26)(34)(655)(311)(360)(313)(107)(1,806)
Effect of foreign currency translation and other, net (5)
— — (629)(128)(129)— 8 (878)
Reclassified to assets held-for-sale (6)
— — — — (103)— — (103)
Balance at December 31, 2021272 191 10,058 1,361 1,472 4,029 32 17,415 
Capitalizations18 113 1,530 494 422 29 8 2,614 
Amortization(26)(37)(644)(361)(311)(267)(9)(1,655)
Effect of foreign currency translation and other, net— — (674)48 (103)— (1)(730)
Balance at December 31, 2022264 267 10,270 1,542 1,480 3,791 30 17,644 
Capitalizations20 176 1,583 651 457 22 8 2,917 
Amortization(26)(46)(705)(418)(332)(255)(9)(1,791)
Effect of foreign currency translation and other, net (7)
— — (284)175 13 (287)1 (382)
Balance at December, 31, 2023$258 $397 $10,864 $1,950 $1,618 $3,271 $30 $18,388 
VOBA:
Balance at January 1, 2021$— $25 $1,915 $756 $232 $38 $— $2,966 
Amortization— (3)(131)(61)(29)(7)— (231)
Effect of foreign currency translation and other, net— — (191)(104)(15)— — (310)
Reclassified to assets held-for-sale (6)
— — — — (34)— — (34)
Balance at December 31, 2021— 22 1,593 591 154 31 — 2,391 
Amortization— (3)(101)(49)(20)(3)— (176)
Effect of foreign currency translation and other, net— — (202)3 (7)— — (206)
Balance at December 31, 2022— 19 1,290 545 127 28 — 2,009 
Amortization— (3)(89)(50)(16)(3)— (161)
Effect of foreign currency translation and other, net (7)
— — (82)2 2 (7)— (85)
Balance at December 31, 2023$— $16 $1,119 $497 $113 $18 $— $1,763 
Total DAC and VOBA:
Balance at December 31, 2021$19,806 
Balance at December 31, 2022$19,653 
Balance at December 31, 2023$20,151 
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(1)See Note 2 for information on the reorganization of the Company’s segments.
(2)Includes DAC balances primarily related to accident & health, universal and variable universal life, variable life and fixed annuity products and VOBA balances primarily related to accident & health products.
(3)Includes DAC balances primarily related to universal life and variable universal life products.
(4)Includes DAC balances primarily related to universal life, variable universal life, whole life, term life and variable annuity products.
(5)Corporate & Other includes activity related to MetLife P&C, a former subsidiary of the Company, that was previously reported in the former U.S. segment. See Notes 2 and 3.
(6)See Note 3 for information on the Company’s dispositions.
(7)MetLife Holdings segment includes activity for total DAC and total VOBA ceded at the date of inception related to a reinsurance agreement. See Note 9 for further information on the transaction.
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 RIS 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 and longevity 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.
Information regarding other intangibles was as follows:
Years Ended December 31,
202320222021
(In millions)
VODA and VOCRA:
Balance at January 1,
$876 $972 $1,099 
Acquisitions— — — 
Amortization
(88)(92)(100)
Effect of foreign currency translation and other6 (4)(27)
Balance at December 31,
$794 $876 $972 
Accumulated amortization
$755 $667 $575 
Negative VOBA:
Balance at January 1,$473 $557 $666 
Amortization
(26)(29)(35)
Effect of foreign currency translation and other
(20)(55)(74)
Balance at December 31,
$427 $473 $557 
Accumulated amortization
$3,398 $3,372 $3,343 
The estimated future amortization expense (credit) to be reported in other expenses for the next five years is as follows:
VOBA
VODA and VOCRA
Negative VOBA
(In millions)
2024$148 $84 $(26)
2025$138 $82 $(24)
2026$129 $80 $(23)
2027$118 $78 $(22)
2028$109 $75 $(21)
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:
RIS (1)
AsiaLatin
 America		EMEA
MetLife
Holdings
Total
(In millions)
Balance at January 1, 2021$42 $1,616 $835 $482 $188 $3,163 
Deferrals3 610 110 97 64 884 
Amortization(7)(147)(96)(59)(14)(323)
Effect of foreign currency translation and other - net— (46)(54)1 — (99)
Balance at December 31, 202138 2,033 795 521 238 3,625 
Deferrals5 546 134 111 60 856 
Amortization(7)(144)(116)(59)(17)(343)
Effect of foreign currency translation and other - net— (53)35 (14)— (32)
Balance at December 31, 202236 2,382 848 559 281 4,106 
Deferrals2 667 147 95 48 959 
Amortization(7)(181)(116)(63)(18)(385)
Effect of foreign currency translation and other - net (2)
— (18)110 17 (252)(143)
Balance at December 31, 2023$31 $2,850 $989 $608 $59 $4,537 
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(1)See Note 2 for information on the reorganization of the Company’s segments.
(2)MetLife Holdings segment includes activity for total UREV ceded at the date of inception related to a reinsurance agreement. See Note 9 for further information on the transaction.
Significant Methodologies and Assumptions
UREV is amortized similarly to DAC and VOBA, see “— DAC and VOBA.”