Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles (Tables)

12 Months Ended

Dec. 31, 2023

Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract]

Accounting Standards Update and Change in Accounting Principle

The following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company’s previously reported consolidated balance sheet:

	December 31, 2022
	As Previously Reported		Adoption Adjustment		Post Adoption
	(In millions)
Assets
Premiums, reinsurance and other receivables	$	17,461	$	(97)	$	17,364
Market risk benefits	$	—	$	280	$	280
Deferred policy acquisition costs and value of business acquired	$	22,983	$	(3,330)	$	19,653
Deferred income tax asset	$	2,830	$	(391)	$	2,439
Other assets	$	11,026	$	(1)	$	11,025
Total assets	$	666,611	$	(3,539)	$	663,072
Liabilities
Future policy benefits	$	204,228	$	(17,006)	$	187,222
Policyholder account balances	$	203,082	$	7,515	$	210,597
Market risk benefits	$	—	$	3,763	$	3,763
Other policy-related balances	$	19,651	$	(1,227)	$	18,424
Deferred income tax liability	$	325	$	625	$	950
Other liabilities	$	25,980	$	(47)	$	25,933
Total liabilities	$	639,324	$	(6,377)	$	632,947
Equity
Retained earnings	$	41,953	$	(1,621)	$	40,332
Accumulated other comprehensive income (loss)	$	(27,083)	$	4,462	$	(22,621)
Total MetLife, Inc.'s stockholders' equity	$	27,040	$	2,841	$	29,881
Noncontrolling interests	$	247	$	(3)	$	244
Total equity	$	27,287	$	2,838	$	30,125
Total liabilities and equity	$	666,611	$	(3,539)	$	663,072

The following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company’s previously reported consolidated statement of operations:

	December 31,
	2022						2021
	As Previously Reported		Adoption Adjustment		Post Adoption		As Previously Reported		Adoption Adjustment		Post Adoption
	(In millions)
Revenues
Premiums	$	49,397	$	(887)	$	48,510	$	42,009	$	(857)	$	41,152
Universal life and investment-type product policy fees	$	5,585	$	(360)	$	5,225	$	5,756	$	(512)	$	5,244
Other revenues	$	2,634	$	(4)	$	2,630	$	2,619	$	—	$	2,619
Net investment gains (losses)	$	(1,262)	$	2	$	(1,260)	$	1,529	$	14	$	1,543
Net derivative gains (losses)	$	(2,372)	$	121	$	(2,251)	$	(2,228)	$	(1,029)	$	(3,257)
Total revenues	$	69,898	$	(1,128)	$	68,770	$	71,080	$	(2,384)	$	68,696
Expenses
Policyholder benefits and claims	$	50,612	$	(1,105)	$	49,507	$	43,954	$	(836)	$	43,118
Policyholder liability remeasurement (gains) losses	$	—	$	114	$	114	$	—	$	(172)	$	(172)
Market risk benefit remeasurement (gains) losses	$	—	$	(3,674)	$	(3,674)	$	—	$	(1,237)	$	(1,237)
Interest credited to policyholder account balances	$	3,692	$	202	$	3,894	$	5,538	$	33	$	5,571
Policyholder dividends	$	701	$	5	$	706	$	876	$	4	$	880
Other expenses	$	12,034	$	(175)	$	11,859	$	12,586	$	(568)	$	12,018
Total expenses	$	67,039	$	(4,633)	$	62,406	$	62,954	$	(2,776)	$	60,178
Income (loss) before provision for income tax	$	2,859	$	3,505	$	6,364	$	8,126	$	392	$	8,518
Provision for income tax expense (benefit)	$	301	$	761	$	1,062	$	1,551	$	91	$	1,642
Net income (loss)	$	2,558	$	2,744	$	5,302	$	6,575	$	301	$	6,876
Net income (loss) attributable to noncontrolling interests	$	19	$	(1)	$	18	$	21	$	—	$	21
Net income (loss) attributable to MetLife, Inc.	$	2,539	$	2,745	$	5,284	$	6,554	$	301	$	6,855
Net income (loss) available to MetLife, Inc.'s common shareholders	$	2,354	$	2,745	$	5,099	$	6,353	$	301	$	6,654
Net income (loss) available to MetLife, Inc.'s common shareholders per common share:
Basic	$	2.93	$	3.42	$	6.35	$	7.36	$	0.35	$	7.71
Diluted	$	2.91	$	3.39	$	6.30	$	7.31	$	0.34	$	7.65

The following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company’s previously reported consolidated statements of comprehensive income:

	December 31,
		2022						2021
		As Previously Reported		Adoption Adjustment		Post Adoption		As Previously  Reported		Adoption Adjustment		Post Adoption
	(In millions)
Net income (loss)		$	2,558	$	2,744	$	5,302	$	6,575	$	301	$	6,876
Unrealized investment gains (losses), net of related offsets		$	(47,831)	$	(8,666)	$	(56,497)	$	(8,171)	$	(4,669)	$	(12,840)
Future policy benefits discount rate remeasurement gains (losses)		$	—	$	31,804	$	31,804	$	—	$	10,102	$	10,102
Market risk benefits instrument-specific credit risk remeasurement gains (losses)		$	—	$	(219)	$	(219)	$	—	$	257	$	257
Foreign currency translation adjustments		$	(1,242)	$	4	$	(1,238)	$	(1,306)	$	40	$	(1,266)
Other comprehensive income (loss), before income tax		$	(48,879)	$	22,923	$	(25,956)	$	(9,012)	$	5,730	$	(3,282)
Income tax (expense) benefit related to items of other comprehensive income (loss)		$	10,871	$	(5,092)	$	5,779	$	1,862	$	(1,343)	$	519
Other comprehensive income (loss), net of income tax		$	(38,008)	$	17,831	$	(20,177)	$	(7,150)	$	4,387	$	(2,763)
Comprehensive income (loss)		$	(35,450)	$	20,575	$	(14,875)	$	(575)	$	4,688	$	4,113
Less: Comprehensive income (loss) attributable to noncontrolling interest, net of income tax		$	13	$	(2)	$	11	$	24	$	—	$	24
Comprehensive income (loss) attributable to MetLife, Inc.		$	(35,463)	$	20,577	$	(14,886)	$	(599)	$	4,688	$	4,089

The following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company’s previously reported consolidated statements of equity:

	As Previously Reported		Adoption Adjustment		Post Adoption
	(In millions)
Retained Earnings
Balance at December 31, 2020	$	36,491	$	—	$	36,491
Cumulative effects of changes in accounting principles, net of income tax	$	—	$	(4,667)	$	(4,667)
Net income (loss)	$	6,554	$	301	$	6,855
Balance at December 31, 2021	$	41,197	$	(4,366)	$	36,831
Net income (loss)	$	2,539	$	2,745	$	5,284
Balance at December 31, 2022	$	41,953	$	(1,621)	$	40,332
Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2020	$	18,072	$	—	$	18,072
Cumulative effects of changes in accounting principles, net of income tax	$	—	$	(17,757)	$	(17,757)
Other comprehensive income (loss), net of income tax	$	(7,153)	$	4,387	$	(2,766)
Balance at December 31, 2021	$	10,919	$	(13,370)	$	(2,451)
Other comprehensive income (loss), net of income tax	$	(38,002)	$	17,832	$	(20,170)
Balance at December 31, 2022	$	(27,083)	$	4,462	$	(22,621)
Total MetLife, Inc.’s Stockholders’ Equity
Balance at December 31, 2020	$	74,558	$	—	$	74,558
Cumulative effects of changes in accounting principles, net of income tax	$	—	$	(22,424)	$	(22,424)
Net income (loss)	$	6,554	$	301	$	6,855
Other comprehensive income (loss), net of income tax	$	(7,153)	$	4,387	$	(2,766)
Balance at December 31, 2021	$	67,482	$	(17,736)	$	49,746
Net income (loss)	$	2,539	$	2,745	$	5,284
Other comprehensive income (loss), net of income tax	$	(38,002)	$	17,832	$	(20,170)
Balance at December 31, 2022	$	27,040	$	2,841	$	29,881
Noncontrolling Interests
Balance at December 31, 2021	$	267	$	—	$	267
Change in equity of noncontrolling interests	$	(33)	$	(1)	$	(34)
Net income (loss)	$	19	$	(1)	$	18
Other comprehensive income (loss), net of income tax	$	(6)	$	(1)	$	(7)
Balance at December 31, 2022	$	247	$	(3)	$	244
Total Equity
Balance at December 31, 2020	$	74,817	$	—	$	74,817
Cumulative effects of changes in accounting principles, net of income tax	$	—	$	(22,424)	$	(22,424)
Net income (loss)	$	6,575	$	301	$	6,876
Other comprehensive income (loss), net of income tax	$	(7,150)	$	4,387	$	(2,763)
Balance at December 31, 2021	$	67,749	$	(17,736)	$	50,013
Change in equity of noncontrolling interests	$	(33)	$	(1)	$	(34)
Net income (loss)	$	2,558	$	2,744	$	5,302
Other comprehensive income (loss), net of income tax	$	(38,008)	$	17,831	$	(20,177)
Balance at December 31, 2022	$	27,287	$	2,838	$	30,125

The following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company’s previously reported consolidated statements of cash flows:

	December 31,
		2022						2021
		As Previously Reported		Adoption Adjustment		Post Adoption		As Previously Reported		Adoption Adjustment		Post Adoption
	(In millions)
Cash flows from operating activities
Net income (loss)		$	2,558	$	2,744	$	5,302	$	6,575	$	301	$	6,876
Amortization of premiums and accretion of discounts associated with investments, net		$	(960)	$	(32)	$	(992)	$	(855)	$	(19)	$	(874)
(Gains) losses on investments and from sales of businesses, net		$	1,262	$	(2)	$	1,260	$	(1,529)	$	(14)	$	(1,543)
(Gains) losses on derivatives, net		$	4,317	$	(167)	$	4,150	$	4,190	$	486	$	4,676
Interest credited to policyholder account balances		$	3,737	$	34	$	3,771	$	5,490	$	138	$	5,628
Universal life and investment-type product policy fees		$	(3,970)	$	1	$	(3,969)	$	(3,638)	$	(25)	$	(3,663)
Change in premiums, reinsurance and other receivables		$	256	$	43	$	299	$	389	$	(27)	$	362
Change in market risk benefits		$	—	$	(3,347)	$	(3,347)	$	—	$	(839)	$	(839)
Change in deferred policy acquisition costs and value of business acquired, net		$	(568)	$	(232)	$	(800)	$	(106)	$	(602)	$	(708)
Change in income tax		$	(591)	$	789	$	198	$	598	$	258	$	856
Change in other assets		$	27	$	111	$	138	$	(681)	$	(327)	$	(1,008)
Change in insurance-related liabilities and policy-related balances		$	4,058	$	(121)	$	3,937	$	4,553	$	449	$	5,002
Change in other liabilities		$	341	$	19	$	360	$	71	$	(3)	$	68
Other, net		$	245	$	—	$	245	$	138	$	(25)	$	113
Net cash provided by (used in) operating activities		$	13,204	$	(160)	$	13,044	$	12,596	$	(249)	$	12,347
Cash flows from financing activities
Policyholder account balances - deposits		$	103,036	$	865	$	103,901	$	96,367	$	839	$	97,206
Policyholder account balances - withdrawals		$	(97,886)	$	(705)	$	(98,591)	$	(92,540)	$	(590)	$	(93,130)
Net cash provided by (used in) financing activities		$	(10,108)	$	160	$	(9,948)	$	(1,375)	$	249	$	(1,126)

The LDTI transition adjustments related to traditional and limited-payment contracts, DPLs, and additional insurance liabilities, as well as the associated ceded recoverables, as described in Note 1, were as follows at the Transition Date:

	RIS Annuities		Asia Whole and Term Life & Endowments		Asia Accident & Health		Latin America Fixed Annuities		MetLife Holdings Long-Term Care		MetLife Holdings Participating Life		Other Long-Duration		Short-Duration and Other		Total
	(In millions)
Balance, future policy benefits, at December 31, 2020	$	66,030	$	17,990	$	16,330	$	8,393	$	14,281	$	51,148	$	19,128	$	13,356	$	206,656
Removal of additional insurance liabilities for separate presentation (1)	(4)		—		—		—		—		—		(6,561)		—		(6,565)
Subtotal - pre-adoption balance, excluding additional liabilities	66,026		17,990		16,330		8,393		14,281		51,148		12,567		13,356		200,091
Removal of related amounts in AOCI	(5,914)		—		—		(295)		(1,210)		—		(492)		—		(7,911)
Reclassification of carrying amounts of contracts and contract features that are market risk benefits	—		—		—		—		—		—		(176)		—		(176)
Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach	337		51		154		121		—		—		56		—		719
Effect of remeasurement of future policy benefits to an upper-medium grade discount rate	15,834		4,386		285		2,869		8,270		—		2,475		—		34,119
Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard	(7,416)		4		47		(1)		—		—		(124)		—		(7,490)
Removal of remeasured deferred profit liabilities for separate presentation (1)	(2,897)		(225)		(691)		(570)		—		—		(275)		—		(4,658)
Balance, traditional and limited-payment contracts, at January 1, 2021	$	65,970	$	22,206	$	16,125	$	10,517	$	21,341	$	51,148	$	14,031	$	13,356	$	214,694
Balance, deferred profit liabilities at January 1, 2021	$	2,897	$	225	$	691	$	570	$	—	$	—	$	275	$	—	$	4,658
Balance, ceded recoverables on traditional and limited-payment contracts at December 31, 2020	$	203	$	—	$	32	$	—	$	—			$	1,052			$	1,287
Effect of remeasurement of the ceded recoverable to an upper-medium grade discount rate	135		(15)		(66)		—		—				297				351
Adjustments for loss contracts (with net premiums in excess of gross premiums) under the modified retrospective approach	—		—		—		—		—				32				32
Adjustments for the cumulative effect of adoption on ceded recoverables on traditional and limited-payment contract	6		—		(2)		—		—				10				14
Balance ceded recoverables on traditional and limited-payment contracts at January 1, 2021	$	344	$	(15)	$	(36)	$	—	$	—			$	1,391			$	1,684

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(1)    LDTI requires separate disaggregated rollforwards of the additional insurance liabilities balance and the traditional and limited-payment FPBs. Therefore, the additional insurance liabilities and DPL amounts that are recorded in the FPB financial statement line item are removed to derive the opening balance of traditional and limited-payment contracts at the Transition Date.

	Asia Variable Life		Asia Universal and Variable Universal Life		MetLife Holdings Universal and Variable Universal Life		Other  Long-Duration		Total
	(In millions)
Additional insurance liabilities at December 31, 2020	$	1,824	$	788	$	1,976	$	1,977	$	6,565
Reclassification of carrying amounts of contracts and contract features that are market risk benefits	—		—		—		(1,642)		(1,642)
Adjustments for the cumulative effect of adoption on additional insurance liabilities	—		—		38		45		83
Additional insurance liabilities at January 1, 2021	$	1,824	$	788	$	2,014	$	380	$	5,006
Ceded recoverables on additional insurance liabilities at December 31, 2020	$	—	$	—	$	719	$	8	$	727
Reclassification of carrying amounts of contracts and contract features that are reinsured market risk benefits	—		—		—		(8)		(8)
Adjustments for the cumulative effect of adoption on ceded recoverables on additional insurance liabilities	—		—		1		—		1
Ceded recoverables on additional insurance liabilities at January 1, 2021	$	—	$	—	$	720	$	—	$	720
Balance, traditional and limited-payment contracts, at January 1, 2021									$	214,694
Balance, deferred profit liabilities at January 1, 2021									4,658
Balance, additional insurance liabilities at January 1, 2021									5,006
Total future policy benefits at January 1, 2021									$	224,358

The LDTI transition adjustments related to PABs, as described in Note 1, were as follows at the Transition Date:

	Group Benefits Group Life		RIS Capital Markets Investment Products and Stable Value GICs		RIS Annuities and Risk Solutions		Asia Universal and Variable Universal Life		Asia Fixed Annuities		EMEA Variable Annuities		MetLife Holdings Annuities		MetLife Holdings Life and Other		Other		Total
	(In millions)
Balance at December 31, 2020	$	7,586	$	62,908	$	6,250	$	43,868	$	31,422	$	4,777	$	15,727	$	13,129	$	19,509	$	205,176
Reclassification of carrying amounts of contracts and contract features that are market risk benefits	—		—		(24)		—		—		2		(493)		(273)		(170)		(958)
Other balance sheet reclassifications upon adoption of the LDTI standard	—		—		7,417		—		—		—		—		—		102		7,519
Balance at January 1, 2021	$	7,586	$	62,908	$	13,643	$	43,868	$	31,422	$	4,779	$	15,234	$	12,856	$	19,441	$	211,737

The LDTI transition adjustments related to MRB liabilities, as described in Note 1, were as follows at the Transition Date:

	Asia Retirement Assurance		MetLife Holdings Annuities		Other		Total
	(In millions)
Direct and assumed MRB liabilities at December 31, 2020	$	—	$	—	$	—	$	—
Reclassification of carrying amounts of contracts and contract features that are market risk benefits	247		2,291		251		2,789
Adjustments for the cumulative effect of changes in nonperformance risk between contract issue date and Transition Date	(7)		(54)		(38)		(99)
Adjustments for the difference between the fair value of the MRB balance, excluding the cumulative effect of changes in nonperformance risk, and the historical carrying value	78		4,764		369		5,211
Direct and assumed MRB liabilities at January 1, 2021	$	318	$	7,001	$	582	$	7,901
Reinsured MRB assets at December 31, 2020	$	—	$	—	$	—	$	—
Reclassification of carrying amounts of contracts and contract features that are market risk benefits	—		—		63		63
Adjustments for the difference between previous carrying amounts and fair value measurements	—		—		(12)		$	(12)
Reinsured MRB assets at January 1, 2021 (1)	$	—	$	—	$	51	$	51

__________________

(1)Reinsured MRB assets are classified within premiums, reinsurance and other receivables on the consolidated balance sheets.

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		EMEA		MetLife Holdings		Corporate & Other		Total
	(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

__________________

(1)See Note 2 for information on the reorganization of the Company’s segments.

Schedule of Deferred Policy Acquisition Costs and Value of Business Acquired

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, 2021	272		191		10,058		1,361		1,472		4,029		32		17,415
Capitalizations	18		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, 2022	264		267		10,270		1,542		1,480		3,791		30		17,644
Capitalizations	20		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

__________________

(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.

Schedule of Deferred Policy Acquisition Costs and Value of Business Acquired

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, 2021	272		191		10,058		1,361		1,472		4,029		32		17,415
Capitalizations	18		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, 2022	264		267		10,270		1,542		1,480		3,791		30		17,644
Capitalizations	20		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

__________________

(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.

Value of Distribution Agreements and Customer Relationships Acquired and Negative Value of Business Acquired

Information regarding other intangibles was as follows:

	Years Ended December 31,
	2023		2022		2021
	(In millions)
VODA and VOCRA:
Balance at January 1,	$	876	$	972	$	1,099
Acquisitions	—		—		—
Amortization	(88)		(92)		(100)
Effect of foreign currency translation and other	6		(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

Estimated Future Amortization Expense (Credit)

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)

Deferred Revenue, by Arrangement, Disclosure

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)		Asia		Latin  America		EMEA		MetLife Holdings		Total
	(In millions)
Balance at January 1, 2021	$	42	$	1,616	$	835	$	482	$	188	$	3,163
Deferrals	3		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, 2021	38		2,033		795		521		238		3,625
Deferrals	5		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, 2022	36		2,382		848		559		281		4,106
Deferrals	2		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

__________________

(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.