Segment Information (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting Information, by Segment


Three Months Ended June 30, 2024	Group Benefits		RIS		Asia		Latin America		EMEA		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	5,599	$	2,448	$	1,216	$	1,122	$	536	$	692	$	15	$	11,628	$	—	$	11,628
Universal life and investment-type product policy fees	229		73		434		373		77		94		1		1,281		—		1,281
Net investment income	313		2,117		1,167		398		54		1,016		95		5,160		45		5,205
Other revenues	382		61		18		11		8		37		97		614		24		638
Net investment gains (losses)	—		—		—		—		—		—		—		—		(421)		(421)
Net derivative gains (losses)	—		—		—		—		—		—		—		—		(508)		(508)
Total revenues	6,523		4,699		2,835		1,904		675		1,839		208		18,683		(860)		17,823
Expenses
Policyholder benefits and claims and policyholder dividends	4,780		3,248		988		1,018		265		1,252		9		11,560		73		11,633
Policyholder liability remeasurement (gains) losses	2		(23)		(4)		(3)		1		17		—		(10)		—		(10)
MRB remeasurement (gains) losses	—		—		—		—		—		—		—		—		(182)		(182)
Interest credited to PABs	48		838		657		115		17		106		—		1,781		219		2,000
Capitalization of deferred policy acquisition costs (“DAC”)	(5)		(46)		(335)		(175)		(115)		(4)		(3)		(683)		—		(683)
Amortization of DAC and value of business acquired (“VOBA”)	7		16		207		129		82		57		1		499		—		499
Amortization of negative VOBA	—		—		(5)		—		(1)		—		—		(6)		—		(6)
Interest expense on debt	1		3		—		4		—		3		246		257		—		257
Other expenses	1,016		145		702		505		328		220		188		3,104		9		3,113
Total expenses	5,849		4,181		2,210		1,593		577		1,651		441		16,502		119		16,621
Provision for income tax expense (benefit)	141		108		176		85		21		35		(47)		519		(270)		249
Adjusted earnings	$	533	$	410	$	449	$	226	$	77	$	153	$	(186)	1,662
Adjustments to:
Total revenues															(860)
Total expenses															(119)
Provision for income tax (expense) benefit															270
Net income (loss)															$	953			$	953


Three Months Ended June 30, 2023	Group Benefits		RIS		Asia		Latin America		EMEA		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	5,427	$	2,681	$	1,310	$	1,023	$	499	$	719	$	19	$	11,678	$	—	$	11,678
Universal life and investment-type product policy fees	223		71		396		352		75		170		1		1,288		—		1,288
Net investment income	327		1,948		1,050		418		47		1,170		80		5,040		32		5,072
Other revenues	363		71		21		10		8		49		106		628		(7)		621
Net investment gains (losses)	—		—		—		—		—		—		—		—		(1,039)		(1,039)
Net derivative gains (losses)	—		—		—		—		—		—		—		—		(997)		(997)
Total revenues	6,340		4,771		2,777		1,803		629		2,108		206		18,634		(2,011)		16,623
Expenses
Policyholder benefits and claims and policyholder dividends	4,866		3,441		1,057		976		237		1,341		12		11,930		30		11,960
Policyholder liability remeasurement (gains) losses	2		(11)		(27)		3		2		15		—		(16)		—		(16)
MRB remeasurement (gains) losses	—		—		—		—		—		—		—		—		(817)		(817)
Interest credited to PABs	48		702		570		105		19		198		—		1,642		291		1,933
Capitalization of DAC	(5)		(50)		(397)		(148)		(119)		(6)		(4)		(729)		—		(729)
Amortization of DAC and VOBA	7		12		190		117		85		64		4		479		—		479
Amortization of negative VOBA	—		—		(5)		—		(1)		—		—		(6)		—		(6)
Interest expense on debt	1		4		—		4		—		3		244		256		—		256
Other expenses	950		146		778		465		314		231		229		3,113		20		3,133
Total expenses	5,869		4,244		2,166		1,522		537		1,846		485		16,669		(476)		16,193
Provision for income tax expense (benefit)	99		110		180		62		22		51		(83)		441		(419)		22
Adjusted earnings	$	372	$	417	$	431	$	219	$	70	$	211	$	(196)	1,524
Adjustments to:
Total revenues															(2,011)
Total expenses															476
Provision for income tax (expense) benefit															419
Net income (loss)															$	408			$	408


Six Months Ended June 30, 2024	Group Benefits		RIS		Asia		Latin America		EMEA		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	11,310	$	3,123	$	2,513	$	2,237	$	1,072	$	1,405	$	21	$	21,681	$	—	$	21,681
Universal life and investment-type product policy fees	451		148		860		743		154		172		1		2,529		—		2,529
Net investment income	628		4,206		2,275		784		108		2,026		201		10,228		413		10,641
Other revenues	779		124		39		22		15		87		195		1,261		51		1,312
Net investment gains (losses)	—		—		—		—		—		—		—		—		(796)		(796)
Net derivative gains (losses)	—		—		—		—		—		—		—		—		(1,487)		(1,487)
Total revenues	13,168		7,601		5,687		3,786		1,349		3,690		418		35,699		(1,819)		33,880
Expenses
Policyholder benefits and claims and policyholder dividends	10,016		4,719		2,055		2,001		523		2,503		17		21,834		20		21,854
Policyholder liability remeasurement (gains) losses	(1)		(22)		(36)		(11)		1		37		—		(32)		—		(32)
MRB remeasurement (gains) losses	—		—		—		—		—		—		—		—		(876)		(876)
Interest credited to PABs	96		1,634		1,304		229		36		209		—		3,508		782		4,290
Capitalization of DAC	(9)		(107)		(696)		(353)		(243)		(9)		(6)		(1,423)		—		(1,423)
Amortization of DAC and VOBA	13		31		417		254		173		116		3		1,007		—		1,007
Amortization of negative VOBA	—		—		(10)		—		(2)		—		—		(12)		—		(12)
Interest expense on debt	1		7		—		7		—		7		499		521		—		521
Other expenses	2,019		317		1,446		1,017		660		443		382		6,284		20		6,304
Total expenses	12,135		6,579		4,480		3,144		1,148		3,306		895		31,687		(54)		31,633
Provision for income tax expense (benefit)	216		213		335		183		47		72		(117)		949		(530)		419
Adjusted earnings	$	817	$	809	$	872	$	459	$	154	$	312	$	(360)	3,063
Adjustments to:
Total revenues															(1,819)
Total expenses															54
Provision for income tax (expense) benefit															530
Net income (loss)															$	1,828			$	1,828


Six Months Ended June 30, 2023	Group Benefits		RIS		Asia		Latin America		EMEA		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	10,878	$	3,182	$	2,687	$	2,048	$	995	$	1,442	$	35	$	21,267	$	—	$	21,267
Universal life and investment-type product policy fees	441		150		793		687		152		353		1		2,577		—		2,577
Net investment income	637		3,762		1,931		797		92		2,297		130		9,646		71		9,717
Other revenues	743		139		41		22		16		102		207		1,270		(10)		1,260
Net investment gains (losses)	—		—		—		—		—		—		—		—		(1,723)		(1,723)
Net derivative gains (losses)	—		—		—		—		—		—		—		—		(1,087)		(1,087)
Total revenues	12,699		7,233		5,452		3,554		1,255		4,194		373		34,760		(2,749)		32,011
Expenses
Policyholder benefits and claims and policyholder dividends	9,860		4,666		2,187		1,942		498		2,710		28		21,891		100		21,991
Policyholder liability remeasurement (gains) losses	(2)		(40)		(16)		(1)		(1)		35		—		(25)		—		(25)
MRB remeasurement (gains) losses	—		—		—		—		—		—		—		—		(629)		(629)
Interest credited to PABs	94		1,348		1,106		204		35		397		—		3,184		613		3,797
Capitalization of DAC	(11)		(95)		(798)		(299)		(227)		(12)		(5)		(1,447)		—		(1,447)
Amortization of DAC and VOBA	13		23		383		223		170		132		5		949		—		949
Amortization of negative VOBA	—		—		(11)		—		(2)		—		—		(13)		—		(13)
Interest expense on debt	1		7		—		6		—		6		491		511		—		511
Other expenses	1,882		292		1,585		895		614		469		406		6,143		47		6,190
Total expenses	11,837		6,201		4,436		2,970		1,087		3,737		925		31,193		131		31,324
Provision for income tax expense (benefit)	183		215		305		150		38		88		(186)		793		(599)		194
Adjusted earnings	$	679	$	817	$	711	$	434	$	130	$	369	$	(366)	2,774
Adjustments to:
Total revenues															(2,749)
Total expenses															(131)
Provision for income tax (expense) benefit															599
Net income (loss)															$	493			$	493

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


	June 30, 2024		December 31, 2023
	(In millions)
Group Benefits	$	35,966	$	36,715
RIS	222,719		218,587
Asia	151,700		157,206
Latin America	66,527		69,177
EMEA	18,846		18,596
MetLife Holdings	144,045		148,524
Corporate & Other	35,942		38,779
Total	$	675,745	$	687,584