Segment Information (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting Information, by Segment


Three Months Ended September 30, 2024	Group Benefits		RIS		Asia		Latin America		EMEA		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	5,538	$	1,451	$	1,272	$	1,141	$	562	$	673	$	(6)	$	10,631	$	16	$	10,647
Universal life and investment-type product policy fees	231		67		420		346		84		80		—		1,228		—		1,228
Net investment income	311		2,133		1,132		435		55		981		96		5,143		84		5,227
Other revenues	377		61		18		9		9		40		98		612		36		648
Net investment gains (losses)	—		—		—		—		—		—		—		—		(77)		(77)
Net derivative gains (losses)	—		—		—		—		—		—		—		—		767		767
Total revenues	6,457		3,712		2,842		1,931		710		1,774		188		17,614		826		18,440
Expenses
Policyholder benefits and claims and policyholder dividends	4,927		2,247		1,035		1,091		276		1,221		—		10,797		(50)		10,747
Policyholder liability remeasurement (gains) losses	—		(148)		60		(18)		9		(35)		—		(132)		—		(132)
MRB remeasurement (gains) losses	—		—		—		—		—		—		—		—		531		531
Interest credited to PABs	49		874		683		108		17		84		—		1,815		222		2,037
Capitalization of deferred policy acquisition costs (“DAC”)	(4)		(53)		(336)		(174)		(119)		(4)		(1)		(691)		—		(691)
Amortization of DAC and value of business acquired (“VOBA”)	6		14		217		126		92		58		3		516		—		516
Amortization of negative VOBA	—		—		(6)		—		(1)		—		—		(7)		—		(7)
Interest expense on debt	—		4		—		4		—		4		245		257		—		257
Other expenses	1,007		183		758		485		342		220		164		3,159		29		3,188
Total expenses	5,985		3,121		2,411		1,622		616		1,548		411		15,714		732		16,446
Provision for income tax expense (benefit)	99		119		125		88		24		44		(41)		458		195		653
Adjusted earnings	$	373	$	472	$	306	$	221	$	70	$	182	$	(182)	1,442
Adjustments to:
Total revenues															826
Total expenses															(732)
Provision for income tax (expense) benefit															(195)
Net income (loss)															$	1,341			$	1,341


Three Months Ended September 30, 2023	Group Benefits		RIS		Asia		Latin America		EMEA		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	5,276	$	2,330	$	1,312	$	1,116	$	502	$	685	$	9	$	11,230	$	—	$	11,230
Universal life and investment-type product policy fees	219		82		411		359		79		184		—		1,334		—		1,334
Net investment income	330		2,009		1,023		365		51		1,153		125		5,056		(231)		4,825
Other revenues	371		66		20		9		7		41		103		617		(11)		606
Net investment gains (losses)	—		—		—		—		—		—		—		—		(927)		(927)
Net derivative gains (losses)	—		—		—		—		—		—		—		—		(1,202)		(1,202)
Total revenues	6,196		4,487		2,766		1,849		639		2,063		237		18,237		(2,371)		15,866
Expenses
Policyholder benefits and claims and policyholder dividends	4,592		3,100		1,095		1,020		230		1,311		4		11,352		(69)		11,283
Policyholder liability remeasurement (gains) losses	(29)		(76)		108		(4)		(9)		(7)		—		(17)		—		(17)
MRB remeasurement (gains) losses	—		—		—		—		—		—		—		—		(796)		(796)
Interest credited to PABs	50		756		576		106		19		198		—		1,705		(47)		1,658
Capitalization of DAC	(5)		(41)		(404)		(171)		(114)		(5)		(2)		(742)		—		(742)
Amortization of DAC and VOBA	6		13		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	937		138		788		493		315		238		250		3,159		30		3,189
Total expenses	5,551		3,893		2,361		1,567		527		1,804		511		16,214		(882)		15,332
Provision for income tax expense (benefit)	135		124		130		83		24		51		(79)		468		(429)		39
Adjusted earnings	$	510	$	470	$	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


Nine Months Ended September 30, 2024	Group Benefits		RIS		Asia		Latin America		EMEA		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	16,848	$	4,574	$	3,785	$	3,378	$	1,634	$	2,078	$	15	$	32,312	$	16	$	32,328
Universal life and investment-type product policy fees	682		215		1,280		1,089		238		252		1		3,757		—		3,757
Net investment income	939		6,339		3,407		1,219		163		3,007		297		15,371		497		15,868
Other revenues	1,156		185		57		31		24		127		293		1,873		87		1,960
Net investment gains (losses)	—		—		—		—		—		—		—		—		(873)		(873)
Net derivative gains (losses)	—		—		—		—		—		—		—		—		(720)		(720)
Total revenues	19,625		11,313		8,529		5,717		2,059		5,464		606		53,313		(993)		52,320
Expenses
Policyholder benefits and claims and policyholder dividends	14,943		6,966		3,090		3,092		799		3,724		17		32,631		(30)		32,601
Policyholder liability remeasurement (gains) losses	(1)		(170)		24		(29)		10		2		—		(164)		—		(164)
MRB remeasurement (gains) losses	—		—		—		—		—		—		—		—		(345)		(345)
Interest credited to PABs	145		2,508		1,987		337		53		293		—		5,323		1,004		6,327
Capitalization of DAC	(13)		(160)		(1,032)		(527)		(362)		(13)		(7)		(2,114)		—		(2,114)
Amortization of DAC and VOBA	19		45		634		380		265		174		6		1,523		—		1,523
Amortization of negative VOBA	—		—		(16)		—		(3)		—		—		(19)		—		(19)
Interest expense on debt	1		11		—		11		—		11		744		778		—		778
Other expenses	3,026		500		2,204		1,502		1,002		663		546		9,443		49		9,492
Total expenses	18,120		9,700		6,891		4,766		1,764		4,854		1,306		47,401		678		48,079
Provision for income tax expense (benefit)	315		332		460		271		71		116		(158)		1,407		(335)		1,072
Adjusted earnings	$	1,190	$	1,281	$	1,178	$	680	$	224	$	494	$	(542)	4,505
Adjustments to:
Total revenues															(993)
Total expenses															(678)
Provision for income tax (expense) benefit															335
Net income (loss)															$	3,169			$	3,169


Nine Months Ended September 30, 2023	Group Benefits		RIS		Asia		Latin America		EMEA		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	16,154	$	5,512	$	3,999	$	3,164	$	1,497	$	2,127	$	44	$	32,497	$	—	$	32,497
Universal life and investment-type product policy fees	660		232		1,204		1,046		231		537		1		3,911		—		3,911
Net investment income	967		5,771		2,954		1,162		143		3,450		255		14,702		(160)		14,542
Other revenues	1,114		205		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	18,895		11,720		8,218		5,403		1,894		6,257		610		52,997		(5,120)		47,877
Expenses
Policyholder benefits and claims and policyholder dividends	14,452		7,766		3,282		2,962		728		4,021		32		33,243		31		33,274
Policyholder liability remeasurement (gains) losses	(31)		(116)		92		(5)		(10)		28		—		(42)		—		(42)
MRB remeasurement (gains) losses	—		—		—		—		—		—		—		—		(1,425)		(1,425)
Interest credited to PABs	144		2,104		1,682		310		54		595		—		4,889		566		5,455
Capitalization of DAC	(16)		(136)		(1,202)		(470)		(341)		(17)		(7)		(2,189)		—		(2,189)
Amortization of DAC and VOBA	19		36		587		344		257		197		8		1,448		—		1,448
Amortization of negative VOBA	—		—		(17)		—		(3)		—		—		(20)		—		(20)
Interest expense on debt	1		10		—		8		—		10		747		776		—		776
Other expenses	2,819		430		2,373		1,388		929		707		656		9,302		77		9,379
Total expenses	17,388		10,094		6,797		4,537		1,614		5,541		1,436		47,407		(751)		46,656
Provision for income tax expense (benefit)	318		339		435		233		62		139		(265)		1,261		(1,028)		233
Adjusted earnings	$	1,189	$	1,287	$	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

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


	September 30, 2024		December 31, 2023
	(In millions)
Group Benefits	$	36,894	$	36,715
RIS	229,709		218,587
Asia	162,531		157,206
Latin America	73,419		69,177
EMEA	19,653		18,596
MetLife Holdings	146,403		148,524
Corporate & Other	36,367		38,779
Total	$	704,976	$	687,584