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Income Tax (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Provision for income tax from continuing operations
The Company’s provision for income tax was as follows:
Years Ended December 31,
202420232022
(In millions)
Current:
U.S. federal
$707 $381 $159 
U.S. state and local
90 46 45 
Non-U.S.
1,147 1,240 1,074 
Subtotal
1,944 1,667 1,278 
Deferred:
U.S. federal
(56)(591)1,234 
U.S. state and local
— (4)— 
Non-U.S.
(710)(512)(1,450)
Subtotal
(766)(1,107)(216)
Provision for income tax expense (benefit)
$1,178 $560 $1,062 
Income (loss) from continuing operations before income tax expense (benefit) from domestic and foreign operations
The Company’s income (loss) before income tax expense (benefit) was as follows:
Years Ended December 31,
202420232022
(In millions)
Income (loss):
U.S.
$3,955 $(95)$5,785 
Non-U.S.
1,667 2,257 579 
Total
$5,622 $2,162 $6,364 
Income tax for continuing operations effective rate reconciliation
The reconciliation of the income tax provision at the U.S. statutory rate to the provision for income tax as reported was as follows:
Years Ended December 31,
202420232022
(In millions)
Tax provision at U.S. statutory rate$1,181 $454 $1,337 
Tax effect of:
Dividend received deduction(19)(18)(20)
Tax-exempt income(43)(34)15 
Prior year tax (1), (2)
44 (12)(15)
Low income housing tax credits6 (116)(143)
Other tax credits(38)(39)(44)
Foreign tax rate differential (3), (4), (5)
22 312 (85)
Changes in tax law (6)
— (198)— 
Change in valuation allowance (6)
6 187 — 
Other, net19 24 17 
Provision for income tax expense (benefit)$1,178 $560 $1,062 
__________________
(1)As discussed further below, prior year tax primarily includes non-cash charges related to an uncertain tax position of $57 million for the year ended December 31, 2024.
(2)As discussed further below, prior year tax primarily includes non-cash benefits related to an uncertain tax position of $32 million for the year ended December 31, 2022.
(3)For the year ended December 31, 2024, foreign tax rate differential includes tax charges of $5 million related to the U.S. tax on Global Intangible Low-Taxed Income (“GILTI”) of which $33 million is a current year charge, offset by a $28 million tax benefit revising the 2023 estimate.
(4)For the year ended December 31, 2023, foreign tax rate differential includes tax charges of $28 million related to MetLife Malaysia and $22 million related to the U.S. tax on GILTI of which $28 million is a current year charge, offset by a $6 million tax benefit revising the 2022 estimate.
(5)For the year ended December 31, 2022, foreign tax rate differential includes tax charges of $12 million related to the U.S. tax on GILTI of which $33 million is a current year charge, offset by a $21 million tax benefit revising the 2021 estimate.
(6)For the year ended December 31, 2023, changes in tax law include tax benefits of $198 million and a change in valuation allowance includes a tax charge of $198 million related to adjustments of deferred taxes due to the enactment of the Bermuda Corporate Income Tax.
Components of deferred tax assets and liabilities
Deferred income tax represents the tax effect of the differences between the book and tax bases of assets and liabilities. Net deferred income tax assets and liabilities consisted of the following at:
December 31,
20242023
(In millions)
Deferred income tax assets:
Policyholder liabilities and receivables
$4,233 $3,476 
Net operating loss carryforwards (1)
247 256 
Employee benefits
519 523 
Capital loss carryforwards
31 29 
Tax credit carryforwards (2)
299 82 
Net unrealized investment losses5,879 4,308 
Litigation-related and government mandated
103 101 
Other260 393 
Total gross deferred income tax assets
11,571 9,168 
Less: Valuation allowance (3)
685 496 
Total net deferred income tax assets
10,886 8,672 
Deferred income tax liabilities:
Investments, including derivatives
3,469 2,054 
Intangibles
836 1,004 
DAC
3,719 3,929 
Total deferred income tax liabilities
8,024 6,987 
Net deferred income tax asset (liability)$2,862 $1,685 
__________________
(1)The Company has recorded a deferred tax asset of $247 million related to U.S. state and non-U.S. net operating loss carryforwards and an offsetting valuation allowance for the year ended December 31, 2024. Certain net operating loss carryforwards will expire between 2027 and 2042, whereas others have an unlimited carryforward period.
(2)Tax credit carryforwards for the year ended December 31, 2024 primarily reflect foreign tax credits. Certain foreign tax credits will expire between 2035 and 2037, whereas others have no expiration date.
(3)The Company’s deferred tax asset for the year ended December 31, 2024 includes an offsetting valuation allowance primarily related to other non-U.S. jurisdictions.
Reconciliation of unrecognized tax benefits
A reconciliation of the beginning and ending amount of unrecognized tax benefits was as follows:
Years Ended December 31,
202420232022
(In millions)
Balance at January 1,$131 $129 $163 
Additions for tax positions of prior years (1)
127 27 42 
Reductions for tax positions of prior years (2)
(43)(30)(93)
Additions for tax positions of current year4 5 22 
Reductions for tax positions of current year— — (3)
Settlements with tax authorities(1)— (2)
Balance at December 31,$218 $131 $129 
Unrecognized tax benefits that, if recognized, would impact the effective rate
$162 $90 $80 
__________________
(1)For the year ended December 31, 2024, primarily includes the addition of state reserves and International Financial Reporting Standard 17 related reserves in foreign jurisdictions.
(2)For the year ended December 31, 2022, primarily includes reductions related to non-cash benefits from a tax audit settlement.
Summary of Income Tax Contingencies [Table Text Block]
Interest was as follows:
Years Ended December 31,
202420232022
(In millions)
Interest expense (benefit) recognized on the consolidated statements of operations
$7 $7 $— 
December 31,
20242023
(In millions)
Interest included in other liabilities on the consolidated balance sheets$29 $22