10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 ______________________________________

Form 10-Q

(Mark One)

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2022

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM                         TO

Commission file number: 000-55029

 ________________________________________

Metropolitan Life Insurance Company

(Exact name of registrant as specified in its charter)

New York			13-5581829
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)
200 Park Avenue,	New York,	NY	10166-0188
(Address of principal executive offices)			(Zip Code)

(212) 578-9500

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	N/A	N/A

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes ☑    No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes ☑   No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☑	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes ☐    No ☑

At August 9, 2022, 494,466,664 shares of the registrant’s common stock were outstanding, all of which were owned directly by MetLife, Inc.

REDUCED DISCLOSURE FORMAT

The registrant meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and is, therefore, filing this Form 10-Q with the reduced disclosure format.

Table of Contents

		Page
Part I — Financial Information
Item 1.	Financial Statements (Unaudited) (at June 30, 2022 and December 31, 2021 and for the Three Months and Six Months Ended June 30, 2022 and 2021)
	Interim Condensed Consolidated Balance Sheets	4
	Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)	5
	Interim Condensed Consolidated Statements of Equity	6
	Interim Condensed Consolidated Statements of Cash Flows	7
	Notes to the Interim Condensed Consolidated Financial Statements:
	Note 1 — Business, Basis of Presentation and Summary of Significant Accounting Policies	8
	Note 2 — Segment Information	12
	Note 3 — Insurance	16
	Note 4 — Closed Block	18
	Note 5 — Investments	21
	Note 6 — Derivatives	38
	Note 7 — Fair Value	49
	Note 8 — Equity	65
	Note 9 — Other Revenues and Other Expenses	68
	Note 10 — Income Tax	69
	Note 11 — Contingencies, Commitments and Guarantees	69
	Note 12 — Related Party Transactions	72
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	75
Item 4.	Controls and Procedures	83
Part II — Other Information
Item 1.	Legal Proceedings	84
Item 1A.	Risk Factors	84
Item 6.	Exhibits	85
Signatures		86

As used in this Form 10-Q, “MLIC,” the “Company,” “we,” “our” and “us” refer to Metropolitan Life Insurance Company, a New York corporation incorporated in 1868, and its subsidiaries. Metropolitan Life Insurance Company is a wholly-owned subsidiary of MetLife, Inc. (MetLife, Inc., together with its subsidiaries and affiliates, “MetLife”).

Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10‑Q, including Management’s Discussion and Analysis of Financial Condition and Results of Operations, may contain or incorporate by reference information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give expectations or forecasts of future events and do not relate strictly to historical or current facts. They use words and terms such as “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “if,” “intend,” “likely,” “may,” “plan,” “potential,” “project,” “should,” “will,” “would” and other words and terms of similar meaning or that are otherwise tied to future periods or future performance, in each case in all derivative forms. They include statements relating to future actions, prospective services or products, future performance or results of current and anticipated services or products, future sales efforts, future expenses, the outcome of contingencies such as legal proceedings, and future trends in operations and financial results.

Many factors determine Company results, and they involve unpredictable risks and uncertainties. Our forward-looking statements depend on our assumptions, our expectations, and our understanding of the economic environment, but they may be inaccurate and may change. We do not guarantee any future performance. Our results could differ materially from those we express or imply in forward-looking statements. The risks, uncertainties and other factors, including those relating to the COVID-19 pandemic, identified in Metropolitan Life Insurance Company’s filings with the U.S. Securities and Exchange Commission, and others, may cause such differences. These factors include:

(1) economic condition difficulties, including risks relating to public health, interest rates, credit spreads, equity, real estate, obligors and counterparties, and derivatives;

(2) global capital and credit market adversity;

(3) credit facility inaccessibility;

(4) financial strength or credit ratings downgrades;

(5) unavailability, unaffordability, or inadequate reinsurance;

(6) statutory life insurance reserve financing costs or limited market capacity;

(7) legal, regulatory, and supervisory and enforcement policy changes;

(8) changes in tax rates, tax laws or interpretations;

(9) litigation and regulatory investigations;

(10) London Interbank Offered Rate discontinuation and transition to alternative reference rates;

(11) unsuccessful efforts to meet all environmental, social, and governance standards or to enhance our sustainability;

(12) investment defaults, downgrades, or volatility;

(13) investment sales or lending difficulties;

(14) collateral or derivative-related payments;

(15) investment valuations, allowances, or impairments changes;

(16) claims or other results that differ from our estimates, assumptions, or models;

(17) business competition;

(18) catastrophes;

(19) climate changes or responses to it;

(20) deficiencies in our closed block;

(21) acceleration of amortization of deferred policy acquisition costs, deferred sales inducements, value of business acquired, value of distribution agreements acquired or value of customer relationships acquired;

2

(22) product guarantee volatility, costs, and counterparty risks;

(23) risk management failures;

(24) insufficient protection from operational risks;

(25) failure to protect confidentiality and integrity of data or other cybersecurity or disaster recovery failures;

(26) accounting standards changes;

(27) excessive risk-taking; and

(28) marketing and distribution difficulties.

Metropolitan Life Insurance Company does not undertake any obligation to publicly correct or update any forward-looking statement if Metropolitan Life Insurance Company later becomes aware that such statement is not likely to be achieved. Please consult any further disclosures Metropolitan Life Insurance Company makes on related subjects in subsequent reports to the U.S. Securities and Exchange Commission.

Note Regarding Reliance on Statements in Our Contracts

See “Exhibits — Note Regarding Reliance on Statements in Our Contracts” for information regarding agreements included as exhibits to this Quarterly Report on Form 10-Q.

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Part I — Financial Information

Item 1. Financial Statements

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Interim Condensed Consolidated Balance Sheets

June 30, 2022 and December 31, 2021 (Unaudited)

(In millions, except share and per share data)

	June 30, 2022		December 31, 2021
Assets
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $153,812 and $158,354, respectively; allowance for credit loss of $124 and $53, respectively)	$	146,107	$	175,885
Mortgage loans (net of allowance for credit loss of $416 and $536, respectively; includes $150 and $224, respectively, relating to variable interest entities; includes $109 and $127, respectively, under the fair value option and $24 and $0, respectively, of mortgage loans held-for-sale)	61,392		60,219
Policy loans	5,746		5,816
Real estate and real estate joint ventures (includes $1,002 and $1,094, respectively, relating to variable interest entities, $309 and $240, respectively, under the fair value option and $0 and $175, respectively, of real estate held-for-sale)	8,050		7,873
Other limited partnership interests	8,285		8,754
Short-term investments, at estimated fair value	1,550		4,866
Other invested assets (includes $920 and $924, respectively, of leveraged and direct financing leases and $167 and $171, respectively, relating to variable interest entities and allowance for credit loss of $26 and $32, respectively)	20,162		19,860
Total investments	251,292		283,273
Cash and cash equivalents, principally at estimated fair value	10,044		9,957
Accrued investment income	1,759		1,767
Premiums, reinsurance and other receivables	21,187		20,505
Deferred policy acquisition costs and value of business acquired	4,349		2,598
Current income tax recoverable	168		80
Deferred income tax asset	1,247		—
Other assets	4,570		4,526
Separate account assets	93,206		123,851
Total assets	$	387,822	$	446,557
Liabilities and Equity
Liabilities
Future policy benefits	$	126,505	$	132,274
Policyholder account balances	96,029		94,459
Other policy-related balances	8,057		8,094
Policyholder dividends payable	309		312
Policyholder dividend obligation	—		1,682
Payables for collateral under securities loaned and other transactions	17,489		24,866
Short-term debt	100		100
Long-term debt	1,662		1,659
Deferred income tax liability	—		2,036
Other liabilities	24,330		23,796
Separate account liabilities	93,206		123,851
Total liabilities	367,687		413,129
Contingencies, Commitments and Guarantees (Note 11)
Equity
Metropolitan Life Insurance Company stockholder’s equity:
Common stock, par value $0.01 per share; 1,000,000,000 shares authorized; 494,466,664 shares issued and outstanding	5		5
Additional paid-in capital	12,476		12,464
Retained earnings	11,277		10,868
Accumulated other comprehensive income (loss)	(3,777)		9,917
Total Metropolitan Life Insurance Company stockholder’s equity	19,981		33,254
Noncontrolling interests	154		174
Total equity	20,135		33,428
Total liabilities and equity	$	387,822	$	446,557

See accompanying notes to the interim condensed consolidated financial statements.

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Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

For the Three Months and Six Months Ended June 30, 2022 and 2021 (Unaudited)

(In millions)

	Three Months   Ended   June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Revenues
Premiums	$	5,668	$	6,451	$	11,578	$	12,256
Universal life and investment-type product policy fees	515		514		1,039		1,049
Net investment income	2,442		3,034		5,268		6,221
Other revenues	373		432		785		857
Net investment gains (losses)	(83)		342		(309)		502
Net derivative gains (losses)	345		25		526		(990)
Total revenues	9,260		10,798		18,887		19,895
Expenses
Policyholder benefits and claims	5,936		7,129		12,497		13,708
Interest credited to policyholder account balances	530		512		1,021		1,023
Policyholder dividends	154		200		313		405
Other expenses	1,419		1,205		2,718		2,391
Total expenses	8,039		9,046		16,549		17,527
Income (loss) before provision for income tax	1,221		1,752		2,338		2,368
Provision for income tax expense (benefit)	207		308		365		357
Net income (loss)	1,014		1,444		1,973		2,011
Less: Net income (loss) attributable to noncontrolling interests	2		1		2		4
Net income (loss) attributable to Metropolitan Life Insurance Company	$	1,012	$	1,443	$	1,971	$	2,007
Comprehensive income (loss)	$	(7,443)	$	2,644	$	(11,721)	$	228
Less: Comprehensive income (loss) attributable to noncontrolling interests, net of income tax	2		1		2		4
Comprehensive income (loss) attributable to Metropolitan Life Insurance Company	$	(7,445)	$	2,643	$	(11,723)	$	224

See accompanying notes to the interim condensed consolidated financial statements.

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Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Interim Condensed Consolidated Statements of Equity

For the Six Months Ended June 30, 2022 and 2021 (Unaudited)

(In millions)

	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total Metropolitan Life Insurance Company Stockholder’s Equity		Noncontrolling Interests		Total Equity
Balance at December 31, 2021	$	5	$	12,464	$	10,868	$	9,917	$	33,254	$	174	$	33,428
Capital contributions from MetLife, Inc.			1						1				1
Dividends to MetLife, Inc.					(881)				(881)				(881)
Change in equity of noncontrolling interests									—		(20)		(20)
Net income (loss)					959				959				959
Other comprehensive income (loss), net of income tax							(5,237)		(5,237)				(5,237)
Balance at March 31, 2022	5		12,465		10,946		4,680		28,096		154		28,250
Capital contributions from MetLife, Inc.			11						11				11
Dividends to MetLife, Inc.					(681)				(681)				(681)
Change in equity of noncontrolling interests									—		(2)		(2)
Net income (loss)					1,012				1,012		2		1,014
Other comprehensive income (loss), net of income tax							(8,457)		(8,457)				(8,457)
Balance at June 30, 2022	$	5	$	12,476	$	11,277	$	(3,777)	$	19,981	$	154	$	20,135

	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total Metropolitan Life Insurance Company Stockholder’s Equity		Noncontrolling Interests		Total Equity
Balance at December 31, 2020	$	5	$	12,460	$	10,548	$	11,662	$	34,675	$	183	$	34,858
Capital contributions from MetLife, Inc.			1						1				1
Dividends to MetLife, Inc.					(1,030)				(1,030)				(1,030)
Net income (loss)					564				564		3		567
Other comprehensive income (loss), net of income tax							(2,983)		(2,983)				(2,983)
Balance at March 31, 2021	5		12,461		10,082		8,679		31,227		186		31,413
Capital contributions from MetLife, Inc.			1						1				1
Dividends to MetLife, Inc.					(400)				(400)				(400)
Change in equity of noncontrolling interests									—		2		2
Net income (loss)					1,443				1,443		1		1,444
Other comprehensive income (loss), net of income tax							1,200		1,200				1,200
Balance at June 30, 2021	$	5	$	12,462	$	11,125	$	9,879	$	33,471	$	189	$	33,660

See accompanying notes to the interim condensed consolidated financial statements.

6

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Interim Condensed Consolidated Statements of Cash Flows

For the Six Months Ended June 30, 2022 and 2021 (Unaudited)

(In millions)

	Six Months Ended June 30,
	2022		2021
Net cash provided by (used in) operating activities	$	1,160	$	968
Cash flows from investing activities
Sales, maturities and repayments of:
Fixed maturity securities available-for-sale	27,410		23,549
Equity securities	82		244
Mortgage loans	5,667		7,891
Real estate and real estate joint ventures	431		733
Other limited partnership interests	732		241
Purchases and originations of:
Fixed maturity securities available-for-sale	(23,277)		(23,399)
Equity securities	(40)		(18)
Mortgage loans	(7,175)		(4,269)
Real estate and real estate joint ventures	(263)		(393)
Other limited partnership interests	(491)		(1,001)
Cash received in connection with freestanding derivatives	1,542		1,214
Cash paid in connection with freestanding derivatives	(2,323)		(4,386)
Cash received from the redemption of an investment in affiliated preferred stock	—		315
Purchases of loans to affiliates	(19)		—
Net change in policy loans	70		88
Net change in short-term investments	3,215		435
Net change in other invested assets	20		184
Net change in property, equipment and leasehold improvements	6		9
Other, net	6		5
Net cash provided by (used in) investing activities	5,593		1,442
Cash flows from financing activities
Policyholder account balances:
Deposits	46,124		41,600
Withdrawals	(44,020)		(40,944)
Net change in payables for collateral under securities loaned and other transactions	(7,377)		810
Long-term debt issued	4		—
Long-term debt repaid	(10)		(15)
Financing element on certain derivative instruments and other derivative related transactions, net	200		165
Dividends paid to MetLife, Inc.	(1,562)		(1,430)
Other, net	(16)		(23)
Net cash provided by (used in) financing activities	(6,657)		163
Effect of change in foreign currency exchange rates on cash and cash equivalents balances	(9)		1
Change in cash and cash equivalents	87		2,574
Cash and cash equivalents, beginning of period	9,957		11,337
Cash and cash equivalents, end of period	$	10,044	$	13,911
Supplemental disclosures of cash flow information
Net cash paid (received) for:
Interest	$	49	$	48
Income tax	$	170	$	386
Non-cash transactions:
Capital contributions from MetLife, Inc.	$	12	$	2
Real estate and real estate joint ventures acquired in satisfaction of debt	$	129	$	171
Increase in equity securities due to in-kind distributions received from other limited partnership interests	$	56	$	128
Transfer of fixed maturity securities available-for-sale to an affiliate	$	189	$	—
Transfer of fair value option securities from an affiliate	$	186	$	—
Increase in policyholder account balances associated with funding agreement backed notes issued but not settled	$	184	$	—
Increase in other invested assets in connection with an affiliated reinsurance transaction	$	—	$	822

See accompanying notes to the interim condensed consolidated financial statements.

7

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited)

1. Business, Basis of Presentation and Summary of Significant Accounting Policies

Business

Metropolitan Life Insurance Company and its subsidiaries (collectively, “MLIC” or the “Company”) is a provider of insurance, annuities, employee benefits and asset management and is organized into two segments: U.S. and MetLife Holdings. Metropolitan Life Insurance Company is a wholly-owned subsidiary of MetLife, Inc. (MetLife, Inc., together with its subsidiaries and affiliates, “MetLife”).

Basis of Presentation

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to adopt accounting policies and make estimates and assumptions that affect amounts reported on the interim condensed consolidated financial statements. In applying these policies and estimates, management makes subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain, including uncertainties associated with the COVID-19 pandemic. Many of these policies, estimates and related judgments are common in the insurance and financial services industries; others are specific to the Company’s business and operations. Actual results could differ from these estimates.

The accompanying interim condensed consolidated financial statements are unaudited and reflect all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in conformity with GAAP. Interim results are not necessarily indicative of full year performance. The December 31, 2021 consolidated balance sheet data was derived from audited consolidated financial statements included in Metropolitan Life Insurance Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Annual Report”), which include all disclosures required by GAAP. Therefore, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company included in the 2021 Annual Report.

Consolidation

The accompanying interim condensed consolidated financial statements include the accounts of MLIC, as well as partnerships and joint ventures in which the Company has a controlling financial interest, and variable interest entities (“VIEs”) for which the Company is the primary beneficiary. Intercompany accounts and transactions have been eliminated.

The Company uses the equity method of accounting or the fair value option (“FVO”) for real estate joint ventures and other limited partnership interests (“investee”) when it has more than a minor ownership interest or more than a minor influence over the investee’s operations. The Company generally recognizes its share of the investee’s earnings in net investment income on a three-month lag in instances where the investee’s financial information is not sufficiently timely or when the investee’s reporting period differs from the Company’s reporting period.

Since the Company is a member of a controlled group of affiliated companies, its results may not be indicative of those of a stand-alone entity.

Recent Accounting Pronouncements

Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASUs”) to the FASB Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. The following tables provide a description of ASUs recently issued by the FASB and the impact of their adoption on the Company’s interim condensed consolidated financial statements.

8

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting Policies (continued)

Adopted Accounting Pronouncements

The table below describes the impacts of the ASUs recently adopted by the Company.

Standard	Description	Effective Date and Method of Adoption	Impact on Financial Statements
ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting; as clarified and amended by ASU 2021-01, Reference Rate Reform (Topic 848):Scope	The guidance provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, with certain exceptions. ASU 2021-01 amends the scope of the recent reference rate reform guidance. New optional expedients allow derivative instruments impacted by changes in the interest rate used for margining, discounting, or contract price alignment to qualify for certain optional relief.	Effective for contract modifications made between March 12, 2020 and December 31, 2022.	The guidance has reduced the operational and financial impacts of contract modifications that replace a reference rate, such as London Interbank Offered Rate (“LIBOR”), affected by reference rate reform. Contract modifications for invested assets and derivative instruments occurred during 2021 and have continued into 2022. Based on actions taken to date, the adoption of the guidance has not had a material impact on the Company’s interim condensed consolidated financial statements. The Company does not expect the adoption of this guidance to have a material ongoing impact and will continue to evaluate the impacts of reference rate reform on contract modifications and hedging relationships through December 31, 2022.
ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance	The guidance requires entities to provide annual disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy and can include tax credits and other forms of government assistance. Entities are required to disclose information about (i) the nature of the transactions and the related accounting policy used to account for the transactions; (ii) the line items on the balance sheet and income statement that are affected by the transactions, including the associated amounts; and (iii) the significant terms and conditions of the transactions, including commitments and contingencies.	Effective for annual periods beginning January 1, 2022, to be applied prospectively.	The Company is in the process of evaluating and preparing the required annual disclosures, as applicable, to be included in its 2022 consolidated financial statements.

9

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting Policies (continued)

Future Adoption of Accounting Pronouncements

ASUs not listed below were assessed and either determined to be not applicable or are not expected to have a material impact on the Company’s interim condensed consolidated financial statements or disclosures. ASUs issued but not yet adopted as of June 30, 2022 that are currently being assessed and may or may not have a material impact on the Company’s interim condensed consolidated financial statements or disclosures are summarized in the table below.

Standard	Description	Effective Date and Method of Adoption	Impact on Financial Statements
ASU 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, as amended by ASU 2019-09, Financial Services—Insurance (Topic 944): Effective Date, as amended by ASU 2020-11, Financial Services—Insurance (Topic 944): Effective Date and Early Application	The guidance (i) prescribes the discount rate to be used in measuring the liability for future policy benefits for traditional and limited payment long-duration contracts, and requires assumptions for those liability valuations to be updated after contract inception, (ii) requires more market-based product guarantees (“market risk benefits”) on certain separate account and other account balance long-duration contracts to be accounted for at fair value, (iii) simplifies the amortization of deferred policy acquisition costs (“DAC”) for virtually all long-duration contracts, and (iv) introduces certain financial statement presentation requirements, as well as significant additional quantitative and qualitative disclosures. The amendments in ASU 2019-09 defer the effective date of ASU 2018-12 to January 1, 2022 for all entities, and the amendments in ASU 2020-11 further defer the effective date of ASU 2018-12 for an additional year to January 1, 2023 for all entities.	January 1, 2023, to be applied retrospectively to January 1, 2021 (with early adoption permitted). Estimated impacts from adoption as of the transition date of January 1, 2021 are measured using market assumptions appropriate as of that date. Such estimates do not reflect changes in market assumptions subsequent to January 1, 2021.	The Company’s implementation efforts and the evaluation of the impacts of the guidance on its consolidated financial statements, as well as its systems, processes, and controls, continue to progress. Given the nature and extent of the required changes to a significant portion of the Company’s operations, the adoption of this guidance is expected to have a material impact on its financial position, results of operations, and disclosures. The Company will adopt the guidance effective January 1, 2023. The modified retrospective approach will be used, except in regard to market risk benefits where the Company will use the full retrospective approach. Based upon these transition methods, the Company currently estimates that the January 1, 2021 transition date impact from adoption is expected to result in a decrease to total equity in a range of approximately $16.0 billion to $18.5 billion, net of income tax. The expected decrease in total equity includes the estimated impact to Accumulated other comprehensive income (loss) (“AOCI”) which, as of the transition date, is expected to result in a decrease in a range of approximately $12.5 billion to $14.0 billion, net of income tax. The most significant drivers of the expected decrease in AOCI are the anticipated impacts of the changes in the discount rates as of the transition date to be used in measuring the liability for future policy benefits for traditional and limited payment contracts and the non-performance risk in the valuation of the Company’s market risk benefits. The expected decrease in AOCI is expected to be partially offset by the removal of loss recognition balances recorded in AOCI related to unrealized investment gains associated with certain long-duration products. The expected decrease in total equity also includes the estimated impact to retained earnings which, from adoption, is expected to result in a decrease in a range of approximately $3.5 billion to $4.5 billion, net of income tax. This decrease results from the requirement to account for variable annuity guarantees as market risk benefits measured at fair value (except for the changes in fair value already recognized under an existing accounting model) and other valuation impacts to the liability for future policy benefits.

10

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting Policies (continued)

Standard	Description	Effective Date and Method of Adoption	Impact on Financial Statements
ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions	The amendments in this update clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. In addition, the amendments clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The amendments also require entities that hold equity securities subject to contractual sale restrictions to make disclosures about the fair value of such equity securities, the nature and remaining duration of the restriction(s) and, the circumstances that could cause a lapse in the restriction(s).	January 1, 2024, to be applied prospectively with any adjustments from the adoption of the amendments recognized in earnings and disclosed on the date of adoption (with early adoption permitted).	The Company is currently evaluating the impact of the guidance on its interim condensed consolidated financial statements.
ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures	The amendments in the new ASU eliminate the accounting guidance for troubled debt restructurings (“TDRs”) by creditors that have adopted the current expected credit loss guidance while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. In addition, the amendments require that a public business entity disclose current-period gross write-offs by year of origination for financing receivables and net investment in leases.	January 1, 2023, to be applied prospectively; however, for the transition method related to the recognition and measurement of TDRs, an entity can apply a modified retrospective transition method, resulting in a cumulative-effect adjustment to retained earnings in the period of adoption. Entities are permitted to early adopt these amendments, including adoption in any interim period, provided that the amendments are adopted as of the beginning of the annual reporting period that includes the interim period of adoption. In addition, entities are permitted to elect to early adopt the amendments related to TDRs accounting and related disclosure enhancements separately from the amendments related to certain vintage disclosures.	The Company is currently evaluating the impact of the guidance on its interim condensed consolidated financial statements and the alternative methods of adoption.
ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers	The guidance indicates how to determine whether a contract liability is recognized by the acquirer in a business combination and provides specific guidance on how to recognize and measure acquired contract assets and contract liabilities from revenue contracts in a business combination.	January 1, 2023, to be applied prospectively (with early adoption permitted).	The Company is currently evaluating the impact of the guidance on its interim condensed consolidated financial statements.

11

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

2. Segment Information

The Company is organized into two segments: U.S. and MetLife Holdings. In addition, the Company reports certain of its results of operations in Corporate & Other.

U.S.

The U.S. segment offers a broad range of protection products and services aimed at serving the financial needs of customers throughout their lives. These products are sold to corporations and their respective employees, other institutions and their respective members, as well as individuals. The U.S. segment is organized into two businesses: Group Benefits and Retirement and Income Solutions (“RIS”).

•The Group Benefits business offers products such as term, variable and universal life insurance, dental, group and individual disability and accident & health insurance.

•The RIS business offers a broad range of life and annuity-based insurance and investment products, including stable value and pension risk transfer products, institutional income annuities, structured settlements, benefit funding solutions and capital markets investment products.

MetLife Holdings

The MetLife Holdings segment consists of operations relating to products and businesses that the Company no longer actively markets. These include variable, universal, term and whole life insurance, variable, fixed and index-linked annuities and long-term care insurance.

Corporate & Other

Corporate & Other contains various start-up, developing and run-off businesses, including the Company’s ancillary non-U.S. operations. Also included in Corporate & Other are: the excess capital, as well as certain charges and activities, not allocated to the segments (including enterprise-wide strategic initiative restructuring charges), interest expense related to the majority of the Company’s outstanding debt, expenses associated with certain legal proceedings and income tax audit issues, and the elimination of intersegment amounts (which generally relate to affiliated reinsurance and intersegment loans, bearing interest rates commensurate with related borrowings).

Financial Measures and Segment Accounting Policies

Adjusted earnings is used by management to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings is also the Company’s GAAP measure of segment performance and is reported below. Adjusted earnings should not be viewed as a substitute for net income (loss). The Company believes the presentation of adjusted earnings, as the Company measures it for management purposes, enhances the understanding of its performance by highlighting the results of operations and the underlying profitability drivers of the business.

Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax.

The financial measures of adjusted revenues and adjusted expenses focus on the Company’s primary businesses principally by excluding the impact of market volatility, which could distort trends, and revenues and costs related to non-core products and certain entities required to be consolidated under GAAP. Also, these measures exclude results of discontinued operations under GAAP and other businesses that have been or will be sold or exited by MLIC but do not meet the discontinued operations criteria under GAAP and are referred to as divested businesses. Divested businesses also include the net impact of transactions with exited businesses that have been eliminated in consolidation under GAAP and costs relating to businesses that have been or will be sold or exited by MLIC that do not meet the criteria to be included in results of discontinued operations under GAAP. Adjusted revenues also excludes net investment gains (losses) and net derivative gains (losses).

12

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

2. Segment Information (continued)

The following additional adjustments are made to revenues, in the line items indicated, in calculating adjusted revenues:

•Universal life and investment-type product policy fees excludes the amortization of unearned revenue related to net investment gains (losses) and net derivative gains (losses) and certain variable annuity guaranteed minimum income benefits (“GMIBs”) fees (“GMIB fees”); and

•Net investment income: (i) includes adjustments for earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment, (ii) excludes post-tax adjusted earnings adjustments relating to insurance joint ventures accounted for under the equity method, (iii) excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP and (iv) includes distributions of profits from certain other limited partnership interests that were previously accounted for under the cost method, but are now accounted for at estimated fair value, where the change in estimated fair value is recognized in net investment gains (losses) under GAAP.

The following additional adjustments are made to expenses, in the line items indicated, in calculating adjusted expenses:

•Policyholder benefits and claims and policyholder dividends excludes: (i) amortization of basis adjustments associated with de-designated fair value hedges of future policy benefits, (ii) changes in the policyholder dividend obligation related to net investment gains (losses) and net derivative gains (losses), (iii) amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass-through adjustments, (iv) benefits and hedging costs related to GMIBs (“GMIB costs”) and (v) market value adjustments associated with surrenders or terminations of contracts (“Market value adjustments”);

•Interest credited to policyholder account balances includes adjustments for earned income on derivatives and amortization of premium on derivatives that are hedges of policyholder account balances but do not qualify for hedge accounting treatment;

•Amortization of DAC and value of business acquired (“VOBA”) excludes amounts related to: (i) net investment gains (losses) and net derivative gains (losses), (ii) GMIB fees and GMIB costs and (iii) Market value adjustments;

•Interest expense on debt excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP; and

•Other expenses excludes: (i) noncontrolling interests, (ii) acquisition, integration and other costs, and (iii) goodwill impairments.

The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax rate, which could differ from the Company’s effective tax rate. Additionally, the provision for income tax (expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax reforms.

Set forth in the tables below is certain financial information with respect to the Company’s segments, as well as Corporate & Other, for the three months and six months ended June 30, 2022 and 2021. The segment accounting policies are the same as those used to prepare the Company’s interim condensed consolidated financial statements, except for adjusted earnings adjustments as defined above. In addition, segment accounting policies include the method of capital allocation described below.

Economic capital is an internally developed risk capital model, the purpose of which is to measure the risk in the business and to provide a basis upon which capital is deployed. The economic capital model accounts for the unique and specific nature of the risks inherent in MetLife’s and the Company’s businesses.

MetLife’s economic capital model, coupled with considerations of local capital requirements, aligns segment allocated equity with emerging standards and consistent risk principles. The model applies statistics-based risk evaluation principles to the material risks to which the Company is exposed. These consistent risk principles include calibrating required economic capital shock factors to a specific confidence level and time horizon while applying an industry standard method for the inclusion of diversification benefits among risk types. MetLife’s management is responsible for the ongoing production and enhancement of the economic capital model and reviews its approach periodically to ensure that it remains consistent with emerging industry practice standards.

13

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

2. Segment Information (continued)

Segment net investment income is credited or charged based on the level of allocated equity; however, changes in allocated equity do not impact the Company’s consolidated net investment income, net income (loss) or adjusted earnings.

Net investment income is based upon the actual results of each segment’s specifically identifiable investment portfolios adjusted for allocated equity. Other costs are allocated to each of the segments based upon: (i) a review of the nature of such costs; (ii) time studies analyzing the amount of employee compensation costs incurred by each segment; and (iii) cost estimates included in the Company’s product pricing.

Three Months Ended June 30, 2022	U.S.		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	5,046	$	622	$	—	$	5,668	$	—	$	5,668
Universal life and investment-type product policy fees	277		219		—		496		19		515
Net investment income	1,477		1,146		(62)		2,561		(119)		2,442
Other revenues	220		27		126		373		—		373
Net investment gains (losses)	—		—		—		—		(83)		(83)
Net derivative gains (losses)	—		—		—		—		345		345
Total revenues	7,020		2,014		64		9,098		162		9,260
Expenses
Policyholder benefits and claims and policyholder dividends	4,979		1,259		—		6,238		(148)		6,090
Interest credited to policyholder account balances	364		161		5		530		—		530
Capitalization of DAC	(12)		—		(23)		(35)		—		(35)
Amortization of DAC and VOBA	12		59		1		72		31		103
Interest expense on debt	1		2		22		25		—		25
Other expenses	823		190		311		1,324		2		1,326
Total expenses	6,167		1,671		316		8,154		(115)		8,039
Provision for income tax expense (benefit)	178		68		(97)		149		58		207
Adjusted earnings	$	675	$	275	$	(155)	795
Adjustments to:
Total revenues							162
Total expenses							115
Provision for income tax (expense) benefit							(58)
Net income (loss)							$	1,014			$	1,014

14

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

2. Segment Information (continued)

Three Months Ended June 30, 2021	U.S.		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	5,760	$	691	$	—	$	6,451	$	—	$	6,451
Universal life and investment-type product policy fees	274		221		—		495		19		514
Net investment income	1,804		1,400		(28)		3,176		(142)		3,034
Other revenues	222		66		144		432		—		432
Net investment gains (losses)	—		—		—		—		342		342
Net derivative gains (losses)	—		—		—		—		25		25
Total revenues	8,060		2,378		116		10,554		244		10,798
Expenses
Policyholder benefits and claims and policyholder dividends	5,917		1,319		—		7,236		93		7,329
Interest credited to policyholder account balances	346		167		—		513		(1)		512
Capitalization of DAC	(10)		—		—		(10)		—		(10)
Amortization of DAC and VOBA	6		38		—		44		(12)		32
Interest expense on debt	1		1		22		24		—		24
Other expenses	813		210		141		1,164		(5)		1,159
Total expenses	7,073		1,735		163		8,971		75		9,046
Provision for income tax expense (benefit)	205		130		(74)		261		47		308
Adjusted earnings	$	782	$	513	$	27	1,322
Adjustments to:
Total revenues							244
Total expenses							(75)
Provision for income tax (expense) benefit							(47)
Net income (loss)							$	1,444			$	1,444

Six Months Ended June 30, 2022	U.S.		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	10,334	$	1,244	$	—	$	11,578	$	—	$	11,578
Universal life and investment-type product policy fees	563		438		—		1,001		38		1,039
Net investment income	3,106		2,426		(14)		5,518		(250)		5,268
Other revenues	463		70		252		785		—		785
Net investment gains (losses)	—		—		—		—		(309)		(309)
Net derivative gains (losses)	—		—		—		—		526		526
Total revenues	14,466		4,178		238		18,882		5		18,887
Expenses
Policyholder benefits and claims and policyholder dividends	10,539		2,514		—		13,053		(243)		12,810
Interest credited to policyholder account balances	693		322		6		1,021		—		1,021
Capitalization of DAC	(35)		—		(27)		(62)		—		(62)
Amortization of DAC and VOBA	26		119		1		146		28		174
Interest expense on debt	3		3		43		49		—		49
Other expenses	1,684		391		480		2,555		2		2,557
Total expenses	12,910		3,349		503		16,762		(213)		16,549
Provision for income tax expense (benefit)	324		166		(172)		318		47		365
Adjusted earnings	$	1,232	$	663	$	(93)	1,802
Adjustments to:
Total revenues							5
Total expenses							213
Provision for income tax (expense) benefit							(47)
Net income (loss)							$	1,973			$	1,973

15

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

2. Segment Information (continued)

Six Months Ended June 30, 2021	U.S.		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	10,897	$	1,359	$	—	$	12,256	$	—	$	12,256
Universal life and investment-type product policy fees	561		449		—		1,010		39		1,049
Net investment income	3,651		2,891		(29)		6,513		(292)		6,221
Other revenues	446		124		287		857		—		857
Net investment gains (losses)	—		—		—		—		502		502
Net derivative gains (losses)	—		—		—		—		(990)		(990)
Total revenues	15,555		4,823		258		20,636		(741)		19,895
Expenses
Policyholder benefits and claims and policyholder dividends	11,368		2,583		—		13,951		162		14,113
Interest credited to policyholder account balances	691		334		—		1,025		(2)		1,023
Capitalization of DAC	(29)		—		—		(29)		—		(29)
Amortization of DAC and VOBA	22		69		—		91		(19)		72
Interest expense on debt	3		2		43		48		—		48
Other expenses	1,609		431		268		2,308		(8)		2,300
Total expenses	13,664		3,419		311		17,394		133		17,527
Provision for income tax expense (benefit)	393		285		(149)		529		(172)		357
Adjusted earnings	$	1,498	$	1,119	$	96	2,713
Adjustments to:
Total revenues							(741)
Total expenses							(133)
Provision for income tax (expense) benefit							172
Net income (loss)							$	2,011			$	2,011

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

	June 30, 2022		December 31, 2021
	(In millions)
U.S.	$	219,410	$	256,381
MetLife Holdings	138,644		161,614
Corporate & Other	29,768		28,562
Total	$	387,822	$	446,557

3. Insurance

Guarantees

As discussed in Notes 1 and 3 of the Notes to the Consolidated Financial Statements included in the 2021 Annual Report, the Company issues directly and assumes through reinsurance variable annuity products with guaranteed minimum benefits. Guaranteed minimum accumulation benefits (“GMABs”), the non-life contingent portion of guaranteed minimum withdrawal benefits (“GMWBs”) and certain non-life contingent portions of GMIBs are accounted for as embedded derivatives in policyholder account balances and are further discussed in Note 6.

The Company also issues other annuity contracts that apply a lower rate on funds deposited if the contractholder elects to surrender the contract for cash and a higher rate if the contractholder elects to annuitize. These guarantees include benefits that are payable in the event of death, maturity or at annuitization. Certain other annuity contracts contain guaranteed annuitization benefits that may be above what would be provided by the current account value of the contract. Additionally, the Company issues universal and variable life contracts where the Company contractually guarantees to the contractholder a secondary guarantee or a guaranteed paid-up benefit.

16

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

3. Insurance (continued)

Information regarding the Company’s guarantee exposure, which includes direct business, but excludes offsets from hedging or reinsurance, if any, was as follows at:

	June 30, 2022						December 31, 2021
	In the Event of Death			At Annuitization			In the Event of Death			At Annuitization
	(Dollars in millions)
Annuity Contracts:
Variable Annuity Guarantees:
Total account value (1), (2)	$	38,733		$	15,503		$	48,868		$	20,140
Separate account value (1)	$	29,933		$	14,726		$	39,882		$	19,347
Net amount at risk	$	4,055	(3)	$	569	(4)	$	1,160	(3)	$	461	(4)
Average attained age of contractholders	69 years			69 years			69 years			66 years
Other Annuity Guarantees:
Total account value (1), (2)	N/A			$	135		N/A			$	135
Net amount at risk	N/A			$	67	(5)	N/A			$	70	(5)
Average attained age of contractholders	N/A			56 years			N/A			55 years

	June 30, 2022				December 31, 2021
	Secondary Guarantees		Paid-Up Guarantees		Secondary Guarantees		Paid-Up Guarantees
	(Dollars in millions)
Universal and Variable Life Contracts:
Total account value (1), (2)	$	4,793	$	807	$	5,935	$	826
Net amount at risk (6)	$	37,736	$	5,010	$	37,482	$	5,181
Average attained age of policyholders	59 years		66 years		59 years		65 years

__________________

(1)The Company’s annuity and life contracts with guarantees may offer more than one type of guarantee in each contract. Therefore, the amounts listed above may not be mutually exclusive.

(2)Includes the contractholders’ investments in the general account and separate account, if applicable.

(3)Defined as the death benefit less the total account value, as of the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts on the balance sheet date and includes any additional contractual claims associated with riders purchased to assist with covering income taxes payable upon death.

(4)Defined as the amount (if any) that would be required to be added to the total account value to purchase a lifetime income stream, based on current annuity rates, equal to the minimum amount provided under the guaranteed benefit. This amount represents the Company’s potential economic exposure to such guarantees in the event all contractholders were to annuitize on the balance sheet date, even though the contracts contain terms that allow annuitization of the guaranteed amount only after the 10th anniversary of the contract, which not all contractholders have achieved.

(5)Defined as either the excess of the upper tier, adjusted for a profit margin, less the lower tier, as of the balance sheet date or the amount (if any) that would be required to be added to the total account value to purchase a lifetime income stream, based on current annuity rates, equal to the minimum amount provided under the guaranteed benefit. These amounts represent the Company’s potential economic exposure to such guarantees in the event all contractholders were to annuitize on the balance sheet date.

(6)Defined as the guarantee amount less the account value, as of the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts on the balance sheet date.

17

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

3. Insurance (continued)

Liabilities for Unpaid Claims and Claim Expenses

Rollforward of Claims and Claim Adjustment Expenses

Information regarding the liabilities for unpaid claims and claim adjustment expenses was as follows:

	Six Months Ended June 30,
	2022		2021
	(In millions)
Balance, beginning of period	$	15,059	$	13,523
Less: Reinsurance recoverables	2,263		1,639
Net balance, beginning of period	12,796		11,884
Incurred related to:
Current period	10,379		9,917
Prior periods (1)	316		436
Total incurred	10,695		10,353
Paid related to:
Current period	(5,911)		(6,044)
Prior periods	(4,411)		(4,135)
Total paid	(10,322)		(10,179)
Net balance, end of period	13,169		12,058
Add: Reinsurance recoverables	2,147		2,078
Balance, end of period (included in future policy benefits and other policy-related balances)	$	15,316	$	14,136

__________________

(1)The six months ended June 30, 2022 and 2021 include incurred claim activity and claim adjustment expenses associated with prior periods but reported in the respective current period, which contain impacts related to the COVID-19 pandemic, partially offset by additional premiums recorded for experience-rated contracts that are not reflected in the table above.

4. Closed Block

On April 7, 2000 (the “Demutualization Date”), Metropolitan Life Insurance Company converted from a mutual life insurance company to a stock life insurance company and became a wholly-owned subsidiary of MetLife, Inc. The conversion was pursuant to an order by the New York Superintendent of Insurance approving Metropolitan Life Insurance Company’s plan of reorganization, as amended (the “Plan of Reorganization”). On the Demutualization Date, Metropolitan Life Insurance Company established a closed block for the benefit of holders of certain individual life insurance policies of Metropolitan Life Insurance Company.

Experience within the closed block, in particular mortality and investment yields, as well as realized and unrealized gains and losses, directly impact the policyholder dividend obligation. Amortization of the closed block DAC, which resides outside of the closed block, is based upon cumulative actual and expected earnings within the closed block. Accordingly, the Company’s net income continues to be sensitive to the actual performance of the closed block.

Closed block assets, liabilities, revenues and expenses are combined on a line-by-line basis with the assets, liabilities, revenues and expenses outside the closed block based on the nature of the particular item.

18

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

4. Closed Block (continued)

Information regarding the closed block liabilities and assets designated to the closed block was as follows at:

	June 30, 2022		December 31, 2021
	(In millions)
Closed Block Liabilities
Future policy benefits	$	37,593	$	38,046
Other policy-related balances	274		290
Policyholder dividends payable	250		253
Policyholder dividend obligation	—		1,682
Deferred income tax liability	—		210
Other liabilities	368		263
Total closed block liabilities	38,485		40,744
Assets Designated to the Closed Block
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	21,257		25,669
Mortgage loans	6,624		6,417
Policy loans	4,120		4,191
Real estate and real estate joint ventures	583		565
Other invested assets	726		556
Total investments	33,310		37,398
Cash and cash equivalents	201		126
Accrued investment income	379		384
Premiums, reinsurance and other receivables	43		50
Current income tax recoverable	91		81
Deferred income tax asset	196		—
Total assets designated to the closed block	34,220		38,039
Excess of closed block liabilities over assets designated to the closed block	4,265		2,705
AOCI:
Unrealized investment gains (losses), net of income tax	(460)		2,562
Unrealized gains (losses) on derivatives, net of income tax	257		107
Allocated to policyholder dividend obligation, net of income tax	—		(1,329)
Total amounts included in AOCI	(203)		1,340
Maximum future earnings to be recognized from closed block assets and liabilities	$	4,062	$	4,045

Information regarding the closed block policyholder dividend obligation was as follows:

	Six Months Ended June 30, 2022		Year   Ended   December 31, 2021
	(In millions)
Balance, beginning of period	$	1,682	$	2,969
Change in unrealized investment and derivative gains (losses)	(1,682)		(1,287)
Balance, end of period	$	—	$	1,682

19

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

4. Closed Block (continued)

Information regarding the closed block revenues and expenses was as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In millions)
Revenues
Premiums	$	274	$	325	$	549	$	645
Net investment income	352		382		713		775
Net investment gains (losses)	(16)		(11)		(48)		(5)
Net derivative gains (losses)	8		6		11		7
Total revenues	618		702		1,225		1,422
Expenses
Policyholder benefits and claims	462		520		945		1,066
Policyholder dividends	128		173		261		351
Other expenses	23		24		46		49
Total expenses	613		717		1,252		1,466
Revenues, net of expenses before provision for income tax expense (benefit)	5		(15)		(27)		(44)
Provision for income tax expense (benefit)	1		(3)		(6)		(9)
Revenues, net of expenses and provision for income tax expense (benefit)	$	4	$	(12)	$	(21)	$	(35)

Metropolitan Life Insurance Company charges the closed block with federal income taxes, state and local premium taxes and other state or local taxes, as well as investment management expenses relating to the closed block as provided in the Plan of Reorganization. Metropolitan Life Insurance Company also charges the closed block for expenses of maintaining the policies included in the closed block.

20

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

5. Investments

Fixed Maturity Securities Available-for-Sale

Fixed Maturity Securities Available-for-Sale by Sector

The following table presents fixed maturity securities available-for-sale (“AFS”) by sector. U.S. corporate and foreign corporate sectors include redeemable preferred stock. Residential mortgage-backed securities (“RMBS”) includes agency, prime, alternative and sub-prime mortgage-backed securities. Asset-backed securities and collateralized loan obligations (“ABS & CLO”), previously disclosed as ABS in the 2021 Annual Report, includes securities collateralized by consumer loans, corporate loans and broadly syndicated bank loans. Municipals includes taxable and tax-exempt revenue bonds and, to a much lesser extent, general obligations of states, municipalities and political subdivisions. Commercial mortgage-backed securities (“CMBS”) primarily includes securities collateralized by multiple commercial mortgage loans. RMBS, ABS & CLO and CMBS are, collectively, “Structured Products.”

	June 30, 2022										December 31, 2021
	Amortized Cost				Gross Unrealized				Estimated Fair Value		Amortized Cost				Gross Unrealized				Estimated Fair Value
Sector			Allowance for Credit Loss		Gains		Losses						Allowance for Credit Loss		Gains		Losses
	(In millions)
U.S. corporate	$	52,289	$	(27)	$	1,174	$	3,389	$	50,047	$	51,328	$	(30)	$	7,257	$	153	$	58,402
U.S. government and agency	22,219		—		1,295		1,175		22,339		26,782		—		4,568		128		31,222
Foreign corporate	27,944		(7)		282		3,653		24,566		27,475		(10)		2,651		431		29,685
RMBS	21,279		—		321		1,453		20,147		22,082		—		1,198		135		23,145
ABS & CLO	12,429		—		10		629		11,810		12,787		—		127		35		12,879
Municipals	7,157		—		526		383		7,300		6,884		—		1,849		5		8,728
CMBS	6,485		(13)		4		382		6,094		6,686		(13)		237		32		6,878
Foreign government	4,010		(77)		203		332		3,804		4,330		—		698		82		4,946
Total fixed maturity securities AFS	$	153,812	$	(124)	$	3,815	$	11,396	$	146,107	$	158,354	$	(53)	$	18,585	$	1,001	$	175,885

The Company held non-income producing fixed maturity securities AFS with an estimated fair value of $105 million and $19 million at June 30, 2022 and December 31, 2021, respectively, with unrealized gains (losses) of ($13) million and $10 million at June 30, 2022 and December 31, 2021, respectively.

Maturities of Fixed Maturity Securities AFS

The amortized cost, net of allowance for credit loss (“ACL”), and estimated fair value of fixed maturity securities AFS, by contractual maturity date, were as follows at June 30, 2022:

	Due in One Year or Less		Due After  One Year Through Five Years		Due After Five Years Through Ten Years		Due After Ten Years		Structured Products		Total Fixed Maturity Securities AFS
	(In millions)
Amortized cost, net of ACL	$	2,828	$	25,685	$	27,523	$	57,472	$	40,180	$	153,688
Estimated fair value	$	2,674	$	24,756	$	26,154	$	54,472	$	38,051	$	146,107

Actual maturities may differ from contractual maturities due to the exercise of call or prepayment options. Fixed maturity securities AFS not due at a single maturity date have been presented in the year of final contractual maturity. Structured Products are shown separately, as they are not due at a single maturity.

21

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

5. Investments (continued)

Continuous Gross Unrealized Losses for Fixed Maturity Securities AFS by Sector

The following table presents the estimated fair value and gross unrealized losses of fixed maturity securities AFS in an unrealized loss position without an ACL by sector and aggregated by length of time that the securities have been in a continuous unrealized loss position.

	June 30, 2022								December 31, 2021
	Less than 12 Months				Equal to or Greater than 12 Months				Less than 12 Months				Equal to or Greater than 12 Months
Sector & Credit Quality	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
	(Dollars in millions)
U.S. corporate	$	31,816	$	3,130	$	1,350	$	258	$	4,503	$	83	$	784	$	70
U.S. government and agency	11,211		1,019		464		156		10,063		78		523		49
Foreign corporate	19,028		3,215		1,575		438		4,079		199		1,348		232
RMBS	14,320		1,219		1,352		234		7,481		111		314		24
ABS & CLO	10,213		564		921		65		5,643		25		593		10
Municipals	2,696		378		13		5		154		4		17		1
CMBS	5,260		331		507		51		1,613		20		355		12
Foreign government	1,778		271		145		57		497		37		148		45
Total fixed maturity securities AFS	$	96,322	$	10,127	$	6,327	$	1,264	$	34,033	$	557	$	4,082	$	443
Investment grade	$	89,669	$	9,247	$	5,325	$	1,060	$	31,419	$	454	$	3,273	$	353
Below investment grade	6,653		880		1,002		204		2,614		103		809		90
Total fixed maturity securities AFS	$	96,322	$	10,127	$	6,327	$	1,264	$	34,033	$	557	$	4,082	$	443
Total number of securities in an unrealized loss position	9,492				727				2,549				427

Evaluation of Fixed Maturity Securities AFS for Credit Loss

Evaluation and Measurement Methodologies

Management considers a wide range of factors about the security issuer and uses its best judgment in evaluating the cause of the decline in the estimated fair value of the security and in assessing the prospects for near-term recovery. Inherent in management’s evaluation of the security are assumptions and estimates about the operations of the issuer and its future earnings potential. Considerations used in the credit loss evaluation process include, but are not limited to: (i) the extent to which the estimated fair value has been below amortized cost, (ii) adverse conditions specifically related to a security, an industry sector or sub-sector, or an economically depressed geographic area, adverse change in the financial condition of the issuer of the security, changes in technology, discontinuance of a segment of the business that may affect future earnings, and changes in the quality of credit enhancement, (iii) payment structure of the security and likelihood of the issuer being able to make payments, (iv) failure of the issuer to make scheduled interest and principal payments, (v) whether the issuer, or series of issuers or an industry has suffered a catastrophic loss or has exhausted natural resources, (vi) whether the Company has the intent to sell or will more likely than not be required to sell a particular security before the decline in estimated fair value below amortized cost recovers, (vii) with respect to Structured Products, changes in forecasted cash flows after considering the changes in the financial condition of the underlying loan obligors and quality of underlying collateral, expected prepayment speeds, current and forecasted loss severity, consideration of the payment terms of the underlying assets backing a particular security, and the payment priority within the tranche structure of the security, (viii) changes in the rating of the security by a rating agency, and (ix) other subjective factors, including concentrations and information obtained from regulators.

The methodology and significant inputs used to determine the amount of credit loss are as follows:

•The Company calculates the recovery value by performing a discounted cash flow analysis based on the present value of future cash flows. The discount rate is generally the effective interest rate of the security at the time of purchase for fixed-rate securities and the spot rate at the date of evaluation of credit loss for floating-rate securities.

22

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

5. Investments (continued)

•When determining collectability and the period over which value is expected to recover, the Company applies considerations utilized in its overall credit loss evaluation process which incorporates information regarding the specific security, fundamentals of the industry and geographic area in which the security issuer operates, and overall macroeconomic conditions. Projected future cash flows are estimated using assumptions derived from management’s single best estimate, the most likely outcome in a range of possible outcomes, after giving consideration to a variety of variables that include, but are not limited to: payment terms of the security; the likelihood that the issuer can service the interest and principal payments; the quality and amount of any credit enhancements; the security’s position within the capital structure of the issuer; possible corporate restructurings or asset sales by the issuer; any private and public sector programs to restructure foreign government securities and municipals; and changes to the rating of the security or the issuer by rating agencies.

•Additional considerations are made when assessing the unique features that apply to certain Structured Products including, but not limited to: the quality of underlying collateral, historical performance of the underlying loan obligors, historical rent and vacancy levels, changes in the financial condition of the underlying loan obligors, expected prepayment speeds, current and forecasted loss severity, consideration of the payment terms of the underlying loans or assets backing a particular security, changes in the quality of credit enhancement and the payment priority within the tranche structure of the security.

With respect to securities that have attributes of debt and equity (“perpetual hybrid securities”), consideration is given in the credit loss analysis as to whether there has been any deterioration in the credit of the issuer and the likelihood of recovery in value of the securities that are in a severe unrealized loss position. Consideration is also given as to whether any perpetual hybrid securities with an unrealized loss, regardless of credit rating, have deferred any dividend payments.

In periods subsequent to the recognition of an initial ACL on a security, the Company reassesses credit loss quarterly. Subsequent increases or decreases in the expected cash flow from the security result in corresponding decreases or increases in the ACL which are recognized in earnings and reported within net investment gains (losses); however, the previously recorded ACL is not reduced to an amount below zero. Full or partial write-offs are deducted from the ACL in the period the security, or a portion thereof, is considered uncollectible. Recoveries of amounts previously written off are recorded to the ACL in the period received. When the Company has the intent-to-sell the security or it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost, any ACL is written off and the amortized cost is written down to estimated fair value through a charge within net investment gains (losses), which becomes the new amortized cost of the security.

Evaluation of Fixed Maturity Securities AFS in an Unrealized Loss Position

Gross unrealized losses on securities without an ACL increased $10.4 billion for the six months ended June 30, 2022 to $11.4 billion primarily due to increases in interest rates, widening credit spreads, and the impact of weakening foreign currencies on certain non-functional currency denominated fixed maturity securities.

Gross unrealized losses on securities without an ACL that have been in a continuous gross unrealized loss position for 12 months or greater were $1.3 billion at June 30, 2022, or 11% of the total gross unrealized losses on securities without an ACL.

Investment Grade Fixed Maturity Securities AFS

Of the $1.3 billion of gross unrealized losses on securities without an ACL that have been in a continuous gross unrealized loss position for 12 months or greater, $1.1 billion, or 85%, were related to 586 investment grade securities. Unrealized losses on investment grade securities are principally related to widening credit spreads since purchase and, with respect to fixed-rate securities, rising interest rates since purchase.

23

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

5. Investments (continued)

Below Investment Grade Fixed Maturity Securities AFS

Of the $1.3 billion of gross unrealized losses on securities without an ACL that have been in a continuous gross unrealized loss position for 12 months or greater, $204 million, or 15%, were related to 141 below investment grade securities. Unrealized losses on below investment grade securities are principally related to foreign corporate and U.S. corporate securities (primarily industrial and consumer) and are the result of significantly wider credit spreads resulting from higher risk premiums since purchase, largely due to economic and market uncertainty, as well as with respect to fixed-rate securities, rising interest rates since purchase. Management evaluates U.S. corporate and foreign corporate securities based on several factors such as expected cash flows, financial condition and near-term and long-term prospects of the issuers.

Current Period Evaluation

At June 30, 2022, with respect to securities in an unrealized loss position without an ACL, the Company did not intend to sell these securities, and it was not more likely than not that the Company would be required to sell these securities before the anticipated recovery of the remaining amortized cost. Based on the Company’s current evaluation of its securities in an unrealized loss position without an ACL, the Company concluded that these securities had not incurred a credit loss and should not have an ACL at June 30, 2022.

Future provisions for credit loss will depend primarily on economic fundamentals, issuer performance (including changes in the present value of future cash flows expected to be collected), changes in credit ratings and collateral valuation.

Rollforward of Allowance for Credit Loss for Fixed Maturity Securities AFS by Sector

The rollforward of ACL for fixed maturity securities AFS by sector is as follows:

	U.S.  Corporate		Foreign Corporate		CMBS		Foreign Government		Total
Three Months Ended June 30, 2022	(In millions)
Balance, at beginning of period	$	13	$	25	$	13	$	104	$	155
Additions:
ACL not previously recorded	—		—		—		—		—
Changes for securities with previously recorded ACL	14		(1)		—		(7)		6
Reductions:
Securities sold or exchanged	—		(17)		—		(20)		(37)
Write-offs	—		—		—		—		—
Balance, at end of period	$	27	$	7	$	13	$	77	$	124
Three Months Ended June 30, 2021
Balance, at beginning of period	$	43	$	17	$	6	$	—	$	66
Additions:
ACL not previously recorded	—		—		3		—		3
Changes for securities with previously recorded ACL	3		—		(3)		—		—
Reductions:
Securities sold or exchanged	(7)		(3)		—		—		(10)
Write-offs	—		—		—		—		—
Balance, at end of period	$	39	$	14	$	6	$	—	$	59

24

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

5. Investments (continued)

	U.S.  Corporate		Foreign Corporate		CMBS		Foreign Government		Total
Six Months Ended June 30, 2022	(In millions)
Balance, at beginning of period	$	30	$	10	$	13	$	—	$	53
Additions:
ACL not previously recorded	13		11		—		104		128
Changes for securities with previously recorded ACL	14		3		—		(7)		10
Reductions:
Securities sold or exchanged	(8)		(17)		—		(20)		(45)
Write-offs	(22)		—		—		—		(22)
Balance, at end of period	$	27	$	7	$	13	$	77	$	124
Six Months Ended June 30, 2021
Balance, at beginning of period	$	43	$	8	$	—	$	—	$	51
Additions:
ACL not previously recorded	—		12		9		—		21
Reductions:
Changes for securities with previously recorded ACL	3		(3)		(3)		—		(3)
Securities sold or exchanged	(7)		(3)		—		—		(10)
Write-offs	—		—		—		—		—
Balance, at end of period	$	39	$	14	$	6	$	—	$	59

Mortgage Loans

Mortgage Loans by Portfolio Segment

Mortgage loans are summarized as follows at:

	June 30, 2022				December 31, 2021
Portfolio Segment	Carrying Value		% of Total		Carrying Value		% of Total
	(Dollars in millions)
Commercial	$	36,918	60.2	%	$	35,772	59.4	%
Agricultural	15,431		25.1		15,450		25.7
Residential	9,326		15.2		9,406		15.6
Total amortized cost	61,675		100.5		60,628		100.7
Allowance for credit loss	(416)		(0.7)		(536)		(0.9)
Subtotal mortgage loans, net	61,259		99.8		60,092		99.8
Residential — FVO	109		0.2		127		0.2
Total mortgage loans held-for-investment, net	61,368		100.0		60,219		100.0
Mortgage loans held-for-sale	24		—		—		—
Total mortgage loans, net	$	61,392	100.0	%	$	60,219	100.0	%

The Company elects the FVO for certain residential mortgage loans that are managed on a total return basis, with changes in estimated fair value included in net investment income. See Note 7 for further information.

The amount of net (discounts) premiums and deferred (fees) expenses, included within total amortized cost, primarily attributable to residential mortgage loans was ($678) million and ($736) million at June 30, 2022 and December 31, 2021, respectively. The accrued interest income excluded from total amortized cost for commercial, agricultural and residential mortgage loans at June 30, 2022 was $149 million, $128 million and $69 million, respectively. The accrued interest income excluded from total amortized cost for commercial, agricultural and residential mortgage loans at December 31, 2021 was $140 million, $136 million and $77 million, respectively.

25

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

5. Investments (continued)

Purchases of mortgage loans, consisting primarily of residential mortgage loans, were $596 million and $1.1 billion for the three months and six months ended June 30, 2022, respectively, and $461 million and $838 million for the three months and six months ended June 30, 2021, respectively. See “— Related Party Investment Transactions” for information regarding transfers of mortgage loans from affiliates.

Rollforward of Allowance for Credit Loss for Mortgage Loans by Portfolio Segment

The rollforward of ACL for mortgage loans, by portfolio segment, is as follows:

	Six Months Ended June 30,
	2022								2021
	Commercial		Agricultural		Residential		Total		Commercial		Agricultural		Residential		Total
	(In millions)
Balance, beginning of period	$	260	$	79	$	197	$	536	$	199	$	97	$	221	$	517
Provision (release)	(13)		36		(38)		(15)		17		(7)		(20)		(10)
Initial credit losses on PCD loans (1)	—		—		—		—		—		—		2		2
Charge-offs, net of recoveries	(82)		(22)		(1)		(105)		—		(13)		(1)		(14)
Balance, end of period	$	165	$	93	$	158	$	416	$	216	$	77	$	202	$	495

________________

(1)Represents the initial credit losses on purchased mortgage loans accounted for as purchased financial assets with credit deterioration (“PCD”).

Allowance for Credit Loss Methodology

The Company records an allowance for expected lifetime credit loss in earnings within net investment gains (losses) in an amount that represents the portion of the amortized cost basis of mortgage loans that the Company does not expect to collect, resulting in mortgage loans being presented at the net amount expected to be collected. In determining the Company’s ACL, management applies significant judgment to estimate expected lifetime credit loss, including: (i) pooling mortgage loans that share similar risk characteristics, (ii) considering expected lifetime credit loss over the contractual term of its mortgage loans adjusted for expected prepayments and any extensions, and (iii) considering past events and current and forecasted economic conditions. Each of the Company’s commercial, agricultural and residential mortgage loan portfolio segments are evaluated separately. The ACL is calculated for each mortgage loan portfolio segment based on inputs unique to each loan portfolio segment. On a quarterly basis, mortgage loans within a portfolio segment that share similar risk characteristics, such as internal risk ratings or consumer credit scores, are pooled for calculation of ACL. On an ongoing basis, mortgage loans with dissimilar risk characteristics (i.e., loans with significant declines in credit quality), collateral dependent mortgage loans (i.e., when the borrower is experiencing financial difficulty, including when foreclosure is reasonably possible or probable) and reasonably expected TDRs (i.e., the Company grants concessions to borrower that is experiencing financial difficulties) are evaluated individually for credit loss. The ACL for loans evaluated individually are established using the same methodologies for all three portfolio segments. For example, the ACL for a collateral dependent loan is established as the excess of amortized cost over the estimated fair value of the loan’s underlying collateral, less selling cost when foreclosure is probable. Accordingly, the change in the estimated fair value of collateral dependent loans, which are evaluated individually for credit loss, is recorded as a change in the ACL which is recorded on a quarterly basis as a charge or credit to earnings in net investment gains (losses).

26

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

5. Investments (continued)

Commercial and Agricultural Mortgage Loan Portfolio Segments

Commercial and agricultural mortgage loan ACL are calculated in a similar manner. Within each loan portfolio segment, commercial and agricultural, loans are pooled by internal risk rating. Estimated lifetime loss rates, which vary by internal risk rating, are applied to the amortized cost of each loan, excluding accrued investment income, on a quarterly basis to develop the ACL. Internal risk ratings are based on an assessment of the loan’s credit quality, which can change over time. The estimated lifetime loss rates are based on several loan portfolio segment-specific factors, including (i) the Company’s experience with defaults and loss severity, (ii) expected default and loss severity over the forecast period, (iii) current and forecasted economic conditions including growth, inflation, interest rates and unemployment levels, (iv) loan specific characteristics including loan-to-value (“LTV”) ratios, and (v) internal risk ratings. These evaluations are revised as conditions change and new information becomes available. The Company uses its several decades of historical default and loss severity experience which capture multiple economic cycles. The Company uses a forecast of economic assumptions for a two-year period for most of its commercial and agricultural mortgage loans, while a one-year period is used for loans originated in certain markets. After the applicable forecast period, the Company reverts to its historical loss experience using a straight-line basis over two years. For evaluations of commercial mortgage loans, in addition to historical experience, management considers factors that include the impact of a rapid change to the economy, which may not be reflected in the loan portfolio, recent loss and recovery trend experience as compared to historical loss and recovery experience, and loan specific characteristics including debt service coverage ratios (“DSCR”). In estimating expected lifetime credit loss over the term of its commercial mortgage loans, the Company adjusts for expected prepayment and extension experience during the forecast period using historical prepayment and extension experience considering the expected position in the economic cycle and the loan profile (i.e., floating rate, shorter-term fixed rate and longer-term fixed rate) and after the forecast period using long-term historical prepayment experience. For evaluations of agricultural mortgage loans, in addition to historical experience, management considers factors that include increased stress in certain sectors, which may be evidenced by higher delinquency rates, or a change in the number of higher risk loans. In estimating expected lifetime credit loss over the term of its agricultural mortgage loans, the Company’s experience is much less sensitive to the position in the economic cycle and by loan profile; accordingly, historical prepayment experience is used, while extension terms are not prevalent with the Company’s agricultural mortgage loans.

Commercial mortgage loans are reviewed on an ongoing basis, which review includes, but is not limited to, an analysis of the property financial statements and rent roll, lease rollover analysis, property inspections, market analysis, estimated valuations of the underlying collateral, LTV ratios, DSCR and tenant creditworthiness. The monitoring process focuses on higher risk loans, which include those that are classified as restructured, delinquent or in foreclosure, as well as loans with higher LTV ratios and lower DSCR. Agricultural mortgage loans are reviewed on an ongoing basis, which review includes, but is not limited to, property inspections, market analysis, estimated valuations of the underlying collateral, LTV ratios and borrower creditworthiness, as well as reviews on a geographic and property-type basis. The monitoring process for agricultural mortgage loans also focuses on higher risk loans.

For commercial mortgage loans, the primary credit quality indicator is the DSCR, which compares a property’s net operating income to amounts needed to service the principal and interest due under the loan. Generally, the lower the DSCR, the higher the risk of experiencing a credit loss. The Company also reviews the LTV ratio of its commercial mortgage loan portfolio. LTV ratios compare the unpaid principal balance of the loan to the estimated fair value of the underlying collateral. Generally, the higher the LTV ratio, the higher the risk of experiencing a credit loss. The DSCR and the values utilized in calculating the ratio are updated routinely. In addition, the LTV ratio is routinely updated for all but the lowest risk loans as part of the Company’s ongoing review of its commercial mortgage loan portfolio.

For agricultural mortgage loans, the Company’s primary credit quality indicator is the LTV ratio. The values utilized in calculating this ratio are developed in connection with the ongoing review of the agricultural mortgage loan portfolio and are routinely updated.

27

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

5. Investments (continued)

Commitments to lend: After loans are approved, the Company makes commitments to lend and, typically, borrowers draw down on some or all of the commitments. The timing of mortgage loan funding is based on the commitment expiration dates. A liability for credit loss for unfunded commercial and agricultural mortgage loan commitments that are not unconditionally cancellable is recognized in earnings and is reported within net investment gains (losses). The liability is based on estimated lifetime loss rates as described above and the amount of the outstanding commitments, which for lines of credit, considers estimated utilization rates. When the commitment is funded or expires, the liability is adjusted accordingly.

Residential Mortgage Loan Portfolio Segment

The Company’s residential mortgage loan portfolio is comprised primarily of purchased closed end, amortizing residential mortgage loans, including both performing loans purchased within 12 months of origination and reperforming loans purchased after they have been performing for at least 12 months post-modification. Residential mortgage loans are pooled by loan type (i.e., new origination and reperforming) and pooled by similar risk profiles (including consumer credit score and LTV ratios). Estimated lifetime loss rates, which vary by loan type and risk profile, are applied to the amortized cost of each loan excluding accrued investment income on a quarterly basis to develop the ACL. The estimated lifetime loss rates are based on several factors, including (i) industry historical experience and expected results over the forecast period for defaults, (ii) loss severity, (iii) prepayment rates, (iv) current and forecasted economic conditions including growth, inflation, interest rates and unemployment levels, and (v) loan pool specific characteristics including consumer credit scores, LTV ratios, payment history and home prices. These evaluations are revised as conditions change and new information becomes available. The Company uses industry historical experience which captures multiple economic cycles as the Company has purchased most of its residential mortgage loans in the last five years. The Company uses a forecast of economic assumptions for a two-year period for most of its residential mortgage loans. After the applicable forecast period, the Company immediately reverts to industry historical loss experience.

For residential mortgage loans, the Company’s primary credit quality indicator is whether the loan is performing or nonperforming. The Company generally defines nonperforming residential mortgage loans as those that are 60 or more days past due and/or in nonaccrual status which is assessed monthly. Generally, nonperforming residential mortgage loans have a higher risk of experiencing a credit loss.

Credit Quality of Mortgage Loans by Portfolio Segment

The amortized cost of commercial mortgage loans by credit quality indicator and vintage year was as follows at June 30, 2022:

Credit Quality Indicator	2022		2021		2020		2019		2018		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
LTV ratios:
Less than 65%	$	2,585	$	3,222	$	2,368	$	3,109	$	3,559	$	11,422	$	2,597	$	28,862	78.2	%
65% to 75%	705		1,124		631		1,661		917		1,306		—		6,344		17.2
76% to 80%	—		—		18		138		199		248		—		603		1.6
Greater than 80%	43		—		—		—		48		1,018		—		1,109		3.0
Total	$	3,333	$	4,346	$	3,017	$	4,908	$	4,723	$	13,994	$	2,597	$	36,918	100.0	%
DSCR:
> 1.20x	$	3,295	$	3,949	$	2,844	$	4,718	$	4,303	$	12,084	$	2,242	$	33,435	90.6	%
1.00x - 1.20x	32		156		18		—		125		324		—		655		1.8
<1.00x	6		241		155		190		295		1,586		355		2,828		7.6
Total	$	3,333	$	4,346	$	3,017	$	4,908	$	4,723	$	13,994	$	2,597	$	36,918	100.0	%

The amortized cost of agricultural mortgage loans by credit quality indicator and vintage year was as follows at June 30, 2022:

28

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

5. Investments (continued)

Credit Quality Indicator	2022		2021		2020		2019		2018		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
LTV ratios:
Less than 65%	$	1,350	$	1,447	$	1,913	$	1,534	$	2,115	$	4,450	$	1,021	$	13,830	89.6	%
65% to 75%	129		229		309		181		51		499		51		1,449		9.4
76% to 80%	—		—		—		—		—		11		—		11		0.1
Greater than 80%	—		—		15		76		—		44		6		141		0.9
Total	$	1,479	$	1,676	$	2,237	$	1,791	$	2,166	$	5,004	$	1,078	$	15,431	100.0	%

The amortized cost of residential mortgage loans by credit quality indicator and vintage year was as follows at June 30, 2022:

Credit Quality Indicator	2022		2021		2020		2019		2018		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
Performance indicators:
Performing	$	489	$	714	$	164	$	648	$	363	$	6,512	$	—	$	8,890	95.3	%
Nonperforming (1)	—		3		5		39		11		378		—		436		4.7
Total	$	489	$	717	$	169	$	687	$	374	$	6,890	$	—	$	9,326	100.0	%

__________________

(1)Includes residential mortgage loans in process of foreclosure of $133 million and $69 million at June 30, 2022 and December 31, 2021, respectively.

LTV ratios compare the unpaid principal balance of the loan to the estimated fair value of the underlying collateral. The amortized cost of commercial and agricultural mortgage loans with an LTV ratio in excess of 100% was $474 million, or 1% of total commercial and agricultural mortgage loans, at June 30, 2022.

Past Due and Nonaccrual Mortgage Loans

The Company has a high quality, well performing mortgage loan portfolio, with 99% of all mortgage loans classified as performing at both June 30, 2022 and December 31, 2021. The Company defines delinquency consistent with industry practice, when mortgage loans are past due more than two or more months, as applicable, by portfolio segment. The past due and nonaccrual mortgage loans at amortized cost, prior to ACL, by portfolio segment, were as follows:

	Past Due				Greater than 90 Days Past Due and Still Accruing Interest				Nonaccrual
Portfolio Segment	June 30, 2022		December 31, 2021		June 30, 2022		December 31, 2021		June 30, 2022		December 31, 2021
	(In millions)
Commercial	$	—	$	—	$	—	$	—	$	171	$	146
Agricultural	93		124		30		16		178		225
Residential	436		418		—		—		437		418
Total	$	529	$	542	$	30	$	16	$	786	$	789

The amortized cost for nonaccrual commercial, agricultural and residential mortgage loans at beginning of year 2021 was $293 million, $261 million and $503 million, respectively. The amortized cost for nonaccrual agricultural mortgage loans with no ACL was $86 million and $134 million at June 30, 2022 and December 31, 2021, respectively. There were no nonaccrual commercial or residential mortgage loans without an ACL at either June 30, 2022 or December 31, 2021.

29

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

5. Investments (continued)

Real Estate and Real Estate Joint Ventures

The Company’s real estate investment portfolio is diversified by property type, geography and income stream, including income from operating leases, operating income and equity in earnings from equity method real estate joint ventures. Real estate investments, by income type, as well as income earned, were as follows at and for the periods indicated:

	June 30, 2022		December 31, 2021		Three Months   Ended   June 30,				Six Months Ended June 30,
					2022		2021		2022		2021
Income Type	Carrying Value				Income
	(In millions)
Wholly-owned real estate:
Leased real estate	$	1,763	$	1,934	$	50	$	53	$	104	$	107
Other real estate	477		473		66		46		96		80
Real estate joint ventures	5,810		5,466		122		31		232		37
Total real estate and real estate joint ventures	$	8,050	$	7,873	$	238	$	130	$	432	$	224

The carrying value of wholly-owned real estate acquired through foreclosure was $180 million at both June 30, 2022 and December 31, 2021. Depreciation expense on real estate investments was $22 million and $42 million for the three months and six months ended June 30, 2022, respectively, and $22 million and $43 million for the three months and six months ended June 30, 2021, respectively. Real estate investments were net of accumulated depreciation of $613 million and $581 million at June 30, 2022 and December 31, 2021, respectively.

Leases

Leased Real Estate Investments - Operating Leases

The Company, as lessor, leases investment real estate, principally commercial real estate for office and retail use, through a variety of operating lease arrangements, which typically include tenant reimbursement for property operating costs and options to renew or extend the lease. In some circumstances, leases may include an option for the lessee to purchase the property. In addition, certain leases of retail space may stipulate that a portion of the income earned is contingent upon the level of the tenants’ revenues. The Company has elected a practical expedient of not separating non-lease components related to reimbursement of property operating costs from associated lease components. These property operating costs have the same timing and pattern of transfer as the related lease component, because they are incurred over the same period of time as the operating lease. Therefore, the combined component is accounted for as a single operating lease. Risk is managed through lessee credit analysis, property type diversification, and geographic diversification.

See Note 7 of the Notes to the Consolidated Financial Statements included in the 2021 Annual Report for a summary of leased real estate investments and income earned, by property type.

Leveraged and Direct Financing Leases

The Company has diversified leveraged and direct financing lease portfolios. Its leveraged leases principally include renewable energy generation facilities, rail cars, commercial real estate and commercial aircraft, and its direct financing leases principally include renewable energy generation facilities. These assets are leased through a variety of lease arrangements, which may include options to renew or extend the lease and options for the lessee to purchase the property. Residual values are estimated using available third-party data at inception of the lease. Risk is managed through lessee credit analysis, asset allocation, geographic diversification, and ongoing reviews of estimated residual values, using available third-party data. Generally, estimated residual values are not guaranteed by the lessee or a third party.

Lease receivables are generally due in periodic installments. The payment periods for leveraged leases generally range from one to 10 years, but in certain circumstances can be over 10 years, while the payment periods for direct financing leases generally range from one to 12 years.

30

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

5. Investments (continued)

The Company records an allowance for expected lifetime credit loss in earnings within net investment gains (losses) in an amount that represents the portion of the investment in leases that the Company does not expect to collect, resulting in the investment in leases being presented at the net amount expected to be collected. In determining the ACL, management applies significant judgment to estimate expected lifetime credit loss, including: (i) pooling leases that share similar risk characteristics, (ii) considering expected lifetime credit loss over the contractual term of the lease, and (iii) considering past events and current and forecasted economic conditions. Leases with dissimilar risk characteristics are evaluated individually for credit loss. Expected lifetime credit loss on leveraged and direct financing lease receivables is estimated using a probability of default and loss given default model, where the probability of default incorporates third party credit ratings of the lessee and the related historical default data. The Company also assesses the non-guaranteed residual values for recoverability by comparison to the current estimated fair value of the leased asset and considers other relevant market information such as independent third-party forecasts, consulting, asset brokerage and investment banking reports and data, comparable market transactions, and factors such as the competitive dynamics impacting specific industries, technological change and obsolescence, government and regulatory rules, tax policy, potential environmental liabilities and litigation.

The investment in leveraged and direct financing leases, net of ACL, was $788 million and $132 million, respectively, at June 30, 2022 and $787 million and $137 million, respectively, at December 31, 2021. The ACL for leveraged and direct financing leases was $26 million and $32 million at June 30, 2022 and December 31, 2021, respectively.

Other Invested Assets

See Note 1 of the Notes to the Consolidated Financial Statements included in the 2021 Annual Report for further information about Other Invested Assets, which includes securities accounted for under the FVO (“FVO Securities”) and equity securities.

FVO Securities and Equity Securities

The following table presents FVO Securities and equity securities by security type. Common stock includes common stock and mutual funds.

	June 30, 2022						December 31, 2021
	Cost		Net Unrealized Gains (Losses) (1)		Estimated Fair Value		Cost		Net Unrealized Gains (Losses) (1)		Estimated Fair Value
Security Type
			(In millions)
FVO Securities	$	755	$	132	$	887	$	598	$	250	$	848
Equity securities
Common stock	$	113	$	45	$	158	$	88	$	32	$	120
Non-redeemable preferred stock	91		(6)		85		107		(1)		106
Total equity securities	$	204	$	39	$	243	$	195	$	31	$	226

__________________

(1)Represents cumulative changes in estimated fair value, recognized in earnings, and not in other comprehensive income (loss) (“OCI”).

Cash Equivalents

Cash equivalents, which includes securities and other investments with an original or remaining maturity of three months or less at the time of purchase, was $5.3 billion and $4.7 billion, principally at estimated fair value, at June 30, 2022 and December 31, 2021, respectively.

31

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

5. Investments (continued)

Net Unrealized Investment Gains (Losses)

Unrealized investment gains (losses) on fixed maturity securities AFS and derivatives and the effect on policyholder liabilities, DAC, VOBA and deferred sales inducements (“DSI”) that would result from the realization of the unrealized gains (losses), are included in net unrealized investment gains (losses) in AOCI.

The components of net unrealized investment gains (losses), included in AOCI, were as follows:

	June 30, 2022		December 31, 2021
	(In millions)
Fixed maturity securities AFS	$	(7,548)	$	17,586
Derivatives	2,412		2,370
Other	285		377
Subtotal	(4,851)		20,333
Amounts allocated from:
Policyholder liabilities	29		(5,962)
DAC, VOBA and DSI	538		(1,357)
Subtotal	567		(7,319)
Deferred income tax benefit (expense)	975		(2,657)
Net unrealized investment gains (losses)	$	(3,309)	$	10,357

The changes in net unrealized investment gains (losses) were as follows:

	Six Months Ended June 30, 2022
	(In millions)
Balance, beginning of period	$	10,357
Unrealized investment gains (losses) during the period	(25,184)
Unrealized investment gains (losses) relating to:
Policyholder liabilities	5,991
DAC, VOBA and DSI	1,895
Deferred income tax benefit (expense)	3,632
Balance, end of period	$	(3,309)
Change in net unrealized investment gains (losses)	$	(13,666)

Concentrations of Credit Risk

There were no investments in any counterparty that were greater than 10% of the Company’s equity, other than the U.S. government and its agencies, at both June 30, 2022 and December 31, 2021.

32

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

5. Investments (continued)

Securities Lending Transactions and Repurchase Agreements

Securities, Collateral and Reinvestment Portfolio

A summary of these transactions and agreements accounted for as secured borrowings was as follows:

	June 30, 2022						December 31, 2021
	Securities (1)						Securities (1)
Agreement Type	Estimated Fair Value		Cash Collateral Received from Counterparties (2)		Reinvestment Portfolio at Estimated Fair Value		Estimated Fair Value		Cash Collateral Received from Counterparties (2)		Reinvestment Portfolio at Estimated Fair Value
	(In millions)
Securities lending	$	8,271	$	8,419	$	8,257	$	14,689	$	14,977	$	15,116
Repurchase agreements	$	3,208	$	3,125	$	3,065	$	3,416	$	3,325	$	3,357

__________________

(1)These securities were included within fixed maturity securities AFS, short-term investments and cash equivalents at June 30, 2022 and within fixed maturity securities AFS at December 31, 2021.

(2)The liability for cash collateral is included within payables for collateral under securities loaned and other transactions.

Contractual Maturities

Contractual maturities of these transactions and agreements accounted for as secured borrowings were as follows:

	June 30, 2022										December 31, 2021
	Remaining Maturities										Remaining Maturities
Security Type	Open (1)		1 Month or Less		Over 1  Month to 6 Months		Over 6  Months  to 1 Year		Total		Open (1)		1 Month or Less		Over 1 Month to 6 Months		Over 6 Months to 1 Year		Total
	(In millions)
Cash collateral liability by security type:
Securities lending:
U.S. government and agency	$	1,111	$	5,100	$	2,208	$	—	$	8,419	$	3,996	$	5,279	$	5,702	$	—	$	14,977
Repurchase agreements:
U.S. government and agency	$	—	$	3,125	$	—	$	—	$	3,125	$	—	$	3,325	$	—	$	—	$	3,325

__________________

(1)The related security could be returned to the Company on the next business day, which would require the Company to immediately return the cash collateral.

If the Company is required to return significant amounts of cash collateral on short notice and is forced to sell investments to meet the return obligation, it may have difficulty selling such collateral that is invested in a timely manner, be forced to sell investments in a volatile or illiquid market for less than what otherwise would have been realized under normal market conditions, or both.

The securities lending and repurchase agreements reinvestment portfolios consist principally of high quality, liquid, publicly-traded fixed maturity securities AFS, short-term investments, cash equivalents or cash. If the securities or the reinvestment portfolio become less liquid, liquidity resources within the general account are available to meet any potential cash demands when securities are put back by the counterparty.

Invested Assets on Deposit and Pledged as Collateral

Invested assets on deposit and pledged as collateral are presented below at estimated fair value for all asset classes,

33

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

5. Investments (continued)

except mortgage loans, which are presented at carrying value and were as follows at:

	June 30, 2022		December 31, 2021
	(In millions)
Invested assets on deposit (regulatory deposits)	$	103	$	118
Invested assets pledged as collateral (1)	21,888		20,390
Total invested assets on deposit and pledged as collateral	$	21,991	$	20,508

__________________

(1)The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements, secured debt (see Notes 3 and 11 of the Notes to the Consolidated Financial Statements included in the 2021 Annual Report) and derivative transactions (see Note 6).

See “— Securities Lending Transactions and Repurchase Agreements” for information regarding securities supporting securities lending transactions and repurchase agreements and Note 4 for information regarding investments designated to the closed block. In addition, the Company’s investment in Federal Home Loan Bank common stock, included within other invested assets, which is considered restricted until redeemed by the issuer, was $732 million and $718 million, at redemption value, at June 30, 2022 and December 31, 2021, respectively.

Variable Interest Entities

The Company has invested in legal entities that are VIEs. In certain instances, the Company holds both the power to direct the most significant activities of the entity, as well as an economic interest in the entity and, as such, is deemed to be the primary beneficiary or consolidator of the entity. The determination of the VIE’s primary beneficiary requires an evaluation of the contractual and implied rights and obligations associated with each party’s relationship with or involvement in the entity.

Consolidated VIEs

Creditors or beneficial interest holders of VIEs where the Company is the primary beneficiary have no recourse to the general credit of the Company, as the Company’s obligation to the VIEs is limited to the amount of its committed investment.

The following table presents the total assets and total liabilities relating to investment related VIEs for which the Company has concluded that it is the primary beneficiary and which are consolidated at:

	June 30, 2022				December 31, 2021
Asset Type	Total Assets		Total Liabilities		Total Assets		Total Liabilities
	(In millions)
Real estate joint ventures (1)	$	1,002	$	—	$	1,094	$	—
Investment funds (primarily mortgage loans) (2)	156		—		226		—
Other (primarily other invested assets)	100		1		101		—
Renewable energy partnership (primarily other invested assets)	75		—		79		—
Total	$	1,333	$	1	$	1,500	$	—

__________________

(1)    The Company’s investment in affiliated real estate joint ventures was $892 million and $1.0 billion at June 30, 2022 and December 31, 2021, respectively. Other affiliates’ investments in these affiliated real estate joint ventures were $110 million and $112 million at June 30, 2022 and December 31, 2021, respectively.

(2)The Company’s investment in affiliated investment funds was $131 million and $187 million at June 30, 2022 and December 31, 2021, respectively. Other affiliates’ investments in these affiliated investment funds were $25 million and $39 million at June 30, 2022 and December 31, 2021, respectively.

34

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

5. Investments (continued)

Unconsolidated VIEs

The carrying amount and maximum exposure to loss relating to VIEs in which the Company holds a significant variable interest but is not the primary beneficiary and which have not been consolidated were as follows at:

	June 30, 2022				December 31, 2021
Asset Type	Carrying Amount		Maximum Exposure to Loss (1)		Carrying Amount		Maximum Exposure to Loss (1)
	(In millions)
Fixed maturity securities AFS (2)	$	38,448	$	38,448	$	43,653	$	43,653
Other limited partnership interests	7,637		10,286		8,005		11,057
Other invested assets	1,440		1,653		1,605		1,815
Real estate joint ventures	93		95		97		100
Total	$	47,618	$	50,482	$	53,360	$	56,625

__________________

(1)The maximum exposure to loss relating to fixed maturity securities AFS is equal to their carrying amounts or the carrying amounts of retained interests. The maximum exposure to loss relating to other limited partnership interests and real estate joint ventures is equal to the carrying amounts plus any unfunded commitments. For certain of its investments in other invested assets, the Company’s return is in the form of income tax credits which are guaranteed by creditworthy third parties. For such investments, the maximum exposure to loss is equal to the carrying amounts plus any unfunded commitments, reduced by income tax credits guaranteed by third parties of $6 million and $5 million at June 30, 2022 and December 31, 2021, respectively. Such a maximum loss would be expected to occur only upon bankruptcy of the issuer or investee.

(2)For variable interests in Structured Products included within fixed maturity securities AFS, the Company’s involvement is limited to that of a passive investor in mortgage-backed or asset-backed securities issued by trusts that do not have substantial equity.

As described in Note 11, the Company makes commitments to fund partnership investments in the normal course of business. Excluding these commitments, the Company did not provide financial or other support to investees designated as VIEs for either the six months ended June 30, 2022 or 2021.

35

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

5. Investments (continued)

Net Investment Income

The composition of net investment income by asset type was as follows:

	Three Months   Ended   June 30,				Six Months Ended June 30,
Asset Type	2022		2021		2022		2021
	(In millions)
Fixed maturity securities AFS	$	1,543	$	1,534	$	3,044	$	3,054
Equity securities	1		7		2		12
Mortgage loans	605		695		1,218		1,372
Policy loans	72		75		144		149
Real estate and real estate joint ventures	238		130		432		224
Other limited partnership interests	64		689		597		1,577
Cash, cash equivalents and short-term investments	11		2		15		5
FVO Securities	(113)		35		(142)		61
Operating joint venture	26		16		42		33
Other	185		10		254		45
Subtotal investment income	2,632		3,193		5,606		6,532
Less: Investment expenses	190		159		338		311
Net investment income	$	2,442	$	3,034	$	5,268	$	6,221

Net investment income included realized and unrealized gains (losses) recognized in earnings of ($79) million and ($61) million for the three months and six months ended June 30, 2022, respectively, and $49 million and $91 million for the three months and six months ended June 30, 2021, respectively. The amount includes realized gains (losses) on sales and disposals, primarily related to Residential - FVO mortgage loans and FVO Securities, of ($4) million for both the three months and six months ended June 30, 2022, and $0 and $22 million for the three months and the six months ended June 30, 2021, respectively. The amount also includes unrealized gains (losses), representing changes in estimated fair value, recognized in earnings, primarily related to real estate joint ventures and FVO Securities, of ($75) million and ($57) million for the three months and six months ended June 30, 2022, respectively, and $49 million and $69 million for the three months and six months ended June 30, 2021, respectively.

Changes in estimated fair value subsequent to purchase of equity-linked notes included within FVO Securities, still held at the end of the respective periods and included in net investment income were ($114) million and ($147) million for the three months and six months ended June 30, 2022, respectively, and $33 million and $39 million for the three months and six months ended June 30, 2021, respectively.

See “— Related Party Investment Transactions” for discussion of affiliated net investment income and investment expenses.

Net investment income from equity method investments, comprised primarily of real estate joint ventures, other limited partnership interests, tax credit and renewable energy partnerships and an operating joint venture, was $188 million and $805 million for the three months and six months ended June 30, 2022, respectively, and $679 million and $1.5 billion for the three months and six months ended June 30, 2021, respectively.

36

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

5. Investments (continued)

Net Investment Gains (Losses)

Net Investment Gains (Losses) by Asset Type and Transaction Type

The composition of net investment gains (losses) by asset type and transaction type was as follows:

		Three Months   Ended   June 30,				Six Months Ended June 30,
Asset Type		2022		2021		2022		2021
	(In millions)
Fixed maturity securities AFS		$	(356)	$	(6)	$	(658)	$	(29)
Equity securities		1		26		4		45
Mortgage loans		(13)		(45)		10		16
Real estate and real estate joint ventures (excluding changes in estimated fair value)		159		368		163		416
Other limited partnership interests (excluding changes in estimated fair value)		2		(9)		5		(14)
Other gains (losses)		49		19		66		48
Subtotal		(158)		353		(410)		482
Change in estimated fair value of other limited partnership interests and real estate joint ventures		—		6		6		14
Non-investment portfolio gains (losses)		75		(17)		95		6
Subtotal		75		(11)		101		20
Net investment gains (losses)		$	(83)	$	342	$	(309)	$	502
Transaction Type
Realized gains (losses) on investments sold or disposed		$	(183)	$	369	$	(331)	$	414
Impairments		—		(13)		(33)		(13)
Recognized gains (losses):
Change in allowance for credit loss recognized in earnings		29		(34)		(51)		—
Unrealized net gains (losses) recognized in earnings		(4)		37		11		95
Total recognized gains (losses)		25		3		(40)		95
Non-investment portfolio gains (losses)		75		(17)		95		6
Net investment gains (losses)		$	(83)	$	342	$	(309)	$	502

Net realized investment gains (losses) of ($187) million and ($335) million for the three months and six months ended June 30, 2022, respectively, and $369 million and $436 million for the three months and six months ended June 30, 2021, respectively, represent realized gains (losses) on sales and disposals from all invested asset classes, including realized gains (losses) on sales and disposals recognized in net investment income, primarily related to Residential - FVO mortgage loans and FVO Securities.

Changes in estimated fair value subsequent to purchase of equity securities still held as of the end of the period included in net investment gains (losses) were ($1) million and $5 million for the three months and six months ended June 30, 2022, respectively, and $19 million and $32 million for the three months and six months ended June 30, 2021, respectively.

Other gains (losses) included $52 million and $70 million reclassified from AOCI to earnings due to the sale of certain investments that were hedged in qualifying cash flow hedges for the three months and six months ended June 30, 2022, respectively, and $19 million and $48 million for the three months and six months ended June 30, 2021, respectively.

See “— Related Party Investment Transactions” for discussion of affiliated net investment gains (losses) related to transfers of invested assets to affiliates.

Net investment gains (losses) includes gains (losses) from foreign currency transactions of $54 million and $66 million for the three months and six months ended June 30, 2022, respectively, and ($14) million and $19 million for the three months and six months ended June 30, 2021, respectively.

37

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

5. Investments (continued)

Fixed Maturity Securities AFS and Equity Securities – Composition of Net Investment Gains (Losses)

The composition of net investment gains (losses) for these securities is as follows:

	Three Months   Ended   June 30,				Six Months Ended June 30,
Fixed Maturity Securities AFS	2022		2021		2022		2021
	(In millions)
Proceeds	$	12,499	$	4,757	$	19,988	$	11,844
Gross investment gains	$	45	$	34	$	70	$	108
Gross investment (losses)	(432)		(34)		(623)		(116)
Realized gains (losses) on sales and disposals	(387)		—		(553)		(8)
Net credit loss (provision) release (change in ACL recognized in earnings)	31		7		(72)		(8)
Impairment (loss)	—		(13)		(33)		(13)
Net credit loss (provision) release and impairment (loss)	31		(6)		(105)		(21)
Net investment gains (losses)	$	(356)	$	(6)	$	(658)	$	(29)
Equity Securities
Realized gains (losses) on sales and disposals	$	3	$	(5)	$	(4)	$	(33)
Unrealized net gains (losses) recognized in earnings	(2)		31		8		78
Net investment gains (losses)	$	1	$	26	$	4	$	45

Related Party Investment Transactions

The Company transfers invested assets primarily consisting of fixed maturity securities AFS, mortgage loans and real estate and real estate joint ventures to and from affiliates. Invested assets transferred were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In millions)
Estimated fair value of invested assets transferred to affiliates	$	—	$	53	$	189	$	303
Amortized cost of invested assets transferred to affiliates	$	—	$	51	$	191	$	300
Net investment gains (losses) recognized on transfers	$	—	$	2	$	(2)	$	3
Estimated fair value of invested assets transferred from affiliates	$	9	$	165	$	266	$	644

Recurring related party investments and related net investment income were as follows at and for the periods ended:

		June 30, 2022		December 31, 2021		Three Months   Ended   June 30,				Six Months Ended June 30,
						2022		2021		2022		2021
Investment Type/ Balance Sheet Category	Related Party	Carrying Value				Net Investment Income
		(In millions)
Affiliated investments (1)	MetLife, Inc.	$	1,207	$	1,399	$	4	$	8	$	10	$	16
Affiliated investments (2)	American Life Insurance Company	100		100		1		—		1		1
Other invested assets		$	1,307	$	1,499	$	5	$	8	$	11	$	17

________________

(1)Represents an investment in affiliated senior unsecured notes which have maturity dates from July 2023 to December 2031 and bear interest, payable semi-annually, at rates per annum ranging from 1.60% to 1.85%. See Note 7 of the Notes to the Consolidated Financial Statements included in the 2021 Annual Report for further information.

(2)Represents an affiliated surplus note which matures in June 2025 and bears interest, payable semi-annually, at a rate per annum of 1.88%.

The Company incurred investment advisory charges from an affiliate of $68 million and $136 million for the three months and six months ended June 30, 2022 and $73 million and $144 million for the three months and six months ended 2021, respectively.

See “— Variable Interest Entities” for information on investments in affiliated real estate joint ventures and affiliated investment funds.

See “— Related Party Reinsurance Transactions” in Note 12 for information about affiliated funds withheld.

6. Derivatives

Accounting for Derivatives

See Note 1 of the Notes to the Consolidated Financial Statements included in the 2021 Annual Report for a description of the Company’s accounting policies for derivatives and Note 7 for information about the fair value hierarchy for derivatives.

Derivative Strategies

Types of Derivative Instruments and Derivative Strategies

The Company is exposed to various risks relating to its ongoing business operations, including interest rate, foreign currency exchange rate, credit and equity market. The Company uses a variety of strategies to manage these risks, including the use of derivatives. Commonly used derivative instruments include, but are not limited to:    

•Interest rate derivatives: swaps, total return swaps, caps, floors, futures, swaptions, forwards and synthetic guaranteed interest contracts (“GICs”);

•Foreign currency exchange rate derivatives: swaps and forwards;

•Credit derivatives: purchased or written single name or index credit default swaps, and forwards; and

•Equity derivatives: index options, variance swaps, exchange-traded futures and total return swaps.        

For detailed information on these contracts and the related strategies, see Note 8 of the Notes to the Consolidated Financial Statements included in the 2021 Annual Report.

38

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

6. Derivatives (continued)

Primary Risks Managed by Derivatives

The following table presents the primary underlying risk exposure, gross notional amount, and estimated fair value of the Company’s derivatives, excluding embedded derivatives, held at:

		June 30, 2022						December 31, 2021
	Primary Underlying Risk Exposure	Gross Notional Amount		Estimated Fair Value				Gross Notional Amount		Estimated Fair Value
				Assets		Liabilities				Assets		Liabilities
		(In millions)
Derivatives Designated as Hedging Instruments:
Fair value hedges:
Interest rate swaps	Interest rate	$	4,224	$	1,683	$	297	$	3,540	$	2,163	$	6
Foreign currency swaps	Foreign currency exchange rate	698		74		—		764		8		22
Subtotal		4,922		1,757		297		4,304		2,171		28
Cash flow hedges:
Interest rate swaps	Interest rate	3,740		14		—		4,079		4		1
Interest rate forwards	Interest rate	2,809		—		331		3,058		69		1
Foreign currency swaps	Foreign currency exchange rate	29,341		2,404		1,455		28,772		1,317		966
Subtotal		35,890		2,418		1,786		35,909		1,390		968
Total qualifying hedges		40,812		4,175		2,083		40,213		3,561		996
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swaps	Interest rate	18,981		1,933		521		21,565		3,206		59
Interest rate floors	Interest rate	7,951		29		—		7,701		145		—
Interest rate caps	Interest rate	64,659		701		—		64,309		117		—
Interest rate futures	Interest rate	100		1		—		515		—		—
Interest rate options	Interest rate	17,212		513		—		9,703		364		—
Interest rate forwards	Interest rate	265		—		79		265		—		20
Interest rate total return swaps	Interest rate	1,048		—		109		1,048		9		4
Synthetic GICs	Interest rate	11,863		—		—		11,307		—		—
Foreign currency swaps	Foreign currency exchange rate	5,156		692		—		4,800		340		75
Foreign currency forwards	Foreign currency exchange rate	2,014		26		9		1,902		11		13
Credit default swaps — purchased	Credit	902		26		1		956		12		8
Credit default swaps — written	Credit	9,280		30		77		6,074		111		12
Equity futures	Equity market	1,634		10		1		1,751		5		—
Equity index options	Equity market	23,255		873		171		26,800		714		166
Equity variance swaps	Equity market	425		12		10		425		12		10
Equity total return swaps	Equity market	2,183		197		—		2,148		11		46
Total non-designated or nonqualifying derivatives		166,928		5,043		978		161,269		5,057		413
Total		$	207,740	$	9,218	$	3,061	$	201,482	$	8,618	$	1,409

Based on gross notional amounts, a substantial portion of the Company’s derivatives was not designated or did not qualify as part of a hedging relationship at both June 30, 2022 and December 31, 2021. The Company’s use of derivatives includes (i) derivatives that serve as macro hedges of the Company’s exposure to various risks and that generally do not qualify for hedge accounting due to the criteria required under the portfolio hedging rules, (ii) derivatives that economically hedge insurance liabilities that contain mortality or morbidity risk and that generally do not qualify for hedge accounting because the lack of these risks in the derivatives cannot support an expectation of a highly effective hedging relationship, (iii) derivatives that economically hedge embedded derivatives that do not qualify for hedge accounting because the changes in estimated fair value of the embedded derivatives are already recorded in net income, and (iv) written credit default swaps and interest rate swaps that are used to synthetically create investments and that do not qualify for hedge accounting because they do not involve a hedging relationship. For these nonqualified derivatives, changes in market factors can lead to the recognition of fair value changes on the statement of operations without an offsetting gain or loss recognized in earnings for the item being hedged.

39

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

6. Derivatives (continued)

The Effects of Derivatives on the Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

The following table presents the interim condensed consolidated financial statement location and amount of gain (loss) recognized on fair value, cash flow, nonqualifying hedging relationships and embedded derivatives:

	Three Months Ended June 30, 2022
	Net Investment Income		Net Investment Gains (Losses)		Net Derivative Gains (Losses)		Policyholder Benefits and Claims		Interest Credited to Policyholder Account Balances		OCI
	(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)	$	2	$	—	$	—	$	(396)	$	(10)	N/A
Hedged items	(4)		—		—		376		9		N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)	59		—		—		—		—		N/A
Hedged items	(58)		—		—		—		—		N/A
Subtotal	(1)		—		—		(20)		(1)		N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		$	(568)
Amount of gains (losses) reclassified from AOCI into income	16		53		—		—		—		(69)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		472
Amount of gains (losses) reclassified from AOCI into income	—		(555)		—		—		—		555
Foreign currency transaction gains (losses) on hedged items	—		547		—		—		—		—
Subtotal	16		45		—		—		—		390
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)	2		—		(872)		—		—		N/A
Foreign currency exchange rate derivatives (1)	1		—		386		—		—		N/A
Credit derivatives — purchased (1)	—		—		27		—		—		N/A
Credit derivatives — written (1)	—		—		(154)		—		—		N/A
Equity derivatives (1)	36		—		456		180		—		N/A
Foreign currency transaction gains (losses) on hedged items	—		—		(179)		—		—		N/A
Subtotal	39		—		(336)		180		—		N/A
Earned income on derivatives	140		—		123		46		(37)		—
Embedded derivatives (2)	N/A		N/A		558		—		N/A		N/A
Total	$	194	$	45	$	345	$	206	$	(38)	$	390

40

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

6. Derivatives (continued)

	Three Months Ended June 30, 2021
	Net Investment Income		Net Investment Gains (Losses)		Net Derivative Gains (Losses)		Policyholder Benefits and Claims		Interest Credited to Policyholder Account Balances		OCI
	(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)	$	—	$	—	$	—	$	237	$	—	N/A
Hedged items	1		—		—		(242)		—		N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)	(2)		—		—		—		—		N/A
Hedged items	2		—		—		—		—		N/A
Subtotal	1		—		—		(5)		—		N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		$	508
Amount of gains (losses) reclassified from AOCI into income	14		19		—		—		—		(33)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		351
Amount of gains (losses) reclassified from AOCI into income	1		108		—		—		—		(109)
Foreign currency transaction gains (losses) on hedged items	—		(106)		—		—		—		—
Subtotal	15		21		—		—		—		717
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)	—		—		358		—		—		N/A
Foreign currency exchange rate derivatives (1)	—		—		24		—		—		N/A
Credit derivatives — purchased (1)	—		—		(8)		—		—		N/A
Credit derivatives — written (1)	—		—		22		—		—		N/A
Equity derivatives (1)	(1)		—		(270)		(92)		—		N/A
Foreign currency transaction gains (losses) on hedged items	—		—		(9)		—		—		N/A
Subtotal	(1)		—		117		(92)		—		N/A
Earned income on derivatives	32		—		160		51		(38)		—
Embedded derivatives (2)	N/A		N/A		(252)		—		N/A		N/A
Total	$	47	$	21	$	25	$	(46)	$	(38)	$	717

41

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

6. Derivatives (continued)

	Six Months Ended June 30, 2022
	Net Investment Income		Net Investment Gains (Losses)		Net Derivative Gains (Losses)		Policyholder Benefits and Claims		Interest Credited to Policyholder Account Balances		OCI
	(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)	$	6	$	—	$	—	$	(845)	$	(10)	N/A
Hedged items	(8)		—		—		808		9		N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)	90		—		—		—		—		N/A
Hedged items	(87)		—		—		—		—		N/A
Subtotal	1		—		—		(37)		(1)		N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		$	(1,110)
Amount of gains (losses) reclassified from AOCI into income	31		71		—		—		—		(102)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		624
Amount of gains (losses) reclassified from AOCI into income	2		(632)		—		—		—		630
Foreign currency transaction gains (losses) on hedged items	—		619		—		—		—		—
Subtotal	33		58		—		—		—		42
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)	3		—		(1,603)		—		—		N/A
Foreign currency exchange rate derivatives (1)	2		—		509		—		—		N/A
Credit derivatives — purchased (1)	—		—		58		—		—		N/A
Credit derivatives — written (1)	—		—		(190)		—		—		N/A
Equity derivatives (1)	29		—		561		258		—		N/A
Foreign currency transaction gains (losses) on hedged items	—		—		(242)		—		—		N/A
Subtotal	34		—		(907)		258		—		N/A
Earned income on derivatives	225		—		259		97		(72)		—
Embedded derivatives (2)	N/A		N/A		1,174		—		N/A		N/A
Total	$	293	$	58	$	526	$	318	$	(73)	$	42

42

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

6. Derivatives (continued)

	Six Months Ended June 30, 2021
	Net Investment Income		Net Investment Gains (Losses)		Net Derivative Gains (Losses)		Policyholder Benefits and Claims		Interest Credited to Policyholder Account Balances		OCI
	(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)	$	3	$	—	$	—	$	(365)	$	—	N/A
Hedged items	(2)		—		—		331		—		N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)	11		—		—		—		—		N/A
Hedged items	(10)		—		—		—		—		N/A
Subtotal	2		—		—		(34)		—		N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		$	(703)
Amount of gains (losses) reclassified from AOCI into income	27		48		—		—		—		(75)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		302
Amount of gains (losses) reclassified from AOCI into income	2		(8)		—		—		—		6
Foreign currency transaction gains (losses) on hedged items	—		4		—		—		—		—
Subtotal	29		44		—		—		—		(470)
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)	2		—		(1,187)		—		—		N/A
Foreign currency exchange rate derivatives (1)	—		—		43		—		—		N/A
Credit derivatives — purchased (1)	—		—		4		—		—		N/A
Credit derivatives — written (1)	—		—		21		—		—		N/A
Equity derivatives (1)	(2)		—		(827)		(182)		—		N/A
Foreign currency transaction gains (losses) on hedged items	—		—		(12)		—		—		N/A
Subtotal	—		—		(1,958)		(182)		—		N/A
Earned income on derivatives	78		—		334		102		(77)		—
Embedded derivatives (2)	N/A		N/A		634		—		N/A		N/A
Total	$	109	$	44	$	(990)	$	(114)	$	(77)	$	(470)

__________________

(1)Excludes earned income on derivatives.

(2)The valuation of guaranteed minimum benefits includes a nonperformance risk adjustment. The amounts included in net derivative gains (losses) in connection with this adjustment were $14 million and ($1) million for the three months and six months ended June 30, 2022, respectively, and $3 million and ($15) million for the three months and six months ended June 30, 2021, respectively.

Fair Value Hedges

The Company designates and accounts for the following as fair value hedges when they have met the requirements of fair value hedging: (i) interest rate swaps to convert fixed rate assets and liabilities to floating rate assets and liabilities and (ii) foreign currency swaps to hedge the foreign currency fair value exposure of foreign currency denominated assets and liabilities.

The following table presents the balance sheet classification, carrying amount and cumulative fair value hedging adjustments for items designated and qualifying as hedged items in fair value hedges:

43

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

6. Derivatives (continued)

Balance Sheet Line Item	Carrying Amount of the Hedged Assets/(Liabilities)				Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of Hedged Assets/(Liabilities) (1)
	June 30, 2022		December 31, 2021		June 30, 2022		December 31, 2021
	(In millions)
Fixed maturity securities AFS	$	303	$	366	$	—	$	(1)
Mortgage loans	$	430	$	617	$	(7)	$	3
Future policy benefits	$	(4,027)	$	(4,735)	$	(56)	$	(877)
Policyholder account balances	$	(1,082)	$	—	$	9	$	—

__________________

(1)Includes ($149) million and ($161) million of hedging adjustments on discontinued hedging relationships at June 30, 2022 and December 31, 2021, respectively.

All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness.

Cash Flow Hedges

The Company designates and accounts for the following as cash flow hedges when they have met the requirements of cash flow hedging: (i) interest rate swaps to convert floating rate assets and liabilities to fixed rate assets and liabilities, (ii) foreign currency swaps to hedge the foreign currency cash flow exposure of foreign currency denominated assets and liabilities, (iii) interest rate forwards and credit forwards to lock in the price to be paid for forward purchases of investments, and (iv) interest rate swaps and interest rate forwards to hedge the forecasted purchases of fixed-rate investments.

In certain instances, the Company discontinued cash flow hedge accounting because the forecasted transactions were no longer probable of occurring. Because certain of the forecasted transactions also were not probable of occurring within two months of the anticipated date, the Company reclassified amounts from AOCI into income. These amounts were $4 million for both the three months and six months ended June 30, 2022 and $6 million for both the three months and six months ended June 30, 2021.

At both June 30, 2022 and December 31, 2021, the maximum length of time over which the Company was hedging its exposure to variability in future cash flows for forecasted transactions did not exceed seven years.

At both June 30, 2022 and December 31, 2021, the balance in AOCI associated with cash flow hedges was $2.4 billion.

All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness.

At June 30, 2022, the Company expected to reclassify $438 million of deferred net gains (losses) on derivatives in AOCI to earnings within the next 12 months.

Credit Derivatives

In connection with synthetically created credit investment transactions, the Company writes credit default swaps for which it receives a premium to insure credit risk. Such credit derivatives are included within the effects of derivatives on the interim condensed consolidated statements of operations and comprehensive income (loss) table. If a credit event occurs, as defined by the contract, the contract may be cash settled or it may be settled gross by the Company paying the counterparty the specified swap notional amount in exchange for the delivery of par quantities of the referenced credit obligation. The Company can terminate these contracts at any time through cash settlement with the counterparty at an amount equal to the then current estimated fair value of the credit default swaps.

44

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

6. Derivatives (continued)

The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of written credit default swaps at:

	June 30, 2022					December 31, 2021
Rating Agency Designation of Referenced Credit Obligations (1)	Estimated Fair Value of Credit Default Swaps		Maximum Amount of Future Payments under Credit Default Swaps		Weighted Average Years to Maturity (2)	Estimated Fair Value of Credit Default Swaps		Maximum Amount of Future Payments under Credit Default Swaps		Weighted Average Years to Maturity (2)
	(Dollars in millions)
Aaa/Aa/A
Single name credit default swaps (3)	$	—	$	10	2.0	$	—	$	10	2.5
Credit default swaps referencing indices	4		2,742		3.3	17		1,191		2.5
Subtotal	4		2,752		3.3	17		1,201		2.5
Baa
Single name credit default swaps (3)	1		60		2.5	1		60		3.3
Credit default swaps referencing indices	(40)		6,368		5.6	90		4,698		5.1
Subtotal	(39)		6,428		5.6	91		4,758		5.1
Ba
Single name credit default swaps (3)	1		25		1.0	1		65		0.5
Credit default swaps referencing indices	(2)		45		4.5	(1)		20		5.0
Subtotal	(1)		70		3.2	—		85		1.5
Caa3
Credit default swaps referencing indices	(11)		30		4.0	(9)		30		4.5
Subtotal	(11)		30		4.0	(9)		30		4.5
Total	$	(47)	$	9,280	4.9	$	99	$	6,074	4.6

__________________

(1)The rating agency designations are based on availability and the midpoint of the applicable ratings among Moody’s Investors Service (“Moody’s”), S&P Global Ratings (“S&P”) and Fitch Ratings. If no rating is available from a rating agency, then an internally developed rating is used.

(2)The weighted average years to maturity of the credit default swaps is calculated based on weighted average gross notional amounts.

(3)Single name credit default swaps may be referenced to the credit of corporations, foreign governments, or municipals.

Credit Risk on Freestanding Derivatives

The Company may be exposed to credit-related losses in the event of nonperformance by its counterparties to derivatives. Generally, the current credit exposure of the Company’s derivatives is limited to the net positive estimated fair value of derivatives at the reporting date after taking into consideration the existence of master netting or similar agreements and any collateral received pursuant to such agreements.

Derivatives may be exchange-traded or contracted in the over-the-counter (“OTC”) market. Certain of the Company’s OTC derivatives are cleared and settled through central clearinghouses (“OTC-cleared”), while others are bilateral contracts between two counterparties (“OTC-bilateral”).

45

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

6. Derivatives (continued)

The Company manages its credit risk related to derivatives by entering into transactions with creditworthy counterparties in jurisdictions in which it understands that close-out netting should be enforceable and establishing and monitoring exposure limits. The Company’s OTC-bilateral derivative transactions are governed by International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements which provide for legally enforceable set-off and close-out netting of exposures to specific counterparties in the event of early termination of a transaction, which includes, but is not limited to, events of default and bankruptcy. In the event of an early termination, close-out netting permits the Company (subject to financial regulations such as the Orderly Liquidation Authority under Title II of Dodd-Frank) to set off receivables from the counterparty against payables to the same counterparty arising out of all included transactions and to apply collateral to the obligations without application of the automatic stay, upon the counterparty’s bankruptcy. All of the Company’s ISDA Master Agreements also include Credit Support Annex provisions which require both the pledging and accepting of collateral in connection with its OTC-bilateral derivatives as required by applicable law. Additionally, effective September 1, 2021, the Company is required to pledge initial margin for certain new OTC-bilateral derivative transactions to third party custodians.

The Company’s OTC-cleared derivatives are effected through central clearing counterparties and its exchange-traded derivatives are effected through regulated exchanges. Such positions are marked to market and margined on a daily basis (both initial margin and variation margin), and the Company has minimal exposure to credit-related losses in the event of nonperformance by brokers and central clearinghouses to such derivatives.

See Note 7 for a description of the impact of credit risk on the valuation of derivatives.

The estimated fair values of the Company’s net derivative assets and net derivative liabilities after the application of master netting agreements and collateral were as follows at:

	June 30, 2022				December 31, 2021
Derivatives Subject to a Master Netting Arrangement or a Similar Arrangement	Assets		Liabilities		Assets		Liabilities
	(In millions)
Gross estimated fair value of derivatives:
OTC-bilateral (1)	$	9,263	$	2,988	$	8,602	$	1,379
OTC-cleared (1)	42		65		104		8
Exchange-traded	11		1		5		—
Total gross estimated fair value of derivatives presented on the interim condensed consolidated balance sheets (1)	9,316		3,054		8,711		1,387
Gross amounts not offset on the interim condensed consolidated balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral	(2,961)		(2,961)		(1,364)		(1,364)
OTC-cleared	(14)		(14)		(3)		(3)
Exchange-traded	(1)		(1)		—		—
Cash collateral: (3), (4)
OTC-bilateral	(5,486)		—		(6,414)		—
OTC-cleared	—		(36)		(91)		—
Securities collateral: (5)
OTC-bilateral	(739)		(26)		(767)		(14)
OTC-cleared	—		(15)		—		(5)
Net amount after application of master netting agreements and collateral	$	115	$	1	$	72	$	1

__________________

(1)At June 30, 2022 and December 31, 2021, derivative assets included income (expense) accruals reported in accrued investment income or in other liabilities of $98 million and $93 million, respectively, and derivative liabilities included (income) expense accruals reported in accrued investment income or in other liabilities of ($7) million and ($22) million, respectively.

(2)Estimated fair value of derivatives is limited to the amount that is subject to set-off and includes income or expense accruals.

46

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

6. Derivatives (continued)

(3)Cash collateral received by the Company for OTC-bilateral and OTC-cleared derivatives, where the centralized clearinghouse treats variation margin as collateral, is included in cash and cash equivalents, short-term investments or in fixed maturity securities AFS, and the obligation to return it is included in payables for collateral under securities loaned and other transactions on the balance sheet.

(4)The receivable for the return of cash collateral provided by the Company is inclusive of initial margin on exchange-traded and OTC-cleared derivatives and is included in premiums, reinsurance and other receivables on the balance sheet. The amount of cash collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements. At June 30, 2022 and December 31, 2021, the Company received excess cash collateral of $459 million and $60 million, respectively, and provided no excess cash collateral.

(5)Securities collateral received by the Company is held in separate custodial accounts and is not recorded on the balance sheet. Subject to certain constraints, the Company is permitted by contract to sell or re-pledge this collateral, but at June 30, 2022, none of the collateral had been sold or re-pledged. Securities collateral pledged by the Company is reported in fixed maturity securities AFS on the balance sheet. Subject to certain constraints, the counterparties are permitted by contract to sell or re-pledge this collateral. The amount of securities collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements and cash collateral. At June 30, 2022 and December 31, 2021, the Company received excess securities collateral with an estimated fair value of $97 million and $47 million, respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At June 30, 2022 and December 31, 2021, the Company provided excess securities collateral with an estimated fair value of $709 million and $95 million, respectively, for its OTC-bilateral derivatives, $548 million and $584 million, respectively, for its OTC-cleared derivatives, and $96 million and $106 million, respectively, for its exchange-traded derivatives, which are not included in the table above due to the foregoing limitation.

The Company’s collateral arrangements for its OTC-bilateral derivatives generally require the counterparty in a net liability position, after considering the effect of netting agreements, to pledge collateral when the collateral amount owed by that counterparty reaches a minimum transfer amount. All of the Company’s netting agreements for derivatives contain provisions that require both Metropolitan Life Insurance Company and the counterparty to maintain a specific investment grade financial strength or credit rating from each of Moody’s and S&P. If a party’s financial strength or credit rating were to fall below that specific investment grade financial strength or credit rating, that party would be in violation of these provisions, and the other party to the derivatives could terminate the transactions and demand immediate settlement and payment based on such party’s reasonable valuation of the derivatives.

The following table presents the estimated fair value of the Company’s OTC-bilateral derivatives that were in a net liability position after considering the effect of netting agreements, together with the estimated fair value and balance sheet location of the collateral pledged.

	Derivatives Subject to Financial Strength-Contingent Provisions
	June 30, 2022		December 31, 2021
	(In millions)
Estimated fair value of derivatives in a net liability position (1)	$	26	$	15
Estimated fair value of collateral provided:
Fixed maturity securities AFS	$	35	$	17

__________________

(1)After taking into consideration the existence of netting agreements.

47

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

6. Derivatives (continued)

Embedded Derivatives

The Company issues certain products or purchases certain investments that contain embedded derivatives that are required to be separated from their host contracts and accounted for as freestanding derivatives.

The following table presents the estimated fair value and balance sheet location of the Company’s embedded derivatives that have been separated from their host contracts at:

	Balance Sheet Location	June 30, 2022		December 31, 2021
		(In millions)
Embedded derivatives within asset host contracts:
Assumed on affiliated reinsurance	Other invested assets	$	42	$	—
Embedded derivatives within liability host contracts:
Direct guaranteed minimum benefits	Policyholder account balances	$	254	$	257
Assumed guaranteed minimum benefits	Policyholder account balances	6		5
Funds withheld and guarantees on reinsurance (including affiliated)	Other liabilities	(20)		1,072
Fixed annuities with equity indexed returns	Policyholder account balances	143		165
Embedded derivatives within liability host contracts		$	383	$	1,499

48

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

7. Fair Value

Considerable judgment is often required in interpreting the market data used to develop estimates of fair value, and the use of different assumptions or valuation methodologies may have a material effect on the estimated fair value amounts.

Recurring Fair Value Measurements

The assets and liabilities measured at estimated fair value on a recurring basis and their corresponding placement in the fair value hierarchy, including those items for which the Company has elected the FVO, are presented below at:

	June 30, 2022
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total  Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities AFS:
U.S. corporate	$	—	$	43,454	$	6,593	$	50,047
U.S. government and agency	8,879		13,460		—		22,339
Foreign corporate	—		18,155		6,411		24,566
RMBS	100		17,705		2,342		20,147
ABS & CLO	—		10,358		1,452		11,810
Municipals	—		7,300		—		7,300
CMBS	—		5,798		296		6,094
Foreign government	—		3,783		21		3,804
Total fixed maturity securities AFS	8,979		120,013		17,115		146,107
Short-term investments	1,355		95		100		1,550
Residential mortgage loans — FVO	—		—		109		109
Other investments	292		285		961		1,538
Derivative assets: (1)
Interest rate	1		4,561		312		4,874
Foreign currency exchange rate	—		3,196		—		3,196
Credit	—		30		26		56
Equity market	10		1,075		7		1,092
Total derivative assets	11		8,862		345		9,218
Embedded derivatives within asset host contracts (4)	—		—		42		42
Separate account assets (2)	18,321		73,846		1,039		93,206
Total assets (3)	$	28,958	$	203,101	$	19,711	$	251,770
Liabilities
Derivative liabilities: (1)
Interest rate	$	—	$	927	$	410	$	1,337
Foreign currency exchange rate	—		1,464		—		1,464
Credit	—		40		38		78
Equity market	1		181		—		182
Total derivative liabilities	1		2,612		448		3,061
Embedded derivatives within liability host contracts (4)	—		—		383		383
Separate account liabilities (2)	14		21		10		45
Total liabilities	$	15	$	2,633	$	841	$	3,489

49

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

7. Fair Value (continued)

	December 31, 2021
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities AFS:
U.S. corporate	$	—	$	51,290	$	7,112	$	58,402
U.S. government and agency	15,041		16,181		—		31,222
Foreign corporate	—		21,862		7,823		29,685
RMBS	7		20,333		2,805		23,145
ABS & CLO	—		11,455		1,424		12,879
Municipals	—		8,728		—		8,728
CMBS	—		6,507		371		6,878
Foreign government	—		4,934		12		4,946
Total fixed maturity securities AFS	15,048		141,290		19,547		175,885
Short-term investments	4,187		677		2		4,866
Residential mortgage loans — FVO	—		—		127		127
Other investments	328		192		894		1,414
Derivative assets: (1)
Interest rate	—		5,982		95		6,077
Foreign currency exchange rate	—		1,676		—		1,676
Credit	—		106		17		123
Equity market	5		730		7		742
Total derivative assets	5		8,494		119		8,618
Embedded derivatives within asset host contracts (4)	—		—		—		—
Separate account assets (2)	28,231		93,656		1,964		123,851
Total assets (3)	$	47,799	$	244,309	$	22,653	$	314,761
Liabilities
Derivative liabilities: (1)
Interest rate	$	—	$	70	$	21	$	91
Foreign currency exchange rate	—		1,076		—		1,076
Credit	—		8		12		20
Equity market	—		222		—		222
Total derivative liabilities	—		1,376		33		1,409
Embedded derivatives within liability host contracts (4)	—		—		1,499		1,499
Separate account liabilities (2)	7		12		6		25
Total liabilities	$	7	$	1,388	$	1,538	$	2,933

__________________

(1)Derivative assets are presented within other invested assets on the interim condensed consolidated balance sheets and derivative liabilities are presented within other liabilities on the interim condensed consolidated balance sheets. The amounts are presented gross in the tables above to reflect the presentation on the interim condensed consolidated balance sheets, but are presented net for purposes of the rollforward in the Fair Value Measurements Using Significant Unobservable Inputs (Level 3) tables.

(2)Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders whose liability is reflected within separate account liabilities. Separate account liabilities are set equal to the estimated fair value of separate account assets. Separate account liabilities presented in the tables above represent derivative liabilities.

50

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

7. Fair Value (continued)

(3)Total assets included in the fair value hierarchy exclude other limited partnership interests that are measured at estimated fair value using the net asset value (“NAV”) per share (or its equivalent) practical expedient. At June 30, 2022 and December 31, 2021, the estimated fair value of such investments was $91 million and $95 million, respectively.

(4)Embedded derivatives within asset host contracts are presented within other invested assets on the interim condensed consolidated balance sheets. Embedded derivatives within liability host contracts are presented within policyholder account balances and other liabilities on the interim condensed consolidated balance sheets.

The following describes the valuation methodologies used to measure assets and liabilities at fair value.

Investments

Securities, Short-term Investments and Other Investments

When available, the estimated fair value of these financial instruments is based on quoted prices in active markets that are readily and regularly obtainable. Generally, these are the most liquid of the Company’s securities holdings and valuation of these securities does not involve management’s judgment.

When quoted prices in active markets are not available, the determination of estimated fair value of securities is based on market standard valuation methodologies, giving priority to observable inputs. The significant inputs to the market standard valuation methodologies for certain types of securities with reasonable levels of price transparency are inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. When observable inputs are not available, the market standard valuation methodologies rely on inputs that are significant to the estimated fair value that are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. These unobservable inputs can be based in large part on management’s judgment or estimation and cannot be supported by reference to market activity. Unobservable inputs are based on management’s assumptions about the inputs market participants would use in pricing such investments.

The estimated fair value of short-term investments and other investments is determined on a basis consistent with the methodologies described herein.

The valuation approaches and key inputs for each category of assets or liabilities that are classified within Level 2 and Level 3 of the fair value hierarchy are presented below. The primary valuation approaches are the market approach, which considers recent prices from market transactions involving identical or similar assets or liabilities, and the income approach, which converts expected future amounts (e.g. cash flows) to a single current, discounted amount. The valuation of most instruments listed below is determined using independent pricing sources, matrix pricing, discounted cash flow methodologies or other similar techniques that use either observable market inputs or unobservable inputs.

51

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

7. Fair Value (continued)

Instrument		Level 2 Observable Inputs		Level 3 Unobservable Inputs
Fixed maturity securities AFS
U.S. corporate and Foreign corporate securities
	Valuation Approaches: Principally the market and income approaches.			Valuation Approaches: Principally the market approach.
	Key Inputs:			Key Inputs:
	•	quoted prices in markets that are not active		•	illiquidity premium
	•	benchmark yields; spreads off benchmark yields; new issuances; issuer ratings		•	delta spread adjustments to reflect specific credit-related issues
	•	trades of identical or comparable securities; duration		•	credit spreads
	•	privately-placed securities are valued using the additional key inputs:		•	quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2
		•	market yield curve; call provisions
		•	observable prices and spreads for similar public or private securities that incorporate the credit quality and industry sector of the issuer	•	independent non-binding broker quotations
		•	delta spread adjustments to reflect specific credit-related issues
U.S. government and agency securities, Municipals and Foreign government securities
	Valuation Approaches: Principally the market approach.			Valuation Approaches: Principally the market approach.
	Key Inputs:			Key Inputs:
	•	quoted prices in markets that are not active		•	independent non-binding broker quotations
	•	benchmark U.S. Treasury yield or other yields		•	quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2
	•	the spread off the U.S. Treasury yield curve for the identical security
	•	issuer ratings and issuer spreads; broker-dealer quotations		•	credit spreads
	•	comparable securities that are actively traded
Structured Products
	Valuation Approaches: Principally the market and income approaches.			Valuation Approaches: Principally the market and income approaches.
	Key Inputs:			Key Inputs:
	•	quoted prices in markets that are not active		•	credit spreads
	•	spreads for actively traded securities; spreads off benchmark yields		•	quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2
	•	expected prepayment speeds and volumes
	•	current and forecasted loss severity; ratings; geographic region		•	independent non-binding broker quotations
	•	weighted average coupon and weighted average maturity		•	credit ratings
	•	average delinquency rates; DSCR
	•	credit ratings
	•	issuance-specific information, including, but not limited to:
		•	collateral type; structure of the security; vintage of the loans
		•	payment terms of the underlying assets
		•	payment priority within the tranche; deal performance

52

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

7. Fair Value (continued)

Instrument	Level 2 Observable Inputs		Level 3 Unobservable Inputs
Short-term investments and Other investments
	•	Certain short-term investments and certain other investments are of a similar nature and class to the fixed maturity securities AFS described above; while certain other investments are similar to equity securities. The valuation approaches and observable inputs used in their valuation are also similar to those described above. Other investments contain equity securities valued using quoted prices in markets that are not considered active.	•	Certain short-term investments and certain other investments are of a similar nature and class to the fixed maturity securities AFS described above, while certain other investments are similar to equity securities. The valuation approaches and unobservable inputs used in their valuation are also similar to those described above. Other investments contain equity securities that use key unobservable inputs such as credit ratings; issuance structures, in addition to those described above for fixed maturities AFS. Other investments also include certain real estate joint ventures and use the valuation approach and key inputs as described for other limited partnership interests below.
Residential mortgage loans — FVO
	•	N/A	Valuation Approaches: Principally the market approach.
			Valuation Techniques and Key Inputs: These investments are based primarily on matrix pricing or other similar techniques that utilize inputs from mortgage servicers that are unobservable or cannot be derived principally from, or corroborated by, observable market data.
Separate account assets and Separate account liabilities (1)
Mutual funds and hedge funds without readily determinable fair values as prices are not published publicly
	Key Input:		•	N/A
	•	quoted prices or reported NAV provided by the fund managers
Other limited partnership interests
	•	N/A	Valued giving consideration to the underlying holdings of the partnerships and adjusting, if appropriate.
			Key Inputs:
			•	liquidity; bid/ask spreads; performance record of the fund manager
			•	other relevant variables that may impact the exit value of the particular partnership interest

__________________

(1)Estimated fair value equals carrying value, based on the value of the underlying assets, including: mutual fund interests, fixed maturity securities, equity securities, derivatives, hedge funds, other limited partnership interests, short-term investments and cash and cash equivalents. The estimated fair value of fixed maturity securities, equity securities, derivatives, short-term investments and cash and cash equivalents is determined on a basis consistent with the assets described under “— Securities, Short-term Investments and Other Investments” and “— Derivatives — Freestanding Derivatives.”

Derivatives

The estimated fair value of derivatives is determined through the use of quoted market prices for exchange-traded derivatives, or through the use of pricing models for OTC-bilateral and OTC-cleared derivatives. The determination of estimated fair value, when quoted market values are not available, is based on market standard valuation methodologies and inputs that management believes are consistent with what other market participants would use when pricing such instruments. Derivative valuations can be affected by changes in interest rates, foreign currency exchange rates, financial indices, credit spreads, default risk, nonperformance risk, volatility, liquidity and changes in estimates and assumptions used in the pricing models.

The significant inputs to the pricing models for most OTC-bilateral and OTC-cleared derivatives are inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. Certain OTC-bilateral and OTC-cleared derivatives may rely on inputs that are significant to the estimated fair value that are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. These unobservable inputs may involve significant management judgment or estimation. Unobservable inputs are based on management’s assumptions about the inputs market participants would use in pricing such derivatives.

53

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

7. Fair Value (continued)

Most inputs for OTC-bilateral and OTC-cleared derivatives are mid-market inputs but, in certain cases, liquidity adjustments are made when they are deemed more representative of exit value. Market liquidity, as well as the use of different methodologies, assumptions and inputs, may have a material effect on the estimated fair values of the Company’s derivatives and could materially affect net income.

The credit risk of both the counterparty and the Company are considered in determining the estimated fair value for all OTC-bilateral and OTC-cleared derivatives, and any potential credit adjustment is based on the net exposure by counterparty after taking into account the effects of netting agreements and collateral arrangements. The Company values its OTC-bilateral and OTC-cleared derivatives using standard swap curves which may include a spread to the risk-free rate, depending upon specific collateral arrangements. This credit spread is appropriate for those parties that execute trades at pricing levels consistent with similar collateral arrangements. As the Company and its significant derivative counterparties generally execute trades at such pricing levels and hold sufficient collateral, additional credit risk adjustments are not currently required in the valuation process. The Company’s ability to consistently execute at such pricing levels is, in part, due to the netting agreements and collateral arrangements that are in place with all of its significant derivative counterparties. An evaluation of the requirement to make additional credit risk adjustments is performed by the Company each reporting period.

Freestanding Derivatives

Level 2 Valuation Approaches and Key Inputs:

This level includes all types of derivatives utilized by the Company with the exception of exchange-traded derivatives included within Level 1 and those derivatives with unobservable inputs as described in Level 3.

Level 3 Valuation Approaches and Key Inputs:

These valuation methodologies generally use the same inputs as described in the corresponding sections for Level 2 measurements of derivatives. However, these derivatives result in Level 3 classification because one or more of the significant inputs are not observable in the market or cannot be derived principally from, or corroborated by, observable market data.

Freestanding derivatives are principally valued using the income approach. Valuations of non-option-based derivatives utilize present value techniques, whereas valuations of option-based derivatives utilize option pricing models. Key inputs are as follows:

Instrument		Interest Rate		Foreign Currency Exchange Rate		Credit		Equity Market
Inputs common to Level 2 and Level 3 by instrument type	•	swap yield curves	•	swap yield curves	•	swap yield curves	•	swap yield curves
	•	basis curves	•	basis curves	•	credit curves	•	spot equity index levels
	•	interest rate volatility (1)	•	currency spot rates	•	recovery rates	•	dividend yield curves
			•	cross currency basis curves			•	equity volatility (1)
Level 3	•	swap yield curves (2)	•	swap yield curves (2)	•	swap yield curves (2)	•	dividend yield curves (2)
	•	basis curves (2)	•	basis curves (2)	•	credit curves (2)	•	equity volatility (1), (2)
	•	repurchase rates	•	cross currency basis curves (2)	•	credit spreads	•	correlation between model inputs (1)
	•	interest rate volatility (1), (2)	•	currency correlation	•	repurchase rates
					•	independent non-binding broker quotations

__________________

(1)Option-based only.

(2)Extrapolation beyond the observable limits of the curve(s).

54

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

7. Fair Value (continued)

Embedded Derivatives

Embedded derivatives principally include certain direct and assumed variable annuity guarantees, annuity contracts, guarantees on reinsurance, and investment risk within funds withheld related to certain reinsurance agreements. Embedded derivatives are recorded at estimated fair value with changes in estimated fair value reported in net income.

The Company issues certain variable annuity products with guaranteed minimum benefits. GMWBs, GMABs and certain GMIBs contain embedded derivatives, which are measured at estimated fair value separately from the host variable annuity contract, with changes in estimated fair value reported in net derivative gains (losses). These embedded derivatives are classified within policyholder account balances on the interim condensed consolidated balance sheets.

The Company calculates the fair value of these embedded derivatives, which is estimated as the present value of projected future benefits minus the present value of projected future fees using actuarial and capital market assumptions including expectations concerning policyholder behavior. The calculation is based on in-force business, projecting future cash flows from the embedded derivative over multiple risk neutral stochastic scenarios using observable risk-free rates.

Capital market assumptions, such as risk-free rates and implied volatilities, are based on market prices for publicly traded instruments to the extent that prices for such instruments are observable. Implied volatilities beyond the observable period are extrapolated based on observable implied volatilities and historical volatilities. Actuarial assumptions, including mortality, lapse, withdrawal and utilization, are unobservable and are reviewed at least annually based on actuarial studies of historical experience.

The valuation of these guarantee liabilities includes nonperformance risk adjustments and adjustments for a risk margin related to non-capital market inputs. The nonperformance adjustment is determined by taking into consideration publicly available information relating to spreads in the secondary market for MetLife, Inc.’s debt, including related credit default swaps. These observable spreads are then adjusted, as necessary, to reflect the priority of these liabilities and the claims paying ability of the issuing insurance subsidiaries as compared to MetLife, Inc.

Risk margins are established to capture the non-capital market risks of the instrument which represent the additional compensation a market participant would require to assume the risks related to the uncertainties of such actuarial assumptions as annuitization, premium persistency, partial withdrawal and surrenders. The establishment of risk margins requires the use of significant management judgment, including assumptions of the amount and cost of capital needed to cover the guarantees. These guarantees may be more costly than expected in volatile or declining equity markets. Market conditions including, but not limited to, changes in interest rates, equity indices, market volatility and foreign currency exchange rates; changes in nonperformance risk; and variations in actuarial assumptions regarding policyholder behavior, mortality and risk margins related to non-capital market inputs, may result in significant fluctuations in the estimated fair value of the guarantees that could materially affect net income.

The estimated fair value of the embedded derivatives within funds withheld related to certain ceded reinsurance is determined based on the change in estimated fair value of the underlying assets held by the Company in a reference portfolio backing the funds withheld liability. The estimated fair value of the underlying assets is determined as described in “— Investments — Securities, Short-term Investments and Other Investments.” The estimated fair value of guarantees related to reinsurance is determined based on multiple stochastic scenarios and includes a nonperformance risk adjustment. The estimated fair value of these embedded derivatives is included, along with their underlying host contracts, in other liabilities on the interim condensed consolidated balance sheets with changes in estimated fair value recorded in net derivative gains (losses). Changes in the credit spreads on the underlying assets, interest rates and market volatility may result in significant fluctuations in the estimated fair value of these embedded derivatives that could materially affect net income.

The Company issues certain annuity contracts which allow the policyholder to participate in returns from equity indices. These equity indexed features are embedded derivatives which are measured at estimated fair value separately from the host fixed annuity contract, with changes in estimated fair value reported in net derivative gains (losses). These embedded derivatives are classified within policyholder account balances on the interim condensed consolidated balance sheets.

55

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

7. Fair Value (continued)

The estimated fair value of the embedded equity indexed derivatives, based on the present value of future equity returns to the policyholder using actuarial and present value assumptions including expectations concerning policyholder behavior, is calculated by the Company’s actuarial department. The calculation is based on in-force business and uses standard capital market techniques, such as Black-Scholes, to calculate the value of the portion of the embedded derivative for which the terms are set. The portion of the embedded derivative covering the period beyond where terms are set is calculated as the present value of amounts expected to be spent to provide equity indexed returns in those periods. The valuation of these embedded derivatives also includes the establishment of a risk margin, as well as changes in nonperformance risk.

Embedded Derivatives Within Asset and Liability Host Contracts

Level 3 Valuation Approaches and Key Inputs:

Direct and assumed guaranteed minimum benefits

These embedded derivatives are principally valued using the income approach. Valuations are based on option pricing techniques, which utilize significant inputs that may include swap yield curves, currency exchange rates and implied volatilities. These embedded derivatives result in Level 3 classification because one or more of the significant inputs are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. Significant unobservable inputs generally include: the extrapolation beyond observable limits of the swap yield curves and implied volatilities, actuarial assumptions for policyholder behavior and mortality and the potential variability in policyholder behavior and mortality, nonperformance risk and cost of capital for purposes of calculating the risk margin.

Embedded derivatives within funds withheld related to certain ceded reinsurance

These embedded derivatives are principally valued using the income approach. The valuations are based on present value techniques, which utilize significant inputs that may include the swap yield curves and the fair value of assets within the reference portfolio. These embedded derivatives result in Level 3 classification because one or more of the significant inputs are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. Significant unobservable inputs generally include the fair value of certain assets within the reference portfolio which are not observable in the market and cannot be derived principally from, or corroborated by, observable market data.

Transfers between Levels

Overall, transfers between levels occur when there are changes in the observability of inputs and market activity.

Transfers into or out of Level 3:

Assets and liabilities are transferred into Level 3 when a significant input cannot be corroborated with market observable data. This occurs when market activity decreases significantly and underlying inputs cannot be observed, current prices are not available, and/or when there are significant variances in quoted prices, thereby affecting transparency. Assets and liabilities are transferred out of Level 3 when circumstances change such that a significant input can be corroborated with market observable data. This may be due to a significant increase in market activity, a specific event, or one or more significant input(s) becoming observable.

56

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

7. Fair Value (continued)

Assets and Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3)

The following table presents certain quantitative information about the significant unobservable inputs used in the fair value measurement, and the sensitivity of the estimated fair value to changes in those inputs, for the more significant asset and liability classes measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at:

					June 30, 2022				December 31, 2021				Impact of Increase in Input on Estimated Fair Value (2)
	Valuation Techniques		Significant Unobservable Inputs		Range			Weighted Average (1)	Range			Weighted Average (1)
Fixed maturity securities AFS (3)
U.S. corporate and foreign corporate	•	Matrix pricing	•	Offered quotes (4)	—	-	132	93	1	-	165	110	Increase
	•	Market pricing	•	Quoted prices (4)	20	-	102	97	—	-	117	101	Increase
RMBS	•	Market pricing	•	Quoted prices (4)	—	-	117	93	—	-	121	99	Increase (5)
ABS & CLO	•	Market pricing	•	Quoted prices (4)	78	-	102	94	91	-	110	102	Increase (5)
Derivatives
Interest rate	•	Present value techniques	•	Swap yield (6)	299	-	317	310	151	-	200	188	Increase (7)
			•	Volatility (8)	1%	-	1%	1%	1%	-	1%	1%	Increase (7)
Credit	•	Present value techniques	•	Credit spreads (9)	85	-	148	112	96	-	133	109	Decrease (7)
	•	Consensus pricing	•	Offered quotes (10)
Embedded derivatives
Direct and assumed guaranteed minimum benefits	•	Option pricing techniques	•	Mortality rates:
				Ages 0 - 40	0.01%	-	0.14%	0.08%	0.01%	-	0.12%	0.08%	Decrease (11)
				Ages 41 - 60	0.05%	-	0.65%	0.27%	0.05%	-	0.65%	0.27%	Decrease (11)
				Ages 61 - 115	0.32%	-	100%	2.07%	0.32%	-	100%	2.08%	Decrease (11)
			•	Lapse rates:
				Durations 1 - 10	0%	-	100%	6.24%	0.25%	-	100%	6.30%	Decrease (12)
				Durations 11 - 20	0.70%	-	100%	5.18%	0.70%	-	100%	5.22%	Decrease (12)
				Durations 21 - 116	1.60%	-	100%	5.18%	1.60%	-	100%	5.22%	Decrease (12)
			•	Utilization rates	0%	-	22%	0.22%	0%	-	22%	0.22%	Increase (13)
			•	Withdrawal rates	0%	-	10%	3.70%	0.25%	-	10%	3.72%	(14)
			•	Long-term equity volatilities	16.44%	-	22.16%	18.60%	16.44%	-	22.16%	18.60%	Increase (15)
			•	Nonperformance risk spread	0.33%	-	0.78%	0.35%	0.04%	-	0.40%	0.35%	Decrease (16)

__________________

(1)The weighted average for fixed maturity securities AFS and derivatives is determined based on the estimated fair value of the securities and derivatives. The weighted average for embedded derivatives is determined based on a combination of account values and experience data.

(2)The impact of a decrease in input would have resulted in the opposite impact on estimated fair value. For embedded derivatives, changes to direct and assumed guaranteed minimum benefits are based on liability positions.

(3)Significant increases (decreases) in expected default rates in isolation would have resulted in substantially lower (higher) valuations.

(4)Range and weighted average are presented in accordance with the market convention for fixed maturity securities AFS of dollars per hundred dollars of par.

57

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

7. Fair Value (continued)

(5)Changes in the assumptions used for the probability of default would have been accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumptions used for prepayment rates.

(6)Ranges represent the rates across different yield curves and are presented in basis points. The swap yield curves are utilized among different types of derivatives to project cash flows, as well as to discount future cash flows to present value. Since this valuation methodology uses a range of inputs across a yield curve to value the derivative, presenting a range is more representative of the unobservable input used in the valuation.

(7)Changes in estimated fair value are based on long U.S. dollar net asset positions and will be inversely impacted for short U.S. dollar net asset positions.

(8)Ranges represent the underlying interest rate volatility quoted in percentage points. Since this valuation methodology uses an equivalent of LIBOR for secured overnight financing rate volatility, presenting a range is more representative of the unobservable input used in the valuation.

(9)Represents the risk quoted in basis points of a credit default event on the underlying instrument. Credit derivatives with significant unobservable inputs are primarily comprised of written credit default swaps.

(10)At both June 30, 2022 and December 31, 2021, independent non-binding broker quotations were used in the determination of less than 1% of the total net derivative estimated fair value.

(11)Mortality rates vary by age and by demographic characteristics such as gender. Mortality rate assumptions are based on company experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.

(12)Base lapse rates are adjusted at the contract level based on a comparison of the actuarially calculated guaranteed values and the current policyholder account value, as well as other factors, such as the applicability of any surrender charges. A dynamic lapse function reduces the base lapse rate when the guaranteed amount is greater than the account value as in the money contracts are less likely to lapse. Lapse rates are also generally assumed to be lower in periods when a surrender charge applies. For any given contract, lapse rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.

(13)The utilization rate assumption estimates the percentage of contractholders with GMIBs or a lifetime withdrawal benefit who will elect to utilize the benefit upon becoming eligible. The rates may vary by the type of guarantee, the amount by which the guaranteed amount is greater than the account value, the contract’s withdrawal history and by the age of the policyholder. For any given contract, utilization rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.

(14)The withdrawal rate represents the percentage of account balance that any given policyholder will elect to withdraw from the contract each year. The withdrawal rate assumption varies by age and duration of the contract, and also by other factors such as benefit type. For any given contract, withdrawal rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative. For GMWBs, any increase (decrease) in withdrawal rates results in an increase (decrease) in the estimated fair value of the guarantees. For GMABs and GMIBs, any increase (decrease) in withdrawal rates results in a decrease (increase) in the estimated fair value.

(15)Long-term equity volatilities represent equity volatility beyond the period for which observable equity volatilities are available. For any given contract, long-term equity volatility rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.

(16)Nonperformance risk spread varies by duration and by currency. For any given contract, multiple nonperformance risk spreads will apply, depending on the duration of the cash flow being discounted for purposes of valuing the embedded derivative.

Generally, all other classes of assets and liabilities classified within Level 3 that are not included in the preceding table use the same valuation techniques and significant unobservable inputs as previously described for Level 3. The sensitivity of the estimated fair value to changes in the significant unobservable inputs for these other assets and liabilities is similar in nature to that described in the preceding table.

58

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

7. Fair Value (continued)

The following tables summarize the change of all assets (liabilities) measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3):

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities AFS
	Corporate (6)		Structured Products		Foreign Government		Short-term Investments
	(In millions)
Three Months Ended June 30, 2022
Balance, beginning of period	$	13,940	$	4,566	$	13	$	—
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(11)		12		5		—
Total realized/unrealized gains (losses) included in AOCI	(1,496)		(142)		4		—
Purchases (3)	945		321		—		—
Sales (3)	(211)		(394)		(1)		—
Issuances (3)	—		—		—		—
Settlements (3)	—		—		—		—
Transfers into Level 3 (4)	137		79		2		100
Transfers out of Level 3 (4)	(300)		(352)		(2)		—
Balance, end of period	$	13,004	$	4,090	$	21	$	100
Three Months Ended June 30, 2021
Balance, beginning of period	$	14,248	$	4,490	$	7	$	37
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(6)		14		—		—
Total realized/unrealized gains (losses) included in AOCI	220		16		—		—
Purchases (3)	344		588		8		24
Sales (3)	(235)		(308)		(3)		(34)
Issuances (3)	—		—		—		—
Settlements (3)	—		—		—		—
Transfers into Level 3 (4)	38		307		—		50
Transfers out of Level 3 (4)	(504)		(276)		(1)		—
Balance, end of period	$	14,105	$	4,831	$	11	$	77
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2022 (5)	$	(11)	$	12	$	5	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2021 (5)	$	(7)	$	14	$	—	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2022 (5)	$	(1,495)	$	(139)	$	4	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2021 (5)	$	221	$	15	$	—	$	—

59

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

7. Fair Value (continued)

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Residential Mortgage Loans - FVO		Other Investments		Net Derivatives (7)		Net Embedded Derivatives (8)		Separate Accounts (9)
	(In millions)
Three Months Ended June 30, 2022
Balance, beginning of period	$	119	$	1,123	$	29	$	(884)	$	1,931
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(5)		(64)		(88)		558		11
Total realized/unrealized gains (losses) included in AOCI	—		—		(207)		—		—
Purchases (3)	—		10		145		—		35
Sales (3)	—		(8)		—		—		(949)
Issuances (3)	—		—		—		—		(5)
Settlements (3)	(5)		—		18		(15)		6
Transfers into Level 3 (4)	—		—		—		—		—
Transfers out of Level 3 (4)	—		(100)		—		—		—
Balance, end of period	$	109	$	961	$	(103)	$	(341)	$	1,029
Three Months Ended June 30, 2021
Balance, beginning of period	$	149	$	673	$	(277)	$	(1,216)	$	992
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(1)		42		35		(252)		9
Total realized/unrealized gains (losses) included in AOCI	—		—		206		—		—
Purchases (3)	—		27		3		—		118
Sales (3)	(2)		(13)		—		—		(27)
Issuances (3)	—		—		(5)		—		1
Settlements (3)	(6)		—		12		(43)		3
Transfers into Level 3 (4)	—		—		—		—		9
Transfers out of Level 3 (4)	—		(5)		65		—		—
Balance, end of period	$	140	$	724	$	39	$	(1,511)	$	1,105
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2022 (5)	$	(5)	$	(64)	$	(87)	$	559	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2021 (5)	$	(2)	$	38	$	16	$	(249)	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2022 (5)	$	—	$	—	$	(199)	$	—	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2021 (5)	$	—	$	—	$	200	$	—	$	—

60

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

7. Fair Value (continued)

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities AFS
	Corporate (6)		Structured Products		Foreign Government		Short-term Investments
	(In millions)
Six Months Ended June 30, 2022
Balance, beginning of period	$	14,935	$	4,600	$	12	$	2
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(26)		23		(42)		—
Total realized/unrealized gains (losses) included in  AOCI	(2,613)		(305)		7		—
Purchases (3)	1,347		429		—		100
Sales (3)	(575)		(563)		(2)		(2)
Issuances (3)	—		—		—		—
Settlements (3)	—		—		—		—
Transfers into Level 3 (4)	223		148		46		—
Transfers out of Level 3 (4)	(287)		(242)		—		—
Balance, end of period	$	13,004	$	4,090	$	21	$	100
Six Months Ended June 30, 2021
Balance, beginning of period	$	14,873	$	4,465	$	5	$	1
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(8)		23		—		—
Total realized/unrealized gains (losses) included in  AOCI	(425)		(3)		(1)		—
Purchases (3)	648		932		8		75
Sales (3)	(404)		(637)		(1)		—
Issuances (3)	—		—		—		—
Settlements (3)	—		—		—		—
Transfers into Level 3 (4)	82		269		—		1
Transfers out of Level 3 (4)	(661)		(218)		—		—
Balance, end of period	$	14,105	$	4,831	$	11	$	77
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2022 (5)	$	(26)	$	23	$	(42)	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2021 (5)	$	(9)	$	21	$	—	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2022 (5)	$	(2,618)	$	(300)	$	7	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2021 (5)	$	(423)	$	(2)	$	(1)	$	—

61

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

7. Fair Value (continued)

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Residential Mortgage Loans - FVO		Other  Investments		Net Derivatives (7)		Net Embedded Derivatives (8)		Separate Accounts (9)
	(In millions)
Six Months Ended June 30, 2022
Balance, beginning of period	$	127	$	894	$	86	$	(1,499)	$	1,958
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(9)		(19)		(22)		1,174		17
Total realized/unrealized gains (losses) included in  AOCI	—		—		(418)		—		—
Purchases (3)	—		195		233		—		104
Sales (3)	—		(10)		—		—		(1,046)
Issuances (3)	—		—		(2)		—		(5)
Settlements (3)	(9)		—		20		(16)		4
Transfers into Level 3 (4)	—		3		—		—		1
Transfers out of Level 3 (4)	—		(102)		—		—		(4)
Balance, end of period	$	109	$	961	$	(103)	$	(341)	$	1,029
Six Months Ended June 30, 2021
Balance, beginning of period	$	165	$	565	$	452	$	(2,061)	$	939
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(3)		76		(120)		634		(1)
Total realized/unrealized gains (losses) included in  AOCI	—		—		(409)		—		—
Purchases (3)	—		27		3		—		187
Sales (3)	(11)		(14)		—		—		(32)
Issuances (3)	—		—		(6)		—		—
Settlements (3)	(11)		—		117		(84)		5
Transfers into Level 3 (4)	—		74		1		—		10
Transfers out of Level 3 (4)	—		(4)		1		—		(3)
Balance, end of period	$	140	$	724	$	39	$	(1,511)	$	1,105
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2022 (5)	$	(9)	$	(22)	$	(21)	$	1,176	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2021 (5)	$	(7)	$	72	$	(34)	$	636	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2022 (5)	$	—	$	—	$	(394)	$	—	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2021 (5)	$	—	$	—	$	(274)	$	—	$	—

__________________

(1)Amortization of premium/accretion of discount is included within net investment income. Impairments and changes in ACL charged to net income (loss) on certain securities are included in net investment gains (losses), while changes in estimated fair value of residential mortgage loans — FVO are included in net investment income. Lapses associated with net embedded derivatives are included in net derivative gains (losses). Substantially all realized/unrealized gains (losses) included in net income (loss) for net derivatives and net embedded derivatives are reported in net derivative gains (losses).

(2)Interest and dividend accruals, as well as cash interest coupons and dividends received, are excluded from the rollforward.

(3)Items purchased/issued and then sold/settled in the same period are excluded from the rollforward. Fees attributed to embedded derivatives are included in settlements.

(4)Items transferred into and then out of Level 3 in the same period are excluded from the rollforward.

62

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

7. Fair Value (continued)

(5)Changes in unrealized gains (losses) included in net income (loss) and included in AOCI relate to assets and liabilities still held at the end of the respective periods. Substantially all changes in unrealized gains (losses) included in net income (loss) for net derivatives and net embedded derivatives are reported in net derivative gains (losses).

(6)Comprised of U.S. and foreign corporate securities.

(7)Freestanding derivative assets and liabilities are presented net for purposes of the rollforward.

(8)Embedded derivative assets and liabilities are presented net for purposes of the rollforward.

(9)Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders within separate account liabilities. Therefore, such changes in estimated fair value are not recorded in net income (loss). For the purpose of this disclosure, these changes are presented within net income (loss). Separate account assets and liabilities are presented net for the purposes of the rollforward.

Fair Value Option

The Company elects the FVO for certain residential mortgage loans that are managed on a total return basis. The following table presents information for residential mortgage loans which are accounted for under the FVO and were initially measured at fair value.

	June 30, 2022		December 31, 2021
	(In millions)
Unpaid principal balance	$	115	$	130
Difference between estimated fair value and unpaid principal balance	(6)		(3)
Carrying value at estimated fair value	$	109	$	127
Loans in nonaccrual status	$	24	$	32
Loans more than 90 days past due	$	10	$	14
Loans in nonaccrual status or more than 90 days past due, or both — difference between aggregate estimated fair value and unpaid principal balance	$	(2)	$	(7)

Fair Value of Financial Instruments Carried at Other Than Fair Value

The following tables provide fair value information for financial instruments that are carried on the balance sheet at amounts other than fair value. These tables exclude the following financial instruments: cash and cash equivalents, accrued investment income, payables for collateral under securities loaned and other transactions, short-term debt and those short-term investments that are not securities, such as time deposits, and therefore are not included in the three-level hierarchy table disclosed in the “— Recurring Fair Value Measurements” section. The Company believes that due to the short-term nature of these excluded assets, which are primarily classified in Level 2, the estimated fair value approximates carrying value. All remaining balance sheet amounts excluded from the tables below are not considered financial instruments subject to this disclosure.

63

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

7. Fair Value (continued)

The carrying values and estimated fair values for such financial instruments, and their corresponding placement in the fair value hierarchy, are summarized as follows at:

	June 30, 2022
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans (1)	$	61,283	$	—	$	—	$	60,076	$	60,076
Policy loans	$	5,746	$	—	$	—	$	6,321	$	6,321
Other invested assets	$	2,051	$	—	$	2,087	$	—	$	2,087
Premiums, reinsurance and other receivables	$	12,074	$	—	$	284	$	12,085	$	12,369
Other assets	$	184	$	—	$	184	$	—	$	184
Liabilities
Policyholder account balances	$	78,286	$	—	$	—	$	77,035	$	77,035
Long-term debt	$	1,661	$	—	$	1,762	$	—	$	1,762
Other liabilities	$	12,540	$	—	$	484	$	12,066	$	12,550
Separate account liabilities	$	41,092	$	—	$	41,092	$	—	$	41,092

	December 31, 2021
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans (1)	$	60,092	$	—	$	—	$	63,094	$	63,094
Policy loans	$	5,816	$	—	$	—	$	6,710	$	6,710
Other invested assets	$	2,230	$	—	$	1,932	$	356	$	2,288
Premiums, reinsurance and other receivables	$	12,101	$	—	$	156	$	12,375	$	12,531
Other assets	$	—	$	—	$	—	$	—	$	—
Liabilities
Policyholder account balances	$	76,387	$	—	$	—	$	79,182	$	79,182
Long-term debt	$	1,659	$	—	$	2,000	$	—	$	2,000
Other liabilities	$	12,357	$	—	$	159	$	12,412	$	12,571
Separate account liabilities	$	54,254	$	—	$	54,254	$	—	$	54,254

_________________

(1)Includes mortgage loans measured at estimated fair value on a nonrecurring basis and excludes mortgage loans measured at estimated fair value on a recurring basis.

64

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

8. Equity

Accumulated Other Comprehensive Income (Loss)

Information regarding changes in the balances of each component of AOCI attributable to Metropolitan Life Insurance Company was as follows:

	Three Months   Ended   June 30, 2022
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Unrealized  Gains (Losses) on Derivatives		Foreign Currency Translation Adjustments		Defined Benefit  Plans Adjustment		Total
	(In millions)
Balance, beginning of period	$	3,528	$	1,597	$	(58)	$	(387)	$	4,680
OCI before reclassifications	(11,474)		(96)		(35)		—		(11,605)
Deferred income tax benefit (expense)	2,414		20		4		—		2,438
AOCI before reclassifications, net of income tax	(5,532)		1,521		(89)		(387)		(4,487)
Amounts reclassified from AOCI	403		486		—		10		899
Deferred income tax benefit (expense)	(85)		(102)		—		(2)		(189)
Amounts reclassified from AOCI, net of income tax	318		384		—		8		710
Balance, end of period	$	(5,214)	$	1,905	$	(89)	$	(379)	$	(3,777)

	Three Months   Ended   June 30, 2021
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Unrealized  Gains (Losses) on Derivatives		Foreign Currency Translation Adjustments		Defined  Benefit  Plans Adjustment		Total
	(In millions)
Balance, beginning of period	$	8,305	$	854	$	(29)	$	(451)	$	8,679
OCI before reclassifications	759		859		(6)		(2)		1,610
Deferred income tax benefit (expense)	(153)		(181)		2		—		(332)
AOCI before reclassifications, net of income tax	8,911		1,532		(33)		(453)		9,957
Amounts reclassified from AOCI	35		(142)		—		10		(97)
Deferred income tax benefit (expense)	(8)		29		—		(2)		19
Amounts reclassified from AOCI, net of income tax	27		(113)		—		8		(78)
Balance, end of period	$	8,938	$	1,419	$	(33)	$	(445)	$	9,879

65

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

8. Equity (continued)

	Six Months Ended June 30, 2022
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Unrealized Gains (Losses) on Derivatives		Foreign Currency Translation Adjustments		Defined Benefit Plans Adjustment		Total
	(In millions)
Balance, beginning of period	$	8,485	$	1,872	$	(45)	$	(395)	$	9,917
OCI before reclassifications	(17,959)		(486)		(52)		—		(18,497)
Deferred income tax benefit (expense)	3,771		102		8		—		3,881
AOCI before reclassifications, net of income tax	(5,703)		1,488		(89)		(395)		(4,699)
Amounts reclassified from AOCI	619		528		—		20		1,167
Deferred income tax benefit (expense)	(130)		(111)		—		(4)		(245)
Amounts reclassified from AOCI, net of income tax	489		417		—		16		922
Balance, end of period	$	(5,214)	$	1,905	$	(89)	$	(379)	$	(3,777)

	Six Months Ended June 30, 2021
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Unrealized Gains (Losses) on Derivatives		Foreign Currency Translation Adjustments		Defined Benefit Plans Adjustment		Total
	(In millions)
Balance, beginning of period	$	10,384	$	1,791	$	(53)	$	(460)	$	11,662
OCI before reclassifications	(1,900)		(401)		24		(2)		(2,279)
Deferred income tax benefit (expense)	408		84		(4)		—		488
AOCI before reclassifications, net of income tax	8,892		1,474		(33)		(462)		9,871
Amounts reclassified from AOCI	59		(69)		—		21		11
Deferred income tax benefit (expense)	(13)		14		—		(4)		(3)
Amounts reclassified from AOCI, net of income tax	46		(55)		—		17		8
Balance, end of period	$	8,938	$	1,419	$	(33)	$	(445)	$	9,879

__________________

(1)See Note 5 for information on offsets to investments related to policyholder liabilities, DAC, VOBA and DSI.

66

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

8. Equity (continued)

Information regarding amounts reclassified out of each component of AOCI was as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
AOCI Components	Amounts Reclassified from AOCI								Consolidated Statements of Operations and Comprehensive Income (Loss) Locations
	(In millions)
Net unrealized investment gains (losses):
Net unrealized investment gains (losses)	$	(388)	$	(19)	$	(601)	$	(34)	Net investment gains (losses)
Net unrealized investment gains (losses)	1		(4)		3		(7)		Net investment income
Net unrealized investment gains (losses)	(16)		(12)		(21)		(18)		Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax	(403)		(35)		(619)		(59)
Income tax (expense) benefit	85		8		130		13
Net unrealized investment gains (losses), net of income tax	(318)		(27)		(489)		(46)
Unrealized gains (losses) on derivatives - cash flow hedges:
Interest rate derivatives	16		14		31		27		Net investment income
Interest rate derivatives	53		19		71		48		Net investment gains (losses)
Foreign currency exchange rate derivatives	—		1		2		2		Net investment income
Foreign currency exchange rate derivatives	(555)		108		(632)		(8)		Net investment gains (losses)
Gains (losses) on cash flow hedges, before income tax	(486)		142		(528)		69
Income tax (expense) benefit	102		(29)		111		(14)
Gains (losses) on cash flow hedges, net of income tax	(384)		113		(417)		55
Defined benefit plans adjustment: (1)
Amortization of net actuarial gains (losses)	(11)		(11)		(21)		(23)
Amortization of prior service (costs) credit	1		1		1		2
Amortization of defined benefit plan items, before income tax	(10)		(10)		(20)		(21)
Income tax (expense) benefit	2		2		4		4
Amortization of defined benefit plan items, net of income tax	(8)		(8)		(16)		(17)
Total reclassifications, net of income tax	$	(710)	$	78	$	(922)	$	(8)

__________________

(1)These AOCI components are included in the computation of net periodic benefit costs.

67

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

9. Other Revenues and Other Expenses

Other Revenues

Information on other revenues, which primarily includes fees related to service contracts from customers, was as follows:

	Three Months   Ended   June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In millions)
Prepaid legal plans	$	106	$	99	$	214	$	199
Recordkeeping and administrative services (1)	42		53		89		105
Administrative services-only contracts	57		54		112		112
Other revenue from service contracts from customers	7		11		14		20
Total revenues from service contracts from customers	212		217		429		436
Other (2)	161		215		356		421
Total other revenues	$	373	$	432	$	785	$	857

__________________

(1)Related to products and businesses no longer actively marketed by the Company.

(2)Primarily includes reinsurance ceded. See Note 12.

Other Expenses

Information on other expenses was as follows:

	Three Months   Ended   June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In millions)
General and administrative expenses (1)	$	725	$	547	$	1,364	$	1,094
Pension, postretirement and postemployment benefit costs	29		25		59		58
Premium taxes, other taxes, and licenses & fees	81		93		161		166
Commissions and other variable expenses	491		494		973		982
Capitalization of DAC	(35)		(10)		(62)		(29)
Amortization of DAC and VOBA	103		32		174		72
Interest expense on debt	25		24		49		48
Total other expenses	$	1,419	$	1,205	$	2,718	$	2,391

__________________

(1)Includes $52 million and $74 million for the three months and six months ended June 30, 2022, respectively, and ($44) million and ($57) million for the three months and six months ended June 30, 2021, respectively, for the net change in cash surrender value of investments in certain life insurance policies, net of premiums paid.

Affiliated Expenses

See Note 12 for a discussion of affiliated expenses included in the table above.

68

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. Income Tax

For the three months and six months ended June 30, 2022, the effective tax rate on income (loss) before provision for income tax was 17% and 16%, respectively. The Company’s effective tax rate for the three months ended June 30, 2022 differed from the U.S. statutory rate primarily due to tax benefits from tax credits and non-taxable investment income. The Company’s effective tax rate for the six months ended June 30, 2022 differed from the U.S. statutory rate primarily due to tax benefits from tax credits, the corporate tax deduction for stock compensation and non-taxable investment income.

For the three months and six months ended June 30, 2021, the effective tax rate on income (loss) before provision for income tax was 18% and 15%, respectively. The Company’s effective tax rate for the three months ended June 30, 2021 differed from the U.S. statutory rate primarily due to tax benefits related to non-taxable investment income and tax credits. The Company’s effective tax rate for the six months ended June 30, 2021 differed from the U.S. statutory rate primarily due to tax benefits related to non-taxable investment income, tax credits and the corporate tax deduction for stock compensation.

11. Contingencies, Commitments and Guarantees

Contingencies

Litigation

The Company is a defendant in a large number of litigation matters. Putative or certified class action litigation and other litigation and claims and assessments against the Company, in addition to those discussed below and those otherwise provided for in the Company’s interim condensed consolidated financial statements, have arisen in the course of the Company’s business, including, but not limited to, in connection with its activities as an insurer, mortgage lending bank, employer, investor, investment advisor, broker-dealer, and taxpayer.

The Company also receives and responds to subpoenas or other inquiries seeking a broad range of information from state regulators, including state insurance commissioners; state attorneys general or other state governmental authorities; federal regulators, including the U.S. Securities and Exchange Commission; federal governmental authorities, including congressional committees; and the Financial Industry Regulatory Authority, as well as from local and national regulators and government authorities in jurisdictions outside the United States where the Company conducts business. The issues involved in information requests and regulatory matters vary widely, but can include inquiries or investigations concerning the Company’s compliance with applicable insurance and other laws and regulations. The Company cooperates in these inquiries.

It is not possible to predict the ultimate outcome of all pending investigations and legal proceedings. The Company establishes liabilities for litigation and regulatory loss contingencies when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. Liabilities have been established for a number of the matters noted below. In certain circumstances where liabilities have been established there may be coverage under one or more corporate insurance policies, pursuant to which there may be an insurance recovery. Insurance recoveries are recognized as gains when any contingencies relating to the insurance claim have been resolved, which is the earlier of when the gains are realized or realizable. It is possible that some of the matters could require the Company to pay damages or make other expenditures or establish accruals in amounts that could not be reasonably estimated at June 30, 2022. While the potential future charges could be material in the particular quarterly or annual periods in which they are recorded, based on information currently known to management, management does not believe any such charges are likely to have a material effect on the Company’s financial position. Given the large and/or indeterminate amounts sought in certain of these matters and the inherent unpredictability of litigation, it is possible that an adverse outcome in certain matters could, from time to time, have a material effect on the Company’s consolidated net income or cash flows in particular quarterly or annual periods.

Matters as to Which an Estimate Can Be Made

For some of the matters disclosed below, the Company is able to estimate a reasonably possible range of loss. For matters where a loss is believed to be reasonably possible, but not probable, the Company has not made an accrual. As of June 30, 2022, the Company estimates the aggregate range of reasonably possible losses in excess of amounts accrued for these matters to be $0 to $100 million.

69

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

11. Contingencies, Commitments and Guarantees (continued)

Matters as to Which an Estimate Cannot Be Made

For other matters disclosed below, the Company is not currently able to estimate the reasonably possible loss or range of loss. The Company is often unable to estimate the possible loss or range of loss until developments in such matters have provided sufficient information to support an assessment of the range of possible loss, such as quantification of a damage demand from plaintiffs, discovery from other parties and investigation of factual allegations, rulings by the court on motions or appeals, analysis by experts, and the progress of settlement negotiations. On a quarterly and annual basis, the Company reviews relevant information with respect to litigation contingencies and updates its accruals, disclosures and estimates of reasonably possible losses or ranges of loss based on such reviews.

Asbestos-Related Claims

Metropolitan Life Insurance Company is and has been a defendant in a large number of asbestos-related suits filed primarily in state courts. These suits principally allege that the plaintiff or plaintiffs suffered personal injury resulting from exposure to asbestos and seek both actual and punitive damages. Metropolitan Life Insurance Company has never engaged in the business of manufacturing or selling asbestos-containing products nor has Metropolitan Life Insurance Company issued liability or workers’ compensation insurance to companies in the business of manufacturing or selling asbestos-containing products. The lawsuits principally have focused on allegations with respect to certain research, publication and other activities of one or more of Metropolitan Life Insurance Company’s employees during the period from the 1920s through approximately the 1950s and allege that Metropolitan Life Insurance Company learned or should have learned of certain health risks posed by asbestos and, among other things, improperly publicized or failed to disclose those health risks. Metropolitan Life Insurance Company believes that it should not have legal liability in these cases. The outcome of most asbestos litigation matters, however, is uncertain and can be impacted by numerous variables, including differences in legal rulings in various jurisdictions, the nature of the alleged injury and factors unrelated to the ultimate legal merit of the claims asserted against Metropolitan Life Insurance Company.

Metropolitan Life Insurance Company’s defenses include that: (i) Metropolitan Life Insurance Company owed no duty to the plaintiffs; (ii) plaintiffs did not rely on any actions of Metropolitan Life Insurance Company; (iii) Metropolitan Life Insurance Company’s conduct was not the cause of the plaintiffs’ injuries; and (iv) plaintiffs’ exposure occurred after the dangers of asbestos were known. During the course of the litigation, certain trial courts have granted motions dismissing claims against Metropolitan Life Insurance Company, while other trial courts have denied Metropolitan Life Insurance Company’s motions. There can be no assurance that Metropolitan Life Insurance Company will receive favorable decisions on motions in the future. While most cases brought to date have settled, Metropolitan Life Insurance Company intends to continue to defend aggressively against claims based on asbestos exposure, including defending claims at trials.

As reported in the 2021 Annual Report, Metropolitan Life Insurance Company received approximately 2,824 asbestos-related claims in 2021. For the six months ended June 30, 2022 and 2021, Metropolitan Life Insurance Company received approximately 1,319 and 1,304 new asbestos-related claims, respectively. See Note 16 of the Notes to the Consolidated Financial Statements included in the 2021 Annual Report for historical information concerning asbestos claims and Metropolitan Life Insurance Company’s update in its recorded liability at December 31, 2021. The number of asbestos cases that may be brought, the aggregate amount of any liability that Metropolitan Life Insurance Company may incur, and the total amount paid in settlements in any given year are uncertain and may vary significantly from year to year.

The ability of Metropolitan Life Insurance Company to estimate its ultimate asbestos exposure is subject to considerable uncertainty, and the conditions impacting its liability can be dynamic and subject to change. The availability of reliable data is limited and it is difficult to predict the numerous variables that can affect liability estimates, including the number of future claims, the cost to resolve claims, the disease mix and severity of disease in pending and future claims, the willingness of courts to allow plaintiffs to pursue claims against Metropolitan Life Insurance Company when exposure to asbestos took place after the dangers of asbestos exposure were well known, and the impact of any possible future adverse verdicts and their amounts.

The ability to make estimates regarding ultimate asbestos exposure declines significantly as the estimates relate to years further in the future. In the Company’s judgment, there is a future point after which losses cease to be probable and reasonably estimable. It is reasonably possible that the Company’s total exposure to asbestos claims may be materially greater than the asbestos liability currently accrued and that future charges to income may be necessary, but management does not believe any such charges are likely to have a material effect on the Company’s financial position.

70

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

11. Contingencies, Commitments and Guarantees (continued)

The Company believes adequate provision has been made in its interim condensed consolidated financial statements for all probable and reasonably estimable losses for asbestos-related claims. Metropolitan Life Insurance Company’s recorded asbestos liability covers pending claims, claims not yet asserted, and legal defense costs and is based on estimates and includes significant assumptions underlying its analysis.

Metropolitan Life Insurance Company reevaluates on a quarterly and annual basis its exposure from asbestos litigation, including studying its claims experience, reviewing external literature regarding asbestos claims experience in the United States, assessing relevant trends impacting asbestos liability and considering numerous variables that can affect its asbestos liability exposure on an overall or per claim basis. Based upon its regular reevaluation of its exposure from asbestos litigation, Metropolitan Life Insurance Company has updated its liability analysis for asbestos-related claims through June 30, 2022.

Julian & McKinney v. Metropolitan Life Insurance Company (S.D.N.Y., filed February 9, 2017)

Plaintiffs filed this putative class and collective action on behalf of themselves and all current and former long-term disability (“LTD”) claims specialists between February 2011 and the present for alleged wage and hour violations under the Fair Labor Standards Act (“FLSA”), the New York Labor Law, and the Connecticut Minimum Wage Act. The suit alleges that Metropolitan Life Insurance Company improperly reclassified the plaintiffs and similarly situated LTD claims specialists from non-exempt to exempt from overtime pay in November 2013. As a result, they and members of the putative class were no longer eligible for overtime pay even though they allege they continued to work more than 40 hours per week. Plaintiffs seek unspecified compensatory and punitive damages, as well as other relief. On June 29, 2022, the United States District Court for the Southern District of New York entered an offer of judgment disposing of the FLSA claims in exchange for a $3,000 payment to plaintiffs by Metropolitan Life Insurance Company. The parties entered into an agreement to settle the remaining state law claims, and on July 15, 2022, the court entered a stipulation of dismissal with prejudice disposing of those claims. Metropolitan Life Insurance Company has accrued the full amount of the settlement payments in prior periods.

Total Asset Recovery Services, LLC. v. MetLife, Inc., et al. (Supreme Court of the State of New York, County of New York, filed December 27, 2017)

Total Asset Recovery Services (the “Relator”) brought an action under the qui tam provision of the New York False Claims Act (the “Act”) on behalf of itself and the State of New York. The Relator originally filed this action under seal in 2010, and the complaint was unsealed on December 19, 2017. The Relator alleges that MetLife, Inc., Metropolitan Life Insurance Company and several other insurance companies violated the Act by filing false unclaimed property reports with the State of New York from 1986 to 2017, to avoid having to escheat the proceeds of more than 25,000 life insurance policies, including policies for which the defendants escheated funds as part of their demutualizations in the late 1990s. The Relator seeks treble damages and other relief. The Appellate Division of the New York State Supreme Court, First Department, reversed the court’s order granting MetLife, Inc. and Metropolitan Life Insurance Company’s motion to dismiss and remanded the case to the trial court where the Relator has filed an amended complaint. The Company intends to defend the action vigorously.

Matters Related to Group Annuity Benefits

In 2018, the Company announced that it identified a material weakness in its internal control over financial reporting related to the practices and procedures for estimating reserves for certain group annuity benefits. Several regulators have made inquiries into this issue and it is possible that other jurisdictions may pursue similar investigations or inquiries. The Company is also exposed to lawsuits, and could be exposed to additional legal actions relating to this issue. These may result in payments, including damages, fines, penalties, interest and other amounts assessed or awarded by courts or regulatory authorities under applicable escheat, tax, securities, Employee Retirement Income Security Act of 1974, or other laws or regulations. The Company could incur significant costs in connection with these actions.

Commitments

Mortgage Loan Commitments

The Company commits to lend funds under mortgage loan commitments. The amounts of these mortgage loan commitments were $3.5 billion and $3.1 billion at June 30, 2022 and December 31, 2021, respectively.

71

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

11. Contingencies, Commitments and Guarantees (continued)

Commitments to Fund Partnership Investments, Bank Credit Facilities, Bridge Loans and Private Corporate Bond Investments

The Company commits to fund partnership investments and to lend funds under bank credit facilities, bridge loans and private corporate bond investments. The amounts of these unfunded commitments were $4.6 billion and $4.5 billion at June 30, 2022 and December 31, 2021, respectively.

Guarantees

In the normal course of its business, the Company has provided certain indemnities, guarantees and commitments to third parties such that it may be required to make payments now or in the future. In the context of acquisition, disposition, investment and other transactions, the Company has provided indemnities and guarantees, including those related to tax, environmental and other specific liabilities and other indemnities and guarantees that are triggered by, among other things, breaches of representations, warranties or covenants provided by the Company. In addition, in the normal course of business, the Company provides indemnifications to counterparties in contracts with triggers similar to the foregoing, as well as for certain other liabilities, such as third-party lawsuits. These obligations are often subject to time limitations that vary in duration, including contractual limitations and those that arise by operation of law, such as applicable statutes of limitation. In some cases, the maximum potential obligation under the indemnities and guarantees is subject to a contractual limitation ranging from less than $1 million to $274 million, with a cumulative maximum of $378 million, while in other cases such limitations are not specified or applicable. Since certain of these obligations are not subject to limitations, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these guarantees in the future. Management believes that it is unlikely the Company will have to make any material payments under these indemnities, guarantees, or commitments.

In addition, the Company indemnifies its directors and officers as provided in its charters and by-laws. Also, the Company indemnifies its agents for liabilities incurred as a result of their representation of the Company’s interests. Since these indemnities are generally not subject to limitation with respect to duration or amount, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these indemnities in the future.

The Company’s recorded liabilities were $2 million at both June 30, 2022 and December 31, 2021, for indemnities, guarantees and commitments.

12. Related Party Transactions

Service Agreements

The Company has entered into various agreements with affiliates for services necessary to conduct its activities. Typical services provided under these agreements include personnel, policy administrative functions and distribution services. The bases for such charges are modified and adjusted by management when necessary or appropriate to reflect fairly and equitably the actual cost incurred by the Company and/or its affiliates. Expenses and fees incurred with affiliates related to these agreements, recorded in other expenses, were $649 million and $1.3 billion for the three months and six months ended June 30, 2022, respectively, and $593 million and $1.2 billion for the three months and six months ended June 30, 2021, respectively. Total revenues received from affiliates related to these agreements were $11 million and $23 million for the three months and six months ended June 30, 2022, respectively, and $9 million and $21 million for the three months and six months ended June 30, 2021, respectively.

The Company had net payables to affiliates, related to the items discussed above, of $69 million and $143 million at June 30, 2022 and December 31, 2021, respectively.

See Note 5 for additional information on related party transactions.

72

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

12. Related Party Transactions (continued)

Related Party Reinsurance Transactions

The Company has reinsurance agreements with certain of MetLife, Inc.’s subsidiaries, including MetLife Reinsurance Company of Charleston (“MRC”), MetLife Reinsurance Company of Vermont, Metropolitan Tower Life Insurance Company, and MetLife Insurance K.K., all of which are related parties.

Information regarding the significant effects of affiliated reinsurance on the interim condensed consolidated statements of operations and comprehensive income (loss) was as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In millions)
Premiums
Reinsurance assumed	$	2	$	840	$	3	$	842
Reinsurance ceded	(37)		(29)		(68)		(60)
Net premiums	$	(35)	$	811	$	(65)	$	782
Universal life and investment-type product policy fees
Reinsurance assumed	$	—	$	—	$	—	$	—
Reinsurance ceded	(3)		(3)		(7)		(1)
Net universal life and investment-type product policy fees	$	(3)	$	(3)	$	(7)	$	(1)
Other revenues
Reinsurance assumed	$	5	$	5	$	29	$	2
Reinsurance ceded	124		142		247		283
Net other revenues	$	129	$	147	$	276	$	285
Policyholder benefits and claims
Reinsurance assumed	$	6	$	831	$	34	$	832
Reinsurance ceded	(42)		(37)		(81)		(72)
Net policyholder benefits and claims	$	(36)	$	794	$	(47)	$	760
Interest credited to policyholder account balances
Reinsurance assumed	$	12	$	7	$	21	$	14
Reinsurance ceded	(3)		(3)		(6)		(6)
Net interest credited to policyholder account balances	$	9	$	4	$	15	$	8
Other expenses
Reinsurance assumed	$	1	$	19	$	10	$	19
Reinsurance ceded	106		132		190		234
Net other expenses	$	107	$	151	$	200	$	253

73

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

12. Related Party Transactions (continued)

Information regarding the significant effects of affiliated reinsurance on the interim condensed consolidated balance sheets was as follows at:

	June 30, 2022				December 31, 2021
	Assumed		Ceded		Assumed		Ceded
	(In millions)
Assets
Premiums, reinsurance and other receivables	$	472	$	11,637	$	25	$	11,710
Deferred policy acquisition costs and value of business acquired	32		(157)		6		(139)
Total assets	$	504	$	11,480	$	31	$	11,571
Liabilities
Future policy benefits	$	3,053	$	5	$	3,139	$	(10)
Policyholder account balances	1,640		—		366		—
Other policy-related balances	61		(2)		14		—
Other liabilities	910		10,868		894		12,190
Total liabilities	$	5,664	$	10,871	$	4,413	$	12,180

The Company ceded two blocks of business to an affiliate on a 75% coinsurance with funds withheld basis. Certain contractual features of these agreements qualify as embedded derivatives, which are separately accounted for at estimated fair value on the Company’s interim condensed consolidated balance sheets. The embedded derivatives related to the funds withheld associated with these reinsurance agreements are included within other liabilities and were ($16) million and $31 million at June 30, 2022 and December 31, 2021, respectively. Net derivative gains (losses) associated with these embedded derivatives were $22 million and $47 million for the three months and six months ended June 30, 2022, respectively, and ($10) million and $13 million for the three months and six months ended June 30, 2021, respectively.

Certain contractual features of the closed block agreement with MRC create an embedded derivative, which is separately accounted for at estimated fair value on the Company’s interim condensed consolidated balance sheets. The embedded derivative related to the funds withheld associated with this reinsurance agreement was included within other liabilities and was ($76) million and $1.0 billion at June 30, 2022 and December 31, 2021, respectively. Net derivative gains (losses) associated with the embedded derivative were $504 million and $1.1 billion for the three months and six months ended June 30, 2022, respectively, and ($190) million and $229 million for the three months and six months ended June 30, 2021, respectively.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Index to Management’s Discussion and Analysis of Financial Condition and Results of Operations

	Page
Forward-Looking Statements and Other Financial Information	76
Business	76
Summary of Critical Accounting Estimates	77
Results of Operations	78
Adopted Accounting Pronouncements	82
Future Adoption of Accounting Pronouncements	83
Non-GAAP and Other Financial Disclosures	83
Risk Management	83

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Forward-Looking Statements and Other Financial Information

For purposes of this discussion, “MLIC,” the “Company,” “we,” “our” and “us” refer to Metropolitan Life Insurance Company, a New York corporation incorporated in 1868, and its subsidiaries. Metropolitan Life Insurance Company is a wholly-owned subsidiary of MetLife, Inc. (MetLife, Inc., together with its subsidiaries and affiliates, “MetLife”). Management’s narrative analysis of the Company’s results of operations is presented pursuant to General Instruction H(2)(a) of Form 10-Q. This narrative analysis should be read in conjunction with Metropolitan Life Insurance Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Annual Report”), the cautionary language regarding forward-looking statements included below, the “Risk Factors” set forth in Part II, Item 1A, and the additional risk factors referred to therein, and the Company’s interim condensed consolidated financial statements included elsewhere herein.

This narrative analysis may contain or incorporate by reference information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. See “Note Regarding Forward-Looking Statements” for cautionary language regarding forward-looking statements.

This narrative analysis includes references to our performance measure, adjusted earnings, that is not based on accounting principles generally accepted in the United States of America (“GAAP”). See “— Non-GAAP and Other Financial Disclosures” for definitions and a discussion of this and other financial measures, and “— Results of Operations” for reconciliations of historical non-GAAP financial measures to the most directly comparable GAAP measures.

Business

Overview

MLIC is a provider of insurance, annuities, employee benefits and asset management. MLIC is organized into two segments: U.S. and MetLife Holdings. In addition, the Company reports certain of its results of operations in Corporate & Other. See Note 2 of the Notes to the Interim Condensed Consolidated Financial Statements for further information on the Company’s segments and Corporate & Other.

COVID-19 Pandemic and Current Market Conditions

We continue to closely monitor developments relating to the COVID-19 pandemic and assess its impact on our business. We have implemented risk management and business continuity plans and taken preventive measures and other precautions, such as employee business travel restrictions and remote work arrangements which, to date, have enabled us to maintain our critical business processes, customer service levels, relationships with key vendors, financial reporting systems, internal control over financial reporting and disclosure controls and procedures.

The COVID-19 pandemic continues to impact the global economy and financial markets and has caused volatility in the global equity, credit and real estate markets. Governments and central banks around the world responded to the COVID-19 pandemic with unprecedented fiscal and monetary policies, but many of these stimulus programs have concluded due to global economic recovery and rising inflation. In the United States, the Board of Governors of the Federal Reserve System (“Federal Reserve Board”) ended its asset purchase program in March 2022 and began to reduce its holdings on June 1, 2022. The Federal Open Market Committee has raised interest rates four times in 2022; further increases in the target range for the federal funds rate are expected throughout 2022 to combat inflation. During inflationary periods with rising interest rates, the value of fixed income investments falls which could increase realized and unrealized losses, resulting in additional deferred tax assets that may not be realizable.

See “— Results of Operations” for further information regarding the effect of the COVID-19 pandemic on our businesses.

Regulatory Developments

The following discussion on regulatory developments should be read in conjunction with “Business — Regulation” in the 2021 Annual Report, as amended or supplemented here.

Environmental Laws and Regulations

In furtherance of President Biden’s Executive Order on Climate-Related Financial Risk, dated May 20, 2021, the Federal Insurance Office (“FIO”) sought public comment on climate-related financial risks in the insurance industry through November 2021. The FIO’s request for information noted that it will work on assessing how the insurance sector may mitigate climate change impacts and help achieve national climate-related goals. The FIO intends to publish a report by year-end that addresses climate-related issues in the regulation of insurers and climate related disclosures by insurers.

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On March 21, 2022, the U.S. Securities and Exchange Commission proposed rules requiring registrants to provide additional climate-related information in their registration statements and annual reports, including in their financial statements. The proposal sets forth proposed rules for disclosure of climate-related risks, material impacts, governance, risk management, financial statement metrics, greenhouse gas emissions, attestation of emissions disclosures, and targets and goals.

London Interbank Offered Rate

In March 2022, federal legislation was enacted to address the transition from U.S. Dollar London Interbank Offered Rate (“LIBOR”) to alternative reference rates for all U.S. law governed contracts with non-existent or inadequate U.S. Dollar LIBOR fallback provisions. Except with respect to the one-week and two-month U.S. Dollar LIBOR tenors, the federal legislation supersedes all state law addressing the U.S. Dollar LIBOR transition, including legislation enacted in New York in 2021. The implementation of the federal legislation is subject to regulations to be promulgated by the Federal Reserve Board. We continue to assess current and alternative reference rates’ merits, limitations, risks and suitability for our investment and insurance processes.

Summary of Critical Accounting Estimates

The preparation of financial statements in conformity with GAAP requires management to adopt accounting policies and make estimates and assumptions that affect amounts reported on the Interim Condensed Consolidated Financial Statements. The most critical estimates include those used in determining:

(i)    liabilities for future policy benefits and the accounting for reinsurance;

(ii)    capitalization and amortization of deferred policy acquisition costs (“DAC”) and the establishment and amortization of value of business acquired (“VOBA”);

(iii)    estimated fair values of investments in the absence of quoted market values;

(iv)    investment allowance for credit loss and impairments;

(v)    estimated fair values of freestanding derivatives and the recognition and estimated fair value of embedded derivatives requiring bifurcation;

(vi)    measurement of employee benefit plan liabilities;

(vii)    measurement of income taxes and the valuation of deferred tax assets; and

(viii)    liabilities for litigation and regulatory matters.

In applying these policies and estimates, management makes subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain. Many of these policies, estimates and related judgments are common in the insurance and financial services industries; others are specific to our business and operations. Actual results could differ from these estimates.

The Company’s critical accounting estimates are described in “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Summary of Critical Accounting Estimates” and Note 1 of the Notes to the Consolidated Financial Statements included in the 2021 Annual Report.

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Results of Operations

Consolidated Results

	Six Months Ended June 30,
	2022		2021
	(In millions)
Revenues
Premiums	$	11,578	$	12,256
Universal life and investment-type product policy fees	1,039		1,049
Net investment income	5,268		6,221
Other revenues	785		857
Net investment gains (losses)	(309)		502
Net derivative gains (losses)	526		(990)
Total revenues	18,887		19,895
Expenses
Policyholder benefits and claims and policyholder dividends	12,810		14,113
Interest credited to policyholder account balances	1,021		1,023
Capitalization of DAC	(62)		(29)
Amortization of DAC and VOBA	174		72
Interest expense on debt	49		48
Other expenses	2,557		2,300
Total expenses	16,549		17,527
Income (loss) before provision for income tax	2,338		2,368
Provision for income tax expense (benefit)	365		357
Net income (loss)	1,973		2,011
Less: Net income (loss) attributable to noncontrolling interests	2		4
Net income (loss) attributable to Metropolitan Life Insurance Company	$	1,971	$	2,007

Six Months Ended June 30, 2022 Compared with the Six Months Ended June 30, 2021

During the six months ended June 30, 2022, net income (loss) decreased $38 million from the prior period, primarily driven by unfavorable changes in adjusted earnings and net investment gains (losses), largely offset by a favorable change in net derivative gains (losses), net of investment hedge adjustments.

Management of Investment Portfolio and Hedging Market Risks with Derivatives. We manage our investment portfolio using disciplined asset/liability management principles, focusing on cash flow and duration to support our current and future liabilities. Our intent is to match the timing and amount of liability cash outflows with invested assets that have cash inflows of comparable timing and amount, while optimizing risk-adjusted investment income and risk-adjusted total return. Our investment portfolio is heavily weighted toward fixed income investments, with over 80% of our portfolio invested in fixed maturity securities available-for-sale and mortgage loans. These securities and loans have varying maturities and other characteristics which cause them to be generally well suited for matching the cash flow and duration of insurance liabilities.

We purchase investments to support our insurance liabilities and not to generate net investment gains and losses. However, net investment gains and losses are incurred and can change significantly from period to period due to changes in external influences, including changes in market factors such as interest rates, foreign currency exchange rates, credit spreads and equity markets; counterparty specific factors such as financial performance, credit rating and collateral valuation; and internal factors such as portfolio rebalancing. Changes in these factors from period to period can significantly impact the levels of provision for credit loss and impairments on our investment portfolio, as well as realized gains and losses on investments sold.

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We also use derivatives as an integral part of our management of the investment portfolio and insurance liabilities to hedge certain risks, including changes in interest rates, foreign currency exchange rates, credit spreads and equity market levels. We use freestanding interest rate, equity, credit and currency derivatives to hedge certain invested assets and insurance liabilities. A portion of these hedges are designated and qualify as accounting hedges, which reduce volatility in earnings. For those hedges not designated as accounting hedges, changes in market factors lead to the recognition of fair value changes in net derivative gains (losses) generally without an offsetting gain or loss recognized in earnings for the item being hedged, which creates volatility in earnings. We actively evaluate market risk hedging needs and strategies to ensure our liquidity objectives are met under a range of market conditions.

Certain direct or assumed variable annuity products with guaranteed minimum benefits contain embedded derivatives that are measured at estimated fair value separately from the host variable annuity contract, with changes in estimated fair value recorded in net derivative gains (losses). We use freestanding derivatives to hedge the market risks inherent in these variable annuity guarantees. The valuation of these embedded derivatives includes a nonperformance risk adjustment, which is unhedged, and can be a significant driver of net derivative gains (losses) and volatility in earnings, but does not have an economic impact on us.

We continuously review and refine our hedging strategy in light of changing economic and market conditions, evolving National Association of Insurance Commissioners and New York State Department of Financial Services statutory requirements, and accounting rule changes. As a part of our current hedging strategy, we maintain portfolio level derivatives in our macro hedge program. These macro hedge program derivatives, which are included in the non-VA program derivatives section of the table below, mitigate the potential deterioration in our capital positions from significant adverse economic conditions.

Net Derivative Gains (Losses). Direct and assumed variable annuity embedded derivatives and associated freestanding derivative hedges are collectively referred to as “VA program derivatives.” All other derivatives that are economic hedges of certain invested assets and insurance liabilities are referred to as “non-VA program derivatives.” The table below presents the impact on net derivative gains (losses) from non-VA program derivatives and VA program derivatives:

	Six Months Ended June 30,
	2022		2021
	(In millions)
Non-VA program derivatives:
Interest rate	$	(964)	$	(702)
Foreign currency exchange rate	293		51
Credit	(105)		38
Equity	253		(601)
Non-VA embedded derivatives	1,093		221
Total non-VA program derivatives	570		(993)
VA program derivatives:
Embedded derivatives-direct and assumed guarantees:
Market risks	174		488
Nonperformance risk adjustment	(1)		(15)
Other risks	(92)		(60)
Total	81		413
Freestanding derivatives hedging direct and assumed embedded derivatives	(125)		(410)
Total VA program derivatives	(44)		3
Net derivative gains (losses)	$	526	$	(990)

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The favorable change in net derivative gains (losses) on non-VA program derivatives was $1.6 billion ($1.2 billion, net of income tax). This was primarily due to a change in the value of the underlying assets, favorably impacting non-VA embedded derivatives related to funds withheld on a certain reinsurance agreement. In addition, key equity indexes decreased in the current period versus increased in the prior period, favorably impacting equity options and total rate of return swaps acquired primarily as part of our macro hedge program. Because certain of these hedging strategies are not designated or do not qualify as accounting hedges, the changes in the estimated fair value of these freestanding derivatives are recognized in net derivative gains (losses) without an offsetting gain or loss recognized in earnings for the items being hedged.

The unfavorable change in net derivative gains (losses) on VA program derivatives was $47 million ($37 million, net of income tax). This was due to (i) an unfavorable change of $32 million ($25 million, net of income tax) in other risks in embedded derivatives, and (ii) an unfavorable change of $29 million ($23 million, net of income tax) in market risks in embedded derivatives, partially offset by freestanding derivatives hedging market risks in embedded derivatives. These unfavorable variances were partially offset by a favorable change of $14 million ($11 million, net of income tax) in the nonperformance risk adjustment on the direct and assumed variable annuity embedded derivatives.

The aforementioned $32 million ($25 million, net of income tax) unfavorable change in other risks in embedded derivatives reflects actuarial assumption updates and a combination of factors, such as fees deducted from accounts, changes in the benefit base, premiums, lapses, withdrawals and deaths, in addition to changes to cross-effect, basis mismatch, risk margin and fund allocation.

The aforementioned $29 million ($23 million, net of income tax) unfavorable change reflects a $314 million ($248 million, net of income tax) unfavorable change in market risks in embedded derivatives, partially offset by a $285 million ($225 million, net of income tax) favorable change in freestanding derivatives hedging market risks in embedded derivatives.

The primary changes in market factors affecting the valuation of VA program derivatives are summarized as follows:

•Key equity index levels decreased in the current period versus increased in the prior period, contributing to an unfavorable change in our embedded derivatives and a favorable change in our freestanding derivatives. For example, the S&P Global Ratings 500 index decreased 21% in the current period and increased 14% in the prior period.

•Long-term interest rates increased more significantly in the current period compared to the prior period, contributing to an unfavorable change in our freestanding derivatives and a favorable change in our embedded derivatives. For example, the 30-year U.S. swap rate increased 122 basis points in the current period and increased 37 basis points in the prior period.

The aforementioned $14 million ($11 million, net of income tax) favorable change in the nonperformance risk adjustment on the direct and assumed variable annuity embedded derivatives resulted from a favorable change of $16 million ($13 million, net of income tax) related to changes in our own credit spread, partially offset by a slight unfavorable change related to model changes and changes in capital market inputs, such as long-term interest rates and key equity index levels, on variable annuity guarantees.

When equity index levels decrease in isolation, the direct and assumed variable annuity guarantees become more valuable to policyholders, which results in an increase in the undiscounted embedded derivative liability. Discounting this unfavorable change by the risk adjusted rate results in a smaller loss than by discounting at the risk-free rate, thus creating a gain from including an adjustment for nonperformance risk on the direct and assumed variable annuity embedded derivatives.

When the risk-free interest rate decreases in isolation, discounting the embedded derivative liability produces a higher valuation of the liability than if the risk-free interest rate had remained constant. Discounting this unfavorable change by the risk adjusted rate results in a smaller loss than by discounting at the risk-free interest rate, thus creating a gain from including an adjustment for nonperformance risk on the direct and assumed variable annuity embedded derivatives.

When our own credit spread increases in isolation, discounting the embedded derivative liability produces a lower valuation of the liability than if our own credit spread had remained constant. As a result, a gain is created from including an adjustment for nonperformance risk on the direct and assumed variable annuity embedded derivatives. For each of these primary market drivers, the opposite effect occurs when the driver moves in the opposite direction.

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Net Investment Gains (Losses). The unfavorable change in net investment gains (losses) of $811 million ($641 million, net of income tax) primarily reflects: (i) higher losses on sales on fixed maturity securities, (ii) lower gains on sales of real estate investments, and (iii) higher provisions for credit loss on fixed maturity securities, partially offset by (iv) net foreign currency transaction gains in the current period.

Taxes. For the six months ended June 30, 2022, our effective tax rate on income (loss) before provision for income tax was 16%, which differed from the U.S. statutory rate of 21% primarily due to tax benefits from tax credits, the corporate tax deduction for stock compensation and non-taxable investment income. For the six months ended June 30, 2021, our effective tax rate on income (loss) before provision for income tax was 15%, which differed from the U.S. statutory rate of 21% primarily due to tax benefits from non-taxable investment income, tax credits and the corporate tax deduction for stock compensation.

Adjusted Earnings. As more fully described in “— Non-GAAP and Other Financial Disclosures,” we use adjusted earnings, which does not equate to net income (loss), as determined in accordance with GAAP, to analyze our performance, evaluate segment performance, and allocate resources. We believe that the presentation of adjusted earnings, as we measure it for management purposes, enhances the understanding of our performance by highlighting the results of operations and the underlying profitability drivers of the business. Adjusted earnings allows analysis of our performance and facilitates comparisons to industry results. Adjusted earnings should not be viewed as a substitute for net income (loss). Adjusted earnings decreased $911 million, net of income tax, to $1.8 billion, net of income tax, for the six months ended June 30, 2022 from $2.7 billion, net of income tax, for the six months ended June 30, 2021.

Reconciliation of net income (loss) to adjusted earnings and premiums, fees and other revenues to adjusted premiums, fees and other revenues

		Six Months Ended June 30,
		2022		2021
		(In millions)
Net income (loss)		$	1,973	$	2,011
Less: adjustments from net income (loss) to adjusted earnings:
Revenues:
	Net investment gains (losses)	(309)		502
	Net derivative gains (losses)	526		(990)
	Premiums	—		—
	Universal life and investment-type product policy fees	38		39
	Net investment income	(250)		(292)
	Other revenues	—		—
Expenses:
	Policyholder benefits and claims and policyholder dividends	243		(162)
	Interest credited to policyholder account balances	—		2
	Capitalization of DAC	—		—
	Amortization of DAC and VOBA	(28)		19
	Interest expense on debt	—		—
	Other expenses	(2)		8
Provision for income tax (expense) benefit		(47)		172
Adjusted earnings		$	1,802	$	2,713
Premiums, fees and other revenues		$	13,402	$	14,162
Less: adjustments to premiums, fees and other revenues		38		39
Adjusted premiums, fees and other revenues		$	13,364	$	14,123

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Consolidated Results — Adjusted Earnings

Business Overview. Adjusted premiums, fees, and other revenues for the six months ended June 30, 2022 decreased $759 million, or 5%, compared to the prior period, primarily due to a decrease in our pension risk transfer business in the Retirement and Income Solutions (“RIS”) business within our U.S. segment. Changes in RIS premiums are mostly offset by a corresponding change in policyholder benefits. The decrease in RIS was partially offset by an increase in our Group Benefits business, primarily due to growth from our term life, group disability, voluntary products and dental businesses. In our MetLife Holdings segment, we anticipate an annual decline in adjusted premiums, fees and other revenues from expected business run-off.

Six Months Ended June 30, 2022 Compared with the Six Months Ended June 30, 2021

Unless otherwise stated, all amounts discussed below are net of income tax.

Overview. The primary driver of the decrease in adjusted earnings was lower investment yields. In addition, higher expenses were partially offset by favorable underwriting experience.

Business Growth. We benefited from positive net flows from many of our businesses, which increased our average invested asset base. Growth in the investment portfolios of all of our segments, as well as Corporate & Other contributed to improved net investment income. However, consistent with the growth in average invested assets, interest credited expenses on long-duration insurance products increased. In our MetLife Holdings segment, negative net flows from our deferred annuity business resulted in lower asset-based fee income. In addition, premiums declined due to business run-off and the impact of dividend scale reductions in both periods, which decreased adjusted earnings. Also, in our U.S. segment, higher direct expenses, including certain employee-related costs, coupled with an increase in variable expenses, were largely offset by a corresponding increase in premiums, fees and other revenues. The combined impact of the items affecting our business growth, as well as lower DAC amortization, resulted in a $131 million increase in adjusted earnings.

Market Factors. Market factors, including interest rate levels, variability in equity market returns, and foreign currency exchange rate fluctuations, continued to impact our results; however, certain impacts were mitigated by derivatives used to hedge these risks. Investment yields decreased driven by the unfavorable impact of lower equity market returns on our private equity funds, hedge funds and fair value option securities, as well as lower yields on mortgage loans and fixed income securities. These decreases were partially offset by the favorable impact of higher real estate market returns on our real estate investments, primarily real estate funds. In addition, in our deferred annuity business within our MetLife Holdings segment, higher costs associated with our variable annuity guaranteed minimum death benefits resulted in a decrease in adjusted earnings. In our U.S. segment, the impact of interest rate fluctuations resulted in a decline in our average interest credited rates on our long-duration insurance products, which drove a decrease in interest credited expenses. The changes in market factors discussed above, as well as higher DAC amortization, resulted in a $973 million decrease in adjusted earnings.

Underwriting and Other Insurance Adjustments. Underwriting results increased adjusted earnings by $63 million primarily due to favorable mortality in our U.S. segment, partially offset by unfavorable claims experience in our MetLife Holdings segment. Favorable mortality in our U.S. segment was primarily driven by our Group Benefits business, partially offset by less favorable mortality in our RIS business. The favorable Group Benefits mortality was the result of decreases in both incidence and severity of COVID-19 and non-COVID-19 claims. Less favorable mortality in our RIS business was driven by our pension risk transfer business. In our MetLife Holdings segment, claims experience, mainly in our long-term care business, was less favorable reflecting a smaller impact from the COVID-19 pandemic in the current period. Dividend scale reductions, as well as run-off in Metropolitan Life Insurance Company’s closed block, contributed to lower dividend expense, net of DAC amortization, and resulted in a $39 million increase in adjusted earnings.

Expenses. Adjusted earnings decreased $144 million mainly due to an increase in corporate-related expenses and higher interest expense on tax positions due to audit settlements in the prior period.

Taxes. For the six months ended June 30, 2022, our effective tax rate on adjusted earnings was 15%, which differed from the U.S. statutory rate of 21% primarily due to tax benefits from tax credits, the corporate tax deduction for stock compensation and non-taxable investment income. For the six months ended June 30, 2021, our effective tax rate on adjusted earnings was 16%, which differed from the U.S. statutory rate of 21% primarily due to tax benefits from non-taxable investment income, tax credits and the corporate tax deduction for stock compensation.

Adopted Accounting Pronouncements

See Note 1 of the Notes to the Interim Condensed Consolidated Financial Statements.

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Future Adoption of Accounting Pronouncements

See Note 1 of the Notes to the Interim Condensed Consolidated Financial Statements.

Non-GAAP and Other Financial Disclosures

In this report, the Company presents certain measures of its performance that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance the understanding for the Company and our investors of our performance by highlighting the results of operations and the underlying profitability drivers of our business.

The following non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP:

Non-GAAP financial measures:		Comparable GAAP financial measures:
(i)	adjusted premiums, fees and other revenues	(i)	premiums, fees and other revenues
(ii)	adjusted earnings	(ii)	net income (loss)

Reconciliations of these non-GAAP financial measures to the most directly comparable historical GAAP financial measures are included in “— Results of Operations.” Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are not accessible on a forward-looking basis because we believe it is not possible without unreasonable effort to provide other than a range of net investment gains and losses and net derivative gains and losses, which can fluctuate significantly within or outside the range and from period to period and may have a material impact on net income.

Our definitions of non-GAAP and other financial measures discussed in this report may differ from those used by other companies.

Adjusted earnings

This measure is used by management to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings is also our GAAP measure of segment performance. Adjusted earnings allows analysis of our performance and facilitates comparisons to industry results.

Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax. Adjusted loss is defined as negative adjusted earnings. For information relating to adjusted revenues and adjusted expenses, see “Financial Measures and Segment Accounting Policies” in Note 2 of the Notes to the Interim Condensed Consolidated Financial Statements.

The following additional information is relevant to an understanding of our performance results:

•We sometimes refer to sales activity for various products. These sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity.

•Near-term represents one to three years.

Risk Management

See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Risk Management” in the 2021 Annual Report for information on our risk management.

Item 4. Controls and Procedures

Management, with the participation of the Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), has evaluated the effectiveness of the design and operation of the Company’s disclosure controls and procedures as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934 (“Exchange Act”), as of the end of the period covered by this report. Based on that evaluation, the CEO and CFO have concluded that these disclosure controls and procedures are effective.

There were no changes to the Company’s internal control over financial reporting as defined in Exchange Act Rule 13a-15(f) during the quarter ended June 30, 2022 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

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Part II — Other Information

Item 1. Legal Proceedings

See Note 11 of the Notes to the Interim Condensed Consolidated Financial Statements.

Item 1A. Risk Factors

Certain factors that may affect the Company’s business or operations are described under “Risk Factors” in Part I, Item 1A, of the 2021 Annual Report. There have been no material changes to our risk factors from the risk factors previously disclosed in the 2021 Annual Report.

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Item 6. Exhibits

(Note Regarding Reliance on Statements in Our Contracts: In reviewing the agreements included as exhibits to this Quarterly Report on Form 10-Q, please remember that they are included to provide you with information regarding their terms and are not intended to provide any other factual or disclosure information about Metropolitan Life Insurance Company, its subsidiaries or affiliates, or the other parties to the agreements. The agreements contain representations and warranties by each of the parties to the applicable agreement. These representations and warranties have been made solely for the benefit of the other parties to the applicable agreement and (i) should not in all instances be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate; (ii) have been qualified by disclosures that were made to the other party in connection with the negotiation of the applicable agreement, which disclosures are not necessarily reflected in the agreement; (iii) may apply standards of materiality in a way that is different from what may be viewed as material to investors; and (iv) were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement and are subject to more recent developments. Accordingly, these representations and warranties may not describe the actual state of affairs as of the date they were made or at any other time. Additional information about Metropolitan Life Insurance Company, its subsidiaries and affiliates may be found elsewhere in this Quarterly Report on Form 10-Q and Metropolitan Life Insurance Company’s other public filings, which are available without charge through the U.S. Securities and Exchange Commission website at www.sec.gov.)

		Incorporated by Reference
Exhibit No.	Description	Form	File Number	Exhibit	Filing Date	Filed or Furnished Herewith
31.1	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.					X
31.2	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.					X
32.1	Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.					X
32.2	Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.					X
101.SCH	Inline XBRL Taxonomy Extension Schema Document.					X
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document.					X
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document.					X
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document.					X
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document.					X
101.INS	XBRL Instance Document - the instance document does not appear in the Interactive Data file because its XBRL tags are embedded within the Inline XBRL document.					X
104	Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101).					X

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Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

METROPOLITAN LIFE INSURANCE COMPANY
By:	/s/ Tamara L. Schock
	Name:  Tamara L. Schock Title:    Executive Vice President              and Chief Accounting Officer              (Authorized Signatory and Principal               Accounting Officer)

Date: August 9, 2022

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EX-31.1

Exhibit 31.1

CERTIFICATIONS

I, Michel A. Khalaf, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Metropolitan Life Insurance Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 9, 2022

/s/ Michel A. Khalaf

Michel A. Khalaf
President and
Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATIONS

I, John D. McCallion, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Metropolitan Life Insurance Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 9, 2022

/s/ John D. McCallion

John D. McCallion
Executive Vice President and
Chief Financial Officer

EX-32.1

Exhibit 32.1

SECTION 906 CERTIFICATION

CERTIFICATION PURSUANT TO SECTION 1350 OF CHAPTER 63 OF TITLE 18 OF THE UNITED

STATES CODE

I, Michel A. Khalaf, certify that (i) Metropolitan Life Insurance Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 (the “Form 10-Q”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and (ii) the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of Metropolitan Life Insurance Company.

Date: August 9, 2022

/s/ Michel A. Khalaf

Michel A. Khalaf
President and
Chief Executive Officer

EX-32.2

Exhibit 32.2

SECTION 906 CERTIFICATION

CERTIFICATION PURSUANT TO SECTION 1350 OF CHAPTER 63 OF TITLE 18 OF THE UNITED

STATES CODE

I, John D. McCallion, certify that (i) Metropolitan Life Insurance Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 (the “Form 10-Q”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and (ii) the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of Metropolitan Life Insurance Company.

Date: August 9, 2022

/s/ John D. McCallion

John D. McCallion
Executive Vice President and
Chief Financial Officer

XML

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Aug. 09, 2022
Cover [Abstract]
Document Type	10-Q
Entity Registrant Name	Metropolitan Life Insurance Co
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	000-55029
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	13-5581829
Entity Address, Address Line One	200 Park Avenue,
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10166-0188
City Area Code	212
Local Phone Number	578-9500
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000937834
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		494,466,664
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31

XML

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $153,812 and $158,354, respectively; allowance for credit loss of $124 and $53, respectively)	$ 146,107	$ 175,885
Mortgage loans (net of allowance for credit loss of $416 and $536, respectively; includes $150 and $224, respectively, relating to variable interest entities; includes $109 and $127, respectively, under the fair value option and $24 and $0, respectively, of mortgage loans held-for-sale)	61,392	60,219
Policy loans	5,746	5,816
Real estate and real estate joint ventures (includes $1,002 and $1,094, respectively, relating to variable interest entities, $309 and $240, respectively, under the fair value option and $0 and $175, respectively, of real estate held-for-sale)	8,050	7,873
Other limited partnership interests	8,285	8,754
Short-term investments, at estimated fair value	1,550	4,866
Other invested assets (includes $920 and $924, respectively, of leveraged and direct financing leases and $167 and $171, respectively, relating to variable interest entities and allowance for credit loss of $26 and $32, respectively)	20,162	19,860
Total investments	251,292	283,273
Cash and cash equivalents, principally at estimated fair value	10,044	9,957
Accrued investment income	1,759	1,767
Premiums, reinsurance and other receivables	21,187	20,505
Deferred policy acquisition costs and value of business acquired	4,349	2,598
Current income tax recoverable	168	80
Deferred Income Tax Asset	1,247	0
Other assets	4,570	4,526
Separate account assets	93,206	123,851
Total assets	387,822	446,557
Liabilities
Future policy benefits	126,505	132,274
Policyholder account balances	96,029	94,459
Other policy-related balances	8,057	8,094
Policyholder dividends payable	309	312
Policyholder dividend obligation	0	1,682
Payables for collateral under securities loaned and other transactions	17,489	24,866
Short-term debt	100	100
Long-term debt	1,662	1,659
Deferred income tax liability	0	2,036
Other liabilities	24,330	23,796
Separate account liabilities	93,206	123,851
Total liabilities	367,687	413,129
Contingencies, Commitments and Guarantees (Note 11)
Metropolitan Life Insurance Company stockholder’s equity:
Common stock, par value $0.01 per share; 1,000,000,000 shares authorized; 494,466,664 shares issued and outstanding	5	5
Additional paid-in capital	12,476	12,464
Retained earnings	11,277	10,868
Accumulated other comprehensive income (loss)	(3,777)	9,917
Total Metropolitan Life Insurance Company stockholder’s equity	19,981	33,254
Noncontrolling interests	154	174
Total equity	20,135	33,428
Total liabilities and equity	$ 387,822	$ 446,557

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Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Assets
Amortized Cost	$ 153,812	$ 158,354
Amortized cost of fixed maturity securities valuation allowances	124	53
Mortgage loans held-for-sale	24	0
Mortgage loans valuation allowances	416	536
Residential mortgage loans — FVO	61,392	60,219
Real Estate Held-for-sale	0	175
Real estate and real estate joint ventures (includes $1,002 and $1,094, respectively, relating to variable interest entities, $309 and $240, respectively, under the fair value option and $0 and $175, respectively, of real estate held-for-sale)	8,050	7,873
Other Invested Assets - Leveraged and Direct Financing Leases	920	924
Other invested assets relating to variable interest entities	20,162	19,860
Net Investment in Lease, Allowance for Credit Loss	$ 26	$ 32
Metropolitan Life Insurance Company stockholder’s equity:
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	494,466,664	494,466,664
Common stock, shares outstanding	494,466,664	494,466,664
Residential mortgage loans — FVO
Assets
Residential mortgage loans — FVO	$ 109	$ 127
Real estate and real estate joint ventures (includes $1,002 and $1,094, respectively, relating to variable interest entities, $309 and $240, respectively, under the fair value option and $0 and $175, respectively, of real estate held-for-sale)	309	240
Variable interest entity
Assets
Residential mortgage loans — FVO	150	224
Real estate and real estate joint ventures (includes $1,002 and $1,094, respectively, relating to variable interest entities, $309 and $240, respectively, under the fair value option and $0 and $175, respectively, of real estate held-for-sale)	1,002	1,094
Other invested assets relating to variable interest entities	$ 167	$ 171

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Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues
Premiums	$ 5,668	$ 6,451	$ 11,578	$ 12,256
Universal life and investment-type product policy fees	515	514	1,039	1,049
Net investment income	2,442	3,034	5,268	6,221
Other revenues	373	432	785	857
Net investment gains (losses)	(83)	342	(309)	502
Net derivative gains (losses)	345	25	526	(990)
Total revenues	9,260	10,798	18,887	19,895
Expenses
Policyholder benefits and claims	5,936	7,129	12,497	13,708
Interest credited to policyholder account balances	530	512	1,021	1,023
Policyholder dividends	154	200	313	405
Other expenses	1,419	1,205	2,718	2,391
Total expenses	8,039	9,046	16,549	17,527
Income (loss) before provision for income tax	1,221	1,752	2,338	2,368
Provision for income tax expense (benefit)	207	308	365	357
Net income (loss)	1,014	1,444	1,973	2,011
Less: Net income (loss) attributable to noncontrolling interests	2	1	2	4
Net income (loss) attributable to Metropolitan Life Insurance Company	1,012	1,443	1,971	2,007
Comprehensive income (loss)	(7,443)	2,644	(11,721)	228
Less: Comprehensive income (loss) attributable to noncontrolling interests, net of income tax	2	1	2	4
Comprehensive income (loss) attributable to Metropolitan Life Insurance Company	$ (7,445)	$ 2,643	$ (11,723)	$ 224

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Consolidated Statements of Equity (Unaudited) - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Total Metropolitan Life Insurance Company Stockholder’s Equity	Noncontrolling Interests
Beginning Balance at Dec. 31, 2020	$ 34,858	$ 5	$ 12,460	$ 10,548	$ 11,662	$ 34,675	$ 183
Capital contributions from MetLife, Inc.	1		1			1
Dividends to MetLife, Inc.	(1,030)			(1,030)		(1,030)
Net income (loss)	567			564		564	3
Other comprehensive income (loss), net of income tax	(2,983)				(2,983)	(2,983)
Ending Balance at Mar. 31, 2021	31,413	5	12,461	10,082	8,679	31,227	186
Beginning Balance at Dec. 31, 2020	34,858	5	12,460	10,548	11,662	34,675	183
Net income (loss)	2,011
Ending Balance at Jun. 30, 2021	33,660	5	12,462	11,125	9,879	33,471	189
Beginning Balance at Mar. 31, 2021	31,413	5	12,461	10,082	8,679	31,227	186
Capital contributions from MetLife, Inc.	1		1			1
Dividends to MetLife, Inc.	(400)			(400)		(400)
Change in equity of noncontrolling interests	2					0	2
Net income (loss)	1,444			1,443		1,443	1
Other comprehensive income (loss), net of income tax	1,200				1,200	1,200
Ending Balance at Jun. 30, 2021	33,660	5	12,462	11,125	9,879	33,471	189
Beginning Balance at Dec. 31, 2021	33,428	5	12,464	10,868	9,917	33,254	174
Capital contributions from MetLife, Inc.	1		1			1
Dividends to MetLife, Inc.	(881)			(881)		(881)
Change in equity of noncontrolling interests	(20)					0	(20)
Net income (loss)	959			959		959
Other comprehensive income (loss), net of income tax	(5,237)				(5,237)	(5,237)
Ending Balance at Mar. 31, 2022	28,250	5	12,465	10,946	4,680	28,096	154
Beginning Balance at Dec. 31, 2021	33,428	5	12,464	10,868	9,917	33,254	174
Net income (loss)	1,973
Ending Balance at Jun. 30, 2022	20,135	5	12,476	11,277	(3,777)	19,981	154
Beginning Balance at Mar. 31, 2022	28,250	5	12,465	10,946	4,680	28,096	154
Capital contributions from MetLife, Inc.	11		11			11
Dividends to MetLife, Inc.	(681)			(681)		(681)
Change in equity of noncontrolling interests	(2)					0	(2)
Net income (loss)	1,014			1,012		1,012	2
Other comprehensive income (loss), net of income tax	(8,457)				(8,457)	(8,457)
Ending Balance at Jun. 30, 2022	$ 20,135	$ 5	$ 12,476	$ 11,277	$ (3,777)	$ 19,981	$ 154

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Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Statement of Cash Flows [Abstract]
Net cash provided by (used in) operating activities	$ 1,160	$ 968
Cash flows from investing activities
Sales, maturities and repayments of fixed maturity securities available-for-sale	27,410	23,549
Sales, maturities and repayments of equity securities	82	244
Sales, maturities and repayments of mortgage loans	5,667	7,891
Sales, maturities and repayments of real estate and real estate joint ventures	431	733
Sales, maturities and repayments of other limited partnership interests	732	241
Purchases of fixed maturity securities available-for-sale	(23,277)	(23,399)
Purchases of equity securities	(40)	(18)
Purchases of mortgage loans	(7,175)	(4,269)
Purchases of real estate and real estate joint ventures	(263)	(393)
Purchases of other limited partnership interests	(491)	(1,001)
Cash received in connection with freestanding derivatives	1,542	1,214
Cash paid in connection with freestanding derivatives	(2,323)	(4,386)
Cash received from the redemption of an investment in affiliated preferred stock	0	315
Purchases of loans to affiliates	(19)	0
Net change in policy loans	70	88
Net change in short-term investments	3,215	435
Net change in other invested assets	20	184
Net change in property, equipment and leasehold improvements	6	9
Other, net	6	5
Net cash provided by (used in) investing activities	5,593	1,442
Cash flows from financing activities
Policyholder account balances: Deposits	46,124	41,600
Policyholder account balances: Withdrawals	(44,020)	(40,944)
Net change in payables for collateral under securities loaned and other transactions	(7,377)	810
Long-term debt issued	4	0
Long-term debt repaid	(10)	(15)
Financing element on certain derivative instruments and other derivative related transactions, net	200	165
Dividends paid to MetLife, Inc.	(1,562)	(1,430)
Other, net	(16)	(23)
Net cash provided by (used in) financing activities	(6,657)	163
Effect of change in foreign currency exchange rates on cash and cash equivalents balances	(9)	1
Change in cash and cash equivalents	87	2,574
Cash and cash equivalents, beginning of period	9,957	11,337
Cash and cash equivalents, end of period	10,044	13,911
Supplemental disclosures of cash flow information
Net cash paid for Interest	49	48
Net cash paid (received) for Income tax	170	386
Non-cash transactions:
Capital contributions from MetLife, Inc.	12	2
Real estate and real estate joint ventures acquired in satisfaction of debt	129	171
Increase in equity securities due to in-kind distributions received from other limited partnership interests	56	128
Transfer of fixed maturity securities available-for-sale to an affiliate	189	0
Transfer of fair value option securities from an affiliate	186	0
Increase in policyholder account balances associated with funding agreement backed notes issued but not settled	184	0
Increase in other invested assets in connection with an affiliated reinsurance transaction	$ 0	$ 822

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Business, Basis of Presentation and Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Business, Basis of Presentation and Summary of Significant Accounting Policies

1. Business, Basis of Presentation and Summary of Significant Accounting Policies

Business

Metropolitan Life Insurance Company and its subsidiaries (collectively, “MLIC” or the “Company”) is a provider of insurance, annuities, employee benefits and asset management and is organized into two segments: U.S. and MetLife Holdings. Metropolitan Life Insurance Company is a wholly-owned subsidiary of MetLife, Inc. (MetLife, Inc., together with its subsidiaries and affiliates, “MetLife”).

Basis of Presentation

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to adopt accounting policies and make estimates and assumptions that affect amounts reported on the interim condensed consolidated financial statements. In applying these policies and estimates, management makes subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain, including uncertainties associated with the COVID-19 pandemic. Many of these policies, estimates and related judgments are common in the insurance and financial services industries; others are specific to the Company’s business and operations. Actual results could differ from these estimates.

The accompanying interim condensed consolidated financial statements are unaudited and reflect all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in conformity with GAAP. Interim results are not necessarily indicative of full year performance. The December 31, 2021 consolidated balance sheet data was derived from audited consolidated financial statements included in Metropolitan Life Insurance Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Annual Report”), which include all disclosures required by GAAP. Therefore, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company included in the 2021 Annual Report.

Consolidation

The accompanying interim condensed consolidated financial statements include the accounts of MLIC, as well as partnerships and joint ventures in which the Company has a controlling financial interest, and variable interest entities (“VIEs”) for which the Company is the primary beneficiary. Intercompany accounts and transactions have been eliminated.

The Company uses the equity method of accounting or the fair value option (“FVO”) for real estate joint ventures and other limited partnership interests (“investee”) when it has more than a minor ownership interest or more than a minor influence over the investee’s operations. The Company generally recognizes its share of the investee’s earnings in net investment income on a three-month lag in instances where the investee’s financial information is not sufficiently timely or when the investee’s reporting period differs from the Company’s reporting period.

Since the Company is a member of a controlled group of affiliated companies, its results may not be indicative of those of a stand-alone entity.

Recent Accounting Pronouncements

Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASUs”) to the FASB Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. The following tables provide a description of ASUs recently issued by the FASB and the impact of their adoption on the Company’s interim condensed consolidated financial statements.

Adopted Accounting Pronouncements

The table below describes the impacts of the ASUs recently adopted by the Company.

Standard	Description	Effective Date and Method of Adoption	Impact on Financial Statements
ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting; as clarified and amended by ASU 2021-01, Reference Rate Reform (Topic 848):Scope	The guidance provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, with certain exceptions. ASU 2021-01 amends the scope of the recent reference rate reform guidance. New optional expedients allow derivative instruments impacted by changes in the interest rate used for margining, discounting, or contract price alignment to qualify for certain optional relief.	Effective for contract modifications made between March 12, 2020 and December 31, 2022.	The guidance has reduced the operational and financial impacts of contract modifications that replace a reference rate, such as London Interbank Offered Rate (“LIBOR”), affected by reference rate reform. Contract modifications for invested assets and derivative instruments occurred during 2021 and have continued into 2022. Based on actions taken to date, the adoption of the guidance has not had a material impact on the Company’s interim condensed consolidated financial statements. The Company does not expect the adoption of this guidance to have a material ongoing impact and will continue to evaluate the impacts of reference rate reform on contract modifications and hedging relationships through December 31, 2022.
ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance	The guidance requires entities to provide annual disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy and can include tax credits and other forms of government assistance. Entities are required to disclose information about (i) the nature of the transactions and the related accounting policy used to account for the transactions; (ii) the line items on the balance sheet and income statement that are affected by the transactions, including the associated amounts; and (iii) the significant terms and conditions of the transactions, including commitments and contingencies.	Effective for annual periods beginning January 1, 2022, to be applied prospectively.	The Company is in the process of evaluating and preparing the required annual disclosures, as applicable, to be included in its 2022 consolidated financial statements.

Future Adoption of Accounting Pronouncements

ASUs not listed below were assessed and either determined to be not applicable or are not expected to have a material impact on the Company’s interim condensed consolidated financial statements or disclosures. ASUs issued but not yet adopted as of June 30, 2022 that are currently being assessed and may or may not have a material impact on the Company’s interim condensed consolidated financial statements or disclosures are summarized in the table below.

Standard	Description	Effective Date and Method of Adoption	Impact on Financial Statements
ASU 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, as amended by ASU 2019-09, Financial Services—Insurance (Topic 944): Effective Date, as amended by ASU 2020-11, Financial Services—Insurance (Topic 944): Effective Date and Early Application	The guidance (i) prescribes the discount rate to be used in measuring the liability for future policy benefits for traditional and limited payment long-duration contracts, and requires assumptions for those liability valuations to be updated after contract inception, (ii) requires more market-based product guarantees (“market risk benefits”) on certain separate account and other account balance long-duration contracts to be accounted for at fair value, (iii) simplifies the amortization of deferred policy acquisition costs (“DAC”) for virtually all long-duration contracts, and (iv) introduces certain financial statement presentation requirements, as well as significant additional quantitative and qualitative disclosures. The amendments in ASU 2019-09 defer the effective date of ASU 2018-12 to January 1, 2022 for all entities, and the amendments in ASU 2020-11 further defer the effective date of ASU 2018-12 for an additional year to January 1, 2023 for all entities.	January 1, 2023, to be applied retrospectively to January 1, 2021 (with early adoption permitted). Estimated impacts from adoption as of the transition date of January 1, 2021 are measured using market assumptions appropriate as of that date. Such estimates do not reflect changes in market assumptions subsequent to January 1, 2021.	The Company’s implementation efforts and the evaluation of the impacts of the guidance on its consolidated financial statements, as well as its systems, processes, and controls, continue to progress. Given the nature and extent of the required changes to a significant portion of the Company’s operations, the adoption of this guidance is expected to have a material impact on its financial position, results of operations, and disclosures. The Company will adopt the guidance effective January 1, 2023. The modified retrospective approach will be used, except in regard to market risk benefits where the Company will use the full retrospective approach. Based upon these transition methods, the Company currently estimates that the January 1, 2021 transition date impact from adoption is expected to result in a decrease to total equity in a range of approximately $16.0 billion to $18.5 billion, net of income tax. The expected decrease in total equity includes the estimated impact to Accumulated other comprehensive income (loss) (“AOCI”) which, as of the transition date, is expected to result in a decrease in a range of approximately $12.5 billion to $14.0 billion, net of income tax. The most significant drivers of the expected decrease in AOCI are the anticipated impacts of the changes in the discount rates as of the transition date to be used in measuring the liability for future policy benefits for traditional and limited payment contracts and the non-performance risk in the valuation of the Company’s market risk benefits. The expected decrease in AOCI is expected to be partially offset by the removal of loss recognition balances recorded in AOCI related to unrealized investment gains associated with certain long-duration products. The expected decrease in total equity also includes the estimated impact to retained earnings which, from adoption, is expected to result in a decrease in a range of approximately $3.5 billion to $4.5 billion, net of income tax. This decrease results from the requirement to account for variable annuity guarantees as market risk benefits measured at fair value (except for the changes in fair value already recognized under an existing accounting model) and other valuation impacts to the liability for future policy benefits.

Standard	Description	Effective Date and Method of Adoption	Impact on Financial Statements
ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions	The amendments in this update clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. In addition, the amendments clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The amendments also require entities that hold equity securities subject to contractual sale restrictions to make disclosures about the fair value of such equity securities, the nature and remaining duration of the restriction(s) and, the circumstances that could cause a lapse in the restriction(s).	January 1, 2024, to be applied prospectively with any adjustments from the adoption of the amendments recognized in earnings and disclosed on the date of adoption (with early adoption permitted).	The Company is currently evaluating the impact of the guidance on its interim condensed consolidated financial statements.
ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures	The amendments in the new ASU eliminate the accounting guidance for troubled debt restructurings (“TDRs”) by creditors that have adopted the current expected credit loss guidance while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. In addition, the amendments require that a public business entity disclose current-period gross write-offs by year of origination for financing receivables and net investment in leases.	January 1, 2023, to be applied prospectively; however, for the transition method related to the recognition and measurement of TDRs, an entity can apply a modified retrospective transition method, resulting in a cumulative-effect adjustment to retained earnings in the period of adoption. Entities are permitted to early adopt these amendments, including adoption in any interim period, provided that the amendments are adopted as of the beginning of the annual reporting period that includes the interim period of adoption. In addition, entities are permitted to elect to early adopt the amendments related to TDRs accounting and related disclosure enhancements separately from the amendments related to certain vintage disclosures.	The Company is currently evaluating the impact of the guidance on its interim condensed consolidated financial statements and the alternative methods of adoption.
ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers	The guidance indicates how to determine whether a contract liability is recognized by the acquirer in a business combination and provides specific guidance on how to recognize and measure acquired contract assets and contract liabilities from revenue contracts in a business combination.	January 1, 2023, to be applied prospectively (with early adoption permitted).	The Company is currently evaluating the impact of the guidance on its interim condensed consolidated financial statements.

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Segment Information

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Segment Information

2. Segment Information

The Company is organized into two segments: U.S. and MetLife Holdings. In addition, the Company reports certain of its results of operations in Corporate & Other.

U.S.

The U.S. segment offers a broad range of protection products and services aimed at serving the financial needs of customers throughout their lives. These products are sold to corporations and their respective employees, other institutions and their respective members, as well as individuals. The U.S. segment is organized into two businesses: Group Benefits and Retirement and Income Solutions (“RIS”).

•The Group Benefits business offers products such as term, variable and universal life insurance, dental, group and individual disability and accident & health insurance.

•The RIS business offers a broad range of life and annuity-based insurance and investment products, including stable value and pension risk transfer products, institutional income annuities, structured settlements, benefit funding solutions and capital markets investment products.

MetLife Holdings

The MetLife Holdings segment consists of operations relating to products and businesses that the Company no longer actively markets. These include variable, universal, term and whole life insurance, variable, fixed and index-linked annuities and long-term care insurance.

Corporate & Other

Corporate & Other contains various start-up, developing and run-off businesses, including the Company’s ancillary non-U.S. operations. Also included in Corporate & Other are: the excess capital, as well as certain charges and activities, not allocated to the segments (including enterprise-wide strategic initiative restructuring charges), interest expense related to the majority of the Company’s outstanding debt, expenses associated with certain legal proceedings and income tax audit issues, and the elimination of intersegment amounts (which generally relate to affiliated reinsurance and intersegment loans, bearing interest rates commensurate with related borrowings).

Financial Measures and Segment Accounting Policies

Adjusted earnings is used by management to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings is also the Company’s GAAP measure of segment performance and is reported below. Adjusted earnings should not be viewed as a substitute for net income (loss). The Company believes the presentation of adjusted earnings, as the Company measures it for management purposes, enhances the understanding of its performance by highlighting the results of operations and the underlying profitability drivers of the business.

Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax.

The financial measures of adjusted revenues and adjusted expenses focus on the Company’s primary businesses principally by excluding the impact of market volatility, which could distort trends, and revenues and costs related to non-core products and certain entities required to be consolidated under GAAP. Also, these measures exclude results of discontinued operations under GAAP and other businesses that have been or will be sold or exited by MLIC but do not meet the discontinued operations criteria under GAAP and are referred to as divested businesses. Divested businesses also include the net impact of transactions with exited businesses that have been eliminated in consolidation under GAAP and costs relating to businesses that have been or will be sold or exited by MLIC that do not meet the criteria to be included in results of discontinued operations under GAAP. Adjusted revenues also excludes net investment gains (losses) and net derivative gains (losses).

The following additional adjustments are made to revenues, in the line items indicated, in calculating adjusted revenues:

•Universal life and investment-type product policy fees excludes the amortization of unearned revenue related to net investment gains (losses) and net derivative gains (losses) and certain variable annuity guaranteed minimum income benefits (“GMIBs”) fees (“GMIB fees”); and

•Net investment income: (i) includes adjustments for earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment, (ii) excludes post-tax adjusted earnings adjustments relating to insurance joint ventures accounted for under the equity method, (iii) excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP and (iv) includes distributions of profits from certain other limited partnership interests that were previously accounted for under the cost method, but are now accounted for at estimated fair value, where the change in estimated fair value is recognized in net investment gains (losses) under GAAP.

The following additional adjustments are made to expenses, in the line items indicated, in calculating adjusted expenses:

•Policyholder benefits and claims and policyholder dividends excludes: (i) amortization of basis adjustments associated with de-designated fair value hedges of future policy benefits, (ii) changes in the policyholder dividend obligation related to net investment gains (losses) and net derivative gains (losses), (iii) amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass-through adjustments, (iv) benefits and hedging costs related to GMIBs (“GMIB costs”) and (v) market value adjustments associated with surrenders or terminations of contracts (“Market value adjustments”);

•Interest credited to policyholder account balances includes adjustments for earned income on derivatives and amortization of premium on derivatives that are hedges of policyholder account balances but do not qualify for hedge accounting treatment;

•Amortization of DAC and value of business acquired (“VOBA”) excludes amounts related to: (i) net investment gains (losses) and net derivative gains (losses), (ii) GMIB fees and GMIB costs and (iii) Market value adjustments;

•Interest expense on debt excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP; and

•Other expenses excludes: (i) noncontrolling interests, (ii) acquisition, integration and other costs, and (iii) goodwill impairments.

The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax rate, which could differ from the Company’s effective tax rate. Additionally, the provision for income tax (expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax reforms.

Set forth in the tables below is certain financial information with respect to the Company’s segments, as well as Corporate & Other, for the three months and six months ended June 30, 2022 and 2021. The segment accounting policies are the same as those used to prepare the Company’s interim condensed consolidated financial statements, except for adjusted earnings adjustments as defined above. In addition, segment accounting policies include the method of capital allocation described below.

Economic capital is an internally developed risk capital model, the purpose of which is to measure the risk in the business and to provide a basis upon which capital is deployed. The economic capital model accounts for the unique and specific nature of the risks inherent in MetLife’s and the Company’s businesses.

MetLife’s economic capital model, coupled with considerations of local capital requirements, aligns segment allocated equity with emerging standards and consistent risk principles. The model applies statistics-based risk evaluation principles to the material risks to which the Company is exposed. These consistent risk principles include calibrating required economic capital shock factors to a specific confidence level and time horizon while applying an industry standard method for the inclusion of diversification benefits among risk types. MetLife’s management is responsible for the ongoing production and enhancement of the economic capital model and reviews its approach periodically to ensure that it remains consistent with emerging industry practice standards.

Segment net investment income is credited or charged based on the level of allocated equity; however, changes in allocated equity do not impact the Company’s consolidated net investment income, net income (loss) or adjusted earnings.

Net investment income is based upon the actual results of each segment’s specifically identifiable investment portfolios adjusted for allocated equity. Other costs are allocated to each of the segments based upon: (i) a review of the nature of such costs; (ii) time studies analyzing the amount of employee compensation costs incurred by each segment; and (iii) cost estimates included in the Company’s product pricing.

Three Months Ended June 30, 2022	U.S.		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	5,046	$	622	$	—	$	5,668	$	—	$	5,668
Universal life and investment-type product policy fees	277		219		—		496		19		515
Net investment income	1,477		1,146		(62)		2,561		(119)		2,442
Other revenues	220		27		126		373		—		373
Net investment gains (losses)	—		—		—		—		(83)		(83)
Net derivative gains (losses)	—		—		—		—		345		345
Total revenues	7,020		2,014		64		9,098		162		9,260
Expenses
Policyholder benefits and claims and policyholder dividends	4,979		1,259		—		6,238		(148)		6,090
Interest credited to policyholder account balances	364		161		5		530		—		530
Capitalization of DAC	(12)		—		(23)		(35)		—		(35)
Amortization of DAC and VOBA	12		59		1		72		31		103
Interest expense on debt	1		2		22		25		—		25
Other expenses	823		190		311		1,324		2		1,326
Total expenses	6,167		1,671		316		8,154		(115)		8,039
Provision for income tax expense (benefit)	178		68		(97)		149		58		207
Adjusted earnings	$	675	$	275	$	(155)	795
Adjustments to:
Total revenues							162
Total expenses							115
Provision for income tax (expense) benefit							(58)
Net income (loss)							$	1,014			$	1,014

Three Months Ended June 30, 2021	U.S.		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	5,760	$	691	$	—	$	6,451	$	—	$	6,451
Universal life and investment-type product policy fees	274		221		—		495		19		514
Net investment income	1,804		1,400		(28)		3,176		(142)		3,034
Other revenues	222		66		144		432		—		432
Net investment gains (losses)	—		—		—		—		342		342
Net derivative gains (losses)	—		—		—		—		25		25
Total revenues	8,060		2,378		116		10,554		244		10,798
Expenses
Policyholder benefits and claims and policyholder dividends	5,917		1,319		—		7,236		93		7,329
Interest credited to policyholder account balances	346		167		—		513		(1)		512
Capitalization of DAC	(10)		—		—		(10)		—		(10)
Amortization of DAC and VOBA	6		38		—		44		(12)		32
Interest expense on debt	1		1		22		24		—		24
Other expenses	813		210		141		1,164		(5)		1,159
Total expenses	7,073		1,735		163		8,971		75		9,046
Provision for income tax expense (benefit)	205		130		(74)		261		47		308
Adjusted earnings	$	782	$	513	$	27	1,322
Adjustments to:
Total revenues							244
Total expenses							(75)
Provision for income tax (expense) benefit							(47)
Net income (loss)							$	1,444			$	1,444

Six Months Ended June 30, 2022	U.S.		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	10,334	$	1,244	$	—	$	11,578	$	—	$	11,578
Universal life and investment-type product policy fees	563		438		—		1,001		38		1,039
Net investment income	3,106		2,426		(14)		5,518		(250)		5,268
Other revenues	463		70		252		785		—		785
Net investment gains (losses)	—		—		—		—		(309)		(309)
Net derivative gains (losses)	—		—		—		—		526		526
Total revenues	14,466		4,178		238		18,882		5		18,887
Expenses
Policyholder benefits and claims and policyholder dividends	10,539		2,514		—		13,053		(243)		12,810
Interest credited to policyholder account balances	693		322		6		1,021		—		1,021
Capitalization of DAC	(35)		—		(27)		(62)		—		(62)
Amortization of DAC and VOBA	26		119		1		146		28		174
Interest expense on debt	3		3		43		49		—		49
Other expenses	1,684		391		480		2,555		2		2,557
Total expenses	12,910		3,349		503		16,762		(213)		16,549
Provision for income tax expense (benefit)	324		166		(172)		318		47		365
Adjusted earnings	$	1,232	$	663	$	(93)	1,802
Adjustments to:
Total revenues							5
Total expenses							213
Provision for income tax (expense) benefit							(47)
Net income (loss)							$	1,973			$	1,973

Six Months Ended June 30, 2021	U.S.		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	10,897	$	1,359	$	—	$	12,256	$	—	$	12,256
Universal life and investment-type product policy fees	561		449		—		1,010		39		1,049
Net investment income	3,651		2,891		(29)		6,513		(292)		6,221
Other revenues	446		124		287		857		—		857
Net investment gains (losses)	—		—		—		—		502		502
Net derivative gains (losses)	—		—		—		—		(990)		(990)
Total revenues	15,555		4,823		258		20,636		(741)		19,895
Expenses
Policyholder benefits and claims and policyholder dividends	11,368		2,583		—		13,951		162		14,113
Interest credited to policyholder account balances	691		334		—		1,025		(2)		1,023
Capitalization of DAC	(29)		—		—		(29)		—		(29)
Amortization of DAC and VOBA	22		69		—		91		(19)		72
Interest expense on debt	3		2		43		48		—		48
Other expenses	1,609		431		268		2,308		(8)		2,300
Total expenses	13,664		3,419		311		17,394		133		17,527
Provision for income tax expense (benefit)	393		285		(149)		529		(172)		357
Adjusted earnings	$	1,498	$	1,119	$	96	2,713
Adjustments to:
Total revenues							(741)
Total expenses							(133)
Provision for income tax (expense) benefit							172
Net income (loss)							$	2,011			$	2,011

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

	June 30, 2022		December 31, 2021
	(In millions)
U.S.	$	219,410	$	256,381
MetLife Holdings	138,644		161,614
Corporate & Other	29,768		28,562
Total	$	387,822	$	446,557

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Insurance

6 Months Ended

Jun. 30, 2022

Insurance [Abstract]

Insurance

3. Insurance

Guarantees

As discussed in Notes 1 and 3 of the Notes to the Consolidated Financial Statements included in the 2021 Annual Report, the Company issues directly and assumes through reinsurance variable annuity products with guaranteed minimum benefits. Guaranteed minimum accumulation benefits (“GMABs”), the non-life contingent portion of guaranteed minimum withdrawal benefits (“GMWBs”) and certain non-life contingent portions of GMIBs are accounted for as embedded derivatives in policyholder account balances and are further discussed in Note 6.

The Company also issues other annuity contracts that apply a lower rate on funds deposited if the contractholder elects to surrender the contract for cash and a higher rate if the contractholder elects to annuitize. These guarantees include benefits that are payable in the event of death, maturity or at annuitization. Certain other annuity contracts contain guaranteed annuitization benefits that may be above what would be provided by the current account value of the contract. Additionally, the Company issues universal and variable life contracts where the Company contractually guarantees to the contractholder a secondary guarantee or a guaranteed paid-up benefit.

Information regarding the Company’s guarantee exposure, which includes direct business, but excludes offsets from hedging or reinsurance, if any, was as follows at:

	June 30, 2022						December 31, 2021
	In the Event of Death			At Annuitization			In the Event of Death			At Annuitization
	(Dollars in millions)
Annuity Contracts:
Variable Annuity Guarantees:
Total account value (1), (2)	$	38,733		$	15,503		$	48,868		$	20,140
Separate account value (1)	$	29,933		$	14,726		$	39,882		$	19,347
Net amount at risk	$	4,055	(3)	$	569	(4)	$	1,160	(3)	$	461	(4)
Average attained age of contractholders	69 years			69 years			69 years			66 years
Other Annuity Guarantees:
Total account value (1), (2)	N/A			$	135		N/A			$	135
Net amount at risk	N/A			$	67	(5)	N/A			$	70	(5)
Average attained age of contractholders	N/A			56 years			N/A			55 years

	June 30, 2022				December 31, 2021
	Secondary Guarantees		Paid-Up Guarantees		Secondary Guarantees		Paid-Up Guarantees
	(Dollars in millions)
Universal and Variable Life Contracts:
Total account value (1), (2)	$	4,793	$	807	$	5,935	$	826
Net amount at risk (6)	$	37,736	$	5,010	$	37,482	$	5,181
Average attained age of policyholders	59 years		66 years		59 years		65 years

__________________

(1)The Company’s annuity and life contracts with guarantees may offer more than one type of guarantee in each contract. Therefore, the amounts listed above may not be mutually exclusive.

(2)Includes the contractholders’ investments in the general account and separate account, if applicable.

(3)Defined as the death benefit less the total account value, as of the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts on the balance sheet date and includes any additional contractual claims associated with riders purchased to assist with covering income taxes payable upon death.

(4)Defined as the amount (if any) that would be required to be added to the total account value to purchase a lifetime income stream, based on current annuity rates, equal to the minimum amount provided under the guaranteed benefit. This amount represents the Company’s potential economic exposure to such guarantees in the event all contractholders were to annuitize on the balance sheet date, even though the contracts contain terms that allow annuitization of the guaranteed amount only after the 10th anniversary of the contract, which not all contractholders have achieved.

(5)Defined as either the excess of the upper tier, adjusted for a profit margin, less the lower tier, as of the balance sheet date or the amount (if any) that would be required to be added to the total account value to purchase a lifetime income stream, based on current annuity rates, equal to the minimum amount provided under the guaranteed benefit. These amounts represent the Company’s potential economic exposure to such guarantees in the event all contractholders were to annuitize on the balance sheet date.

(6)Defined as the guarantee amount less the account value, as of the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts on the balance sheet date.

Liabilities for Unpaid Claims and Claim Expenses

Rollforward of Claims and Claim Adjustment Expenses

Information regarding the liabilities for unpaid claims and claim adjustment expenses was as follows:

	Six Months Ended June 30,
	2022		2021
	(In millions)
Balance, beginning of period	$	15,059	$	13,523
Less: Reinsurance recoverables	2,263		1,639
Net balance, beginning of period	12,796		11,884
Incurred related to:
Current period	10,379		9,917
Prior periods (1)	316		436
Total incurred	10,695		10,353
Paid related to:
Current period	(5,911)		(6,044)
Prior periods	(4,411)		(4,135)
Total paid	(10,322)		(10,179)
Net balance, end of period	13,169		12,058
Add: Reinsurance recoverables	2,147		2,078
Balance, end of period (included in future policy benefits and other policy-related balances)	$	15,316	$	14,136

__________________

(1)The six months ended June 30, 2022 and 2021 include incurred claim activity and claim adjustment expenses associated with prior periods but reported in the respective current period, which contain impacts related to the COVID-19 pandemic, partially offset by additional premiums recorded for experience-rated contracts that are not reflected in the table above.

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Closed Block

6 Months Ended

Jun. 30, 2022

Closed Block Disclosure [Abstract]

Closed Block

4. Closed Block

On April 7, 2000 (the “Demutualization Date”), Metropolitan Life Insurance Company converted from a mutual life insurance company to a stock life insurance company and became a wholly-owned subsidiary of MetLife, Inc. The conversion was pursuant to an order by the New York Superintendent of Insurance approving Metropolitan Life Insurance Company’s plan of reorganization, as amended (the “Plan of Reorganization”). On the Demutualization Date, Metropolitan Life Insurance Company established a closed block for the benefit of holders of certain individual life insurance policies of Metropolitan Life Insurance Company.

Experience within the closed block, in particular mortality and investment yields, as well as realized and unrealized gains and losses, directly impact the policyholder dividend obligation. Amortization of the closed block DAC, which resides outside of the closed block, is based upon cumulative actual and expected earnings within the closed block. Accordingly, the Company’s net income continues to be sensitive to the actual performance of the closed block.

Closed block assets, liabilities, revenues and expenses are combined on a line-by-line basis with the assets, liabilities, revenues and expenses outside the closed block based on the nature of the particular item.

Information regarding the closed block liabilities and assets designated to the closed block was as follows at:

	June 30, 2022		December 31, 2021
	(In millions)
Closed Block Liabilities
Future policy benefits	$	37,593	$	38,046
Other policy-related balances	274		290
Policyholder dividends payable	250		253
Policyholder dividend obligation	—		1,682
Deferred income tax liability	—		210
Other liabilities	368		263
Total closed block liabilities	38,485		40,744
Assets Designated to the Closed Block
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	21,257		25,669
Mortgage loans	6,624		6,417
Policy loans	4,120		4,191
Real estate and real estate joint ventures	583		565
Other invested assets	726		556
Total investments	33,310		37,398
Cash and cash equivalents	201		126
Accrued investment income	379		384
Premiums, reinsurance and other receivables	43		50
Current income tax recoverable	91		81
Deferred income tax asset	196		—
Total assets designated to the closed block	34,220		38,039
Excess of closed block liabilities over assets designated to the closed block	4,265		2,705
AOCI:
Unrealized investment gains (losses), net of income tax	(460)		2,562
Unrealized gains (losses) on derivatives, net of income tax	257		107
Allocated to policyholder dividend obligation, net of income tax	—		(1,329)
Total amounts included in AOCI	(203)		1,340
Maximum future earnings to be recognized from closed block assets and liabilities	$	4,062	$	4,045

Information regarding the closed block policyholder dividend obligation was as follows:

	Six Months Ended June 30, 2022		Year   Ended   December 31, 2021
	(In millions)
Balance, beginning of period	$	1,682	$	2,969
Change in unrealized investment and derivative gains (losses)	(1,682)		(1,287)
Balance, end of period	$	—	$	1,682

Information regarding the closed block revenues and expenses was as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In millions)
Revenues
Premiums	$	274	$	325	$	549	$	645
Net investment income	352		382		713		775
Net investment gains (losses)	(16)		(11)		(48)		(5)
Net derivative gains (losses)	8		6		11		7
Total revenues	618		702		1,225		1,422
Expenses
Policyholder benefits and claims	462		520		945		1,066
Policyholder dividends	128		173		261		351
Other expenses	23		24		46		49
Total expenses	613		717		1,252		1,466
Revenues, net of expenses before provision for income tax expense (benefit)	5		(15)		(27)		(44)
Provision for income tax expense (benefit)	1		(3)		(6)		(9)
Revenues, net of expenses and provision for income tax expense (benefit)	$	4	$	(12)	$	(21)	$	(35)

Metropolitan Life Insurance Company charges the closed block with federal income taxes, state and local premium taxes and other state or local taxes, as well as investment management expenses relating to the closed block as provided in the Plan of Reorganization. Metropolitan Life Insurance Company also charges the closed block for expenses of maintaining the policies included in the closed block.

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Investments

6 Months Ended

Jun. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Investments

5. Investments

Fixed Maturity Securities Available-for-Sale

Fixed Maturity Securities Available-for-Sale by Sector

The following table presents fixed maturity securities available-for-sale (“AFS”) by sector. U.S. corporate and foreign corporate sectors include redeemable preferred stock. Residential mortgage-backed securities (“RMBS”) includes agency, prime, alternative and sub-prime mortgage-backed securities. Asset-backed securities and collateralized loan obligations (“ABS & CLO”), previously disclosed as ABS in the 2021 Annual Report, includes securities collateralized by consumer loans, corporate loans and broadly syndicated bank loans. Municipals includes taxable and tax-exempt revenue bonds and, to a much lesser extent, general obligations of states, municipalities and political subdivisions. Commercial mortgage-backed securities (“CMBS”) primarily includes securities collateralized by multiple commercial mortgage loans. RMBS, ABS & CLO and CMBS are, collectively, “Structured Products.”

	June 30, 2022										December 31, 2021
	Amortized Cost				Gross Unrealized				Estimated Fair Value		Amortized Cost				Gross Unrealized				Estimated Fair Value
Sector			Allowance for Credit Loss		Gains		Losses						Allowance for Credit Loss		Gains		Losses
	(In millions)
U.S. corporate	$	52,289	$	(27)	$	1,174	$	3,389	$	50,047	$	51,328	$	(30)	$	7,257	$	153	$	58,402
U.S. government and agency	22,219		—		1,295		1,175		22,339		26,782		—		4,568		128		31,222
Foreign corporate	27,944		(7)		282		3,653		24,566		27,475		(10)		2,651		431		29,685
RMBS	21,279		—		321		1,453		20,147		22,082		—		1,198		135		23,145
ABS & CLO	12,429		—		10		629		11,810		12,787		—		127		35		12,879
Municipals	7,157		—		526		383		7,300		6,884		—		1,849		5		8,728
CMBS	6,485		(13)		4		382		6,094		6,686		(13)		237		32		6,878
Foreign government	4,010		(77)		203		332		3,804		4,330		—		698		82		4,946
Total fixed maturity securities AFS	$	153,812	$	(124)	$	3,815	$	11,396	$	146,107	$	158,354	$	(53)	$	18,585	$	1,001	$	175,885

The Company held non-income producing fixed maturity securities AFS with an estimated fair value of $105 million and $19 million at June 30, 2022 and December 31, 2021, respectively, with unrealized gains (losses) of ($13) million and $10 million at June 30, 2022 and December 31, 2021, respectively.

Maturities of Fixed Maturity Securities AFS

The amortized cost, net of allowance for credit loss (“ACL”), and estimated fair value of fixed maturity securities AFS, by contractual maturity date, were as follows at June 30, 2022:

	Due in One Year or Less		Due After  One Year Through Five Years		Due After Five Years Through Ten Years		Due After Ten Years		Structured Products		Total Fixed Maturity Securities AFS
	(In millions)
Amortized cost, net of ACL	$	2,828	$	25,685	$	27,523	$	57,472	$	40,180	$	153,688
Estimated fair value	$	2,674	$	24,756	$	26,154	$	54,472	$	38,051	$	146,107

Actual maturities may differ from contractual maturities due to the exercise of call or prepayment options. Fixed maturity securities AFS not due at a single maturity date have been presented in the year of final contractual maturity. Structured Products are shown separately, as they are not due at a single maturity.

Continuous Gross Unrealized Losses for Fixed Maturity Securities AFS by Sector

The following table presents the estimated fair value and gross unrealized losses of fixed maturity securities AFS in an unrealized loss position without an ACL by sector and aggregated by length of time that the securities have been in a continuous unrealized loss position.

	June 30, 2022								December 31, 2021
	Less than 12 Months				Equal to or Greater than 12 Months				Less than 12 Months				Equal to or Greater than 12 Months
Sector & Credit Quality	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
	(Dollars in millions)
U.S. corporate	$	31,816	$	3,130	$	1,350	$	258	$	4,503	$	83	$	784	$	70
U.S. government and agency	11,211		1,019		464		156		10,063		78		523		49
Foreign corporate	19,028		3,215		1,575		438		4,079		199		1,348		232
RMBS	14,320		1,219		1,352		234		7,481		111		314		24
ABS & CLO	10,213		564		921		65		5,643		25		593		10
Municipals	2,696		378		13		5		154		4		17		1
CMBS	5,260		331		507		51		1,613		20		355		12
Foreign government	1,778		271		145		57		497		37		148		45
Total fixed maturity securities AFS	$	96,322	$	10,127	$	6,327	$	1,264	$	34,033	$	557	$	4,082	$	443
Investment grade	$	89,669	$	9,247	$	5,325	$	1,060	$	31,419	$	454	$	3,273	$	353
Below investment grade	6,653		880		1,002		204		2,614		103		809		90
Total fixed maturity securities AFS	$	96,322	$	10,127	$	6,327	$	1,264	$	34,033	$	557	$	4,082	$	443
Total number of securities in an unrealized loss position	9,492				727				2,549				427

Evaluation of Fixed Maturity Securities AFS for Credit Loss

Evaluation and Measurement Methodologies

Management considers a wide range of factors about the security issuer and uses its best judgment in evaluating the cause of the decline in the estimated fair value of the security and in assessing the prospects for near-term recovery. Inherent in management’s evaluation of the security are assumptions and estimates about the operations of the issuer and its future earnings potential. Considerations used in the credit loss evaluation process include, but are not limited to: (i) the extent to which the estimated fair value has been below amortized cost, (ii) adverse conditions specifically related to a security, an industry sector or sub-sector, or an economically depressed geographic area, adverse change in the financial condition of the issuer of the security, changes in technology, discontinuance of a segment of the business that may affect future earnings, and changes in the quality of credit enhancement, (iii) payment structure of the security and likelihood of the issuer being able to make payments, (iv) failure of the issuer to make scheduled interest and principal payments, (v) whether the issuer, or series of issuers or an industry has suffered a catastrophic loss or has exhausted natural resources, (vi) whether the Company has the intent to sell or will more likely than not be required to sell a particular security before the decline in estimated fair value below amortized cost recovers, (vii) with respect to Structured Products, changes in forecasted cash flows after considering the changes in the financial condition of the underlying loan obligors and quality of underlying collateral, expected prepayment speeds, current and forecasted loss severity, consideration of the payment terms of the underlying assets backing a particular security, and the payment priority within the tranche structure of the security, (viii) changes in the rating of the security by a rating agency, and (ix) other subjective factors, including concentrations and information obtained from regulators.

The methodology and significant inputs used to determine the amount of credit loss are as follows:

•The Company calculates the recovery value by performing a discounted cash flow analysis based on the present value of future cash flows. The discount rate is generally the effective interest rate of the security at the time of purchase for fixed-rate securities and the spot rate at the date of evaluation of credit loss for floating-rate securities.

•When determining collectability and the period over which value is expected to recover, the Company applies considerations utilized in its overall credit loss evaluation process which incorporates information regarding the specific security, fundamentals of the industry and geographic area in which the security issuer operates, and overall macroeconomic conditions. Projected future cash flows are estimated using assumptions derived from management’s single best estimate, the most likely outcome in a range of possible outcomes, after giving consideration to a variety of variables that include, but are not limited to: payment terms of the security; the likelihood that the issuer can service the interest and principal payments; the quality and amount of any credit enhancements; the security’s position within the capital structure of the issuer; possible corporate restructurings or asset sales by the issuer; any private and public sector programs to restructure foreign government securities and municipals; and changes to the rating of the security or the issuer by rating agencies.

•Additional considerations are made when assessing the unique features that apply to certain Structured Products including, but not limited to: the quality of underlying collateral, historical performance of the underlying loan obligors, historical rent and vacancy levels, changes in the financial condition of the underlying loan obligors, expected prepayment speeds, current and forecasted loss severity, consideration of the payment terms of the underlying loans or assets backing a particular security, changes in the quality of credit enhancement and the payment priority within the tranche structure of the security.

With respect to securities that have attributes of debt and equity (“perpetual hybrid securities”), consideration is given in the credit loss analysis as to whether there has been any deterioration in the credit of the issuer and the likelihood of recovery in value of the securities that are in a severe unrealized loss position. Consideration is also given as to whether any perpetual hybrid securities with an unrealized loss, regardless of credit rating, have deferred any dividend payments.

In periods subsequent to the recognition of an initial ACL on a security, the Company reassesses credit loss quarterly. Subsequent increases or decreases in the expected cash flow from the security result in corresponding decreases or increases in the ACL which are recognized in earnings and reported within net investment gains (losses); however, the previously recorded ACL is not reduced to an amount below zero. Full or partial write-offs are deducted from the ACL in the period the security, or a portion thereof, is considered uncollectible. Recoveries of amounts previously written off are recorded to the ACL in the period received. When the Company has the intent-to-sell the security or it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost, any ACL is written off and the amortized cost is written down to estimated fair value through a charge within net investment gains (losses), which becomes the new amortized cost of the security.

Evaluation of Fixed Maturity Securities AFS in an Unrealized Loss Position

Gross unrealized losses on securities without an ACL increased $10.4 billion for the six months ended June 30, 2022 to $11.4 billion primarily due to increases in interest rates, widening credit spreads, and the impact of weakening foreign currencies on certain non-functional currency denominated fixed maturity securities.

Gross unrealized losses on securities without an ACL that have been in a continuous gross unrealized loss position for 12 months or greater were $1.3 billion at June 30, 2022, or 11% of the total gross unrealized losses on securities without an ACL.

Investment Grade Fixed Maturity Securities AFS

Of the $1.3 billion of gross unrealized losses on securities without an ACL that have been in a continuous gross unrealized loss position for 12 months or greater, $1.1 billion, or 85%, were related to 586 investment grade securities. Unrealized losses on investment grade securities are principally related to widening credit spreads since purchase and, with respect to fixed-rate securities, rising interest rates since purchase.

Below Investment Grade Fixed Maturity Securities AFS

Of the $1.3 billion of gross unrealized losses on securities without an ACL that have been in a continuous gross unrealized loss position for 12 months or greater, $204 million, or 15%, were related to 141 below investment grade securities. Unrealized losses on below investment grade securities are principally related to foreign corporate and U.S. corporate securities (primarily industrial and consumer) and are the result of significantly wider credit spreads resulting from higher risk premiums since purchase, largely due to economic and market uncertainty, as well as with respect to fixed-rate securities, rising interest rates since purchase. Management evaluates U.S. corporate and foreign corporate securities based on several factors such as expected cash flows, financial condition and near-term and long-term prospects of the issuers.

Current Period Evaluation

At June 30, 2022, with respect to securities in an unrealized loss position without an ACL, the Company did not intend to sell these securities, and it was not more likely than not that the Company would be required to sell these securities before the anticipated recovery of the remaining amortized cost. Based on the Company’s current evaluation of its securities in an unrealized loss position without an ACL, the Company concluded that these securities had not incurred a credit loss and should not have an ACL at June 30, 2022.

Future provisions for credit loss will depend primarily on economic fundamentals, issuer performance (including changes in the present value of future cash flows expected to be collected), changes in credit ratings and collateral valuation.

Rollforward of Allowance for Credit Loss for Fixed Maturity Securities AFS by Sector

The rollforward of ACL for fixed maturity securities AFS by sector is as follows:

	U.S.  Corporate		Foreign Corporate		CMBS		Foreign Government		Total
Three Months Ended June 30, 2022	(In millions)
Balance, at beginning of period	$	13	$	25	$	13	$	104	$	155
Additions:
ACL not previously recorded	—		—		—		—		—
Changes for securities with previously recorded ACL	14		(1)		—		(7)		6
Reductions:
Securities sold or exchanged	—		(17)		—		(20)		(37)
Write-offs	—		—		—		—		—
Balance, at end of period	$	27	$	7	$	13	$	77	$	124
Three Months Ended June 30, 2021
Balance, at beginning of period	$	43	$	17	$	6	$	—	$	66
Additions:
ACL not previously recorded	—		—		3		—		3
Changes for securities with previously recorded ACL	3		—		(3)		—		—
Reductions:
Securities sold or exchanged	(7)		(3)		—		—		(10)
Write-offs	—		—		—		—		—
Balance, at end of period	$	39	$	14	$	6	$	—	$	59

	U.S.  Corporate		Foreign Corporate		CMBS		Foreign Government		Total
Six Months Ended June 30, 2022	(In millions)
Balance, at beginning of period	$	30	$	10	$	13	$	—	$	53
Additions:
ACL not previously recorded	13		11		—		104		128
Changes for securities with previously recorded ACL	14		3		—		(7)		10
Reductions:
Securities sold or exchanged	(8)		(17)		—		(20)		(45)
Write-offs	(22)		—		—		—		(22)
Balance, at end of period	$	27	$	7	$	13	$	77	$	124
Six Months Ended June 30, 2021
Balance, at beginning of period	$	43	$	8	$	—	$	—	$	51
Additions:
ACL not previously recorded	—		12		9		—		21
Reductions:
Changes for securities with previously recorded ACL	3		(3)		(3)		—		(3)
Securities sold or exchanged	(7)		(3)		—		—		(10)
Write-offs	—		—		—		—		—
Balance, at end of period	$	39	$	14	$	6	$	—	$	59

Mortgage Loans

Mortgage Loans by Portfolio Segment

Mortgage loans are summarized as follows at:

	June 30, 2022				December 31, 2021
Portfolio Segment	Carrying Value		% of Total		Carrying Value		% of Total
	(Dollars in millions)
Commercial	$	36,918	60.2	%	$	35,772	59.4	%
Agricultural	15,431		25.1		15,450		25.7
Residential	9,326		15.2		9,406		15.6
Total amortized cost	61,675		100.5		60,628		100.7
Allowance for credit loss	(416)		(0.7)		(536)		(0.9)
Subtotal mortgage loans, net	61,259		99.8		60,092		99.8
Residential — FVO	109		0.2		127		0.2
Total mortgage loans held-for-investment, net	61,368		100.0		60,219		100.0
Mortgage loans held-for-sale	24		—		—		—
Total mortgage loans, net	$	61,392	100.0	%	$	60,219	100.0	%

The Company elects the FVO for certain residential mortgage loans that are managed on a total return basis, with changes in estimated fair value included in net investment income. See Note 7 for further information.

The amount of net (discounts) premiums and deferred (fees) expenses, included within total amortized cost, primarily attributable to residential mortgage loans was ($678) million and ($736) million at June 30, 2022 and December 31, 2021, respectively. The accrued interest income excluded from total amortized cost for commercial, agricultural and residential mortgage loans at June 30, 2022 was $149 million, $128 million and $69 million, respectively. The accrued interest income excluded from total amortized cost for commercial, agricultural and residential mortgage loans at December 31, 2021 was $140 million, $136 million and $77 million, respectively.

Purchases of mortgage loans, consisting primarily of residential mortgage loans, were $596 million and $1.1 billion for the three months and six months ended June 30, 2022, respectively, and $461 million and $838 million for the three months and six months ended June 30, 2021, respectively. See “— Related Party Investment Transactions” for information regarding transfers of mortgage loans from affiliates.

Rollforward of Allowance for Credit Loss for Mortgage Loans by Portfolio Segment

The rollforward of ACL for mortgage loans, by portfolio segment, is as follows:

	Six Months Ended June 30,
	2022								2021
	Commercial		Agricultural		Residential		Total		Commercial		Agricultural		Residential		Total
	(In millions)
Balance, beginning of period	$	260	$	79	$	197	$	536	$	199	$	97	$	221	$	517
Provision (release)	(13)		36		(38)		(15)		17		(7)		(20)		(10)
Initial credit losses on PCD loans (1)	—		—		—		—		—		—		2		2
Charge-offs, net of recoveries	(82)		(22)		(1)		(105)		—		(13)		(1)		(14)
Balance, end of period	$	165	$	93	$	158	$	416	$	216	$	77	$	202	$	495

________________

(1)Represents the initial credit losses on purchased mortgage loans accounted for as purchased financial assets with credit deterioration (“PCD”).

Allowance for Credit Loss Methodology

The Company records an allowance for expected lifetime credit loss in earnings within net investment gains (losses) in an amount that represents the portion of the amortized cost basis of mortgage loans that the Company does not expect to collect, resulting in mortgage loans being presented at the net amount expected to be collected. In determining the Company’s ACL, management applies significant judgment to estimate expected lifetime credit loss, including: (i) pooling mortgage loans that share similar risk characteristics, (ii) considering expected lifetime credit loss over the contractual term of its mortgage loans adjusted for expected prepayments and any extensions, and (iii) considering past events and current and forecasted economic conditions. Each of the Company’s commercial, agricultural and residential mortgage loan portfolio segments are evaluated separately. The ACL is calculated for each mortgage loan portfolio segment based on inputs unique to each loan portfolio segment. On a quarterly basis, mortgage loans within a portfolio segment that share similar risk characteristics, such as internal risk ratings or consumer credit scores, are pooled for calculation of ACL. On an ongoing basis, mortgage loans with dissimilar risk characteristics (i.e., loans with significant declines in credit quality), collateral dependent mortgage loans (i.e., when the borrower is experiencing financial difficulty, including when foreclosure is reasonably possible or probable) and reasonably expected TDRs (i.e., the Company grants concessions to borrower that is experiencing financial difficulties) are evaluated individually for credit loss. The ACL for loans evaluated individually are established using the same methodologies for all three portfolio segments. For example, the ACL for a collateral dependent loan is established as the excess of amortized cost over the estimated fair value of the loan’s underlying collateral, less selling cost when foreclosure is probable. Accordingly, the change in the estimated fair value of collateral dependent loans, which are evaluated individually for credit loss, is recorded as a change in the ACL which is recorded on a quarterly basis as a charge or credit to earnings in net investment gains (losses).

Commercial and Agricultural Mortgage Loan Portfolio Segments

Commercial and agricultural mortgage loan ACL are calculated in a similar manner. Within each loan portfolio segment, commercial and agricultural, loans are pooled by internal risk rating. Estimated lifetime loss rates, which vary by internal risk rating, are applied to the amortized cost of each loan, excluding accrued investment income, on a quarterly basis to develop the ACL. Internal risk ratings are based on an assessment of the loan’s credit quality, which can change over time. The estimated lifetime loss rates are based on several loan portfolio segment-specific factors, including (i) the Company’s experience with defaults and loss severity, (ii) expected default and loss severity over the forecast period, (iii) current and forecasted economic conditions including growth, inflation, interest rates and unemployment levels, (iv) loan specific characteristics including loan-to-value (“LTV”) ratios, and (v) internal risk ratings. These evaluations are revised as conditions change and new information becomes available. The Company uses its several decades of historical default and loss severity experience which capture multiple economic cycles. The Company uses a forecast of economic assumptions for a two-year period for most of its commercial and agricultural mortgage loans, while a one-year period is used for loans originated in certain markets. After the applicable forecast period, the Company reverts to its historical loss experience using a straight-line basis over two years. For evaluations of commercial mortgage loans, in addition to historical experience, management considers factors that include the impact of a rapid change to the economy, which may not be reflected in the loan portfolio, recent loss and recovery trend experience as compared to historical loss and recovery experience, and loan specific characteristics including debt service coverage ratios (“DSCR”). In estimating expected lifetime credit loss over the term of its commercial mortgage loans, the Company adjusts for expected prepayment and extension experience during the forecast period using historical prepayment and extension experience considering the expected position in the economic cycle and the loan profile (i.e., floating rate, shorter-term fixed rate and longer-term fixed rate) and after the forecast period using long-term historical prepayment experience. For evaluations of agricultural mortgage loans, in addition to historical experience, management considers factors that include increased stress in certain sectors, which may be evidenced by higher delinquency rates, or a change in the number of higher risk loans. In estimating expected lifetime credit loss over the term of its agricultural mortgage loans, the Company’s experience is much less sensitive to the position in the economic cycle and by loan profile; accordingly, historical prepayment experience is used, while extension terms are not prevalent with the Company’s agricultural mortgage loans.

Commercial mortgage loans are reviewed on an ongoing basis, which review includes, but is not limited to, an analysis of the property financial statements and rent roll, lease rollover analysis, property inspections, market analysis, estimated valuations of the underlying collateral, LTV ratios, DSCR and tenant creditworthiness. The monitoring process focuses on higher risk loans, which include those that are classified as restructured, delinquent or in foreclosure, as well as loans with higher LTV ratios and lower DSCR. Agricultural mortgage loans are reviewed on an ongoing basis, which review includes, but is not limited to, property inspections, market analysis, estimated valuations of the underlying collateral, LTV ratios and borrower creditworthiness, as well as reviews on a geographic and property-type basis. The monitoring process for agricultural mortgage loans also focuses on higher risk loans.

For commercial mortgage loans, the primary credit quality indicator is the DSCR, which compares a property’s net operating income to amounts needed to service the principal and interest due under the loan. Generally, the lower the DSCR, the higher the risk of experiencing a credit loss. The Company also reviews the LTV ratio of its commercial mortgage loan portfolio. LTV ratios compare the unpaid principal balance of the loan to the estimated fair value of the underlying collateral. Generally, the higher the LTV ratio, the higher the risk of experiencing a credit loss. The DSCR and the values utilized in calculating the ratio are updated routinely. In addition, the LTV ratio is routinely updated for all but the lowest risk loans as part of the Company’s ongoing review of its commercial mortgage loan portfolio.

For agricultural mortgage loans, the Company’s primary credit quality indicator is the LTV ratio. The values utilized in calculating this ratio are developed in connection with the ongoing review of the agricultural mortgage loan portfolio and are routinely updated.

Commitments to lend: After loans are approved, the Company makes commitments to lend and, typically, borrowers draw down on some or all of the commitments. The timing of mortgage loan funding is based on the commitment expiration dates. A liability for credit loss for unfunded commercial and agricultural mortgage loan commitments that are not unconditionally cancellable is recognized in earnings and is reported within net investment gains (losses). The liability is based on estimated lifetime loss rates as described above and the amount of the outstanding commitments, which for lines of credit, considers estimated utilization rates. When the commitment is funded or expires, the liability is adjusted accordingly.

Residential Mortgage Loan Portfolio Segment

The Company’s residential mortgage loan portfolio is comprised primarily of purchased closed end, amortizing residential mortgage loans, including both performing loans purchased within 12 months of origination and reperforming loans purchased after they have been performing for at least 12 months post-modification. Residential mortgage loans are pooled by loan type (i.e., new origination and reperforming) and pooled by similar risk profiles (including consumer credit score and LTV ratios). Estimated lifetime loss rates, which vary by loan type and risk profile, are applied to the amortized cost of each loan excluding accrued investment income on a quarterly basis to develop the ACL. The estimated lifetime loss rates are based on several factors, including (i) industry historical experience and expected results over the forecast period for defaults, (ii) loss severity, (iii) prepayment rates, (iv) current and forecasted economic conditions including growth, inflation, interest rates and unemployment levels, and (v) loan pool specific characteristics including consumer credit scores, LTV ratios, payment history and home prices. These evaluations are revised as conditions change and new information becomes available. The Company uses industry historical experience which captures multiple economic cycles as the Company has purchased most of its residential mortgage loans in the last five years. The Company uses a forecast of economic assumptions for a two-year period for most of its residential mortgage loans. After the applicable forecast period, the Company immediately reverts to industry historical loss experience.

For residential mortgage loans, the Company’s primary credit quality indicator is whether the loan is performing or nonperforming. The Company generally defines nonperforming residential mortgage loans as those that are 60 or more days past due and/or in nonaccrual status which is assessed monthly. Generally, nonperforming residential mortgage loans have a higher risk of experiencing a credit loss.

Credit Quality of Mortgage Loans by Portfolio Segment

The amortized cost of commercial mortgage loans by credit quality indicator and vintage year was as follows at June 30, 2022:

Credit Quality Indicator	2022		2021		2020		2019		2018		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
LTV ratios:
Less than 65%	$	2,585	$	3,222	$	2,368	$	3,109	$	3,559	$	11,422	$	2,597	$	28,862	78.2	%
65% to 75%	705		1,124		631		1,661		917		1,306		—		6,344		17.2
76% to 80%	—		—		18		138		199		248		—		603		1.6
Greater than 80%	43		—		—		—		48		1,018		—		1,109		3.0
Total	$	3,333	$	4,346	$	3,017	$	4,908	$	4,723	$	13,994	$	2,597	$	36,918	100.0	%
DSCR:
> 1.20x	$	3,295	$	3,949	$	2,844	$	4,718	$	4,303	$	12,084	$	2,242	$	33,435	90.6	%
1.00x - 1.20x	32		156		18		—		125		324		—		655		1.8
<1.00x	6		241		155		190		295		1,586		355		2,828		7.6
Total	$	3,333	$	4,346	$	3,017	$	4,908	$	4,723	$	13,994	$	2,597	$	36,918	100.0	%

The amortized cost of agricultural mortgage loans by credit quality indicator and vintage year was as follows at June 30, 2022:

Credit Quality Indicator	2022		2021		2020		2019		2018		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
LTV ratios:
Less than 65%	$	1,350	$	1,447	$	1,913	$	1,534	$	2,115	$	4,450	$	1,021	$	13,830	89.6	%
65% to 75%	129		229		309		181		51		499		51		1,449		9.4
76% to 80%	—		—		—		—		—		11		—		11		0.1
Greater than 80%	—		—		15		76		—		44		6		141		0.9
Total	$	1,479	$	1,676	$	2,237	$	1,791	$	2,166	$	5,004	$	1,078	$	15,431	100.0	%

The amortized cost of residential mortgage loans by credit quality indicator and vintage year was as follows at June 30, 2022:

Credit Quality Indicator	2022		2021		2020		2019		2018		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
Performance indicators:
Performing	$	489	$	714	$	164	$	648	$	363	$	6,512	$	—	$	8,890	95.3	%
Nonperforming (1)	—		3		5		39		11		378		—		436		4.7
Total	$	489	$	717	$	169	$	687	$	374	$	6,890	$	—	$	9,326	100.0	%

__________________

(1)Includes residential mortgage loans in process of foreclosure of $133 million and $69 million at June 30, 2022 and December 31, 2021, respectively.

LTV ratios compare the unpaid principal balance of the loan to the estimated fair value of the underlying collateral. The amortized cost of commercial and agricultural mortgage loans with an LTV ratio in excess of 100% was $474 million, or 1% of total commercial and agricultural mortgage loans, at June 30, 2022.

Past Due and Nonaccrual Mortgage Loans

The Company has a high quality, well performing mortgage loan portfolio, with 99% of all mortgage loans classified as performing at both June 30, 2022 and December 31, 2021. The Company defines delinquency consistent with industry practice, when mortgage loans are past due more than two or more months, as applicable, by portfolio segment. The past due and nonaccrual mortgage loans at amortized cost, prior to ACL, by portfolio segment, were as follows:

	Past Due				Greater than 90 Days Past Due and Still Accruing Interest				Nonaccrual
Portfolio Segment	June 30, 2022		December 31, 2021		June 30, 2022		December 31, 2021		June 30, 2022		December 31, 2021
	(In millions)
Commercial	$	—	$	—	$	—	$	—	$	171	$	146
Agricultural	93		124		30		16		178		225
Residential	436		418		—		—		437		418
Total	$	529	$	542	$	30	$	16	$	786	$	789

The amortized cost for nonaccrual commercial, agricultural and residential mortgage loans at beginning of year 2021 was $293 million, $261 million and $503 million, respectively. The amortized cost for nonaccrual agricultural mortgage loans with no ACL was $86 million and $134 million at June 30, 2022 and December 31, 2021, respectively. There were no nonaccrual commercial or residential mortgage loans without an ACL at either June 30, 2022 or December 31, 2021.

Real Estate and Real Estate Joint Ventures

The Company’s real estate investment portfolio is diversified by property type, geography and income stream, including income from operating leases, operating income and equity in earnings from equity method real estate joint ventures. Real estate investments, by income type, as well as income earned, were as follows at and for the periods indicated:

	June 30, 2022		December 31, 2021		Three Months   Ended   June 30,				Six Months Ended June 30,
					2022		2021		2022		2021
Income Type	Carrying Value				Income
	(In millions)
Wholly-owned real estate:
Leased real estate	$	1,763	$	1,934	$	50	$	53	$	104	$	107
Other real estate	477		473		66		46		96		80
Real estate joint ventures	5,810		5,466		122		31		232		37
Total real estate and real estate joint ventures	$	8,050	$	7,873	$	238	$	130	$	432	$	224

The carrying value of wholly-owned real estate acquired through foreclosure was $180 million at both June 30, 2022 and December 31, 2021. Depreciation expense on real estate investments was $22 million and $42 million for the three months and six months ended June 30, 2022, respectively, and $22 million and $43 million for the three months and six months ended June 30, 2021, respectively. Real estate investments were net of accumulated depreciation of $613 million and $581 million at June 30, 2022 and December 31, 2021, respectively.

Leases

Leased Real Estate Investments - Operating Leases

The Company, as lessor, leases investment real estate, principally commercial real estate for office and retail use, through a variety of operating lease arrangements, which typically include tenant reimbursement for property operating costs and options to renew or extend the lease. In some circumstances, leases may include an option for the lessee to purchase the property. In addition, certain leases of retail space may stipulate that a portion of the income earned is contingent upon the level of the tenants’ revenues. The Company has elected a practical expedient of not separating non-lease components related to reimbursement of property operating costs from associated lease components. These property operating costs have the same timing and pattern of transfer as the related lease component, because they are incurred over the same period of time as the operating lease. Therefore, the combined component is accounted for as a single operating lease. Risk is managed through lessee credit analysis, property type diversification, and geographic diversification.

See Note 7 of the Notes to the Consolidated Financial Statements included in the 2021 Annual Report for a summary of leased real estate investments and income earned, by property type.

Leveraged and Direct Financing Leases

The Company has diversified leveraged and direct financing lease portfolios. Its leveraged leases principally include renewable energy generation facilities, rail cars, commercial real estate and commercial aircraft, and its direct financing leases principally include renewable energy generation facilities. These assets are leased through a variety of lease arrangements, which may include options to renew or extend the lease and options for the lessee to purchase the property. Residual values are estimated using available third-party data at inception of the lease. Risk is managed through lessee credit analysis, asset allocation, geographic diversification, and ongoing reviews of estimated residual values, using available third-party data. Generally, estimated residual values are not guaranteed by the lessee or a third party.

Lease receivables are generally due in periodic installments. The payment periods for leveraged leases generally range from one to 10 years, but in certain circumstances can be over 10 years, while the payment periods for direct financing leases generally range from one to 12 years.

The Company records an allowance for expected lifetime credit loss in earnings within net investment gains (losses) in an amount that represents the portion of the investment in leases that the Company does not expect to collect, resulting in the investment in leases being presented at the net amount expected to be collected. In determining the ACL, management applies significant judgment to estimate expected lifetime credit loss, including: (i) pooling leases that share similar risk characteristics, (ii) considering expected lifetime credit loss over the contractual term of the lease, and (iii) considering past events and current and forecasted economic conditions. Leases with dissimilar risk characteristics are evaluated individually for credit loss. Expected lifetime credit loss on leveraged and direct financing lease receivables is estimated using a probability of default and loss given default model, where the probability of default incorporates third party credit ratings of the lessee and the related historical default data. The Company also assesses the non-guaranteed residual values for recoverability by comparison to the current estimated fair value of the leased asset and considers other relevant market information such as independent third-party forecasts, consulting, asset brokerage and investment banking reports and data, comparable market transactions, and factors such as the competitive dynamics impacting specific industries, technological change and obsolescence, government and regulatory rules, tax policy, potential environmental liabilities and litigation.

The investment in leveraged and direct financing leases, net of ACL, was $788 million and $132 million, respectively, at June 30, 2022 and $787 million and $137 million, respectively, at December 31, 2021. The ACL for leveraged and direct financing leases was $26 million and $32 million at June 30, 2022 and December 31, 2021, respectively.

Other Invested Assets

See Note 1 of the Notes to the Consolidated Financial Statements included in the 2021 Annual Report for further information about Other Invested Assets, which includes securities accounted for under the FVO (“FVO Securities”) and equity securities.

FVO Securities and Equity Securities

The following table presents FVO Securities and equity securities by security type. Common stock includes common stock and mutual funds.

	June 30, 2022						December 31, 2021
	Cost		Net Unrealized Gains (Losses) (1)		Estimated Fair Value		Cost		Net Unrealized Gains (Losses) (1)		Estimated Fair Value
Security Type
			(In millions)
FVO Securities	$	755	$	132	$	887	$	598	$	250	$	848
Equity securities
Common stock	$	113	$	45	$	158	$	88	$	32	$	120
Non-redeemable preferred stock	91		(6)		85		107		(1)		106
Total equity securities	$	204	$	39	$	243	$	195	$	31	$	226

__________________

(1)Represents cumulative changes in estimated fair value, recognized in earnings, and not in other comprehensive income (loss) (“OCI”).

Cash Equivalents

Cash equivalents, which includes securities and other investments with an original or remaining maturity of three months or less at the time of purchase, was $5.3 billion and $4.7 billion, principally at estimated fair value, at June 30, 2022 and December 31, 2021, respectively.

Net Unrealized Investment Gains (Losses)

Unrealized investment gains (losses) on fixed maturity securities AFS and derivatives and the effect on policyholder liabilities, DAC, VOBA and deferred sales inducements (“DSI”) that would result from the realization of the unrealized gains (losses), are included in net unrealized investment gains (losses) in AOCI.

The components of net unrealized investment gains (losses), included in AOCI, were as follows:

	June 30, 2022		December 31, 2021
	(In millions)
Fixed maturity securities AFS	$	(7,548)	$	17,586
Derivatives	2,412		2,370
Other	285		377
Subtotal	(4,851)		20,333
Amounts allocated from:
Policyholder liabilities	29		(5,962)
DAC, VOBA and DSI	538		(1,357)
Subtotal	567		(7,319)
Deferred income tax benefit (expense)	975		(2,657)
Net unrealized investment gains (losses)	$	(3,309)	$	10,357

The changes in net unrealized investment gains (losses) were as follows:

	Six Months Ended June 30, 2022
	(In millions)
Balance, beginning of period	$	10,357
Unrealized investment gains (losses) during the period	(25,184)
Unrealized investment gains (losses) relating to:
Policyholder liabilities	5,991
DAC, VOBA and DSI	1,895
Deferred income tax benefit (expense)	3,632
Balance, end of period	$	(3,309)
Change in net unrealized investment gains (losses)	$	(13,666)

Concentrations of Credit Risk

There were no investments in any counterparty that were greater than 10% of the Company’s equity, other than the U.S. government and its agencies, at both June 30, 2022 and December 31, 2021.

Securities Lending Transactions and Repurchase Agreements

Securities, Collateral and Reinvestment Portfolio

A summary of these transactions and agreements accounted for as secured borrowings was as follows:

	June 30, 2022						December 31, 2021
	Securities (1)						Securities (1)
Agreement Type	Estimated Fair Value		Cash Collateral Received from Counterparties (2)		Reinvestment Portfolio at Estimated Fair Value		Estimated Fair Value		Cash Collateral Received from Counterparties (2)		Reinvestment Portfolio at Estimated Fair Value
	(In millions)
Securities lending	$	8,271	$	8,419	$	8,257	$	14,689	$	14,977	$	15,116
Repurchase agreements	$	3,208	$	3,125	$	3,065	$	3,416	$	3,325	$	3,357

__________________

(1)These securities were included within fixed maturity securities AFS, short-term investments and cash equivalents at June 30, 2022 and within fixed maturity securities AFS at December 31, 2021.

(2)The liability for cash collateral is included within payables for collateral under securities loaned and other transactions.

Contractual Maturities

Contractual maturities of these transactions and agreements accounted for as secured borrowings were as follows:

	June 30, 2022										December 31, 2021
	Remaining Maturities										Remaining Maturities
Security Type	Open (1)		1 Month or Less		Over 1  Month to 6 Months		Over 6  Months  to 1 Year		Total		Open (1)		1 Month or Less		Over 1 Month to 6 Months		Over 6 Months to 1 Year		Total
	(In millions)
Cash collateral liability by security type:
Securities lending:
U.S. government and agency	$	1,111	$	5,100	$	2,208	$	—	$	8,419	$	3,996	$	5,279	$	5,702	$	—	$	14,977
Repurchase agreements:
U.S. government and agency	$	—	$	3,125	$	—	$	—	$	3,125	$	—	$	3,325	$	—	$	—	$	3,325

__________________

(1)The related security could be returned to the Company on the next business day, which would require the Company to immediately return the cash collateral.

If the Company is required to return significant amounts of cash collateral on short notice and is forced to sell investments to meet the return obligation, it may have difficulty selling such collateral that is invested in a timely manner, be forced to sell investments in a volatile or illiquid market for less than what otherwise would have been realized under normal market conditions, or both.

The securities lending and repurchase agreements reinvestment portfolios consist principally of high quality, liquid, publicly-traded fixed maturity securities AFS, short-term investments, cash equivalents or cash. If the securities or the reinvestment portfolio become less liquid, liquidity resources within the general account are available to meet any potential cash demands when securities are put back by the counterparty.

Invested Assets on Deposit and Pledged as Collateral

Invested assets on deposit and pledged as collateral are presented below at estimated fair value for all asset classes,

except mortgage loans, which are presented at carrying value and were as follows at:

	June 30, 2022		December 31, 2021
	(In millions)
Invested assets on deposit (regulatory deposits)	$	103	$	118
Invested assets pledged as collateral (1)	21,888		20,390
Total invested assets on deposit and pledged as collateral	$	21,991	$	20,508

__________________

(1)The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements, secured debt (see Notes 3 and 11 of the Notes to the Consolidated Financial Statements included in the 2021 Annual Report) and derivative transactions (see Note 6).

See “— Securities Lending Transactions and Repurchase Agreements” for information regarding securities supporting securities lending transactions and repurchase agreements and Note 4 for information regarding investments designated to the closed block. In addition, the Company’s investment in Federal Home Loan Bank common stock, included within other invested assets, which is considered restricted until redeemed by the issuer, was $732 million and $718 million, at redemption value, at June 30, 2022 and December 31, 2021, respectively.

Variable Interest Entities

The Company has invested in legal entities that are VIEs. In certain instances, the Company holds both the power to direct the most significant activities of the entity, as well as an economic interest in the entity and, as such, is deemed to be the primary beneficiary or consolidator of the entity. The determination of the VIE’s primary beneficiary requires an evaluation of the contractual and implied rights and obligations associated with each party’s relationship with or involvement in the entity.

Consolidated VIEs

Creditors or beneficial interest holders of VIEs where the Company is the primary beneficiary have no recourse to the general credit of the Company, as the Company’s obligation to the VIEs is limited to the amount of its committed investment.

The following table presents the total assets and total liabilities relating to investment related VIEs for which the Company has concluded that it is the primary beneficiary and which are consolidated at:

	June 30, 2022				December 31, 2021
Asset Type	Total Assets		Total Liabilities		Total Assets		Total Liabilities
	(In millions)
Real estate joint ventures (1)	$	1,002	$	—	$	1,094	$	—
Investment funds (primarily mortgage loans) (2)	156		—		226		—
Other (primarily other invested assets)	100		1		101		—
Renewable energy partnership (primarily other invested assets)	75		—		79		—
Total	$	1,333	$	1	$	1,500	$	—

__________________

(1)    The Company’s investment in affiliated real estate joint ventures was $892 million and $1.0 billion at June 30, 2022 and December 31, 2021, respectively. Other affiliates’ investments in these affiliated real estate joint ventures were $110 million and $112 million at June 30, 2022 and December 31, 2021, respectively.

(2)The Company’s investment in affiliated investment funds was $131 million and $187 million at June 30, 2022 and December 31, 2021, respectively. Other affiliates’ investments in these affiliated investment funds were $25 million and $39 million at June 30, 2022 and December 31, 2021, respectively.

Unconsolidated VIEs

The carrying amount and maximum exposure to loss relating to VIEs in which the Company holds a significant variable interest but is not the primary beneficiary and which have not been consolidated were as follows at:

	June 30, 2022				December 31, 2021
Asset Type	Carrying Amount		Maximum Exposure to Loss (1)		Carrying Amount		Maximum Exposure to Loss (1)
	(In millions)
Fixed maturity securities AFS (2)	$	38,448	$	38,448	$	43,653	$	43,653
Other limited partnership interests	7,637		10,286		8,005		11,057
Other invested assets	1,440		1,653		1,605		1,815
Real estate joint ventures	93		95		97		100
Total	$	47,618	$	50,482	$	53,360	$	56,625

__________________

(1)The maximum exposure to loss relating to fixed maturity securities AFS is equal to their carrying amounts or the carrying amounts of retained interests. The maximum exposure to loss relating to other limited partnership interests and real estate joint ventures is equal to the carrying amounts plus any unfunded commitments. For certain of its investments in other invested assets, the Company’s return is in the form of income tax credits which are guaranteed by creditworthy third parties. For such investments, the maximum exposure to loss is equal to the carrying amounts plus any unfunded commitments, reduced by income tax credits guaranteed by third parties of $6 million and $5 million at June 30, 2022 and December 31, 2021, respectively. Such a maximum loss would be expected to occur only upon bankruptcy of the issuer or investee.

(2)For variable interests in Structured Products included within fixed maturity securities AFS, the Company’s involvement is limited to that of a passive investor in mortgage-backed or asset-backed securities issued by trusts that do not have substantial equity.

As described in Note 11, the Company makes commitments to fund partnership investments in the normal course of business. Excluding these commitments, the Company did not provide financial or other support to investees designated as VIEs for either the six months ended June 30, 2022 or 2021.

Net Investment Income

The composition of net investment income by asset type was as follows:

	Three Months   Ended   June 30,				Six Months Ended June 30,
Asset Type	2022		2021		2022		2021
	(In millions)
Fixed maturity securities AFS	$	1,543	$	1,534	$	3,044	$	3,054
Equity securities	1		7		2		12
Mortgage loans	605		695		1,218		1,372
Policy loans	72		75		144		149
Real estate and real estate joint ventures	238		130		432		224
Other limited partnership interests	64		689		597		1,577
Cash, cash equivalents and short-term investments	11		2		15		5
FVO Securities	(113)		35		(142)		61
Operating joint venture	26		16		42		33
Other	185		10		254		45
Subtotal investment income	2,632		3,193		5,606		6,532
Less: Investment expenses	190		159		338		311
Net investment income	$	2,442	$	3,034	$	5,268	$	6,221

Net investment income included realized and unrealized gains (losses) recognized in earnings of ($79) million and ($61) million for the three months and six months ended June 30, 2022, respectively, and $49 million and $91 million for the three months and six months ended June 30, 2021, respectively. The amount includes realized gains (losses) on sales and disposals, primarily related to Residential - FVO mortgage loans and FVO Securities, of ($4) million for both the three months and six months ended June 30, 2022, and $0 and $22 million for the three months and the six months ended June 30, 2021, respectively. The amount also includes unrealized gains (losses), representing changes in estimated fair value, recognized in earnings, primarily related to real estate joint ventures and FVO Securities, of ($75) million and ($57) million for the three months and six months ended June 30, 2022, respectively, and $49 million and $69 million for the three months and six months ended June 30, 2021, respectively.

Changes in estimated fair value subsequent to purchase of equity-linked notes included within FVO Securities, still held at the end of the respective periods and included in net investment income were ($114) million and ($147) million for the three months and six months ended June 30, 2022, respectively, and $33 million and $39 million for the three months and six months ended June 30, 2021, respectively.

See “— Related Party Investment Transactions” for discussion of affiliated net investment income and investment expenses.

Net investment income from equity method investments, comprised primarily of real estate joint ventures, other limited partnership interests, tax credit and renewable energy partnerships and an operating joint venture, was $188 million and $805 million for the three months and six months ended June 30, 2022, respectively, and $679 million and $1.5 billion for the three months and six months ended June 30, 2021, respectively.

Net Investment Gains (Losses)

Net Investment Gains (Losses) by Asset Type and Transaction Type

The composition of net investment gains (losses) by asset type and transaction type was as follows:

		Three Months   Ended   June 30,				Six Months Ended June 30,
Asset Type		2022		2021		2022		2021
	(In millions)
Fixed maturity securities AFS		$	(356)	$	(6)	$	(658)	$	(29)
Equity securities		1		26		4		45
Mortgage loans		(13)		(45)		10		16
Real estate and real estate joint ventures (excluding changes in estimated fair value)		159		368		163		416
Other limited partnership interests (excluding changes in estimated fair value)		2		(9)		5		(14)
Other gains (losses)		49		19		66		48
Subtotal		(158)		353		(410)		482
Change in estimated fair value of other limited partnership interests and real estate joint ventures		—		6		6		14
Non-investment portfolio gains (losses)		75		(17)		95		6
Subtotal		75		(11)		101		20
Net investment gains (losses)		$	(83)	$	342	$	(309)	$	502
Transaction Type
Realized gains (losses) on investments sold or disposed		$	(183)	$	369	$	(331)	$	414
Impairments		—		(13)		(33)		(13)
Recognized gains (losses):
Change in allowance for credit loss recognized in earnings		29		(34)		(51)		—
Unrealized net gains (losses) recognized in earnings		(4)		37		11		95
Total recognized gains (losses)		25		3		(40)		95
Non-investment portfolio gains (losses)		75		(17)		95		6
Net investment gains (losses)		$	(83)	$	342	$	(309)	$	502

Net realized investment gains (losses) of ($187) million and ($335) million for the three months and six months ended June 30, 2022, respectively, and $369 million and $436 million for the three months and six months ended June 30, 2021, respectively, represent realized gains (losses) on sales and disposals from all invested asset classes, including realized gains (losses) on sales and disposals recognized in net investment income, primarily related to Residential - FVO mortgage loans and FVO Securities.

Changes in estimated fair value subsequent to purchase of equity securities still held as of the end of the period included in net investment gains (losses) were ($1) million and $5 million for the three months and six months ended June 30, 2022, respectively, and $19 million and $32 million for the three months and six months ended June 30, 2021, respectively.

Other gains (losses) included $52 million and $70 million reclassified from AOCI to earnings due to the sale of certain investments that were hedged in qualifying cash flow hedges for the three months and six months ended June 30, 2022, respectively, and $19 million and $48 million for the three months and six months ended June 30, 2021, respectively.

See “— Related Party Investment Transactions” for discussion of affiliated net investment gains (losses) related to transfers of invested assets to affiliates.

Net investment gains (losses) includes gains (losses) from foreign currency transactions of $54 million and $66 million for the three months and six months ended June 30, 2022, respectively, and ($14) million and $19 million for the three months and six months ended June 30, 2021, respectively.

Fixed Maturity Securities AFS and Equity Securities – Composition of Net Investment Gains (Losses)

The composition of net investment gains (losses) for these securities is as follows:

	Three Months   Ended   June 30,				Six Months Ended June 30,
Fixed Maturity Securities AFS	2022		2021		2022		2021
	(In millions)
Proceeds	$	12,499	$	4,757	$	19,988	$	11,844
Gross investment gains	$	45	$	34	$	70	$	108
Gross investment (losses)	(432)		(34)		(623)		(116)
Realized gains (losses) on sales and disposals	(387)		—		(553)		(8)
Net credit loss (provision) release (change in ACL recognized in earnings)	31		7		(72)		(8)
Impairment (loss)	—		(13)		(33)		(13)
Net credit loss (provision) release and impairment (loss)	31		(6)		(105)		(21)
Net investment gains (losses)	$	(356)	$	(6)	$	(658)	$	(29)
Equity Securities
Realized gains (losses) on sales and disposals	$	3	$	(5)	$	(4)	$	(33)
Unrealized net gains (losses) recognized in earnings	(2)		31		8		78
Net investment gains (losses)	$	1	$	26	$	4	$	45

Related Party Investment Transactions

The Company transfers invested assets primarily consisting of fixed maturity securities AFS, mortgage loans and real estate and real estate joint ventures to and from affiliates. Invested assets transferred were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In millions)
Estimated fair value of invested assets transferred to affiliates	$	—	$	53	$	189	$	303
Amortized cost of invested assets transferred to affiliates	$	—	$	51	$	191	$	300
Net investment gains (losses) recognized on transfers	$	—	$	2	$	(2)	$	3
Estimated fair value of invested assets transferred from affiliates	$	9	$	165	$	266	$	644

Recurring related party investments and related net investment income were as follows at and for the periods ended:

		June 30, 2022		December 31, 2021		Three Months   Ended   June 30,				Six Months Ended June 30,
						2022		2021		2022		2021
Investment Type/ Balance Sheet Category	Related Party	Carrying Value				Net Investment Income
		(In millions)
Affiliated investments (1)	MetLife, Inc.	$	1,207	$	1,399	$	4	$	8	$	10	$	16
Affiliated investments (2)	American Life Insurance Company	100		100		1		—		1		1
Other invested assets		$	1,307	$	1,499	$	5	$	8	$	11	$	17

________________

(1)Represents an investment in affiliated senior unsecured notes which have maturity dates from July 2023 to December 2031 and bear interest, payable semi-annually, at rates per annum ranging from 1.60% to 1.85%. See Note 7 of the Notes to the Consolidated Financial Statements included in the 2021 Annual Report for further information.

(2)Represents an affiliated surplus note which matures in June 2025 and bears interest, payable semi-annually, at a rate per annum of 1.88%.

The Company incurred investment advisory charges from an affiliate of $68 million and $136 million for the three months and six months ended June 30, 2022 and $73 million and $144 million for the three months and six months ended 2021, respectively.

See “— Variable Interest Entities” for information on investments in affiliated real estate joint ventures and affiliated investment funds.

See “— Related Party Reinsurance Transactions” in Note 12 for information about affiliated funds withheld.

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Derivatives

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

6. Derivatives

Accounting for Derivatives

See Note 1 of the Notes to the Consolidated Financial Statements included in the 2021 Annual Report for a description of the Company’s accounting policies for derivatives and Note 7 for information about the fair value hierarchy for derivatives.

Derivative Strategies

Types of Derivative Instruments and Derivative Strategies

The Company is exposed to various risks relating to its ongoing business operations, including interest rate, foreign currency exchange rate, credit and equity market. The Company uses a variety of strategies to manage these risks, including the use of derivatives. Commonly used derivative instruments include, but are not limited to:    

•Interest rate derivatives: swaps, total return swaps, caps, floors, futures, swaptions, forwards and synthetic guaranteed interest contracts (“GICs”);

•Foreign currency exchange rate derivatives: swaps and forwards;

•Credit derivatives: purchased or written single name or index credit default swaps, and forwards; and

•Equity derivatives: index options, variance swaps, exchange-traded futures and total return swaps.        

For detailed information on these contracts and the related strategies, see Note 8 of the Notes to the Consolidated Financial Statements included in the 2021 Annual Report.

Primary Risks Managed by Derivatives

The following table presents the primary underlying risk exposure, gross notional amount, and estimated fair value of the Company’s derivatives, excluding embedded derivatives, held at:

		June 30, 2022						December 31, 2021
	Primary Underlying Risk Exposure	Gross Notional Amount		Estimated Fair Value				Gross Notional Amount		Estimated Fair Value
				Assets		Liabilities				Assets		Liabilities
		(In millions)
Derivatives Designated as Hedging Instruments:
Fair value hedges:
Interest rate swaps	Interest rate	$	4,224	$	1,683	$	297	$	3,540	$	2,163	$	6
Foreign currency swaps	Foreign currency exchange rate	698		74		—		764		8		22
Subtotal		4,922		1,757		297		4,304		2,171		28
Cash flow hedges:
Interest rate swaps	Interest rate	3,740		14		—		4,079		4		1
Interest rate forwards	Interest rate	2,809		—		331		3,058		69		1
Foreign currency swaps	Foreign currency exchange rate	29,341		2,404		1,455		28,772		1,317		966
Subtotal		35,890		2,418		1,786		35,909		1,390		968
Total qualifying hedges		40,812		4,175		2,083		40,213		3,561		996
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swaps	Interest rate	18,981		1,933		521		21,565		3,206		59
Interest rate floors	Interest rate	7,951		29		—		7,701		145		—
Interest rate caps	Interest rate	64,659		701		—		64,309		117		—
Interest rate futures	Interest rate	100		1		—		515		—		—
Interest rate options	Interest rate	17,212		513		—		9,703		364		—
Interest rate forwards	Interest rate	265		—		79		265		—		20
Interest rate total return swaps	Interest rate	1,048		—		109		1,048		9		4
Synthetic GICs	Interest rate	11,863		—		—		11,307		—		—
Foreign currency swaps	Foreign currency exchange rate	5,156		692		—		4,800		340		75
Foreign currency forwards	Foreign currency exchange rate	2,014		26		9		1,902		11		13
Credit default swaps — purchased	Credit	902		26		1		956		12		8
Credit default swaps — written	Credit	9,280		30		77		6,074		111		12
Equity futures	Equity market	1,634		10		1		1,751		5		—
Equity index options	Equity market	23,255		873		171		26,800		714		166
Equity variance swaps	Equity market	425		12		10		425		12		10
Equity total return swaps	Equity market	2,183		197		—		2,148		11		46
Total non-designated or nonqualifying derivatives		166,928		5,043		978		161,269		5,057		413
Total		$	207,740	$	9,218	$	3,061	$	201,482	$	8,618	$	1,409

Based on gross notional amounts, a substantial portion of the Company’s derivatives was not designated or did not qualify as part of a hedging relationship at both June 30, 2022 and December 31, 2021. The Company’s use of derivatives includes (i) derivatives that serve as macro hedges of the Company’s exposure to various risks and that generally do not qualify for hedge accounting due to the criteria required under the portfolio hedging rules, (ii) derivatives that economically hedge insurance liabilities that contain mortality or morbidity risk and that generally do not qualify for hedge accounting because the lack of these risks in the derivatives cannot support an expectation of a highly effective hedging relationship, (iii) derivatives that economically hedge embedded derivatives that do not qualify for hedge accounting because the changes in estimated fair value of the embedded derivatives are already recorded in net income, and (iv) written credit default swaps and interest rate swaps that are used to synthetically create investments and that do not qualify for hedge accounting because they do not involve a hedging relationship. For these nonqualified derivatives, changes in market factors can lead to the recognition of fair value changes on the statement of operations without an offsetting gain or loss recognized in earnings for the item being hedged.

The Effects of Derivatives on the Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

The following table presents the interim condensed consolidated financial statement location and amount of gain (loss) recognized on fair value, cash flow, nonqualifying hedging relationships and embedded derivatives:

	Three Months Ended June 30, 2022
	Net Investment Income		Net Investment Gains (Losses)		Net Derivative Gains (Losses)		Policyholder Benefits and Claims		Interest Credited to Policyholder Account Balances		OCI
	(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)	$	2	$	—	$	—	$	(396)	$	(10)	N/A
Hedged items	(4)		—		—		376		9		N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)	59		—		—		—		—		N/A
Hedged items	(58)		—		—		—		—		N/A
Subtotal	(1)		—		—		(20)		(1)		N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		$	(568)
Amount of gains (losses) reclassified from AOCI into income	16		53		—		—		—		(69)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		472
Amount of gains (losses) reclassified from AOCI into income	—		(555)		—		—		—		555
Foreign currency transaction gains (losses) on hedged items	—		547		—		—		—		—
Subtotal	16		45		—		—		—		390
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)	2		—		(872)		—		—		N/A
Foreign currency exchange rate derivatives (1)	1		—		386		—		—		N/A
Credit derivatives — purchased (1)	—		—		27		—		—		N/A
Credit derivatives — written (1)	—		—		(154)		—		—		N/A
Equity derivatives (1)	36		—		456		180		—		N/A
Foreign currency transaction gains (losses) on hedged items	—		—		(179)		—		—		N/A
Subtotal	39		—		(336)		180		—		N/A
Earned income on derivatives	140		—		123		46		(37)		—
Embedded derivatives (2)	N/A		N/A		558		—		N/A		N/A
Total	$	194	$	45	$	345	$	206	$	(38)	$	390

	Three Months Ended June 30, 2021
	Net Investment Income		Net Investment Gains (Losses)		Net Derivative Gains (Losses)		Policyholder Benefits and Claims		Interest Credited to Policyholder Account Balances		OCI
	(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)	$	—	$	—	$	—	$	237	$	—	N/A
Hedged items	1		—		—		(242)		—		N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)	(2)		—		—		—		—		N/A
Hedged items	2		—		—		—		—		N/A
Subtotal	1		—		—		(5)		—		N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		$	508
Amount of gains (losses) reclassified from AOCI into income	14		19		—		—		—		(33)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		351
Amount of gains (losses) reclassified from AOCI into income	1		108		—		—		—		(109)
Foreign currency transaction gains (losses) on hedged items	—		(106)		—		—		—		—
Subtotal	15		21		—		—		—		717
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)	—		—		358		—		—		N/A
Foreign currency exchange rate derivatives (1)	—		—		24		—		—		N/A
Credit derivatives — purchased (1)	—		—		(8)		—		—		N/A
Credit derivatives — written (1)	—		—		22		—		—		N/A
Equity derivatives (1)	(1)		—		(270)		(92)		—		N/A
Foreign currency transaction gains (losses) on hedged items	—		—		(9)		—		—		N/A
Subtotal	(1)		—		117		(92)		—		N/A
Earned income on derivatives	32		—		160		51		(38)		—
Embedded derivatives (2)	N/A		N/A		(252)		—		N/A		N/A
Total	$	47	$	21	$	25	$	(46)	$	(38)	$	717

	Six Months Ended June 30, 2022
	Net Investment Income		Net Investment Gains (Losses)		Net Derivative Gains (Losses)		Policyholder Benefits and Claims		Interest Credited to Policyholder Account Balances		OCI
	(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)	$	6	$	—	$	—	$	(845)	$	(10)	N/A
Hedged items	(8)		—		—		808		9		N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)	90		—		—		—		—		N/A
Hedged items	(87)		—		—		—		—		N/A
Subtotal	1		—		—		(37)		(1)		N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		$	(1,110)
Amount of gains (losses) reclassified from AOCI into income	31		71		—		—		—		(102)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		624
Amount of gains (losses) reclassified from AOCI into income	2		(632)		—		—		—		630
Foreign currency transaction gains (losses) on hedged items	—		619		—		—		—		—
Subtotal	33		58		—		—		—		42
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)	3		—		(1,603)		—		—		N/A
Foreign currency exchange rate derivatives (1)	2		—		509		—		—		N/A
Credit derivatives — purchased (1)	—		—		58		—		—		N/A
Credit derivatives — written (1)	—		—		(190)		—		—		N/A
Equity derivatives (1)	29		—		561		258		—		N/A
Foreign currency transaction gains (losses) on hedged items	—		—		(242)		—		—		N/A
Subtotal	34		—		(907)		258		—		N/A
Earned income on derivatives	225		—		259		97		(72)		—
Embedded derivatives (2)	N/A		N/A		1,174		—		N/A		N/A
Total	$	293	$	58	$	526	$	318	$	(73)	$	42

	Six Months Ended June 30, 2021
	Net Investment Income		Net Investment Gains (Losses)		Net Derivative Gains (Losses)		Policyholder Benefits and Claims		Interest Credited to Policyholder Account Balances		OCI
	(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)	$	3	$	—	$	—	$	(365)	$	—	N/A
Hedged items	(2)		—		—		331		—		N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)	11		—		—		—		—		N/A
Hedged items	(10)		—		—		—		—		N/A
Subtotal	2		—		—		(34)		—		N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		$	(703)
Amount of gains (losses) reclassified from AOCI into income	27		48		—		—		—		(75)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		302
Amount of gains (losses) reclassified from AOCI into income	2		(8)		—		—		—		6
Foreign currency transaction gains (losses) on hedged items	—		4		—		—		—		—
Subtotal	29		44		—		—		—		(470)
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)	2		—		(1,187)		—		—		N/A
Foreign currency exchange rate derivatives (1)	—		—		43		—		—		N/A
Credit derivatives — purchased (1)	—		—		4		—		—		N/A
Credit derivatives — written (1)	—		—		21		—		—		N/A
Equity derivatives (1)	(2)		—		(827)		(182)		—		N/A
Foreign currency transaction gains (losses) on hedged items	—		—		(12)		—		—		N/A
Subtotal	—		—		(1,958)		(182)		—		N/A
Earned income on derivatives	78		—		334		102		(77)		—
Embedded derivatives (2)	N/A		N/A		634		—		N/A		N/A
Total	$	109	$	44	$	(990)	$	(114)	$	(77)	$	(470)

__________________

(1)Excludes earned income on derivatives.

(2)The valuation of guaranteed minimum benefits includes a nonperformance risk adjustment. The amounts included in net derivative gains (losses) in connection with this adjustment were $14 million and ($1) million for the three months and six months ended June 30, 2022, respectively, and $3 million and ($15) million for the three months and six months ended June 30, 2021, respectively.

Fair Value Hedges

The Company designates and accounts for the following as fair value hedges when they have met the requirements of fair value hedging: (i) interest rate swaps to convert fixed rate assets and liabilities to floating rate assets and liabilities and (ii) foreign currency swaps to hedge the foreign currency fair value exposure of foreign currency denominated assets and liabilities.

The following table presents the balance sheet classification, carrying amount and cumulative fair value hedging adjustments for items designated and qualifying as hedged items in fair value hedges:

Balance Sheet Line Item	Carrying Amount of the Hedged Assets/(Liabilities)				Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of Hedged Assets/(Liabilities) (1)
	June 30, 2022		December 31, 2021		June 30, 2022		December 31, 2021
	(In millions)
Fixed maturity securities AFS	$	303	$	366	$	—	$	(1)
Mortgage loans	$	430	$	617	$	(7)	$	3
Future policy benefits	$	(4,027)	$	(4,735)	$	(56)	$	(877)
Policyholder account balances	$	(1,082)	$	—	$	9	$	—

__________________

(1)Includes ($149) million and ($161) million of hedging adjustments on discontinued hedging relationships at June 30, 2022 and December 31, 2021, respectively.

All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness.

Cash Flow Hedges

The Company designates and accounts for the following as cash flow hedges when they have met the requirements of cash flow hedging: (i) interest rate swaps to convert floating rate assets and liabilities to fixed rate assets and liabilities, (ii) foreign currency swaps to hedge the foreign currency cash flow exposure of foreign currency denominated assets and liabilities, (iii) interest rate forwards and credit forwards to lock in the price to be paid for forward purchases of investments, and (iv) interest rate swaps and interest rate forwards to hedge the forecasted purchases of fixed-rate investments.

In certain instances, the Company discontinued cash flow hedge accounting because the forecasted transactions were no longer probable of occurring. Because certain of the forecasted transactions also were not probable of occurring within two months of the anticipated date, the Company reclassified amounts from AOCI into income. These amounts were $4 million for both the three months and six months ended June 30, 2022 and $6 million for both the three months and six months ended June 30, 2021.

At both June 30, 2022 and December 31, 2021, the maximum length of time over which the Company was hedging its exposure to variability in future cash flows for forecasted transactions did not exceed seven years.

At both June 30, 2022 and December 31, 2021, the balance in AOCI associated with cash flow hedges was $2.4 billion.

All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness.

At June 30, 2022, the Company expected to reclassify $438 million of deferred net gains (losses) on derivatives in AOCI to earnings within the next 12 months.

Credit Derivatives

In connection with synthetically created credit investment transactions, the Company writes credit default swaps for which it receives a premium to insure credit risk. Such credit derivatives are included within the effects of derivatives on the interim condensed consolidated statements of operations and comprehensive income (loss) table. If a credit event occurs, as defined by the contract, the contract may be cash settled or it may be settled gross by the Company paying the counterparty the specified swap notional amount in exchange for the delivery of par quantities of the referenced credit obligation. The Company can terminate these contracts at any time through cash settlement with the counterparty at an amount equal to the then current estimated fair value of the credit default swaps.

The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of written credit default swaps at:

	June 30, 2022					December 31, 2021
Rating Agency Designation of Referenced Credit Obligations (1)	Estimated Fair Value of Credit Default Swaps		Maximum Amount of Future Payments under Credit Default Swaps		Weighted Average Years to Maturity (2)	Estimated Fair Value of Credit Default Swaps		Maximum Amount of Future Payments under Credit Default Swaps		Weighted Average Years to Maturity (2)
	(Dollars in millions)
Aaa/Aa/A
Single name credit default swaps (3)	$	—	$	10	2.0	$	—	$	10	2.5
Credit default swaps referencing indices	4		2,742		3.3	17		1,191		2.5
Subtotal	4		2,752		3.3	17		1,201		2.5
Baa
Single name credit default swaps (3)	1		60		2.5	1		60		3.3
Credit default swaps referencing indices	(40)		6,368		5.6	90		4,698		5.1
Subtotal	(39)		6,428		5.6	91		4,758		5.1
Ba
Single name credit default swaps (3)	1		25		1.0	1		65		0.5
Credit default swaps referencing indices	(2)		45		4.5	(1)		20		5.0
Subtotal	(1)		70		3.2	—		85		1.5
Caa3
Credit default swaps referencing indices	(11)		30		4.0	(9)		30		4.5
Subtotal	(11)		30		4.0	(9)		30		4.5
Total	$	(47)	$	9,280	4.9	$	99	$	6,074	4.6

__________________

(1)The rating agency designations are based on availability and the midpoint of the applicable ratings among Moody’s Investors Service (“Moody’s”), S&P Global Ratings (“S&P”) and Fitch Ratings. If no rating is available from a rating agency, then an internally developed rating is used.

(2)The weighted average years to maturity of the credit default swaps is calculated based on weighted average gross notional amounts.

(3)Single name credit default swaps may be referenced to the credit of corporations, foreign governments, or municipals.

Credit Risk on Freestanding Derivatives

The Company may be exposed to credit-related losses in the event of nonperformance by its counterparties to derivatives. Generally, the current credit exposure of the Company’s derivatives is limited to the net positive estimated fair value of derivatives at the reporting date after taking into consideration the existence of master netting or similar agreements and any collateral received pursuant to such agreements.

Derivatives may be exchange-traded or contracted in the over-the-counter (“OTC”) market. Certain of the Company’s OTC derivatives are cleared and settled through central clearinghouses (“OTC-cleared”), while others are bilateral contracts between two counterparties (“OTC-bilateral”).

The Company manages its credit risk related to derivatives by entering into transactions with creditworthy counterparties in jurisdictions in which it understands that close-out netting should be enforceable and establishing and monitoring exposure limits. The Company’s OTC-bilateral derivative transactions are governed by International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements which provide for legally enforceable set-off and close-out netting of exposures to specific counterparties in the event of early termination of a transaction, which includes, but is not limited to, events of default and bankruptcy. In the event of an early termination, close-out netting permits the Company (subject to financial regulations such as the Orderly Liquidation Authority under Title II of Dodd-Frank) to set off receivables from the counterparty against payables to the same counterparty arising out of all included transactions and to apply collateral to the obligations without application of the automatic stay, upon the counterparty’s bankruptcy. All of the Company’s ISDA Master Agreements also include Credit Support Annex provisions which require both the pledging and accepting of collateral in connection with its OTC-bilateral derivatives as required by applicable law. Additionally, effective September 1, 2021, the Company is required to pledge initial margin for certain new OTC-bilateral derivative transactions to third party custodians.

The Company’s OTC-cleared derivatives are effected through central clearing counterparties and its exchange-traded derivatives are effected through regulated exchanges. Such positions are marked to market and margined on a daily basis (both initial margin and variation margin), and the Company has minimal exposure to credit-related losses in the event of nonperformance by brokers and central clearinghouses to such derivatives.

See Note 7 for a description of the impact of credit risk on the valuation of derivatives.

The estimated fair values of the Company’s net derivative assets and net derivative liabilities after the application of master netting agreements and collateral were as follows at:

	June 30, 2022				December 31, 2021
Derivatives Subject to a Master Netting Arrangement or a Similar Arrangement	Assets		Liabilities		Assets		Liabilities
	(In millions)
Gross estimated fair value of derivatives:
OTC-bilateral (1)	$	9,263	$	2,988	$	8,602	$	1,379
OTC-cleared (1)	42		65		104		8
Exchange-traded	11		1		5		—
Total gross estimated fair value of derivatives presented on the interim condensed consolidated balance sheets (1)	9,316		3,054		8,711		1,387
Gross amounts not offset on the interim condensed consolidated balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral	(2,961)		(2,961)		(1,364)		(1,364)
OTC-cleared	(14)		(14)		(3)		(3)
Exchange-traded	(1)		(1)		—		—
Cash collateral: (3), (4)
OTC-bilateral	(5,486)		—		(6,414)		—
OTC-cleared	—		(36)		(91)		—
Securities collateral: (5)
OTC-bilateral	(739)		(26)		(767)		(14)
OTC-cleared	—		(15)		—		(5)
Net amount after application of master netting agreements and collateral	$	115	$	1	$	72	$	1

__________________

(1)At June 30, 2022 and December 31, 2021, derivative assets included income (expense) accruals reported in accrued investment income or in other liabilities of $98 million and $93 million, respectively, and derivative liabilities included (income) expense accruals reported in accrued investment income or in other liabilities of ($7) million and ($22) million, respectively.

(2)Estimated fair value of derivatives is limited to the amount that is subject to set-off and includes income or expense accruals.

(3)Cash collateral received by the Company for OTC-bilateral and OTC-cleared derivatives, where the centralized clearinghouse treats variation margin as collateral, is included in cash and cash equivalents, short-term investments or in fixed maturity securities AFS, and the obligation to return it is included in payables for collateral under securities loaned and other transactions on the balance sheet.

(4)The receivable for the return of cash collateral provided by the Company is inclusive of initial margin on exchange-traded and OTC-cleared derivatives and is included in premiums, reinsurance and other receivables on the balance sheet. The amount of cash collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements. At June 30, 2022 and December 31, 2021, the Company received excess cash collateral of $459 million and $60 million, respectively, and provided no excess cash collateral.

(5)Securities collateral received by the Company is held in separate custodial accounts and is not recorded on the balance sheet. Subject to certain constraints, the Company is permitted by contract to sell or re-pledge this collateral, but at June 30, 2022, none of the collateral had been sold or re-pledged. Securities collateral pledged by the Company is reported in fixed maturity securities AFS on the balance sheet. Subject to certain constraints, the counterparties are permitted by contract to sell or re-pledge this collateral. The amount of securities collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements and cash collateral. At June 30, 2022 and December 31, 2021, the Company received excess securities collateral with an estimated fair value of $97 million and $47 million, respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At June 30, 2022 and December 31, 2021, the Company provided excess securities collateral with an estimated fair value of $709 million and $95 million, respectively, for its OTC-bilateral derivatives, $548 million and $584 million, respectively, for its OTC-cleared derivatives, and $96 million and $106 million, respectively, for its exchange-traded derivatives, which are not included in the table above due to the foregoing limitation.

The Company’s collateral arrangements for its OTC-bilateral derivatives generally require the counterparty in a net liability position, after considering the effect of netting agreements, to pledge collateral when the collateral amount owed by that counterparty reaches a minimum transfer amount. All of the Company’s netting agreements for derivatives contain provisions that require both Metropolitan Life Insurance Company and the counterparty to maintain a specific investment grade financial strength or credit rating from each of Moody’s and S&P. If a party’s financial strength or credit rating were to fall below that specific investment grade financial strength or credit rating, that party would be in violation of these provisions, and the other party to the derivatives could terminate the transactions and demand immediate settlement and payment based on such party’s reasonable valuation of the derivatives.

The following table presents the estimated fair value of the Company’s OTC-bilateral derivatives that were in a net liability position after considering the effect of netting agreements, together with the estimated fair value and balance sheet location of the collateral pledged.

	Derivatives Subject to Financial Strength-Contingent Provisions
	June 30, 2022		December 31, 2021
	(In millions)
Estimated fair value of derivatives in a net liability position (1)	$	26	$	15
Estimated fair value of collateral provided:
Fixed maturity securities AFS	$	35	$	17

__________________

(1)After taking into consideration the existence of netting agreements.

Embedded Derivatives

The Company issues certain products or purchases certain investments that contain embedded derivatives that are required to be separated from their host contracts and accounted for as freestanding derivatives.

The following table presents the estimated fair value and balance sheet location of the Company’s embedded derivatives that have been separated from their host contracts at:

	Balance Sheet Location	June 30, 2022		December 31, 2021
		(In millions)
Embedded derivatives within asset host contracts:
Assumed on affiliated reinsurance	Other invested assets	$	42	$	—
Embedded derivatives within liability host contracts:
Direct guaranteed minimum benefits	Policyholder account balances	$	254	$	257
Assumed guaranteed minimum benefits	Policyholder account balances	6		5
Funds withheld and guarantees on reinsurance (including affiliated)	Other liabilities	(20)		1,072
Fixed annuities with equity indexed returns	Policyholder account balances	143		165
Embedded derivatives within liability host contracts		$	383	$	1,499

XML

Fair Value

3 Months Ended

6 Months Ended

Jun. 30, 2022

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities AFS
	Corporate (6)		Structured Products		Foreign Government		Short-term Investments
	(In millions)
Three Months Ended June 30, 2022
Balance, beginning of period	$	13,940	$	4,566	$	13	$	—
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(11)		12		5		—
Total realized/unrealized gains (losses) included in AOCI	(1,496)		(142)		4		—
Purchases (3)	945		321		—		—
Sales (3)	(211)		(394)		(1)		—
Issuances (3)	—		—		—		—
Settlements (3)	—		—		—		—
Transfers into Level 3 (4)	137		79		2		100
Transfers out of Level 3 (4)	(300)		(352)		(2)		—
Balance, end of period	$	13,004	$	4,090	$	21	$	100
Three Months Ended June 30, 2021
Balance, beginning of period	$	14,248	$	4,490	$	7	$	37
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(6)		14		—		—
Total realized/unrealized gains (losses) included in AOCI	220		16		—		—
Purchases (3)	344		588		8		24
Sales (3)	(235)		(308)		(3)		(34)
Issuances (3)	—		—		—		—
Settlements (3)	—		—		—		—
Transfers into Level 3 (4)	38		307		—		50
Transfers out of Level 3 (4)	(504)		(276)		(1)		—
Balance, end of period	$	14,105	$	4,831	$	11	$	77
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2022 (5)	$	(11)	$	12	$	5	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2021 (5)	$	(7)	$	14	$	—	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2022 (5)	$	(1,495)	$	(139)	$	4	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2021 (5)	$	221	$	15	$	—	$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Residential Mortgage Loans - FVO		Other Investments		Net Derivatives (7)		Net Embedded Derivatives (8)		Separate Accounts (9)
	(In millions)
Three Months Ended June 30, 2022
Balance, beginning of period	$	119	$	1,123	$	29	$	(884)	$	1,931
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(5)		(64)		(88)		558		11
Total realized/unrealized gains (losses) included in AOCI	—		—		(207)		—		—
Purchases (3)	—		10		145		—		35
Sales (3)	—		(8)		—		—		(949)
Issuances (3)	—		—		—		—		(5)
Settlements (3)	(5)		—		18		(15)		6
Transfers into Level 3 (4)	—		—		—		—		—
Transfers out of Level 3 (4)	—		(100)		—		—		—
Balance, end of period	$	109	$	961	$	(103)	$	(341)	$	1,029
Three Months Ended June 30, 2021
Balance, beginning of period	$	149	$	673	$	(277)	$	(1,216)	$	992
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(1)		42		35		(252)		9
Total realized/unrealized gains (losses) included in AOCI	—		—		206		—		—
Purchases (3)	—		27		3		—		118
Sales (3)	(2)		(13)		—		—		(27)
Issuances (3)	—		—		(5)		—		1
Settlements (3)	(6)		—		12		(43)		3
Transfers into Level 3 (4)	—		—		—		—		9
Transfers out of Level 3 (4)	—		(5)		65		—		—
Balance, end of period	$	140	$	724	$	39	$	(1,511)	$	1,105
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2022 (5)	$	(5)	$	(64)	$	(87)	$	559	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2021 (5)	$	(2)	$	38	$	16	$	(249)	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2022 (5)	$	—	$	—	$	(199)	$	—	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2021 (5)	$	—	$	—	$	200	$	—	$	—

7. Fair Value

Considerable judgment is often required in interpreting the market data used to develop estimates of fair value, and the use of different assumptions or valuation methodologies may have a material effect on the estimated fair value amounts.

Recurring Fair Value Measurements

The assets and liabilities measured at estimated fair value on a recurring basis and their corresponding placement in the fair value hierarchy, including those items for which the Company has elected the FVO, are presented below at:

	June 30, 2022
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total  Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities AFS:
U.S. corporate	$	—	$	43,454	$	6,593	$	50,047
U.S. government and agency	8,879		13,460		—		22,339
Foreign corporate	—		18,155		6,411		24,566
RMBS	100		17,705		2,342		20,147
ABS & CLO	—		10,358		1,452		11,810
Municipals	—		7,300		—		7,300
CMBS	—		5,798		296		6,094
Foreign government	—		3,783		21		3,804
Total fixed maturity securities AFS	8,979		120,013		17,115		146,107
Short-term investments	1,355		95		100		1,550
Residential mortgage loans — FVO	—		—		109		109
Other investments	292		285		961		1,538
Derivative assets: (1)
Interest rate	1		4,561		312		4,874
Foreign currency exchange rate	—		3,196		—		3,196
Credit	—		30		26		56
Equity market	10		1,075		7		1,092
Total derivative assets	11		8,862		345		9,218
Embedded derivatives within asset host contracts (4)	—		—		42		42
Separate account assets (2)	18,321		73,846		1,039		93,206
Total assets (3)	$	28,958	$	203,101	$	19,711	$	251,770
Liabilities
Derivative liabilities: (1)
Interest rate	$	—	$	927	$	410	$	1,337
Foreign currency exchange rate	—		1,464		—		1,464
Credit	—		40		38		78
Equity market	1		181		—		182
Total derivative liabilities	1		2,612		448		3,061
Embedded derivatives within liability host contracts (4)	—		—		383		383
Separate account liabilities (2)	14		21		10		45
Total liabilities	$	15	$	2,633	$	841	$	3,489

	December 31, 2021
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities AFS:
U.S. corporate	$	—	$	51,290	$	7,112	$	58,402
U.S. government and agency	15,041		16,181		—		31,222
Foreign corporate	—		21,862		7,823		29,685
RMBS	7		20,333		2,805		23,145
ABS & CLO	—		11,455		1,424		12,879
Municipals	—		8,728		—		8,728
CMBS	—		6,507		371		6,878
Foreign government	—		4,934		12		4,946
Total fixed maturity securities AFS	15,048		141,290		19,547		175,885
Short-term investments	4,187		677		2		4,866
Residential mortgage loans — FVO	—		—		127		127
Other investments	328		192		894		1,414
Derivative assets: (1)
Interest rate	—		5,982		95		6,077
Foreign currency exchange rate	—		1,676		—		1,676
Credit	—		106		17		123
Equity market	5		730		7		742
Total derivative assets	5		8,494		119		8,618
Embedded derivatives within asset host contracts (4)	—		—		—		—
Separate account assets (2)	28,231		93,656		1,964		123,851
Total assets (3)	$	47,799	$	244,309	$	22,653	$	314,761
Liabilities
Derivative liabilities: (1)
Interest rate	$	—	$	70	$	21	$	91
Foreign currency exchange rate	—		1,076		—		1,076
Credit	—		8		12		20
Equity market	—		222		—		222
Total derivative liabilities	—		1,376		33		1,409
Embedded derivatives within liability host contracts (4)	—		—		1,499		1,499
Separate account liabilities (2)	7		12		6		25
Total liabilities	$	7	$	1,388	$	1,538	$	2,933

__________________

(1)Derivative assets are presented within other invested assets on the interim condensed consolidated balance sheets and derivative liabilities are presented within other liabilities on the interim condensed consolidated balance sheets. The amounts are presented gross in the tables above to reflect the presentation on the interim condensed consolidated balance sheets, but are presented net for purposes of the rollforward in the Fair Value Measurements Using Significant Unobservable Inputs (Level 3) tables.

(2)Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders whose liability is reflected within separate account liabilities. Separate account liabilities are set equal to the estimated fair value of separate account assets. Separate account liabilities presented in the tables above represent derivative liabilities.

(3)Total assets included in the fair value hierarchy exclude other limited partnership interests that are measured at estimated fair value using the net asset value (“NAV”) per share (or its equivalent) practical expedient. At June 30, 2022 and December 31, 2021, the estimated fair value of such investments was $91 million and $95 million, respectively.

(4)Embedded derivatives within asset host contracts are presented within other invested assets on the interim condensed consolidated balance sheets. Embedded derivatives within liability host contracts are presented within policyholder account balances and other liabilities on the interim condensed consolidated balance sheets.

The following describes the valuation methodologies used to measure assets and liabilities at fair value.

Investments

Securities, Short-term Investments and Other Investments

When available, the estimated fair value of these financial instruments is based on quoted prices in active markets that are readily and regularly obtainable. Generally, these are the most liquid of the Company’s securities holdings and valuation of these securities does not involve management’s judgment.

When quoted prices in active markets are not available, the determination of estimated fair value of securities is based on market standard valuation methodologies, giving priority to observable inputs. The significant inputs to the market standard valuation methodologies for certain types of securities with reasonable levels of price transparency are inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. When observable inputs are not available, the market standard valuation methodologies rely on inputs that are significant to the estimated fair value that are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. These unobservable inputs can be based in large part on management’s judgment or estimation and cannot be supported by reference to market activity. Unobservable inputs are based on management’s assumptions about the inputs market participants would use in pricing such investments.

The estimated fair value of short-term investments and other investments is determined on a basis consistent with the methodologies described herein.

The valuation approaches and key inputs for each category of assets or liabilities that are classified within Level 2 and Level 3 of the fair value hierarchy are presented below. The primary valuation approaches are the market approach, which considers recent prices from market transactions involving identical or similar assets or liabilities, and the income approach, which converts expected future amounts (e.g. cash flows) to a single current, discounted amount. The valuation of most instruments listed below is determined using independent pricing sources, matrix pricing, discounted cash flow methodologies or other similar techniques that use either observable market inputs or unobservable inputs.

Instrument		Level 2 Observable Inputs		Level 3 Unobservable Inputs
Fixed maturity securities AFS
U.S. corporate and Foreign corporate securities
	Valuation Approaches: Principally the market and income approaches.			Valuation Approaches: Principally the market approach.
	Key Inputs:			Key Inputs:
	•	quoted prices in markets that are not active		•	illiquidity premium
	•	benchmark yields; spreads off benchmark yields; new issuances; issuer ratings		•	delta spread adjustments to reflect specific credit-related issues
	•	trades of identical or comparable securities; duration		•	credit spreads
	•	privately-placed securities are valued using the additional key inputs:		•	quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2
		•	market yield curve; call provisions
		•	observable prices and spreads for similar public or private securities that incorporate the credit quality and industry sector of the issuer	•	independent non-binding broker quotations
		•	delta spread adjustments to reflect specific credit-related issues
U.S. government and agency securities, Municipals and Foreign government securities
	Valuation Approaches: Principally the market approach.			Valuation Approaches: Principally the market approach.
	Key Inputs:			Key Inputs:
	•	quoted prices in markets that are not active		•	independent non-binding broker quotations
	•	benchmark U.S. Treasury yield or other yields		•	quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2
	•	the spread off the U.S. Treasury yield curve for the identical security
	•	issuer ratings and issuer spreads; broker-dealer quotations		•	credit spreads
	•	comparable securities that are actively traded
Structured Products
	Valuation Approaches: Principally the market and income approaches.			Valuation Approaches: Principally the market and income approaches.
	Key Inputs:			Key Inputs:
	•	quoted prices in markets that are not active		•	credit spreads
	•	spreads for actively traded securities; spreads off benchmark yields		•	quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2
	•	expected prepayment speeds and volumes
	•	current and forecasted loss severity; ratings; geographic region		•	independent non-binding broker quotations
	•	weighted average coupon and weighted average maturity		•	credit ratings
	•	average delinquency rates; DSCR
	•	credit ratings
	•	issuance-specific information, including, but not limited to:
		•	collateral type; structure of the security; vintage of the loans
		•	payment terms of the underlying assets
		•	payment priority within the tranche; deal performance

Instrument	Level 2 Observable Inputs		Level 3 Unobservable Inputs
Short-term investments and Other investments
	•	Certain short-term investments and certain other investments are of a similar nature and class to the fixed maturity securities AFS described above; while certain other investments are similar to equity securities. The valuation approaches and observable inputs used in their valuation are also similar to those described above. Other investments contain equity securities valued using quoted prices in markets that are not considered active.	•	Certain short-term investments and certain other investments are of a similar nature and class to the fixed maturity securities AFS described above, while certain other investments are similar to equity securities. The valuation approaches and unobservable inputs used in their valuation are also similar to those described above. Other investments contain equity securities that use key unobservable inputs such as credit ratings; issuance structures, in addition to those described above for fixed maturities AFS. Other investments also include certain real estate joint ventures and use the valuation approach and key inputs as described for other limited partnership interests below.
Residential mortgage loans — FVO
	•	N/A	Valuation Approaches: Principally the market approach.
			Valuation Techniques and Key Inputs: These investments are based primarily on matrix pricing or other similar techniques that utilize inputs from mortgage servicers that are unobservable or cannot be derived principally from, or corroborated by, observable market data.
Separate account assets and Separate account liabilities (1)
Mutual funds and hedge funds without readily determinable fair values as prices are not published publicly
	Key Input:		•	N/A
	•	quoted prices or reported NAV provided by the fund managers
Other limited partnership interests
	•	N/A	Valued giving consideration to the underlying holdings of the partnerships and adjusting, if appropriate.
			Key Inputs:
			•	liquidity; bid/ask spreads; performance record of the fund manager
			•	other relevant variables that may impact the exit value of the particular partnership interest

__________________

(1)Estimated fair value equals carrying value, based on the value of the underlying assets, including: mutual fund interests, fixed maturity securities, equity securities, derivatives, hedge funds, other limited partnership interests, short-term investments and cash and cash equivalents. The estimated fair value of fixed maturity securities, equity securities, derivatives, short-term investments and cash and cash equivalents is determined on a basis consistent with the assets described under “— Securities, Short-term Investments and Other Investments” and “— Derivatives — Freestanding Derivatives.”

Derivatives

The estimated fair value of derivatives is determined through the use of quoted market prices for exchange-traded derivatives, or through the use of pricing models for OTC-bilateral and OTC-cleared derivatives. The determination of estimated fair value, when quoted market values are not available, is based on market standard valuation methodologies and inputs that management believes are consistent with what other market participants would use when pricing such instruments. Derivative valuations can be affected by changes in interest rates, foreign currency exchange rates, financial indices, credit spreads, default risk, nonperformance risk, volatility, liquidity and changes in estimates and assumptions used in the pricing models.

The significant inputs to the pricing models for most OTC-bilateral and OTC-cleared derivatives are inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. Certain OTC-bilateral and OTC-cleared derivatives may rely on inputs that are significant to the estimated fair value that are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. These unobservable inputs may involve significant management judgment or estimation. Unobservable inputs are based on management’s assumptions about the inputs market participants would use in pricing such derivatives.

Most inputs for OTC-bilateral and OTC-cleared derivatives are mid-market inputs but, in certain cases, liquidity adjustments are made when they are deemed more representative of exit value. Market liquidity, as well as the use of different methodologies, assumptions and inputs, may have a material effect on the estimated fair values of the Company’s derivatives and could materially affect net income.

The credit risk of both the counterparty and the Company are considered in determining the estimated fair value for all OTC-bilateral and OTC-cleared derivatives, and any potential credit adjustment is based on the net exposure by counterparty after taking into account the effects of netting agreements and collateral arrangements. The Company values its OTC-bilateral and OTC-cleared derivatives using standard swap curves which may include a spread to the risk-free rate, depending upon specific collateral arrangements. This credit spread is appropriate for those parties that execute trades at pricing levels consistent with similar collateral arrangements. As the Company and its significant derivative counterparties generally execute trades at such pricing levels and hold sufficient collateral, additional credit risk adjustments are not currently required in the valuation process. The Company’s ability to consistently execute at such pricing levels is, in part, due to the netting agreements and collateral arrangements that are in place with all of its significant derivative counterparties. An evaluation of the requirement to make additional credit risk adjustments is performed by the Company each reporting period.

Freestanding Derivatives

Level 2 Valuation Approaches and Key Inputs:

This level includes all types of derivatives utilized by the Company with the exception of exchange-traded derivatives included within Level 1 and those derivatives with unobservable inputs as described in Level 3.

Level 3 Valuation Approaches and Key Inputs:

These valuation methodologies generally use the same inputs as described in the corresponding sections for Level 2 measurements of derivatives. However, these derivatives result in Level 3 classification because one or more of the significant inputs are not observable in the market or cannot be derived principally from, or corroborated by, observable market data.

Freestanding derivatives are principally valued using the income approach. Valuations of non-option-based derivatives utilize present value techniques, whereas valuations of option-based derivatives utilize option pricing models. Key inputs are as follows:

Instrument		Interest Rate		Foreign Currency Exchange Rate		Credit		Equity Market
Inputs common to Level 2 and Level 3 by instrument type	•	swap yield curves	•	swap yield curves	•	swap yield curves	•	swap yield curves
	•	basis curves	•	basis curves	•	credit curves	•	spot equity index levels
	•	interest rate volatility (1)	•	currency spot rates	•	recovery rates	•	dividend yield curves
			•	cross currency basis curves			•	equity volatility (1)
Level 3	•	swap yield curves (2)	•	swap yield curves (2)	•	swap yield curves (2)	•	dividend yield curves (2)
	•	basis curves (2)	•	basis curves (2)	•	credit curves (2)	•	equity volatility (1), (2)
	•	repurchase rates	•	cross currency basis curves (2)	•	credit spreads	•	correlation between model inputs (1)
	•	interest rate volatility (1), (2)	•	currency correlation	•	repurchase rates
					•	independent non-binding broker quotations

__________________

(1)Option-based only.

(2)Extrapolation beyond the observable limits of the curve(s).

Embedded Derivatives

Embedded derivatives principally include certain direct and assumed variable annuity guarantees, annuity contracts, guarantees on reinsurance, and investment risk within funds withheld related to certain reinsurance agreements. Embedded derivatives are recorded at estimated fair value with changes in estimated fair value reported in net income.

The Company issues certain variable annuity products with guaranteed minimum benefits. GMWBs, GMABs and certain GMIBs contain embedded derivatives, which are measured at estimated fair value separately from the host variable annuity contract, with changes in estimated fair value reported in net derivative gains (losses). These embedded derivatives are classified within policyholder account balances on the interim condensed consolidated balance sheets.

The Company calculates the fair value of these embedded derivatives, which is estimated as the present value of projected future benefits minus the present value of projected future fees using actuarial and capital market assumptions including expectations concerning policyholder behavior. The calculation is based on in-force business, projecting future cash flows from the embedded derivative over multiple risk neutral stochastic scenarios using observable risk-free rates.

Capital market assumptions, such as risk-free rates and implied volatilities, are based on market prices for publicly traded instruments to the extent that prices for such instruments are observable. Implied volatilities beyond the observable period are extrapolated based on observable implied volatilities and historical volatilities. Actuarial assumptions, including mortality, lapse, withdrawal and utilization, are unobservable and are reviewed at least annually based on actuarial studies of historical experience.

The valuation of these guarantee liabilities includes nonperformance risk adjustments and adjustments for a risk margin related to non-capital market inputs. The nonperformance adjustment is determined by taking into consideration publicly available information relating to spreads in the secondary market for MetLife, Inc.’s debt, including related credit default swaps. These observable spreads are then adjusted, as necessary, to reflect the priority of these liabilities and the claims paying ability of the issuing insurance subsidiaries as compared to MetLife, Inc.

Risk margins are established to capture the non-capital market risks of the instrument which represent the additional compensation a market participant would require to assume the risks related to the uncertainties of such actuarial assumptions as annuitization, premium persistency, partial withdrawal and surrenders. The establishment of risk margins requires the use of significant management judgment, including assumptions of the amount and cost of capital needed to cover the guarantees. These guarantees may be more costly than expected in volatile or declining equity markets. Market conditions including, but not limited to, changes in interest rates, equity indices, market volatility and foreign currency exchange rates; changes in nonperformance risk; and variations in actuarial assumptions regarding policyholder behavior, mortality and risk margins related to non-capital market inputs, may result in significant fluctuations in the estimated fair value of the guarantees that could materially affect net income.

The estimated fair value of the embedded derivatives within funds withheld related to certain ceded reinsurance is determined based on the change in estimated fair value of the underlying assets held by the Company in a reference portfolio backing the funds withheld liability. The estimated fair value of the underlying assets is determined as described in “— Investments — Securities, Short-term Investments and Other Investments.” The estimated fair value of guarantees related to reinsurance is determined based on multiple stochastic scenarios and includes a nonperformance risk adjustment. The estimated fair value of these embedded derivatives is included, along with their underlying host contracts, in other liabilities on the interim condensed consolidated balance sheets with changes in estimated fair value recorded in net derivative gains (losses). Changes in the credit spreads on the underlying assets, interest rates and market volatility may result in significant fluctuations in the estimated fair value of these embedded derivatives that could materially affect net income.

The Company issues certain annuity contracts which allow the policyholder to participate in returns from equity indices. These equity indexed features are embedded derivatives which are measured at estimated fair value separately from the host fixed annuity contract, with changes in estimated fair value reported in net derivative gains (losses). These embedded derivatives are classified within policyholder account balances on the interim condensed consolidated balance sheets.

The estimated fair value of the embedded equity indexed derivatives, based on the present value of future equity returns to the policyholder using actuarial and present value assumptions including expectations concerning policyholder behavior, is calculated by the Company’s actuarial department. The calculation is based on in-force business and uses standard capital market techniques, such as Black-Scholes, to calculate the value of the portion of the embedded derivative for which the terms are set. The portion of the embedded derivative covering the period beyond where terms are set is calculated as the present value of amounts expected to be spent to provide equity indexed returns in those periods. The valuation of these embedded derivatives also includes the establishment of a risk margin, as well as changes in nonperformance risk.

Embedded Derivatives Within Asset and Liability Host Contracts

Level 3 Valuation Approaches and Key Inputs:

Direct and assumed guaranteed minimum benefits

These embedded derivatives are principally valued using the income approach. Valuations are based on option pricing techniques, which utilize significant inputs that may include swap yield curves, currency exchange rates and implied volatilities. These embedded derivatives result in Level 3 classification because one or more of the significant inputs are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. Significant unobservable inputs generally include: the extrapolation beyond observable limits of the swap yield curves and implied volatilities, actuarial assumptions for policyholder behavior and mortality and the potential variability in policyholder behavior and mortality, nonperformance risk and cost of capital for purposes of calculating the risk margin.

Embedded derivatives within funds withheld related to certain ceded reinsurance

These embedded derivatives are principally valued using the income approach. The valuations are based on present value techniques, which utilize significant inputs that may include the swap yield curves and the fair value of assets within the reference portfolio. These embedded derivatives result in Level 3 classification because one or more of the significant inputs are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. Significant unobservable inputs generally include the fair value of certain assets within the reference portfolio which are not observable in the market and cannot be derived principally from, or corroborated by, observable market data.

Transfers between Levels

Overall, transfers between levels occur when there are changes in the observability of inputs and market activity.

Transfers into or out of Level 3:

Assets and liabilities are transferred into Level 3 when a significant input cannot be corroborated with market observable data. This occurs when market activity decreases significantly and underlying inputs cannot be observed, current prices are not available, and/or when there are significant variances in quoted prices, thereby affecting transparency. Assets and liabilities are transferred out of Level 3 when circumstances change such that a significant input can be corroborated with market observable data. This may be due to a significant increase in market activity, a specific event, or one or more significant input(s) becoming observable.

Assets and Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3)

The following table presents certain quantitative information about the significant unobservable inputs used in the fair value measurement, and the sensitivity of the estimated fair value to changes in those inputs, for the more significant asset and liability classes measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at:

					June 30, 2022				December 31, 2021				Impact of Increase in Input on Estimated Fair Value (2)
	Valuation Techniques		Significant Unobservable Inputs		Range			Weighted Average (1)	Range			Weighted Average (1)
Fixed maturity securities AFS (3)
U.S. corporate and foreign corporate	•	Matrix pricing	•	Offered quotes (4)	—	-	132	93	1	-	165	110	Increase
	•	Market pricing	•	Quoted prices (4)	20	-	102	97	—	-	117	101	Increase
RMBS	•	Market pricing	•	Quoted prices (4)	—	-	117	93	—	-	121	99	Increase (5)
ABS & CLO	•	Market pricing	•	Quoted prices (4)	78	-	102	94	91	-	110	102	Increase (5)
Derivatives
Interest rate	•	Present value techniques	•	Swap yield (6)	299	-	317	310	151	-	200	188	Increase (7)
			•	Volatility (8)	1%	-	1%	1%	1%	-	1%	1%	Increase (7)
Credit	•	Present value techniques	•	Credit spreads (9)	85	-	148	112	96	-	133	109	Decrease (7)
	•	Consensus pricing	•	Offered quotes (10)
Embedded derivatives
Direct and assumed guaranteed minimum benefits	•	Option pricing techniques	•	Mortality rates:
				Ages 0 - 40	0.01%	-	0.14%	0.08%	0.01%	-	0.12%	0.08%	Decrease (11)
				Ages 41 - 60	0.05%	-	0.65%	0.27%	0.05%	-	0.65%	0.27%	Decrease (11)
				Ages 61 - 115	0.32%	-	100%	2.07%	0.32%	-	100%	2.08%	Decrease (11)
			•	Lapse rates:
				Durations 1 - 10	0%	-	100%	6.24%	0.25%	-	100%	6.30%	Decrease (12)
				Durations 11 - 20	0.70%	-	100%	5.18%	0.70%	-	100%	5.22%	Decrease (12)
				Durations 21 - 116	1.60%	-	100%	5.18%	1.60%	-	100%	5.22%	Decrease (12)
			•	Utilization rates	0%	-	22%	0.22%	0%	-	22%	0.22%	Increase (13)
			•	Withdrawal rates	0%	-	10%	3.70%	0.25%	-	10%	3.72%	(14)
			•	Long-term equity volatilities	16.44%	-	22.16%	18.60%	16.44%	-	22.16%	18.60%	Increase (15)
			•	Nonperformance risk spread	0.33%	-	0.78%	0.35%	0.04%	-	0.40%	0.35%	Decrease (16)

__________________

(1)The weighted average for fixed maturity securities AFS and derivatives is determined based on the estimated fair value of the securities and derivatives. The weighted average for embedded derivatives is determined based on a combination of account values and experience data.

(2)The impact of a decrease in input would have resulted in the opposite impact on estimated fair value. For embedded derivatives, changes to direct and assumed guaranteed minimum benefits are based on liability positions.

(3)Significant increases (decreases) in expected default rates in isolation would have resulted in substantially lower (higher) valuations.

(4)Range and weighted average are presented in accordance with the market convention for fixed maturity securities AFS of dollars per hundred dollars of par.

(5)Changes in the assumptions used for the probability of default would have been accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumptions used for prepayment rates.

(6)Ranges represent the rates across different yield curves and are presented in basis points. The swap yield curves are utilized among different types of derivatives to project cash flows, as well as to discount future cash flows to present value. Since this valuation methodology uses a range of inputs across a yield curve to value the derivative, presenting a range is more representative of the unobservable input used in the valuation.

(7)Changes in estimated fair value are based on long U.S. dollar net asset positions and will be inversely impacted for short U.S. dollar net asset positions.

(8)Ranges represent the underlying interest rate volatility quoted in percentage points. Since this valuation methodology uses an equivalent of LIBOR for secured overnight financing rate volatility, presenting a range is more representative of the unobservable input used in the valuation.

(9)Represents the risk quoted in basis points of a credit default event on the underlying instrument. Credit derivatives with significant unobservable inputs are primarily comprised of written credit default swaps.

(10)At both June 30, 2022 and December 31, 2021, independent non-binding broker quotations were used in the determination of less than 1% of the total net derivative estimated fair value.

(11)Mortality rates vary by age and by demographic characteristics such as gender. Mortality rate assumptions are based on company experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.

(12)Base lapse rates are adjusted at the contract level based on a comparison of the actuarially calculated guaranteed values and the current policyholder account value, as well as other factors, such as the applicability of any surrender charges. A dynamic lapse function reduces the base lapse rate when the guaranteed amount is greater than the account value as in the money contracts are less likely to lapse. Lapse rates are also generally assumed to be lower in periods when a surrender charge applies. For any given contract, lapse rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.

(13)The utilization rate assumption estimates the percentage of contractholders with GMIBs or a lifetime withdrawal benefit who will elect to utilize the benefit upon becoming eligible. The rates may vary by the type of guarantee, the amount by which the guaranteed amount is greater than the account value, the contract’s withdrawal history and by the age of the policyholder. For any given contract, utilization rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.

(14)The withdrawal rate represents the percentage of account balance that any given policyholder will elect to withdraw from the contract each year. The withdrawal rate assumption varies by age and duration of the contract, and also by other factors such as benefit type. For any given contract, withdrawal rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative. For GMWBs, any increase (decrease) in withdrawal rates results in an increase (decrease) in the estimated fair value of the guarantees. For GMABs and GMIBs, any increase (decrease) in withdrawal rates results in a decrease (increase) in the estimated fair value.

(15)Long-term equity volatilities represent equity volatility beyond the period for which observable equity volatilities are available. For any given contract, long-term equity volatility rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.

(16)Nonperformance risk spread varies by duration and by currency. For any given contract, multiple nonperformance risk spreads will apply, depending on the duration of the cash flow being discounted for purposes of valuing the embedded derivative.

Generally, all other classes of assets and liabilities classified within Level 3 that are not included in the preceding table use the same valuation techniques and significant unobservable inputs as previously described for Level 3. The sensitivity of the estimated fair value to changes in the significant unobservable inputs for these other assets and liabilities is similar in nature to that described in the preceding table.

The following tables summarize the change of all assets (liabilities) measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3):

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities AFS
	Corporate (6)		Structured Products		Foreign Government		Short-term Investments
	(In millions)
Three Months Ended June 30, 2022
Balance, beginning of period	$	13,940	$	4,566	$	13	$	—
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(11)		12		5		—
Total realized/unrealized gains (losses) included in AOCI	(1,496)		(142)		4		—
Purchases (3)	945		321		—		—
Sales (3)	(211)		(394)		(1)		—
Issuances (3)	—		—		—		—
Settlements (3)	—		—		—		—
Transfers into Level 3 (4)	137		79		2		100
Transfers out of Level 3 (4)	(300)		(352)		(2)		—
Balance, end of period	$	13,004	$	4,090	$	21	$	100
Three Months Ended June 30, 2021
Balance, beginning of period	$	14,248	$	4,490	$	7	$	37
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(6)		14		—		—
Total realized/unrealized gains (losses) included in AOCI	220		16		—		—
Purchases (3)	344		588		8		24
Sales (3)	(235)		(308)		(3)		(34)
Issuances (3)	—		—		—		—
Settlements (3)	—		—		—		—
Transfers into Level 3 (4)	38		307		—		50
Transfers out of Level 3 (4)	(504)		(276)		(1)		—
Balance, end of period	$	14,105	$	4,831	$	11	$	77
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2022 (5)	$	(11)	$	12	$	5	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2021 (5)	$	(7)	$	14	$	—	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2022 (5)	$	(1,495)	$	(139)	$	4	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2021 (5)	$	221	$	15	$	—	$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Residential Mortgage Loans - FVO		Other Investments		Net Derivatives (7)		Net Embedded Derivatives (8)		Separate Accounts (9)
	(In millions)
Three Months Ended June 30, 2022
Balance, beginning of period	$	119	$	1,123	$	29	$	(884)	$	1,931
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(5)		(64)		(88)		558		11
Total realized/unrealized gains (losses) included in AOCI	—		—		(207)		—		—
Purchases (3)	—		10		145		—		35
Sales (3)	—		(8)		—		—		(949)
Issuances (3)	—		—		—		—		(5)
Settlements (3)	(5)		—		18		(15)		6
Transfers into Level 3 (4)	—		—		—		—		—
Transfers out of Level 3 (4)	—		(100)		—		—		—
Balance, end of period	$	109	$	961	$	(103)	$	(341)	$	1,029
Three Months Ended June 30, 2021
Balance, beginning of period	$	149	$	673	$	(277)	$	(1,216)	$	992
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(1)		42		35		(252)		9
Total realized/unrealized gains (losses) included in AOCI	—		—		206		—		—
Purchases (3)	—		27		3		—		118
Sales (3)	(2)		(13)		—		—		(27)
Issuances (3)	—		—		(5)		—		1
Settlements (3)	(6)		—		12		(43)		3
Transfers into Level 3 (4)	—		—		—		—		9
Transfers out of Level 3 (4)	—		(5)		65		—		—
Balance, end of period	$	140	$	724	$	39	$	(1,511)	$	1,105
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2022 (5)	$	(5)	$	(64)	$	(87)	$	559	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2021 (5)	$	(2)	$	38	$	16	$	(249)	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2022 (5)	$	—	$	—	$	(199)	$	—	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2021 (5)	$	—	$	—	$	200	$	—	$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities AFS
	Corporate (6)		Structured Products		Foreign Government		Short-term Investments
	(In millions)
Six Months Ended June 30, 2022
Balance, beginning of period	$	14,935	$	4,600	$	12	$	2
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(26)		23		(42)		—
Total realized/unrealized gains (losses) included in  AOCI	(2,613)		(305)		7		—
Purchases (3)	1,347		429		—		100
Sales (3)	(575)		(563)		(2)		(2)
Issuances (3)	—		—		—		—
Settlements (3)	—		—		—		—
Transfers into Level 3 (4)	223		148		46		—
Transfers out of Level 3 (4)	(287)		(242)		—		—
Balance, end of period	$	13,004	$	4,090	$	21	$	100
Six Months Ended June 30, 2021
Balance, beginning of period	$	14,873	$	4,465	$	5	$	1
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(8)		23		—		—
Total realized/unrealized gains (losses) included in  AOCI	(425)		(3)		(1)		—
Purchases (3)	648		932		8		75
Sales (3)	(404)		(637)		(1)		—
Issuances (3)	—		—		—		—
Settlements (3)	—		—		—		—
Transfers into Level 3 (4)	82		269		—		1
Transfers out of Level 3 (4)	(661)		(218)		—		—
Balance, end of period	$	14,105	$	4,831	$	11	$	77
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2022 (5)	$	(26)	$	23	$	(42)	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2021 (5)	$	(9)	$	21	$	—	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2022 (5)	$	(2,618)	$	(300)	$	7	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2021 (5)	$	(423)	$	(2)	$	(1)	$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Residential Mortgage Loans - FVO		Other  Investments		Net Derivatives (7)		Net Embedded Derivatives (8)		Separate Accounts (9)
	(In millions)
Six Months Ended June 30, 2022
Balance, beginning of period	$	127	$	894	$	86	$	(1,499)	$	1,958
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(9)		(19)		(22)		1,174		17
Total realized/unrealized gains (losses) included in  AOCI	—		—		(418)		—		—
Purchases (3)	—		195		233		—		104
Sales (3)	—		(10)		—		—		(1,046)
Issuances (3)	—		—		(2)		—		(5)
Settlements (3)	(9)		—		20		(16)		4
Transfers into Level 3 (4)	—		3		—		—		1
Transfers out of Level 3 (4)	—		(102)		—		—		(4)
Balance, end of period	$	109	$	961	$	(103)	$	(341)	$	1,029
Six Months Ended June 30, 2021
Balance, beginning of period	$	165	$	565	$	452	$	(2,061)	$	939
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(3)		76		(120)		634		(1)
Total realized/unrealized gains (losses) included in  AOCI	—		—		(409)		—		—
Purchases (3)	—		27		3		—		187
Sales (3)	(11)		(14)		—		—		(32)
Issuances (3)	—		—		(6)		—		—
Settlements (3)	(11)		—		117		(84)		5
Transfers into Level 3 (4)	—		74		1		—		10
Transfers out of Level 3 (4)	—		(4)		1		—		(3)
Balance, end of period	$	140	$	724	$	39	$	(1,511)	$	1,105
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2022 (5)	$	(9)	$	(22)	$	(21)	$	1,176	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2021 (5)	$	(7)	$	72	$	(34)	$	636	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2022 (5)	$	—	$	—	$	(394)	$	—	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2021 (5)	$	—	$	—	$	(274)	$	—	$	—

__________________

(1)Amortization of premium/accretion of discount is included within net investment income. Impairments and changes in ACL charged to net income (loss) on certain securities are included in net investment gains (losses), while changes in estimated fair value of residential mortgage loans — FVO are included in net investment income. Lapses associated with net embedded derivatives are included in net derivative gains (losses). Substantially all realized/unrealized gains (losses) included in net income (loss) for net derivatives and net embedded derivatives are reported in net derivative gains (losses).

(2)Interest and dividend accruals, as well as cash interest coupons and dividends received, are excluded from the rollforward.

(3)Items purchased/issued and then sold/settled in the same period are excluded from the rollforward. Fees attributed to embedded derivatives are included in settlements.

(4)Items transferred into and then out of Level 3 in the same period are excluded from the rollforward.

(5)Changes in unrealized gains (losses) included in net income (loss) and included in AOCI relate to assets and liabilities still held at the end of the respective periods. Substantially all changes in unrealized gains (losses) included in net income (loss) for net derivatives and net embedded derivatives are reported in net derivative gains (losses).

(6)Comprised of U.S. and foreign corporate securities.

(7)Freestanding derivative assets and liabilities are presented net for purposes of the rollforward.

(8)Embedded derivative assets and liabilities are presented net for purposes of the rollforward.

(9)Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders within separate account liabilities. Therefore, such changes in estimated fair value are not recorded in net income (loss). For the purpose of this disclosure, these changes are presented within net income (loss). Separate account assets and liabilities are presented net for the purposes of the rollforward.

Fair Value Option

The Company elects the FVO for certain residential mortgage loans that are managed on a total return basis. The following table presents information for residential mortgage loans which are accounted for under the FVO and were initially measured at fair value.

	June 30, 2022		December 31, 2021
	(In millions)
Unpaid principal balance	$	115	$	130
Difference between estimated fair value and unpaid principal balance	(6)		(3)
Carrying value at estimated fair value	$	109	$	127
Loans in nonaccrual status	$	24	$	32
Loans more than 90 days past due	$	10	$	14
Loans in nonaccrual status or more than 90 days past due, or both — difference between aggregate estimated fair value and unpaid principal balance	$	(2)	$	(7)

Fair Value of Financial Instruments Carried at Other Than Fair Value

The following tables provide fair value information for financial instruments that are carried on the balance sheet at amounts other than fair value. These tables exclude the following financial instruments: cash and cash equivalents, accrued investment income, payables for collateral under securities loaned and other transactions, short-term debt and those short-term investments that are not securities, such as time deposits, and therefore are not included in the three-level hierarchy table disclosed in the “— Recurring Fair Value Measurements” section. The Company believes that due to the short-term nature of these excluded assets, which are primarily classified in Level 2, the estimated fair value approximates carrying value. All remaining balance sheet amounts excluded from the tables below are not considered financial instruments subject to this disclosure.

The carrying values and estimated fair values for such financial instruments, and their corresponding placement in the fair value hierarchy, are summarized as follows at:

	June 30, 2022
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans (1)	$	61,283	$	—	$	—	$	60,076	$	60,076
Policy loans	$	5,746	$	—	$	—	$	6,321	$	6,321
Other invested assets	$	2,051	$	—	$	2,087	$	—	$	2,087
Premiums, reinsurance and other receivables	$	12,074	$	—	$	284	$	12,085	$	12,369
Other assets	$	184	$	—	$	184	$	—	$	184
Liabilities
Policyholder account balances	$	78,286	$	—	$	—	$	77,035	$	77,035
Long-term debt	$	1,661	$	—	$	1,762	$	—	$	1,762
Other liabilities	$	12,540	$	—	$	484	$	12,066	$	12,550
Separate account liabilities	$	41,092	$	—	$	41,092	$	—	$	41,092

	December 31, 2021
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans (1)	$	60,092	$	—	$	—	$	63,094	$	63,094
Policy loans	$	5,816	$	—	$	—	$	6,710	$	6,710
Other invested assets	$	2,230	$	—	$	1,932	$	356	$	2,288
Premiums, reinsurance and other receivables	$	12,101	$	—	$	156	$	12,375	$	12,531
Other assets	$	—	$	—	$	—	$	—	$	—
Liabilities
Policyholder account balances	$	76,387	$	—	$	—	$	79,182	$	79,182
Long-term debt	$	1,659	$	—	$	2,000	$	—	$	2,000
Other liabilities	$	12,357	$	—	$	159	$	12,412	$	12,571
Separate account liabilities	$	54,254	$	—	$	54,254	$	—	$	54,254

_________________

(1)Includes mortgage loans measured at estimated fair value on a nonrecurring basis and excludes mortgage loans measured at estimated fair value on a recurring basis.

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Equity

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Equity

8. Equity

Accumulated Other Comprehensive Income (Loss)

Information regarding changes in the balances of each component of AOCI attributable to Metropolitan Life Insurance Company was as follows:

	Three Months   Ended   June 30, 2022
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Unrealized  Gains (Losses) on Derivatives		Foreign Currency Translation Adjustments		Defined Benefit  Plans Adjustment		Total
	(In millions)
Balance, beginning of period	$	3,528	$	1,597	$	(58)	$	(387)	$	4,680
OCI before reclassifications	(11,474)		(96)		(35)		—		(11,605)
Deferred income tax benefit (expense)	2,414		20		4		—		2,438
AOCI before reclassifications, net of income tax	(5,532)		1,521		(89)		(387)		(4,487)
Amounts reclassified from AOCI	403		486		—		10		899
Deferred income tax benefit (expense)	(85)		(102)		—		(2)		(189)
Amounts reclassified from AOCI, net of income tax	318		384		—		8		710
Balance, end of period	$	(5,214)	$	1,905	$	(89)	$	(379)	$	(3,777)

	Three Months   Ended   June 30, 2021
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Unrealized  Gains (Losses) on Derivatives		Foreign Currency Translation Adjustments		Defined  Benefit  Plans Adjustment		Total
	(In millions)
Balance, beginning of period	$	8,305	$	854	$	(29)	$	(451)	$	8,679
OCI before reclassifications	759		859		(6)		(2)		1,610
Deferred income tax benefit (expense)	(153)		(181)		2		—		(332)
AOCI before reclassifications, net of income tax	8,911		1,532		(33)		(453)		9,957
Amounts reclassified from AOCI	35		(142)		—		10		(97)
Deferred income tax benefit (expense)	(8)		29		—		(2)		19
Amounts reclassified from AOCI, net of income tax	27		(113)		—		8		(78)
Balance, end of period	$	8,938	$	1,419	$	(33)	$	(445)	$	9,879

	Six Months Ended June 30, 2022
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Unrealized Gains (Losses) on Derivatives		Foreign Currency Translation Adjustments		Defined Benefit Plans Adjustment		Total
	(In millions)
Balance, beginning of period	$	8,485	$	1,872	$	(45)	$	(395)	$	9,917
OCI before reclassifications	(17,959)		(486)		(52)		—		(18,497)
Deferred income tax benefit (expense)	3,771		102		8		—		3,881
AOCI before reclassifications, net of income tax	(5,703)		1,488		(89)		(395)		(4,699)
Amounts reclassified from AOCI	619		528		—		20		1,167
Deferred income tax benefit (expense)	(130)		(111)		—		(4)		(245)
Amounts reclassified from AOCI, net of income tax	489		417		—		16		922
Balance, end of period	$	(5,214)	$	1,905	$	(89)	$	(379)	$	(3,777)

	Six Months Ended June 30, 2021
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Unrealized Gains (Losses) on Derivatives		Foreign Currency Translation Adjustments		Defined Benefit Plans Adjustment		Total
	(In millions)
Balance, beginning of period	$	10,384	$	1,791	$	(53)	$	(460)	$	11,662
OCI before reclassifications	(1,900)		(401)		24		(2)		(2,279)
Deferred income tax benefit (expense)	408		84		(4)		—		488
AOCI before reclassifications, net of income tax	8,892		1,474		(33)		(462)		9,871
Amounts reclassified from AOCI	59		(69)		—		21		11
Deferred income tax benefit (expense)	(13)		14		—		(4)		(3)
Amounts reclassified from AOCI, net of income tax	46		(55)		—		17		8
Balance, end of period	$	8,938	$	1,419	$	(33)	$	(445)	$	9,879

__________________

(1)See Note 5 for information on offsets to investments related to policyholder liabilities, DAC, VOBA and DSI.

Information regarding amounts reclassified out of each component of AOCI was as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
AOCI Components	Amounts Reclassified from AOCI								Consolidated Statements of Operations and Comprehensive Income (Loss) Locations
	(In millions)
Net unrealized investment gains (losses):
Net unrealized investment gains (losses)	$	(388)	$	(19)	$	(601)	$	(34)	Net investment gains (losses)
Net unrealized investment gains (losses)	1		(4)		3		(7)		Net investment income
Net unrealized investment gains (losses)	(16)		(12)		(21)		(18)		Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax	(403)		(35)		(619)		(59)
Income tax (expense) benefit	85		8		130		13
Net unrealized investment gains (losses), net of income tax	(318)		(27)		(489)		(46)
Unrealized gains (losses) on derivatives - cash flow hedges:
Interest rate derivatives	16		14		31		27		Net investment income
Interest rate derivatives	53		19		71		48		Net investment gains (losses)
Foreign currency exchange rate derivatives	—		1		2		2		Net investment income
Foreign currency exchange rate derivatives	(555)		108		(632)		(8)		Net investment gains (losses)
Gains (losses) on cash flow hedges, before income tax	(486)		142		(528)		69
Income tax (expense) benefit	102		(29)		111		(14)
Gains (losses) on cash flow hedges, net of income tax	(384)		113		(417)		55
Defined benefit plans adjustment: (1)
Amortization of net actuarial gains (losses)	(11)		(11)		(21)		(23)
Amortization of prior service (costs) credit	1		1		1		2
Amortization of defined benefit plan items, before income tax	(10)		(10)		(20)		(21)
Income tax (expense) benefit	2		2		4		4
Amortization of defined benefit plan items, net of income tax	(8)		(8)		(16)		(17)
Total reclassifications, net of income tax	$	(710)	$	78	$	(922)	$	(8)

__________________

(1)These AOCI components are included in the computation of net periodic benefit costs.

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Other Revenues and Other Expenses

6 Months Ended

Jun. 30, 2022

Other Income and Expenses [Abstract]

Other Revenues and Other Expenses Disclosure

9. Other Revenues and Other Expenses

Other Revenues

Information on other revenues, which primarily includes fees related to service contracts from customers, was as follows:

	Three Months   Ended   June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In millions)
Prepaid legal plans	$	106	$	99	$	214	$	199
Recordkeeping and administrative services (1)	42		53		89		105
Administrative services-only contracts	57		54		112		112
Other revenue from service contracts from customers	7		11		14		20
Total revenues from service contracts from customers	212		217		429		436
Other (2)	161		215		356		421
Total other revenues	$	373	$	432	$	785	$	857

__________________

(1)Related to products and businesses no longer actively marketed by the Company.

(2)Primarily includes reinsurance ceded. See Note 12.

Other Expenses

Information on other expenses was as follows:

	Three Months   Ended   June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In millions)
General and administrative expenses (1)	$	725	$	547	$	1,364	$	1,094
Pension, postretirement and postemployment benefit costs	29		25		59		58
Premium taxes, other taxes, and licenses & fees	81		93		161		166
Commissions and other variable expenses	491		494		973		982
Capitalization of DAC	(35)		(10)		(62)		(29)
Amortization of DAC and VOBA	103		32		174		72
Interest expense on debt	25		24		49		48
Total other expenses	$	1,419	$	1,205	$	2,718	$	2,391

__________________

(1)Includes $52 million and $74 million for the three months and six months ended June 30, 2022, respectively, and ($44) million and ($57) million for the three months and six months ended June 30, 2021, respectively, for the net change in cash surrender value of investments in certain life insurance policies, net of premiums paid.

Affiliated Expenses

See Note 12 for a discussion of affiliated expenses included in the table above.

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Income Tax

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Income Tax

10. Income Tax

For the three months and six months ended June 30, 2022, the effective tax rate on income (loss) before provision for income tax was 17% and 16%, respectively. The Company’s effective tax rate for the three months ended June 30, 2022 differed from the U.S. statutory rate primarily due to tax benefits from tax credits and non-taxable investment income. The Company’s effective tax rate for the six months ended June 30, 2022 differed from the U.S. statutory rate primarily due to tax benefits from tax credits, the corporate tax deduction for stock compensation and non-taxable investment income.

For the three months and six months ended June 30, 2021, the effective tax rate on income (loss) before provision for income tax was 18% and 15%, respectively. The Company’s effective tax rate for the three months ended June 30, 2021 differed from the U.S. statutory rate primarily due to tax benefits related to non-taxable investment income and tax credits. The Company’s effective tax rate for the six months ended June 30, 2021 differed from the U.S. statutory rate primarily due to tax benefits related to non-taxable investment income, tax credits and the corporate tax deduction for stock compensation.

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Contingencies, Commitments and Guarantees

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Contingencies, Commitments and Guarantees

11. Contingencies, Commitments and Guarantees

Contingencies

Litigation

The Company is a defendant in a large number of litigation matters. Putative or certified class action litigation and other litigation and claims and assessments against the Company, in addition to those discussed below and those otherwise provided for in the Company’s interim condensed consolidated financial statements, have arisen in the course of the Company’s business, including, but not limited to, in connection with its activities as an insurer, mortgage lending bank, employer, investor, investment advisor, broker-dealer, and taxpayer.

The Company also receives and responds to subpoenas or other inquiries seeking a broad range of information from state regulators, including state insurance commissioners; state attorneys general or other state governmental authorities; federal regulators, including the U.S. Securities and Exchange Commission; federal governmental authorities, including congressional committees; and the Financial Industry Regulatory Authority, as well as from local and national regulators and government authorities in jurisdictions outside the United States where the Company conducts business. The issues involved in information requests and regulatory matters vary widely, but can include inquiries or investigations concerning the Company’s compliance with applicable insurance and other laws and regulations. The Company cooperates in these inquiries.

It is not possible to predict the ultimate outcome of all pending investigations and legal proceedings. The Company establishes liabilities for litigation and regulatory loss contingencies when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. Liabilities have been established for a number of the matters noted below. In certain circumstances where liabilities have been established there may be coverage under one or more corporate insurance policies, pursuant to which there may be an insurance recovery. Insurance recoveries are recognized as gains when any contingencies relating to the insurance claim have been resolved, which is the earlier of when the gains are realized or realizable. It is possible that some of the matters could require the Company to pay damages or make other expenditures or establish accruals in amounts that could not be reasonably estimated at June 30, 2022. While the potential future charges could be material in the particular quarterly or annual periods in which they are recorded, based on information currently known to management, management does not believe any such charges are likely to have a material effect on the Company’s financial position. Given the large and/or indeterminate amounts sought in certain of these matters and the inherent unpredictability of litigation, it is possible that an adverse outcome in certain matters could, from time to time, have a material effect on the Company’s consolidated net income or cash flows in particular quarterly or annual periods.

Matters as to Which an Estimate Can Be Made

For some of the matters disclosed below, the Company is able to estimate a reasonably possible range of loss. For matters where a loss is believed to be reasonably possible, but not probable, the Company has not made an accrual. As of June 30, 2022, the Company estimates the aggregate range of reasonably possible losses in excess of amounts accrued for these matters to be $0 to $100 million.

Matters as to Which an Estimate Cannot Be Made

For other matters disclosed below, the Company is not currently able to estimate the reasonably possible loss or range of loss. The Company is often unable to estimate the possible loss or range of loss until developments in such matters have provided sufficient information to support an assessment of the range of possible loss, such as quantification of a damage demand from plaintiffs, discovery from other parties and investigation of factual allegations, rulings by the court on motions or appeals, analysis by experts, and the progress of settlement negotiations. On a quarterly and annual basis, the Company reviews relevant information with respect to litigation contingencies and updates its accruals, disclosures and estimates of reasonably possible losses or ranges of loss based on such reviews.

Asbestos-Related Claims

Metropolitan Life Insurance Company is and has been a defendant in a large number of asbestos-related suits filed primarily in state courts. These suits principally allege that the plaintiff or plaintiffs suffered personal injury resulting from exposure to asbestos and seek both actual and punitive damages. Metropolitan Life Insurance Company has never engaged in the business of manufacturing or selling asbestos-containing products nor has Metropolitan Life Insurance Company issued liability or workers’ compensation insurance to companies in the business of manufacturing or selling asbestos-containing products. The lawsuits principally have focused on allegations with respect to certain research, publication and other activities of one or more of Metropolitan Life Insurance Company’s employees during the period from the 1920s through approximately the 1950s and allege that Metropolitan Life Insurance Company learned or should have learned of certain health risks posed by asbestos and, among other things, improperly publicized or failed to disclose those health risks. Metropolitan Life Insurance Company believes that it should not have legal liability in these cases. The outcome of most asbestos litigation matters, however, is uncertain and can be impacted by numerous variables, including differences in legal rulings in various jurisdictions, the nature of the alleged injury and factors unrelated to the ultimate legal merit of the claims asserted against Metropolitan Life Insurance Company.

Metropolitan Life Insurance Company’s defenses include that: (i) Metropolitan Life Insurance Company owed no duty to the plaintiffs; (ii) plaintiffs did not rely on any actions of Metropolitan Life Insurance Company; (iii) Metropolitan Life Insurance Company’s conduct was not the cause of the plaintiffs’ injuries; and (iv) plaintiffs’ exposure occurred after the dangers of asbestos were known. During the course of the litigation, certain trial courts have granted motions dismissing claims against Metropolitan Life Insurance Company, while other trial courts have denied Metropolitan Life Insurance Company’s motions. There can be no assurance that Metropolitan Life Insurance Company will receive favorable decisions on motions in the future. While most cases brought to date have settled, Metropolitan Life Insurance Company intends to continue to defend aggressively against claims based on asbestos exposure, including defending claims at trials.

As reported in the 2021 Annual Report, Metropolitan Life Insurance Company received approximately 2,824 asbestos-related claims in 2021. For the six months ended June 30, 2022 and 2021, Metropolitan Life Insurance Company received approximately 1,319 and 1,304 new asbestos-related claims, respectively. See Note 16 of the Notes to the Consolidated Financial Statements included in the 2021 Annual Report for historical information concerning asbestos claims and Metropolitan Life Insurance Company’s update in its recorded liability at December 31, 2021. The number of asbestos cases that may be brought, the aggregate amount of any liability that Metropolitan Life Insurance Company may incur, and the total amount paid in settlements in any given year are uncertain and may vary significantly from year to year.

The ability of Metropolitan Life Insurance Company to estimate its ultimate asbestos exposure is subject to considerable uncertainty, and the conditions impacting its liability can be dynamic and subject to change. The availability of reliable data is limited and it is difficult to predict the numerous variables that can affect liability estimates, including the number of future claims, the cost to resolve claims, the disease mix and severity of disease in pending and future claims, the willingness of courts to allow plaintiffs to pursue claims against Metropolitan Life Insurance Company when exposure to asbestos took place after the dangers of asbestos exposure were well known, and the impact of any possible future adverse verdicts and their amounts.

The ability to make estimates regarding ultimate asbestos exposure declines significantly as the estimates relate to years further in the future. In the Company’s judgment, there is a future point after which losses cease to be probable and reasonably estimable. It is reasonably possible that the Company’s total exposure to asbestos claims may be materially greater than the asbestos liability currently accrued and that future charges to income may be necessary, but management does not believe any such charges are likely to have a material effect on the Company’s financial position.

The Company believes adequate provision has been made in its interim condensed consolidated financial statements for all probable and reasonably estimable losses for asbestos-related claims. Metropolitan Life Insurance Company’s recorded asbestos liability covers pending claims, claims not yet asserted, and legal defense costs and is based on estimates and includes significant assumptions underlying its analysis.

Metropolitan Life Insurance Company reevaluates on a quarterly and annual basis its exposure from asbestos litigation, including studying its claims experience, reviewing external literature regarding asbestos claims experience in the United States, assessing relevant trends impacting asbestos liability and considering numerous variables that can affect its asbestos liability exposure on an overall or per claim basis. Based upon its regular reevaluation of its exposure from asbestos litigation, Metropolitan Life Insurance Company has updated its liability analysis for asbestos-related claims through June 30, 2022.

Julian & McKinney v. Metropolitan Life Insurance Company (S.D.N.Y., filed February 9, 2017)

Plaintiffs filed this putative class and collective action on behalf of themselves and all current and former long-term disability (“LTD”) claims specialists between February 2011 and the present for alleged wage and hour violations under the Fair Labor Standards Act (“FLSA”), the New York Labor Law, and the Connecticut Minimum Wage Act. The suit alleges that Metropolitan Life Insurance Company improperly reclassified the plaintiffs and similarly situated LTD claims specialists from non-exempt to exempt from overtime pay in November 2013. As a result, they and members of the putative class were no longer eligible for overtime pay even though they allege they continued to work more than 40 hours per week. Plaintiffs seek unspecified compensatory and punitive damages, as well as other relief. On June 29, 2022, the United States District Court for the Southern District of New York entered an offer of judgment disposing of the FLSA claims in exchange for a $3,000 payment to plaintiffs by Metropolitan Life Insurance Company. The parties entered into an agreement to settle the remaining state law claims, and on July 15, 2022, the court entered a stipulation of dismissal with prejudice disposing of those claims. Metropolitan Life Insurance Company has accrued the full amount of the settlement payments in prior periods.

Total Asset Recovery Services, LLC. v. MetLife, Inc., et al. (Supreme Court of the State of New York, County of New York, filed December 27, 2017)

Total Asset Recovery Services (the “Relator”) brought an action under the qui tam provision of the New York False Claims Act (the “Act”) on behalf of itself and the State of New York. The Relator originally filed this action under seal in 2010, and the complaint was unsealed on December 19, 2017. The Relator alleges that MetLife, Inc., Metropolitan Life Insurance Company and several other insurance companies violated the Act by filing false unclaimed property reports with the State of New York from 1986 to 2017, to avoid having to escheat the proceeds of more than 25,000 life insurance policies, including policies for which the defendants escheated funds as part of their demutualizations in the late 1990s. The Relator seeks treble damages and other relief. The Appellate Division of the New York State Supreme Court, First Department, reversed the court’s order granting MetLife, Inc. and Metropolitan Life Insurance Company’s motion to dismiss and remanded the case to the trial court where the Relator has filed an amended complaint. The Company intends to defend the action vigorously.

Matters Related to Group Annuity Benefits

In 2018, the Company announced that it identified a material weakness in its internal control over financial reporting related to the practices and procedures for estimating reserves for certain group annuity benefits. Several regulators have made inquiries into this issue and it is possible that other jurisdictions may pursue similar investigations or inquiries. The Company is also exposed to lawsuits, and could be exposed to additional legal actions relating to this issue. These may result in payments, including damages, fines, penalties, interest and other amounts assessed or awarded by courts or regulatory authorities under applicable escheat, tax, securities, Employee Retirement Income Security Act of 1974, or other laws or regulations. The Company could incur significant costs in connection with these actions.

Commitments

Mortgage Loan Commitments

The Company commits to lend funds under mortgage loan commitments. The amounts of these mortgage loan commitments were $3.5 billion and $3.1 billion at June 30, 2022 and December 31, 2021, respectively.

Commitments to Fund Partnership Investments, Bank Credit Facilities, Bridge Loans and Private Corporate Bond Investments

The Company commits to fund partnership investments and to lend funds under bank credit facilities, bridge loans and private corporate bond investments. The amounts of these unfunded commitments were $4.6 billion and $4.5 billion at June 30, 2022 and December 31, 2021, respectively.

Guarantees

In the normal course of its business, the Company has provided certain indemnities, guarantees and commitments to third parties such that it may be required to make payments now or in the future. In the context of acquisition, disposition, investment and other transactions, the Company has provided indemnities and guarantees, including those related to tax, environmental and other specific liabilities and other indemnities and guarantees that are triggered by, among other things, breaches of representations, warranties or covenants provided by the Company. In addition, in the normal course of business, the Company provides indemnifications to counterparties in contracts with triggers similar to the foregoing, as well as for certain other liabilities, such as third-party lawsuits. These obligations are often subject to time limitations that vary in duration, including contractual limitations and those that arise by operation of law, such as applicable statutes of limitation. In some cases, the maximum potential obligation under the indemnities and guarantees is subject to a contractual limitation ranging from less than $1 million to $274 million, with a cumulative maximum of $378 million, while in other cases such limitations are not specified or applicable. Since certain of these obligations are not subject to limitations, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these guarantees in the future. Management believes that it is unlikely the Company will have to make any material payments under these indemnities, guarantees, or commitments.

In addition, the Company indemnifies its directors and officers as provided in its charters and by-laws. Also, the Company indemnifies its agents for liabilities incurred as a result of their representation of the Company’s interests. Since these indemnities are generally not subject to limitation with respect to duration or amount, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these indemnities in the future.

The Company’s recorded liabilities were $2 million at both June 30, 2022 and December 31, 2021, for indemnities, guarantees and commitments.

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Related Party Transactions

6 Months Ended

Jun. 30, 2022

Related Party Transactions [Abstract]

Related Party Transactions

12. Related Party TransactionsService Agreements

The Company has entered into various agreements with affiliates for services necessary to conduct its activities. Typical services provided under these agreements include personnel, policy administrative functions and distribution services. The bases for such charges are modified and adjusted by management when necessary or appropriate to reflect fairly and equitably the actual cost incurred by the Company and/or its affiliates. Expenses and fees incurred with affiliates related to these agreements, recorded in other expenses, were $649 million and $1.3 billion for the three months and six months ended June 30, 2022, respectively, and $593 million and $1.2 billion for the three months and six months ended June 30, 2021, respectively. Total revenues received from affiliates related to these agreements were $11 million and $23 million for the three months and six months ended June 30, 2022, respectively, and $9 million and $21 million for the three months and six months ended June 30, 2021, respectively.

The Company had net payables to affiliates, related to the items discussed above, of $69 million and $143 million at June 30, 2022 and December 31, 2021, respectively.

See Note 5 for additional information on related party transactions.

Related Party Reinsurance Transactions

The Company has reinsurance agreements with certain of MetLife, Inc.’s subsidiaries, including MetLife Reinsurance Company of Charleston (“MRC”), MetLife Reinsurance Company of Vermont, Metropolitan Tower Life Insurance Company, and MetLife Insurance K.K., all of which are related parties.

Information regarding the significant effects of affiliated reinsurance on the interim condensed consolidated statements of operations and comprehensive income (loss) was as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In millions)
Premiums
Reinsurance assumed	$	2	$	840	$	3	$	842
Reinsurance ceded	(37)		(29)		(68)		(60)
Net premiums	$	(35)	$	811	$	(65)	$	782
Universal life and investment-type product policy fees
Reinsurance assumed	$	—	$	—	$	—	$	—
Reinsurance ceded	(3)		(3)		(7)		(1)
Net universal life and investment-type product policy fees	$	(3)	$	(3)	$	(7)	$	(1)
Other revenues
Reinsurance assumed	$	5	$	5	$	29	$	2
Reinsurance ceded	124		142		247		283
Net other revenues	$	129	$	147	$	276	$	285
Policyholder benefits and claims
Reinsurance assumed	$	6	$	831	$	34	$	832
Reinsurance ceded	(42)		(37)		(81)		(72)
Net policyholder benefits and claims	$	(36)	$	794	$	(47)	$	760
Interest credited to policyholder account balances
Reinsurance assumed	$	12	$	7	$	21	$	14
Reinsurance ceded	(3)		(3)		(6)		(6)
Net interest credited to policyholder account balances	$	9	$	4	$	15	$	8
Other expenses
Reinsurance assumed	$	1	$	19	$	10	$	19
Reinsurance ceded	106		132		190		234
Net other expenses	$	107	$	151	$	200	$	253

Information regarding the significant effects of affiliated reinsurance on the interim condensed consolidated balance sheets was as follows at:

	June 30, 2022				December 31, 2021
	Assumed		Ceded		Assumed		Ceded
	(In millions)
Assets
Premiums, reinsurance and other receivables	$	472	$	11,637	$	25	$	11,710
Deferred policy acquisition costs and value of business acquired	32		(157)		6		(139)
Total assets	$	504	$	11,480	$	31	$	11,571
Liabilities
Future policy benefits	$	3,053	$	5	$	3,139	$	(10)
Policyholder account balances	1,640		—		366		—
Other policy-related balances	61		(2)		14		—
Other liabilities	910		10,868		894		12,190
Total liabilities	$	5,664	$	10,871	$	4,413	$	12,180

The Company ceded two blocks of business to an affiliate on a 75% coinsurance with funds withheld basis. Certain contractual features of these agreements qualify as embedded derivatives, which are separately accounted for at estimated fair value on the Company’s interim condensed consolidated balance sheets. The embedded derivatives related to the funds withheld associated with these reinsurance agreements are included within other liabilities and were ($16) million and $31 million at June 30, 2022 and December 31, 2021, respectively. Net derivative gains (losses) associated with these embedded derivatives were $22 million and $47 million for the three months and six months ended June 30, 2022, respectively, and ($10) million and $13 million for the three months and six months ended June 30, 2021, respectively.

Certain contractual features of the closed block agreement with MRC create an embedded derivative, which is separately accounted for at estimated fair value on the Company’s interim condensed consolidated balance sheets. The embedded derivative related to the funds withheld associated with this reinsurance agreement was included within other liabilities and was ($76) million and $1.0 billion at June 30, 2022 and December 31, 2021, respectively. Net derivative gains (losses) associated with the embedded derivative were $504 million and $1.1 billion for the three months and six months ended June 30, 2022, respectively, and ($190) million and $229 million for the three months and six months ended June 30, 2021, respectively.

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Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to adopt accounting policies and make estimates and assumptions that affect amounts reported on the interim condensed consolidated financial statements. In applying these policies and estimates, management makes subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain, including uncertainties associated with the COVID-19 pandemic. Many of these policies, estimates and related judgments are common in the insurance and financial services industries; others are specific to the Company’s business and operations. Actual results could differ from these estimates.

Consolidation of Subsidiaries

The accompanying interim condensed consolidated financial statements are unaudited and reflect all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in conformity with GAAP. Interim results are not necessarily indicative of full year performance. The December 31, 2021 consolidated balance sheet data was derived from audited consolidated financial statements included in Metropolitan Life Insurance Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Annual Report”), which include all disclosures required by GAAP. Therefore, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company included in the 2021 Annual Report.

Consolidation

The accompanying interim condensed consolidated financial statements include the accounts of MLIC, as well as partnerships and joint ventures in which the Company has a controlling financial interest, and variable interest entities (“VIEs”) for which the Company is the primary beneficiary. Intercompany accounts and transactions have been eliminated.

The Company uses the equity method of accounting or the fair value option (“FVO”) for real estate joint ventures and other limited partnership interests (“investee”) when it has more than a minor ownership interest or more than a minor influence over the investee’s operations. The Company generally recognizes its share of the investee’s earnings in net investment income on a three-month lag in instances where the investee’s financial information is not sufficiently timely or when the investee’s reporting period differs from the Company’s reporting period.

Since the Company is a member of a controlled group of affiliated companies, its results may not be indicative of those of a stand-alone entity.

Closed block assets, liabilities, revenues and expenses are combined on a line-by-line basis with the assets, liabilities, revenues and expenses outside the closed block based on the nature of the particular item.

New Accounting Pronouncements

Recent Accounting Pronouncements

Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASUs”) to the FASB Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. The following tables provide a description of ASUs recently issued by the FASB and the impact of their adoption on the Company’s interim condensed consolidated financial statements.

Adopted Accounting Pronouncements

The table below describes the impacts of the ASUs recently adopted by the Company.

Standard	Description	Effective Date and Method of Adoption	Impact on Financial Statements
ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting; as clarified and amended by ASU 2021-01, Reference Rate Reform (Topic 848):Scope	The guidance provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, with certain exceptions. ASU 2021-01 amends the scope of the recent reference rate reform guidance. New optional expedients allow derivative instruments impacted by changes in the interest rate used for margining, discounting, or contract price alignment to qualify for certain optional relief.	Effective for contract modifications made between March 12, 2020 and December 31, 2022.	The guidance has reduced the operational and financial impacts of contract modifications that replace a reference rate, such as London Interbank Offered Rate (“LIBOR”), affected by reference rate reform. Contract modifications for invested assets and derivative instruments occurred during 2021 and have continued into 2022. Based on actions taken to date, the adoption of the guidance has not had a material impact on the Company’s interim condensed consolidated financial statements. The Company does not expect the adoption of this guidance to have a material ongoing impact and will continue to evaluate the impacts of reference rate reform on contract modifications and hedging relationships through December 31, 2022.
ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance	The guidance requires entities to provide annual disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy and can include tax credits and other forms of government assistance. Entities are required to disclose information about (i) the nature of the transactions and the related accounting policy used to account for the transactions; (ii) the line items on the balance sheet and income statement that are affected by the transactions, including the associated amounts; and (iii) the significant terms and conditions of the transactions, including commitments and contingencies.	Effective for annual periods beginning January 1, 2022, to be applied prospectively.	The Company is in the process of evaluating and preparing the required annual disclosures, as applicable, to be included in its 2022 consolidated financial statements.

Investments

Maturities of Fixed Maturity Securities AFSActual maturities may differ from contractual maturities due to the exercise of call or prepayment options. Fixed maturity securities AFS not due at a single maturity date have been presented in the year of final contractual maturity. Structured Products are shown separately, as they are not due at a single maturity.

Evaluation and Measurement Methodologies

Management considers a wide range of factors about the security issuer and uses its best judgment in evaluating the cause of the decline in the estimated fair value of the security and in assessing the prospects for near-term recovery. Inherent in management’s evaluation of the security are assumptions and estimates about the operations of the issuer and its future earnings potential. Considerations used in the credit loss evaluation process include, but are not limited to: (i) the extent to which the estimated fair value has been below amortized cost, (ii) adverse conditions specifically related to a security, an industry sector or sub-sector, or an economically depressed geographic area, adverse change in the financial condition of the issuer of the security, changes in technology, discontinuance of a segment of the business that may affect future earnings, and changes in the quality of credit enhancement, (iii) payment structure of the security and likelihood of the issuer being able to make payments, (iv) failure of the issuer to make scheduled interest and principal payments, (v) whether the issuer, or series of issuers or an industry has suffered a catastrophic loss or has exhausted natural resources, (vi) whether the Company has the intent to sell or will more likely than not be required to sell a particular security before the decline in estimated fair value below amortized cost recovers, (vii) with respect to Structured Products, changes in forecasted cash flows after considering the changes in the financial condition of the underlying loan obligors and quality of underlying collateral, expected prepayment speeds, current and forecasted loss severity, consideration of the payment terms of the underlying assets backing a particular security, and the payment priority within the tranche structure of the security, (viii) changes in the rating of the security by a rating agency, and (ix) other subjective factors, including concentrations and information obtained from regulators.

The methodology and significant inputs used to determine the amount of credit loss are as follows:

•The Company calculates the recovery value by performing a discounted cash flow analysis based on the present value of future cash flows. The discount rate is generally the effective interest rate of the security at the time of purchase for fixed-rate securities and the spot rate at the date of evaluation of credit loss for floating-rate securities.

•When determining collectability and the period over which value is expected to recover, the Company applies considerations utilized in its overall credit loss evaluation process which incorporates information regarding the specific security, fundamentals of the industry and geographic area in which the security issuer operates, and overall macroeconomic conditions. Projected future cash flows are estimated using assumptions derived from management’s single best estimate, the most likely outcome in a range of possible outcomes, after giving consideration to a variety of variables that include, but are not limited to: payment terms of the security; the likelihood that the issuer can service the interest and principal payments; the quality and amount of any credit enhancements; the security’s position within the capital structure of the issuer; possible corporate restructurings or asset sales by the issuer; any private and public sector programs to restructure foreign government securities and municipals; and changes to the rating of the security or the issuer by rating agencies.

•Additional considerations are made when assessing the unique features that apply to certain Structured Products including, but not limited to: the quality of underlying collateral, historical performance of the underlying loan obligors, historical rent and vacancy levels, changes in the financial condition of the underlying loan obligors, expected prepayment speeds, current and forecasted loss severity, consideration of the payment terms of the underlying loans or assets backing a particular security, changes in the quality of credit enhancement and the payment priority within the tranche structure of the security.

With respect to securities that have attributes of debt and equity (“perpetual hybrid securities”), consideration is given in the credit loss analysis as to whether there has been any deterioration in the credit of the issuer and the likelihood of recovery in value of the securities that are in a severe unrealized loss position. Consideration is also given as to whether any perpetual hybrid securities with an unrealized loss, regardless of credit rating, have deferred any dividend payments.

In periods subsequent to the recognition of an initial ACL on a security, the Company reassesses credit loss quarterly. Subsequent increases or decreases in the expected cash flow from the security result in corresponding decreases or increases in the ACL which are recognized in earnings and reported within net investment gains (losses); however, the previously recorded ACL is not reduced to an amount below zero. Full or partial write-offs are deducted from the ACL in the period the security, or a portion thereof, is considered uncollectible. Recoveries of amounts previously written off are recorded to the ACL in the period received. When the Company has the intent-to-sell the security or it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost, any ACL is written off and the amortized cost is written down to estimated fair value through a charge within net investment gains (losses), which becomes the new amortized cost of the security.

Allowance for Credit Loss Methodology

The Company records an allowance for expected lifetime credit loss in earnings within net investment gains (losses) in an amount that represents the portion of the amortized cost basis of mortgage loans that the Company does not expect to collect, resulting in mortgage loans being presented at the net amount expected to be collected. In determining the Company’s ACL, management applies significant judgment to estimate expected lifetime credit loss, including: (i) pooling mortgage loans that share similar risk characteristics, (ii) considering expected lifetime credit loss over the contractual term of its mortgage loans adjusted for expected prepayments and any extensions, and (iii) considering past events and current and forecasted economic conditions. Each of the Company’s commercial, agricultural and residential mortgage loan portfolio segments are evaluated separately. The ACL is calculated for each mortgage loan portfolio segment based on inputs unique to each loan portfolio segment. On a quarterly basis, mortgage loans within a portfolio segment that share similar risk characteristics, such as internal risk ratings or consumer credit scores, are pooled for calculation of ACL. On an ongoing basis, mortgage loans with dissimilar risk characteristics (i.e., loans with significant declines in credit quality), collateral dependent mortgage loans (i.e., when the borrower is experiencing financial difficulty, including when foreclosure is reasonably possible or probable) and reasonably expected TDRs (i.e., the Company grants concessions to borrower that is experiencing financial difficulties) are evaluated individually for credit loss. The ACL for loans evaluated individually are established using the same methodologies for all three portfolio segments. For example, the ACL for a collateral dependent loan is established as the excess of amortized cost over the estimated fair value of the loan’s underlying collateral, less selling cost when foreclosure is probable. Accordingly, the change in the estimated fair value of collateral dependent loans, which are evaluated individually for credit loss, is recorded as a change in the ACL which is recorded on a quarterly basis as a charge or credit to earnings in net investment gains (losses).

Commercial and Agricultural Mortgage Loan Portfolio Segments

Commercial and agricultural mortgage loan ACL are calculated in a similar manner. Within each loan portfolio segment, commercial and agricultural, loans are pooled by internal risk rating. Estimated lifetime loss rates, which vary by internal risk rating, are applied to the amortized cost of each loan, excluding accrued investment income, on a quarterly basis to develop the ACL. Internal risk ratings are based on an assessment of the loan’s credit quality, which can change over time. The estimated lifetime loss rates are based on several loan portfolio segment-specific factors, including (i) the Company’s experience with defaults and loss severity, (ii) expected default and loss severity over the forecast period, (iii) current and forecasted economic conditions including growth, inflation, interest rates and unemployment levels, (iv) loan specific characteristics including loan-to-value (“LTV”) ratios, and (v) internal risk ratings. These evaluations are revised as conditions change and new information becomes available. The Company uses its several decades of historical default and loss severity experience which capture multiple economic cycles. The Company uses a forecast of economic assumptions for a two-year period for most of its commercial and agricultural mortgage loans, while a one-year period is used for loans originated in certain markets. After the applicable forecast period, the Company reverts to its historical loss experience using a straight-line basis over two years. For evaluations of commercial mortgage loans, in addition to historical experience, management considers factors that include the impact of a rapid change to the economy, which may not be reflected in the loan portfolio, recent loss and recovery trend experience as compared to historical loss and recovery experience, and loan specific characteristics including debt service coverage ratios (“DSCR”). In estimating expected lifetime credit loss over the term of its commercial mortgage loans, the Company adjusts for expected prepayment and extension experience during the forecast period using historical prepayment and extension experience considering the expected position in the economic cycle and the loan profile (i.e., floating rate, shorter-term fixed rate and longer-term fixed rate) and after the forecast period using long-term historical prepayment experience. For evaluations of agricultural mortgage loans, in addition to historical experience, management considers factors that include increased stress in certain sectors, which may be evidenced by higher delinquency rates, or a change in the number of higher risk loans. In estimating expected lifetime credit loss over the term of its agricultural mortgage loans, the Company’s experience is much less sensitive to the position in the economic cycle and by loan profile; accordingly, historical prepayment experience is used, while extension terms are not prevalent with the Company’s agricultural mortgage loans.

Commercial mortgage loans are reviewed on an ongoing basis, which review includes, but is not limited to, an analysis of the property financial statements and rent roll, lease rollover analysis, property inspections, market analysis, estimated valuations of the underlying collateral, LTV ratios, DSCR and tenant creditworthiness. The monitoring process focuses on higher risk loans, which include those that are classified as restructured, delinquent or in foreclosure, as well as loans with higher LTV ratios and lower DSCR. Agricultural mortgage loans are reviewed on an ongoing basis, which review includes, but is not limited to, property inspections, market analysis, estimated valuations of the underlying collateral, LTV ratios and borrower creditworthiness, as well as reviews on a geographic and property-type basis. The monitoring process for agricultural mortgage loans also focuses on higher risk loans.

For commercial mortgage loans, the primary credit quality indicator is the DSCR, which compares a property’s net operating income to amounts needed to service the principal and interest due under the loan. Generally, the lower the DSCR, the higher the risk of experiencing a credit loss. The Company also reviews the LTV ratio of its commercial mortgage loan portfolio. LTV ratios compare the unpaid principal balance of the loan to the estimated fair value of the underlying collateral. Generally, the higher the LTV ratio, the higher the risk of experiencing a credit loss. The DSCR and the values utilized in calculating the ratio are updated routinely. In addition, the LTV ratio is routinely updated for all but the lowest risk loans as part of the Company’s ongoing review of its commercial mortgage loan portfolio.

For agricultural mortgage loans, the Company’s primary credit quality indicator is the LTV ratio. The values utilized in calculating this ratio are developed in connection with the ongoing review of the agricultural mortgage loan portfolio and are routinely updated.

Commitments to lend: After loans are approved, the Company makes commitments to lend and, typically, borrowers draw down on some or all of the commitments. The timing of mortgage loan funding is based on the commitment expiration dates. A liability for credit loss for unfunded commercial and agricultural mortgage loan commitments that are not unconditionally cancellable is recognized in earnings and is reported within net investment gains (losses). The liability is based on estimated lifetime loss rates as described above and the amount of the outstanding commitments, which for lines of credit, considers estimated utilization rates. When the commitment is funded or expires, the liability is adjusted accordingly.

Residential Mortgage Loan Portfolio Segment

The Company’s residential mortgage loan portfolio is comprised primarily of purchased closed end, amortizing residential mortgage loans, including both performing loans purchased within 12 months of origination and reperforming loans purchased after they have been performing for at least 12 months post-modification. Residential mortgage loans are pooled by loan type (i.e., new origination and reperforming) and pooled by similar risk profiles (including consumer credit score and LTV ratios). Estimated lifetime loss rates, which vary by loan type and risk profile, are applied to the amortized cost of each loan excluding accrued investment income on a quarterly basis to develop the ACL. The estimated lifetime loss rates are based on several factors, including (i) industry historical experience and expected results over the forecast period for defaults, (ii) loss severity, (iii) prepayment rates, (iv) current and forecasted economic conditions including growth, inflation, interest rates and unemployment levels, and (v) loan pool specific characteristics including consumer credit scores, LTV ratios, payment history and home prices. These evaluations are revised as conditions change and new information becomes available. The Company uses industry historical experience which captures multiple economic cycles as the Company has purchased most of its residential mortgage loans in the last five years. The Company uses a forecast of economic assumptions for a two-year period for most of its residential mortgage loans. After the applicable forecast period, the Company immediately reverts to industry historical loss experience.

For residential mortgage loans, the Company’s primary credit quality indicator is whether the loan is performing or nonperforming. The Company generally defines nonperforming residential mortgage loans as those that are 60 or more days past due and/or in nonaccrual status which is assessed monthly. Generally, nonperforming residential mortgage loans have a higher risk of experiencing a credit loss.

Past Due and Nonaccrual Mortgage LoansThe Company defines delinquency consistent with industry practice, when mortgage loans are past due more than two or more months, as applicable, by portfolio segment.Leased Real Estate Investments - Operating LeasesThe Company has elected a practical expedient of not separating non-lease components related to reimbursement of property operating costs from associated lease components. These property operating costs have the same timing and pattern of transfer as the related lease component, because they are incurred over the same period of time as the operating lease. Therefore, the combined component is accounted for as a single operating lease.Leveraged and Direct Financing LeasesThe payment periods for leveraged leases generally range from one to 10 years, but in certain circumstances can be over 10 years, while the payment periods for direct financing leases generally range from one to 12 years.Variable Interest EntitiesThe Company has invested in legal entities that are VIEs. In certain instances, the Company holds both the power to direct the most significant activities of the entity, as well as an economic interest in the entity and, as such, is deemed to be the primary beneficiary or consolidator of the entity. The determination of the VIE’s primary beneficiary requires an evaluation of the contractual and implied rights and obligations associated with each party’s relationship with or involvement in the entity.

Derivatives

The Company is exposed to various risks relating to its ongoing business operations, including interest rate, foreign currency exchange rate, credit and equity market. The Company uses a variety of strategies to manage these risks, including the use of derivatives.The Company designates and accounts for the following as fair value hedges when they have met the requirements of fair value hedging: (i) interest rate swaps to convert fixed rate assets and liabilities to floating rate assets and liabilities and (ii) foreign currency swaps to hedge the foreign currency fair value exposure of foreign currency denominated assets and liabilities.The Company designates and accounts for the following as cash flow hedges when they have met the requirements of cash flow hedging: (i) interest rate swaps to convert floating rate assets and liabilities to fixed rate assets and liabilities, (ii) foreign currency swaps to hedge the foreign currency cash flow exposure of foreign currency denominated assets and liabilities, (iii) interest rate forwards and credit forwards to lock in the price to be paid for forward purchases of investments, and (iv) interest rate swaps and interest rate forwards to hedge the forecasted purchases of fixed-rate investments.

The Company may be exposed to credit-related losses in the event of nonperformance by its counterparties to derivatives. Generally, the current credit exposure of the Company’s derivatives is limited to the net positive estimated fair value of derivatives at the reporting date after taking into consideration the existence of master netting or similar agreements and any collateral received pursuant to such agreements.

Derivatives may be exchange-traded or contracted in the over-the-counter (“OTC”) market. Certain of the Company’s OTC derivatives are cleared and settled through central clearinghouses (“OTC-cleared”), while others are bilateral contracts between two counterparties (“OTC-bilateral”).

The Company manages its credit risk related to derivatives by entering into transactions with creditworthy counterparties in jurisdictions in which it understands that close-out netting should be enforceable and establishing and monitoring exposure limits. The Company’s OTC-bilateral derivative transactions are governed by International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements which provide for legally enforceable set-off and close-out netting of exposures to specific counterparties in the event of early termination of a transaction, which includes, but is not limited to, events of default and bankruptcy. In the event of an early termination, close-out netting permits the Company (subject to financial regulations such as the Orderly Liquidation Authority under Title II of Dodd-Frank) to set off receivables from the counterparty against payables to the same counterparty arising out of all included transactions and to apply collateral to the obligations without application of the automatic stay, upon the counterparty’s bankruptcy. All of the Company’s ISDA Master Agreements also include Credit Support Annex provisions which require both the pledging and accepting of collateral in connection with its OTC-bilateral derivatives as required by applicable law. Additionally, effective September 1, 2021, the Company is required to pledge initial margin for certain new OTC-bilateral derivative transactions to third party custodians.

The Company’s OTC-cleared derivatives are effected through central clearing counterparties and its exchange-traded derivatives are effected through regulated exchanges. Such positions are marked to market and margined on a daily basis (both initial margin and variation margin), and the Company has minimal exposure to credit-related losses in the event of nonperformance by brokers and central clearinghouses to such derivatives.

See Note 7 for a description of the impact of credit risk on the valuation of derivatives.

Closed Block

On April 7, 2000 (the “Demutualization Date”), Metropolitan Life Insurance Company converted from a mutual life insurance company to a stock life insurance company and became a wholly-owned subsidiary of MetLife, Inc. The conversion was pursuant to an order by the New York Superintendent of Insurance approving Metropolitan Life Insurance Company’s plan of reorganization, as amended (the “Plan of Reorganization”). On the Demutualization Date, Metropolitan Life Insurance Company established a closed block for the benefit of holders of certain individual life insurance policies of Metropolitan Life Insurance Company.

Experience within the closed block, in particular mortality and investment yields, as well as realized and unrealized gains and losses, directly impact the policyholder dividend obligation. Amortization of the closed block DAC, which resides outside of the closed block, is based upon cumulative actual and expected earnings within the closed block. Accordingly, the Company’s net income continues to be sensitive to the actual performance of the closed block.

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Segment Information (Tables)

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Segment Reporting Information, by Segment

Three Months Ended June 30, 2022	U.S.		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	5,046	$	622	$	—	$	5,668	$	—	$	5,668
Universal life and investment-type product policy fees	277		219		—		496		19		515
Net investment income	1,477		1,146		(62)		2,561		(119)		2,442
Other revenues	220		27		126		373		—		373
Net investment gains (losses)	—		—		—		—		(83)		(83)
Net derivative gains (losses)	—		—		—		—		345		345
Total revenues	7,020		2,014		64		9,098		162		9,260
Expenses
Policyholder benefits and claims and policyholder dividends	4,979		1,259		—		6,238		(148)		6,090
Interest credited to policyholder account balances	364		161		5		530		—		530
Capitalization of DAC	(12)		—		(23)		(35)		—		(35)
Amortization of DAC and VOBA	12		59		1		72		31		103
Interest expense on debt	1		2		22		25		—		25
Other expenses	823		190		311		1,324		2		1,326
Total expenses	6,167		1,671		316		8,154		(115)		8,039
Provision for income tax expense (benefit)	178		68		(97)		149		58		207
Adjusted earnings	$	675	$	275	$	(155)	795
Adjustments to:
Total revenues							162
Total expenses							115
Provision for income tax (expense) benefit							(58)
Net income (loss)							$	1,014			$	1,014

Three Months Ended June 30, 2021	U.S.		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	5,760	$	691	$	—	$	6,451	$	—	$	6,451
Universal life and investment-type product policy fees	274		221		—		495		19		514
Net investment income	1,804		1,400		(28)		3,176		(142)		3,034
Other revenues	222		66		144		432		—		432
Net investment gains (losses)	—		—		—		—		342		342
Net derivative gains (losses)	—		—		—		—		25		25
Total revenues	8,060		2,378		116		10,554		244		10,798
Expenses
Policyholder benefits and claims and policyholder dividends	5,917		1,319		—		7,236		93		7,329
Interest credited to policyholder account balances	346		167		—		513		(1)		512
Capitalization of DAC	(10)		—		—		(10)		—		(10)
Amortization of DAC and VOBA	6		38		—		44		(12)		32
Interest expense on debt	1		1		22		24		—		24
Other expenses	813		210		141		1,164		(5)		1,159
Total expenses	7,073		1,735		163		8,971		75		9,046
Provision for income tax expense (benefit)	205		130		(74)		261		47		308
Adjusted earnings	$	782	$	513	$	27	1,322
Adjustments to:
Total revenues							244
Total expenses							(75)
Provision for income tax (expense) benefit							(47)
Net income (loss)							$	1,444			$	1,444

Six Months Ended June 30, 2022	U.S.		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	10,334	$	1,244	$	—	$	11,578	$	—	$	11,578
Universal life and investment-type product policy fees	563		438		—		1,001		38		1,039
Net investment income	3,106		2,426		(14)		5,518		(250)		5,268
Other revenues	463		70		252		785		—		785
Net investment gains (losses)	—		—		—		—		(309)		(309)
Net derivative gains (losses)	—		—		—		—		526		526
Total revenues	14,466		4,178		238		18,882		5		18,887
Expenses
Policyholder benefits and claims and policyholder dividends	10,539		2,514		—		13,053		(243)		12,810
Interest credited to policyholder account balances	693		322		6		1,021		—		1,021
Capitalization of DAC	(35)		—		(27)		(62)		—		(62)
Amortization of DAC and VOBA	26		119		1		146		28		174
Interest expense on debt	3		3		43		49		—		49
Other expenses	1,684		391		480		2,555		2		2,557
Total expenses	12,910		3,349		503		16,762		(213)		16,549
Provision for income tax expense (benefit)	324		166		(172)		318		47		365
Adjusted earnings	$	1,232	$	663	$	(93)	1,802
Adjustments to:
Total revenues							5
Total expenses							213
Provision for income tax (expense) benefit							(47)
Net income (loss)							$	1,973			$	1,973

Six Months Ended June 30, 2021	U.S.		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	10,897	$	1,359	$	—	$	12,256	$	—	$	12,256
Universal life and investment-type product policy fees	561		449		—		1,010		39		1,049
Net investment income	3,651		2,891		(29)		6,513		(292)		6,221
Other revenues	446		124		287		857		—		857
Net investment gains (losses)	—		—		—		—		502		502
Net derivative gains (losses)	—		—		—		—		(990)		(990)
Total revenues	15,555		4,823		258		20,636		(741)		19,895
Expenses
Policyholder benefits and claims and policyholder dividends	11,368		2,583		—		13,951		162		14,113
Interest credited to policyholder account balances	691		334		—		1,025		(2)		1,023
Capitalization of DAC	(29)		—		—		(29)		—		(29)
Amortization of DAC and VOBA	22		69		—		91		(19)		72
Interest expense on debt	3		2		43		48		—		48
Other expenses	1,609		431		268		2,308		(8)		2,300
Total expenses	13,664		3,419		311		17,394		133		17,527
Provision for income tax expense (benefit)	393		285		(149)		529		(172)		357
Adjusted earnings	$	1,498	$	1,119	$	96	2,713
Adjustments to:
Total revenues							(741)
Total expenses							(133)
Provision for income tax (expense) benefit							172
Net income (loss)							$	2,011			$	2,011

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

	June 30, 2022		December 31, 2021
	(In millions)
U.S.	$	219,410	$	256,381
MetLife Holdings	138,644		161,614
Corporate & Other	29,768		28,562
Total	$	387,822	$	446,557

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Insurance (Tables)

6 Months Ended

Jun. 30, 2022

Insurance [Abstract]

Guarantees related to Annuity, Universal and Variable Life Contracts

Information regarding the Company’s guarantee exposure, which includes direct business, but excludes offsets from hedging or reinsurance, if any, was as follows at:

	June 30, 2022						December 31, 2021
	In the Event of Death			At Annuitization			In the Event of Death			At Annuitization
	(Dollars in millions)
Annuity Contracts:
Variable Annuity Guarantees:
Total account value (1), (2)	$	38,733		$	15,503		$	48,868		$	20,140
Separate account value (1)	$	29,933		$	14,726		$	39,882		$	19,347
Net amount at risk	$	4,055	(3)	$	569	(4)	$	1,160	(3)	$	461	(4)
Average attained age of contractholders	69 years			69 years			69 years			66 years
Other Annuity Guarantees:
Total account value (1), (2)	N/A			$	135		N/A			$	135
Net amount at risk	N/A			$	67	(5)	N/A			$	70	(5)
Average attained age of contractholders	N/A			56 years			N/A			55 years

	June 30, 2022				December 31, 2021
	Secondary Guarantees		Paid-Up Guarantees		Secondary Guarantees		Paid-Up Guarantees
	(Dollars in millions)
Universal and Variable Life Contracts:
Total account value (1), (2)	$	4,793	$	807	$	5,935	$	826
Net amount at risk (6)	$	37,736	$	5,010	$	37,482	$	5,181
Average attained age of policyholders	59 years		66 years		59 years		65 years

__________________

(1)The Company’s annuity and life contracts with guarantees may offer more than one type of guarantee in each contract. Therefore, the amounts listed above may not be mutually exclusive.

(2)Includes the contractholders’ investments in the general account and separate account, if applicable.

(3)Defined as the death benefit less the total account value, as of the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts on the balance sheet date and includes any additional contractual claims associated with riders purchased to assist with covering income taxes payable upon death.

(4)Defined as the amount (if any) that would be required to be added to the total account value to purchase a lifetime income stream, based on current annuity rates, equal to the minimum amount provided under the guaranteed benefit. This amount represents the Company’s potential economic exposure to such guarantees in the event all contractholders were to annuitize on the balance sheet date, even though the contracts contain terms that allow annuitization of the guaranteed amount only after the 10th anniversary of the contract, which not all contractholders have achieved.

(5)Defined as either the excess of the upper tier, adjusted for a profit margin, less the lower tier, as of the balance sheet date or the amount (if any) that would be required to be added to the total account value to purchase a lifetime income stream, based on current annuity rates, equal to the minimum amount provided under the guaranteed benefit. These amounts represent the Company’s potential economic exposure to such guarantees in the event all contractholders were to annuitize on the balance sheet date.

(6)Defined as the guarantee amount less the account value, as of the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts on the balance sheet date.

Liabilities for Unpaid Claims and Claim Expenses

Information regarding the liabilities for unpaid claims and claim adjustment expenses was as follows:

	Six Months Ended June 30,
	2022		2021
	(In millions)
Balance, beginning of period	$	15,059	$	13,523
Less: Reinsurance recoverables	2,263		1,639
Net balance, beginning of period	12,796		11,884
Incurred related to:
Current period	10,379		9,917
Prior periods (1)	316		436
Total incurred	10,695		10,353
Paid related to:
Current period	(5,911)		(6,044)
Prior periods	(4,411)		(4,135)
Total paid	(10,322)		(10,179)
Net balance, end of period	13,169		12,058
Add: Reinsurance recoverables	2,147		2,078
Balance, end of period (included in future policy benefits and other policy-related balances)	$	15,316	$	14,136

__________________

(1)The six months ended June 30, 2022 and 2021 include incurred claim activity and claim adjustment expenses associated with prior periods but reported in the respective current period, which contain impacts related to the COVID-19 pandemic, partially offset by additional premiums recorded for experience-rated contracts that are not reflected in the table above.

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Closed Block (Tables)

6 Months Ended

Jun. 30, 2022

Closed Block Disclosure [Abstract]

Closed block liabilities and assets

Information regarding the closed block liabilities and assets designated to the closed block was as follows at:

	June 30, 2022		December 31, 2021
	(In millions)
Closed Block Liabilities
Future policy benefits	$	37,593	$	38,046
Other policy-related balances	274		290
Policyholder dividends payable	250		253
Policyholder dividend obligation	—		1,682
Deferred income tax liability	—		210
Other liabilities	368		263
Total closed block liabilities	38,485		40,744
Assets Designated to the Closed Block
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	21,257		25,669
Mortgage loans	6,624		6,417
Policy loans	4,120		4,191
Real estate and real estate joint ventures	583		565
Other invested assets	726		556
Total investments	33,310		37,398
Cash and cash equivalents	201		126
Accrued investment income	379		384
Premiums, reinsurance and other receivables	43		50
Current income tax recoverable	91		81
Deferred income tax asset	196		—
Total assets designated to the closed block	34,220		38,039
Excess of closed block liabilities over assets designated to the closed block	4,265		2,705
AOCI:
Unrealized investment gains (losses), net of income tax	(460)		2,562
Unrealized gains (losses) on derivatives, net of income tax	257		107
Allocated to policyholder dividend obligation, net of income tax	—		(1,329)
Total amounts included in AOCI	(203)		1,340
Maximum future earnings to be recognized from closed block assets and liabilities	$	4,062	$	4,045

Closed block policyholder dividend obligation

Information regarding the closed block policyholder dividend obligation was as follows:

	Six Months Ended June 30, 2022		Year   Ended   December 31, 2021
	(In millions)
Balance, beginning of period	$	1,682	$	2,969
Change in unrealized investment and derivative gains (losses)	(1,682)		(1,287)
Balance, end of period	$	—	$	1,682

Closed block revenues and expenses

Information regarding the closed block revenues and expenses was as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In millions)
Revenues
Premiums	$	274	$	325	$	549	$	645
Net investment income	352		382		713		775
Net investment gains (losses)	(16)		(11)		(48)		(5)
Net derivative gains (losses)	8		6		11		7
Total revenues	618		702		1,225		1,422
Expenses
Policyholder benefits and claims	462		520		945		1,066
Policyholder dividends	128		173		261		351
Other expenses	23		24		46		49
Total expenses	613		717		1,252		1,466
Revenues, net of expenses before provision for income tax expense (benefit)	5		(15)		(27)		(44)
Provision for income tax expense (benefit)	1		(3)		(6)		(9)
Revenues, net of expenses and provision for income tax expense (benefit)	$	4	$	(12)	$	(21)	$	(35)

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Investments (Tables)

6 Months Ended

Jun. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Fixed Maturity Securities Available-for-Sale by Sector

The following table presents fixed maturity securities available-for-sale (“AFS”) by sector. U.S. corporate and foreign corporate sectors include redeemable preferred stock. Residential mortgage-backed securities (“RMBS”) includes agency, prime, alternative and sub-prime mortgage-backed securities. Asset-backed securities and collateralized loan obligations (“ABS & CLO”), previously disclosed as ABS in the 2021 Annual Report, includes securities collateralized by consumer loans, corporate loans and broadly syndicated bank loans. Municipals includes taxable and tax-exempt revenue bonds and, to a much lesser extent, general obligations of states, municipalities and political subdivisions. Commercial mortgage-backed securities (“CMBS”) primarily includes securities collateralized by multiple commercial mortgage loans. RMBS, ABS & CLO and CMBS are, collectively, “Structured Products.”

	June 30, 2022										December 31, 2021
	Amortized Cost				Gross Unrealized				Estimated Fair Value		Amortized Cost				Gross Unrealized				Estimated Fair Value
Sector			Allowance for Credit Loss		Gains		Losses						Allowance for Credit Loss		Gains		Losses
	(In millions)
U.S. corporate	$	52,289	$	(27)	$	1,174	$	3,389	$	50,047	$	51,328	$	(30)	$	7,257	$	153	$	58,402
U.S. government and agency	22,219		—		1,295		1,175		22,339		26,782		—		4,568		128		31,222
Foreign corporate	27,944		(7)		282		3,653		24,566		27,475		(10)		2,651		431		29,685
RMBS	21,279		—		321		1,453		20,147		22,082		—		1,198		135		23,145
ABS & CLO	12,429		—		10		629		11,810		12,787		—		127		35		12,879
Municipals	7,157		—		526		383		7,300		6,884		—		1,849		5		8,728
CMBS	6,485		(13)		4		382		6,094		6,686		(13)		237		32		6,878
Foreign government	4,010		(77)		203		332		3,804		4,330		—		698		82		4,946
Total fixed maturity securities AFS	$	153,812	$	(124)	$	3,815	$	11,396	$	146,107	$	158,354	$	(53)	$	18,585	$	1,001	$	175,885

Available-for-sale fixed maturity securities by contractual maturity date

The amortized cost, net of allowance for credit loss (“ACL”), and estimated fair value of fixed maturity securities AFS, by contractual maturity date, were as follows at June 30, 2022:

	Due in One Year or Less		Due After  One Year Through Five Years		Due After Five Years Through Ten Years		Due After Ten Years		Structured Products		Total Fixed Maturity Securities AFS
	(In millions)
Amortized cost, net of ACL	$	2,828	$	25,685	$	27,523	$	57,472	$	40,180	$	153,688
Estimated fair value	$	2,674	$	24,756	$	26,154	$	54,472	$	38,051	$	146,107

Continuous Gross Unrealized Losses for Fixed Maturity Securities Available for Sale

The following table presents the estimated fair value and gross unrealized losses of fixed maturity securities AFS in an unrealized loss position without an ACL by sector and aggregated by length of time that the securities have been in a continuous unrealized loss position.

	June 30, 2022								December 31, 2021
	Less than 12 Months				Equal to or Greater than 12 Months				Less than 12 Months				Equal to or Greater than 12 Months
Sector & Credit Quality	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
	(Dollars in millions)
U.S. corporate	$	31,816	$	3,130	$	1,350	$	258	$	4,503	$	83	$	784	$	70
U.S. government and agency	11,211		1,019		464		156		10,063		78		523		49
Foreign corporate	19,028		3,215		1,575		438		4,079		199		1,348		232
RMBS	14,320		1,219		1,352		234		7,481		111		314		24
ABS & CLO	10,213		564		921		65		5,643		25		593		10
Municipals	2,696		378		13		5		154		4		17		1
CMBS	5,260		331		507		51		1,613		20		355		12
Foreign government	1,778		271		145		57		497		37		148		45
Total fixed maturity securities AFS	$	96,322	$	10,127	$	6,327	$	1,264	$	34,033	$	557	$	4,082	$	443
Investment grade	$	89,669	$	9,247	$	5,325	$	1,060	$	31,419	$	454	$	3,273	$	353
Below investment grade	6,653		880		1,002		204		2,614		103		809		90
Total fixed maturity securities AFS	$	96,322	$	10,127	$	6,327	$	1,264	$	34,033	$	557	$	4,082	$	443
Total number of securities in an unrealized loss position	9,492				727				2,549				427

Debt Securities, Available-for-sale, Allowance for Credit Loss

The rollforward of ACL for fixed maturity securities AFS by sector is as follows:

	U.S.  Corporate		Foreign Corporate		CMBS		Foreign Government		Total
Three Months Ended June 30, 2022	(In millions)
Balance, at beginning of period	$	13	$	25	$	13	$	104	$	155
Additions:
ACL not previously recorded	—		—		—		—		—
Changes for securities with previously recorded ACL	14		(1)		—		(7)		6
Reductions:
Securities sold or exchanged	—		(17)		—		(20)		(37)
Write-offs	—		—		—		—		—
Balance, at end of period	$	27	$	7	$	13	$	77	$	124
Three Months Ended June 30, 2021
Balance, at beginning of period	$	43	$	17	$	6	$	—	$	66
Additions:
ACL not previously recorded	—		—		3		—		3
Changes for securities with previously recorded ACL	3		—		(3)		—		—
Reductions:
Securities sold or exchanged	(7)		(3)		—		—		(10)
Write-offs	—		—		—		—		—
Balance, at end of period	$	39	$	14	$	6	$	—	$	59

	U.S.  Corporate		Foreign Corporate		CMBS		Foreign Government		Total
Six Months Ended June 30, 2022	(In millions)
Balance, at beginning of period	$	30	$	10	$	13	$	—	$	53
Additions:
ACL not previously recorded	13		11		—		104		128
Changes for securities with previously recorded ACL	14		3		—		(7)		10
Reductions:
Securities sold or exchanged	(8)		(17)		—		(20)		(45)
Write-offs	(22)		—		—		—		(22)
Balance, at end of period	$	27	$	7	$	13	$	77	$	124
Six Months Ended June 30, 2021
Balance, at beginning of period	$	43	$	8	$	—	$	—	$	51
Additions:
ACL not previously recorded	—		12		9		—		21
Reductions:
Changes for securities with previously recorded ACL	3		(3)		(3)		—		(3)
Securities sold or exchanged	(7)		(3)		—		—		(10)
Write-offs	—		—		—		—		—
Balance, at end of period	$	39	$	14	$	6	$	—	$	59

Disclosure of Mortgage Loans Net of Valuation Allowance

Mortgage loans are summarized as follows at:

	June 30, 2022				December 31, 2021
Portfolio Segment	Carrying Value		% of Total		Carrying Value		% of Total
	(Dollars in millions)
Commercial	$	36,918	60.2	%	$	35,772	59.4	%
Agricultural	15,431		25.1		15,450		25.7
Residential	9,326		15.2		9,406		15.6
Total amortized cost	61,675		100.5		60,628		100.7
Allowance for credit loss	(416)		(0.7)		(536)		(0.9)
Subtotal mortgage loans, net	61,259		99.8		60,092		99.8
Residential — FVO	109		0.2		127		0.2
Total mortgage loans held-for-investment, net	61,368		100.0		60,219		100.0
Mortgage loans held-for-sale	24		—		—		—
Total mortgage loans, net	$	61,392	100.0	%	$	60,219	100.0	%

Allowance for Loan and Lease Losses, Provision for Loss, Net

The rollforward of ACL for mortgage loans, by portfolio segment, is as follows:

	Six Months Ended June 30,
	2022								2021
	Commercial		Agricultural		Residential		Total		Commercial		Agricultural		Residential		Total
	(In millions)
Balance, beginning of period	$	260	$	79	$	197	$	536	$	199	$	97	$	221	$	517
Provision (release)	(13)		36		(38)		(15)		17		(7)		(20)		(10)
Initial credit losses on PCD loans (1)	—		—		—		—		—		—		2		2
Charge-offs, net of recoveries	(82)		(22)		(1)		(105)		—		(13)		(1)		(14)
Balance, end of period	$	165	$	93	$	158	$	416	$	216	$	77	$	202	$	495

________________

(1)Represents the initial credit losses on purchased mortgage loans accounted for as purchased financial assets with credit deterioration (“PCD”).

Disclosure of the mortgage loans portfolio segment by the recorded investment, prior to valuation allowances, by credit quality indicator categories

The amortized cost of commercial mortgage loans by credit quality indicator and vintage year was as follows at June 30, 2022:

Credit Quality Indicator	2022		2021		2020		2019		2018		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
LTV ratios:
Less than 65%	$	2,585	$	3,222	$	2,368	$	3,109	$	3,559	$	11,422	$	2,597	$	28,862	78.2	%
65% to 75%	705		1,124		631		1,661		917		1,306		—		6,344		17.2
76% to 80%	—		—		18		138		199		248		—		603		1.6
Greater than 80%	43		—		—		—		48		1,018		—		1,109		3.0
Total	$	3,333	$	4,346	$	3,017	$	4,908	$	4,723	$	13,994	$	2,597	$	36,918	100.0	%
DSCR:
> 1.20x	$	3,295	$	3,949	$	2,844	$	4,718	$	4,303	$	12,084	$	2,242	$	33,435	90.6	%
1.00x - 1.20x	32		156		18		—		125		324		—		655		1.8
<1.00x	6		241		155		190		295		1,586		355		2,828		7.6
Total	$	3,333	$	4,346	$	3,017	$	4,908	$	4,723	$	13,994	$	2,597	$	36,918	100.0	%

The amortized cost of agricultural mortgage loans by credit quality indicator and vintage year was as follows at June 30, 2022:

Credit Quality Indicator	2022		2021		2020		2019		2018		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
LTV ratios:
Less than 65%	$	1,350	$	1,447	$	1,913	$	1,534	$	2,115	$	4,450	$	1,021	$	13,830	89.6	%
65% to 75%	129		229		309		181		51		499		51		1,449		9.4
76% to 80%	—		—		—		—		—		11		—		11		0.1
Greater than 80%	—		—		15		76		—		44		6		141		0.9
Total	$	1,479	$	1,676	$	2,237	$	1,791	$	2,166	$	5,004	$	1,078	$	15,431	100.0	%

The amortized cost of residential mortgage loans by credit quality indicator and vintage year was as follows at June 30, 2022:

Credit Quality Indicator	2022		2021		2020		2019		2018		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
Performance indicators:
Performing	$	489	$	714	$	164	$	648	$	363	$	6,512	$	—	$	8,890	95.3	%
Nonperforming (1)	—		3		5		39		11		378		—		436		4.7
Total	$	489	$	717	$	169	$	687	$	374	$	6,890	$	—	$	9,326	100.0	%

__________________

(1)Includes residential mortgage loans in process of foreclosure of $133 million and $69 million at June 30, 2022 and December 31, 2021, respectively.

Schedule of Past Due and Non Accrual Mortgage Loans

The past due and nonaccrual mortgage loans at amortized cost, prior to ACL, by portfolio segment, were as follows:

	Past Due				Greater than 90 Days Past Due and Still Accruing Interest				Nonaccrual
Portfolio Segment	June 30, 2022		December 31, 2021		June 30, 2022		December 31, 2021		June 30, 2022		December 31, 2021
	(In millions)
Commercial	$	—	$	—	$	—	$	—	$	171	$	146
Agricultural	93		124		30		16		178		225
Residential	436		418		—		—		437		418
Total	$	529	$	542	$	30	$	16	$	786	$	789

Disclosure Real Estate and Real Estate Joint Ventures

Real estate investments, by income type, as well as income earned, were as follows at and for the periods indicated:

	June 30, 2022		December 31, 2021		Three Months   Ended   June 30,				Six Months Ended June 30,
					2022		2021		2022		2021
Income Type	Carrying Value				Income
	(In millions)
Wholly-owned real estate:
Leased real estate	$	1,763	$	1,934	$	50	$	53	$	104	$	107
Other real estate	477		473		66		46		96		80
Real estate joint ventures	5,810		5,466		122		31		232		37
Total real estate and real estate joint ventures	$	8,050	$	7,873	$	238	$	130	$	432	$	224

Debt Securities, Trading, and Equity Securities, FV-NI

The following table presents FVO Securities and equity securities by security type. Common stock includes common stock and mutual funds.

	June 30, 2022						December 31, 2021
	Cost		Net Unrealized Gains (Losses) (1)		Estimated Fair Value		Cost		Net Unrealized Gains (Losses) (1)		Estimated Fair Value
Security Type
			(In millions)
FVO Securities	$	755	$	132	$	887	$	598	$	250	$	848
Equity securities
Common stock	$	113	$	45	$	158	$	88	$	32	$	120
Non-redeemable preferred stock	91		(6)		85		107		(1)		106
Total equity securities	$	204	$	39	$	243	$	195	$	31	$	226

__________________

(1)Represents cumulative changes in estimated fair value, recognized in earnings, and not in other comprehensive income (loss) (“OCI”).

Components of net unrealized investment gains (losses) included in accumulated other comprehensive income (loss)

The components of net unrealized investment gains (losses), included in AOCI, were as follows:

	June 30, 2022		December 31, 2021
	(In millions)
Fixed maturity securities AFS	$	(7,548)	$	17,586
Derivatives	2,412		2,370
Other	285		377
Subtotal	(4,851)		20,333
Amounts allocated from:
Policyholder liabilities	29		(5,962)
DAC, VOBA and DSI	538		(1,357)
Subtotal	567		(7,319)
Deferred income tax benefit (expense)	975		(2,657)
Net unrealized investment gains (losses)	$	(3,309)	$	10,357

The changes in net unrealized investment gains (losses) were as follows:

	Six Months Ended June 30, 2022
	(In millions)
Balance, beginning of period	$	10,357
Unrealized investment gains (losses) during the period	(25,184)
Unrealized investment gains (losses) relating to:
Policyholder liabilities	5,991
DAC, VOBA and DSI	1,895
Deferred income tax benefit (expense)	3,632
Balance, end of period	$	(3,309)
Change in net unrealized investment gains (losses)	$	(13,666)

Securities Lending and Repurchase Agreements

A summary of these transactions and agreements accounted for as secured borrowings was as follows:

	June 30, 2022						December 31, 2021
	Securities (1)						Securities (1)
Agreement Type	Estimated Fair Value		Cash Collateral Received from Counterparties (2)		Reinvestment Portfolio at Estimated Fair Value		Estimated Fair Value		Cash Collateral Received from Counterparties (2)		Reinvestment Portfolio at Estimated Fair Value
	(In millions)
Securities lending	$	8,271	$	8,419	$	8,257	$	14,689	$	14,977	$	15,116
Repurchase agreements	$	3,208	$	3,125	$	3,065	$	3,416	$	3,325	$	3,357

__________________

(1)These securities were included within fixed maturity securities AFS, short-term investments and cash equivalents at June 30, 2022 and within fixed maturity securities AFS at December 31, 2021.

(2)The liability for cash collateral is included within payables for collateral under securities loaned and other transactions.

Contractual maturities of these transactions and agreements accounted for as secured borrowings were as follows:

	June 30, 2022										December 31, 2021
	Remaining Maturities										Remaining Maturities
Security Type	Open (1)		1 Month or Less		Over 1  Month to 6 Months		Over 6  Months  to 1 Year		Total		Open (1)		1 Month or Less		Over 1 Month to 6 Months		Over 6 Months to 1 Year		Total
	(In millions)
Cash collateral liability by security type:
Securities lending:
U.S. government and agency	$	1,111	$	5,100	$	2,208	$	—	$	8,419	$	3,996	$	5,279	$	5,702	$	—	$	14,977
Repurchase agreements:
U.S. government and agency	$	—	$	3,125	$	—	$	—	$	3,125	$	—	$	3,325	$	—	$	—	$	3,325

__________________

(1)The related security could be returned to the Company on the next business day, which would require the Company to immediately return the cash collateral.

Invested Assets on Deposit and Pledged as Collateral

Invested assets on deposit and pledged as collateral are presented below at estimated fair value for all asset classes,

except mortgage loans, which are presented at carrying value and were as follows at:

	June 30, 2022		December 31, 2021
	(In millions)
Invested assets on deposit (regulatory deposits)	$	103	$	118
Invested assets pledged as collateral (1)	21,888		20,390
Total invested assets on deposit and pledged as collateral	$	21,991	$	20,508

__________________

(1)The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements, secured debt (see Notes 3 and 11 of the Notes to the Consolidated Financial Statements included in the 2021 Annual Report) and derivative transactions (see Note 6).

Schedule of Variable Interest Entities

The following table presents the total assets and total liabilities relating to investment related VIEs for which the Company has concluded that it is the primary beneficiary and which are consolidated at:

	June 30, 2022				December 31, 2021
Asset Type	Total Assets		Total Liabilities		Total Assets		Total Liabilities
	(In millions)
Real estate joint ventures (1)	$	1,002	$	—	$	1,094	$	—
Investment funds (primarily mortgage loans) (2)	156		—		226		—
Other (primarily other invested assets)	100		1		101		—
Renewable energy partnership (primarily other invested assets)	75		—		79		—
Total	$	1,333	$	1	$	1,500	$	—

__________________

(1)    The Company’s investment in affiliated real estate joint ventures was $892 million and $1.0 billion at June 30, 2022 and December 31, 2021, respectively. Other affiliates’ investments in these affiliated real estate joint ventures were $110 million and $112 million at June 30, 2022 and December 31, 2021, respectively.

(2)The Company’s investment in affiliated investment funds was $131 million and $187 million at June 30, 2022 and December 31, 2021, respectively. Other affiliates’ investments in these affiliated investment funds were $25 million and $39 million at June 30, 2022 and December 31, 2021, respectively.

Unconsolidated VIEs

The carrying amount and maximum exposure to loss relating to VIEs in which the Company holds a significant variable interest but is not the primary beneficiary and which have not been consolidated were as follows at:

	June 30, 2022				December 31, 2021
Asset Type	Carrying Amount		Maximum Exposure to Loss (1)		Carrying Amount		Maximum Exposure to Loss (1)
	(In millions)
Fixed maturity securities AFS (2)	$	38,448	$	38,448	$	43,653	$	43,653
Other limited partnership interests	7,637		10,286		8,005		11,057
Other invested assets	1,440		1,653		1,605		1,815
Real estate joint ventures	93		95		97		100
Total	$	47,618	$	50,482	$	53,360	$	56,625

__________________

(1)The maximum exposure to loss relating to fixed maturity securities AFS is equal to their carrying amounts or the carrying amounts of retained interests. The maximum exposure to loss relating to other limited partnership interests and real estate joint ventures is equal to the carrying amounts plus any unfunded commitments. For certain of its investments in other invested assets, the Company’s return is in the form of income tax credits which are guaranteed by creditworthy third parties. For such investments, the maximum exposure to loss is equal to the carrying amounts plus any unfunded commitments, reduced by income tax credits guaranteed by third parties of $6 million and $5 million at June 30, 2022 and December 31, 2021, respectively. Such a maximum loss would be expected to occur only upon bankruptcy of the issuer or investee.

(2)For variable interests in Structured Products included within fixed maturity securities AFS, the Company’s involvement is limited to that of a passive investor in mortgage-backed or asset-backed securities issued by trusts that do not have substantial equity.

Components of Net Investment Income

The composition of net investment income by asset type was as follows:

	Three Months   Ended   June 30,				Six Months Ended June 30,
Asset Type	2022		2021		2022		2021
	(In millions)
Fixed maturity securities AFS	$	1,543	$	1,534	$	3,044	$	3,054
Equity securities	1		7		2		12
Mortgage loans	605		695		1,218		1,372
Policy loans	72		75		144		149
Real estate and real estate joint ventures	238		130		432		224
Other limited partnership interests	64		689		597		1,577
Cash, cash equivalents and short-term investments	11		2		15		5
FVO Securities	(113)		35		(142)		61
Operating joint venture	26		16		42		33
Other	185		10		254		45
Subtotal investment income	2,632		3,193		5,606		6,532
Less: Investment expenses	190		159		338		311
Net investment income	$	2,442	$	3,034	$	5,268	$	6,221

Components of Net Investment Gains (Losses)

The composition of net investment gains (losses) by asset type and transaction type was as follows:

		Three Months   Ended   June 30,				Six Months Ended June 30,
Asset Type		2022		2021		2022		2021
	(In millions)
Fixed maturity securities AFS		$	(356)	$	(6)	$	(658)	$	(29)
Equity securities		1		26		4		45
Mortgage loans		(13)		(45)		10		16
Real estate and real estate joint ventures (excluding changes in estimated fair value)		159		368		163		416
Other limited partnership interests (excluding changes in estimated fair value)		2		(9)		5		(14)
Other gains (losses)		49		19		66		48
Subtotal		(158)		353		(410)		482
Change in estimated fair value of other limited partnership interests and real estate joint ventures		—		6		6		14
Non-investment portfolio gains (losses)		75		(17)		95		6
Subtotal		75		(11)		101		20
Net investment gains (losses)		$	(83)	$	342	$	(309)	$	502
Transaction Type
Realized gains (losses) on investments sold or disposed		$	(183)	$	369	$	(331)	$	414
Impairments		—		(13)		(33)		(13)
Recognized gains (losses):
Change in allowance for credit loss recognized in earnings		29		(34)		(51)		—
Unrealized net gains (losses) recognized in earnings		(4)		37		11		95
Total recognized gains (losses)		25		3		(40)		95
Non-investment portfolio gains (losses)		75		(17)		95		6
Net investment gains (losses)		$	(83)	$	342	$	(309)	$	502

Schedule of Realized Gain (Loss)

The composition of net investment gains (losses) for these securities is as follows:

	Three Months   Ended   June 30,				Six Months Ended June 30,
Fixed Maturity Securities AFS	2022		2021		2022		2021
	(In millions)
Proceeds	$	12,499	$	4,757	$	19,988	$	11,844
Gross investment gains	$	45	$	34	$	70	$	108
Gross investment (losses)	(432)		(34)		(623)		(116)
Realized gains (losses) on sales and disposals	(387)		—		(553)		(8)
Net credit loss (provision) release (change in ACL recognized in earnings)	31		7		(72)		(8)
Impairment (loss)	—		(13)		(33)		(13)
Net credit loss (provision) release and impairment (loss)	31		(6)		(105)		(21)
Net investment gains (losses)	$	(356)	$	(6)	$	(658)	$	(29)
Equity Securities
Realized gains (losses) on sales and disposals	$	3	$	(5)	$	(4)	$	(33)
Unrealized net gains (losses) recognized in earnings	(2)		31		8		78
Net investment gains (losses)	$	1	$	26	$	4	$	45

Schedule of Related Party Transactions

The Company transfers invested assets primarily consisting of fixed maturity securities AFS, mortgage loans and real estate and real estate joint ventures to and from affiliates. Invested assets transferred were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In millions)
Estimated fair value of invested assets transferred to affiliates	$	—	$	53	$	189	$	303
Amortized cost of invested assets transferred to affiliates	$	—	$	51	$	191	$	300
Net investment gains (losses) recognized on transfers	$	—	$	2	$	(2)	$	3
Estimated fair value of invested assets transferred from affiliates	$	9	$	165	$	266	$	644

Recurring related party investments and related net investment income were as follows at and for the periods ended:

		June 30, 2022		December 31, 2021		Three Months   Ended   June 30,				Six Months Ended June 30,
						2022		2021		2022		2021
Investment Type/ Balance Sheet Category	Related Party	Carrying Value				Net Investment Income
		(In millions)
Affiliated investments (1)	MetLife, Inc.	$	1,207	$	1,399	$	4	$	8	$	10	$	16
Affiliated investments (2)	American Life Insurance Company	100		100		1		—		1		1
Other invested assets		$	1,307	$	1,499	$	5	$	8	$	11	$	17

________________

(1)Represents an investment in affiliated senior unsecured notes which have maturity dates from July 2023 to December 2031 and bear interest, payable semi-annually, at rates per annum ranging from 1.60% to 1.85%. See Note 7 of the Notes to the Consolidated Financial Statements included in the 2021 Annual Report for further information.

(2)Represents an affiliated surplus note which matures in June 2025 and bears interest, payable semi-annually, at a rate per annum of 1.88%.

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Derivatives (Tables)

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Primary Risks Managed by Derivatives

The following table presents the primary underlying risk exposure, gross notional amount, and estimated fair value of the Company’s derivatives, excluding embedded derivatives, held at:

		June 30, 2022						December 31, 2021
	Primary Underlying Risk Exposure	Gross Notional Amount		Estimated Fair Value				Gross Notional Amount		Estimated Fair Value
				Assets		Liabilities				Assets		Liabilities
		(In millions)
Derivatives Designated as Hedging Instruments:
Fair value hedges:
Interest rate swaps	Interest rate	$	4,224	$	1,683	$	297	$	3,540	$	2,163	$	6
Foreign currency swaps	Foreign currency exchange rate	698		74		—		764		8		22
Subtotal		4,922		1,757		297		4,304		2,171		28
Cash flow hedges:
Interest rate swaps	Interest rate	3,740		14		—		4,079		4		1
Interest rate forwards	Interest rate	2,809		—		331		3,058		69		1
Foreign currency swaps	Foreign currency exchange rate	29,341		2,404		1,455		28,772		1,317		966
Subtotal		35,890		2,418		1,786		35,909		1,390		968
Total qualifying hedges		40,812		4,175		2,083		40,213		3,561		996
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swaps	Interest rate	18,981		1,933		521		21,565		3,206		59
Interest rate floors	Interest rate	7,951		29		—		7,701		145		—
Interest rate caps	Interest rate	64,659		701		—		64,309		117		—
Interest rate futures	Interest rate	100		1		—		515		—		—
Interest rate options	Interest rate	17,212		513		—		9,703		364		—
Interest rate forwards	Interest rate	265		—		79		265		—		20
Interest rate total return swaps	Interest rate	1,048		—		109		1,048		9		4
Synthetic GICs	Interest rate	11,863		—		—		11,307		—		—
Foreign currency swaps	Foreign currency exchange rate	5,156		692		—		4,800		340		75
Foreign currency forwards	Foreign currency exchange rate	2,014		26		9		1,902		11		13
Credit default swaps — purchased	Credit	902		26		1		956		12		8
Credit default swaps — written	Credit	9,280		30		77		6,074		111		12
Equity futures	Equity market	1,634		10		1		1,751		5		—
Equity index options	Equity market	23,255		873		171		26,800		714		166
Equity variance swaps	Equity market	425		12		10		425		12		10
Equity total return swaps	Equity market	2,183		197		—		2,148		11		46
Total non-designated or nonqualifying derivatives		166,928		5,043		978		161,269		5,057		413
Total		$	207,740	$	9,218	$	3,061	$	201,482	$	8,618	$	1,409

The Effects of Derivatives on the Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

The following table presents the interim condensed consolidated financial statement location and amount of gain (loss) recognized on fair value, cash flow, nonqualifying hedging relationships and embedded derivatives

	Three Months Ended June 30, 2022
	Net Investment Income		Net Investment Gains (Losses)		Net Derivative Gains (Losses)		Policyholder Benefits and Claims		Interest Credited to Policyholder Account Balances		OCI
	(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)	$	2	$	—	$	—	$	(396)	$	(10)	N/A
Hedged items	(4)		—		—		376		9		N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)	59		—		—		—		—		N/A
Hedged items	(58)		—		—		—		—		N/A
Subtotal	(1)		—		—		(20)		(1)		N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		$	(568)
Amount of gains (losses) reclassified from AOCI into income	16		53		—		—		—		(69)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		472
Amount of gains (losses) reclassified from AOCI into income	—		(555)		—		—		—		555
Foreign currency transaction gains (losses) on hedged items	—		547		—		—		—		—
Subtotal	16		45		—		—		—		390
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)	2		—		(872)		—		—		N/A
Foreign currency exchange rate derivatives (1)	1		—		386		—		—		N/A
Credit derivatives — purchased (1)	—		—		27		—		—		N/A
Credit derivatives — written (1)	—		—		(154)		—		—		N/A
Equity derivatives (1)	36		—		456		180		—		N/A
Foreign currency transaction gains (losses) on hedged items	—		—		(179)		—		—		N/A
Subtotal	39		—		(336)		180		—		N/A
Earned income on derivatives	140		—		123		46		(37)		—
Embedded derivatives (2)	N/A		N/A		558		—		N/A		N/A
Total	$	194	$	45	$	345	$	206	$	(38)	$	390

	Three Months Ended June 30, 2021
	Net Investment Income		Net Investment Gains (Losses)		Net Derivative Gains (Losses)		Policyholder Benefits and Claims		Interest Credited to Policyholder Account Balances		OCI
	(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)	$	—	$	—	$	—	$	237	$	—	N/A
Hedged items	1		—		—		(242)		—		N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)	(2)		—		—		—		—		N/A
Hedged items	2		—		—		—		—		N/A
Subtotal	1		—		—		(5)		—		N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		$	508
Amount of gains (losses) reclassified from AOCI into income	14		19		—		—		—		(33)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		351
Amount of gains (losses) reclassified from AOCI into income	1		108		—		—		—		(109)
Foreign currency transaction gains (losses) on hedged items	—		(106)		—		—		—		—
Subtotal	15		21		—		—		—		717
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)	—		—		358		—		—		N/A
Foreign currency exchange rate derivatives (1)	—		—		24		—		—		N/A
Credit derivatives — purchased (1)	—		—		(8)		—		—		N/A
Credit derivatives — written (1)	—		—		22		—		—		N/A
Equity derivatives (1)	(1)		—		(270)		(92)		—		N/A
Foreign currency transaction gains (losses) on hedged items	—		—		(9)		—		—		N/A
Subtotal	(1)		—		117		(92)		—		N/A
Earned income on derivatives	32		—		160		51		(38)		—
Embedded derivatives (2)	N/A		N/A		(252)		—		N/A		N/A
Total	$	47	$	21	$	25	$	(46)	$	(38)	$	717

	Six Months Ended June 30, 2022
	Net Investment Income		Net Investment Gains (Losses)		Net Derivative Gains (Losses)		Policyholder Benefits and Claims		Interest Credited to Policyholder Account Balances		OCI
	(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)	$	6	$	—	$	—	$	(845)	$	(10)	N/A
Hedged items	(8)		—		—		808		9		N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)	90		—		—		—		—		N/A
Hedged items	(87)		—		—		—		—		N/A
Subtotal	1		—		—		(37)		(1)		N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		$	(1,110)
Amount of gains (losses) reclassified from AOCI into income	31		71		—		—		—		(102)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		624
Amount of gains (losses) reclassified from AOCI into income	2		(632)		—		—		—		630
Foreign currency transaction gains (losses) on hedged items	—		619		—		—		—		—
Subtotal	33		58		—		—		—		42
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)	3		—		(1,603)		—		—		N/A
Foreign currency exchange rate derivatives (1)	2		—		509		—		—		N/A
Credit derivatives — purchased (1)	—		—		58		—		—		N/A
Credit derivatives — written (1)	—		—		(190)		—		—		N/A
Equity derivatives (1)	29		—		561		258		—		N/A
Foreign currency transaction gains (losses) on hedged items	—		—		(242)		—		—		N/A
Subtotal	34		—		(907)		258		—		N/A
Earned income on derivatives	225		—		259		97		(72)		—
Embedded derivatives (2)	N/A		N/A		1,174		—		N/A		N/A
Total	$	293	$	58	$	526	$	318	$	(73)	$	42

	Six Months Ended June 30, 2021
	Net Investment Income		Net Investment Gains (Losses)		Net Derivative Gains (Losses)		Policyholder Benefits and Claims		Interest Credited to Policyholder Account Balances		OCI
	(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)	$	3	$	—	$	—	$	(365)	$	—	N/A
Hedged items	(2)		—		—		331		—		N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)	11		—		—		—		—		N/A
Hedged items	(10)		—		—		—		—		N/A
Subtotal	2		—		—		(34)		—		N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		$	(703)
Amount of gains (losses) reclassified from AOCI into income	27		48		—		—		—		(75)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		302
Amount of gains (losses) reclassified from AOCI into income	2		(8)		—		—		—		6
Foreign currency transaction gains (losses) on hedged items	—		4		—		—		—		—
Subtotal	29		44		—		—		—		(470)
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)	2		—		(1,187)		—		—		N/A
Foreign currency exchange rate derivatives (1)	—		—		43		—		—		N/A
Credit derivatives — purchased (1)	—		—		4		—		—		N/A
Credit derivatives — written (1)	—		—		21		—		—		N/A
Equity derivatives (1)	(2)		—		(827)		(182)		—		N/A
Foreign currency transaction gains (losses) on hedged items	—		—		(12)		—		—		N/A
Subtotal	—		—		(1,958)		(182)		—		N/A
Earned income on derivatives	78		—		334		102		(77)		—
Embedded derivatives (2)	N/A		N/A		634		—		N/A		N/A
Total	$	109	$	44	$	(990)	$	(114)	$	(77)	$	(470)

__________________

(1)Excludes earned income on derivatives.

(2)The valuation of guaranteed minimum benefits includes a nonperformance risk adjustment. The amounts included in net derivative gains (losses) in connection with this adjustment were $14 million and ($1) million for the three months and six months ended June 30, 2022, respectively, and $3 million and ($15) million for the three months and six months ended June 30, 2021, respectively.

Fair Value Hedges

The following table presents the balance sheet classification, carrying amount and cumulative fair value hedging adjustments for items designated and qualifying as hedged items in fair value hedges:

Balance Sheet Line Item	Carrying Amount of the Hedged Assets/(Liabilities)				Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of Hedged Assets/(Liabilities) (1)
	June 30, 2022		December 31, 2021		June 30, 2022		December 31, 2021
	(In millions)
Fixed maturity securities AFS	$	303	$	366	$	—	$	(1)
Mortgage loans	$	430	$	617	$	(7)	$	3
Future policy benefits	$	(4,027)	$	(4,735)	$	(56)	$	(877)
Policyholder account balances	$	(1,082)	$	—	$	9	$	—

__________________

(1)Includes ($149) million and ($161) million of hedging adjustments on discontinued hedging relationships at June 30, 2022 and December 31, 2021, respectively.

Schedule of estimated fair value, maximum amount of future payments and weighted average years to maturity of written credit default swaps

The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of written credit default swaps at:

	June 30, 2022					December 31, 2021
Rating Agency Designation of Referenced Credit Obligations (1)	Estimated Fair Value of Credit Default Swaps		Maximum Amount of Future Payments under Credit Default Swaps		Weighted Average Years to Maturity (2)	Estimated Fair Value of Credit Default Swaps		Maximum Amount of Future Payments under Credit Default Swaps		Weighted Average Years to Maturity (2)
	(Dollars in millions)
Aaa/Aa/A
Single name credit default swaps (3)	$	—	$	10	2.0	$	—	$	10	2.5
Credit default swaps referencing indices	4		2,742		3.3	17		1,191		2.5
Subtotal	4		2,752		3.3	17		1,201		2.5
Baa
Single name credit default swaps (3)	1		60		2.5	1		60		3.3
Credit default swaps referencing indices	(40)		6,368		5.6	90		4,698		5.1
Subtotal	(39)		6,428		5.6	91		4,758		5.1
Ba
Single name credit default swaps (3)	1		25		1.0	1		65		0.5
Credit default swaps referencing indices	(2)		45		4.5	(1)		20		5.0
Subtotal	(1)		70		3.2	—		85		1.5
Caa3
Credit default swaps referencing indices	(11)		30		4.0	(9)		30		4.5
Subtotal	(11)		30		4.0	(9)		30		4.5
Total	$	(47)	$	9,280	4.9	$	99	$	6,074	4.6

__________________

(1)The rating agency designations are based on availability and the midpoint of the applicable ratings among Moody’s Investors Service (“Moody’s”), S&P Global Ratings (“S&P”) and Fitch Ratings. If no rating is available from a rating agency, then an internally developed rating is used.

(2)The weighted average years to maturity of the credit default swaps is calculated based on weighted average gross notional amounts.

(3)Single name credit default swaps may be referenced to the credit of corporations, foreign governments, or municipals.

Estimated Fair Value of Derivative Assets and Liabilities after Master Netting Agreements and Cash Collateral

The estimated fair values of the Company’s net derivative assets and net derivative liabilities after the application of master netting agreements and collateral were as follows at:

	June 30, 2022				December 31, 2021
Derivatives Subject to a Master Netting Arrangement or a Similar Arrangement	Assets		Liabilities		Assets		Liabilities
	(In millions)
Gross estimated fair value of derivatives:
OTC-bilateral (1)	$	9,263	$	2,988	$	8,602	$	1,379
OTC-cleared (1)	42		65		104		8
Exchange-traded	11		1		5		—
Total gross estimated fair value of derivatives presented on the interim condensed consolidated balance sheets (1)	9,316		3,054		8,711		1,387
Gross amounts not offset on the interim condensed consolidated balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral	(2,961)		(2,961)		(1,364)		(1,364)
OTC-cleared	(14)		(14)		(3)		(3)
Exchange-traded	(1)		(1)		—		—
Cash collateral: (3), (4)
OTC-bilateral	(5,486)		—		(6,414)		—
OTC-cleared	—		(36)		(91)		—
Securities collateral: (5)
OTC-bilateral	(739)		(26)		(767)		(14)
OTC-cleared	—		(15)		—		(5)
Net amount after application of master netting agreements and collateral	$	115	$	1	$	72	$	1

__________________

(1)At June 30, 2022 and December 31, 2021, derivative assets included income (expense) accruals reported in accrued investment income or in other liabilities of $98 million and $93 million, respectively, and derivative liabilities included (income) expense accruals reported in accrued investment income or in other liabilities of ($7) million and ($22) million, respectively.

(2)Estimated fair value of derivatives is limited to the amount that is subject to set-off and includes income or expense accruals.

(3)Cash collateral received by the Company for OTC-bilateral and OTC-cleared derivatives, where the centralized clearinghouse treats variation margin as collateral, is included in cash and cash equivalents, short-term investments or in fixed maturity securities AFS, and the obligation to return it is included in payables for collateral under securities loaned and other transactions on the balance sheet.

(4)The receivable for the return of cash collateral provided by the Company is inclusive of initial margin on exchange-traded and OTC-cleared derivatives and is included in premiums, reinsurance and other receivables on the balance sheet. The amount of cash collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements. At June 30, 2022 and December 31, 2021, the Company received excess cash collateral of $459 million and $60 million, respectively, and provided no excess cash collateral.

(5)Securities collateral received by the Company is held in separate custodial accounts and is not recorded on the balance sheet. Subject to certain constraints, the Company is permitted by contract to sell or re-pledge this collateral, but at June 30, 2022, none of the collateral had been sold or re-pledged. Securities collateral pledged by the Company is reported in fixed maturity securities AFS on the balance sheet. Subject to certain constraints, the counterparties are permitted by contract to sell or re-pledge this collateral. The amount of securities collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements and cash collateral. At June 30, 2022 and December 31, 2021, the Company received excess securities collateral with an estimated fair value of $97 million and $47 million, respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At June 30, 2022 and December 31, 2021, the Company provided excess securities collateral with an estimated fair value of $709 million and $95 million, respectively, for its OTC-bilateral derivatives, $548 million and $584 million, respectively, for its OTC-cleared derivatives, and $96 million and $106 million, respectively, for its exchange-traded derivatives, which are not included in the table above due to the foregoing limitation.

Estimated Fair Value of Derivative Assets and Liabilities after Master Netting Agreements and Cash Collateral

The estimated fair values of the Company’s net derivative assets and net derivative liabilities after the application of master netting agreements and collateral were as follows at:

	June 30, 2022				December 31, 2021
Derivatives Subject to a Master Netting Arrangement or a Similar Arrangement	Assets		Liabilities		Assets		Liabilities
	(In millions)
Gross estimated fair value of derivatives:
OTC-bilateral (1)	$	9,263	$	2,988	$	8,602	$	1,379
OTC-cleared (1)	42		65		104		8
Exchange-traded	11		1		5		—
Total gross estimated fair value of derivatives presented on the interim condensed consolidated balance sheets (1)	9,316		3,054		8,711		1,387
Gross amounts not offset on the interim condensed consolidated balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral	(2,961)		(2,961)		(1,364)		(1,364)
OTC-cleared	(14)		(14)		(3)		(3)
Exchange-traded	(1)		(1)		—		—
Cash collateral: (3), (4)
OTC-bilateral	(5,486)		—		(6,414)		—
OTC-cleared	—		(36)		(91)		—
Securities collateral: (5)
OTC-bilateral	(739)		(26)		(767)		(14)
OTC-cleared	—		(15)		—		(5)
Net amount after application of master netting agreements and collateral	$	115	$	1	$	72	$	1

__________________

(1)At June 30, 2022 and December 31, 2021, derivative assets included income (expense) accruals reported in accrued investment income or in other liabilities of $98 million and $93 million, respectively, and derivative liabilities included (income) expense accruals reported in accrued investment income or in other liabilities of ($7) million and ($22) million, respectively.

(2)Estimated fair value of derivatives is limited to the amount that is subject to set-off and includes income or expense accruals.

(3)Cash collateral received by the Company for OTC-bilateral and OTC-cleared derivatives, where the centralized clearinghouse treats variation margin as collateral, is included in cash and cash equivalents, short-term investments or in fixed maturity securities AFS, and the obligation to return it is included in payables for collateral under securities loaned and other transactions on the balance sheet.

(4)The receivable for the return of cash collateral provided by the Company is inclusive of initial margin on exchange-traded and OTC-cleared derivatives and is included in premiums, reinsurance and other receivables on the balance sheet. The amount of cash collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements. At June 30, 2022 and December 31, 2021, the Company received excess cash collateral of $459 million and $60 million, respectively, and provided no excess cash collateral.

(5)Securities collateral received by the Company is held in separate custodial accounts and is not recorded on the balance sheet. Subject to certain constraints, the Company is permitted by contract to sell or re-pledge this collateral, but at June 30, 2022, none of the collateral had been sold or re-pledged. Securities collateral pledged by the Company is reported in fixed maturity securities AFS on the balance sheet. Subject to certain constraints, the counterparties are permitted by contract to sell or re-pledge this collateral. The amount of securities collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements and cash collateral. At June 30, 2022 and December 31, 2021, the Company received excess securities collateral with an estimated fair value of $97 million and $47 million, respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At June 30, 2022 and December 31, 2021, the Company provided excess securities collateral with an estimated fair value of $709 million and $95 million, respectively, for its OTC-bilateral derivatives, $548 million and $584 million, respectively, for its OTC-cleared derivatives, and $96 million and $106 million, respectively, for its exchange-traded derivatives, which are not included in the table above due to the foregoing limitation.

Estimated Fair Value of OTC-bilateral derivatives after considering effect of netting agreements

The following table presents the estimated fair value of the Company’s OTC-bilateral derivatives that were in a net liability position after considering the effect of netting agreements, together with the estimated fair value and balance sheet location of the collateral pledged.

	Derivatives Subject to Financial Strength-Contingent Provisions
	June 30, 2022		December 31, 2021
	(In millions)
Estimated fair value of derivatives in a net liability position (1)	$	26	$	15
Estimated fair value of collateral provided:
Fixed maturity securities AFS	$	35	$	17

__________________

(1)After taking into consideration the existence of netting agreements.

The following table presents the estimated fair value and balance sheet location of the Company’s embedded derivatives that have been separated from their host contracts at:

	Balance Sheet Location	June 30, 2022		December 31, 2021
		(In millions)
Embedded derivatives within asset host contracts:
Assumed on affiliated reinsurance	Other invested assets	$	42	$	—
Embedded derivatives within liability host contracts:
Direct guaranteed minimum benefits	Policyholder account balances	$	254	$	257
Assumed guaranteed minimum benefits	Policyholder account balances	6		5
Funds withheld and guarantees on reinsurance (including affiliated)	Other liabilities	(20)		1,072
Fixed annuities with equity indexed returns	Policyholder account balances	143		165
Embedded derivatives within liability host contracts		$	383	$	1,499

Embedded Derivatives

The following table presents the estimated fair value of the Company’s OTC-bilateral derivatives that were in a net liability position after considering the effect of netting agreements, together with the estimated fair value and balance sheet location of the collateral pledged.

	Derivatives Subject to Financial Strength-Contingent Provisions
	June 30, 2022		December 31, 2021
	(In millions)
Estimated fair value of derivatives in a net liability position (1)	$	26	$	15
Estimated fair value of collateral provided:
Fixed maturity securities AFS	$	35	$	17

__________________

(1)After taking into consideration the existence of netting agreements.

The following table presents the estimated fair value and balance sheet location of the Company’s embedded derivatives that have been separated from their host contracts at:

	Balance Sheet Location	June 30, 2022		December 31, 2021
		(In millions)
Embedded derivatives within asset host contracts:
Assumed on affiliated reinsurance	Other invested assets	$	42	$	—
Embedded derivatives within liability host contracts:
Direct guaranteed minimum benefits	Policyholder account balances	$	254	$	257
Assumed guaranteed minimum benefits	Policyholder account balances	6		5
Funds withheld and guarantees on reinsurance (including affiliated)	Other liabilities	(20)		1,072
Fixed annuities with equity indexed returns	Policyholder account balances	143		165
Embedded derivatives within liability host contracts		$	383	$	1,499

XML

Fair Value (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Recurring Fair Value Measurements

The assets and liabilities measured at estimated fair value on a recurring basis and their corresponding placement in the fair value hierarchy, including those items for which the Company has elected the FVO, are presented below at:

	June 30, 2022
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total  Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities AFS:
U.S. corporate	$	—	$	43,454	$	6,593	$	50,047
U.S. government and agency	8,879		13,460		—		22,339
Foreign corporate	—		18,155		6,411		24,566
RMBS	100		17,705		2,342		20,147
ABS & CLO	—		10,358		1,452		11,810
Municipals	—		7,300		—		7,300
CMBS	—		5,798		296		6,094
Foreign government	—		3,783		21		3,804
Total fixed maturity securities AFS	8,979		120,013		17,115		146,107
Short-term investments	1,355		95		100		1,550
Residential mortgage loans — FVO	—		—		109		109
Other investments	292		285		961		1,538
Derivative assets: (1)
Interest rate	1		4,561		312		4,874
Foreign currency exchange rate	—		3,196		—		3,196
Credit	—		30		26		56
Equity market	10		1,075		7		1,092
Total derivative assets	11		8,862		345		9,218
Embedded derivatives within asset host contracts (4)	—		—		42		42
Separate account assets (2)	18,321		73,846		1,039		93,206
Total assets (3)	$	28,958	$	203,101	$	19,711	$	251,770
Liabilities
Derivative liabilities: (1)
Interest rate	$	—	$	927	$	410	$	1,337
Foreign currency exchange rate	—		1,464		—		1,464
Credit	—		40		38		78
Equity market	1		181		—		182
Total derivative liabilities	1		2,612		448		3,061
Embedded derivatives within liability host contracts (4)	—		—		383		383
Separate account liabilities (2)	14		21		10		45
Total liabilities	$	15	$	2,633	$	841	$	3,489

	December 31, 2021
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities AFS:
U.S. corporate	$	—	$	51,290	$	7,112	$	58,402
U.S. government and agency	15,041		16,181		—		31,222
Foreign corporate	—		21,862		7,823		29,685
RMBS	7		20,333		2,805		23,145
ABS & CLO	—		11,455		1,424		12,879
Municipals	—		8,728		—		8,728
CMBS	—		6,507		371		6,878
Foreign government	—		4,934		12		4,946
Total fixed maturity securities AFS	15,048		141,290		19,547		175,885
Short-term investments	4,187		677		2		4,866
Residential mortgage loans — FVO	—		—		127		127
Other investments	328		192		894		1,414
Derivative assets: (1)
Interest rate	—		5,982		95		6,077
Foreign currency exchange rate	—		1,676		—		1,676
Credit	—		106		17		123
Equity market	5		730		7		742
Total derivative assets	5		8,494		119		8,618
Embedded derivatives within asset host contracts (4)	—		—		—		—
Separate account assets (2)	28,231		93,656		1,964		123,851
Total assets (3)	$	47,799	$	244,309	$	22,653	$	314,761
Liabilities
Derivative liabilities: (1)
Interest rate	$	—	$	70	$	21	$	91
Foreign currency exchange rate	—		1,076		—		1,076
Credit	—		8		12		20
Equity market	—		222		—		222
Total derivative liabilities	—		1,376		33		1,409
Embedded derivatives within liability host contracts (4)	—		—		1,499		1,499
Separate account liabilities (2)	7		12		6		25
Total liabilities	$	7	$	1,388	$	1,538	$	2,933

__________________

(1)Derivative assets are presented within other invested assets on the interim condensed consolidated balance sheets and derivative liabilities are presented within other liabilities on the interim condensed consolidated balance sheets. The amounts are presented gross in the tables above to reflect the presentation on the interim condensed consolidated balance sheets, but are presented net for purposes of the rollforward in the Fair Value Measurements Using Significant Unobservable Inputs (Level 3) tables.

(2)Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders whose liability is reflected within separate account liabilities. Separate account liabilities are set equal to the estimated fair value of separate account assets. Separate account liabilities presented in the tables above represent derivative liabilities.

(3)Total assets included in the fair value hierarchy exclude other limited partnership interests that are measured at estimated fair value using the net asset value (“NAV”) per share (or its equivalent) practical expedient. At June 30, 2022 and December 31, 2021, the estimated fair value of such investments was $91 million and $95 million, respectively.

(4)Embedded derivatives within asset host contracts are presented within other invested assets on the interim condensed consolidated balance sheets. Embedded derivatives within liability host contracts are presented within policyholder account balances and other liabilities on the interim condensed consolidated balance sheets.

Fair Value Inputs, Quantitative Information

The following table presents certain quantitative information about the significant unobservable inputs used in the fair value measurement, and the sensitivity of the estimated fair value to changes in those inputs, for the more significant asset and liability classes measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at:

					June 30, 2022				December 31, 2021				Impact of Increase in Input on Estimated Fair Value (2)
	Valuation Techniques		Significant Unobservable Inputs		Range			Weighted Average (1)	Range			Weighted Average (1)
Fixed maturity securities AFS (3)
U.S. corporate and foreign corporate	•	Matrix pricing	•	Offered quotes (4)	—	-	132	93	1	-	165	110	Increase
	•	Market pricing	•	Quoted prices (4)	20	-	102	97	—	-	117	101	Increase
RMBS	•	Market pricing	•	Quoted prices (4)	—	-	117	93	—	-	121	99	Increase (5)
ABS & CLO	•	Market pricing	•	Quoted prices (4)	78	-	102	94	91	-	110	102	Increase (5)
Derivatives
Interest rate	•	Present value techniques	•	Swap yield (6)	299	-	317	310	151	-	200	188	Increase (7)
			•	Volatility (8)	1%	-	1%	1%	1%	-	1%	1%	Increase (7)
Credit	•	Present value techniques	•	Credit spreads (9)	85	-	148	112	96	-	133	109	Decrease (7)
	•	Consensus pricing	•	Offered quotes (10)
Embedded derivatives
Direct and assumed guaranteed minimum benefits	•	Option pricing techniques	•	Mortality rates:
				Ages 0 - 40	0.01%	-	0.14%	0.08%	0.01%	-	0.12%	0.08%	Decrease (11)
				Ages 41 - 60	0.05%	-	0.65%	0.27%	0.05%	-	0.65%	0.27%	Decrease (11)
				Ages 61 - 115	0.32%	-	100%	2.07%	0.32%	-	100%	2.08%	Decrease (11)
			•	Lapse rates:
				Durations 1 - 10	0%	-	100%	6.24%	0.25%	-	100%	6.30%	Decrease (12)
				Durations 11 - 20	0.70%	-	100%	5.18%	0.70%	-	100%	5.22%	Decrease (12)
				Durations 21 - 116	1.60%	-	100%	5.18%	1.60%	-	100%	5.22%	Decrease (12)
			•	Utilization rates	0%	-	22%	0.22%	0%	-	22%	0.22%	Increase (13)
			•	Withdrawal rates	0%	-	10%	3.70%	0.25%	-	10%	3.72%	(14)
			•	Long-term equity volatilities	16.44%	-	22.16%	18.60%	16.44%	-	22.16%	18.60%	Increase (15)
			•	Nonperformance risk spread	0.33%	-	0.78%	0.35%	0.04%	-	0.40%	0.35%	Decrease (16)

__________________

(1)The weighted average for fixed maturity securities AFS and derivatives is determined based on the estimated fair value of the securities and derivatives. The weighted average for embedded derivatives is determined based on a combination of account values and experience data.

(2)The impact of a decrease in input would have resulted in the opposite impact on estimated fair value. For embedded derivatives, changes to direct and assumed guaranteed minimum benefits are based on liability positions.

(3)Significant increases (decreases) in expected default rates in isolation would have resulted in substantially lower (higher) valuations.

(4)Range and weighted average are presented in accordance with the market convention for fixed maturity securities AFS of dollars per hundred dollars of par.

(5)Changes in the assumptions used for the probability of default would have been accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumptions used for prepayment rates.

(6)Ranges represent the rates across different yield curves and are presented in basis points. The swap yield curves are utilized among different types of derivatives to project cash flows, as well as to discount future cash flows to present value. Since this valuation methodology uses a range of inputs across a yield curve to value the derivative, presenting a range is more representative of the unobservable input used in the valuation.

(7)Changes in estimated fair value are based on long U.S. dollar net asset positions and will be inversely impacted for short U.S. dollar net asset positions.

(8)Ranges represent the underlying interest rate volatility quoted in percentage points. Since this valuation methodology uses an equivalent of LIBOR for secured overnight financing rate volatility, presenting a range is more representative of the unobservable input used in the valuation.

(9)Represents the risk quoted in basis points of a credit default event on the underlying instrument. Credit derivatives with significant unobservable inputs are primarily comprised of written credit default swaps.

(10)At both June 30, 2022 and December 31, 2021, independent non-binding broker quotations were used in the determination of less than 1% of the total net derivative estimated fair value.

(11)Mortality rates vary by age and by demographic characteristics such as gender. Mortality rate assumptions are based on company experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.

(12)Base lapse rates are adjusted at the contract level based on a comparison of the actuarially calculated guaranteed values and the current policyholder account value, as well as other factors, such as the applicability of any surrender charges. A dynamic lapse function reduces the base lapse rate when the guaranteed amount is greater than the account value as in the money contracts are less likely to lapse. Lapse rates are also generally assumed to be lower in periods when a surrender charge applies. For any given contract, lapse rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.

(13)The utilization rate assumption estimates the percentage of contractholders with GMIBs or a lifetime withdrawal benefit who will elect to utilize the benefit upon becoming eligible. The rates may vary by the type of guarantee, the amount by which the guaranteed amount is greater than the account value, the contract’s withdrawal history and by the age of the policyholder. For any given contract, utilization rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.

(14)The withdrawal rate represents the percentage of account balance that any given policyholder will elect to withdraw from the contract each year. The withdrawal rate assumption varies by age and duration of the contract, and also by other factors such as benefit type. For any given contract, withdrawal rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative. For GMWBs, any increase (decrease) in withdrawal rates results in an increase (decrease) in the estimated fair value of the guarantees. For GMABs and GMIBs, any increase (decrease) in withdrawal rates results in a decrease (increase) in the estimated fair value.

(15)Long-term equity volatilities represent equity volatility beyond the period for which observable equity volatilities are available. For any given contract, long-term equity volatility rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.

(16)Nonperformance risk spread varies by duration and by currency. For any given contract, multiple nonperformance risk spreads will apply, depending on the duration of the cash flow being discounted for purposes of valuing the embedded derivative.

Fair Value, Measured on Recurring Basis, Unobservable Input Reconciliation

The following tables summarize the change of all assets (liabilities) measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3):

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities AFS
	Corporate (6)		Structured Products		Foreign Government		Short-term Investments
	(In millions)
Three Months Ended June 30, 2022
Balance, beginning of period	$	13,940	$	4,566	$	13	$	—
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(11)		12		5		—
Total realized/unrealized gains (losses) included in AOCI	(1,496)		(142)		4		—
Purchases (3)	945		321		—		—
Sales (3)	(211)		(394)		(1)		—
Issuances (3)	—		—		—		—
Settlements (3)	—		—		—		—
Transfers into Level 3 (4)	137		79		2		100
Transfers out of Level 3 (4)	(300)		(352)		(2)		—
Balance, end of period	$	13,004	$	4,090	$	21	$	100
Three Months Ended June 30, 2021
Balance, beginning of period	$	14,248	$	4,490	$	7	$	37
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(6)		14		—		—
Total realized/unrealized gains (losses) included in AOCI	220		16		—		—
Purchases (3)	344		588		8		24
Sales (3)	(235)		(308)		(3)		(34)
Issuances (3)	—		—		—		—
Settlements (3)	—		—		—		—
Transfers into Level 3 (4)	38		307		—		50
Transfers out of Level 3 (4)	(504)		(276)		(1)		—
Balance, end of period	$	14,105	$	4,831	$	11	$	77
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2022 (5)	$	(11)	$	12	$	5	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2021 (5)	$	(7)	$	14	$	—	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2022 (5)	$	(1,495)	$	(139)	$	4	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2021 (5)	$	221	$	15	$	—	$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Residential Mortgage Loans - FVO		Other Investments		Net Derivatives (7)		Net Embedded Derivatives (8)		Separate Accounts (9)
	(In millions)
Three Months Ended June 30, 2022
Balance, beginning of period	$	119	$	1,123	$	29	$	(884)	$	1,931
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(5)		(64)		(88)		558		11
Total realized/unrealized gains (losses) included in AOCI	—		—		(207)		—		—
Purchases (3)	—		10		145		—		35
Sales (3)	—		(8)		—		—		(949)
Issuances (3)	—		—		—		—		(5)
Settlements (3)	(5)		—		18		(15)		6
Transfers into Level 3 (4)	—		—		—		—		—
Transfers out of Level 3 (4)	—		(100)		—		—		—
Balance, end of period	$	109	$	961	$	(103)	$	(341)	$	1,029
Three Months Ended June 30, 2021
Balance, beginning of period	$	149	$	673	$	(277)	$	(1,216)	$	992
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(1)		42		35		(252)		9
Total realized/unrealized gains (losses) included in AOCI	—		—		206		—		—
Purchases (3)	—		27		3		—		118
Sales (3)	(2)		(13)		—		—		(27)
Issuances (3)	—		—		(5)		—		1
Settlements (3)	(6)		—		12		(43)		3
Transfers into Level 3 (4)	—		—		—		—		9
Transfers out of Level 3 (4)	—		(5)		65		—		—
Balance, end of period	$	140	$	724	$	39	$	(1,511)	$	1,105
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2022 (5)	$	(5)	$	(64)	$	(87)	$	559	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2021 (5)	$	(2)	$	38	$	16	$	(249)	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2022 (5)	$	—	$	—	$	(199)	$	—	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2021 (5)	$	—	$	—	$	200	$	—	$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities AFS
	Corporate (6)		Structured Products		Foreign Government		Short-term Investments
	(In millions)
Six Months Ended June 30, 2022
Balance, beginning of period	$	14,935	$	4,600	$	12	$	2
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(26)		23		(42)		—
Total realized/unrealized gains (losses) included in  AOCI	(2,613)		(305)		7		—
Purchases (3)	1,347		429		—		100
Sales (3)	(575)		(563)		(2)		(2)
Issuances (3)	—		—		—		—
Settlements (3)	—		—		—		—
Transfers into Level 3 (4)	223		148		46		—
Transfers out of Level 3 (4)	(287)		(242)		—		—
Balance, end of period	$	13,004	$	4,090	$	21	$	100
Six Months Ended June 30, 2021
Balance, beginning of period	$	14,873	$	4,465	$	5	$	1
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(8)		23		—		—
Total realized/unrealized gains (losses) included in  AOCI	(425)		(3)		(1)		—
Purchases (3)	648		932		8		75
Sales (3)	(404)		(637)		(1)		—
Issuances (3)	—		—		—		—
Settlements (3)	—		—		—		—
Transfers into Level 3 (4)	82		269		—		1
Transfers out of Level 3 (4)	(661)		(218)		—		—
Balance, end of period	$	14,105	$	4,831	$	11	$	77
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2022 (5)	$	(26)	$	23	$	(42)	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2021 (5)	$	(9)	$	21	$	—	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2022 (5)	$	(2,618)	$	(300)	$	7	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2021 (5)	$	(423)	$	(2)	$	(1)	$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Residential Mortgage Loans - FVO		Other  Investments		Net Derivatives (7)		Net Embedded Derivatives (8)		Separate Accounts (9)
	(In millions)
Six Months Ended June 30, 2022
Balance, beginning of period	$	127	$	894	$	86	$	(1,499)	$	1,958
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(9)		(19)		(22)		1,174		17
Total realized/unrealized gains (losses) included in  AOCI	—		—		(418)		—		—
Purchases (3)	—		195		233		—		104
Sales (3)	—		(10)		—		—		(1,046)
Issuances (3)	—		—		(2)		—		(5)
Settlements (3)	(9)		—		20		(16)		4
Transfers into Level 3 (4)	—		3		—		—		1
Transfers out of Level 3 (4)	—		(102)		—		—		(4)
Balance, end of period	$	109	$	961	$	(103)	$	(341)	$	1,029
Six Months Ended June 30, 2021
Balance, beginning of period	$	165	$	565	$	452	$	(2,061)	$	939
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(3)		76		(120)		634		(1)
Total realized/unrealized gains (losses) included in  AOCI	—		—		(409)		—		—
Purchases (3)	—		27		3		—		187
Sales (3)	(11)		(14)		—		—		(32)
Issuances (3)	—		—		(6)		—		—
Settlements (3)	(11)		—		117		(84)		5
Transfers into Level 3 (4)	—		74		1		—		10
Transfers out of Level 3 (4)	—		(4)		1		—		(3)
Balance, end of period	$	140	$	724	$	39	$	(1,511)	$	1,105
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2022 (5)	$	(9)	$	(22)	$	(21)	$	1,176	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2021 (5)	$	(7)	$	72	$	(34)	$	636	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2022 (5)	$	—	$	—	$	(394)	$	—	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2021 (5)	$	—	$	—	$	(274)	$	—	$	—

__________________

(1)Amortization of premium/accretion of discount is included within net investment income. Impairments and changes in ACL charged to net income (loss) on certain securities are included in net investment gains (losses), while changes in estimated fair value of residential mortgage loans — FVO are included in net investment income. Lapses associated with net embedded derivatives are included in net derivative gains (losses). Substantially all realized/unrealized gains (losses) included in net income (loss) for net derivatives and net embedded derivatives are reported in net derivative gains (losses).

(2)Interest and dividend accruals, as well as cash interest coupons and dividends received, are excluded from the rollforward.

(3)Items purchased/issued and then sold/settled in the same period are excluded from the rollforward. Fees attributed to embedded derivatives are included in settlements.

(4)Items transferred into and then out of Level 3 in the same period are excluded from the rollforward.

(5)Changes in unrealized gains (losses) included in net income (loss) and included in AOCI relate to assets and liabilities still held at the end of the respective periods. Substantially all changes in unrealized gains (losses) included in net income (loss) for net derivatives and net embedded derivatives are reported in net derivative gains (losses).

(6)Comprised of U.S. and foreign corporate securities.

(7)Freestanding derivative assets and liabilities are presented net for purposes of the rollforward.

(8)Embedded derivative assets and liabilities are presented net for purposes of the rollforward.

(9)Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders within separate account liabilities. Therefore, such changes in estimated fair value are not recorded in net income (loss). For the purpose of this disclosure, these changes are presented within net income (loss). Separate account assets and liabilities are presented net for the purposes of the rollforward.

Fair Value Option

The following table presents information for residential mortgage loans which are accounted for under the FVO and were initially measured at fair value.

	June 30, 2022		December 31, 2021
	(In millions)
Unpaid principal balance	$	115	$	130
Difference between estimated fair value and unpaid principal balance	(6)		(3)
Carrying value at estimated fair value	$	109	$	127
Loans in nonaccrual status	$	24	$	32
Loans more than 90 days past due	$	10	$	14
Loans in nonaccrual status or more than 90 days past due, or both — difference between aggregate estimated fair value and unpaid principal balance	$	(2)	$	(7)

Fair Value of Financial Instruments Carried at Other Than Fair Value

The carrying values and estimated fair values for such financial instruments, and their corresponding placement in the fair value hierarchy, are summarized as follows at:

	June 30, 2022
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans (1)	$	61,283	$	—	$	—	$	60,076	$	60,076
Policy loans	$	5,746	$	—	$	—	$	6,321	$	6,321
Other invested assets	$	2,051	$	—	$	2,087	$	—	$	2,087
Premiums, reinsurance and other receivables	$	12,074	$	—	$	284	$	12,085	$	12,369
Other assets	$	184	$	—	$	184	$	—	$	184
Liabilities
Policyholder account balances	$	78,286	$	—	$	—	$	77,035	$	77,035
Long-term debt	$	1,661	$	—	$	1,762	$	—	$	1,762
Other liabilities	$	12,540	$	—	$	484	$	12,066	$	12,550
Separate account liabilities	$	41,092	$	—	$	41,092	$	—	$	41,092

	December 31, 2021
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans (1)	$	60,092	$	—	$	—	$	63,094	$	63,094
Policy loans	$	5,816	$	—	$	—	$	6,710	$	6,710
Other invested assets	$	2,230	$	—	$	1,932	$	356	$	2,288
Premiums, reinsurance and other receivables	$	12,101	$	—	$	156	$	12,375	$	12,531
Other assets	$	—	$	—	$	—	$	—	$	—
Liabilities
Policyholder account balances	$	76,387	$	—	$	—	$	79,182	$	79,182
Long-term debt	$	1,659	$	—	$	2,000	$	—	$	2,000
Other liabilities	$	12,357	$	—	$	159	$	12,412	$	12,571
Separate account liabilities	$	54,254	$	—	$	54,254	$	—	$	54,254

_________________

(1)Includes mortgage loans measured at estimated fair value on a nonrecurring basis and excludes mortgage loans measured at estimated fair value on a recurring basis.

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Equity (Tables)

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Components of Accumulated Other Comprehensive Income (Loss)

Information regarding changes in the balances of each component of AOCI attributable to Metropolitan Life Insurance Company was as follows:

	Three Months   Ended   June 30, 2022
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Unrealized  Gains (Losses) on Derivatives		Foreign Currency Translation Adjustments		Defined Benefit  Plans Adjustment		Total
	(In millions)
Balance, beginning of period	$	3,528	$	1,597	$	(58)	$	(387)	$	4,680
OCI before reclassifications	(11,474)		(96)		(35)		—		(11,605)
Deferred income tax benefit (expense)	2,414		20		4		—		2,438
AOCI before reclassifications, net of income tax	(5,532)		1,521		(89)		(387)		(4,487)
Amounts reclassified from AOCI	403		486		—		10		899
Deferred income tax benefit (expense)	(85)		(102)		—		(2)		(189)
Amounts reclassified from AOCI, net of income tax	318		384		—		8		710
Balance, end of period	$	(5,214)	$	1,905	$	(89)	$	(379)	$	(3,777)

	Three Months   Ended   June 30, 2021
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Unrealized  Gains (Losses) on Derivatives		Foreign Currency Translation Adjustments		Defined  Benefit  Plans Adjustment		Total
	(In millions)
Balance, beginning of period	$	8,305	$	854	$	(29)	$	(451)	$	8,679
OCI before reclassifications	759		859		(6)		(2)		1,610
Deferred income tax benefit (expense)	(153)		(181)		2		—		(332)
AOCI before reclassifications, net of income tax	8,911		1,532		(33)		(453)		9,957
Amounts reclassified from AOCI	35		(142)		—		10		(97)
Deferred income tax benefit (expense)	(8)		29		—		(2)		19
Amounts reclassified from AOCI, net of income tax	27		(113)		—		8		(78)
Balance, end of period	$	8,938	$	1,419	$	(33)	$	(445)	$	9,879

	Six Months Ended June 30, 2022
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Unrealized Gains (Losses) on Derivatives		Foreign Currency Translation Adjustments		Defined Benefit Plans Adjustment		Total
	(In millions)
Balance, beginning of period	$	8,485	$	1,872	$	(45)	$	(395)	$	9,917
OCI before reclassifications	(17,959)		(486)		(52)		—		(18,497)
Deferred income tax benefit (expense)	3,771		102		8		—		3,881
AOCI before reclassifications, net of income tax	(5,703)		1,488		(89)		(395)		(4,699)
Amounts reclassified from AOCI	619		528		—		20		1,167
Deferred income tax benefit (expense)	(130)		(111)		—		(4)		(245)
Amounts reclassified from AOCI, net of income tax	489		417		—		16		922
Balance, end of period	$	(5,214)	$	1,905	$	(89)	$	(379)	$	(3,777)

	Six Months Ended June 30, 2021
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Unrealized Gains (Losses) on Derivatives		Foreign Currency Translation Adjustments		Defined Benefit Plans Adjustment		Total
	(In millions)
Balance, beginning of period	$	10,384	$	1,791	$	(53)	$	(460)	$	11,662
OCI before reclassifications	(1,900)		(401)		24		(2)		(2,279)
Deferred income tax benefit (expense)	408		84		(4)		—		488
AOCI before reclassifications, net of income tax	8,892		1,474		(33)		(462)		9,871
Amounts reclassified from AOCI	59		(69)		—		21		11
Deferred income tax benefit (expense)	(13)		14		—		(4)		(3)
Amounts reclassified from AOCI, net of income tax	46		(55)		—		17		8
Balance, end of period	$	8,938	$	1,419	$	(33)	$	(445)	$	9,879

__________________

(1)See Note 5 for information on offsets to investments related to policyholder liabilities, DAC, VOBA and DSI.

Reclassification out of Accumulated Other Comprehensive Income (Loss)

Information regarding amounts reclassified out of each component of AOCI was as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
AOCI Components	Amounts Reclassified from AOCI								Consolidated Statements of Operations and Comprehensive Income (Loss) Locations
	(In millions)
Net unrealized investment gains (losses):
Net unrealized investment gains (losses)	$	(388)	$	(19)	$	(601)	$	(34)	Net investment gains (losses)
Net unrealized investment gains (losses)	1		(4)		3		(7)		Net investment income
Net unrealized investment gains (losses)	(16)		(12)		(21)		(18)		Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax	(403)		(35)		(619)		(59)
Income tax (expense) benefit	85		8		130		13
Net unrealized investment gains (losses), net of income tax	(318)		(27)		(489)		(46)
Unrealized gains (losses) on derivatives - cash flow hedges:
Interest rate derivatives	16		14		31		27		Net investment income
Interest rate derivatives	53		19		71		48		Net investment gains (losses)
Foreign currency exchange rate derivatives	—		1		2		2		Net investment income
Foreign currency exchange rate derivatives	(555)		108		(632)		(8)		Net investment gains (losses)
Gains (losses) on cash flow hedges, before income tax	(486)		142		(528)		69
Income tax (expense) benefit	102		(29)		111		(14)
Gains (losses) on cash flow hedges, net of income tax	(384)		113		(417)		55
Defined benefit plans adjustment: (1)
Amortization of net actuarial gains (losses)	(11)		(11)		(21)		(23)
Amortization of prior service (costs) credit	1		1		1		2
Amortization of defined benefit plan items, before income tax	(10)		(10)		(20)		(21)
Income tax (expense) benefit	2		2		4		4
Amortization of defined benefit plan items, net of income tax	(8)		(8)		(16)		(17)
Total reclassifications, net of income tax	$	(710)	$	78	$	(922)	$	(8)

__________________

(1)These AOCI components are included in the computation of net periodic benefit costs.

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Other Revenues and Other Expenses (Tables)

6 Months Ended

Jun. 30, 2022

Other Income and Expenses [Abstract]

Disaggregation of Revenue

Information on other revenues, which primarily includes fees related to service contracts from customers, was as follows:

	Three Months   Ended   June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In millions)
Prepaid legal plans	$	106	$	99	$	214	$	199
Recordkeeping and administrative services (1)	42		53		89		105
Administrative services-only contracts	57		54		112		112
Other revenue from service contracts from customers	7		11		14		20
Total revenues from service contracts from customers	212		217		429		436
Other (2)	161		215		356		421
Total other revenues	$	373	$	432	$	785	$	857

__________________

(1)Related to products and businesses no longer actively marketed by the Company.

(2)Primarily includes reinsurance ceded. See Note 12.

Other Expenses

Information on other expenses was as follows:

	Three Months   Ended   June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In millions)
General and administrative expenses (1)	$	725	$	547	$	1,364	$	1,094
Pension, postretirement and postemployment benefit costs	29		25		59		58
Premium taxes, other taxes, and licenses & fees	81		93		161		166
Commissions and other variable expenses	491		494		973		982
Capitalization of DAC	(35)		(10)		(62)		(29)
Amortization of DAC and VOBA	103		32		174		72
Interest expense on debt	25		24		49		48
Total other expenses	$	1,419	$	1,205	$	2,718	$	2,391

__________________

(1)Includes $52 million and $74 million for the three months and six months ended June 30, 2022, respectively, and ($44) million and ($57) million for the three months and six months ended June 30, 2021, respectively, for the net change in cash surrender value of investments in certain life insurance policies, net of premiums paid.

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Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2022

Related Party Transactions [Abstract]

Effects of reinsurance

Information regarding the significant effects of affiliated reinsurance on the interim condensed consolidated statements of operations and comprehensive income (loss) was as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In millions)
Premiums
Reinsurance assumed	$	2	$	840	$	3	$	842
Reinsurance ceded	(37)		(29)		(68)		(60)
Net premiums	$	(35)	$	811	$	(65)	$	782
Universal life and investment-type product policy fees
Reinsurance assumed	$	—	$	—	$	—	$	—
Reinsurance ceded	(3)		(3)		(7)		(1)
Net universal life and investment-type product policy fees	$	(3)	$	(3)	$	(7)	$	(1)
Other revenues
Reinsurance assumed	$	5	$	5	$	29	$	2
Reinsurance ceded	124		142		247		283
Net other revenues	$	129	$	147	$	276	$	285
Policyholder benefits and claims
Reinsurance assumed	$	6	$	831	$	34	$	832
Reinsurance ceded	(42)		(37)		(81)		(72)
Net policyholder benefits and claims	$	(36)	$	794	$	(47)	$	760
Interest credited to policyholder account balances
Reinsurance assumed	$	12	$	7	$	21	$	14
Reinsurance ceded	(3)		(3)		(6)		(6)
Net interest credited to policyholder account balances	$	9	$	4	$	15	$	8
Other expenses
Reinsurance assumed	$	1	$	19	$	10	$	19
Reinsurance ceded	106		132		190		234
Net other expenses	$	107	$	151	$	200	$	253

Information regarding the significant effects of affiliated reinsurance on the interim condensed consolidated balance sheets was as follows at:

	June 30, 2022				December 31, 2021
	Assumed		Ceded		Assumed		Ceded
	(In millions)
Assets
Premiums, reinsurance and other receivables	$	472	$	11,637	$	25	$	11,710
Deferred policy acquisition costs and value of business acquired	32		(157)		6		(139)
Total assets	$	504	$	11,480	$	31	$	11,571
Liabilities
Future policy benefits	$	3,053	$	5	$	3,139	$	(10)
Policyholder account balances	1,640		—		366		—
Other policy-related balances	61		(2)		14		—
Other liabilities	910		10,868		894		12,190
Total liabilities	$	5,664	$	10,871	$	4,413	$	12,180

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Business, Basis of Presentation and Summary of Significant Accounting Policies (Narrative) (Details)	6 Months Ended
	Jun. 30, 2022 Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of segments	2

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Business, Basis of Presentation and Summary of Significant Accounting Policies - Future Adoption - (Details) - USD ($) $ in Millions	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Jan. 01, 2021	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 20,135	$ 28,250	$ 33,428	$ 33,660	$ 31,413		$ 34,858
Accumulated Other Comprehensive Income (Loss), Net of Tax	(3,777)	$ 4,680	9,917	$ 9,879	$ 8,679		$ 11,662
Retained Earnings (Accumulated Deficit)	$ 11,277		$ 10,868
Cumulative Effect, Period of Adoption, Adjustment | Pro Forma | Accounting Standards Update 2018-12 | Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest						$ (16,000)
Accumulated Other Comprehensive Income (Loss), Net of Tax						(12,500)
Retained Earnings (Accumulated Deficit)						(3,500)
Cumulative Effect, Period of Adoption, Adjustment | Pro Forma | Accounting Standards Update 2018-12 | Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest						(18,500)
Accumulated Other Comprehensive Income (Loss), Net of Tax						(14,000)
Retained Earnings (Accumulated Deficit)						$ (4,500)

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Segment Information (Earnings) (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues
Premiums	$ 5,668		$ 6,451		$ 11,578	$ 12,256
Universal life and investment-type product policy fees	515		514		1,039	1,049
Net investment income	2,442		3,034		5,268	6,221
Other revenues	373		432		785	857
Net investment gains (losses)	(83)		342		(309)	502
Net derivative gains (losses)	345		25		526	(990)
Total revenues	9,260		10,798		18,887	19,895
Expenses
Policyholder benefits and claims and policyholder dividends	6,090		7,329		12,810	14,113
Interest credited to policyholder account balances	530		512		1,021	1,023
Capitalization of DAC	(35)		(10)		(62)	(29)
Amortization of DAC and VOBA	103		32		174	72
Interest expense on debt	25		24		49	48
Other expenses	1,326		1,159		2,557	2,300
Total expenses	8,039		9,046		16,549	17,527
Provision for income tax expense (benefit)	207		308		365	357
Net income (loss)	1,014	$ 959	1,444	$ 567	1,973	2,011
Operating Segments
Revenues
Premiums	5,668		6,451		11,578	12,256
Universal life and investment-type product policy fees	496		495		1,001	1,010
Net investment income	2,561		3,176		5,518	6,513
Other revenues	373		432		785	857
Net investment gains (losses)	0		0		0	0
Net derivative gains (losses)	0		0		0	0
Total revenues	9,098		10,554		18,882	20,636
Expenses
Policyholder benefits and claims and policyholder dividends	6,238		7,236		13,053	13,951
Interest credited to policyholder account balances	530		513		1,021	1,025
Capitalization of DAC	(35)		(10)		(62)	(29)
Amortization of DAC and VOBA	72		44		146	91
Interest expense on debt	25		24		49	48
Other expenses	1,324		1,164		2,555	2,308
Total expenses	8,154		8,971		16,762	17,394
Provision for income tax expense (benefit)	149		261		318	529
Adjusted earnings	795		1,322		1,802	2,713
Segment Reconciling Items
Revenues
Premiums	0		0		0	0
Universal life and investment-type product policy fees	19		19		38	39
Net investment income	(119)		(142)		(250)	(292)
Other revenues	0		0		0	0
Net investment gains (losses)	(83)		342		(309)	502
Net derivative gains (losses)	345		25		526	(990)
Total revenues	162		244		5	(741)
Expenses
Policyholder benefits and claims and policyholder dividends	(148)		93		(243)	162
Interest credited to policyholder account balances	0		(1)		0	(2)
Capitalization of DAC	0		0		0	0
Amortization of DAC and VOBA	31		(12)		28	(19)
Interest expense on debt	0		0		0	0
Other expenses	2		(5)		2	(8)
Total expenses	(115)		75		(213)	133
Provision for income tax expense (benefit)	58		47		47	(172)
U.S. | Operating Segments
Revenues
Premiums	5,046		5,760		10,334	10,897
Universal life and investment-type product policy fees	277		274		563	561
Net investment income	1,477		1,804		3,106	3,651
Other revenues	220		222		463	446
Net investment gains (losses)	0		0		0	0
Net derivative gains (losses)	0		0		0	0
Total revenues	7,020		8,060		14,466	15,555
Expenses
Policyholder benefits and claims and policyholder dividends	4,979		5,917		10,539	11,368
Interest credited to policyholder account balances	364		346		693	691
Capitalization of DAC	(12)		(10)		(35)	(29)
Amortization of DAC and VOBA	12		6		26	22
Interest expense on debt	1		1		3	3
Other expenses	823		813		1,684	1,609
Total expenses	6,167		7,073		12,910	13,664
Provision for income tax expense (benefit)	178		205		324	393
Adjusted earnings	675		782		1,232	1,498
MetLife Holdings | Operating Segments
Revenues
Premiums	622		691		1,244	1,359
Universal life and investment-type product policy fees	219		221		438	449
Net investment income	1,146		1,400		2,426	2,891
Other revenues	27		66		70	124
Net investment gains (losses)	0		0		0	0
Net derivative gains (losses)	0		0		0	0
Total revenues	2,014		2,378		4,178	4,823
Expenses
Policyholder benefits and claims and policyholder dividends	1,259		1,319		2,514	2,583
Interest credited to policyholder account balances	161		167		322	334
Capitalization of DAC	0		0		0	0
Amortization of DAC and VOBA	59		38		119	69
Interest expense on debt	2		1		3	2
Other expenses	190		210		391	431
Total expenses	1,671		1,735		3,349	3,419
Provision for income tax expense (benefit)	68		130		166	285
Adjusted earnings	275		513		663	1,119
Corporate & Other | Operating Segments
Revenues
Premiums	0		0		0	0
Universal life and investment-type product policy fees	0		0		0	0
Net investment income	(62)		(28)		(14)	(29)
Other revenues	126		144		252	287
Net investment gains (losses)	0		0		0	0
Net derivative gains (losses)	0		0		0	0
Total revenues	64		116		238	258
Expenses
Policyholder benefits and claims and policyholder dividends	0		0		0	0
Interest credited to policyholder account balances	5		0		6	0
Capitalization of DAC	(23)		0		(27)	0
Amortization of DAC and VOBA	1		0		1	0
Interest expense on debt	22		22		43	43
Other expenses	311		141		480	268
Total expenses	316		163		503	311
Provision for income tax expense (benefit)	(97)		(74)		(172)	(149)
Adjusted earnings	$ (155)		$ 27		$ (93)	$ 96

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Segment Information (Total Assets) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total assets	$ 387,822	$ 446,557
U.S.
Segment Reporting Information [Line Items]
Total assets	219,410	256,381
MetLife Holdings
Segment Reporting Information [Line Items]
Total assets	138,644	161,614
Corporate & Other
Segment Reporting Information [Line Items]
Total assets	$ 29,768	$ 28,562

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Segment Information (Narrative) (Details)	6 Months Ended
	Jun. 30, 2022 Segment
Segment Reporting [Abstract]
Number of segments	2

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Insurance (Guarantees Related to Annuity Contracts) (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Variable Annuity Guarantees: | Guaranteed Death Benefits
Net Amount at Risk by Product and Guarantee [Line Items]
Total account value	$ 38,733	$ 48,868
Separate account value (1)	29,933	39,882
Net amount at risk	$ 4,055	$ 1,160
Average attained age of contractholders	69 years	69 years
Variable Annuity Guarantees: | Guaranteed Annuitization Benefits
Net Amount at Risk by Product and Guarantee [Line Items]
Total account value	$ 15,503	$ 20,140
Separate account value (1)	14,726	19,347
Net amount at risk	$ 569	$ 461
Average attained age of contractholders	69 years	66 years
Other Annuity Guarantees: | Guaranteed Annuitization Benefits
Net Amount at Risk by Product and Guarantee [Line Items]
Total account value	$ 135	$ 135
Net amount at risk	$ 67	$ 70
Average attained age of contractholders	56 years	55 years

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Insurance (Guarantees Related to Universal and Variable Life Contracts) (Details) - Universal and Variable Life Contracts - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Secondary Guarantees
Net Amount at Risk by Product and Guarantee [Line Items]
Total account value (1), (2)	$ 4,793	$ 5,935
Net amount at risk (6)	$ 37,736	$ 37,482
Average attained age of policyholders	59 years	59 years
Paid-Up Guarantees
Net Amount at Risk by Product and Guarantee [Line Items]
Total account value (1), (2)	$ 807	$ 826
Net amount at risk (6)	$ 5,010	$ 5,181
Average attained age of policyholders	66 years	65 years

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Insurance (Rollforward of Unpaid Claims) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Balance, beginning of period	$ 15,059	$ 13,523
Less: Reinsurance recoverables	2,263	1,639
Net balance, beginning of period	12,796	11,884
Incurred related to:
Current period	10,379	9,917
Prior periods (1)	316	436
Total incurred	10,695	10,353
Paid related to:
Current period	(5,911)	(6,044)
Prior periods	(4,411)	(4,135)
Total paid	(10,322)	(10,179)
Net balance, end of period	13,169	12,058
Add: Reinsurance recoverables	2,147	2,078
Balance, end of period (included in future policy benefits and other policy-related balances)	$ 15,316	$ 14,136

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Closed Block (Liabilities and Assets) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Closed Block Liabilities
Future policy benefits	$ 37,593	$ 38,046
Other policy-related balances	274	290
Policyholder dividends payable	250	253
Policyholder dividend obligation	0	1,682	$ 2,969
Deferred income tax liability	0	210
Other liabilities	368	263
Total closed block liabilities	38,485	40,744
Assets Designated to the Closed Block
Fixed maturity securities available-for-sale, at estimated fair value	21,257	25,669
Mortgage loans	6,624	6,417
Policy loans	4,120	4,191
Real estate and real estate joint ventures	583	565
Other invested assets	726	556
Total investments	33,310	37,398
Cash and cash equivalents	201	126
Accrued investment income	379	384
Premiums, reinsurance and other receivables	43	50
Current income tax recoverable	91	81
Deferred income tax asset	196	0
Total assets designated to the closed block	34,220	38,039
Excess of closed block liabilities over assets designated to the closed block	4,265	2,705
AOCI:
Unrealized investment gains (losses), net of income tax	(460)	2,562
Unrealized gains (losses) on derivatives, net of income tax	257	107
Allocated to policyholder dividend obligation, net of income tax	0	(1,329)
Total amounts included in AOCI	(203)	1,340
Maximum future earnings to be recognized from closed block assets and liabilities	$ 4,062	$ 4,045

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Closed Block (Policyholder Dividend Obligation) (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Closed block policyholder dividend obligation
Balance, beginning of period	$ 1,682	$ 2,969
Change in unrealized investment and derivative gains (losses)	(1,682)	(1,287)
Balance, end of period	$ 0	$ 1,682

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Closed Block (Revenues and Expenses) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues
Premiums	$ 274	$ 325	$ 549	$ 645
Net investment income	352	382	713	775
Net investment gains (losses)	(16)	(11)	(48)	(5)
Net derivative gains (losses)	8	6	11	7
Total revenues	618	702	1,225	1,422
Expenses
Policyholder benefits and claims	462	520	945	1,066
Policyholder dividends	128	173	261	351
Other expenses	23	24	46	49
Total expenses	613	717	1,252	1,466
Revenues, net of expenses before provision for income tax expense (benefit)	5	(15)	(27)	(44)
Provision for income tax expense (benefit)	1	(3)	(6)	(9)
Revenues, net of expenses and provision for income tax expense (benefit)	$ 4	$ (12)	$ (21)	$ (35)

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Investments (Fixed Maturity Securities Available-For-Sale by Sector) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 153,812		$ 158,354
Allowance for Credit Loss for Debt Securities	(124)	$ (155)	(53)	$ (59)	$ (66)	$ (51)
Gross Unrealized Gains	3,815		18,585
Gross Unrealized Losses	11,396		1,001
Estimated Fair Value of Fixed Maturity Securities AFS	146,107		175,885
U.S. corporate
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	52,289		51,328
Allowance for Credit Loss for Debt Securities	(27)	(13)	(30)	(39)	(43)	(43)
Gross Unrealized Gains	1,174		7,257
Gross Unrealized Losses	3,389		153
Estimated Fair Value of Fixed Maturity Securities AFS	50,047		58,402
U.S. government and agency
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	22,219		26,782
Allowance for Credit Loss for Debt Securities	0		0
Gross Unrealized Gains	1,295		4,568
Gross Unrealized Losses	1,175		128
Estimated Fair Value of Fixed Maturity Securities AFS	22,339		31,222
Foreign corporate
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	27,944		27,475
Allowance for Credit Loss for Debt Securities	(7)	(25)	(10)	(14)	(17)	(8)
Gross Unrealized Gains	282		2,651
Gross Unrealized Losses	3,653		431
Estimated Fair Value of Fixed Maturity Securities AFS	24,566		29,685
RMBS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	21,279		22,082
Allowance for Credit Loss for Debt Securities	0		0
Gross Unrealized Gains	321		1,198
Gross Unrealized Losses	1,453		135
Estimated Fair Value of Fixed Maturity Securities AFS	20,147		23,145
ABS & CLO
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	12,429		12,787
Allowance for Credit Loss for Debt Securities	0		0
Gross Unrealized Gains	10		127
Gross Unrealized Losses	629		35
Estimated Fair Value of Fixed Maturity Securities AFS	11,810		12,879
Municipals
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	7,157		6,884
Allowance for Credit Loss for Debt Securities	0		0
Gross Unrealized Gains	526		1,849
Gross Unrealized Losses	383		5
Estimated Fair Value of Fixed Maturity Securities AFS	7,300		8,728
CMBS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	6,485		6,686
Allowance for Credit Loss for Debt Securities	(13)	(13)	(13)	(6)	(6)	0
Gross Unrealized Gains	4		237
Gross Unrealized Losses	382		32
Estimated Fair Value of Fixed Maturity Securities AFS	6,094		6,878
Foreign government
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	4,010		4,330
Allowance for Credit Loss for Debt Securities	(77)	$ (104)	0	$ 0	$ 0	$ 0
Gross Unrealized Gains	203		698
Gross Unrealized Losses	332		82
Estimated Fair Value of Fixed Maturity Securities AFS	$ 3,804		$ 4,946

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Investments (Maturities of Fixed Maturity Securities) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Available-for-sale Securities, Debt Maturities [Abstract]
Amortized Cost, Due in one year or less	$ 2,828
Amortized Cost, Due after one year through five years	25,685
Amortized Cost, Due after five years through ten years	27,523
Amortized Cost, Due after ten years	57,472
Amortized Cost, Structured Securities	40,180
Amortized Cost net of ACL	153,688
Estimated Fair Value, Due in one year or less	2,674
Estimated Fair Value, Due after one year through five years	24,756
Estimated Fair Value, Due after five years through ten years	26,154
Estimated Fair Value, Due after ten years	54,472
Estimated Fair Value, Structured Securities	38,051
Estimated Fair Value of Fixed Maturity Securities AFS	$ 146,107	$ 175,885

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Investments (Continuous Gross Unrealized Losses for Fixed Maturity Securities Available For Sale) Details (Details) $ in Millions	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Debt Securities, Available-for-sale [Line Items]
Less than 12 months Estimated Fair Value	$ 96,322	$ 34,033
Less than 12 months Gross Unrealized Loss	$ 10,127	$ 557
Total number of securities in an unrealized loss position less than 12 months	9,492	2,549
Equal to or Greater than 12 Months Estimated Fair Value	$ 6,327	$ 4,082
Equal to or Greater than 12 Months Gross Unrealized Loss	$ 1,264	$ 443
Total number of securities in an unrealized loss position equal or greater than 12 months	727	427
U.S. corporate
Debt Securities, Available-for-sale [Line Items]
Less than 12 months Estimated Fair Value	$ 31,816	$ 4,503
Less than 12 months Gross Unrealized Loss	3,130	83
Equal to or Greater than 12 Months Estimated Fair Value	1,350	784
Equal to or Greater than 12 Months Gross Unrealized Loss	258	70
U.S. government and agency
Debt Securities, Available-for-sale [Line Items]
Less than 12 months Estimated Fair Value	11,211	10,063
Less than 12 months Gross Unrealized Loss	1,019	78
Equal to or Greater than 12 Months Estimated Fair Value	464	523
Equal to or Greater than 12 Months Gross Unrealized Loss	156	49
Foreign corporate
Debt Securities, Available-for-sale [Line Items]
Less than 12 months Estimated Fair Value	19,028	4,079
Less than 12 months Gross Unrealized Loss	3,215	199
Equal to or Greater than 12 Months Estimated Fair Value	1,575	1,348
Equal to or Greater than 12 Months Gross Unrealized Loss	438	232
RMBS
Debt Securities, Available-for-sale [Line Items]
Less than 12 months Estimated Fair Value	14,320	7,481
Less than 12 months Gross Unrealized Loss	1,219	111
Equal to or Greater than 12 Months Estimated Fair Value	1,352	314
Equal to or Greater than 12 Months Gross Unrealized Loss	234	24
ABS & CLO
Debt Securities, Available-for-sale [Line Items]
Less than 12 months Estimated Fair Value	10,213	5,643
Less than 12 months Gross Unrealized Loss	564	25
Equal to or Greater than 12 Months Estimated Fair Value	921	593
Equal to or Greater than 12 Months Gross Unrealized Loss	65	10
Municipals
Debt Securities, Available-for-sale [Line Items]
Less than 12 months Estimated Fair Value	2,696	154
Less than 12 months Gross Unrealized Loss	378	4
Equal to or Greater than 12 Months Estimated Fair Value	13	17
Equal to or Greater than 12 Months Gross Unrealized Loss	5	1
CMBS
Debt Securities, Available-for-sale [Line Items]
Less than 12 months Estimated Fair Value	5,260	1,613
Less than 12 months Gross Unrealized Loss	331	20
Equal to or Greater than 12 Months Estimated Fair Value	507	355
Equal to or Greater than 12 Months Gross Unrealized Loss	51	12
Foreign government
Debt Securities, Available-for-sale [Line Items]
Less than 12 months Estimated Fair Value	1,778	497
Less than 12 months Gross Unrealized Loss	271	37
Equal to or Greater than 12 Months Estimated Fair Value	145	148
Equal to or Greater than 12 Months Gross Unrealized Loss	57	45
Investment Grade
Debt Securities, Available-for-sale [Line Items]
Less than 12 months Estimated Fair Value	89,669	31,419
Less than 12 months Gross Unrealized Loss	9,247	454
Equal to or Greater than 12 Months Estimated Fair Value	5,325	3,273
Equal to or Greater than 12 Months Gross Unrealized Loss	$ 1,060	353
Total number of securities in an unrealized loss position equal or greater than 12 months	586
Below Investment Grade
Debt Securities, Available-for-sale [Line Items]
Less than 12 months Estimated Fair Value	$ 6,653	2,614
Less than 12 months Gross Unrealized Loss	880	103
Equal to or Greater than 12 Months Estimated Fair Value	1,002	809
Equal to or Greater than 12 Months Gross Unrealized Loss	$ 204	$ 90
Total number of securities in an unrealized loss position equal or greater than 12 months	141

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Investments (ACL for Fixed Maturity Securities AFS By Sector) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Allowance, beginning of period	$ 155	$ 66	$ 53	$ 51
ACL not previously recorded	0	3	128	21
Changes for securities with previously recorded ACL	6	0	10	(3)
Securities sold or exchanged	(37)	(10)	(45)	(10)
Write-offs	0	0	(22)	0
Allowance, end of period	124	59	124	59
U.S. corporate
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Allowance, beginning of period	13	43	30	43
ACL not previously recorded	0	0	13	0
Changes for securities with previously recorded ACL	14	3	14	3
Securities sold or exchanged	0	(7)	(8)	(7)
Write-offs	0	0	(22)	0
Allowance, end of period	27	39	27	39
Foreign corporate
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Allowance, beginning of period	25	17	10	8
ACL not previously recorded	0	0	11	12
Changes for securities with previously recorded ACL	(1)	0	3	(3)
Securities sold or exchanged	(17)	(3)	(17)	(3)
Write-offs	0	0	0	0
Allowance, end of period	7	14	7	14
Foreign government
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Allowance, beginning of period	104	0	0	0
ACL not previously recorded	0	0	104	0
Changes for securities with previously recorded ACL	(7)	0	(7)	0
Securities sold or exchanged	(20)	0	(20)	0
Write-offs	0	0	0	0
Allowance, end of period	77	0	77	0
CMBS
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Allowance, beginning of period	13	6	13	0
ACL not previously recorded	0	3	0	9
Changes for securities with previously recorded ACL	0	(3)	0	(3)
Securities sold or exchanged	0	0	0	0
Write-offs	0	0	0	0
Allowance, end of period	$ 13	$ 6	$ 13	$ 6

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Investments (Mortgage Loans by Portfolio Segment) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mortgage Loans, Gross	$ 61,675	$ 60,628
Allowance for Credit Loss	(416)	(536)	$ (495)	$ (517)
Subtotal mortgage loans, net	61,259	60,092
Total mortgage loans held-for-investment, net	61,368	60,219
Mortgage loans held-for-sale	24	0
Mortgage loans (net of allowance for credit loss of $416 and $536, respectively; includes $150 and $224, respectively, relating to variable interest entities; includes $109 and $127, respectively, under the fair value option and $24 and $0, respectively, of mortgage loans held-for-sale)	$ 61,392	$ 60,219
Percentage Of mortgage total recorded investment To Mortgage Loans On Real Estate Commercial And Consumer Net	100.50%	100.70%
Percentage of Allowance for Credit Losses for Financing Receivables	(0.70%)	(0.90%)
Percentage Of Mortgage Loans Held For Investment Net To Mortgage Loans On Real Estate Commercial And Consumer Net	99.80%	99.80%
Percentage Of Loans And Leases Receivable Consumer Other To Mortgage Loans On Real Estate Commercial And Consumer Net	0.20%	0.20%
Percentage of total mortgage loans held-for-investments	100.00%	100.00%
Percentage of mortgage loans held-for-sale	0.00%	0.00%
Percentage Of Mortgage Loans On Real Estate To Mortgage Loans On Real Estate Commercial And Consumer Net	100.00%	100.00%
Residential mortgage loans — FVO
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage loans held-for-investment, net	$ 109	$ 127
Mortgage loans (net of allowance for credit loss of $416 and $536, respectively; includes $150 and $224, respectively, relating to variable interest entities; includes $109 and $127, respectively, under the fair value option and $24 and $0, respectively, of mortgage loans held-for-sale)	109	127
Commercial Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mortgage Loans, Gross	36,918	35,772
Allowance for Credit Loss	$ (165)	$ (260)	(216)	(199)
Percentage Of Mortgage Loans, Gross	60.20%	59.40%
Residential Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mortgage Loans, Gross	$ 9,326	$ 9,406
Allowance for Credit Loss	$ (158)	$ (197)	(202)	(221)
Percentage Of Mortgage Loans, Gross	15.20%	15.60%
Agricultural Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mortgage Loans, Gross	$ 15,431	$ 15,450
Allowance for Credit Loss	$ (93)	$ (79)	$ (77)	$ (97)
Percentage Of Mortgage Loans, Gross	25.10%	25.70%

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Investments (Mortgage Loans Allowance for Credit Loss Rollforward by Portfolio Segment) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Balance, beginning of period	$ 536	$ 517
Provision (release)	(15)	(10)
Initial credit losses on PCD loans (1)	0	2
Charge-offs, net of recoveries	(105)	(14)
Balance, end of period	416	495
Commercial Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Balance, beginning of period	260	199
Provision (release)	(13)	17
Initial credit losses on PCD loans (1)	0	0
Charge-offs, net of recoveries	(82)	0
Balance, end of period	165	216
Residential Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Balance, beginning of period	197	221
Provision (release)	(38)	(20)
Initial credit losses on PCD loans (1)	0	2
Charge-offs, net of recoveries	(1)	(1)
Balance, end of period	158	202
Agricultural Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Balance, beginning of period	79	97
Provision (release)	36	(7)
Initial credit losses on PCD loans (1)	0	0
Charge-offs, net of recoveries	(22)	(13)
Balance, end of period	$ 93	$ 77

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Investments (Credit Quality of Commercial Mortgage Loans) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage Loans, Gross	$ 61,675	$ 60,628
Commercial Mortgage Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	3,333
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	4,346
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	3,017
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	4,908
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	4,723
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	13,994
Financing Receivable, Revolving	2,597
Mortgage Loans, Gross	$ 36,918	$ 35,772
Loans Receivable Commercial Mortgage Percentage	100.00%
Commercial Mortgage Loans | Greater than 1.20x
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	$ 3,295
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	3,949
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	2,844
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	4,718
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	4,303
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	12,084
Financing Receivable, Revolving	2,242
Mortgage Loans, Gross	$ 33,435
Loans Receivable Commercial Mortgage Percentage	90.60%
Commercial Mortgage Loans | 1.00x - 1.20x
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	$ 32
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	156
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	18
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	125
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	324
Financing Receivable, Revolving	0
Mortgage Loans, Gross	$ 655
Loans Receivable Commercial Mortgage Percentage	1.80%
Commercial Mortgage Loans | Less than 1.00x
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	$ 6
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	241
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	155
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	190
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	295
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	1,586
Financing Receivable, Revolving	355
Mortgage Loans, Gross	$ 2,828
Loans Receivable Commercial Mortgage Percentage	7.60%
Commercial Mortgage Loans | Less than 65%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	$ 2,585
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	3,222
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	2,368
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	3,109
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	3,559
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	11,422
Financing Receivable, Revolving	2,597
Mortgage Loans, Gross	$ 28,862
Loans Receivable Commercial Mortgage Percentage	78.20%
Commercial Mortgage Loans | 65% to 75%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	$ 705
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	1,124
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	631
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	1,661
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	917
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	1,306
Financing Receivable, Revolving	0
Mortgage Loans, Gross	$ 6,344
Loans Receivable Commercial Mortgage Percentage	17.20%
Commercial Mortgage Loans | 76% to 80%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	$ 0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	18
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	138
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	199
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	248
Financing Receivable, Revolving	0
Mortgage Loans, Gross	$ 603
Loans Receivable Commercial Mortgage Percentage	1.60%
Commercial Mortgage Loans | Greater than 80%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	$ 43
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	48
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	1,018
Financing Receivable, Revolving	0
Mortgage Loans, Gross	$ 1,109
Loans Receivable Commercial Mortgage Percentage	3.00%

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Investments (Credit Quality of Agricultural and Residential Mortgage Loans) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage Loans, Gross	$ 61,675	$ 60,628
Mortgage Loans in Process of Foreclosure, Amount	133	69
Residential Mortgage Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	489
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	717
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	169
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	687
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	374
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	6,890
Financing Receivable, Revolving	0
Mortgage Loans, Gross	$ 9,326	9,406
Loans Receivable Residential Mortgage Percentage	100.00%
Residential Mortgage Loans | Performing
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	$ 489
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	714
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	164
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	648
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	363
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	6,512
Financing Receivable, Revolving	0
Mortgage Loans, Gross	$ 8,890
Loans Receivable Residential Mortgage Percentage	95.30%
Residential Mortgage Loans | Nonperforming
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	$ 0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	3
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	5
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	39
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	11
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	378
Financing Receivable, Revolving	0
Mortgage Loans, Gross	$ 436
Loans Receivable Residential Mortgage Percentage	4.70%
Agricultural Mortgage Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	$ 1,479
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	1,676
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	2,237
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	1,791
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	2,166
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	5,004
Financing Receivable, Revolving	1,078
Mortgage Loans, Gross	$ 15,431	$ 15,450
Loans Receivable Agricultural Mortgage Percentage	100.00%
Agricultural Mortgage Loans | Less than 65%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	$ 1,350
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	1,447
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	1,913
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	1,534
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	2,115
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	4,450
Financing Receivable, Revolving	1,021
Mortgage Loans, Gross	$ 13,830
Loans Receivable Agricultural Mortgage Percentage	89.60%
Agricultural Mortgage Loans | 65% to 75%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	$ 129
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	229
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	309
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	181
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	51
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	499
Financing Receivable, Revolving	51
Mortgage Loans, Gross	$ 1,449
Loans Receivable Agricultural Mortgage Percentage	9.40%
Agricultural Mortgage Loans | 76% to 80%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	$ 0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	0
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	11
Financing Receivable, Revolving	0
Mortgage Loans, Gross	$ 11
Loans Receivable Agricultural Mortgage Percentage	0.10%
Agricultural Mortgage Loans | Greater than 80%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	$ 0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	15
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	76
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	0
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	44
Financing Receivable, Revolving	6
Mortgage Loans, Gross	$ 141
Loans Receivable Agricultural Mortgage Percentage	0.90%

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Investments (Past Due and Interest Accrual Status of Mortgage Loans) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Nonaccrual [Line Items]
Mortgage Loans, Gross	$ 61,675	$ 60,628
Greater than 90 Days Past Due and Still Accruing Interest	30	16
Financing Receivable, Nonaccrual	786	789
Financial Asset, Past Due
Financing Receivable, Nonaccrual [Line Items]
Mortgage Loans, Gross	529	542
Commercial Mortgage Loans
Financing Receivable, Nonaccrual [Line Items]
Mortgage Loans, Gross	36,918	35,772
Greater than 90 Days Past Due and Still Accruing Interest	0	0
Financing Receivable, Nonaccrual	171	146	$ 293
Commercial Mortgage Loans | Financial Asset, Past Due
Financing Receivable, Nonaccrual [Line Items]
Mortgage Loans, Gross	0	0
Residential Mortgage Loans
Financing Receivable, Nonaccrual [Line Items]
Mortgage Loans, Gross	9,326	9,406
Greater than 90 Days Past Due and Still Accruing Interest	0	0
Financing Receivable, Nonaccrual	437	418	503
Residential Mortgage Loans | Financial Asset, Past Due
Financing Receivable, Nonaccrual [Line Items]
Mortgage Loans, Gross	436	418
Agricultural Mortgage Loans
Financing Receivable, Nonaccrual [Line Items]
Mortgage Loans, Gross	15,431	15,450
Greater than 90 Days Past Due and Still Accruing Interest	30	16
Financing Receivable, Nonaccrual	178	225	$ 261
Agricultural Mortgage Loans | Financial Asset, Past Due
Financing Receivable, Nonaccrual [Line Items]
Mortgage Loans, Gross	$ 93	$ 124

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Investments (Real Estate and Real Estate Joint Ventures) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Real Estate [Line Items]
Leased real estate investments, Carrying Value	$ 1,763		$ 1,763		$ 1,934
Other real estate investments, Carrying Value	477		477		473
Real estate joint ventures, Carrying Value	5,810		5,810		5,466
Real Estate Investments, Net	8,050		8,050		$ 7,873
Income (Loss) from Equity Method Investments	188	$ 679	805	$ 1,500
Gross Investment Income, Operating	2,632	3,193	5,606	6,532
Real Estate and Real Estate Joint Ventures
Real Estate [Line Items]
Gross Investment Income, Operating	238	130	432	224
Leased real estate
Real Estate [Line Items]
Operating Lease, Lease Income	50	53	104	107
Other real estate
Real Estate [Line Items]
Operating Lease, Lease Income	66	46	96	80
Real estate joint ventures
Real Estate [Line Items]
Income (Loss) from Equity Method Investments	$ 122	$ 31	$ 232	$ 37

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Investments (FVO Securities and Equity Securities) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
FVO Securities
Debt and Equity Securities, FV-NI [Line Items]
Debt Securities, Trading, and Equity Securities, FV-NI, Cost	$ 755	$ 598
Equity and Trading Securities, FV-NI, Unrealized Gains (Losses)	132	250
Debt Securities, Trading, and Equity Securities, FV-NI	887	848
Common Stock
Debt and Equity Securities, FV-NI [Line Items]
Equity Securities, FV-NI, Cost	113	88
Equity and Trading Securities, FV-NI, Unrealized Gains (Losses)	45	32
Equity Securities, FV-NI	158	120
Non-redeemable preferred stock
Debt and Equity Securities, FV-NI [Line Items]
Equity Securities, FV-NI, Cost	91	107
Equity and Trading Securities, FV-NI, Unrealized Gains (Losses)	(6)	(1)
Equity Securities, FV-NI	85	106
Equity securities
Debt and Equity Securities, FV-NI [Line Items]
Equity Securities, FV-NI, Cost	204	195
Equity and Trading Securities, FV-NI, Unrealized Gains (Losses)	39	31
Equity Securities, FV-NI	$ 243	$ 226

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Investments (Net Unrealized Investment Gains Losses) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Components of net unrealized investment gains (losses) included in accumulated other comprehensive income
Fixed maturity securities AFS	$ (7,548)	$ 17,586
Derivatives	2,412	2,370
Other	285	377
Subtotal	(4,851)	20,333
Policyholder liabilities	29	(5,962)
DAC, VOBA and DSI	538	(1,357)
Subtotal	567	(7,319)
Deferred income tax benefit (expense)	975	(2,657)
Net unrealized investment gains (losses)	$ (3,309)	$ 10,357

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Investments (Changes in Net Unrealized Investment Gains Losses) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Changes In Net Unrealized Investment Gains Losses Included In Accumulated Other Comprehensive Loss [Abstract]
Balance, beginning of period	$ 10,357
Unrealized investment gains (losses) during the period	(25,184)
Unrealized investment gains (losses) relating to:
Policyholder liabilities	5,991
DAC, VOBA and DSI	1,895
Deferred income tax benefit (expense)	3,632
Balance, end of period	(3,309)
Change in net unrealized investment gains (losses)	$ (13,666)

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Investments (Securities Lending and Repurchase Agreements) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	$ 8,419	$ 14,977
Securities Lending Reinvestment Portfolio Estimated Fair Value	8,257	15,116
Estimated fair value
Securities Financing Transaction [Line Items]
Securities loaned	8,271	14,689
Repurchase Agreements
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	3,125	3,325
Securities Lending Reinvestment Portfolio Estimated Fair Value	3,065	3,357
Repurchase Agreements | Estimated fair value
Securities Financing Transaction [Line Items]
Securities Sold under Agreements to Repurchase	$ 3,208	$ 3,416

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Investments (Securities Lending and Repurchase Agreements Remaining Tenor) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	$ 8,419	$ 14,977
Repurchase Agreements
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	3,125	3,325
U.S. government and agency
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	8,419	14,977
U.S. government and agency | Open (1)
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	1,111	3,996
U.S. government and agency | 1 Month or Less
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	5,100	5,279
U.S. government and agency | Over 1 Month to 6 Months
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	2,208	5,702
U.S. government and agency | Over 6  Months to 1 Year
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	0	0
U.S. government and agency | Repurchase Agreements
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	3,125	3,325
U.S. government and agency | Repurchase Agreements | Open (1)
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	0	0
U.S. government and agency | Repurchase Agreements | 1 Month or Less
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	3,125	3,325
U.S. government and agency | Repurchase Agreements | Over 1 Month to 6 Months
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	0	0
U.S. government and agency | Repurchase Agreements | Over 6  Months to 1 Year
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	$ 0	$ 0

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Investments (Invested Assets on Deposit and Pledged as Collateral) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Invested assets on deposit (regulatory deposits)	$ 103	$ 118
Invested assets pledged as collateral (1)	21,888	20,390
Total invested assets on deposit and pledged as collateral	$ 21,991	$ 20,508

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Investments (Consolidated Variable Interest Entities) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Assets	$ 387,822	$ 446,557
Liabilities	367,687	413,129
Consolidated Entities [Member] | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Assets	1,333	1,500
Liabilities	1	0
Real estate joint ventures | Variable Interest Entity, Primary Beneficiary | Affiliated Entity [Member]
Variable Interest Entity [Line Items]
Assets	110	112
Real estate joint ventures | Variable Interest Entity, Primary Beneficiary | Parent [Member]
Variable Interest Entity [Line Items]
Assets	892	1,000
Real estate joint ventures | Consolidated Entities [Member] | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Assets	1,002	1,094
Liabilities	0	0
Mortgage loans | Variable Interest Entity, Primary Beneficiary | Affiliated Entity [Member]
Variable Interest Entity [Line Items]
Assets	25	39
Mortgage loans | Variable Interest Entity, Primary Beneficiary | Parent [Member]
Variable Interest Entity [Line Items]
Assets	131	187
Mortgage loans | Consolidated Entities [Member] | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Assets	156	226
Liabilities	0	0
Other Investments | Consolidated Entities [Member] | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Assets	100	101
Liabilities	1	0
Renewable energy partnership | Consolidated Entities [Member] | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Assets	75	79
Liabilities	$ 0	$ 0

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Investments (Unconsolidated Variable Interest Entities) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Assets	$ 387,822	$ 446,557
Tax Credits Guaranteed By Third Parties Amount That Reduces Maximum Exposure To Loss Related To Other Invested Assets	6	5
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Assets	47,618	53,360
Maximum Exposure to Loss	50,482	56,625
Variable Interest Entity, Not Primary Beneficiary | Fixed Maturity Securities
Variable Interest Entity [Line Items]
Assets	38,448	43,653
Maximum Exposure to Loss	38,448	43,653
Variable Interest Entity, Not Primary Beneficiary | Other limited partnership interests
Variable Interest Entity [Line Items]
Assets	7,637	8,005
Maximum Exposure to Loss	10,286	11,057
Variable Interest Entity, Not Primary Beneficiary | Other invested assets
Variable Interest Entity [Line Items]
Assets	1,440	1,605
Maximum Exposure to Loss	1,653	1,815
Variable Interest Entity, Not Primary Beneficiary | Real estate joint ventures
Variable Interest Entity [Line Items]
Assets	93	97
Maximum Exposure to Loss	$ 95	$ 100

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Investments (Net Investment Income) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Net Investment Income [Line Items]
Gross Investment Income, Operating	$ 2,632	$ 3,193	$ 5,606	$ 6,532
Less: Investment expenses	190	159	338	311
Net investment income	2,442	3,034	5,268	6,221
Fixed Maturity Securities
Net Investment Income [Line Items]
Gross Investment Income, Operating	1,543	1,534	3,044	3,054
Equity securities
Net Investment Income [Line Items]
Gross Investment Income, Operating	1	7	2	12
Mortgage loans
Net Investment Income [Line Items]
Gross Investment Income, Operating	605	695	1,218	1,372
Policy loans
Net Investment Income [Line Items]
Gross Investment Income, Operating	72	75	144	149
Real Estate and Real Estate Joint Ventures
Net Investment Income [Line Items]
Gross Investment Income, Operating	238	130	432	224
Other limited partnership interests
Net Investment Income [Line Items]
Gross Investment Income, Operating	64	689	597	1,577
Cash, cash equivalents and short-term investments
Net Investment Income [Line Items]
Gross Investment Income, Operating	11	2	15	5
FVO Securities
Net Investment Income [Line Items]
Net investment income	(113)	35	(142)	61
Operating joint venture
Net Investment Income [Line Items]
Gross Investment Income, Operating	26	16	42	33
Other Investments
Net Investment Income [Line Items]
Gross Investment Income, Operating	$ 185	$ 10	$ 254	$ 45

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Investments (Components of Net Investment Gains Losses - Asset Type) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Marketable Securities, Gain (Loss) [Abstract]
Fixed maturity securities AFS	$ (356)	$ (6)	$ (658)	$ (29)
Equity securities	1	26	4	45
Other net investment gains (losses):
Mortgage loans	(13)	(45)	10	16
Real estate and real estate joint ventures (excluding changes in estimated fair value)	159	368	163	416
Other limited partnership interests (excluding changes in estimated fair value)	2	(9)	5	(14)
Other gains (losses)	49	19	66	48
Subtotal - investment portfolio gains (osses)	(158)	353	(410)	482
Change In Estimated Fair Value Of Other Limited Partnership Interests And Real Estate Joint Ventures	0	6	6	14
Non-investment portfolio gains (losses)	75	(17)	95	6
Subtotal	75	(11)	101	20
Net investment gains (losses)	$ (83)	$ 342	$ (309)	$ 502

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Investments (Components of Net Investment Gains Losses - Transaction Type) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Realized gains (losses) on investments sold or disposed	$ (183)	$ 369	$ (331)	$ 414
Impairments	0	(13)	(33)	(13)
Change in allowance for credit loss recognized in earnings	29	(34)	(51)	0
Unrealized net gains (losses) recognized in earnings	(4)	37	11	95
Total recognized gains (losses)	25	3	(40)	95
Non-investment portfolio gains (losses)	75	(17)	95	6
Net investment gains (losses)	$ (83)	$ 342	$ (309)	$ 502

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Investments (Fixed Maturity Securities AFS - Sales and Disposals and Credit Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Debt Securities, Available-for-sale [Line Items]
Proceeds	$ 12,499	$ 4,757	$ 19,988	$ 11,844
Gross investment gains	45	34	70	108
Gross investment (losses)	(432)	(34)	(623)	(116)
Realized gains (losses) on sales and disposals	(387)	0	(553)	(8)
Net credit loss (provision) release (change in ACL recognized in earnings)	31	7	(72)	(8)
Impairment (loss)	0	(13)	(33)	(13)
Net credit loss (provision) release and impairment (loss)	31	(6)	(105)	(21)
Net investment gains (losses)	(183)	369	(331)	414
Equity securities, Realized gains(losses) on sales and disposals	3	(5)	(4)	(33)
Equity Securities, FV-NI, Unrealized Gain (Loss)	(2)	31	8	78
Equity Securities, FV-NI, Gain (Loss)	1	26	4	45
Fixed Maturity Securities
Debt Securities, Available-for-sale [Line Items]
Net investment gains (losses)	$ (356)	$ (6)	$ (658)	$ (29)

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Investments (Recurring Related Party Investments Transactions) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Other Investments	$ 20,162		$ 20,162		$ 19,860
Minimum
Related Party Transaction [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	1.60%		1.60%
Maximum
Related Party Transaction [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	1.85%		1.85%
Metlife Inc
Related Party Transaction [Line Items]
Other Investments	$ 1,207		$ 1,207		1,399
Related Party Transaction, Other Revenues from Transactions with Related Party	4	$ 8	10	$ 16
American Life Insurance Company
Related Party Transaction [Line Items]
Other Investments	100		100		100
Related Party Transaction, Other Revenues from Transactions with Related Party	$ 1	0	$ 1	1
Debt Instrument, Interest Rate, Stated Percentage	1.88%		1.88%
Affiliated Entity
Related Party Transaction [Line Items]
Assets Transferred To Affiliates, Estimated Fair Value	$ 0	53	$ 189	303
Transfers of Financial Assets Accounted for as Sale, Amortized Cost of Assets Obtained as Proceeds	0	51	191	300
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale, Gain (Loss) on Sale	0	2	(2)	3
Assets Transferred From Affiliates Estimated Fair Value	9	165	266	644
Other Investments	1,307		1,307		$ 1,499
Affiliated Entity | Other Investments
Related Party Transaction [Line Items]
Related Party Transaction, Other Revenues from Transactions with Related Party	$ 5	$ 8	$ 11	$ 17

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Investments (Fixed Maturity Securities AFS - Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value of Fixed Maturity Securities AFS	$ 146,107	$ 175,885
Gross Unrealized Gains	3,815	18,585
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax	(11,396)	(1,001)
Nonperforming
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value of Fixed Maturity Securities AFS	105	19
Gross Unrealized Gains		$ 10
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax	$ (13)

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Investments (Evaluation of Fixed Maturity Securities AFS in an Unrealized Loss Position - Narrative) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ 11,400
Equal to or Greater than 12 Months Gross Unrealized Loss	$ 1,264	$ 443
Percentage Of Gross Unrealized Loss for 12 months or greater	11.00%
Total number of securities in an unrealized loss position equal or greater than 12 months	727	427
Investment Grade
Debt Securities, Available-for-sale [Line Items]
Equal to or Greater than 12 Months Gross Unrealized Loss	$ 1,060	$ 353
Percentage Of Gross Unrealized Loss for 12 months or greater	85.00%
Total number of securities in an unrealized loss position equal or greater than 12 months	586
Below Investment Grade
Debt Securities, Available-for-sale [Line Items]
Equal to or Greater than 12 Months Gross Unrealized Loss	$ 204	$ 90
Percentage Of Gross Unrealized Loss for 12 months or greater	15.00%
Total number of securities in an unrealized loss position equal or greater than 12 months	141
Fixed maturity securities without an allowance for credit loss
Debt Securities, Available-for-sale [Line Items]
Change in Gross Unrealized Temporary Loss	$ 10,400

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Investments (Mortgage Loans - Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums	$ (678)		$ (678)		$ (736)
Financing Receivable, Purchase	596	$ 461	1,100	$ 838
Mortgage Loans, Gross	$ 61,675		$ 61,675		$ 60,628
Percentage of Mortgage Loans Classified as Performing	99.00%		99.00%		99.00%
Financing Receivable, Nonaccrual	$ 786		$ 786		$ 789
Commercial Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest Receivable	149		149		140
Mortgage Loans, Gross	36,918		36,918		35,772
Financing Receivable, Nonaccrual	171		171		146	$ 293
Financing Receivable, Nonaccrual, No Allowance	0		0		0
Residential Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest Receivable	69		69		77
Mortgage Loans, Gross	9,326		9,326		9,406
Financing Receivable, Nonaccrual	437		437		418	503
Financing Receivable, Nonaccrual, No Allowance	0		0		0
Agricultural Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest Receivable	128		128		136
Mortgage Loans, Gross	15,431		15,431		15,450
Financing Receivable, Nonaccrual	178		178		225	$ 261
Financing Receivable, Nonaccrual, No Allowance	$ 86		$ 86		$ 134
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of mortgage loans with LTV ratio in excess of 100%	1.00%		1.00%
Mortgage Loans with LTV ratio in excess of 100% [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mortgage Loans, Gross	$ 474		$ 474

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Investments (Real Estate and Real Estate Joint Ventures - Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Real Estate [Line Items]
Real Estate Acquired Through Foreclosure	$ 180		$ 180		$ 180
Real Estate Investment Property, Net	613		613		$ 581
Real Estate and Real Estate Joint Ventures
Real Estate [Line Items]
Depreciation	$ 22	$ 22	$ 42	$ 43

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Investments (Leveraged and Direct Financing Leases - Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Investments, All Other Investments [Abstract]
Leveraged Leases, Net Investment in Leveraged Leases Disclosure, Investment in Leveraged Leases, Net	$ 788	$ 787
Direct Financing Lease, Net Investment in Lease, after Allowance for Credit Loss	132	137
Net Investment in Lease, Allowance for Credit Loss	$ 26	$ 32

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Investments (Cash Equivalents - Narrative) (Details) - USD ($) $ in Billions	Jun. 30, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Cash equivalents	$ 5.3	$ 4.7

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Investments (Concentrations of Credit Risk - Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Fair Value, Concentration of Risk, Investments	$ 0	$ 0

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Investments (Invested Assets on Deposits and Pledged as Collateral - Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Federal Home Loan Bank Stock	$ 732	$ 718

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Investments (Net Investment Income - Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Net Investment Income [Line Items]
Debt and Equity Securities, Realized Gain (Loss)	$ (187)	$ 369	$ (335)	$ 436
Equity Securities, FV-NI, Unrealized Gain (Loss)	(2)	31	8	78
Income (Loss) from Equity Method Investments	188	679	805	1,500
Net investment Income
Net Investment Income [Line Items]
Debt and Equity Securities, Gain (Loss)	(79)	49	(61)	91
Debt and Equity Securities, Realized Gain (Loss)	(4)	0	(4)	22
Debt and Equity Securities, Unrealized Gain (Loss)	(75)	49	(57)	69
Unit-linked investments
Net Investment Income [Line Items]
Equity Securities, FV-NI, Unrealized Gain (Loss)	$ (114)	$ 33	$ (147)	$ 39

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Investments (Net Investment Gains Losses - Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Debt Securities, Available-for-sale [Line Items]
Debt and Equity Securities, Realized Gain (Loss)	$ (187)	$ 369	$ (335)	$ 436
Equity Securities, FV-NI, Unrealized Gain (Loss)	(2)	31	8	78
Net investment gains (losses)	(83)	342	(309)	502
Foreign Currency Transaction Gain (Loss), Realized	54	(14)	66	19
Equity securities
Debt Securities, Available-for-sale [Line Items]
Equity Securities, FV-NI, Unrealized Gain (Loss)	(1)	19	5	32
Cash Flow Hedging [Member]
Debt Securities, Available-for-sale [Line Items]
Net investment gains (losses)	45	21	58	44
Foreign Currency Gain (Loss) [Member] | Reclassification out of Accumulated Other Comprehensive Income | Cash Flow Hedging [Member]
Debt Securities, Available-for-sale [Line Items]
Net investment gains (losses)	$ 52	$ 19	$ 70	$ 48

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Investments (Related Party Investment Transactions - Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Costs and Expenses, Related Party	$ 68	$ 73	$ 136	$ 144

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Derivatives (Primary Risks) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	$ 9,218	$ 8,618
Estimated Fair Value Liabilities	3,061	1,409
Derivative, Notional Amount	207,740	201,482
Derivatives Designated as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	4,175	3,561
Estimated Fair Value Liabilities	2,083	996
Derivative, Notional Amount	40,812	40,213
Derivatives Designated as Hedging Instruments: | Fair Value Hedges [Member]
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	1,757	2,171
Estimated Fair Value Liabilities	297	28
Derivative, Notional Amount	4,922	4,304
Derivatives Designated as Hedging Instruments: | Fair Value Hedges [Member] | Interest rate swaps
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	1,683	2,163
Estimated Fair Value Liabilities	297	6
Derivative, Notional Amount	4,224	3,540
Derivatives Designated as Hedging Instruments: | Fair Value Hedges [Member] | Foreign currency swaps
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	74	8
Estimated Fair Value Liabilities	0	22
Derivative, Notional Amount	698	764
Derivatives Designated as Hedging Instruments: | Cash Flow Hedges [Member]
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	2,418	1,390
Estimated Fair Value Liabilities	1,786	968
Derivative, Notional Amount	35,890	35,909
Derivatives Designated as Hedging Instruments: | Cash Flow Hedges [Member] | Interest rate swaps
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	14	4
Estimated Fair Value Liabilities	0	1
Derivative, Notional Amount	3,740	4,079
Derivatives Designated as Hedging Instruments: | Cash Flow Hedges [Member] | Interest rate forwards
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	0	69
Estimated Fair Value Liabilities	331	1
Derivative, Notional Amount	2,809	3,058
Derivatives Designated as Hedging Instruments: | Cash Flow Hedges [Member] | Foreign currency swaps
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	2,404	1,317
Estimated Fair Value Liabilities	1,455	966
Derivative, Notional Amount	29,341	28,772
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	5,043	5,057
Estimated Fair Value Liabilities	978	413
Derivative, Notional Amount	166,928	161,269
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Interest rate swaps
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	1,933	3,206
Estimated Fair Value Liabilities	521	59
Derivative, Notional Amount	18,981	21,565
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Interest rate forwards
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	0	0
Estimated Fair Value Liabilities	79	20
Derivative, Notional Amount	265	265
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Interest rate floors
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	29	145
Estimated Fair Value Liabilities	0	0
Derivative, Notional Amount	7,951	7,701
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Interest rate caps
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	701	117
Estimated Fair Value Liabilities	0	0
Derivative, Notional Amount	64,659	64,309
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Interest rate futures
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	1	0
Estimated Fair Value Liabilities	0	0
Derivative, Notional Amount	100	515
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Interest rate options
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	513	364
Estimated Fair Value Liabilities	0	0
Derivative, Notional Amount	17,212	9,703
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Synthetic GICs
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	0	0
Estimated Fair Value Liabilities	0	0
Derivative, Notional Amount	11,863	11,307
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Foreign currency swaps
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	692	340
Estimated Fair Value Liabilities	0	75
Derivative, Notional Amount	5,156	4,800
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Foreign currency forwards
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	26	11
Estimated Fair Value Liabilities	9	13
Derivative, Notional Amount	2,014	1,902
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Credit default swaps — purchased
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	26	12
Estimated Fair Value Liabilities	1	8
Derivative, Notional Amount	902	956
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Credit default swaps — written
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	30	111
Estimated Fair Value Liabilities	77	12
Derivative, Notional Amount	9,280	6,074
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Equity futures
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	10	5
Estimated Fair Value Liabilities	1	0
Derivative, Notional Amount	1,634	1,751
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Equity index options
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	873	714
Estimated Fair Value Liabilities	171	166
Derivative, Notional Amount	23,255	26,800
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Equity variance swaps
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	12	12
Estimated Fair Value Liabilities	10	10
Derivative, Notional Amount	425	425
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Equity Total Return Swaps [Member]
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	197	11
Estimated Fair Value Liabilities	0	46
Derivative, Notional Amount	2,183	2,148
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Equity total return swaps
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	0	9
Estimated Fair Value Liabilities	109	4
Derivative, Notional Amount	$ 1,048	$ 1,048

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Derivatives Derivatives (Effects on the Consolidated Statement of Operations and Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ 345	$ 25	$ 526	$ (990)
Net Investment Income	2,442	3,034	5,268	6,221
Net policyholder benefits and claims	(5,936)	(7,129)	(12,497)	(13,708)
Interest credited to policyholder account balances	(530)	(512)	(1,021)	(1,023)
Net investment gains (losses)	(83)	342	(309)	502
Net Embedded Derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	558	(252)	1,174	634
Net policyholder benefits and claims	0	0	0	0
Nonperformance Risk [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net derivatives gains (losses)	14	3	(1)	(15)
Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0	0	0
Net Investment Income	16	15	33	29
Net policyholder benefits and claims	0	0	0	0
Interest credited to policyholder account balances	0	0	0	0
Net investment gains (losses)	45	21	58	44
Other Comprehensive Income (Loss), before Tax	390	717	42	(470)
Fair Value Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0	0	0
Net Investment Income	(1)	1	1	2
Net policyholder benefits and claims	(20)	(5)	(37)	(34)
Interest credited to policyholder account balances	(1)	0	(1)	0
Net investment gains (losses)	0	0	0	0
Fixed Maturities [Member] | Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Hedged Asset, Discontinued Fair Value Hedge, Cumulative Increase (Decrease)	(149)		(149)		$ (161)
Interest rate contracts | Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0	0	0
Net Investment Income	16	14	31	27
Net policyholder benefits and claims	0	0	0	0
Interest credited to policyholder account balances	0	0	0	0
Net investment gains (losses)	53	19	71	48
Other Comprehensive Income (Loss), before Tax	(69)	(33)	(102)	(75)
Currency Swap [Member] | Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0	0	0
Net Investment Income	0	1	2	2
Net policyholder benefits and claims	0	0	0	0
Interest credited to policyholder account balances	0	0	0	0
Net investment gains (losses)	(555)	108	(632)	(8)
Other Comprehensive Income (Loss), before Tax	555	(109)	630	6
Foreign Currency Gain (Loss) [Member] | Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0	0	0
Net Investment Income	0	0	0	0
Net policyholder benefits and claims	0	0	0	0
Interest credited to policyholder account balances	0	0	0	0
Net investment gains (losses)	547	(106)	619	4
Other Comprehensive Income (Loss), before Tax	0	0	0	0
Derivative [Member] | Currency Swap [Member] | Fair Value Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0	0	0
Net Investment Income	59	(2)	90	11
Net policyholder benefits and claims	0	0	0	0
Interest credited to policyholder account balances	0	0	0	0
Net investment gains (losses)	0	0	0	0
Derivative [Member] | Interest Rate Swap [Member] | Fair Value Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0	0	0
Net Investment Income	2	0	6	3
Net policyholder benefits and claims	396	(237)	845	365
Interest credited to policyholder account balances	(10)	0	(10)	0
Net investment gains (losses)	0	0	0	0
Fixed Maturity Securities | Currency Swap [Member] | Fair Value Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0	0	0
Net Investment Income	(58)	2	(87)	(10)
Net policyholder benefits and claims	0	0	0	0
Interest credited to policyholder account balances	0	0	0	0
Net investment gains (losses)	0	0	0	0
Fixed Maturity Securities | Interest Rate Swap [Member] | Fair Value Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0	0	0
Net Investment Income	(4)	1	(8)	(2)
Net policyholder benefits and claims	376	(242)	808	331
Interest credited to policyholder account balances	(9)	0	(9)	0
Net investment gains (losses)	0	0	0	0
Accumulated Other Comprehensive Income (Loss) | Currency Swap [Member] | Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), before Tax	472	351	624	302
Accumulated Other Comprehensive Income (Loss) | Interest Rate Swap [Member] | Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), before Tax	(568)	508	(1,110)	(703)
Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(336)	117	(907)	(1,958)
Net Investment Income	39	(1)	34	0
Net policyholder benefits and claims	180	(92)	258	(182)
Interest credited to policyholder account balances	0	0	0	0
Net investment gains (losses)	0	0	0	0
Not Designated as Hedging Instrument [Member] | Nonoperating Income (Expense) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	123	160	259	334
Net Investment Income	140	32	225	78
Net policyholder benefits and claims	(46)	(51)	(97)	(102)
Interest credited to policyholder account balances	(37)	(38)	(72)	(77)
Net investment gains (losses)	0	0	0	0
Other Comprehensive Income (Loss), before Tax	0	0	0	0
Equity Market Risk [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	456	(270)	561	(827)
Net Investment Income	36	(1)	29	(2)
Net policyholder benefits and claims	180	(92)	258	(182)
Interest credited to policyholder account balances	0	0	0	0
Net investment gains (losses)	0	0	0	0
Foreign Currency Gain (Loss) [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(179)	(9)	(242)	(12)
Net Investment Income	0	0	0	0
Net policyholder benefits and claims	0	0	0	0
Interest credited to policyholder account balances	0	0	0	0
Net investment gains (losses)	0	0	0	0
Interest Rate Risk [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(872)	358	(1,603)	(1,187)
Net Investment Income	2	0	3	2
Net policyholder benefits and claims	0	0	0	0
Interest credited to policyholder account balances	0	0	0	0
Net investment gains (losses)	0	0	0	0
Foreign Exchange [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	386	24	509	43
Net Investment Income	1	0	2	0
Net policyholder benefits and claims	0	0	0	0
Interest credited to policyholder account balances	0	0	0	0
Net investment gains (losses)	0	0	0	0
Credit Default Swap, Buying Protection [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	27	(8)	58	4
Net Investment Income	0	0	0	0
Net policyholder benefits and claims	0	0	0	0
Interest credited to policyholder account balances	0	0	0	0
Net investment gains (losses)	0	0	0	0
Credit Default Swap, Selling Protection [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(154)	22	(190)	21
Net Investment Income	0	0	0	0
Net policyholder benefits and claims	0	0	0	0
Interest credited to policyholder account balances	0	0	0	0
Net investment gains (losses)	0	0	0	0
Effects of Derivatives on Consolidated Statements of Operations and Comprehensive Income (Loss) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net Investment Income	194	47	293	109
Net policyholder benefits and claims	(206)	46	(318)	114
Interest credited to policyholder account balances	38	38	73	77
Net investment gains (losses)	45	21	58	44
Other Comprehensive Income (Loss), before Tax	$ 390	$ 717	$ 42	$ (470)

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Derivatives (Fair Value Hedges) (Details) - Designated as Hedging Instrument [Member] - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Mortgage loans
Derivative Instruments, Gain (Loss) [Line Items]
Debt Instruments, Carrying Amount	$ 430	$ 617
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease)	(7)	3
Future policy benefits [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Debt Instruments, Carrying Amount	(4,027)	(4,735)
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease)	(56)	(877)
Policyholder Account Balances [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Debt Instruments, Carrying Amount	(1,082)	0
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease)	9	0
Fixed Maturities [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Hedged Asset, Discontinued Fair Value Hedge, Cumulative Increase (Decrease)	(149)	(161)
Debt Instruments, Carrying Amount	303	366
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease)	$ 0	$ (1)

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Derivatives (Credit Derivatives) (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ (47)	$ 99
Maximum Amount of Future Payments under Credit Default Swaps	$ 9,280	$ 6,074
Weighted Average Years to Maturity	4 years 10 months 24 days	4 years 7 months 6 days
Aaa/Aa/A
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 4	$ 17
Maximum Amount of Future Payments under Credit Default Swaps	$ 2,752	$ 1,201
Weighted Average Years to Maturity	3 years 3 months 18 days	2 years 6 months
Aaa/Aa/A | Single name credit default swaps (3)
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 0	$ 0
Maximum Amount of Future Payments under Credit Default Swaps	$ 10	$ 10
Weighted Average Years to Maturity	2 years	2 years 6 months
Aaa/Aa/A | Credit default swaps referencing indices
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 4	$ 17
Maximum Amount of Future Payments under Credit Default Swaps	$ 2,742	$ 1,191
Weighted Average Years to Maturity	3 years 3 months 18 days	2 years 6 months
Baa [Member]
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ (39)	$ 91
Maximum Amount of Future Payments under Credit Default Swaps	$ 6,428	$ 4,758
Weighted Average Years to Maturity	5 years 7 months 6 days	5 years 1 month 6 days
Baa [Member] | Single name credit default swaps (3)
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 1	$ 1
Maximum Amount of Future Payments under Credit Default Swaps	$ 60	$ 60
Weighted Average Years to Maturity	2 years 6 months	3 years 3 months 18 days
Baa [Member] | Credit default swaps referencing indices
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ (40)	$ 90
Maximum Amount of Future Payments under Credit Default Swaps	$ 6,368	$ 4,698
Weighted Average Years to Maturity	5 years 7 months 6 days	5 years 1 month 6 days
Ba
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ (1)	$ 0
Maximum Amount of Future Payments under Credit Default Swaps	$ 70	$ 85
Weighted Average Years to Maturity	3 years 2 months 12 days	1 year 6 months
Ba | Single name credit default swaps (3)
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 1	$ 1
Maximum Amount of Future Payments under Credit Default Swaps	$ 25	$ 65
Weighted Average Years to Maturity	1 year	6 months
Ba | Credit default swaps referencing indices
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ (2)	$ (1)
Maximum Amount of Future Payments under Credit Default Swaps	$ 45	$ 20
Weighted Average Years to Maturity	4 years 6 months	5 years
Caa3
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ (11)	$ (9)
Maximum Amount of Future Payments under Credit Default Swaps	$ 30	$ 30
Weighted Average Years to Maturity	4 years	4 years 6 months
Caa3 | Credit default swaps referencing indices
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ (11)	$ (9)
Maximum Amount of Future Payments under Credit Default Swaps	$ 30	$ 30
Weighted Average Years to Maturity	4 years	4 years 6 months

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Derivatives (Estimated Fair Value of Derivative Assets and Liabilities after Master Netting Agreements and Cash Collateral) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Offsetting Assets [Line Items]
Derivative Asset, Fair Value, Gross Asset Excluding Accruals	$ 9,316	$ 8,711
Derivative Liability, Fair Value, Gross Liability Excluding Accruals	3,054	1,387
Net amount of derivative assets after application of master netting agreements and cash collateral	115	72
Net amount of derivative liabilities after application of master netting agreements and cash collateral	1	1
Over the Counter [Member]
Offsetting Assets [Line Items]
Derivative Asset, Fair Value, Gross Asset Excluding Accruals	9,263	8,602
Derivative Liability, Fair Value, Gross Liability Excluding Accruals	2,988	1,379
Gross estimated fair value of derivative assets	(2,961)	(1,364)
Gross estimated fair value of derivative liabilities	(2,961)	(1,364)
Cash collateral on derivative assets	(5,486)	(6,414)
Cash collateral on derivative liabilities	0	0
Securities collateral on derivative assets	(739)	(767)
Securities collateral on derivative liabilities	(26)	(14)
Exchange Traded [Member]
Offsetting Assets [Line Items]
Derivative Asset, Fair Value, Gross Asset Excluding Accruals	11	5
Derivative Liability, Fair Value, Gross Liability Excluding Accruals	1	0
Gross estimated fair value of derivative assets	(1)	0
Gross estimated fair value of derivative liabilities	(1)	0
Cleared [Member]
Offsetting Assets [Line Items]
Derivative Asset, Fair Value, Gross Asset Excluding Accruals	42	104
Derivative Liability, Fair Value, Gross Liability Excluding Accruals	65	8
Gross estimated fair value of derivative assets	(14)	(3)
Gross estimated fair value of derivative liabilities	(14)	(3)
Cash collateral on derivative assets	0	(91)
Cash collateral on derivative liabilities	(36)	0
Securities collateral on derivative assets	0	0
Securities collateral on derivative liabilities	$ (15)	$ (5)

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Derivatives (Credit Risk on Freestanding Derivatives) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Credit Derivatives [Line Items]
Derivative, Collateral, Right to Reclaim Cash	$ 0	$ 0
Customer Securities for which Entity has Right to Sell or Repledge, Fair Value of Securities Sold or Repledged	0
Exchange Traded [Member]
Credit Derivatives [Line Items]
Derivative Asset, Not Offset, Policy Election Deduction	(1)	0
Derivative Liability, Not Offset, Policy Election Deduction	(1)	0
Estimated fair value of derivatives in a net liability position (1)
Credit Derivatives [Line Items]
Estimated Fair Value of Derivatives in Net Liability Position	26	15
Estimated fair value of derivatives in a net liability position (1) | Fixed maturity securities AFS
Credit Derivatives [Line Items]
Estimated Fair Value of Collateral Provided	$ 35	$ 17

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Derivatives (Embedded Derivatives) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Embedded derivatives within liability host contracts	$ 383	$ 1,499
Assumed affiliated reinsurance | Other invested assets
Derivatives, Fair Value [Line Items]
Embedded derivatives within asset host contracts (4)	42	0
Direct guaranteed minimum benefits | Policyholder account balances
Derivatives, Fair Value [Line Items]
Embedded derivatives within liability host contracts	254	257
Assumed guaranteed minimum benefits | Policyholder account balances
Derivatives, Fair Value [Line Items]
Embedded derivatives within liability host contracts	6	5
Fixed annuities with equity indexed returns [Member] | Policyholder account balances
Derivatives, Fair Value [Line Items]
Embedded derivatives within liability host contracts	143	165
Funds withheld and guarantees on reinsurance (including affiliated) | Other liabilities
Derivatives, Fair Value [Line Items]
Embedded derivatives within liability host contracts	$ (20)	$ 1,072

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Derivatives (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	$ 9,218		$ 9,218		$ 8,618
Estimated Fair Value Liabilities	3,061		3,061		1,409
Maximum Amount of Future Payments under Credit Default Swaps	9,280		$ 9,280		$ 6,074
Derivative Instrument Detail [Abstract]
Hedging exposure to variability in future cash flows for specific length of time			7 years		7 years
Accumulated Other Comprehensive Income Loss	2,400		$ 2,400		$ 2,400
Deferred net gains (losses) expected to be reclassified to earnings			438
Excess cash collateral received on derivatives	459		459		60
Securities collateral received which the company is permitted to sell or repledge, amount that has been sold or repledged	0		0
Over the Counter [Member]
Derivatives, Fair Value [Line Items]
Cash collateral on derivative assets	(5,486)		(5,486)		(6,414)
Excess securities collateral received on derivatives	97		97		47
Excess securities collateral provided on derivatives	709		709		95
Exchange Traded [Member]
Derivatives, Fair Value [Line Items]
Excess securities collateral received on derivatives	548		548		584
Excess securities collateral provided on derivatives	96		96		106
Nonperformance Risk [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Embedded derivative gains (losses)	14	$ 3	(1)	$ (15)
Accrued Liabilities [Member]
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	98		98		93
Estimated Fair Value Liabilities	$ (7)		$ (7)		$ (22)

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Derivatives Cash Flow Hedges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Maximum Length of Time Hedged in Cash Flow Hedge			7 years		7 years
Accumulated Other Comprehensive Income Loss	$ 2,400		$ 2,400		$ 2,400
Gain (Loss) on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Net	$ 4	$ 6	$ 4	$ 6

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Fair Value (Recurring Fair Value Measurements) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	$ 146,107	$ 175,885
Short-term investments	1,550	4,866
Residential mortgage loans — FVO	61,392	60,219
Derivative assets	9,218	8,618
Separate account assets	93,206	123,851
Liabilities [Abstract]
Derivative liabilities	3,061	1,409
Embedded derivatives within liability host contracts	383	1,499
Separate account liabilities (2)	93,206	123,851
Residential mortgage loans — FVO
Assets [Abstract]
Residential mortgage loans — FVO	109	127
Recurring
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	146,107	175,885
Short-term investments	1,550	4,866
Other investments	1,538	1,414
Derivative assets	9,218	8,618
Embedded derivatives within asset host contracts (4)	42	0
Separate account assets	93,206	123,851
Total assets	251,770	314,761
Liabilities [Abstract]
Derivative liabilities	3,061	1,409
Embedded derivatives within liability host contracts	383	1,499
Total liabilities	3,489	2,933
Recurring | Interest rate
Assets [Abstract]
Derivative assets	4,874	6,077
Liabilities [Abstract]
Derivative liabilities	1,337	91
Recurring | Foreign currency exchange rate
Assets [Abstract]
Derivative assets	3,196	1,676
Liabilities [Abstract]
Derivative liabilities	1,464	1,076
Recurring | Credit
Assets [Abstract]
Derivative assets	56	123
Liabilities [Abstract]
Derivative liabilities	78	20
Recurring | Equity market
Assets [Abstract]
Derivative assets	1,092	742
Liabilities [Abstract]
Derivative liabilities	182	222
Recurring | Separate account liabilities (2)
Liabilities [Abstract]
Separate account liabilities (2)	45	25
Recurring | Residential mortgage loans — FVO
Assets [Abstract]
Residential mortgage loans — FVO	109	127
Recurring | U.S. corporate
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	50,047	58,402
Recurring | U.S. government and agency
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	22,339	31,222
Recurring | Foreign corporate
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	24,566	29,685
Recurring | RMBS
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	20,147	23,145
Recurring | ABS & CLO
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	11,810	12,879
Recurring | Municipals
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	7,300	8,728
Recurring | CMBS
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	6,094	6,878
Recurring | Foreign government
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	3,804	4,946
Recurring | Level 1
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	8,979	15,048
Short-term investments	1,355	4,187
Other investments	292	328
Derivative assets	11	5
Embedded derivatives within asset host contracts (4)	0	0
Separate account assets	18,321	28,231
Total assets	28,958	47,799
Liabilities [Abstract]
Derivative liabilities	1	0
Embedded derivatives within liability host contracts	0	0
Total liabilities	15	7
Recurring | Level 1 | Interest rate
Assets [Abstract]
Derivative assets	1	0
Liabilities [Abstract]
Derivative liabilities	0	0
Recurring | Level 1 | Foreign currency exchange rate
Assets [Abstract]
Derivative assets	0	0
Liabilities [Abstract]
Derivative liabilities	0	0
Recurring | Level 1 | Credit
Assets [Abstract]
Derivative assets	0	0
Liabilities [Abstract]
Derivative liabilities	0	0
Recurring | Level 1 | Equity market
Assets [Abstract]
Derivative assets	10	5
Liabilities [Abstract]
Derivative liabilities	1	0
Recurring | Level 1 | Separate account liabilities (2)
Liabilities [Abstract]
Separate account liabilities (2)	14	7
Recurring | Level 1 | Residential mortgage loans — FVO
Assets [Abstract]
Residential mortgage loans — FVO	0	0
Recurring | Level 1 | U.S. corporate
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	0	0
Recurring | Level 1 | U.S. government and agency
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	8,879	15,041
Recurring | Level 1 | Foreign corporate
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	0	0
Recurring | Level 1 | RMBS
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	100	7
Recurring | Level 1 | ABS & CLO
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	0	0
Recurring | Level 1 | Municipals
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	0	0
Recurring | Level 1 | CMBS
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	0	0
Recurring | Level 1 | Foreign government
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	0	0
Recurring | Level 2
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	120,013	141,290
Short-term investments	95	677
Other investments	285	192
Derivative assets	8,862	8,494
Embedded derivatives within asset host contracts (4)	0	0
Separate account assets	73,846	93,656
Total assets	203,101	244,309
Liabilities [Abstract]
Derivative liabilities	2,612	1,376
Embedded derivatives within liability host contracts	0	0
Total liabilities	2,633	1,388
Recurring | Level 2 | Interest rate
Assets [Abstract]
Derivative assets	4,561	5,982
Liabilities [Abstract]
Derivative liabilities	927	70
Recurring | Level 2 | Foreign currency exchange rate
Assets [Abstract]
Derivative assets	3,196	1,676
Liabilities [Abstract]
Derivative liabilities	1,464	1,076
Recurring | Level 2 | Credit
Assets [Abstract]
Derivative assets	30	106
Liabilities [Abstract]
Derivative liabilities	40	8
Recurring | Level 2 | Equity market
Assets [Abstract]
Derivative assets	1,075	730
Liabilities [Abstract]
Derivative liabilities	181	222
Recurring | Level 2 | Separate account liabilities (2)
Liabilities [Abstract]
Separate account liabilities (2)	21	12
Recurring | Level 2 | Residential mortgage loans — FVO
Assets [Abstract]
Residential mortgage loans — FVO	0	0
Recurring | Level 2 | U.S. corporate
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	43,454	51,290
Recurring | Level 2 | U.S. government and agency
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	13,460	16,181
Recurring | Level 2 | Foreign corporate
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	18,155	21,862
Recurring | Level 2 | RMBS
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	17,705	20,333
Recurring | Level 2 | ABS & CLO
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	10,358	11,455
Recurring | Level 2 | Municipals
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	7,300	8,728
Recurring | Level 2 | CMBS
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	5,798	6,507
Recurring | Level 2 | Foreign government
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	3,783	4,934
Recurring | Level 3
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	17,115	19,547
Short-term investments	100	2
Other investments	961	894
Derivative assets	345	119
Embedded derivatives within asset host contracts (4)	42	0
Separate account assets	1,039	1,964
Total assets	19,711	22,653
Liabilities [Abstract]
Derivative liabilities	448	33
Embedded derivatives within liability host contracts	383	1,499
Total liabilities	841	1,538
Recurring | Level 3 | Interest rate
Assets [Abstract]
Derivative assets	312	95
Liabilities [Abstract]
Derivative liabilities	410	21
Recurring | Level 3 | Foreign currency exchange rate
Assets [Abstract]
Derivative assets	0	0
Liabilities [Abstract]
Derivative liabilities	0	0
Recurring | Level 3 | Credit
Assets [Abstract]
Derivative assets	26	17
Liabilities [Abstract]
Derivative liabilities	38	12
Recurring | Level 3 | Equity market
Assets [Abstract]
Derivative assets	7	7
Liabilities [Abstract]
Derivative liabilities	0	0
Recurring | Level 3 | Separate account liabilities (2)
Liabilities [Abstract]
Separate account liabilities (2)	10	6
Recurring | Level 3 | Residential mortgage loans — FVO
Assets [Abstract]
Residential mortgage loans — FVO	109	127
Recurring | Level 3 | U.S. corporate
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	6,593	7,112
Recurring | Level 3 | U.S. government and agency
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	0	0
Recurring | Level 3 | Foreign corporate
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	6,411	7,823
Recurring | Level 3 | RMBS
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	2,342	2,805
Recurring | Level 3 | ABS & CLO
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	1,452	1,424
Recurring | Level 3 | Municipals
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	0	0
Recurring | Level 3 | CMBS
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	296	371
Recurring | Level 3 | Foreign government
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	21	12
Other limited partnership interests | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	$ 91	$ 95

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Fair Value (Quantitative Information) (Details)	Jun. 30, 2022	Dec. 31, 2021
Minimum | Interest rate | Measurement Input, Swap Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Asset (Liability) Net, Measurement Input	299	151
Minimum | Interest rate | Measurement Input, Price Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Asset (Liability) Net, Measurement Input	0.01	0.01
Minimum | Credit | Measurement Input, Credit Spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Asset (Liability) Net, Measurement Input	85	96
Minimum | Embedded derivatives direct and assumed guaranteed minimum benefits | Mortality rates: Ages 0 - 40
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivatives direct and assumed guaranteed minimum benefits	0.0001	0.0001
Minimum | Embedded derivatives direct and assumed guaranteed minimum benefits | Mortality rates: Ages 41 - 60
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivatives direct and assumed guaranteed minimum benefits	0.0005	0.0005
Minimum | Embedded derivatives direct and assumed guaranteed minimum benefits | Mortality rates: Ages 61 - 115
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivatives direct and assumed guaranteed minimum benefits	0.0032	0.0032
Minimum | Embedded derivatives direct and assumed guaranteed minimum benefits | Lapse rates: Durations 1 - 10
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivatives direct and assumed guaranteed minimum benefits	0	0.0025
Minimum | Embedded derivatives direct and assumed guaranteed minimum benefits | Lapse rates: Durations 11 - 20
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivatives direct and assumed guaranteed minimum benefits	0.0070	0.0070
Minimum | Embedded derivatives direct and assumed guaranteed minimum benefits | Lapse rates: Durations 21 - 116
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivatives direct and assumed guaranteed minimum benefits	0.0160	0.0160
Minimum | Embedded derivatives direct and assumed guaranteed minimum benefits | Measurement Input, Utilization Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivatives direct and assumed guaranteed minimum benefits	0	0
Minimum | Embedded derivatives direct and assumed guaranteed minimum benefits | Measurement Input, Withdrawal Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivatives direct and assumed guaranteed minimum benefits	0	0.0025
Minimum | Embedded derivatives direct and assumed guaranteed minimum benefits | Measurement Input, Long-Term Equity Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivatives direct and assumed guaranteed minimum benefits	0.1644	0.1644
Minimum | Embedded derivatives direct and assumed guaranteed minimum benefits | Nonperformance risk spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivatives direct and assumed guaranteed minimum benefits	0.0033	0.0004
Minimum | U.S. corporate and foreign corporate | Valuation Technique, Matrix Pricing | Measurement Input, Offered Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	0	1
Minimum | U.S. corporate and foreign corporate | Valuation Technique, Market Approach | Measurement Input, Quoted Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	20	0
Minimum | RMBS | Valuation Technique, Market Approach | Measurement Input, Quoted Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	0	0
Minimum | ABS & CLO | Valuation Technique, Market Approach | Measurement Input, Quoted Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	78	91
Maximum | Interest rate | Measurement Input, Swap Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Asset (Liability) Net, Measurement Input	317	200
Maximum | Interest rate | Measurement Input, Price Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Asset (Liability) Net, Measurement Input	0.01	0.01
Maximum | Credit | Measurement Input, Credit Spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Asset (Liability) Net, Measurement Input	148	133
Maximum | Embedded derivatives direct and assumed guaranteed minimum benefits | Mortality rates: Ages 0 - 40
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivatives direct and assumed guaranteed minimum benefits	0.0014	0.0012
Maximum | Embedded derivatives direct and assumed guaranteed minimum benefits | Mortality rates: Ages 41 - 60
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivatives direct and assumed guaranteed minimum benefits	0.0065	0.0065
Maximum | Embedded derivatives direct and assumed guaranteed minimum benefits | Mortality rates: Ages 61 - 115
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivatives direct and assumed guaranteed minimum benefits	1	1
Maximum | Embedded derivatives direct and assumed guaranteed minimum benefits | Lapse rates: Durations 1 - 10
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivatives direct and assumed guaranteed minimum benefits	1	1
Maximum | Embedded derivatives direct and assumed guaranteed minimum benefits | Lapse rates: Durations 11 - 20
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivatives direct and assumed guaranteed minimum benefits	1	1
Maximum | Embedded derivatives direct and assumed guaranteed minimum benefits | Lapse rates: Durations 21 - 116
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivatives direct and assumed guaranteed minimum benefits	1	1
Maximum | Embedded derivatives direct and assumed guaranteed minimum benefits | Measurement Input, Utilization Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivatives direct and assumed guaranteed minimum benefits	0.22	0.22
Maximum | Embedded derivatives direct and assumed guaranteed minimum benefits | Measurement Input, Withdrawal Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivatives direct and assumed guaranteed minimum benefits	0.10	0.10
Maximum | Embedded derivatives direct and assumed guaranteed minimum benefits | Measurement Input, Long-Term Equity Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivatives direct and assumed guaranteed minimum benefits	0.2216	0.2216
Maximum | Embedded derivatives direct and assumed guaranteed minimum benefits | Nonperformance risk spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivatives direct and assumed guaranteed minimum benefits	0.0078	0.0040
Maximum | U.S. corporate and foreign corporate | Valuation Technique, Matrix Pricing | Measurement Input, Offered Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	132	165
Maximum | U.S. corporate and foreign corporate | Valuation Technique, Market Approach | Measurement Input, Quoted Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	102	117
Maximum | RMBS | Valuation Technique, Market Approach | Measurement Input, Quoted Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	117	121
Maximum | ABS & CLO | Valuation Technique, Market Approach | Measurement Input, Quoted Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	102	110
Weighted Average | Interest rate | Measurement Input, Swap Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Asset (Liability) Net, Measurement Input	310	188
Weighted Average | Interest rate | Measurement Input, Price Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Asset (Liability) Net, Measurement Input	0.01	0.01
Weighted Average | Credit | Measurement Input, Credit Spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Asset (Liability) Net, Measurement Input	112	109
Weighted Average | Embedded derivatives direct and assumed guaranteed minimum benefits | Mortality rates: Ages 0 - 40
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivatives direct and assumed guaranteed minimum benefits	0.0008	0.0008
Weighted Average | Embedded derivatives direct and assumed guaranteed minimum benefits | Mortality rates: Ages 41 - 60
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivatives direct and assumed guaranteed minimum benefits	0.0027	0.0027
Weighted Average | Embedded derivatives direct and assumed guaranteed minimum benefits | Mortality rates: Ages 61 - 115
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivatives direct and assumed guaranteed minimum benefits	0.0207	0.0208
Weighted Average | Embedded derivatives direct and assumed guaranteed minimum benefits | Lapse rates: Durations 1 - 10
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivatives direct and assumed guaranteed minimum benefits	0.0624	0.0630
Weighted Average | Embedded derivatives direct and assumed guaranteed minimum benefits | Lapse rates: Durations 11 - 20
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivatives direct and assumed guaranteed minimum benefits	0.0518	0.0522
Weighted Average | Embedded derivatives direct and assumed guaranteed minimum benefits | Lapse rates: Durations 21 - 116
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivatives direct and assumed guaranteed minimum benefits	0.0518	0.0522
Weighted Average | Embedded derivatives direct and assumed guaranteed minimum benefits | Measurement Input, Utilization Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivatives direct and assumed guaranteed minimum benefits	0.0022	0.0022
Weighted Average | Embedded derivatives direct and assumed guaranteed minimum benefits | Measurement Input, Withdrawal Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivatives direct and assumed guaranteed minimum benefits	0.0370	0.0372
Weighted Average | Embedded derivatives direct and assumed guaranteed minimum benefits | Measurement Input, Long-Term Equity Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivatives direct and assumed guaranteed minimum benefits	0.1860	0.1860
Weighted Average | Embedded derivatives direct and assumed guaranteed minimum benefits | Nonperformance risk spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivatives direct and assumed guaranteed minimum benefits	0.0035	0.0035
Weighted Average | U.S. corporate and foreign corporate | Valuation Technique, Matrix Pricing | Measurement Input, Offered Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	93	110
Weighted Average | U.S. corporate and foreign corporate | Valuation Technique, Market Approach | Measurement Input, Quoted Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	97	101
Weighted Average | RMBS | Valuation Technique, Market Approach | Measurement Input, Quoted Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	93	99
Weighted Average | ABS & CLO | Valuation Technique, Market Approach | Measurement Input, Quoted Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	94	102

XML

Fair Value (Unobservable Input Reconciliation) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Residential mortgage loans — FVO
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	$ 119	$ 149	$ 127	$ 165
Total realized/unrealized gains (losses) included in net income (loss)	(5)	(1)	(9)	(3)
Total realized/unrealized gains (losses) included in AOCI	0	0	0	0
Purchases	0	0	0	0
Sales	0	(2)	0	(11)
Issuances	0	0	0	0
Settlements	(5)	(6)	(9)	(11)
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Balance, end of period	109	140	109	140
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	(5)	(2)	(9)	(7)
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	0	0	0	0
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	(5)	(2)	(9)	(7)
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	0	0	0	0
Net Derivatives
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	(87)	16	(21)	(34)
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	(199)	200	(394)	(274)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance, beginning of period	29	(277)	86	452
Total realized/unrealized gains (losses) included in net income (loss)	(88)	35	(22)	(120)
Total realized/unrealized gains (losses) included in AOCI	(207)	206	(418)	(409)
Purchases	145	3	233	3
Sales	0	0	0	0
Issuances	0	(5)	(2)	(6)
Settlements	18	12	20	117
Transfers into Level 3	0	0	0	1
Transfers out of Level 3	0	65	0	1
Balance, end of period	(103)	39	(103)	39
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	(87)	16	(21)	(34)
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	(199)	200	(394)	(274)
Net Embedded Derivatives
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	559	(249)	1,176	636
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	0	0	0	0
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance, beginning of period	(884)	(1,216)	(1,499)	(2,061)
Total realized/unrealized gains (losses) included in net income (loss)	558	(252)	1,174	634
Total realized/unrealized gains (losses) included in AOCI	0	0	0	0
Purchases	0	0	0	0
Sales	0	0	0	0
Issuances	0	0	0	0
Settlements	(15)	(43)	(16)	(84)
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Balance, end of period	(341)	(1,511)	(341)	(1,511)
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	559	(249)	1,176	636
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	0	0	0	0
Corporate fixed maturity securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	13,940	14,248	14,935	14,873
Total realized/unrealized gains (losses) included in net income (loss)	(11)	(6)	(26)	(8)
Total realized/unrealized gains (losses) included in AOCI	(1,496)	220	(2,613)	(425)
Purchases	945	344	1,347	648
Sales	(211)	(235)	(575)	(404)
Issuances	0	0	0	0
Settlements	0	0	0	0
Transfers into Level 3	137	38	223	82
Transfers out of Level 3	(300)	(504)	(287)	(661)
Balance, end of period	13,004	14,105	13,004	14,105
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	(11)	(7)	(26)	(9)
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	(1,495)	221	(2,618)	(423)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	(11)	(7)	(26)	(9)
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	(1,495)	221	(2,618)	(423)
Structured Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	4,566	4,490	4,600	4,465
Total realized/unrealized gains (losses) included in net income (loss)	12	14	23	23
Total realized/unrealized gains (losses) included in AOCI	(142)	16	(305)	(3)
Purchases	321	588	429	932
Sales	(394)	(308)	(563)	(637)
Issuances	0	0	0	0
Settlements	0	0	0	0
Transfers into Level 3	79	307	148	269
Transfers out of Level 3	(352)	(276)	(242)	(218)
Balance, end of period	4,090	4,831	4,090	4,831
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	12	14	23	21
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	(139)	15	(300)	(2)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	12	14	23	21
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	(139)	15	(300)	(2)
Foreign government
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	13	7	12	5
Total realized/unrealized gains (losses) included in net income (loss)	5	0	(42)	0
Total realized/unrealized gains (losses) included in AOCI	4	0	7	(1)
Purchases	0	8	0	8
Sales	(1)	(3)	(2)	(1)
Issuances	0	0	0	0
Settlements	0	0	0	0
Transfers into Level 3	2	0	46	0
Transfers out of Level 3	(2)	(1)	0	0
Balance, end of period	21	11	21	11
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	5	0	(42)	0
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	4	0	7	(1)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	5	0	(42)	0
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	4	0	7	(1)
Short-term Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	0	37	2	1
Total realized/unrealized gains (losses) included in net income (loss)	0	0	0	0
Total realized/unrealized gains (losses) included in AOCI	0	0	0	0
Purchases	0	24	100	75
Sales	0	(34)	(2)	0
Issuances	0	0	0	0
Settlements	0	0	0	0
Transfers into Level 3	100	50	0	1
Transfers out of Level 3	0	0	0	0
Balance, end of period	100	77	100	77
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0	0	0
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	0	0	0	0
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0	0	0
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	0	0	0	0
Other Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	1,123	673	894	565
Total realized/unrealized gains (losses) included in net income (loss)	(64)	42	(19)	76
Total realized/unrealized gains (losses) included in AOCI	0	0	0	0
Purchases	10	27	195	27
Sales	(8)	(13)	(10)	(14)
Issuances	0	0	0	0
Settlements	0	0	0	0
Transfers into Level 3	0	0	3	74
Transfers out of Level 3	(100)	(5)	(102)	(4)
Balance, end of period	961	724	961	724
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	(64)	38	(22)	72
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	0	0	0	0
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	(64)	38	(22)	72
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	0	0	0	0
Separate Accounts
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	1,931	992	1,958	939
Total realized/unrealized gains (losses) included in net income (loss)	11	9	17	(1)
Total realized/unrealized gains (losses) included in AOCI	0	0	0	0
Purchases	35	118	104	187
Sales	(949)	(27)	(1,046)	(32)
Issuances	(5)	1	(5)	0
Settlements	6	3	4	5
Transfers into Level 3	0	9	1	10
Transfers out of Level 3	0	0	(4)	(3)
Balance, end of period	1,029	1,105	1,029	1,105
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0	0	0
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	0	0	0	0
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0	0	0
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	$ 0	$ 0	$ 0	$ 0

XML

Fair Value (Fair Value Option for Residential Mortgage Loans) (Details) - Residential mortgage loans — FVO - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Option, Quantitative Disclosures [Line Items]
Unpaid principal balance	$ 115	$ 130
Difference between estimated fair value and unpaid principal balance	(6)	(3)
Carrying value at estimated fair value	109	127
Loans in nonaccrual status	24	32
Loans more than 90 days past due	10	14
Loans in nonaccrual status or more than 90 days past due, or both — difference between aggregate estimated fair value and unpaid principal balance	$ (2)	$ (7)

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Fair Value (Financial Instruments Carried at Other Than Fair Value) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Assets
Policy loans	$ 5,746	$ 5,816
Liabilities
Separate account liabilities	93,206	123,851
Carrying Value
Assets
Mortgage loans (1)	61,283	60,092
Policy loans	5,746	5,816
Other invested assets	2,051	2,230
Premiums, reinsurance and other receivables	12,074	12,101
Other assets	184	0
Liabilities
Policyholder account balances	78,286	76,387
Long-term debt	1,661	1,659
Other liabilities	12,540	12,357
Separate account liabilities	41,092	54,254
Estimated Fair Value
Assets
Mortgage loans (1)	60,076	63,094
Policy loans	6,321	6,710
Other invested assets	2,087	2,288
Premiums, reinsurance and other receivables	12,369	12,531
Other assets	184	0
Liabilities
Policyholder account balances	77,035	79,182
Long-term debt	1,762	2,000
Other liabilities	12,550	12,571
Separate account liabilities	41,092	54,254
Estimated Fair Value | Level 1
Assets
Mortgage loans (1)	0	0
Policy loans	0	0
Other invested assets	0	0
Premiums, reinsurance and other receivables	0	0
Other assets	0	0
Liabilities
Policyholder account balances	0	0
Long-term debt	0	0
Other liabilities	0	0
Separate account liabilities	0	0
Estimated Fair Value | Level 2
Assets
Mortgage loans (1)	0	0
Policy loans	0	0
Other invested assets	2,087	1,932
Premiums, reinsurance and other receivables	284	156
Other assets	184	0
Liabilities
Policyholder account balances	0	0
Long-term debt	1,762	2,000
Other liabilities	484	159
Separate account liabilities	41,092	54,254
Estimated Fair Value | Level 3
Assets
Mortgage loans (1)	60,076	63,094
Policy loans	6,321	6,710
Other invested assets	0	356
Premiums, reinsurance and other receivables	12,085	12,375
Other assets	0	0
Liabilities
Policyholder account balances	77,035	79,182
Long-term debt	0	0
Other liabilities	12,066	12,412
Separate account liabilities	$ 0	$ 0

XML

Equity (Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	$ 4,680	$ 8,679	$ 9,917	$ 11,662
OCI before reclassifications	(11,605)	1,610	(18,497)	(2,279)
Deferred income tax benefit (expense)	2,438	(332)	3,881	488
AOCI before reclassifications, net of income tax	(4,487)	9,957	(4,699)	9,871
Amounts reclassified from AOCI	899	(97)	1,167	11
Deferred income tax benefit (expense)	(189)	19	(245)	(3)
Amounts reclassified from AOCI, net of income tax	710	(78)	922	8
Balance, end of period	(3,777)	9,879	(3,777)	9,879
Unrealized Investment Gains (Losses), Net of Related Offsets
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	3,528	8,305	8,485	10,384
OCI before reclassifications	(11,474)	759	(17,959)	(1,900)
Deferred income tax benefit (expense)	2,414	(153)	3,771	408
AOCI before reclassifications, net of income tax	(5,532)	8,911	(5,703)	8,892
Amounts reclassified from AOCI	403	35	619	59
Deferred income tax benefit (expense)	(85)	(8)	(130)	(13)
Amounts reclassified from AOCI, net of income tax	318	27	489	46
Balance, end of period	(5,214)	8,938	(5,214)	8,938
Unrealized Gains (Losses) on Derivatives
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	1,597	854	1,872	1,791
OCI before reclassifications	(96)	859	(486)	(401)
Deferred income tax benefit (expense)	20	(181)	102	84
AOCI before reclassifications, net of income tax	1,521	1,532	1,488	1,474
Amounts reclassified from AOCI	486	(142)	528	(69)
Deferred income tax benefit (expense)	(102)	29	(111)	14
Amounts reclassified from AOCI, net of income tax	384	(113)	417	(55)
Balance, end of period	1,905	1,419	1,905	1,419
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	(58)	(29)	(45)	(53)
OCI before reclassifications	(35)	(6)	(52)	24
Deferred income tax benefit (expense)	4	2	8	(4)
AOCI before reclassifications, net of income tax	(89)	(33)	(89)	(33)
Amounts reclassified from AOCI	0	0	0	0
Deferred income tax benefit (expense)	0	0	0	0
Amounts reclassified from AOCI, net of income tax	0	0	0	0
Balance, end of period	(89)	(33)	(89)	(33)
Defined Benefit Plans Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	(387)	(451)	(395)	(460)
OCI before reclassifications	0	(2)	0	(2)
Deferred income tax benefit (expense)	0	0	0	0
AOCI before reclassifications, net of income tax	(387)	(453)	(395)	(462)
Amounts reclassified from AOCI	10	10	20	21
Deferred income tax benefit (expense)	(2)	(2)	(4)	(4)
Amounts reclassified from AOCI, net of income tax	8	8	16	17
Balance, end of period	$ (379)	$ (445)	$ (379)	$ (445)

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Equity (Reclassifications Out of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net investment gains (losses)	$ (83)		$ 342		$ (309)	$ 502
Net investment income	2,442		3,034		5,268	6,221
Net derivative gains (losses)	345		25		526	(990)
Income (loss) before provision for income tax	1,221		1,752		2,338	2,368
Income tax (expense) benefit	(207)		(308)		(365)	(357)
Net income (loss)	1,014	$ 959	1,444	$ 567	1,973	2,011
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net income (loss)	(710)		78		(922)	(8)
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Investment Gains (Losses), Net of Related Offsets
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net investment gains (losses)	(388)		(19)		(601)	(34)
Net investment income	1		(4)		3	(7)
Net derivative gains (losses)	(16)		(12)		(21)	(18)
Income (loss) before provision for income tax	(403)		(35)		(619)	(59)
Income tax (expense) benefit	85		8		130	13
Net income (loss)	(318)		(27)		(489)	(46)
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Derivatives
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income (loss) before provision for income tax	(486)		142		(528)	69
Income tax (expense) benefit	102		(29)		111	(14)
Net income (loss)	(384)		113		(417)	55
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Derivatives | Interest rate
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net investment gains (losses)	53		19		71	48
Net investment income	16		14		31	27
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Derivatives | Foreign currency swaps
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net investment gains (losses)	(555)		108		(632)	(8)
Net investment income	0		1		2	2
Reclassification out of Accumulated Other Comprehensive Income | Defined Benefit Plans Adjustment
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of net actuarial gains (losses)	(11)		(11)		(21)	(23)
Amortization of prior service (costs) credit	1		1		1	2
Income (loss) before provision for income tax	(10)		(10)		(20)	(21)
Income tax (expense) benefit	2		2		4	4
Net income (loss)	$ (8)		$ (8)		$ (16)	$ (17)

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Other Revenues (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 212	$ 217	$ 429	$ 436
Other revenues	373	432	785	857
Prepaid legal plans
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	106	99	214	199
Recordkeeping and administrative services
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	42	53	89	105
Administrative services-only contracts
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	57	54	112	112
Other revenue from service contracts from customers
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	7	11	14	20
Other Income
Disaggregation of Revenue [Line Items]
Other revenues	$ 161	$ 215	$ 356	$ 421

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Other Expenses (Other Expenses) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Other Income and Expenses [Abstract]
General and administrative expenses (1)	$ 725	$ 547	$ 1,364	$ 1,094
Pension, postretirement and postemployment benefit costs	29	25	59	58
Premium taxes, other taxes, and licenses & fees	81	93	161	166
Commissions and other variable expenses	491	494	973	982
Capitalization of DAC	(35)	(10)	(62)	(29)
Amortization of DAC and VOBA	103	32	174	72
Interest expense on debt	25	24	49	48
Total other expenses	1,419	1,205	2,718	2,391
Net change in cash surrender value of investments, net of premiums paid	$ 52	$ (44)	$ 74	$ (57)

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Income Tax (Narrative) (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, Percent	17.00%	18.00%	16.00%	15.00%

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Contingencies, Commitments and Guarantees (Contingencies - Narrative) (Details) $ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2022 USD ($) Claims	Jun. 30, 2021 Claims	Dec. 31, 2021 Claims
Minimum
Loss Contingencies
Loss Contingency, Range of Possible Loss, Portion Not Accrued	$ 0
Maximum
Loss Contingencies
Loss Contingency, Range of Possible Loss, Portion Not Accrued	$ 100
Asbestos Related Claims
Loss Contingencies
Asbestos-Related Claims | Claims	1,319	1,304	2,824

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Contingencies, Commitments and Guarantees (Commitments and Guarantees - Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Contingencies, Commitments and Guarantees [Abstract]
Liabilities for indemnities, guarantees and commitments	$ 2	$ 2
Cumulative maximum indemnities and guarantees contractual limitation	378
Minimum
Contingencies, Commitments and Guarantees [Abstract]
Indemnities and guarantees contractual limitation range	1
Maximum
Contingencies, Commitments and Guarantees [Abstract]
Indemnities and guarantees contractual limitation range	274
Mortgage Loan Commitments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability	3,500	3,100
Commitments to Fund Partnership Investments, Bank Credit Facilities, Bridge Loans and Private Corporate Bond Investments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability	$ 4,600	$ 4,500

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Related Party Transactions (Service Agreements - Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Other expenses	$ 1,419	$ 1,205	$ 2,718	$ 2,391
Revenues	9,260	10,798	18,887	19,895
Net receivables (payables) due from (to) affiliates	(69)		(69)		$ (143)
Affiliated Entity [Member] | Services Necessary To Conduct The Company's Activities
Related Party Transaction [Line Items]
Other expenses	649	593	1,300	1,200
Revenues	$ 11	$ 9	$ 23	$ 21

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Related Party Transactions (Effects of Affiliated Reinsurance on Statements of Operations) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Premiums:
Net premiums	$ 5,668	$ 6,451	$ 11,578	$ 12,256
Other revenues:
Net other revenues	373	432	785	857
Interest Credited To Policyholder Account Balances [Abstract]
Net interest credited to policyholder account balances	530	512	1,021	1,023
Other expenses:
Net other expenses	1,419	1,205	2,718	2,391
Affiliated Entity [Member] | Assumed Reinsurance [Member]
Premiums:
Reinsurance assumed	2	840	3	842
Universal life and investment-type product policy fees:
Reinsurance assumed	0	0	0	0
Other revenues:
Reinsurance assumed	5	5	29	2
Policyholder benefits and claims:
Reinsurance assumed	6	831	34	832
Interest Credited To Policyholder Account Balances [Abstract]
Reinsurance assumed	12	7	21	14
Other expenses:
Reinsurance assumed	1	19	10	19
Affiliated Entity [Member] | Ceded Reinsurance [Member]
Premiums:
Reinsurance ceded	(37)	(29)	(68)	(60)
Universal life and investment-type product policy fees:
Reinsurance ceded	(3)	(3)	(7)	(1)
Other revenues:
Reinsurance ceded	124	142	247	283
Policyholder benefits and claims:
Reinsurance ceded	(42)	(37)	(81)	(72)
Interest Credited To Policyholder Account Balances [Abstract]
Reinsurance ceded	(3)	(3)	(6)	(6)
Other expenses:
Reinsurance ceded	106	132	190	234
Affiliated Entity [Member] | Reinsurance [Member]
Premiums:
Net premiums	(35)	811	(65)	782
Universal life and investment-type product policy fees:
Insurance Commissions and Fees, Net Impact from Reinsurance	(3)	(3)	(7)	(1)
Other revenues:
Net other revenues	129	147	276	285
Policyholder benefits and claims:
Net policyholder benefits and claims	(36)	794	(47)	760
Interest Credited To Policyholder Account Balances [Abstract]
Net interest credited to policyholder account balances	9	4	15	8
Other expenses:
Net other expenses	$ 107	$ 151	$ 200	$ 253

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Related Party Transactions (Effects of Affiliated Reinsurance on Balance Sheets) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Assets
Premiums, reinsurance and other receivables	$ 21,187	$ 20,505
Deferred policy acquisition costs and value of business acquired	4,349	2,598
Liabilities:
Policyholder account balances	96,029	94,459
Other policy-related balances	8,057	8,094
Other Liabilities	24,330	23,796
Assumed Reinsurance [Member] | Affiliated Entity [Member]
Assets
Premiums, reinsurance and other receivables	472	25
Deferred policy acquisition costs and value of business acquired	32	6
Total assets	504	31
Liabilities:
Liability for Future Policy Benefit, before Reinsurance	3,053	3,139
Policyholder account balances	1,640	366
Other policy-related balances	61	14
Other Liabilities	910	894
Total liabilities	5,664	4,413
Ceded Reinsurance [Member] | Affiliated Entity [Member]
Assets
Premiums, reinsurance and other receivables	11,637	11,710
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Ceded	(157)	(139)
Total assets	11,480	11,571
Liabilities:
Liability for Future Policy Benefit, before Reinsurance, Ceded	5	(10)
Policyholder account balances	0	0
Other policy-related balances	(2)	0
Other Liabilities	10,868	12,190
Total liabilities	$ 10,871	$ 12,180

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Related Party Transactions (Reinsurance Transactions - Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Reinsurance Disclosures [Abstract]
Embedded Derivative, Fair Value of Embedded Derivative Liability	$ 383		$ 383		$ 1,499
Other invested assets relating to variable interest entities	20,162		20,162		19,860
Net premiums	5,668	$ 6,451	11,578	$ 12,256
Affiliated Entity [Member]
Reinsurance Disclosures [Abstract]
Other invested assets relating to variable interest entities	$ 1,307		$ 1,307		1,499
Affiliated Entity [Member] | Funds Withheld On Ceded Reinsurance [Member]
Reinsurance Disclosures [Abstract]
Coinsurance Funds Withheld Basis, Percent	75.00%		75.00%
Embedded Derivative, Fair Value of Embedded Derivative Liability	$ (16)		$ (16)		31
Net derivatives gains (losses)	22	(10)	47	13
Affiliated Entity [Member] | Closed Block Liabilities Ceded To MetLife Reinsurance Of Charleston [Member]
Reinsurance Disclosures [Abstract]
Embedded Derivative, Fair Value of Embedded Derivative Liability	(76)		(76)		$ 1,000
Net derivatives gains (losses)	$ 504	$ (190)	$ 1,100	$ 229