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, 2023

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 8, 2023, 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, 2023 and December 31, 2022 and for the Three Months and Six Months Ended June 30, 2023 and 2022)
	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	25
	Note 3 — Future Policy Benefits	30
	Note 4 — Policyholder Account Balances	37
	Note 5 — Market Risk Benefits	44
	Note 6 — Separate Accounts	47
	Note 7 — Deferred Policy Acquisition Costs, Value of Business Acquired and Unearned Revenue	51
	Note 8 — Closed Block	54
	Note 9 — Investments	57
	Note 10 — Derivatives	74
	Note 11 — Fair Value	85
	Note 12 — Long-term Debt	100
	Note 13 — Equity	100
	Note 14 — Other Revenues and Other Expenses	103
	Note 15 — Income Tax	104
	Note 16 — Contingencies, Commitments and Guarantees	104
	Note 17 — Related Party Transactions	108
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	111
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	124
Item 4.	Item 4. Controls and Procedures	130
Part II — Other Information
Item 1.	Legal Proceedings	130
Item 1A.	Risk Factors	130
Item 5.	Other Information	130
Item 6.	Exhibits	131
Signatures		132

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,” “are confident,” “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, government default, derivatives, and climate change;

(2) global capital and credit market adversity;

(3) credit facility inaccessibility;

(4) financial strength or credit ratings downgrades;

(5) unavailability, unaffordability, or inadequate reinsurance, including reinsurance risks that arise from reinsurers’ credit risk, and the potential shortfall or failure of risk mitigants to protect against such risks;

(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) impairment of 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.

3

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, 2023 and December 31, 2022 (Unaudited)

(In millions, except share and per share data)

	June 30, 2023		December 31, 2022
Assets
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (net of allowance for credit loss of $142 and $114, respectively;) and amortized cost: $161,466 and $160,477, respectively	$	149,072	$	145,576
Mortgage loans (net of allowance for credit loss of $525 and $448, respectively; includes $150 and $144, respectively, relating to variable interest entities)	63,811		62,570
Policy loans	5,692		5,729
Real estate and real estate joint ventures (includes $1,329 and $1,358, respectively, relating to variable interest entities, $310 and $299, respectively, under the fair value option)	8,493		8,416
Other limited partnership interests	7,877		7,887
Short-term investments, at estimated fair value	3,456		2,759
Other invested assets (net of allowance for credit loss of $12 and $19, respectively; includes $846 and $858, respectively, of leveraged and direct financing leases; $160 and $161, respectively, relating to variable interest entities)	18,326		19,148
Total investments	256,727		252,085
Cash and cash equivalents, principally at estimated fair value	4,106		9,405
Accrued investment income	2,024		1,949
Premiums, reinsurance and other receivables	20,753		20,791
Market risk benefits, at estimated fair value	163		174
Deferred policy acquisition costs and value of business acquired	3,695		3,757
Current income tax recoverable	253		165
Deferred income tax asset	2,841		2,920
Other assets	4,349		4,352
Separate account assets	84,910		89,241
Total assets	$	379,821	$	384,839
Liabilities and Equity
Liabilities
Future policy benefits	$	126,814	$	126,914
Policyholder account balances	104,789		103,407
Market risk benefits, at estimated fair value	2,942		3,270
Other policy-related balances	8,286		7,931
Policyholder dividends payable	237		240
Payables for collateral under securities loaned and other transactions	12,695		14,171
Short-term debt	99		99
Long-term debt	1,886		1,676
Other liabilities	23,564		24,495
Separate account liabilities	84,910		89,241
Total liabilities	366,222		371,444
Contingencies, Commitments and Guarantees (Note 16)
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	12,475		12,476
Retained earnings	8,374		9,022
Accumulated other comprehensive income (loss)	(7,423)		(8,320)
Total Metropolitan Life Insurance Company stockholder’s equity	13,431		13,183
Noncontrolling interests	168		212
Total equity	13,599		13,395
Total liabilities and equity	$	379,821	$	384,839

See accompanying notes to the interim condensed consolidated financial statements.

4

Metropolitan Life Insurance Company

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

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

Three Months and Six Months Ended June 30, 2023 and 2022 (Unaudited)

(In millions)

	Three Months   Ended   June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Revenues
Premiums	$	5,953	$	5,664	$	11,802	$	11,570
Universal life and investment-type product policy fees	422		467		852		946
Net investment income	2,873		2,442		5,558		5,268
Other revenues	419		372		834		783
Net investment gains (losses)	(659)		(83)		(761)		(309)
Net derivative gains (losses)	(232)		586		(792)		707
Total revenues	8,776		9,448		17,493		18,965
Expenses
Policyholder benefits and claims	6,436		6,010		12,659		12,661
Policyholder liability remeasurement (gains) losses	17		(12)		(40)		(41)
Market risk benefits remeasurement (gains) losses	(670)		(730)		(426)		(2,091)
Interest credited to policyholder account balances	893		565		1,724		1,067
Policyholder dividends	116		153		239		314
Other expenses	1,396		1,393		2,944		2,701
Total expenses	8,188		7,379		17,100		14,611
Income (loss) before provision for income tax	588		2,069		393		4,354
Provision for income tax expense (benefit)	78		385		(26)		788
Net income (loss)	510		1,684		419		3,566
Less: Net income (loss) attributable to noncontrolling interests	43		2		41		2
Net income (loss) attributable to Metropolitan Life Insurance Company	$	467	$	1,682	$	378	$	3,564
Comprehensive income (loss)	$	(81)	$	(1,081)	$	1,317	$	(1,248)
Less: Comprehensive income (loss) attributable to noncontrolling interests, net of income tax	43		2		42		2
Comprehensive income (loss) attributable to Metropolitan Life Insurance Company	$	(124)	$	(1,083)	$	1,275	$	(1,250)

See accompanying notes to the interim condensed consolidated financial statements.

5

Metropolitan Life Insurance Company

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

Interim Condensed Consolidated Statements of Equity

Six Months Ended June 30, 2023 and 2022 (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, 2022	$	5	$	12,476	$	9,022	$	(8,320)	$	13,183	$	212	$	13,395
Dividends to MetLife, Inc.					(618)				(618)				(618)
Change in equity of noncontrolling interests									—		1		1
Net income (loss)					(89)				(89)		(2)		(91)
Other comprehensive income (loss), net of income tax							1,488		1,488		1		1,489
Balance at March 31, 2023	$	5	$	12,476	$	8,315	$	(6,832)	$	13,964	$	212	$	14,176
Returns of capital			(1)						(1)				(1)
Dividends to MetLife, Inc.					(408)				(408)				(408)
Change in equity of noncontrolling interests									—		(87)		(87)
Net income (loss)					467				467		43		510
Other comprehensive income (loss), net of income tax							(591)		(591)				(591)
Balance at June 30, 2023	$	5	$	12,475	$	8,374	$	(7,423)	$	13,431	$	168	$	13,599

	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	$	6,933	$	(1,055)	$	18,347	$	174	$	18,521
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)					1,882				1,882				1,882
Other comprehensive income (loss), net of income tax							(2,049)		(2,049)				(2,049)
Balance at March 31, 2022	$	5	$	12,465	$	7,934	$	(3,104)	$	17,300	$	154	$	17,454
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)					1,682				1,682		2		1,684
Other comprehensive income (loss), net of income tax							(2,765)		(2,765)				(2,765)
Balance at June 30, 2022	$	5	$	12,476	$	8,935	$	(5,869)	$	15,547	$	154	$	15,701

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

Six Months Ended June 30, 2023 and 2022 (Unaudited)

(In millions)

	Six Months Ended June 30,
	2023		2022
Net cash provided by (used in) operating activities	$	2,088	$	1,422
Cash flows from investing activities
Sales, maturities and repayments of:
Fixed maturity securities available-for-sale	16,676		27,410
Equity securities	52		82
Mortgage loans	2,903		5,667
Real estate and real estate joint ventures	25		431
Other limited partnership interests	304		732
Short-term investments	3,018		6,044
Purchases and originations of:
Fixed maturity securities available-for-sale	(17,635)		(23,277)
Equity securities	(11)		(40)
Mortgage loans	(4,212)		(7,175)
Real estate and real estate joint ventures	(379)		(263)
Other limited partnership interests	(397)		(491)
Short-term investments	(3,743)		(2,829)
Cash received in connection with freestanding derivatives	381		1,542
Cash paid in connection with freestanding derivatives	(1,334)		(2,323)
Receipts on loans to affiliates	100		—
Purchases of loans to affiliates	—		(19)
Net change in policy loans	37		70
Net change in other invested assets	(307)		20
Net change in property, equipment and leasehold improvements	4		6
Other, net	16		6
Net cash provided by (used in) investing activities	(4,502)		5,593
Cash flows from financing activities
Policyholder account balances - deposits	39,547		46,102
Policyholder account balances - withdrawals	(40,094)		(44,260)
Net change in payables for collateral under securities loaned and other transactions	(1,476)		(7,377)
Long-term debt issued	210		4
Long-term debt repaid	—		(10)
Financing element on certain derivative instruments and other derivative related transactions, net	(50)		200
Dividends paid to MetLife, Inc.	(1,026)		(1,562)
Other, net	5		(16)
Net cash provided by (used in) financing activities	(2,884)		(6,919)
Effect of change in foreign currency exchange rates on cash and cash equivalents balances	(1)		(9)
Change in cash and cash equivalents	(5,299)		87
Cash and cash equivalents, beginning of period	9,405		9,957
Cash and cash equivalents, end of period	$	4,106	$	10,044
Supplemental disclosures of cash flow information
Net cash paid (received) for:
Interest	$	62	$	49
Income tax	$	216	$	170
Non-cash transactions:
Capital contributions from MetLife, Inc.	$	—	$	12
Transfer of fixed maturity securities available-for-sale from an affiliate	$	502	$	—
Increase in policyholder account balances in connection with affiliated reinsurance transactions	$	502	$	—
Real estate and real estate joint ventures acquired in satisfaction of debt	$	8	$	129
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

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. 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. Except for balances affected by the adoption of Accounting Standards Update (“ASU”) 2018-12 noted below, the December 31, 2022 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, 2022 (the “2022 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 2022 Annual Report.

Adoption of ASU 2018-12 - Targeted Improvements to the Accounting for Long-Duration Contracts

Effective January 1, 2023, the Company adopted 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; ASU 2020-11, Financial Services—Insurance (Topic 944): Effective Date and Early Application; and ASU 2022-05, Financial Services—Insurance (Topic 944): Transition for Sold Contracts (“LDTI”), with a transition date of January 1, 2021 (the “Transition Date”). Adoption of LDTI impacted the Company’s accounting and presentation related to long-duration insurance contracts and certain related balances for the years ended December 31, 2022 and 2021. Amounts within these interim condensed consolidated financial statements which were previously presented, have been revised to conform with the current year accounting and presentation under LDTI. Disclosures as of the Transition Date are reflected in summary within “— Recent Accounting Pronouncements — Adoption of ASU 2018-12 - Targeted Improvements to the Accounting for Long-Duration Contracts,” and in further detail (at the disaggregated level) within Notes 3, 4, 5 and 7.

Consolidation

The accompanying interim condensed consolidated financial statements include the accounts of Metropolitan Life Insurance Company and its subsidiaries, 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.

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)

Revisions

Cash flows from short term investments in the prior years’ Interim Condensed Consolidated Statement of Cash Flows, which were previously presented net, have been revised to gross presentation to conform with the current year presentation. The revision in presentation was not material to the previously presented financial statements.

Pending Reinsurance Transaction

In May 2023, the Company entered into a definitive agreement with a subsidiary of Global Atlantic Financial Group, a retirement and life insurance company, to reinsure an in-force block of universal life, variable universal life, universal life with secondary guarantees, and fixed annuities, which are reported in the MetLife Holdings segment. At the closing of the transaction, the Company will enter into a reinsurance agreement on a coinsurance basis for the general account products, and on a modified coinsurance basis for the separate account products, representing total liabilities of approximately $13.0 billion. Under the terms of such agreement, assets primarily consisting of fixed maturity securities available-for-sale and mortgage loans supporting the general account liabilities will be transferred to the reinsurer at closing, reduced by an approximately $1.8 billion pre-tax ceding commission. The Company will retain separate account assets of approximately $4.8 billion under the modified coinsurance arrangement.

The transaction is expected to close in the second half of 2023 and is subject to regulatory approvals and satisfaction of other closing conditions. See Note 9 for additional information on assets to be transferred to the reinsurer at closing, including associated impairments recorded to net investment gains (losses).

Summary of Significant Accounting Policies

The following table presents the Company’s significant accounting policies which have changed as a result of the adoption of LDTI with cross-references to the notes which provide additional information on such policies.

Accounting Policy	Note
Future Policy Benefit Liabilities	3
Policyholder Account Balances	4
Market Risk Benefits	5
Deferred Policy Acquisition Costs, Value of Business Acquired and Unearned Revenue	7
Derivatives	10

Future Policy Benefit Liabilities

Traditional Non-participating and Limited-payment Long-duration products

The Company establishes future policy benefit liabilities (“FPBs”) for amounts payable under traditional non-participating and limited-payment long-duration insurance and reinsurance policies which include, but are not limited to, pension risk transfers, structured settlements, institutional income annuities and long-term care products. Generally, amounts are payable over an extended period of time and the related liabilities are calculated as the present value of future expected benefits and claim settlement expenses to be paid, reduced by the present value of future expected net premiums.

FPBs are measured as cohorts (e.g., groups of long-duration contracts), with the exception of pension risk transfers and longevity reinsurance solutions contracts, each of which are generally considered their own cohort. Contracts from different subsidiaries or branches, issue years, benefit currency and product types are not grouped together in the same cohort.

Such liabilities are established based on methods and underlying assumptions in accordance with GAAP and applicable actuarial standards. A net premium ratio (“NPR”) approach is utilized, where net premiums (i.e., the portion of gross premiums required to fund expected insurance benefits and claim settlement expenses) under the contract are accrued each period as an FPB. The NPR used to accrue the FPB in each period is determined by using the historical and present value of expected future benefits and claim settlement expenses for the cohort divided by the historical and present value of expected future gross premiums for the cohort.

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)

Cash flow assumptions are incorporated into the calculation of a cohort's NPR and FPB reserve. These assumptions are used to project the amount and timing of expected benefits and claim settlement expenses to be paid and the expected amount of premiums to be collected for a cohort. The principal inputs and assumptions used in the establishment of FPBs are actual premiums, actual benefits, in-force policies, and best estimate cash flow assumptions to project future premium and benefit amounts. The Company’s primary best estimate cash flow assumptions include expectations related to mortality, morbidity, termination, claim settlement expense, policy lapse, renewal, retirement, disability incidence, disability terminations, inflation and other contingent events as appropriate to the respective product type and geographical area. Upon transition to LDTI, generally, the NPR and FPB reserve are updated retrospectively on a quarterly basis for actual experience and at least once a year for any changes in future cash flow assumptions, except for claim settlement expenses, for which the Company has elected to lock in assumptions at the Transition Date or inception (for contracts sold after the Transition Date), as allowed by LDTI. The resulting remeasurement (gain) loss is recorded through net income and reflects the impact on the change in the NPR based on experience at end of the quarter applied to the cumulative premiums received from the inception of the cohort (or from the Transition Date for contracts issued prior to the Transition Date) to the beginning of the quarter. The total contractual profit pattern is recognized over the expected life of the cohort by retrospectively updating the NPR. If net premiums exceed gross premiums (i.e., expected benefits exceed expected gross premiums), the FPB is increased, and a corresponding adjustment is recognized immediately in net income.

The change in FPB reflected in the statement of operations is calculated using a locked-in discount rate. For products issued prior to the Transition Date, a cohort level locked-in discount rate was developed that reflects the interest accretion rates that were locked in at inception of the underlying contracts (unless there was a historical premium deficiency event that resulted in updating the interest accretion rate prior to the Transition Date), or the acquisition date for contracts acquired through an assumed in-force reinsurance transaction or a business combination. For contracts issued subsequent to the Transition Date, the upper-medium grade discount rate used for interest accretion is locked in for the cohort and represents the original upper-medium grade discount rate at the issue date of the underlying contracts. The FPB for all cohorts is remeasured to a current upper-medium grade discount rate at each reporting date through other comprehensive income (loss) (“OCI”).

The Company generally interprets the upper-medium grade discount rate to be a rate comparable to that of a U.S. corporate single A rate that reflects the duration characteristics of the liability. The upper-medium grade discount rate for the products that are included in the disaggregated rollforwards in Note 3 which are issued in the U.S. is determined by using observable market data, including published single A base curves. The last liquid point on the upper-medium grade discount curve grades to an ultimate forward rate, which is derived using assumptions of economic growth, inflation, and a long-term upper-medium grade spread.

For limited-payment long-duration contracts, the collection of premiums does not represent the completion of the earnings process, therefore, any gross premiums received in excess of net premiums is deferred and amortized as a deferred profit liability (“DPL”). The DPL is presented within FPBs and is amortized in proportion to either the present value of expected benefit payments or insurance in-force of each cohort to ensure that profits are recognized over the life of the underlying policies in that cohort, regardless of when premiums are received. This amortization of the DPL is recorded through net income within policyholder benefits and claims. Consistent with the Company’s measurement of traditional long-duration products, management also recognizes a FPB reserve for limited-payment contracts that is representative of the difference between the present value of expected future benefit payments and the present value of expected future net premiums, subject to retrospective remeasurement through net income and OCI, as described above. The DPL is also subject to retrospective remeasurement through net income, however, it is not remeasured for changes in discount rates.

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)

Traditional participating products

The Company establishes FPBs for traditional participating contracts in the U.S., which include whole and term life participating contracts in both the open and closed block using a net premium approach, similar to traditional non-participating contracts. However, for participating contracts, the discount rate and actuarial assumptions are locked in at inception, include a provision for adverse deviation, and all changes in the associated FPBs are reported within policyholder benefits and claims. See Note 8 for additional information on the closed block. For traditional participating contracts, the Company reviews its estimates of actuarial liabilities for future benefits and compares them with current best estimate assumptions. The Company revises estimates, to increase FPBs, if the Company determines that the liabilities previously established for future benefit payments less future expected net premiums in the aggregate for this line of business prove inadequate.

Additional Insurance Liabilities

Liabilities for universal, variable universal, and variable life policies with secondary guarantees (“ULSG”) and paid-up guarantees are determined by estimating the expected value of death benefits payable when the account balance is projected to be zero and recognizing those benefits ratably over the life of the contract based on total expected assessments. The additional insurance liabilities are updated retrospectively on a quarterly basis for actual experience and at least once a year for any changes in future cash flow assumptions. The assumptions used in estimating the secondary and paid-up guarantee liabilities are investment income, mortality, lapse, and premium payment pattern and persistency. The assumptions of investment performance and volatility for variable products are consistent with historical experience of appropriate underlying equity indices, such as the S&P Global Ratings (“S&P”) 500 Index. The benefits used in calculating the liabilities are based on the average benefits payable over a range of scenarios.

The resulting remeasurement (gain) loss recorded through net income reflects the impact on the change in the ratio of benefits payable to total assessments over the life of the contract based on experience at end of the quarter applied to the cumulative assessments received as of the beginning of the quarter.

Premium Deficiency Reserves on Short-Duration Contracts

Premium deficiency reserves may be established for short-duration contracts to provide for expected future losses and certain expenses that exceed unearned premiums. These reserves are based on actuarial estimates of the amount of loss inherent in that period, including losses incurred for which claims have not been reported. The provisions for unreported claims are calculated using studies that measure the historical length of time between the incurred date of a claim and its eventual reporting to the Company. Anticipated investment income is considered in the calculation of premium deficiency losses for short-duration contracts.

Policyholder Account Balances

Policyholder account balances (“PABs”) represents the amount held by the Company on behalf of the policyholder at each reporting date. This amount includes deposits received from the policyholder, interest credited to the policyholder’s account balance, net of charges assessed against the account balance and any policyholder withdrawals. This balance also includes liabilities for structured settlement and institutional income annuities, and certain other contracts, that do not contain significant insurance risk, as well as the estimated fair value of embedded derivatives associated with indexed annuity products.

Market Risk Benefits

As defined by LDTI, market risk benefits (“MRBs”) are contracts or contract features that guarantee benefits, such as guaranteed minimum benefits, in addition to an account balance, which expose insurance companies to other than nominal capital market risk (equity price, interest rate, and/or foreign currency exchange risk) and subsequently protect the contractholder from the same risk. These contracts and contract features were generally recorded as embedded derivatives or additional insurance liabilities prior to the Transition Date. Certain contracts may have multiple contract features or guarantees. In these cases, each feature is separately evaluated to determine whether it meets the definition of an MRB at contract inception. If a contract includes multiple benefits that meet the definition of an MRB, those benefits are aggregated and measured as a single compound MRB.

11

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)

All identified MRBs are required to be measured at estimated fair value, whether the contract or contract feature represents a direct, assumed or ceded capital market risk. All MRBs in an asset position are aggregated and presented as an asset, and all MRBs in a liability position are aggregated and presented as a liability. Changes in the estimated fair value of MRBs are recognized in net income, except for the portion of the fair value change attributable to the change in nonperformance risk of the Company which is recorded as a separate component of OCI.

The Company generally uses an attributed fee approach to value MRBs, where the attributed fee is determined at contract inception by estimating the fair value of expected future benefits and the expected future fees. The attributed fee percentage is the portion of the expected future fees due from contractholders deemed necessary at contract inception to fund all future expected benefits. This typically results in a zero fair value for the MRB at inception. The estimated fair value of the expected future benefits is estimated using a stochastically-generated set of risk-neutral scenarios. Once calculated, the attributed fee percentage is fixed and does not change over the life of the contract. All fees due from contractholders in excess of the attributed fees are reported in universal life and investment-type product policy fees.

Other Policy-Related Balances

Other policy-related balances include policy and contract claims, premiums received in advance, unearned revenue (“UREV”) liabilities, obligations assumed under structured settlement assignments, policyholder dividends due and unpaid and policyholder dividends left on deposit.

The liability for policy and contract claims generally relates to incurred but not reported (“IBNR”) death and dental claims. In addition, generally included in other policy-related balances are claims which have been reported but not yet settled for death and dental. The liability for these claims is based on the Company’s estimated ultimate cost of settling all claims. The Company derives estimates for the development of IBNR claims principally from analyses of historical patterns of claims by business line. The methods used to determine these estimates are continually reviewed. Adjustments resulting from this continuous review process and differences between estimates and payments for claims are recognized in policyholder benefits and claims expense in the period in which the estimates are changed or payments are made.

The Company accounts for the prepayment of premiums on its individual life, group life and health contracts as premiums received in advance. These amounts are then recognized in premiums when due.

The UREV liability relates to universal life and investment-type products and represents policy charges for services to be provided in future periods. The charges are deferred as unearned revenue and amortized on a basis consistent with the methodologies and assumptions used for amortizing deferred policy acquisition costs (“DAC”) for the related contracts. Changes in the UREV liability for each period (representing deferrals less amortization) are reported in universal life and investment-type product policy fees.

Recognition of Insurance Revenues and Deposits

Premiums related to whole and term life products, individual disability, individual and group fixed annuities (including pension risk transfers, certain structured settlements and certain income annuities), long-term care and participating products are recognized as revenues when due from policyholders. Policyholder benefits and expenses are provided to recognize profits over the estimated lives of the insurance policies. When premiums are due over a significantly shorter period than the period over which benefits are provided, any excess profit is deferred as a DPL and recognized into earnings in a constant relationship to insurance in-force or, for annuities, the present value of expected future policy benefit payments.

Premiums related to short-duration non-medical health and disability contracts are recognized on a pro rata basis over the applicable contract term. Unearned premiums, representing the portion of premium written related to the unexpired coverage, are reflected as liabilities until earned.

Deposits related to universal life and investment-type products are credited to PABs. Revenues from such contracts consist of fees for mortality, policy administration and surrender charges and are recorded in universal life and investment-type product policy fees in the period in which services are provided. All fees due from contractholders in excess of the attributed fees on contracts with MRBs are reported in universal life and investment-type product policy fees. Amounts that are charged to earnings include interest credited and benefit claims incurred in excess of related PABs.

All revenues and expenses are presented net of reinsurance, as applicable.

12

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)

Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles

The Company incurs significant costs in connection with acquiring new and renewal insurance business. Costs that are related directly to the successful acquisition or renewal of insurance contracts are capitalized as DAC. Such costs include:

•incremental direct costs of contract acquisition, such as commissions;

•the portion of an employee’s total compensation and benefits related to time spent selling, underwriting or processing the issuance of new and renewal insurance business only with respect to actual policies acquired or renewed; and

•other essential direct costs that would not have been incurred had a policy not been acquired or renewed.

All other acquisition-related costs, including those related to general advertising and solicitation, market research, agent training, product development, unsuccessful sales and underwriting efforts, as well as all indirect costs, are expensed as incurred.

Value of business acquired (“VOBA”) is an intangible asset resulting from a business combination that represents the excess of book value over the estimated fair value of acquired insurance, annuity, and investment-type contracts in-force at the acquisition date. The estimated fair value of the acquired liabilities is based on projections, by each block of business, of future policy and contract charges, premiums, mortality and morbidity, separate account performance, surrenders, operating expenses, investment returns, nonperformance risk adjustment and other factors. Actual experience with the purchased business may vary from these projections. VOBA is subject to periodic recoverability testing for traditional life and limited-payment contracts, as well as universal life type contracts.

Beginning on the Transition Date, DAC and VOBA for most long-duration products are amortized on a constant-level basis that approximates straight-line amortization on an individual contract basis. The DAC and VOBA related to U.S. annuities are amortized over expected benefit payments, and for all other long-duration products are generally amortized in proportion to policy count. For short-duration products, DAC and VOBA are amortized in proportion to actual and expected future earned premiums.

DAC and VOBA are aggregated on the financial statements for reporting purposes. See Note 7 for additional information on DAC and VOBA amortization. Amortization of DAC and VOBA is included in other expenses.

The Company generally has two different types of sales inducements which are included in other assets: (i) the policyholder receives a bonus whereby the policyholder’s initial account balance is increased by an amount equal to a specified percentage of the customer’s deposit; and (ii) the policyholder receives a higher interest rate using a dollar cost averaging method than would have been received based on the normal general account interest rate credited. The Company defers sales inducements and amortizes them over the life of the policy using the same methodologies and assumptions used to amortize DAC for the related contracts. The amortization of sales inducements is included in policyholder benefits and claims. Each year, or more frequently if circumstances indicate a potential recoverability issue exists, the Company reviews deferred sales inducements (“DSI”) to determine the recoverability of the asset. DSI assets were $47 million and $49 million at June 30, 2023 and December 31, 2022, respectively.

Value of distribution agreements acquired (“VODA”) is reported in other assets and represents the present value of expected future profits associated with the expected future business derived from the distribution agreements acquired as part of a business combination. Value of customer relationships acquired (“VOCRA”) is also reported in other assets and represents the present value of the expected future profits associated with the expected future business acquired through existing customers of the acquired company or business. The VODA and VOCRA associated with past business combinations are amortized over the assets’ useful lives ranging from 10 to 30 years and such amortization is included in other expenses. Each year, or more frequently if circumstances indicate a possible impairment exists, the Company reviews VODA and VOCRA to determine whether the asset is impaired.

13

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)

Reinsurance

For each of its reinsurance agreements, the Company determines whether the agreement provides indemnification against loss or liability relating to insurance risk in accordance with applicable accounting standards. Cessions under reinsurance agreements do not discharge the Company’s obligations as the primary insurer. The Company reviews all contractual features, including those that may limit the amount of insurance risk to which the reinsurer is subject or features that delay the timely reimbursement of claims.

The reinsurance recoverable for traditional non-participating and limited-payment contracts is generally measured using a net premium methodology to accrue the projected net gain or loss on reinsurance in proportion to the gross premiums of the underlying reinsured cohorts; and is updated retrospectively on a quarterly basis for actual experience and at least once a year for any changes in cash flow assumptions. The locked-in discount rate used to measure changes in the reinsurance recoverable recorded in net income was established at the Transition Date, or at the inception of the reinsurance coverage for new reinsurance agreements entered into subsequent to the Transition Date. The reinsurance recoverable is remeasured to an upper-medium grade discount rate through OCI at each reporting date, similar to the underlying reinsured contracts. The reinsurance recoverable for other long-duration contracts and associated contract features is measured using assumptions and methods generally consistent with the underlying direct policies.

For reinsurance of existing in-force blocks of long-duration contracts that transfer significant insurance risk, the difference, if any, between the amounts paid (received), and the liabilities ceded (assumed) related to the underlying reinsured contracts is considered the net cost of reinsurance at the inception of the reinsurance agreement. The net cost of reinsurance is amortized on a basis consistent with the methodologies and assumptions used for amortizing DAC related to the underlying reinsured contracts. Subsequent amounts paid (received) on the reinsurance of in-force blocks, as well as amounts paid (received) related to new business, are recorded as ceded (assumed) premiums; and ceded (assumed) premiums, reinsurance and other receivables (future policy benefits) are established.

For prospective reinsurance of short-duration contracts that meet the criteria for reinsurance accounting, amounts paid (received) are recorded as ceded (assumed) premiums and ceded (assumed) unearned premiums. Ceded (assumed) unearned premiums are reflected as a component of premiums, reinsurance and other receivables (future policy benefits). Such amounts are amortized through earned premiums over the remaining contract period in proportion to the amount of insurance protection provided. For retroactive reinsurance of short-duration contracts that meet the criteria for reinsurance accounting, amounts paid (received) in excess of the related insurance liabilities ceded (assumed) are recognized immediately as a loss and are reported in the appropriate line item within the statement of operations. Any gain on such retroactive agreement is deferred and is amortized as part of DAC, primarily using the recovery method.

Amounts currently recoverable under reinsurance agreements are included in premiums, reinsurance and other receivables and amounts currently payable are included in other liabilities. Assets and liabilities relating to reinsurance agreements with the same reinsurer may be recorded net on the balance sheet, if a right of offset exists within the reinsurance agreement. In the event that reinsurers do not meet their obligations to the Company under the terms of the reinsurance agreements, or when events or changes in circumstances indicate that its carrying amount may not be recoverable, reinsurance recoverable balances could become uncollectible. In such instances, reinsurance recoverable balances are stated net of allowances for uncollectible reinsurance, consistent with credit loss guidance which requires recording an allowance for credit loss (“ACL”).

The funds withheld liability represents amounts withheld by the Company in accordance with the terms of the reinsurance agreements. The Company withholds the funds rather than transferring the underlying investments and, as a result, records funds withheld liability within other liabilities. The Company recognizes interest on funds withheld, included in other expenses, at rates defined by the terms of the agreement which may be contractually specified or directly related to the investment portfolio. See Note 1 of the Notes to the Consolidated Financial Statements included in the 2022 Annual Report for information on funds withheld assets.

Premiums, fees and policyholder benefits and claims include amounts assumed under reinsurance agreements and are net of reinsurance ceded. Amounts received from reinsurers for policy administration are reported in other expenses.

14

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)

If the Company determines that a reinsurance agreement does not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk, the Company records the agreement using the deposit method of accounting. Deposits received are included in other liabilities and deposits made are included within premiums, reinsurance and other receivables. As amounts are paid or received, consistent with the underlying contracts, the deposit assets or liabilities are adjusted. Interest on such deposits is recorded as other revenues or other expenses, as appropriate. Periodically, the Company evaluates the adequacy of the expected payments or recoveries and adjusts the deposit asset or liability through other revenues or other expenses, as appropriate.

Derivatives

Freestanding Derivatives

Freestanding derivatives are carried on the Company’s balance sheet either as assets within other invested assets or as liabilities within other liabilities at estimated fair value. The Company does not offset the estimated fair value amounts recognized for derivatives executed with the same counterparty under the same master netting agreement.

Accruals on derivatives are generally recorded in accrued investment income or within other liabilities. However, accruals that are not scheduled to settle within one year are included with the derivative’s carrying value in other invested assets or other liabilities.

If a derivative is not designated as an accounting hedge or its use in managing risk does not qualify for hedge accounting, changes in the estimated fair value of the derivative are reported in net derivative gains (losses) except as follows:

Statement of Operations Presentation:	Derivative:
Net investment income	•	Economic hedges of equity method investments in joint ventures
	•	Economic hedges of fair value option securities (“FVO Securities”) which are linked to equity indices

Hedge Accounting

To qualify for hedge accounting, at the inception of the hedging relationship, the Company formally documents its risk management objective and strategy for undertaking the hedging transaction, as well as its designation of the hedge. Hedge designation and financial statement presentation of changes in estimated fair value of the hedging derivatives are as follows:

•Fair value hedge - a hedge of the estimated fair value of a recognized asset or liability - in the same line item as the earnings effect of the hedged item. The carrying value of the hedged recognized asset or liability is adjusted for changes in its estimated fair value due to the hedged risk.

•Cash flow hedge - a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability - in OCI and reclassified into the statement of operations when the Company’s earnings are affected by the variability in cash flows of the hedged item.

The changes in estimated fair values of the hedging derivatives are exclusive of any accruals that are separately reported on the statement of operations within interest income or interest expense to match the location of the hedged item.

In its hedge documentation, the Company sets forth how the hedging instrument is expected to hedge the designated risks related to the hedged item and sets forth the method that will be used to retrospectively and prospectively assess the hedging instrument’s effectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed at inception and at least quarterly throughout the life of the designated hedging relationship. Assessments of hedge effectiveness are also subject to interpretation and estimation and different interpretations or estimates may have a material effect on the amount reported in net income.

15

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)

The Company discontinues hedge accounting prospectively when: (i) it is determined that the derivative is no longer highly effective in offsetting changes in the estimated fair value or cash flows of a hedged item; (ii) the derivative expires, is sold, terminated, or exercised; (iii) it is no longer probable that the hedged forecasted transaction will occur; or (iv) the derivative is de-designated as a hedging instrument.

When hedge accounting is discontinued because it is determined that the derivative is not highly effective in offsetting changes in the estimated fair value or cash flows of a hedged item, the derivative continues to be carried on the balance sheet at its estimated fair value, with changes in estimated fair value recognized in net derivative gains (losses). The carrying value of the hedged recognized asset or liability under a fair value hedge is no longer adjusted for changes in its estimated fair value due to the hedged risk, and the cumulative adjustment to its carrying value is amortized into income over the remaining life of the hedged item. The changes in estimated fair value of derivatives related to discontinued cash flow hedges remain in OCI unless it is probable that the hedged forecasted transaction will not occur.

When hedge accounting is discontinued because it is no longer probable that the forecasted transactions will occur on the anticipated date or within two months of that date, the derivative continues to be carried on the balance sheet at its estimated fair value, with changes in estimated fair value recognized currently in net derivative gains (losses). Deferred gains and losses of a derivative recorded in OCI pursuant to the discontinued cash flow hedge of a forecasted transaction that is no longer probable of occurring are recognized immediately in net investment gains (losses).

In all other situations in which hedge accounting is discontinued, the derivative is carried at its estimated fair value on the balance sheet, with changes in its estimated fair value recognized in the current period as net derivative gains (losses).

Embedded Derivatives

As discussed above, certain guarantees previously accounted for as embedded derivatives are accounted for as MRBs upon adoption of LDTI. The Company issues certain products and investment contracts and is a party to certain reinsurance agreements that have embedded derivatives. The Company assesses each identified embedded derivative to determine whether it is required to be bifurcated. The embedded derivative is bifurcated from the host contract and accounted for as a freestanding derivative if:

•the contract or contract feature does not meet the definition of a MRB (as a result of the adoption of LDTI);

•the combined instrument is not accounted for in its entirety at estimated fair value with changes in estimated fair value recorded in earnings;

•the terms of the embedded derivative are not clearly and closely related to the economic characteristics of the host contract; and

•a separate instrument with the same terms as the embedded derivative would qualify as a derivative instrument.

Such embedded derivatives are carried on the balance sheet at estimated fair value with the host contract and changes in their estimated fair value are generally reported in net derivative gains (losses). If the Company is unable to properly identify and measure an embedded derivative for separation from its host contract, the entire contract is carried on the balance sheet at estimated fair value, with changes in estimated fair value recognized in the current period in net investment gains (losses) or net investment income. Additionally, the Company may elect to carry an entire contract on the balance sheet at estimated fair value, with changes in estimated fair value recognized in the current period in net investment gains (losses) or net investment income if that contract contains an embedded derivative that requires bifurcation.

Recent Accounting Pronouncements

Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of 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.

16

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)

Adoption of ASU 2018-12 - Targeted Improvements to the Accounting for Long-Duration Contracts

The Company adopted LDTI effective January 1, 2023 with a Transition Date of January 1, 2021. The standard required a full retrospective transition approach for MRBs, and allowed for a transition method election for FPBs and DAC, as well as other balances that have historically been amortized in a manner consistent with DAC. The Company has elected the modified retrospective transition approach for all FPBs, DAC, and related balances on all long-duration contracts, subject to the transition provisions. Additionally, an amendment in LDTI allowed entities to make an accounting policy election to exclude certain sold or disposed contracts or legal entities from application of the transition guidance. The Company did not make such an election.

Under the modified retrospective approach, the Company was required to establish LDTI-compliant FPBs, DAC and related balances for the Company’s Transition Date opening balance sheet by utilizing the Company’s December 31, 2020 balances with certain adjustments as described below.

17

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)

The following table presents a summary of the Transition Date impacts associated with the implementation of LDTI to the consolidated balance sheet:

	Premiums, Reinsurance and Other Receivables		Deferred Policy Acquisition Costs and Value of Business Acquired		Deferred Tax Asset		Other Assets		Future Policy Benefits		Policyholder Account Balances		Market Risk Benefit Liabilities		Deferred Income Tax Liability		Retained Earnings		Accumulated Other Comprehensive Income (Loss)
	(In millions)
Balances as reported, December 31, 2020	$	21,478	$	2,649	$	—	$	4,158	$	133,921	$	96,635	$	—	$	1,980	$	10,548	$	11,662
Reclassification of carrying amount of contracts and contract features that are market risk benefits	(59)		—		—		—		(1,447)		(495)		1,883		—		—		—
Adjustments for the difference between previous carrying amount and fair value measurement for market risk benefits	—		—		—		—		—		—		4,906		(1,030)		(3,897)		21
Removal of related amounts in accumulated other comprehensive income	—		1,482		—		29		(6,835)		—		—		1,751		—		6,595
Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach	32		—		—		—		89		—		—		(12)		(45)		—
Effect of remeasurement of future policy benefits to an upper-medium grade discount rate	403		—		—		—		25,208		—		—		(5,209)		—		(19,596)
Adjustments for the cumulative effect of adoption on additional insurance assets and liabilities	29		—		—		—		36				—		—		—		(7)
Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard	2		12		2,518		—		(4,794)		4,794		—		2,520		10		—
Balances as adjusted, January 1, 2021	$	21,885	$	4,143	$	2,518	$	4,187	$	146,178	$	100,934	$	6,789	$	—	$	6,616	$	(1,325)

18

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)

The Transition Date impacts associated with the implementation of LDTI were applied as follows:

Market Risk Benefits (See Note 5)

The full retrospective transition approach for MRBs required assessing products to determine whether contract or contract features expose the Company to other than nominal capital market risk. The population of MRBs identified was then reviewed to determine the historical measurement model prior to adoption of LDTI. If the MRB was a bifurcated embedded derivative prior to the adoption of LDTI, the existing measurement approach was retained, except that the fair value of the MRB at inception was recalculated to isolate the contract issue date nonperformance risk of the Company.

If, prior to the adoption of LDTI, the MRB was partially a bifurcated embedded derivative (e.g., a contract with multiple features where one was a bifurcated embedded derivative and one was an additional insurance liability), or was accounted for under a different model, the at-inception attributed fee ratio was calculated for every identified MRB, and using the at inception attributed fee ratio, the fair value of the MRB at the contract issue date was calculated to isolate the contract issue date nonperformance risk of the Company.

At the Transition Date, the impacts to the financial statements of the full retrospective approach for MRBs include the following:

•The amounts previously recorded for these contracts within additional insurance liabilities, embedded derivatives, and other insurance liabilities were reclassified to MRB liabilities;

•The difference between the fair value of the MRBs and the previously recorded carrying value at the Transition Date, excluding the cumulative effect of changes in nonperformance risk of the Company, was recorded as an adjustment to the opening balance of retained earnings; and

•The cumulative effect of changes in nonperformance risk between the contract issue date and the Transition Date was recorded as an adjustment to opening accumulated OCI (“AOCI”) as of the Transition Date.

Future Policy Benefits (See Note 3)

Traditional Non-participating Long-duration products

•Loss recognition balances related to unrealized investment gains associated with certain long-duration products previously recorded in AOCI were removed;

•Contracts in-force as of the Transition Date were grouped into cohorts; a revised NPR was calculated for each cohort using the existing Transition Date balance, best estimate cash flow assumptions without a provision for adverse deviation, and the historical discount rates used for the contracts within the cohort prior to the adoption of LDTI (the “locked-in” discount rate). For any cohorts where the net premiums exceeded gross premiums (NPR exceeded 100%), the FPB was increased for the excess of net premiums over gross premiums, with a corresponding adjustment recorded to opening retained earnings as of the Transition Date;

•The difference between the FPB balance calculated at the current upper-medium grade discount rate and the FPB balance calculated at the locked-in discount rate was recorded as an adjustment to opening AOCI as of the Transition Date; and

•Corresponding adjustments were made to ceded reinsurance balances.

Limited-payment Long-duration products

Limited-payment long-duration products transition to LDTI follows a similar approach to traditional non-participating products, except that these product cohorts may have a DPL which is adjusted at the Transition Date. If an increase to FPB depleted the DPL, the remaining adjustment was recorded to opening retained earnings as of the Transition Date.

Additional insurance liabilities

•The contracts and contract features that met the definition of a MRB were reclassified;

19

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)

•The impact of updating assessments used in the calculation of the additional insurance liabilities to reflect the constant margin amortization basis for UREV liabilities was recorded as an adjustment to opening retained earnings and AOCI; and

•Corresponding adjustments were made to ceded reinsurance balances.

DAC and other balances to be amortized in a manner consistent with DAC (VOBA, DSI and UREV) (See Note 7 for information on DAC, VOBA and UREV)

The opening balances of these accounts were adjusted for removal of the related amounts in AOCI, as these balances are no longer amortized using expected future gross premiums, margins, profits or earned premiums.

Other balance sheet reclassifications and adjustments at LDTI adoption (See Notes 3, 4 and 7)

Individual income annuities reclassification

Prior to the Transition Date, the Company classified all structured settlement and institutional income annuity products within FPBs. While the pre-LDTI GAAP reserving model was the same for these products, upon transition to LDTI, the reserving model for a subset of these products changed, requiring the Company to reclassify $4.7 billion of FPBs to PABs at the Transition Date.

Other reclassifications and adjustments

Other minor reclassifications and adjustments were made to conform to LDTI presentation requirements.

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

	December 31, 2022
	As Previously Reported		Adoption Adjustment		Post Adoption
	(In millions)
Assets
Premiums, reinsurance and other receivables	$	20,704	$	87	$	20,791
Market risk benefits	$	—	$	174	$	174
Deferred policy acquisition costs and value of business acquired	$	5,263	$	(1,506)	$	3,757
Deferred income tax asset	$	2,661	$	259	$	2,920
Other assets	$	4,367	$	(15)	$	4,352
Total assets	$	385,840	$	(1,001)	$	384,839
Liabilities
Future policy benefits	$	133,725	$	(6,811)	$	126,914
Policyholder account balances	$	99,967	$	3,440	$	103,407
Market risk benefits	$	—	$	3,270	$	3,270
Other policy-related balances	$	7,863	$	68	$	7,931
Other liabilities	$	24,489	$	6	$	24,495
Total liabilities	$	371,471	$	(27)	$	371,444
Equity
Retained earnings	$	10,572	$	(1,550)	$	9,022
Accumulated other comprehensive income (loss)	$	(8,896)	$	576	$	(8,320)
Total Metropolitan Life Insurance Company stockholder’s equity	$	14,157	$	(974)	$	13,183
Total equity	$	14,369	$	(974)	$	13,395
Total liabilities and equity	$	385,840	$	(1,001)	$	384,839

20

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)

The following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company’s previously reported interim condensed consolidated statement of operations and comprehensive income (loss):

	Three Months Ended June 30, 2022						Six Months Ended June 30, 2022
	As Previously Reported		Adoption Adjustment		Post Adoption		As Previously Reported		Adoption Adjustment		Post Adoption
	(In millions)
Revenues
Premiums	$	5,668	$	(4)	$	5,664	$	11,578	$	(8)	$	11,570
Universal life and investment-type product policy fees	$	515	$	(48)	$	467	$	1,039	$	(93)	$	946
Other revenues	$	373	$	(1)	$	372	$	785	$	(2)	$	783
Net derivative gains (losses)	$	345	$	241	$	586	$	526	$	181	$	707
Total revenues	$	9,260	$	188	$	9,448	$	18,887	$	78	$	18,965
Expenses
Policyholder benefits and claims	$	5,936	$	74	$	6,010	$	12,497	$	164	$	12,661
Policyholder liability remeasurement (gains) losses	$	—	$	(12)	$	(12)	$	—	$	(41)	$	(41)
Market risk benefits remeasurement (gains) losses	$	—	$	(730)	$	(730)	$	—	$	(2,091)	$	(2,091)
Interest credited to policyholder account balances	$	530	$	35	$	565	$	1,021	$	46	$	1,067
Policyholder dividends	$	154	$	(1)	$	153	$	313	$	1	$	314
Other expenses	$	1,419	$	(26)	$	1,393	$	2,718	$	(17)	$	2,701
Total expenses	$	8,039	$	(660)	$	7,379	$	16,549	$	(1,938)	$	14,611
Income (loss) before provision for income tax	$	1,221	$	848	$	2,069	$	2,338	$	2,016	$	4,354
Provision for income tax expense (benefit)	$	207	$	178	$	385	$	365	$	423	$	788
Net income (loss)	$	1,014	$	670	$	1,684	$	1,973	$	1,593	$	3,566
Net income (loss) attributable to Metropolitan Life Insurance Company	$	1,012	$	670	$	1,682	$	1,971	$	1,593	$	3,564
Comprehensive income (loss)	$	(7,443)	$	6,362	$	(1,081)	$	(11,721)	$	10,473	$	(1,248)
Comprehensive income (loss) attributable to Metropolitan Life Insurance Company	$	(7,445)	$	6,362	$	(1,083)	$	(11,723)	$	10,473	$	(1,250)

21

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)

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

	As Previously Reported		Adoption Adjustment		Post Adoption
	(In millions)
Retained Earnings
Balance at December 31, 2021	$	10,868	$	(3,935)	$	6,933
Net income (loss)	$	959	$	923	$	1,882
Balance at March 31, 2022	$	10,946	$	(3,012)	$	7,934
Net income (loss)	$	1,012	$	670	$	1,682
Balance at June 30, 2022	$	11,277	$	(2,342)	$	8,935
Balance at December 31, 2022	$	10,572	$	(1,550)	$	9,022
Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2021	$	9,917	$	(10,972)	$	(1,055)
Other comprehensive income (loss), net of income tax	$	(5,237)	$	3,188	$	(2,049)
Balance at March 31, 2022	$	4,680	$	(7,784)	$	(3,104)
Other comprehensive income (loss), net of income tax	$	(8,457)	$	5,692	$	(2,765)
Balance at June 30, 2022	$	(3,777)	$	(2,092)	$	(5,869)
Balance at December 31, 2022	$	(8,896)	$	576	$	(8,320)
Total Metropolitan Life Insurance Company Stockholders’ Equity
Balance at December 31, 2021	$	33,254	$	(14,907)	$	18,347
Balance at March 31, 2022	$	28,096	$	(10,796)	$	17,300
Balance at June 30, 2022	$	19,981	$	(4,434)	$	15,547
Balance at December 31, 2022	$	14,157	$	(974)	$	13,183
Total Equity
Balance at December 31, 2021	$	33,428	$	(14,907)	$	18,521
Balance at March 31, 2022	$	28,250	$	(10,796)	$	17,454
Balance at June 30, 2022	$	20,135	$	(4,434)	$	15,701
Balance at December 31, 2022	$	14,369	$	(974)	$	13,395

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

	Six Months Ended June 30, 2022
	As Previously Reported		Adoption Adjustment		Post Adoption
	(In millions)
Cash flows from operating activities
Net cash provided by (used in) operating activities	$	1,160	$	262	$	1,422
Cash flows from financing activities
Policyholder account balances - deposits	$	46,124	$	(22)	$	46,102
Policyholder account balances - withdrawals	$	(44,020)	$	(240)	$	(44,260)
Net cash provided by (used in) financing activities	$	(6,657)	$	(262)	$	(6,919)

22

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)

Other Adopted Accounting Pronouncements

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

Standard	Description	Effective Date and Method of Adoption	Impact on 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 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, the Company adopted, using a prospective approach.	The adoption of the new guidance has reduced the complexity involved with evaluating and accounting for certain loan modifications. The Company has included the required disclosures within its interim condensed consolidated 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; as amended by ASU 2022-06, Reference Rate Reform (Topic 848)—Deferral of the Sunset Date of Topic 848	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. The amendments in ASU 2022-06 extend the sunset date of the reference rate reform optional expedients and exceptions to December 31, 2024.	Effective for contract modifications made between March 12, 2020 and December 31, 2024.	The guidance has reduced the operational and financial impacts of contract modifications that replace a reference rate, such as London Interbank Offered Rate, affected by reference rate reform. Contract modifications to replace reference rates affected by the reform occurred during 2021 and 2022 and have continued into 2023. Based on actions taken to date, the adoption of the guidance has not had a material impact on the Company’s consolidated financial statements. The Company does not expect the adoption of this guidance to have a material ongoing impact on its interim condensed consolidated financial statements.

23

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, 2023 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 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method	The amendments in this update permit reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. In addition, disclosures describing the nature of the investments and related income tax credits and benefits will be required.	January 1, 2024, to be applied on either a modified retrospective or a retrospective basis subject to certain exceptions (with early adoption permitted).	The Company is currently evaluating the impact of the guidance on its interim condensed consolidated 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 continuing to evaluate the impact of the guidance, and it does not expect the adoption of the guidance to have a material impact on its interim condensed consolidated financial statements.

24

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 initiatives), 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.

The adoption of LDTI impacted the Company’s calculation of adjusted earnings. With the adoption of LDTI, the measurement model was simplified for DAC and VOBA, and most embedded derivatives were reclassified as MRBs. As a result, the Company updated its calculation of adjusted earnings to remove certain adjustments related to the amortization of DAC, VOBA and related intangibles and adjusted for changes in measurement of certain guarantees. Under LDTI, adjusted earnings excludes changes in fair value associated with MRBs, changes in discount rates on certain annuitization guarantees, losses at contract inception for certain single premium business, and asymmetrical accounting associated with in-force reinsurance. All periods presented herein reflect the updated calculation of adjusted earnings.

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

These financial measures focus on the Company’s primary businesses principally by excluding the impact of (i) market volatility which could distort trends, (ii) asymmetrical and non-economic accounting, and (iii) revenues and costs related to divested businesses, non-core products and certain entities required to be consolidated under GAAP. Also, these measures exclude results of discontinued operations under GAAP.

25

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)

Market volatility can have a significant impact on the Company’s financial results. Adjusted earnings excludes net investment gains (losses), net derivative gains (losses), MRBs remeasurement gains (losses) and goodwill impairments. Further, policyholder benefits and claims exclude (i) changes in the discount rate on certain annuitization guarantees accounted for as additional liabilities and (ii) market value adjustments.

Asymmetrical and non-economic accounting adjustments are made to the line items indicated in calculating adjusted earnings:

•Net investment income includes 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.

•Other revenues include settlements of foreign currency earnings hedges.

•Policyholder benefits and claims excludes (i) amortization of basis adjustments associated with de-designated fair value hedges of future policy benefits, (ii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments, and (iii) non-economic losses incurred at contract inception for certain single premium annuity business. These losses are amortized into adjusted earnings within policyholder benefits and claims over the estimated lives of the contracts.

•Interest credited to PABs excludes amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass-through adjustments.

Divested businesses are those that have been or will be sold or exited by MLIC but do not meet the discontinued operations criteria under GAAP. 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.

Other adjustments are made to the line items indicated in calculating adjusted earnings:

•Net investment income and interest credited to PABs excludes certain amounts related to contractholder-directed equity securities.

•Other revenues include fee revenue on synthetic guaranteed interest contracts (“GICs”) accounted for as freestanding derivatives.

•Other revenues exclude and other expenses include fees received in connection with services provided under transition service agreements.

•Other expenses exclude (i) implementation of new insurance regulatory requirements and other costs, and (ii) acquisition, integration and other related costs. Other expenses include (i) deductions for net income attributable to noncontrolling interests, and (ii) benefits accrued on synthetic GICs accounted for as freestanding derivatives.

Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance.

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, 2023 and 2022. 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.

26

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)

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. The adoption of LDTI resulted in changes to the economic capital model. The changes related to this adoption do not represent a change in the composition of the segments and, in accordance with GAAP guidance for segment reporting, the Company will apply the changes to the economic capital model prospectively and did not update the economic model for 2022 and 2021.

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. With the adoption of LDTI, net investment income was reallocated for certain segments to reflect the impact of the change to certain liability balances, with no impact to consolidated net investment income. 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, 2023	U.S.		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	5,368	$	585	$	—	$	5,953	$	—	$	5,953
Universal life and investment-type product policy fees	283		138		1		422		—		422
Net investment income	1,980		1,044		46		3,070		(197)		2,873
Other revenues	250		50		122		422		(3)		419
Net investment gains (losses)	—		—		—		—		(659)		(659)
Net derivative gains (losses)	—		—		—		—		(232)		(232)
Total revenues	7,881		1,817		169		9,867		(1,091)		8,776
Expenses
Policyholder benefits and claims and policyholder dividends	5,425		1,123		1		6,549		3		6,552
Policyholder liability remeasurement (gains) losses	(5)		22		—		17		—		17
Market risk benefit remeasurement (gains) losses	—		—		—		—		(670)		(670)
Interest credited to policyholder account balances	657		156		81		894		(1)		893
Capitalization of DAC	(10)		1		(3)		(12)		—		(12)
Amortization of DAC and VOBA	14		56		4		74		—		74
Interest expense on debt	4		3		27		34		—		34
Other expenses	920		187		247		1,354		(54)		1,300
Total expenses	7,005		1,548		357		8,910		(722)		8,188
Provision for income tax expense (benefit)	184		53		(80)		157		(79)		78
Adjusted earnings	$	692	$	216	$	(108)	800
Adjustments to:
Total revenues							(1,091)
Total expenses							722
Provision for income tax (expense) benefit							79
Net income (loss)							$	510			$	510

27

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, 2022	U.S.		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	5,042	$	622	$	—	$	5,664	$	—	$	5,664
Universal life and investment-type product policy fees	277		190		—		467		—		467
Net investment income	1,477		1,133		(49)		2,561		(119)		2,442
Other revenues	219		27		126		372		—		372
Net investment gains (losses)	—		—		—		—		(83)		(83)
Net derivative gains (losses)	—		—		—		—		586		586
Total revenues	7,015		1,972		77		9,064		384		9,448
Expenses
Policyholder benefits and claims and policyholder dividends	4,980		1,176		—		6,156		7		6,163
Policyholder liability remeasurement (gains) losses	(23)		11		—		(12)		—		(12)
Market risk benefit remeasurement (gains) losses	—		—		—		—		(730)		(730)
Interest credited to policyholder account balances	405		161		5		571		(6)		565
Capitalization of DAC	(12)		1		(23)		(34)		—		(34)
Amortization of DAC and VOBA	12		63		1		76		—		76
Interest expense on debt	1		2		22		25		—		25
Other expenses	823		190		311		1,324		2		1,326
Total expenses	6,186		1,604		316		8,106		(727)		7,379
Provision for income tax expense (benefit)	173		73		(94)		152		233		385
Adjusted earnings	$	656	$	295	$	(145)	806
Adjustments to:
Total revenues							384
Total expenses							727
Provision for income tax (expense) benefit							(233)
Net income (loss)							$	1,684			$	1,684

28

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, 2023	U.S.		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	10,638	$	1,163	$	1	$	11,802	$	—	$	11,802
Universal life and investment-type product policy fees	568		283		1		852		—		852
Net investment income	3,834		2,033		89		5,956		(398)		5,558
Other revenues	492		106		244		842		(8)		834
Net investment gains (losses)	—		—		—		—		(761)		(761)
Net derivative gains (losses)	—		—		—		—		(792)		(792)
Total revenues	15,532		3,585		335		19,452		(1,959)		17,493
Expenses
Policyholder benefits and claims and policyholder dividends	10,652		2,239		1		12,892		6		12,898
Policyholder liability remeasurement (gains) losses	(77)		37		—		(40)		—		(40)
Market risk benefit remeasurement (gains) losses	—		—		—		—		(426)		(426)
Interest credited to policyholder account balances	1,266		311		147		1,724		—		1,724
Capitalization of DAC	(35)		1		(55)		(89)		—		(89)
Amortization of DAC and VOBA	28		115		8		151		—		151
Interest expense on debt	7		6		51		64		—		64
Other expenses	2,026		393		448		2,867		(49)		2,818
Total expenses	13,867		3,102		600		17,569		(469)		17,100
Provision for income tax expense (benefit)	349		94		(155)		288		(314)		(26)
Adjusted earnings	$	1,316	$	389	$	(110)	1,595
Adjustments to:
Total revenues							(1,959)
Total expenses							469
Provision for income tax (expense) benefit							314
Net income (loss)							$	419			$	419

29

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, 2022	U.S.		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	10,326	$	1,244	$	—	$	11,570	$	—	$	11,570
Universal life and investment-type product policy fees	563		383		—		946		—		946
Net investment income	3,106		2,397		15		5,518		(250)		5,268
Other revenues	461		70		252		783		—		783
Net investment gains (losses)	—		—		—		—		(309)		(309)
Net derivative gains (losses)	—		—		—		—		707		707
Total revenues	14,456		4,094		267		18,817		148		18,965
Expenses
Policyholder benefits and claims and policyholder dividends	10,557		2,402		—		12,959		16		12,975
Policyholder liability remeasurement (gains) losses	(68)		27		—		(41)		—		(41)
Market risk benefit remeasurement (gains) losses	—		—		—		—		(2,091)		(2,091)
Interest credited to policyholder account balances	767		322		6		1,095		(28)		1,067
Capitalization of DAC	(35)		1		(27)		(61)		—		(61)
Amortization of DAC and VOBA	27		128		1		156		—		156
Interest expense on debt	3		3		43		49		—		49
Other expenses	1,684		391		480		2,555		2		2,557
Total expenses	12,935		3,274		503		16,712		(2,101)		14,611
Provision for income tax expense (benefit)	316		164		(165)		315		473		788
Adjusted earnings	$	1,205	$	656	$	(71)	1,790
Adjustments to:
Total revenues							148
Total expenses							2,101
Provision for income tax (expense) benefit							(473)
Net income (loss)							$	3,566			$	3,566

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

	June 30, 2023		December 31, 2022
	(In millions)
U.S.	$	213,680	$	220,658
MetLife Holdings	134,893		133,393
Corporate & Other	31,248		30,788
Total	$	379,821	$	384,839

3. Future Policy Benefits

The Company establishes liabilities for amounts payable under insurance policies. These liabilities are comprised of traditional and limited-payment contracts and associated DPLs, additional insurance liabilities, participating life and short-duration contracts.

30

Metropolitan Life Insurance Company

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

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

3. Future Policy Benefits (continued)

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

	U.S. Annuities		MetLife Holdings Long-Term Care		MetLife Holdings Participating Life		Other Long-Duration		Short-Duration and Other		Total
	(In millions)
Balance, future policy benefits, at December 31, 2020	$	54,535	$	14,281	$	45,349	$	9,625	$	10,131	$	133,921
Removal of additional insurance liabilities for separate presentation (1)	(4)		—		—		(2,925)		—		(2,929)
Subtotal - pre-adoption balance, excluding additional liabilities	54,531		14,281		45,349		6,700		10,131		130,992
Removal of related amounts in AOCI	(5,571)		(1,210)		—		(54)		—		(6,835)
Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach	41		—		—		48		—		89
Effect of remeasurement of future policy benefits to an upper-medium grade discount rate	15,011		8,270		—		1,927		—		25,208
Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard	(4,747)		—		—		(47)		—		(4,794)
Removal of remeasured deferred profit liabilities for separate presentation (1)	(2,413)		—		—		(250)		—		(2,663)
Balance, traditional and limited-payment contracts, at January 1, 2021	$	56,852	$	21,341	$	45,349	$	8,324	$	10,131	$	141,997
Balance, deferred profit liabilities at January 1, 2021	$	2,413	$	—	$	—	$	250	$	—	$	2,663
Balance, ceded recoverables on traditional and limited-payment contracts at December 31, 2020	$	203	$	—			$	752			$	955
Effect of remeasurement of the ceded recoverable to an upper-medium grade discount rate	135		—				268				403
Adjustments for loss contracts (with net premiums in excess of gross premiums) under the modified retrospective approach	—		—				32				32
Adjustments for the cumulative effect of adoption on ceded recoverables on traditional and limited-payment contract	6		—				20				26
Balance ceded recoverables on traditional and limited-payment contracts at January 1, 2021	$	344	$	—			$	1,072			$	1,416

__________________

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

31

Metropolitan Life Insurance Company

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

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

3. Future Policy Benefits (continued)

	MetLife Holdings Universal and Variable  Universal Life		Other Long-Duration		Total
	(In millions)
Additional insurance liabilities at December 31, 2020	$	1,478	$	1,451	$	2,929
Reclassification of carrying amount of contracts and contract features that are market risk benefits	—		(1,447)		(1,447)
Adjustments for the cumulative effect of adoption on additional insurance liabilities	36		—		36
Additional insurance liabilities at January 1, 2021	$	1,514	$	4	$	1,518
Ceded recoverables on additional insurance liabilities at December 31, 2020	$	554	$	—	$	554
Adjustments for the cumulative effect of adoption on ceded recoverables on additional insurance liabilities	9		—		9
Ceded recoverables on additional insurance liabilities at January 1, 2021	$	563	$	—	$	563
Balance, traditional and limited-payment contracts, at January 1, 2021					$	141,997
Balance, deferred profit liabilities at January 1, 2021					2,663
Balance, additional insurance liabilities at January 1, 2021					1,518
Total future policy benefits at January 1, 2021					$	146,178

The Company’s future policy benefits on the interim condensed consolidated balance sheets was as follows at:

	June 30, 2023		December 31, 2022
	(In millions)
Traditional and Limited-Payment Contracts:
U.S. - Annuities	$	47,299	$	47,990
MetLife Holdings - Long-term care	14,498		13,845
Deferred Profit Liabilities:
U.S. - Annuities	2,868		2,699
Additional Insurance Liabilities:
MetLife Holdings - Universal and variable universal life	1,763		1,641
MetLife Holdings - Participating life	43,981		44,434
Other long-duration (1)	6,216		6,297
Short-duration and other	10,189		10,008
Total	$	126,814	$	126,914

__________________

(1) This balance represents liabilities for various smaller product lines across both segments, as well as Corporate & Other.

Rollforwards - Traditional and Limited-Payment Contracts

The following information about the direct and assumed liability for future policy benefits includes disaggregated rollforwards of expected future net premiums and expected future benefits. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business. The adjusted balance in each disaggregated rollforward reflects the remeasurement (gains) losses.

32

Metropolitan Life Insurance Company

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

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

3. Future Policy Benefits (continued)

U.S. - Annuities

The U.S segment’s annuities products include pension risk transfers, certain structured settlements and certain institutional income annuities, which are mainly single premium spread-based products. Information regarding these products was as follows:

	Six Months Ended June 30,
	2023			2022
	(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date	$	—		$	—
Balance, beginning of period, at original discount rate	$	—		$	—
Effect of actual variances from expected experience (1)	2			—
Adjusted balance	2			—
Issuances	183			82
Net premiums collected	(185)			(82)
Ending balance at original discount rate	—			—
Balance, end of period, at current discount rate at balance sheet date	$	—		$	—
Present Value of Expected Future Policy Benefits
Balance, beginning of period, at current discount rate at balance sheet date	$	48,190		$	54,172
Balance, beginning of period, at original discount rate	$	49,194		$	42,453
Effect of actual variances from expected experience (1)	(299)			(114)
Adjusted balance	48,895			42,339
Issuances	183			85
Interest accrual	1,196			1,042
Benefit payments	(2,386)			(1,816)
Ending balance at original discount rate	47,888			41,650
Effect of changes in discount rate assumptions	(385)			1,645
Balance, end of period, at current discount rate at balance sheet date	47,503			43,295
Cumulative amount of fair value hedging adjustments	(204)			52
Net liability for future policy benefits	47,299			43,347
Less: Reinsurance recoverables	—			230
Net liability for future policy benefits, net of reinsurance	$	47,299		$	43,117
Undiscounted - Expected future benefit payments	$	93,997		$	83,006
Discounted - Expected future benefit payments (at current discount rate at balance sheet date)	$	47,503		$	43,295
Weighted-average duration of the liability	9 years			10 years
Weighted-average interest accretion (original locked-in) rate	5.1		%	5.1		%
Weighted-average current discount rate at balance sheet date	5.4		%	4.8		%

__________________

(1)    For the six months ended June 30, 2023, the net effect of actual variances from expected experience was largely offset by the corresponding impact in DPL associated with the U.S. segment’s annuities products of $225 million. For the six months ended June 30, 2022, the net effect of actual variances from expected experience was partially offset by the corresponding impact in DPL associated with the U.S. segment’s annuities products of $48 million.

Significant Methodologies and Assumptions

The principal inputs used in the establishment of the FPB for the U.S. segment’s annuities products include actual premiums, actual benefits, in-force data, locked-in claim-related expense, the locked-in interest accretion rate, the current upper-medium grade discount rate at the balance sheet date and best estimate mortality assumptions.

33

Metropolitan Life Insurance Company

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

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

3. Future Policy Benefits (continued)

For the six months ended June 30, 2023, the net effect of actual variances from expected experience was primarily driven by favorable mortality and the amendment of an affiliated reinsurance treaty. For the six months ended June 30, 2022, the net effect of actual variances from expected experience was primarily driven by favorable mortality.

MetLife Holdings - Long-term Care

The MetLife Holdings segment’s long-term care products offer protection against potentially high costs of long-term health care services. Information regarding these products was as follows:

	Six Months Ended June 30,
		2023			2022
		(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date		$	5,775		$	7,058
Balance, beginning of period, at original discount rate		$	5,807		$	5,699
Effect of actual variances from expected experience		83			106
Adjusted balance		5,890			5,805
Interest accrual		149			147
Net premiums collected		(293)			(288)
Ending balance at original discount rate		5,746			5,664
Effect of changes in discount rate assumptions		3			288
Balance, end of period, at current discount rate at balance sheet date		$	5,749		$	5,952
Present Value of Expected Future Policy Benefits
Balance, beginning of period, at current discount rate at balance sheet date		$	19,619		$	27,627
Balance, beginning of period, at original discount rate		$	20,165		$	19,406
Effect of actual variances from expected experience		99			116
Adjusted balance		20,264			19,522
Interest accrual		534			515
Benefit payments		(382)			(345)
Ending balance at original discount rate		20,416			19,692
Effect of changes in discount rate assumptions		(169)			1,088
Balance, end of period, at current discount rate at balance sheet date		20,247			20,780
Net liability for future policy benefits		$	14,498		$	14,828
Undiscounted:
Expected future gross premiums		$	10,893		$	11,062
Expected future benefit payments		$	45,653		$	45,787
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums		$	7,089		$	7,501
Expected future benefit payments		$	20,247		$	20,780
Weighted-average duration of the liability		15 years			16 years
Weighted -average interest accretion (original locked-in) rate		5.4		%	5.5		%
Weighted-average current discount rate at balance sheet date		5.5		%	5.0		%

Significant Methodologies and Assumptions

The principal inputs used in the establishment of the FPB reserve for long-term care products include actual premiums, actual benefits, in-force data, locked-in claim-related expense, the locked-in interest accretion rate, current upper-medium grade discount rate at the balance sheet date and best estimate assumptions. The best estimate assumptions include mortality, lapse, incidence, claim utilization, claim cost inflation, claim continuance, and premium rate increases.

34

Metropolitan Life Insurance Company

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

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

3. Future Policy Benefits (continued)

Rollforward - Additional Insurance Liabilities

The Company establishes additional insurance liabilities for annuitization, death or other insurance benefits for universal life and variable universal life contract features where the Company guarantees to the contractholder either a secondary guarantee or a guaranteed paid-up benefit. The policy can remain in force, even if the base policy account value is zero, as long as contractual secondary guarantee requirements have been met.

The following information about the direct liability for additional insurance liabilities includes a disaggregated rollforward. The products grouped within the rollforward were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business. The adjusted balance in each disaggregated rollforward reflects the remeasurement (gains) losses.

MetLife Holdings

The MetLife Holdings segment’s universal life and variable universal life products offer a contract feature where the Company guarantees to the contractholder a secondary guarantee or a guaranteed paid-up benefit. Information regarding these additional insurance liabilities was as follows:

	Six Months  Ended June 30,
	2023			2022
	Universal and Variable Universal Life
	(Dollars in millions)
Balance, beginning of period	$	1,642		$	1,623
Less: AOCI adjustment	(63)			66
Balance, beginning of period, before AOCI adjustment	1,705			1,557
Effect of actual variances from expected experience	6			14
Adjusted balance	1,711			1,571
Assessments accrual	47			46
Interest accrual	44			40
Excess benefits paid	(41)			(34)
Balance, end of period, before AOCI adjustment	1,761			1,623
Add: AOCI adjustment	2			(35)
Balance, end of period	1,763			1,588
Less: Reinsurance recoverables	649			613
Balance, end of period, net of reinsurance	$	1,114		$	975
Weighted-average duration of the liability	17 years			18 years
Weighted-average interest accretion rate	5.2		%	5.2		%

Significant Methodologies and Assumptions

Liabilities for ULSG and paid-up guarantees are determined by estimating the expected value of death benefits payable when the account balance is projected to be zero and recognizing those benefits ratably over the life of the contract based on total expected assessments.

The guaranteed benefits are estimated over a range of scenarios. The significant assumptions used in estimating the ULSG and paid-up guarantee liabilities are investment income, mortality, lapses, and premium payment pattern and persistency. In addition, projected earned rate and crediting rates are used to project the account values and excess death benefits and assessments. The discount rate is equal to the crediting rate for each annual cohort and is locked-in at inception.

35

Metropolitan Life Insurance Company

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

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

3. Future Policy Benefits (continued)

The Company’s revenue and interest recognized in the interim condensed consolidated statements of operations and comprehensive income (loss) for long-duration contracts, excluding MetLife Holdings’ participating life contracts, were as follows:

	Six Months Ended June 30,
	2023				2022
	Gross Premiums or Assessments (1)		Interest Expense (2)		Gross Premiums or Assessments (1)		Interest Expense (2)
	(In millions)
Traditional and Limited-Payment Contracts:
U.S. - Annuities	$	168	$	1,196	$	89	$	1,042
MetLife Holdings - Long-term care	366		385		367		368
Deferred Profit Liabilities:
U.S. - Annuities	N/A		70		N/A		67
Additional Insurance Liabilities:
MetLife Holdings - Universal and variable universal life	236		44		246		40
Other long duration	400		152		350		151
Total	$	1,170	$	1,847	$	1,052	$	1,668

__________________

(1) Gross premiums are related to traditional and limited-payment contracts and are included in premiums. Assessments are related to additional insurance liabilities and are included in universal life and investment-type product policy fees and net investment income.

(2) Interest expense is included in policyholder benefits and claims.

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,
	2023		2022
	(In millions)
Balance, beginning of period	$	11,300	$	10,820
Less: Reinsurance recoverables	1,633		1,857
Net balance, beginning of period	9,667		8,963
Incurred related to:
Current period	10,270		10,217
Prior periods (1)	(32)		267
Total incurred	10,238		10,484
Paid related to:
Current period	(5,919)		(5,860)
Prior periods	(4,020)		(4,002)
Total paid	(9,939)		(9,862)
Net balance, end of period	9,966		9,585
Add: Reinsurance recoverables	1,794		1,755
Balance, end of period (included in future policy benefits and other policy-related balances)	$	11,760	$	11,340

______________

36

Metropolitan Life Insurance Company

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

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

3. Future Policy Benefits (continued)

(1)For the six months ended June 30, 2023, incurred claims and claim adjustment expenses associated with prior periods decreased due to favorable claims experience in the current period. For the six months ended June 30, 2022, incurred claims and claim adjustment expenses include 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. Policyholder Account Balances

The Company establishes liabilities for PABs which are generally equal to the account value, and which includes accrued interest credited, but excludes the impact of any applicable charge that may be incurred upon surrender.

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

	U.S. Group Life		U.S. Capital Markets Investment Products and Stable Value GICs		U.S. Annuities and Risk Solutions		MetLife Holdings Annuities		Other		Total
	(In millions)
Balance at December 31, 2020	$	7,585	$	60,641	$	5,316	$	15,012	$	8,081	$	96,635
Reclassification of carrying amount of contracts and contract features that are market risk benefits	—		—		(1)		(494)		—		(495)
Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard	—		—		4,747		—		47		4,794
Balance at January 1, 2021	$	7,585	$	60,641	$	10,062	$	14,518	$	8,128	$	100,934

The Company’s PABs on the interim condensed consolidated balance sheets were as follows at:

	June 30, 2023		December 31, 2022
	(In millions)
U.S:
Group Life	$	7,795	$	7,954
Capital Markets Investment Products and Stable Value GICs	58,490		58,508
Annuities and Risk Solutions	10,404		10,244
MetLife Holdings - Annuities	11,741		12,598
Other	16,359		14,103
Total	$	104,789	$	103,407

Rollforwards

The following information about the direct and assumed liability for PABs includes year-to-date disaggregated rollforwards. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business. Policy charges presented in each disaggregated rollforward reflect a premium and/or assessment based on the account balance.

37

Metropolitan Life Insurance Company

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

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

4. Policyholder Account Balances (continued)

U.S.

Group Life

The U.S. segment’s group life PABs predominantly consist of retained asset accounts, universal life products, and the fixed account of variable life insurance products. Information regarding this liability was as follows:

	Six Months Ended June 30,
	2023			2022
	(Dollars in millions)
Balance, beginning of period	$	7,954		$	7,889
Deposits	1,644			1,682
Policy charges	(318)			(304)
Surrenders and withdrawals	(1,573)			(1,335)
Benefit payments	(6)			(6)
Net transfers from (to) separate accounts	1			—
Interest credited	93			63
Balance, end of period	$	7,795		$	7,989
Weighted-average annual crediting rate	2.4		%	1.6		%
Cash surrender value	$	7,732		$	7,934

Information regarding the Company’s net amount at risk, excluding offsets from ceded reinsurance, if any, for the U.S. segment’s group life products was as follows at:

	June 30,
	2023			2022
	In the Event of Death (1)		At Annuitization or Exercise of Other Living Benefits	In the Event of Death (1)		At Annuitization or Exercise of Other Living Benefits
	(In millions)
Net amount at risk	$	251,590	N/A	$	242,758	N/A

__________________

(1)For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date.

38

Metropolitan Life Insurance Company

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

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

4. Policyholder Account Balances (continued)

The U.S. segment’s group life product account values by range of guaranteed minimum crediting rates (“GMCR”) and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:

Range of GMCR	At GMCR		Greater than  0% but less  than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50%  above GMCR		Equal to or greater than 1.50% above GMCR		Total Account Value
	(In millions)
June 30, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	910	$	4,615	$	5,525
Equal to or greater than 2% but less than 4%	1,252		10		63		2		1,327
Equal to or greater than 4%	746		1		43		34		824
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		119
Total	$	1,998	$	11	$	1,016	$	4,651	$	7,795
June 30, 2022
Equal to or greater than 0% but less than 2%	$	5,354	$	68	$	63	$	130	$	5,615
Equal to or greater than 2% but less than 4%	1,338		52		23		—		1,413
Equal to or greater than 4%	800		—		—		31		831
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		130
Total	$	7,492	$	120	$	86	$	161	$	7,989

Capital Markets Investment Products and Stable Value GICs

The U.S. segment’s capital markets investment products and stable value GICs PABs are investment-type products, mainly funding agreements. Information regarding this liability was as follows:

	Six Months Ended June 30,
	2023			2022
	(Dollars in millions)
Balance, beginning of period	$	58,508		$	58,495
Deposits	34,800			43,004
Surrenders and withdrawals	(36,458)			(41,717)
Interest credited	890			467
Effect of foreign currency translation and other, net	750			(1,011)
Balance, end of period	$	58,490		$	59,238
Weighted-average annual crediting rate	3.1		%	1.6		%
Cash surrender value	$	1,776		$	1,733

39

Metropolitan Life Insurance Company

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

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

4. Policyholder Account Balances (continued)

The U.S. segment’s capital markets investment products and stable value GICs account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:

Range of GMCR	At GMCR		Greater than  0% but less  than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50%  above GMCR		Equal to or greater than 1.50% above GMCR		Total Account Value
	(In millions)
June 30, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	1	$	2,595	$	2,596
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		55,894
Total	$	—	$	—	$	1	$	2,595	$	58,490
June 30, 2022
Equal to or greater than 0% but less than 2%	$	—	$	—	$	22	$	3,376	$	3,398
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		55,840
Total	$	—	$	—	$	22	$	3,376	$	59,238

Annuities and Risk Solutions

The U.S. segment’s annuities and risk solutions PABs include certain structured settlements and institutional income annuities, and benefit funding solutions that include postretirement benefits and company-, bank- or trust-owned life insurance used to finance nonqualified benefit programs for executives. Information regarding this liability was as follows:

	Six Months Ended June 30,
	2023			2022
	(Dollars in millions)
Balance, beginning of period	$	10,244		$	10,009
Deposits	348			119
Policy charges	(87)			(82)
Surrenders and withdrawals	(88)			(72)
Benefit payments	(271)			(272)
Net transfers from (to) separate accounts	54			(1)
Interest credited	213			192
Other	(9)			(149)
Balance, end of period	$	10,404		$	9,744
Weighted-average annual crediting rate	4.2		%	4.0		%
Cash surrender value	$	6,672		$	5,656

40

Metropolitan Life Insurance Company

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

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

4. Policyholder Account Balances (continued)

Information regarding the Company’s net amount at risk, excluding offsets from ceded reinsurance, if any, for the U.S. segment’s annuities and risk solutions products was as follows at:

	June 30,
	2023			2022
	In the Event of Death (1)		At Annuitization or Exercise of Other Living Benefits	In the Event of Death (1)		At Annuitization or Exercise of Other Living Benefits
	(In millions)
Net amount at risk	$	36,065	N/A	$	35,226	N/A

__________________

(1)For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date.

The U.S. segment’s annuities and risk solutions account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:

Range of GMCR	At GMCR		Greater than  0% but less  than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50%  above GMCR		Equal to or greater than 1.50% above GMCR		Total Account Value
	(In millions)
June 30, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	53	$	1,406	$	1,459
Equal to or greater than 2% but less than 4%	227		35		44		448		754
Equal to or greater than 4%	3,673		117		14		6		3,810
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		4,381
Total	$	3,900	$	152	$	111	$	1,860	$	10,404
June 30, 2022
Equal to or greater than 0% but less than 2%	$	—	$	—	$	116	$	537	$	653
Equal to or greater than 2% but less than 4%	302		40		38		423		803
Equal to or greater than 4%	3,637		123		1		5		3,766
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		4,522
Total	$	3,939	$	163	$	155	$	965	$	9,744

41

Metropolitan Life Insurance Company

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

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

4. Policyholder Account Balances (continued)

MetLife Holdings

Annuities

The MetLife Holdings segment’s annuities PABs primarily includes fixed deferred annuities, the fixed account portion of variable annuities, certain income annuities, and embedded derivatives related to equity-indexed annuities. Information regarding this liability was as follows:

	Six Months Ended June 30,
	2023			2022
	(Dollars in millions)
Balance, beginning of period	$	12,598		$	13,692
Deposits	129			140
Policy charges	(6)			(7)
Surrenders and withdrawals	(1,004)			(636)
Benefit payments	(218)			(205)
Net transfers from (to) separate accounts	47			134
Interest credited	182			188
Other	13			(21)
Balance, end of period	$	11,741		$	13,285
Weighted-average annual crediting rate	3.0		%	2.9		%
Cash surrender value	$	10,964		$	12,256

Information regarding the Company’s net amount at risk, excluding offsets from ceded reinsurance, if any, for the MetLife Holdings segment’s annuities products was as follows at:

	June 30,
	2023				2022
	In the Event of Death (1)		At Annuitization or Exercise of Other Living Benefits (2)		In the Event of Death (1)		At Annuitization or Exercise of Other Living Benefits (2)
	(In millions)
Net amount at risk (3)	$	3,246	$	770	$	4,086	$	1,091

__________________

(1)For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date.

(2)For benefits that are payable in the event of annuitization or exercise of other living benefits, the net amount at risk is generally 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 or to provide other living benefits. This amount represents the Company’s potential economic exposure in the event all contractholders were to annuitize or to exercise other living benefits at the balance sheet date.

(3)Includes amounts for certain variable annuities with guarantees, which are also disclosed in “MetLife Holdings – Annuities” in Note 5, due to contracts recorded as PABs, along with related guarantees recorded as MRBs.

42

Metropolitan Life Insurance Company

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

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

4. Policyholder Account Balances (continued)

The MetLife Holdings segment’s annuities account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:

Range of GMCR	At GMCR		Greater than  0% but less  than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50%  above GMCR		Equal to or greater than 1.50% above GMCR		Total Account Value
	(In millions)
June 30, 2023
Equal to or greater than 0% but less than 2%	$	444	$	158	$	219	$	25	$	846
Equal to or greater than 2% but less than 4%	3,914		5,441		390		72		9,817
Equal to or greater than 4%	609		3		14		—		626
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		452
Total	$	4,967	$	5,602	$	623	$	97	$	11,741
June 30, 2022
Equal to or greater than 0% but less than 2%	$	1,017	$	7	$	12	$	11	$	1,047
Equal to or greater than 2% but less than 4%	10,544		266		146		1		10,957
Equal to or greater than 4%	611		40		—		—		651
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		630
Total	$	12,172	$	313	$	158	$	12	$	13,285

43

Metropolitan Life Insurance Company

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

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

5. Market Risk Benefits

The Company establishes liabilities for variable annuity contract features which include a minimum benefit guarantee that provides to the contractholder a minimum return based on their initial deposit less withdrawals. In some cases, the benefit base may be increased by additional deposits, bonus amounts, accruals or optional market value resets.

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

	MetLife Holdings Annuities		Other		Total
	(In millions)
Direct and assumed MRB liabilities at December 31, 2020	$	—	$	—	$	—
Reclassification of carrying amount of contracts and contract features that are market risk benefits	1,882		1		1,883
Adjustments for the cumulative effect of changes in nonperformance risk between contract issue date and Transition Date	(9)		(17)		(26)
Adjustments for the difference between the fair value of the MRB balance, excluding the cumulative effect of changes in nonperformance risk, and the historical carrying value	4,728		204		4,932
Direct and assumed MRB liabilities at January 1, 2021	$	6,601	$	188	$	6,789

The Company’s MRB assets and MRB liabilities on the interim condensed consolidated balance sheets were as follows at:

	June 30, 2023						December 31, 2022
	Asset		Liability		Net		Asset		Liability		Net
	(In millions)
MetLife Holdings - Annuities	$	146	$	2,906	$	2,760	$	153	$	3,224	$	3,071
Other	17		36		19		21		46		25
Total	$	163	$	2,942	$	2,779	$	174	$	3,270	$	3,096

44

Metropolitan Life Insurance Company

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

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

5. Market Risk Benefits (continued)

Rollforwards

The following information about the direct liability for MRBs includes a disaggregated rollforward. The products grouped within this rollforward were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business.

MetLife Holdings - Annuities

The MetLife Holdings segment’s variable annuity products offer contract features where the Company guarantees to the contractholder a minimum benefit, which includes guaranteed minimum death benefits (“GMDBs”) and living benefit guarantees. The GMDB contract features include return of premium, which provides a return of the purchase payment upon death, annual step-up and roll-up and step-up combinations. The living benefit guarantees contract features primarily include guaranteed minimum income benefits (“GMIBs”), which provide a minimum accumulation of purchase payments that can be annuitized to receive a monthly income stream, and guaranteed minimum withdrawal benefits (“GMWBs”), which provide a series of withdrawals, provided that withdrawals in a contract year do not exceed a contractual limit. Information regarding MetLife Holdings annuities products was as follows:

	Six Months Ended June 30,
		2023		2022
	(In millions)
Balance, beginning of period		$	3,071	$	5,715
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk		$	3,164	$	6,017
Attributed fees collected		160		158
Benefit payments		(21)		(21)
Effect of changes in interest rates		(15)		(2,555)
Effect of changes in capital markets		(504)		1,062
Effect of changes in equity index volatility		(98)		53
Actual policyholder behavior different from expected behavior		44		3
Effect of foreign currency translation and other, net (1)		174		(290)
Effect of changes in risk margin		(35)		(140)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk		2,869		4,287
Cumulative effect of changes in the instrument-specific credit risk		(109)		(209)
Balance, end of period		$	2,760	$	4,078

__________________

(1) Included is the covariance impact from aggregating the market observable inputs, mostly driven by interest rate and capital market volatility.

Information regarding the Company’s net amount at risk, excluding offsets from hedging, and the weighted-average attained age of the contractholder for the MetLife Holdings segment’s annuities products was as follows at:

	June 30,
	2023				2022
	In the Event of Death (1)		At Annuitization or Exercise of Other Living Benefits (2)		In the Event of Death (1)		At Annuitization or Exercise of Other Living Benefits (2)
	(Dollars in millions)
Net amount at risk (3)	$	3,246	$	770	$	4,086	$	1,091
Weighted-average attained age of contractholders	70 years		70 years		69 years		69 years

__________________

45

Metropolitan Life Insurance Company

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

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

5. Market Risk Benefits (continued)

(1)    For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date.

(2)    For benefits that are payable in the event of annuitization or exercise of other living benefits, the net amount at risk is generally 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 or to provide other living benefits. This amount represents the Company’s potential economic exposure in the event all contractholders were to annuitize or to exercise other living benefits at the balance sheet date.

(3) Includes amounts for certain variable annuities with guarantees, which are also disclosed in “MetLife Holdings – Annuities” in Note 4, due to contracts recorded as PABs, along with related guarantees recorded as MRBs.

Significant Methodologies and Assumptions

The Company issues GMDBs, GMWBs, guaranteed minimum accumulation benefits (“GMABs”) and GMIBs that typically meet the definition of MRBs, which are measured in aggregate, as one compound MRB, at estimated fair value separately from the variable annuity contract, with changes in estimated fair value reported in net income, except for changes in nonperformance risk of the Company which are recorded in OCI.

The Company calculates the fair value of these MRBs, which is estimated as the present value of projected future benefits minus the present value of projected attributed 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 MRB 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. See Note 11 for additional information on significant unobservable inputs.

The valuation of these MRBs includes a nonperformance risk adjustment 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 at 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; and variations in actuarial assumptions regarding policyholder behavior, mortality and risk margins related to non-capital market inputs, impact the estimated fair value of the guarantees and affect net income, and changes in nonperformance risk of the Company affect OCI.

46

Metropolitan Life Insurance Company

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

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

5. Market Risk Benefits (continued)

Other

In addition to the disaggregated MRB product rollforward above, the Company offers other products with guaranteed minimum benefit features. These MRBs are measured at estimated fair value with changes in estimated fair value reported in net income, except for changes in nonperformance risk of the Company which are recorded in OCI. See Note 11 for additional information on significant unobservable inputs used in the fair value measurement of MRBs. Information regarding this liability was as follows:

	Six Months Ended June 30,
	2023		2022
	(In millions)
Balance, beginning of period	$	25	$	286
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk	$	34	$	322
Attributed fees collected	1		1
Effect of changes in interest rates	2		(126)
Effect of changes in capital markets	—		(3)
Actual policyholder behavior different from expected behavior	(26)		(4)
Effect of foreign currency translation and other, net	15		(111)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk	26		79
Cumulative effect of changes in the instrument-specific credit risk	(7)		(14)
Balance, end of period	$	19	$	65

6. Separate Accounts

Separate account assets consist of investment accounts established and maintained by the Company. The separate account investment objectives are directed by the contractholder. An equivalent amount is reported as separate account liabilities. These accounts are reported separately from the general account assets and liabilities.

Separate Account Liabilities

The Company’s separate account liabilities on the interim condensed consolidated balance sheets were as follows at:

	June 30, 2023		December 31, 2022
	(In millions)
U.S.:
Stable Value and Risk Solutions	$	37,042	$	43,249
Annuities	11,792		11,694
MetLife Holdings - Annuities	29,553		28,443
Other	6,523		5,855
Total	$	84,910	$	89,241

47

Metropolitan Life Insurance Company

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

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

6. Separate Accounts (continued)

Rollforwards

The following information about the separate account liabilities includes disaggregated rollforwards. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business.

The separate account liabilities are primarily comprised of the following: U.S. stable value and risk solutions contracts, U.S. annuities participating and non-participating group contracts and MetLife Holdings variable annuities.

The balances of and changes in separate account liabilities were as follows:

	U.S. Stable Value and Risk Solutions		U.S. Annuities		MetLife Holdings Annuities
	(In millions)
Six Months Ended June 30, 2023
Balance, beginning of period	$	43,249	$	11,694	$	28,443
Premiums and deposits	1,069		120		139
Policy charges	(121)		(11)		(305)
Surrenders and withdrawals	(7,532)		(360)		(1,359)
Benefit payments	(44)		—		(242)
Investment performance	1,145		448		2,924
Net transfers from (to) general account	(57)		3		(47)
Effect of foreign currency translation and other, net	(667)		(102)		—
Balance, end of period	$	37,042	$	11,792	$	29,553
Six Months Ended June 30, 2022
Balance, beginning of period	$	54,391	$	21,292	$	40,096
Premiums and deposits	2,939		730		146
Policy charges	(137)		(13)		(344)
Surrenders and withdrawals	(3,946)		(6,379)		(1,591)
Benefit payments	(43)		—		(230)
Investment performance	(3,899)		(2,387)		(7,839)
Net transfers from (to) general account	60		(59)		(135)
Effect of foreign currency translation and other, net	(5,186)		(156)		3
Balance, end of period	$	44,179	$	13,028	$	30,106
Cash surrender value at June 30, 2023 (1)	$	32,886	N/A		$	29,471
Cash surrender value at June 30, 2022 (1)	$	39,752	N/A		$	29,927

_____________

(1)    Cash surrender value represents the amount of the contractholders’ account balances distributable at the balance sheet date less policy loans and certain surrender charges.

48

Metropolitan Life Insurance Company

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

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

6. Separate Accounts (continued)

Separate Account Assets

The Company’s aggregate fair value of assets, by major investment asset category, supporting separate account liabilities was as follows at:

	June 30, 2023
	U.S.		MetLife Holdings		Total
	(In millions)
Fixed maturity securities:
Bonds:
Foreign government	$	527	$	—	$	527
U.S. government and agency	10,111		—		10,111
Public utilities	1,141		—		1,141
Municipals	392		—		392
Corporate bonds:
Materials	172		—		172
Communications	1,000		—		1,000
Consumer	2,010		—		2,010
Energy	841		—		841
Financial	2,789		—		2,789
Industrial and other	787		—		787
Technology	610		—		610
Foreign	2,126		—		2,126
Total corporate bonds	10,335		—		10,335
Total bonds	22,506		—		22,506
Mortgage-backed securities	10,594		—		10,594
Asset-backed securities and collateralized loan obligations	2,566		—		2,566
Redeemable preferred stock	10		—		10
Total fixed maturity securities	35,676		—		35,676
Equity securities:
Common stock:
Industrial, miscellaneous and all other	2,670		—		2,670
Banks, trust and insurance companies	492		—		492
Public utilities	72		—		72
Non-redeemable preferred stock	—		—		—
Mutual funds	4,731		34,887		39,618
Total equity securities	7,965		34,887		42,852
Other invested assets	1,667		—		1,667
Total investments	45,308		34,887		80,195
Other assets	4,715		—		4,715
Total	$	50,023	$	34,887	$	84,910

49

Metropolitan Life Insurance Company

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

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

6. Separate Accounts (continued)

	December 31, 2022
	U.S.		MetLife Holdings		Total
	(In millions)
Fixed maturity securities AFS:
Bonds:
Foreign government	$	588	$	—	$	588
U.S. government and agency	11,189		—		11,189
Public utilities	1,174		—		1,174
Municipals	475		—		475
Corporate bonds:
Materials	242		—		242
Communications	1,174		—		1,174
Consumer	2,365		—		2,365
Energy	861		—		861
Financial	3,495		—		3,495
Industrial and other	876		—		876
Technology	711		—		711
Foreign	2,451		—		2,451
Total corporate bonds	12,175		—		12,175
Total bonds	25,601		—		25,601
Mortgage-backed securities	12,202		—		12,202
Asset-backed securities and collateralized loan obligations	2,763		—		2,763
Redeemable preferred stock	4		—		4
Total fixed maturity securities AFS	40,570		—		40,570
Equity securities:
Common stock:
Industrial, miscellaneous and all other	2,853		—		2,853
Banks, trust and insurance companies	586		—		586
Public utilities	94		—		94
Non-redeemable preferred stock	2		—		2
Mutual funds	4,355		33,231		37,586
Total equity securities	7,890		33,231		41,121
Other invested assets	1,636		—		1,636
Total investments	50,096		33,231		83,327
Other assets	5,914		—		5,914
Total	$	56,010	$	33,231	$	89,241

50

Metropolitan Life Insurance Company

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

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

7. Deferred Policy Acquisition Costs, Value of Business Acquired and Unearned Revenue

The transition adjustments related to DAC, VOBA, and UREV, as described in Note 1, were as follows at the Transition Date:

	U.S.		MetLife Holdings		Total
	(In millions)
DAC:
Balance at December 31, 2020	$	378	$	2,248	$	2,626
Removal of related amounts in AOCI	—		1,480		1,480
Other adjustments upon adoption of the LDTI standard	—		12		12
Balance at January 1, 2021	$	378	$	3,740	$	4,118
VOBA:
Balance at December 31, 2020	$	20	$	3	$	23
Removal of related amounts in AOCI	—		2		2
Balance at January 1, 2021	$	20	$	5	$	25
UREV:
Balance at December 31, 2020	$	22	$	157	$	179
Removal of related amounts in AOCI	—		—		—
Balance at January 1, 2021	$	22	$	157	$	179

51

Metropolitan Life Insurance Company

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

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

7. Deferred Policy Acquisition Costs, Value of Business Acquired and Unearned Revenue (continued)

DAC and VOBA

Information regarding total DAC and VOBA by segment, as well as Corporate & Other, was as follows at:

	U.S.		MetLife Holdings (1)		Corporate & Other		Total
	(In millions)
DAC:
Balance at January 1, 2023	$	401	$	3,220	$	120	$	3,741
Capitalizations	35		(1)		55		89
Amortization	(27)		(115)		(8)		(150)
Balance at June 30, 2023	$	409	$	3,104	$	167	$	3,680
Balance at January 1, 2022	$	384	$	3,457	$	6	$	3,847
Capitalizations	35		(1)		27		61
Amortization	(26)		(128)		(1)		(155)
Balance at June 30, 2022	$	393	$	3,328	$	32	$	3,753
VOBA:
Balance at January 1, 2023	$	16	$	—	$	—	$	16
Amortization	(1)		—		—		(1)
Balance at June 30, 2023	$	15	$	—	$	—	$	15
Balance at January 1, 2022	$	18	$	—	$	—	$	18
Amortization	(1)		—		—		(1)
Balance at June 30, 2022	$	17	$	—	$	—	$	17
Total DAC and VOBA:
Balance at June 30, 2023							$	3,695
Balance at June 30, 2022							$	3,770
Balance at December 31, 2022							$	3,757

__________________

(1)Includes DAC balances primarily related to universal life, variable universal life, whole life, term life and variable annuities products.

Significant Methodologies and Assumptions

The Company amortizes DAC and VOBA related to long-duration contracts over the estimated lives of the contracts in proportion to benefits in-force for U.S. annuities and policy count for all other products. The amortization amount is calculated using the same cohorts as the corresponding liabilities on a quarterly basis, using an amortization rate that includes current period reporting experience and end of period persistency assumptions that are consistent with those used to measure the corresponding liabilities.

The Company amortizes DAC for short-duration contracts, which is primarily comprised of commissions and certain underwriting expenses, in proportion to actual and future earned premium over the applicable contract term.

52

Metropolitan Life Insurance Company

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

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

7. Deferred Policy Acquisition Costs, Value of Business Acquired and Unearned Revenue (continued)

Unearned Revenue

Information regarding the Company’s UREV primarily related to universal life and variable universal life products by segment included in other policy-related balances was as follows:

	Six Months Ended June 30, 2023
	U.S.		MetLife Holdings		Total
	(In millions)
Balance, beginning of period	$	18	$	227	$	245
Deferrals	1		20		21
Amortization	(2)		(9)		(11)
Balance, end of period	$	17	$	238	$	255
	Six Months Ended June 30, 2022
	U.S.		MetLife Holdings		Total
	(In millions)
Balance, beginning of period	$	21	$	195	$	216
Deferrals	—		23		23
Amortization	(2)		(7)		(9)
Balance, end of period	$	19	$	211	$	230

Significant Methodologies and Assumptions

UREV is amortized similarly to DAC and VOBA, see “— DAC and VOBA.”

53

Metropolitan Life Insurance Company

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

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

8. 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. Assets have been allocated to the closed block in an amount that has been determined to produce cash flows which, together with anticipated revenues from the policies included in the closed block, are reasonably expected to be sufficient to support obligations and liabilities relating to these policies, including, but not limited to, provisions for the payment of claims and certain expenses and taxes, and to provide for the continuation of policyholder dividend scales in effect for 1999, if the experience underlying such dividend scales continues, and for appropriate adjustments in such scales if the experience changes. At least annually, the Company compares actual and projected experience against the experience assumed in the then-current dividend scales. Dividend scales are adjusted periodically to give effect to changes in experience.

The closed block assets, the cash flows generated by the closed block assets and the anticipated revenues from the policies in the closed block will benefit only the holders of the policies in the closed block. To the extent that, over time, cash flows from the assets allocated to the closed block and claims and other experience related to the closed block are, in the aggregate, more or less favorable than what was assumed when the closed block was established, total dividends paid to closed block policyholders in the future may be greater than or less than the total dividends that would have been paid to these policyholders if the policyholder dividend scales in effect for 1999 had been continued. Any cash flows in excess of amounts assumed will be available for distribution over time to closed block policyholders and will not be available to stockholders. If the closed block has insufficient funds to make guaranteed policy benefit payments, such payments will be made from assets outside of the closed block. The closed block will continue in effect as long as any policy in the closed block remains in-force. The expected life of the closed block is over 100 years from the Demutualization Date.

The Company uses the same accounting principles to account for the participating policies included in the closed block as it used prior to the Demutualization Date. However, the Company establishes a policyholder dividend obligation for earnings that will be paid to policyholders as additional dividends as described below. The excess of closed block liabilities over closed block assets at the Demutualization Date (adjusted to eliminate the impact of related amounts in AOCI) represents the estimated maximum future earnings from the closed block expected to result from operations, attributed net of income tax, to the closed block. Earnings of the closed block are recognized in income over the period the policies and contracts in the closed block remain in-force.

If, over the period the closed block remains in existence, the actual cumulative earnings of the closed block are greater than the expected cumulative earnings of the closed block, the Company will pay the excess to closed block policyholders as additional policyholder dividends unless offset by future unfavorable experience of the closed block and, accordingly, will recognize only the expected cumulative earnings in income with the excess recorded as a policyholder dividend obligation. If over such period, the actual cumulative earnings of the closed block are less than the expected cumulative earnings of the closed block, the Company will recognize only the actual earnings in income. However, the Company may change policyholder dividend scales in the future, which would be intended to increase future actual earnings until the actual cumulative earnings equal the expected cumulative earnings.

At least annually, management performs a premium deficiency test using best estimate assumptions to determine whether the projected future earnings of the closed block are sufficient to support the payment of future closed block contractual benefits. The most recent deficiency test demonstrated that the projected future earnings of the closed block are sufficient to support the payment of future closed block contractual benefits.

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 policy count within 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.

54

Metropolitan Life Insurance Company

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

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

8. Closed Block (continued)

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

	June 30, 2023		December 31, 2022
	(In millions)
Closed Block Liabilities
Future policy benefits	$	36,650	$	37,222
Other policy-related balances	281		273
Policyholder dividends payable	178		181
Current income tax payable	9		—
Other liabilities	592		455
Total closed block liabilities	37,710		38,131
Assets Designated to the Closed Block
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	19,697		19,648
Mortgage loans	6,269		6,564
Policy loans	4,014		4,084
Real estate and real estate joint ventures	655		635
Other invested assets	604		705
Total investments	31,239		31,636
Cash and cash equivalents	656		437
Accrued investment income	369		375
Premiums, reinsurance and other receivables	114		52
Current income tax recoverable	—		88
Deferred income tax asset	394		423
Total assets designated to the closed block	32,772		33,011
Excess of closed block liabilities over assets designated to the closed block	4,938		5,120
AOCI:
Unrealized investment gains (losses), net of income tax	(1,176)		(1,357)
Unrealized gains (losses) on derivatives, net of income tax	212		262
Total amounts included in AOCI	(964)		(1,095)
Maximum future earnings to be recognized from closed block assets and liabilities	$	3,974	$	4,025

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

	Six Months Ended June 30, 2023		Year   Ended   December 31, 2022
	(In millions)
Balance, beginning of period	$	—	$	1,682
Change in unrealized investment and derivative gains (losses)	—		(1,682)
Balance, end of period	$	—	$	—

55

Metropolitan Life Insurance Company

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

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

8. Closed Block (continued)

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(In millions)
Revenues
Premiums	$	226	$	274	$	461	$	549
Net investment income	341		352		679		713
Net investment gains (losses)	5		(16)		9		(48)
Net derivative gains (losses)	5		8		3		11
Total revenues	577		618		1,152		1,225
Expenses
Policyholder benefits and claims	445		462		858		945
Policyholder dividends	89		128		186		262
Other expenses	22		23		44		46
Total expenses	556		613		1,088		1,253
Revenues, net of expenses before provision for income tax expense (benefit)	21		5		64		(28)
Provision for income tax expense (benefit)	4		1		13		(6)
Revenues, net of expenses and provision for income tax expense (benefit)	$	17	$	4	$	51	$	(22)

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.

56

Metropolitan Life Insurance Company

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

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

9. 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, prime investor, non-qualified residential mortgage, alternative, reperforming and sub-prime mortgage-backed securities. Asset-backed securities and collateralized loan obligations (collectively, “ABS & CLO”) 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, 2023										December 31, 2022
	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	$	56,350	$	(63)	$	734	$	3,983	$	53,038	$	55,280	$	(28)	$	649	$	4,811	$	51,090
Foreign corporate	28,111		(2)		309		3,827		24,591		28,328		(3)		206		4,538		23,993
U.S. government and agency	23,817		—		220		2,106		21,931		24,409		—		333		2,384		22,358
RMBS	21,948		—		161		2,224		19,885		21,539		—		177		2,383		19,333
ABS & CLO	12,719		—		13		667		12,065		12,639		—		9		812		11,836
Municipals	7,772		—		355		475		7,652		7,880		—		256		672		7,464
CMBS	6,938		(7)		4		643		6,292		6,691		(15)		7		640		6,043
Foreign government	3,811		(70)		155		278		3,618		3,711		(68)		140		324		3,459
Total fixed maturity securities AFS	$	161,466	$	(142)	$	1,951	$	14,203	$	149,072	$	160,477	$	(114)	$	1,777	$	16,564	$	145,576

The Company held non-income producing fixed maturity securities AFS with an estimated fair value of $97 million and $71 million at June 30, 2023 and December 31, 2022, respectively, with unrealized gains (losses) of ($31) million and ($1) million at June 30, 2023 and December 31, 2022, respectively.

Maturities of Fixed Maturity Securities AFS

The amortized cost, net of ACL, and estimated fair value of fixed maturity securities AFS, by contractual maturity date, were as follows at June 30, 2023:

	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	$	3,476	$	25,564	$	28,563	$	62,123	$	41,598	$	161,324
Estimated fair value	$	3,428	$	24,421	$	26,845	$	56,136	$	38,242	$	149,072

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.

57

Metropolitan Life Insurance Company

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

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

9. 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, 2023								December 31, 2022
	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	$	12,855	$	520	$	21,607	$	3,435	$	34,358	$	3,953	$	3,383	$	856
Foreign corporate	3,084		157		15,837		3,670		16,834		3,350		3,977		1,188
U.S. government and agency	9,806		535		7,132		1,571		13,489		1,895		2,756		489
RMBS	6,179		289		10,761		1,935		11,622		1,280		4,585		1,103
ABS & CLO	1,607		45		8,867		622		7,725		499		3,009		313
Municipals	1,089		40		1,759		435		3,526		616		133		56
CMBS	1,450		64		4,144		576		4,376		426		1,254		213
Foreign government	811		30		1,227		247		1,803		209		306		115
Total fixed maturity securities AFS	$	36,881	$	1,680	$	71,334	$	12,491	$	93,733	$	12,228	$	19,403	$	4,333
Investment grade	$	35,008	$	1,614	$	66,674	$	11,852	$	88,059	$	11,710	$	17,470	$	3,897
Below investment grade	1,873		66		4,660		639		5,674		518		1,933		436
Total fixed maturity securities AFS	$	36,881	$	1,680	$	71,334	$	12,491	$	93,733	$	12,228	$	19,403	$	4,333
Total number of securities in an unrealized loss position	4,777				7,752				10,688				2,110

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, including transfers in connection with reinsurance transactions, 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.

58

Metropolitan Life Insurance Company

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

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

9. 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 decreased $2.4 billion for the six months ended June 30, 2023 to $14.2 billion primarily due to decreases in interest rates, impairments in connection with a pending reinsurance transaction, to a lesser extent the strengthening of foreign currencies on certain non-functional currency denominated fixed maturity securities and narrowing credit spreads.

Gross unrealized losses on securities without an ACL that have been in a continuous gross unrealized loss position for 12 months or greater were $12.5 billion at June 30, 2023, or 88% of the total gross unrealized losses on securities without an ACL.

Investment Grade Fixed Maturity Securities AFS

Of the $12.5 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, $11.9 billion, or 95%, were related to 7,025 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.

59

Metropolitan Life Insurance Company

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

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

9. Investments (continued)

Below Investment Grade Fixed Maturity Securities AFS

Of the $12.5 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, $639 million, or 5%, were related to 727 below investment grade securities. Unrealized losses on below investment grade securities are principally related to foreign corporate and U.S. corporate securities (primarily consumer, transportation and communications). These unrealized losses 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, 2023, 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, 2023.

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, 2023	(In millions)
Balance, at beginning of period	$	57	$	3	$	7	$	68	$	135
ACL not previously recorded	—		—		—		—		—
Changes for securities with previously recorded ACL	6		(1)		—		2		7
Securities sold or exchanged	—		—		—		—		—
Write-offs	—		—		—		—		—
Balance, at end of period	$	63	$	2	$	7	$	70	$	142
Three Months Ended June 30, 2022
Balance, at beginning of period	$	13	$	25	$	13	$	104	$	155
ACL not previously recorded	—		—		—		—		—
Changes for securities with previously recorded ACL	14		(1)		—		(7)		6
Securities sold or exchanged	—		(17)		—		(20)		(37)
Write-offs	—		—		—		—		—
Balance, at end of period	$	27	$	7	$	13	$	77	$	124

60

Metropolitan Life Insurance Company

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

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

9. Investments (continued)

	U.S.  Corporate		Foreign Corporate		CMBS		Foreign Government		Total
Six Months Ended June 30, 2023	(In millions)
Balance, at beginning of period	$	28	$	3	$	15	$	68	$	114
ACL not previously recorded	31		—		—		—		31
Changes for securities with previously recorded ACL	6		(1)		2		2		9
Securities sold or exchanged	(2)		—		(10)		—		(12)
Write-offs	—		—		—		—		—
Balance, at end of period	$	63	$	2	$	7	$	70	$	142
Six Months Ended June 30, 2022
Balance, at beginning of period	$	30	$	10	$	13	$	—	$	53
ACL not previously recorded	13		11		—		104		128
Changes for securities with previously recorded ACL	14		3		—		(7)		10
Securities sold or exchanged	(8)		(17)		—		(20)		(45)
Write-offs	(22)		—		—		—		(22)
Balance, at end of period	$	27	$	7	$	13	$	77	$	124

Mortgage Loans

Mortgage Loans by Portfolio Segment

Mortgage loans are summarized as follows at:

	June 30, 2023				December 31, 2022
Portfolio Segment	Carrying Value		% of Total		Carrying Value		% of Total
	(Dollars in millions)
Commercial (1)	$	37,910	59.4	%	$	37,196	59.4	%
Agricultural	16,035		25.1		15,869		25.4
Residential	10,391		16.3		9,953		15.9
Total amortized cost	64,336		100.8		63,018		100.7
Allowance for credit loss	(525)		(0.8)		(448)		(0.7)
Total mortgage loans	$	63,811	100.0	%	$	62,570	100.0	%

__________________

(1)Includes commercial mortgage loans to be disposed of in connection with a pending reinsurance transaction, which are carried at the lower of amortized cost or estimated fair value of $117 million, net of the estimated fair value adjustment of $23 million, as of June 30, 2023. See Note 1.

The amount of net (discounts) premiums and deferred (fees) expenses, included within total amortized cost, primarily attributable to residential mortgage loans was ($727) million and ($717) million at June 30, 2023 and December 31, 2022, respectively. The accrued interest income excluded from total amortized cost for commercial, agricultural and residential mortgage loans at June 30, 2023 was $192 million, $141 million and $78 million, respectively. The accrued interest income excluded from total amortized cost for commercial, agricultural and residential mortgage loans at December 31, 2022 was $171 million, $147 million and $70 million, respectively.

Purchases of mortgage loans, from unaffiliated parties, consisting primarily of residential mortgage loans, were $100 million and $857 million for the three months and six months ended June 30, 2023, respectively, and $596 million and $1.1 billion for the three months and six months ended June 30, 2022, respectively.

61

Metropolitan Life Insurance Company

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

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

9. Investments (continued)

During the second quarter of 2023, the Company assigned mortgage loans with a previously recorded amortized cost of $5.3 billion to its affiliated mortgage origination company, which is wholly-owned by MetLife. In connection with the assignment, this affiliate contemporaneously assumed the Company’s rights and obligations associated with the assigned mortgage loans. In exchange, the Company received $5.3 billion of mortgage secured loans from this affiliate, secured by the same mortgage loans assigned. As of June 30, 2023, the Company’s aggregate participation interest in affiliated mortgage secured loans included in commercial and agricultural mortgage loans was $13.0 billion. In addition, 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,
	2023								2022
	Commercial		Agricultural		Residential		Total		Commercial		Agricultural		Residential		Total
	(In millions)
Balance, beginning of period	$	174	$	105	$	169	$	448	$	260	$	79	$	197	$	536
Provision (release)	37		48		5		90		(13)		36		(38)		(15)
Charge-offs, net of recoveries	—		(13)		—		(13)		(82)		(22)		(1)		(105)
Balance, end of period	$	211	$	140	$	174	$	525	$	165	$	93	$	158	$	416

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), such as collateral dependent mortgage loans (i.e., when the borrower is experiencing financial difficulty, including when foreclosure is reasonably possible or probable), 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). Mortgage loans to be disposed of in a reinsurance transaction are carried at the lower of amortized cost or estimated fair value.

62

Metropolitan Life Insurance Company

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

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

9. 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.

63

Metropolitan Life Insurance Company

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

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

9. 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 reverts to industry historical loss experience using a straight-line basis over one year.

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.

Modifications to Borrowers Experiencing Financial Difficulty

The Company may modify mortgage loans to borrowers. Each mortgage loan modification is evaluated to determine whether the borrower was experiencing financial difficulties. Disclosed below are those modifications where the borrower was determined to be experiencing financial difficulties and the mortgage loans were modified by any of the following means, principal forgiveness, interest rate reduction, other-than-insignificant payment delay or term extension. The amount, timing and extent of modifications granted are considered in determining any ACL recorded.

Commercial mortgage loans:

For the three months ended June 30, 2023, the Company granted an additional 12-month term extension on a previously restructured loan with an amortized cost of $149 million and further extended the term of the loan modified in the first quarter of 2023 by an additional three months. These modified loans represent less than 1% of the portfolio segment.

For the six months ended June 30, 2023, the Company granted term extensions on loans with an amortized cost of $180 million. These modifications added a weighted-average of less than one year to the life of the modified loans. These modified loans represent less than 1% of the portfolio segment.

64

Metropolitan Life Insurance Company

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

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

9. Investments (continued)

Residential mortgage loans:

For the three months ended June 30, 2023, the Company granted term extensions on loans with an amortized cost of $2 million, other-than-insignificant payment delays on loans with an amortized cost of $5 million, term extensions and other-than-insignificant payment delays on loans with an amortized cost of $5 million and term extensions, other-than-insignificant payment delays and interest rate reductions on loans with an amortized cost of $1 million. These modified loans represent less than 1% of the portfolio segment. These loan modifications added a weighted-average of eight years to the life of the modified loans, allowed for the capitalization or deferral of balances due and reduced the weighted average interest rate of the modified loans from 5.7% to 4.2%.

For the six months ended June 30, 2023, the Company granted term extensions on loans with an amortized cost of $5 million, other-than-insignificant payment delays on loans with an amortized cost of $5 million, term extensions and other-than-insignificant payment delays on loans with an amortized cost of $9 million and term extensions, other-than-insignificant payment delays and interest rate reductions on loans with an amortized cost of $4 million. These modified loans represent less than 1% of the portfolio segment. These loan modifications added a weighted-average of nine years to the life of the modified loans, allowed for the capitalization or deferral of balances due and reduced the weighted-average interest rate of the modified loans from 5.8% to 4.2%.

For both the three months and six months ended June 30, 2023, the Company did not have a significant amount of mortgage loans that were modified to borrowers experiencing financial difficulty that are not considered current.

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, 2023:

Credit Quality Indicator	2023		2022		2021		2020		2019		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
LTV ratios:
Less than 65%	$	1,096	$	2,844	$	2,430	$	1,250	$	2,040	$	9,524	$	2,927	$	22,111	58.3	%
65% to 75%	124		1,813		792		951		1,163		3,692		—		8,535		22.5
76% to 80%	—		523		321		91		872		1,117		—		2,924		7.7
Greater than 80%	6		92		618		666		536		2,422		—		4,340		11.5
Total	$	1,226	$	5,272	$	4,161	$	2,958	$	4,611	$	16,755	$	2,927	$	37,910	100.0	%
DSCR:
> 1.20x	$	817	$	4,285	$	3,938	$	2,479	$	3,980	$	14,307	$	1,687	$	31,493	83.1	%
1.00x 1.20x	409		224		186		18		353		1,320		944		3,454		9.1
<1.00x	—		763		37		461		278		1,128		296		2,963		7.8
Total	$	1,226	$	5,272	$	4,161	$	2,958	$	4,611	$	16,755	$	2,927	$	37,910	100.0	%

The amortized cost of agricultural mortgage loans by credit quality indicator and vintage year was as follows at June 30, 2023:

Credit Quality Indicator	2023		2022		2021		2020		2019		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
LTV ratios:
Less than 65%	$	590	$	1,987	$	1,471	$	1,973	$	1,556	$	5,829	$	1,146	$	14,552	90.7	%
65% to 75%	21		91		228		209		24		563		131		1,267		7.9
76% to 80%	—		—		—		—		—		11		—		11		0.1
Greater than 80%	17		—		—		—		133		49		6		205		1.3
Total	$	628	$	2,078	$	1,699	$	2,182	$	1,713	$	6,452	$	1,283	$	16,035	100.0	%

65

Metropolitan Life Insurance Company

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

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

9. Investments (continued)

The amortized cost of residential mortgage loans by credit quality indicator and vintage year was as follows at June 30, 2023:

Credit Quality Indicator	2023		2022		2021		2020		2019		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
Performance indicators:
Performing	$	196	$	1,954	$	828	$	147	$	591	$	6,300	$	—	$	10,016	96.4	%
Nonperforming (1)	—		14		10		7		34		310		—		375		3.6
Total	$	196	$	1,968	$	838	$	154	$	625	$	6,610	$	—	$	10,391	100.0	%

__________________

(1)Includes residential mortgage loans in process of foreclosure of $150 million and $143 million at June 30, 2023 and December 31, 2022, 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 $746 million, or 1% of total commercial and agricultural mortgage loans, at June 30, 2023.

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, 2023 and December 31, 2022. 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				Past Due and Still Accruing Interest				Nonaccrual
Portfolio Segment	June 30, 2023		December 31, 2022		June 30, 2023		December 31, 2022		June 30, 2023		December 31, 2022
	(In millions)
Commercial	$	42	$	—	$	—	$	—	$	192	$	158
Agricultural	98		120		22		18		235		131
Residential	375		428		—		—		376		429
Total	$	515	$	548	$	22	$	18	$	803	$	718

The amortized cost for nonaccrual commercial, agricultural and residential mortgage loans at beginning of year 2022 was $146 million, $225 million and $418 million, respectively. The amortized cost for nonaccrual commercial mortgage loans without an ACL was $149 million at June 30, 2023. There were no nonaccrual commercial mortgage loans without an ACL at December 31, 2022. The amortized cost for nonaccrual agricultural mortgage loans without an ACL was $61 million and $7 million at June 30, 2023 and December 31, 2022, respectively. There were no nonaccrual residential mortgage loans without an ACL at June 30, 2023 and December 31, 2022.

66

Metropolitan Life Insurance Company

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

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

9. 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, 2023		December 31, 2022		Three Months   Ended   June 30,				Six Months Ended June 30,
					2023		2022		2023		2022
Income Type	Carrying Value				Income
	(In millions)
Wholly-owned real estate:
Leased real estate	$	1,610	$	1,618	$	41	$	50	$	83	$	104
Other real estate	490		487		83		66		129		96
Real estate joint ventures	6,393		6,311		(7)		122		(43)		232
Total real estate and real estate joint ventures	$	8,493	$	8,416	$	117	$	238	$	169	$	432

The carrying value of wholly-owned real estate acquired through foreclosure was $185 million and $179 million at June 30, 2023 and December 31, 2022, respectively. Depreciation expense on real estate investments was $22 million for both the three months ended June 30, 2023 and 2022, and $42 million for both the six months ended June 30, 2023 and 2022. Real estate investments were net of accumulated depreciation of $608 million and $566 million at June 30, 2023 and December 31, 2022, respectively.

Leases

Leased Real Estate Investments - Operating Leases

The Company, as lessor, leases investment real estate, principally commercial real estate for office, apartment 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 2022 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 rail cars, commercial real estate and renewable energy generation facilities, 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 nine years, but in certain circumstances can be over nine years, while the payment periods for direct financing leases generally range from one to 11 years.

67

Metropolitan Life Insurance Company

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

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

9. Investments (continued)

The Company records an allowance for expected lifetime credit loss in earnings within 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 $724 million and $122 million, respectively, at June 30, 2023 and $731 million and $127 million, respectively, at December 31, 2022. The ACL for leveraged and direct financing leases was $12 million and $19 million at June 30, 2023 and December 31, 2022, respectively.

Other Invested Assets

See Note 1 of the Notes to the Consolidated Financial Statements included in the 2022 Annual Report for further information about Other Invested Assets, which includes securities accounted for under the FVO 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 certain mutual funds. FVO Securities includes fixed maturity and equity securities to support asset and liability management strategies for certain insurance products and investments in certain separate accounts.

	June 30, 2023						December 31, 2022
	Cost		Net Unrealized Gains (Losses) (1)		Estimated Fair Value		Cost		Net Unrealized Gains (Losses) (1)		Estimated Fair Value
Security Type
			(In millions)
FVO Securities	$	643	$	294	$	937	$	673	$	171	$	844
Equity securities
Common stock	$	121	$	47	$	168	$	119	$	47	$	166
Non-redeemable preferred stock	49		1		50		77		(3)		74
Total equity securities	$	170	$	48	$	218	$	196	$	44	$	240

__________________

(1)Represents cumulative changes in estimated fair value, recognized in earnings, and not in 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 $2.1 billion and $6.6 billion, principally at estimated fair value, at June 30, 2023 and December 31, 2022, respectively.

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, 2023 and December 31, 2022.

68

Metropolitan Life Insurance Company

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

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

9. 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 were as follows:

	June 30, 2023						December 31, 2022
	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	$	6,047	$	6,148	$	5,998	$	6,601	$	6,773	$	6,625
Repurchase agreements	$	3,176	$	3,100	$	3,024	$	3,176	$	3,125	$	3,057

__________________

(1)These securities were included within fixed maturity securities AFS and short-term investments at both June 30, 2023 and December 31, 2022.

(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, 2023										December 31, 2022
	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	$	976	$	2,450	$	2,722	$	—	$	6,148	$	935	$	4,233	$	1,605	$	—	$	6,773
Repurchase agreements:
U.S. government and agency	$	—	$	3,100	$	—	$	—	$	3,100	$	—	$	3,125	$	—	$	—	$	3,125

__________________

(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,

69

Metropolitan Life Insurance Company

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

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

9. Investments (continued)

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

	June 30, 2023		December 31, 2022
	(In millions)
Invested assets on deposit (regulatory deposits)	$	102	$	98
Invested assets pledged as collateral (1)	21,723		20,612
Total invested assets on deposit and pledged as collateral	$	21,825	$	20,710

__________________

(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 2022 Annual Report) and derivative transactions (see Note 10).

See “— Securities Lending Transactions and Repurchase Agreements” for information regarding securities supporting securities lending transactions and repurchase agreements, Note 8 for information regarding investments designated to the closed block and Note 1 for investments to be disposed of in a pending reinsurance transaction. In addition, the Company’s investment in Federal Home Loan Bank of New York common stock, included within other invested assets, which is considered restricted until redeemed by the issuer, was $668 million and $659 million, at redemption value, at June 30, 2023 and December 31, 2022, 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, 2023				December 31, 2022
Asset Type	Total Assets		Total Liabilities		Total Assets		Total Liabilities
	(In millions)
Real estate joint ventures	$	1,329	$	—	$	1,357	$	—
Mortgage loan joint ventures	159		—		147		—
Investment funds (primarily other invested assets)	100		1		98		—
Renewable energy partnership (primarily other invested assets)	68		—		76		—
Total	$	1,656	$	1	$	1,678	$	—

70

Metropolitan Life Insurance Company

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

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

9. 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, 2023				December 31, 2022
Asset Type	Carrying Amount		Maximum Exposure to Loss (1)		Carrying Amount		Maximum Exposure to Loss (1)
	(In millions)
Fixed maturity securities AFS (2)	$	37,047	$	37,047	$	35,813	$	35,813
Other limited partnership interests	7,391		9,647		7,299		9,716
Other invested assets	1,331		1,432		1,342		1,509
Real estate joint ventures	128		291		86		88
Total	$	45,897	$	48,417	$	44,540	$	47,126

__________________

(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 (“OLPI”) and real estate joint ventures (“REJV”) 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. 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 16, 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, 2023 or 2022.

71

Metropolitan Life Insurance Company

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

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

9. 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	2023		2022		2023		2022
	(In millions)
Fixed maturity securities AFS	$	1,897	$	1,543	$	3,743	$	3,044
Equity securities	4		1		5		2
Mortgage loans	829		605		1,619		1,218
Policy loans	75		72		148		144
Real estate and REJV	117		238		169		432
OLPI	91		64		92		597
Cash, cash equivalents and short-term investments	89		11		173		15
FVO Securities	46		(113)		96		(142)
Operating joint venture	7		26		21		42
Other	46		185		125		254
Subtotal investment income	3,201		2,632		6,191		5,606
Less: Investment expenses	328		190		633		338
Net investment income	$	2,873	$	2,442	$	5,558	$	5,268
Net Investment Income (“NII”) Information
Net realized and unrealized gains (losses) recognized in NII:
Net realized gains (losses) from sales and disposals	$	—	$	(4)	$	—	$	(4)
Net unrealized gains (losses) from changes in estimated fair value (primarily FVO Securities and REJV)	76		(75)		134		(57)
Net realized and unrealized gains (losses) recognized in NII	$	76	$	(79)	$	134	$	(61)
Changes in estimated fair value subsequent to purchase of FVO Securities still held at the end of the respective periods and recognized in NII	$	45	$	(114)	$	92	$	(147)
Equity method investments NII (primarily REJV, OLPI, tax credit and renewable energy partnerships and an operating joint venture)	$	65	$	188	$	27	$	805

72

Metropolitan Life Insurance Company

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

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

9. 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		2023		2022		2023		2022
	(In millions)
Fixed maturity securities AFS (1)		$	(746)	$	(356)	$	(694)	$	(658)
Equity securities		7		1		2		4
Mortgage loans (1)		33		(13)		(116)		10
Real estate and REJV (excluding changes in estimated fair value)		62		159		64		163
OLPI (excluding changes in estimated fair value)		2		2		9		5
Other gains (losses)		8		49		14		66
Subtotal		(634)		(158)		(721)		(410)
Change in estimated fair value of OLPI and REJV		1		—		(4)		6
Non-investment portfolio gains (losses)		(26)		75		(36)		95
Subtotal		(25)		75		(40)		101
Net investment gains (losses)		$	(659)	$	(83)	$	(761)	$	(309)
Transaction Type
Realized gains (losses) on investments sold or disposed		$	(3)	$	(183)	$	80	$	(331)
Impairment (losses) (1)		(684)		—		(690)		(33)
Recognized gains (losses):
Change in allowance for credit loss recognized in earnings		47		29		(115)		(51)
Unrealized net gains (losses) recognized in earnings		7		(4)		—		11
Total recognized gains (losses)		54		25		(115)		(40)
Non-investment portfolio gains (losses)		(26)		75		(36)		95
Net investment gains (losses)		$	(659)	$	(83)	$	(761)	$	(309)
Net Investment Gains (Losses) (“NIGL”) Information
Changes in estimated fair value subsequent to purchase of equity securities still held at the end of the respective periods and recognized in NIGL		$	8	$	(1)	$	5	$	5
Other gains (losses) include:
Gains (losses) on disposed investments which were previously in a qualified cash flow hedge relationship		$	(27)	$	52	$	(25)	$	70
Foreign currency gains (losses)		$	(36)	$	54	$	(51)	$	66
Net Realized Investment Gains (Losses) From Sales and Disposals of Investments:
Recognized in NIGL		$	(3)	$	(183)	$	80	$	(331)
Recognized in NII		—		(4)		—		(4)
Net realized investment gains (losses) from sales and disposals of investments		$	(3)	$	(187)	$	80	$	(335)

__________________

(1) Includes ($654) million and ($23) million of impairments for fixed maturity securities AFS and the lower of amortized cost or estimated fair value adjustments for mortgage loans, respectively, during the three months ended June 30, 2023, for investments to be disposed of in a pending reinsurance transaction. See Note 1.

73

Metropolitan Life Insurance Company

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

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

9. 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	2023		2022		2023		2022
	(In millions)
Proceeds	$	3,291	$	12,499	$	11,713	$	19,988
Gross investment gains	$	27	$	45	$	266	$	70
Gross investment (losses)	(102)		(432)		(262)		(623)
Realized gains (losses) on sales and disposals	(75)		(387)		4		(553)
Net credit loss (provision) release (change in ACL recognized in earnings)	(10)		31		(31)		(72)
Impairment (losses)	(661)		—		(667)		(33)
Net credit loss (provision) release and impairment (losses)	(671)		31		(698)		(105)
Net investment gains (losses)	$	(746)	$	(356)	$	(694)	$	(658)
Equity Securities
Realized gains (losses) on sales and disposals	$	—	$	3	$	(2)	$	(4)
Unrealized net gains (losses) recognized in earnings	7		(2)		4		8
Net investment gains (losses)	$	7	$	1	$	2	$	4

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,
	2023		2022		2023		2022
	(In millions)
Estimated fair value of invested assets transferred to affiliates	$	4	$	—	$	4	$	189
Amortized cost of invested assets transferred to affiliates	$	4	$	—	$	4	$	191
Net investment gains (losses) recognized on transfers	$	—	$	—	$	—	$	(2)
Estimated fair value of invested assets transferred from affiliates	$	645	$	9	$	1,160	$	266

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

		June 30, 2023		December 31, 2022		Three Months   Ended   June 30,				Six Months Ended June 30,
						2023		2022		2023		2022
Investment Type/ Balance Sheet Category	Related Party	Carrying Value				Net Investment Income
		(In millions)
Affiliated investments (1)	MetLife, Inc.	$	1,102	$	1,207	$	5	$	4	$	10	$	10
Affiliated investments (2)	American Life Insurance Company	—		100		1		1		1		1
Other invested assets		$	1,102	$	1,307	$	6	$	5	$	11	$	11

________________

(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%. In July 2023, ¥37.3 billion (the equivalent of $258 million) of 1.60% affiliated senior unsecured notes matured and were refinanced with ¥37.3 billion 2.16% affiliated senior unsecured notes due July 2030. See Note 7 of the Notes to the Consolidated Financial Statements included in the 2022 Annual Report for further information.

(2)Represents an affiliated surplus note which was prepaid in June 2023. The surplus note had an original maturity date in June 2025 and bore interest, payable semi-annually, at a rate per annum of 1.88%.

The Company incurred investment advisory charges from an affiliate of $69 million and $137 million for the three months and six months ended June 30, 2023, respectively, and $68 million and $136 million for the three months and six months ended June 30, 2022, respectively.

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

See “— Related Party Reinsurance Transactions” in Note 17 for information about affiliated funds withheld.

10. Derivatives

Accounting for Derivatives

See Note 1 of the Notes to the Consolidated Financial Statements included in the 2022 Annual Report for a description of the Company’s accounting policies for derivatives and Note 11 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 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 2022 Annual Report.

74

Metropolitan Life Insurance Company

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

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

10. 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, 2023						December 31, 2022
	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	$	3,973	$	1,310	$	472	$	4,036	$	1,353	$	443
Foreign currency swaps	Foreign currency exchange rate	1,459		65		—		565		74		—
Subtotal		5,432		1,375		472		4,601		1,427		443
Cash flow hedges:
Interest rate swaps	Interest rate	3,739		10		218		3,739		7		239
Interest rate forwards	Interest rate	1,687		—		292		2,227		—		404
Foreign currency swaps	Foreign currency exchange rate	29,766		2,392		907		29,290		2,453		1,364
Subtotal		35,192		2,402		1,417		35,256		2,460		2,007
Total qualifying hedges		40,624		3,777		1,889		39,857		3,887		2,450
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swaps	Interest rate	14,627		1,479		689		15,358		1,579		704
Interest rate floors	Interest rate	18,246		50		—		23,371		114		—
Interest rate caps	Interest rate	41,040		749		—		46,666		903		—
Interest rate futures	Interest rate	58		—		—		414		—		1
Interest rate options	Interest rate	38,636		275		9		39,712		434		36
Synthetic GICs	Interest rate	10,629		—		—		13,044		—		—
Foreign currency swaps	Foreign currency exchange rate	4,555		583		25		4,739		720		5
Foreign currency forwards	Foreign currency exchange rate	1,118		9		6		1,328		16		25
Credit default swaps — purchased	Credit	804		7		5		843		16		—
Credit default swaps — written	Credit	10,910		161		12		9,074		113		26
Equity futures	Equity market	1,214		2		13		1,063		2		—
Equity index options	Equity market	17,069		396		197		14,143		585		179
Equity variance swaps	Equity market	90		4		—		90		4		—
Equity total return swaps	Equity market	1,980		—		88		1,922		23		103
Total non-designated or nonqualifying derivatives		160,976		3,715		1,044		171,767		4,509		1,079
Total		$	201,600	$	7,492	$	2,933	$	211,624	$	8,396	$	3,529

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, 2023 and December 31, 2022. 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 MRBs that do not qualify for hedge accounting because the changes in estimated fair value of the MRBs 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.

75

Metropolitan Life Insurance Company

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

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

10. 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, 2023
	Net Investment Income		Net Investment Gains (Losses)		Net Derivative Gains (Losses)		Policyholder Benefits and Claims		Interest Credited to Policyholder Account Balances		Other Comprehensive Income (Loss)
	(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)	$	—	$	—	$	—	$	(135)	$	(32)	N/A
Hedged items	(1)		—		—		121		31		N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)	(6)		—		—		—		13		N/A
Hedged items	5		—		—		—		(11)		N/A
Subtotal	(2)		—		—		(14)		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		$	(156)
Amount of gains (losses) reclassified from AOCI into income	13		55		—		—		—		(68)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		56
Amount of gains (losses) reclassified from AOCI into income	1		310		—		—		—		(311)
Foreign currency transaction gains (losses) on hedged items	—		(293)		—		—		—		—
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		(1)
Amount of gains (losses) reclassified from AOCI into income	—		—		—		—		—		—
Subtotal	14		72		—		—		—		(480)
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)	—		—		(336)		—		—		N/A
Foreign currency exchange rate derivatives (1)	—		—		(44)		—		—		N/A
Credit derivatives — purchased (1)	—		—		(8)		—		—		N/A
Credit derivatives — written (1)	—		—		60		—		—		N/A
Equity derivatives (1)	(36)		—		(348)		—		—		N/A
Foreign currency transaction gains (losses) on hedged items	—		—		39		—		—		N/A
Subtotal	(36)		—		(637)		—		—		N/A
Earned income on derivatives	39		—		189		3		(34)		—
Synthetic GICs	N/A		N/A		4		N/A		N/A		N/A
Embedded derivatives	N/A		N/A		212		—		N/A		N/A
Total	$	15	$	72	$	(232)	$	(11)	$	(33)	$	(480)

76

Metropolitan Life Insurance Company

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

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

10. Derivatives (continued)

	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		Other Comprehensive Income (Loss)
	(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)	$	2	$	—	$	—	$	(323)	$	(82)	N/A
Hedged items	(4)		—		—		306		78		N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)	59		—		—		—		—		N/A
Hedged items	(58)		—		—		—		—		N/A
Subtotal	(1)		—		—		(17)		(4)		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		—		—		—		—
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		—
Amount of gains (losses) reclassified from AOCI into income	—		—		—		—		—		—
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		—		637		—		—		N/A
Foreign currency transaction gains (losses) on hedged items	—		—		(179)		—		—		N/A
Subtotal	39		—		(155)		—		—		N/A
Earned income on derivatives	140		—		126		35		(29)		—
Synthetic GICs	N/A		N/A		—		N/A		N/A		N/A
Embedded derivatives	N/A		N/A		615		—		N/A		N/A
Total	$	194	$	45	$	586	$	18	$	(33)	$	390

77

Metropolitan Life Insurance Company

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

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

10. Derivatives (continued)

	Six Months Ended June 30, 2023
	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)	$	(1)	$	—	$	—	$	(9)	$	—	N/A
Hedged items	—		—		—		(5)		(1)		N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)	(22)		—		—		—		13		N/A
Hedged items	21		—		—		—		(11)		N/A
Subtotal	(2)		—		—		(14)		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		$	44
Amount of gains (losses) reclassified from AOCI into income	27		57		—		—		—		(84)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		15
Amount of gains (losses) reclassified from AOCI into income	2		439		—		—		—		(441)
Foreign currency transaction gains (losses) on hedged items	—		(417)		—		—		—		—
Credit derivatives (1):
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		(1)
Amount of gains (losses) reclassified from AOCI into income	—		—		—		—		—		—
Subtotal	29		79		—		—		—		(467)
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)	—		—		(397)		—		—		N/A
Foreign currency exchange rate derivatives (1)	—		—		(139)		—		—		N/A
Credit derivatives — purchased (1)	—		—		(17)		—		—		N/A
Credit derivatives — written (1)	—		—		66		—		—		N/A
Equity derivatives (1)	(42)		—		(751)		—		—		N/A
Foreign currency transaction gains (losses) on hedged items	—		—		71		—		—		N/A
Subtotal	(42)		—		(1,167)		—		—		N/A
Earned income on derivatives	82		—		434		8		(67)		—
Synthetic GICs	N/A		N/A		9		N/A		N/A		N/A
Embedded derivatives	N/A		N/A		(68)		—		N/A		N/A
Total	$	67	$	79	$	(792)	$	(6)	$	(66)	$	(467)

78

Metropolitan Life Insurance Company

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

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

10. 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	$	—	$	—	$	(696)	$	(158)	N/A
Hedged items	(8)		—		—		663		153		N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)	90		—		—		—		—		N/A
Hedged items	(87)		—		—		—		—		N/A
Subtotal	1		—		—		(33)		(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		$	(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		—		—		—		—
Credit derivatives (1):
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		—
Amount of gains (losses) reclassified from AOCI into income	—		—		—		—		—		—
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		—		819		—		—		N/A
Foreign currency transaction gains (losses) on hedged items	—		—		(242)		—		—		N/A
Subtotal	34		—		(649)		—		—		N/A
Earned income on derivatives	225		—		263		76		(55)		—
Synthetic GICs	N/A		N/A		—		N/A		N/A		N/A
Embedded derivatives	N/A		N/A		1,093		—		N/A		N/A
Total	$	293	$	58	$	707	$	43	$	(60)	$	42

__________________

(1)Excludes earned income on derivatives.

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.

79

Metropolitan Life Insurance Company

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

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

10. Derivatives (continued)

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, 2023		December 31, 2022		June 30, 2023		December 31, 2022
	(In millions)
Fixed maturity securities AFS	$	164	$	247	$	1	$	1
Mortgage loans	$	322	$	319	$	(20)	$	(18)
Future policy benefits	$	(2,901)	$	(2,816)	$	204	$	200
Policyholder account balances	$	(1,817)	$	(1,735)	$	43	$	80

__________________

(1)Includes ($124) million and ($136) million of hedging adjustments on discontinued hedging relationships at June 30, 2023 and December 31, 2022, 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 $19 million and $20 million for the three months and six months ended June 30, 2023, respectively, and $4 million for both the three months and six months ended June 30, 2022.

At both June 30, 2023 and December 31, 2022, 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 six years.

At June 30, 2023 and December 31, 2022, the balance in AOCI associated with cash flow hedges was $1.5 billion and $2.0 billion, respectively.

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

At June 30, 2023, the Company expected to reclassify $150 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.

80

Metropolitan Life Insurance Company

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

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

10. 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, 2023					December 31, 2022
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	1.0	$	1	$	10	1.5
Credit default swaps referencing indices	84		4,351		2.9	79		4,251		3.4
Subtotal	84		4,361		2.9	80		4,261		3.4
Baa
Single name credit default swaps (3)	1		40		2.0	—		40		2.5
Credit default swaps referencing indices	66		6,359		5.2	13		4,598		5.9
Subtotal	67		6,399		5.2	13		4,638		5.8
Ba
Single name credit default swaps (3)	—		20		0.5	1		45		0.7
Credit default swaps referencing indices	2		25		3.5	2		25		4.0
Subtotal	2		45		2.1	3		70		1.9
B
Credit default swaps referencing indices	3		75		5.0	1		75		4.5
Subtotal	3		75		5.0	1		75		4.5
Caa
Credit default swaps referencing indices	(7)		30		3.0	(10)		30		3.5
Subtotal	(7)		30		3.0	(10)		30		3.5
Total	$	149	$	10,910	4.2	$	87	$	9,074	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 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.

81

Metropolitan Life Insurance Company

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

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

10. 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 over-the-counter bilateral (“OTC-bilateral”), contracts between two counterparties, 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 the Dodd-Frank Wall Street Reform and Consumer Protection Act) 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, the Company is required to pledge initial margin for certain new OTC-bilateral derivative transactions to third party custodians.

The Company’s over-the-counter cleared (“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 11 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, 2023				December 31, 2022
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)	$	7,530	$	2,975	$	8,456	$	3,499
OTC-cleared (1)	88		9		57		29
Exchange-traded	2		13		2		1
Total gross estimated fair value of derivatives presented on the interim condensed consolidated balance sheets (1)	7,620		2,997		8,515		3,529
Gross amounts not offset on the interim condensed consolidated balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral	(2,685)		(2,685)		(3,317)		(3,317)
OTC-cleared	(6)		(6)		(14)		(14)
Exchange-traded	(2)		(2)		—		—
Cash collateral: (3), (4)
OTC-bilateral	(3,140)		—		(4,044)		—
OTC-cleared	(63)		—		(18)		(1)
Securities collateral: (5)
OTC-bilateral	(1,637)		(290)		(1,078)		(182)
OTC-cleared	—		(3)		—		(14)
Exchange-traded	—		(11)		—		(1)
Net amount after application of master netting agreements and collateral	$	87	$	—	$	44	$	—

__________________

(1)At June 30, 2023 and December 31, 2022, derivative assets included income (expense) accruals reported in accrued investment income or in other liabilities of $128 million and $119 million, respectively, and derivative liabilities included (income) expense accruals reported in accrued investment income or in other liabilities of $64 million and $0, respectively.

82

Metropolitan Life Insurance Company

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

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

10. Derivatives (continued)

(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, 2023 and December 31, 2022, the Company received excess cash collateral of $244 million and $210 million, respectively, and provided excess cash collateral of $0 and $1 million, respectively.

(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, 2023, 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, 2023 and December 31, 2022, the Company received excess securities collateral with an estimated fair value of $377 million and $366 million, respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At June 30, 2023 and December 31, 2022, the Company provided excess securities collateral with an estimated fair value of $944 million and $934 million, respectively, for its OTC-bilateral derivatives, $488 million and $442 million, respectively, for its OTC-cleared derivatives, and $55 million and $96 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, 2023		December 31, 2022
	(In millions)
Estimated fair value of derivatives in a net liability position (1)	$	290	$	182
Estimated fair value of collateral provided:
Fixed maturity securities AFS	$	553	$	221

__________________

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

83

Metropolitan Life Insurance Company

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

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

10. 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, 2023		December 31, 2022
		(In millions)
Embedded derivatives within asset host contracts:
Assumed on affiliated reinsurance	Other invested assets	$	171	$	149
Funds withheld on affiliated reinsurance	Other invested assets	(9)		—
Total		$	162	$	149
Embedded derivatives within liability host contracts:
Funds withheld on affiliated reinsurance	Other liabilities	(371)		(450)
Fixed annuities with equity indexed returns	Policyholder account balances	155		141
Total		$	(216)	$	(309)

84

Metropolitan Life Insurance Company

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

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

11. 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, 2023
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total  Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities AFS:
U.S. corporate	$	—	$	44,499	$	8,539	$	53,038
Foreign corporate	—		17,114		7,477		24,591
U.S. government and agency	8,561		13,370		—		21,931
RMBS	4		18,422		1,459		19,885
ABS & CLO	—		10,413		1,652		12,065
Municipals	—		7,648		4		7,652
CMBS	—		5,994		298		6,292
Foreign government	—		3,601		17		3,618
Total fixed maturity securities AFS	8,565		121,061		19,446		149,072
Short-term investments	3,305		134		17		3,456
Other investments	258		191		1,115		1,564
Derivative assets: (1)
Interest rate	—		3,873		—		3,873
Foreign currency exchange rate	—		3,049		—		3,049
Credit	—		161		7		168
Equity market	2		393		7		402
Total derivative assets	2		7,476		14		7,492
Embedded derivatives within asset host contracts (4)	—		—		162		162
Market risk benefits	—		—		163		163
Separate account assets (2)	14,036		69,819		1,055		84,910
Total assets (3)	$	26,166	$	198,681	$	21,972	$	246,819
Liabilities
Derivative liabilities: (1)
Interest rate	$	—	$	1,388	$	292	$	1,680
Foreign currency exchange rate	—		938		—		938
Credit	—		17		—		17
Equity market	13		285		—		298
Total derivative liabilities	13		2,628		292		2,933
Embedded derivatives within liability host contracts (4)	—		—		(216)		(216)
Market risk benefits	—		—		2,942		2,942
Separate account liabilities (2)	7		3		1		11
Total liabilities	$	20	$	2,631	$	3,019	$	5,670

85

Metropolitan Life Insurance Company

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

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

11. Fair Value (continued)

	December 31, 2022
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities AFS:
U.S. corporate	$	—	$	43,147	$	7,943	$	51,090
Foreign corporate	—		17,203		6,790		23,993
U.S. government and agency	9,126		13,232		—		22,358
RMBS	4		17,804		1,525		19,333
ABS & CLO	—		10,329		1,507		11,836
Municipals	—		7,464		—		7,464
CMBS	—		5,702		341		6,043
Foreign government	—		3,444		15		3,459
Total fixed maturity securities AFS	9,130		118,325		18,121		145,576
Short-term investments	2,677		35		47		2,759
Other investments	246		212		1,022		1,480
Derivative assets: (1)
Interest rate	—		4,390		—		4,390
Foreign currency exchange rate	—		3,263		—		3,263
Credit	—		47		82		129
Equity market	2		605		7		614
Total derivative assets	2		8,305		89		8,396
Embedded derivatives within asset host contracts (4)	—		—		149		149
Market risk benefits	—		—		174		174
Separate account assets (2)	16,206		72,022		1,013		89,241
Total assets (3)	$	28,261	$	198,899	$	20,615	$	247,775
Liabilities
Derivative liabilities: (1)
Interest rate	$	1	$	1,421	$	405	$	1,827
Foreign currency exchange rate	—		1,394		—		1,394
Credit	—		11		15		26
Equity market	—		282		—		282
Total derivative liabilities	1		3,108		420		3,529
Embedded derivatives within liability host contracts (4)	—		—		(309)		(309)
Market risk benefits	—		—		3,270		3,270
Separate account liabilities (2)	8		15		18		41
Total liabilities	$	9	$	3,123	$	3,399	$	6,531

__________________

(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.

86

Metropolitan Life Insurance Company

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

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

11. 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 both June 30, 2023 and December 31, 2022, the estimated fair value of such investments was $61 million.

(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 PABs 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.

87

Metropolitan Life Insurance Company

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

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

11. 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

88

Metropolitan Life Insurance Company

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

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

11. 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.
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. With respect to certain OTC-bilateral and OTC-cleared derivatives, management 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.

89

Metropolitan Life Insurance Company

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

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

11. 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 is 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).

90

Metropolitan Life Insurance Company

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

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

11. Fair Value (continued)

Embedded Derivatives

Embedded derivatives principally include equity-indexed annuity contracts 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 estimated fair value of the embedded derivatives within funds withheld related to certain ceded reinsurance and experience refund related to certain assumed 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 reinsurance 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 and other invested assets 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 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.

Market Risk Benefits

See Note 5 for information on the Company’s valuation approaches and key inputs for MRBs.

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.

91

Metropolitan Life Insurance Company

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

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

11. 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, 2023				December 31, 2022				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)	17	-	128	91	—	-	126	89	Increase
	•	Market pricing	•	Quoted prices (4)	5	-	104	92	20	-	107	92	Increase
RMBS	•	Market pricing	•	Quoted prices (4)	—	-	109	93	—	-	106	93	Increase (5)
ABS & CLO	•	Market pricing	•	Quoted prices (4)	75	-	101	92	74	-	101	91	Increase (5)
Derivatives
Interest rate	•	Present value techniques	•	Swap yield (6)	360	-	380	371	372	-	392	381	Increase (7)
Credit	•	Present value techniques	•	Credit spreads (8)	—	-	—	—	84	-	138	101	Decrease (7)
	•	Consensus pricing	•	Offered quotes (9)
Market Risk Benefits
Direct and assumed guaranteed minimum benefits	•	Option pricing techniques	•	Mortality rates:
				Ages 0 - 40	0.01%	-	0.13%	0.05%	0.01%	-	0.08%	0.05%	(10)
				Ages 41 - 60	0.05%	-	0.67%	0.20%	0.05%	-	0.43%	0.20%	(10)
				Ages 61 - 115	0.34%	-	100%	1.44%	0.34%	-	100%	1.44%	(10)
			•	Lapse rates:
				Durations 1 - 10	0.50%	-	32.80%	8.96%	0.50%	-	37.50%	8.96%	Decrease (11)
				Durations 11 - 20	0.70%	-	18.20%	6.52%	0.70%	-	35.75%	6.52%	Decrease (11)
				Durations 21 - 116	0.75%	-	10%	2.89%	1.60%	-	35.75%	2.89%	Decrease (11)
			•	Utilization rates	0.20%	-	22%	0.38%	0.20%	-	22%	0.38%	Increase (12)
			•	Withdrawal rates	0.25%	-	7%	4.02%	0.25%	-	10%	4.02%	(13)
			•	Long-term equity volatilities	16.46%	-	22.01%	18.49%	16.46%	-	22.01%	18.49%	Increase (14)
			•	Nonperformance risk spread	0.44%	-	0.84%	0.75%	0.34%	-	0.74%	0.75%	Decrease (15)

__________________

(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 MRBs 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 MRBs, 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.

92

Metropolitan Life Insurance Company

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

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

11. Fair Value (continued)

(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)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.

(9)At both June 30, 2023 and December 31, 2022, independent non-binding broker quotations were used in the determination of 1% or less of the total net derivative estimated fair value.

(10)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 MRBs. For contracts that contain only a GMDB, any increase (decrease) in mortality rates result in an increase (decrease) in the estimated fair value of MRBs. Generally, for contracts that contain both a GMDB and a living benefit (e.g., GMIB, GMWB, GMAB), any increase (decrease) in mortality rates result in a decrease (increase) in the estimated fair value of MRBs.

(11)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 MRBs.

(12)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 MRBs.

(13)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 MRB. 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.

(14)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 MRBs.

(15)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 MRBs.

All other classes of securities classified within Level 3, including those within Other investments, Separate account assets, and Embedded derivatives within funds withheld related to certain ceded reinsurance, use the same valuation techniques and significant unobservable inputs as previously described for Level 3 securities. Generally, all other classes of assets and liabilities classified within Level 3 that are not included above 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 valuation techniques and significant unobservable inputs used in the fair value measurement for the more significant assets measured at estimated fair value on a nonrecurring basis and determined using significant unobservable inputs (Level 3) are summarized in “— Nonrecurring Fair Value Measurements.”

93

Metropolitan Life Insurance Company

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

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

11. 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		Municipals		Foreign Government		Short-term Investments
	(In millions)
Three Months Ended June 30, 2023
Balance, beginning of period	$	15,717	$	3,501	$	—	$	15	$	57
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(11)		7		—		(1)		—
Total realized/unrealized gains (losses) included in AOCI	(101)		(20)		—		3		(1)
Purchases (3)	808		67		4		—		5
Sales (3)	(393)		(86)		—		—		(44)
Issuances (3)	—		—		—		—		—
Settlements (3)	—		—		—		—		—
Transfers into Level 3 (4)	125		34		—		—		—
Transfers out of Level 3 (4)	(129)		(94)		—		—		—
Balance, end of period	$	16,016	$	3,409	$	4	$	17	$	17
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
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2023 (5)	$	(10)	$	8	$	—	$	(1)	$	—
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 AOCI for the instruments still held at June 30, 2023 (5)	$	(110)	$	(21)	$	—	$	3	$	(1)
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2022 (5)	$	(1,495)	$	(139)	$	—	$	4	$	—

94

Metropolitan Life Insurance Company

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

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

11. 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, 2023
Balance, beginning of period	$	—	$	1,052	$	(271)	$	168	$	1,000
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	—		63		(12)		212		(10)
Total realized/unrealized gains (losses) included in AOCI	—		—		(39)		—		—
Purchases (3)	—		—		—		—		72
Sales (3)	—		—		—		—		(20)
Issuances (3)	—		—		—		—		—
Settlements (3)	—		—		44		(2)		—
Transfers into Level 3 (4)	—		—		—		—		12
Transfers out of Level 3 (4)	—		—		—		—		—
Balance, end of period	$	—	$	1,115	$	(278)	$	378	$	1,054
Three Months Ended June 30, 2022
Balance, beginning of period	$	119	$	1,123	$	29	$	(722)	$	1,931
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(5)		(64)		(88)		615		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		26		6
Transfers into Level 3 (4)	—		—		—		—		—
Transfers out of Level 3 (4)	—		(100)		—		—		—
Balance, end of period	$	109	$	961	$	(103)	$	(81)	$	1,029
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2023 (5)	$	—	$	64	$	1	$	212	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2022 (5)	$	(5)	$	(64)	$	(87)	$	615	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2023 (5)	$	—	$	—	$	(48)	$	—	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2022 (5)	$	—	$	—	$	(199)	$	—	$	—

95

Metropolitan Life Insurance Company

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

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

11. Fair Value (continued)

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities AFS
	Corporate (6)		Structured Products		Municipals		Foreign Government		Short-term Investments
	(In millions)
Six Months Ended June 30, 2023
Balance, beginning of period	$	14,733	$	3,373	$	—	$	15	$	47
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(18)		1		—		(1)		—
Total realized/unrealized gains (losses) included in  AOCI	285		—		—		2		—
Purchases (3)	2,015		153		4		2		17
Sales (3)	(848)		(175)		—		(1)		(47)
Issuances (3)	—		—		—		—		—
Settlements (3)	—		—		—		—		—
Transfers into Level 3 (4)	280		103		—		—		—
Transfers out of Level 3 (4)	(431)		(46)		—		—		—
Balance, end of period	$	16,016	$	3,409	$	4	$	17	$	17
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
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2023 (5)	$	(17)	$	9	$	—	$	(1)	$	—
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 AOCI for the instruments still held at June 30, 2023 (5)	$	272	$	(4)	$	—	$	1	$	(1)
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2022 (5)	$	(2,618)	$	(300)	$	—	$	7	$	—

96

Metropolitan Life Insurance Company

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

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

11. 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, 2023
Balance, beginning of period	$	—	$	1,022	$	(331)	$	458	$	995
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	—		91		(27)		(68)		(18)
Total realized/unrealized gains (losses) included in  AOCI	—		—		43		—		—
Purchases (3)	—		2		—		—		170
Sales (3)	—		—		—		—		(109)
Issuances (3)	—		—		—		—		—
Settlements (3)	—		—		98		(12)		1
Transfers into Level 3 (4)	—		—		—		—		15
Transfers out of Level 3 (4)	—		—		(61)		—		—
Balance, end of period	$	—	$	1,115	$	(278)	$	378	$	1,054
Six Months Ended June 30, 2022
Balance, beginning of period	$	127	$	894	$	86	$	(1,236)	$	1,958
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(9)		(19)		(22)		1,093		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		62		4
Transfers into Level 3 (4)	—		3		—		—		1
Transfers out of Level 3 (4)	—		(102)		—		—		(4)
Balance, end of period	$	109	$	961	$	(103)	$	(81)	$	1,029
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2023 (5)	$	—	$	93	$	2	$	(68)	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2022 (5)	$	(9)	$	(22)	$	(21)	$	1,093	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2023 (5)	$	—	$	—	$	7	$	—	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2022 (5)	$	—	$	—	$	(394)	$	—	$	—

__________________

(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.

97

Metropolitan Life Insurance Company

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

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

11. 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.

Nonrecurring Fair Value Measurements

The following table presents information for assets measured at estimated fair value on a nonrecurring basis during the periods and still held at the reporting dates (for example, when there is evidence of impairment), using significant unobservable inputs (Level 3).

	June 30, 2023		December 31, 2022
	(in millions)
Carrying value after measurement
Mortgage loans (1)	$	278	$	222

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(in millions)
Realized gains (losses) net:
Mortgage loans (1)	$	(31)	$	(24)	$	(105)	$	(15)

__________________

(1)Estimated fair values for impaired mortgage loans are based on the underlying collateral or discounted cash flows. See Note 9.

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.

98

Metropolitan Life Insurance Company

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

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

11. 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, 2023
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans (1)	$	63,811	$	—	$	—	$	60,000	$	60,000
Policy loans	$	5,692	$	—	$	—	$	6,107	$	6,107
Other invested assets	$	1,782	$	—	$	1,806	$	—	$	1,806
Premiums, reinsurance and other receivables	$	11,967	$	—	$	487	$	11,729	$	12,216
Liabilities
Policyholder account balances	$	87,765	$	—	$	—	$	84,948	$	84,948
Long-term debt	$	1,885	$	—	$	1,934	$	—	$	1,934
Other liabilities	$	12,125	$	—	$	518	$	11,583	$	12,101
Separate account liabilities	$	31,904	$	—	$	31,904	$	—	$	31,904

	December 31, 2022
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans (1)	$	62,570	$	—	$	—	$	58,858	$	58,858
Policy loans	$	5,729	$	—	$	—	$	6,143	$	6,143
Other invested assets	$	1,978	$	—	$	1,979	$	—	$	1,979
Premiums, reinsurance and other receivables	$	12,036	$	—	$	454	$	11,826	$	12,280
Liabilities
Policyholder account balances	$	85,957	$	—	$	—	$	83,594	$	83,594
Long-term debt	$	1,676	$	—	$	1,758	$	—	$	1,758
Other liabilities	$	12,546	$	—	$	671	$	11,842	$	12,513
Separate account liabilities	$	38,391	$	—	$	38,391	$	—	$	38,391

_________________

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

99

Metropolitan Life Insurance Company

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

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

12. Long-term Debt

Other Notes

In March 2023, Missouri Reinsurance, Inc., a wholly-owned subsidiary of the Company, borrowed funds from MetLife, Inc. under a term loan agreement, interest on which is payable semi-annually. The terms of the promissory notes are as follows:

•$80 million 5.34% fixed rate due March 2028;

•$80 million 5.68% fixed rate due March 2033; and

•$50 million 6.05% fixed rate due March 2038.

Credit Facility

In May 2023, MetLife, Inc. and MetLife Funding, Inc., a wholly-owned subsidiary of Metropolitan Life Insurance Company, amended and restated their $3.0 billion unsecured revolving credit facility (as amended and restated, the “Credit Facility”). The facility may be used for general corporate purposes, to support the borrowers’ commercial paper programs and for the issuance of letters of credit. All borrowings under the Credit Facility must be repaid by May 8, 2028, except that letters of credit outstanding on that date may remain outstanding until no later than May 8, 2029.

13. 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, 2023
	Unrealized Investment Gains (Losses), Net of Related Offsets		Deferred Gains (Losses) on Derivatives		Future Policy Benefits Discount Rate Remeasurement Gains (Losses)		Market Risk Benefits Instrument-Specific Credit Risk Remeasurement Gains (Losses)		Foreign Currency Translation Adjustments		Defined Benefit Plans Adjustment		Total
	(In millions)
Balance, beginning of period	$	(8,167)	$	1,568	$	(106)	$	149	$	(139)	$	(137)	$	(6,832)
OCI before reclassifications	(2,114)		(101)		1,051		(73)		17		—		(1,220)
Deferred income tax benefit (expense)	452		21		(219)		16		(5)		—		265
AOCI before reclassifications, net of income tax	(9,829)		1,488		726		92		(127)		(137)		(7,787)
Amounts reclassified from AOCI	829		(379)		—		—		—		3		453
Deferred income tax benefit (expense)	(167)		79		—		—		—		(1)		(89)
Amounts reclassified from AOCI, net of income tax	662		(300)		—		—		—		2		364
Balance, end of period	$	(9,167)	$	1,188	$	726	$	92	$	(127)	$	(135)	$	(7,423)

100

Metropolitan Life Insurance Company

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

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

13. Equity (continued)

	Three Months   Ended   June 30, 2022
	Unrealized Investment Gains (Losses), Net of Related Offsets		Deferred Gains (Losses) on Derivatives		Future Policy Benefits Discount Rate Remeasurement Gains (Losses)		Market Risk Benefits Instrument-Specific Credit Risk Remeasurement Gains (Losses)		Foreign Currency Translation Adjustments		Defined Benefit Plans Adjustment		Total
	(In millions)
Balance, beginning of period	$	4,172	$	1,597	$	(8,611)	$	182	$	(57)	$	(387)	$	(3,104)
OCI before reclassifications	(12,827)		(96)		8,565		(8)		(34)		—		(4,400)
Deferred income tax benefit (expense)	2,697		20		(1,799)		2		5		—		925
AOCI before reclassifications, net of income tax	(5,958)		1,521		(1,845)		176		(86)		(387)		(6,579)
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	$	(5,640)	$	1,905	$	(1,845)	$	176	$	(86)	$	(379)	$	(5,869)

	Six Months Ended June 30, 2023
	Unrealized Investment Gains (Losses), Net of Related Offsets		Deferred Gains (Losses) on Derivatives		Future Policy Benefits Discount Rate Remeasurement Gains (Losses)		Market Risk Benefits Instrument-Specific Credit Risk Remeasurement Gains (Losses)		Foreign Currency Translation Adjustments		Defined Benefit Plans Adjustment		Total
	(In millions)
Balance, beginning of period	$	(11,161)	$	1,557	$	1,529	$	80	$	(187)	$	(138)	$	(8,320)
OCI before reclassifications	1,698		58		(1,017)		15		77		(1)		830
Deferred income tax benefit (expense)	(346)		(12)		214		(3)		(17)		—		(164)
AOCI before reclassifications, net of income tax	(9,809)		1,603		726		92		(127)		(139)		(7,654)
Amounts reclassified from AOCI	804		(525)		—		—		—		5		284
Deferred income tax benefit (expense)	(162)		110		—		—		—		(1)		(53)
Amounts reclassified from AOCI, net of income tax	642		(415)		—		—		—		4		231
Balance, end of period	$	(9,167)	$	1,188	$	726	$	92	$	(127)	$	(135)	$	(7,423)

	Six Months Ended June 30, 2022
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Deferred Gains (Losses) on Derivatives		Future Policy Benefits Discount Rate Remeasurement Gains (Losses)		Market Risk Benefits Instrument-Specific Credit Risk Remeasurement Gains (Losses)		Foreign Currency Translation Adjustments		Defined Benefit Plans Adjustment		Total
	(In millions)
Balance, beginning of period	$	12,799	$	1,872	$	(15,553)	$	267	$	(45)	$	(395)	$	(1,055)
OCI before reclassifications	(23,958)		(486)		17,352		(115)		(50)		—		(7,257)
Deferred income tax benefit (expense)	5,030		102		(3,644)		24		9		—		1,521
AOCI before reclassifications, net of income tax	(6,129)		1,488		(1,845)		176		(86)		(395)		(6,791)
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	$	(5,640)	$	1,905	$	(1,845)	$	176	$	(86)	$	(379)	$	(5,869)

For information on offsets to investments related to policyholder liabilities, see “— Net Unrealized Investment Gains (Losses).”

101

Metropolitan Life Insurance Company

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

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

13. 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,
	2023		2022		2023		2022
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)	$	(828)	$	(388)	$	(787)	$	(601)	Net investment gains (losses)
Net unrealized investment gains (losses)	1		1		3		3		Net investment income
Net unrealized investment gains (losses)	(2)		(16)		(20)		(21)		Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax	(829)		(403)		(804)		(619)
Income tax (expense) benefit	167		85		162		130
Net unrealized investment gains (losses), net of income tax	(662)		(318)		(642)		(489)
Deferred gains (losses) on derivatives - cash flow hedges:
Interest rate derivatives	13		16		27		31		Net investment income
Interest rate derivatives	55		53		57		71		Net investment gains (losses)
Foreign currency exchange rate derivatives	1		—		2		2		Net investment income
Foreign currency exchange rate derivatives	310		(555)		439		(632)		Net investment gains (losses)
Gains (losses) on cash flow hedges, before income tax	379		(486)		525		(528)
Income tax (expense) benefit	(79)		102		(110)		111
Gains (losses) on cash flow hedges, net of income tax	300		(384)		415		(417)
Defined benefit plans adjustment: (1)
Amortization of net actuarial gains (losses)	(3)		(11)		(6)		(21)
Amortization of prior service (costs) credit	—		1		1		1
Amortization of defined benefit plan items, before income tax	(3)		(10)		(5)		(20)
Income tax (expense) benefit	1		2		1		4
Amortization of defined benefit plan items, net of income tax	(2)		(8)		(4)		(16)
Total reclassifications, net of income tax	$	(364)	$	(710)	$	(231)	$	(922)

__________________

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

102

Metropolitan Life Insurance Company

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

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

13. Equity (continued)

Net Unrealized Investment Gains (Losses)

Unrealized investment gains (losses) on fixed maturity securities AFS, derivatives and other investments and the effect on policyholder liabilities 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, 2023		December 31, 2022
	(In millions)
Fixed maturity securities AFS	$	(12,215)	$	(14,741)
Derivatives	1,504		1,971
Other	488		455
Subtotal	(10,223)		(12,315)
Amounts allocated from:
Policyholder liabilities	(2)		55
Deferred income tax benefit (expense)	2,246		2,656
Net unrealized investment gains (losses)	$	(7,979)	$	(9,604)

14. 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,
	2023		2022		2023		2022
	(In millions)
Prepaid legal plans	$	115	$	106	$	230	$	214
Recordkeeping and administrative services (1)	37		42		74		89
Administrative services-only contracts	62		57		123		112
Other revenue from service contracts from customers	11		7		21		14
Total revenues from service contracts from customers	225		212		448		429
Other (2)	194		160		386		354
Total other revenues	$	419	$	372	$	834	$	783

__________________

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

(2)Primarily includes reinsurance ceded. See Note 17.

103

Metropolitan Life Insurance Company

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

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

14. Other Revenues and Other Expenses (continued)

Other Expenses

Information on other expenses was as follows:

	Three Months   Ended   June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(In millions)
General and administrative expenses (1)	$	677	$	725	$	1,338	$	1,364
Pension, postretirement and postemployment benefit costs	50		29		100		59
Premium taxes, other taxes, and licenses & fees	106		81		199		161
Commissions and other variable expenses	467		491		1,181		973
Capitalization of DAC	(12)		(34)		(89)		(61)
Amortization of DAC and VOBA	74		76		151		156
Interest expense on debt	34		25		64		49
Total other expenses	$	1,396	$	1,393	$	2,944	$	2,701

__________________

(1)Includes ($27) million and ($57) million for the three months and six months ended June 30, 2023, respectively, and $52 million and $74 million for the three months and six months ended June 30, 2022, respectively, for the net change in cash surrender value of investments in certain life insurance policies, net of premiums paid.

Affiliated Expenses

See Note 17 for a discussion of affiliated expenses included in the table above.

15. Income Tax

For the three months and six months ended June 30, 2023, the effective tax rate on income (loss) before provision for income tax was 13% and (7%), respectively. The Company’s effective tax rate for the three months ended June 30, 2023 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, 2023 reflected an income tax benefit despite having income before provision for income tax and differed from the U.S. statutory rate primarily due to tax benefits from tax credits, non-taxable investment income and the corporate tax deduction for stock compensation.

For the three months and six months ended June 30, 2022, the effective tax rate on income (loss) before provision for income tax was 19% and 18%, 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.

16. 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.

104

Metropolitan Life Insurance Company

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

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

16. Contingencies, Commitments and Guarantees (continued)

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. 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, 2023. 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 matters, 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, 2023, the Company estimates the aggregate range of reasonably possible losses in excess of amounts accrued for these matters to be $0 to $125 million.

Matters as to Which an Estimate Cannot Be Made

For other matters, 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.

105

Metropolitan Life Insurance Company

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

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

16. Contingencies, Commitments and Guarantees (continued)

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 2022 Annual Report, Metropolitan Life Insurance Company received approximately 2,610 asbestos-related claims in 2022. For the six months ended June 30, 2023 and 2022, Metropolitan Life Insurance Company received approximately 1,306 and 1,319 new asbestos-related claims, respectively. See Note 16 of the Notes to the Consolidated Financial Statements included in the 2022 Annual Report for historical information concerning asbestos claims and Metropolitan Life Insurance Company’s update in its recorded liability at December 31, 2022. 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, 2023.

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.

106

Metropolitan Life Insurance Company

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

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

16. Contingencies, Commitments and Guarantees (continued)

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 could be exposed to lawsuits, and 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 $2.0 billion and $2.7 billion at June 30, 2023 and December 31, 2022, respectively.

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

The Company commits to fund partnership investments and to lend funds under bank credit facilities and private corporate bond investments. The amounts of these unfunded commitments were $5.0 billion and $4.8 billion at June 30, 2023 and December 31, 2022, respectively.

Guarantees

In the normal course of its business, the Company has provided certain indemnities and guarantees 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 $232 million, with a cumulative maximum of $331 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 or guarantees.

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, 2023 and December 31, 2022, for indemnities and guarantees.

107

Metropolitan Life Insurance Company

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

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

17. 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 $737 million and $1.5 billion for the three months and six months ended June 30, 2023, respectively, and $649 million and $1.3 billion for the three months and six months ended June 30, 2022, respectively. Total revenues received from affiliates related to these agreements were $15 million and $29 million for the three months and six months ended June 30, 2023, respectively, and $11 million and $23 million for the three months and six months ended June 30, 2022, respectively.

The Company had net payables to affiliates, related to the items discussed above, of $96 million and $188 million at June 30, 2023 and December 31, 2022, respectively.

See Notes 9 and 12 for additional information on related party transactions.

108

Metropolitan Life Insurance Company

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

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

17. 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 (“MTL”), 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,
	2023		2022		2023		2022
	(In millions)
Premiums
Reinsurance assumed	$	2	$	2	$	(25)	$	3
Reinsurance ceded	(89)		(37)		(173)		(68)
Net premiums	$	(87)	$	(35)	$	(198)	$	(65)
Universal life and investment-type product policy fees
Reinsurance assumed	$	1	$	—	$	1	$	—
Reinsurance ceded	(2)		(1)		(4)		(2)
Net universal life and investment-type product policy fees	$	(1)	$	(1)	$	(3)	$	(2)
Other revenues
Reinsurance assumed	$	24	$	5	$	46	$	29
Reinsurance ceded	116		124		231		247
Net other revenues	$	140	$	129	$	277	$	276
Policyholder benefits and claims
Reinsurance assumed	$	18	$	20	$	(151)	$	31
Reinsurance ceded	(68)		(42)		(145)		(74)
Net policyholder benefits and claims	$	(50)	$	(22)	$	(296)	$	(43)
Policyholder liability remeasurement (gains) losses
Reinsurance assumed	$	—	$	(15)	$	(39)	$	(33)
Reinsurance ceded	—		(1)		(5)		(4)
Net policyholder liability remeasurement (gains) losses	$	—	$	(16)	$	(44)	$	(37)
Interest credited to policyholder account balances
Reinsurance assumed	$	88	$	12	$	161	$	21
Reinsurance ceded	(3)		(3)		(6)		(6)
Net interest credited to policyholder account balances	$	85	$	9	$	155	$	15
Other expenses
Reinsurance assumed	$	11	$	1	$	215	$	10
Reinsurance ceded	65		109		128		195
Net other expenses	$	76	$	110	$	343	$	205

109

Metropolitan Life Insurance Company

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

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

17. 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, 2023				December 31, 2022
	Assumed		Ceded		Assumed		Ceded
	(In millions)
Assets
Premiums, reinsurance and other receivables	$	170	$	11,261	$	723	$	11,303
Deferred policy acquisition costs and value of business acquired	167		(162)		120		(164)
Total assets	$	337	$	11,099	$	843	$	11,139
Liabilities
Future policy benefits	$	2,253	$	—	$	2,484	$	—
Policyholder account balances	9,043		—		6,216		—
Other policy-related balances	65		(29)		61		(23)
Other liabilities	857		10,288		910		10,380
Total liabilities	$	12,218	$	10,259	$	9,671	$	10,357

Effective April 1, 2021, the Company, through its wholly-owned subsidiary, Missouri Reinsurance, Inc., entered into an agreement to assume certain group annuity contracts issued in connection with a qualifying pension risk transfer on a modified coinsurance basis from MTL. The significant reinsurance effects to the Company were primarily in future policy benefits of $2.2 billion and $2.4 billion and other invested assets of $2.9 billion and $3.0 billion at June 30, 2023 and December 31, 2022, respectively. Also, the Company recorded policyholder benefits and claims of $14 million and ($157) million and other expenses of $0 and $194 million for the three months and six months ended June 30, 2023, respectively. Additionally, policyholder benefits and claims of $19 million and $30 million and other expenses of $0 and $8 million were recorded for the three months and six months ended June 30, 2022, respectively.

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 $1 million and ($28) million at June 30, 2023 and December 31, 2022, respectively. Net derivative gains (losses) associated with these embedded derivatives were ($23) million and ($29) million for the three months and six months ended June 30, 2023, respectively, and $22 million and $47 million for the three months and six months ended June 30, 2022, respectively.

Certain contractual features of the closed block agreement with MRC qualify as embedded derivatives, which are 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 ($372) million and ($423) million at June 30, 2023 and December 31, 2022, respectively. Net derivative gains (losses) associated with the embedded derivative were $114 million and ($51) million for the three months and six months ended June 30, 2023, respectively, and $504 million and $1.1 billion for the three months and six months ended June 30, 2022, respectively.

110

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	112
Business	112
Summary of Critical Accounting Estimates	114
Results of Operations	118
Adopted Accounting Pronouncements	122
Future Adoption of Accounting Pronouncements	122
Non-GAAP and Other Financial Disclosures	123
Risk Management	123

111

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, 2022 (the “2022 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, “Quantitative and Qualitative Disclosures About Market Risk” 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

Current Market Conditions

In the United States (“U.S.”), the Board of Governors of the Federal Reserve System and the Federal Open Market Committee took various actions in 2022 and in most of the first half of 2023 to promote economic stability and combat inflation, including raising interest rates, although a heightened level of concern about an economic downturn in the U.S. remains, exacerbated by the recent banking turmoil. 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.

Regulatory Developments

The following discussion on regulatory developments should be read in conjunction with “Business — Regulation” in the 2022 Annual Report, as amended or supplemented here.

Insurance Regulation

U.S. Federal Initiatives

On April 21, 2023, the Financial Stability Oversight Council (“FSOC”) proposed certain changes to how FSOC would designate non-bank financial companies as systemically important financial institutions (“non-bank SIFIs”). The proposed changes include a revised approach to non-bank SIFI designation based on risk factors contained in a proposed analytic framework, including leverage, liquidity risk and maturity mismatch, interconnections, operational risks, complexity, or opacity, inadequate risk management, concentration, and destabilizing activities, regardless of whether those risks arise from activities, firms, or otherwise. The proposed changes also include eliminating any requirement that FSOC conduct a cost-benefit analysis and an assessment of the likelihood of a non-bank financial company’s material financial distress before designating the non-bank financial company as a non-bank SIFI. The FSOC’s proposed changes, if adopted, could have the effect of simplifying and shortening FSOC’s procedures for designating non-bank financial companies as non-bank SIFIs and thus subject a non-bank financial company so designated to additional supervision, examination, and regulation. Any such designation would create uncertainties for the non-bank financial company regarding the likelihood, frequency or impact of any formal or informal regulatory or supervisory actions or inquiries; the scope of applicable regulatory or supervisory requirements or restrictions and the related compliance measures and internal controls; and the permissibility of certain activities or transactions. It is difficult to predict whether or the extent to which FSOC’s proposed changes would be adopted as proposed or if any further change would be made and any potential impact thereof.

112

Surplus and Capital

Risk-Based Capital

In light of the rising interest rate environment, the National Association of Insurance Commissioners (“NAIC”) is focused on identifying an interim solution that would be in place for year-end 2023 with regard to the treatment of an insurer’s negative interest maintenance reserve (“IMR”) balance, since this can impact how accurately the insurer’s surplus and financial strength are captured in its statutory financial statements due to lower surplus and risk-based capital (“RBC”) ratios. The NAIC is developing a new interpretation of statutory accounting guidance that would permit an insurer with a company action level RBC ratio greater than 150% (or an authorized control level RBC ratio greater than 300%) to admit negative IMR up to a specified percentage of its general account capital and surplus, subject to certain restrictions and reporting obligations. The NAIC intends to consider adoption of this interpretation in August 2023 at the NAIC Summer National Meeting following a public comment period. As proposed, the interim approach, if adopted, would apply through 2025. The NAIC also intends to develop a long-term solution for this issue even if interest rates shift.

The NAIC has been evaluating the risks associated with certain insurers’ investments in leveraged loans and collateralized loan obligations (“CLOs”). The NAIC is considering a proposal to assign risk weights to CLOs based on its own modeling as opposed to credit ratings. Under this proposal, the NAIC Structured Securities Group would model CLO investments and evaluate tranche level losses across all debt and equity tranches under a series of calibrated and weighted collateral stress scenarios to assign NAIC designations that minimize RBC arbitrage. The NAIC’s goal is to ensure that the aggregate RBC factor for owning all tranches of a CLO is similar to that required for owning all of the underlying loan collateral, in order to reduce RBC arbitrage. This change would be implemented at year-end 2024 at the earliest. It is currently unclear whether this will apply to all CLOs or only in specified cases. It is possible that the NAIC may propose new regulations or changes to statutory accounting principles regarding CLOs.

Cybersecurity, Privacy and Data Protection Regulation

Cybersecurity

In July 2023, the U.S. Securities and Exchange Commission adopted the Risk Management, Strategy, Governance, and Incident Disclosure Final Rule (the “Cybersecurity Final Rule”) enhancing disclosure requirements for registered companies covering cybersecurity risk and management. The Cybersecurity Final Rule requires registrants to disclose material cybersecurity incidents on Form 8-K within four business days of a determination that a cybersecurity incident is material, and such materiality determination must be made without unreasonable delay. The rule also requires periodic disclosures of, among other things, details on the company’s processes to assess, identify, and manage cybersecurity risks, cybersecurity governance, and management’s role in overseeing such a compliance program, including the board of directors’ oversight of cybersecurity risks. Certain reporting requirements under the Cybersecurity Final Rule become effective as early as December 2023.

London Interbank Offered Rate

The Intercontinental Exchange (“ICE”) Benchmark Administration, the administrator of the London Interbank Offered Rate (“LIBOR”), ceased the publication of U.S. Dollar and non-U.S. Dollar LIBOR settings at the end of June 2023. However, the ICE Benchmark Administration will continue publication of one-, three- and six-month U.S. Dollar LIBOR settings on a “synthetic,” or non-representative, basis through the end of September 2024.

113

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. Effective January 1, 2023, the Company adopted a new accounting pronouncement related to targeted improvements to the accounting for long-duration contracts (“LDTI”) with a January 1, 2021 transition date (the “Transition Date”). The effects of adoption were therefore applied for years ended December 31, 2022 and 2021, as described in Note 1 of the Notes to the Interim Condensed Consolidated Financial Statements. This summary of critical accounting estimates reflects this adoption. For a discussion of our significant accounting policies, see Note 1 of the Notes to the Interim Condensed Consolidated Financial Statements. The most critical estimates include those used in determining:

(i)future policy benefit liabilities (“FPBs”), market risk benefits (“MRBs”) and the accounting for reinsurance;

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

(iii)investment allowance for credit loss and impairments;

(iv)estimated fair values of freestanding derivatives;

(v)measurement of employee benefit plan liabilities;

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

(vii)liabilities for litigation and regulatory matters.

Due to the adoption of LDTI, the measurement model for deferred policy acquisition costs (“DAC”) and value of business acquired (“VOBA”) changed and the majority of the embedded derivatives met the criteria to be accounted for as MRBs; therefore, we no longer believe that DAC, VOBA and embedded derivatives are critical accounting estimates. LDTI impacted the recognition and measurement of FPBs, MRBs and reinsurance, along with the resulting impacts to deferred income taxes which are described in further detail below. The other critical accounting estimates above were not impacted by the adoption of LDTI and 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 2022 Annual Report.

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.

Future Policy Benefit Liabilities

Generally, FPBs are payable over an extended period of time and calculated as the present value of future expected benefits and claim settlement expenses to be paid, reduced by the present value of future expected net premiums. Such liabilities are established based on methods and underlying assumptions in accordance with GAAP and applicable actuarial standards. Principal assumptions used in the establishment of FPBs for traditional long-duration non-participating products are expectations related to mortality, morbidity, termination, claim settlement expense, policy lapse, renewal, retirement, disability incidence, disability terminations, inflation, and other contingent events as appropriate to the respective product type and geographical area. These assumptions are updated at least annually to reflect our expected experience for future periods. If net premiums exceed gross premiums (i.e., expected benefits exceed expected gross premiums), the FPBs are increased, and a corresponding adjustment is recognized in net income.

Liabilities for unpaid claims are estimated based upon our historical experience and other actuarial assumptions that consider the effects of current developments, anticipated trends and risk management programs.

114

Traditional non-participating long-duration and limited-payment contracts comprise the majority of MLIC’s FPBs, inclusive of deferred profit liabilities, as described in Note 3 of the Notes to the Interim Condensed Consolidated Financial Statements. For such contracts, cash flow assumptions are incorporated into the calculation of the FPBs, and are used to project the amount and timing of expected future benefits and claim settlement expenses to be paid and the expected future premiums to be collected for a cohort. Beginning on the Transition Date, the liabilities for these products are updated retrospectively on a quarterly basis for actual experience and at least once a year for any changes in cash flow assumptions. The change in FPBs reflected in the statement of operations is calculated using a locked-in discount rate. For products issued prior to the Transition Date, the Company developed a cohort level locked-in discount rate that reflects the interest accretion rates that were locked in at inception of the underlying contracts (unless there was a historical premium deficiency event that resulted in updating the interest accretion rate prior to the Transition Date), or the acquisition date for contracts acquired through an assumed in-force reinsurance transaction or a business combination. As described in Note 1 of the Notes to the Interim Condensed Consolidated Financial Statements, the upper-medium grade discount rate, which the Company generally interprets as a rate comparable to that of a U.S. corporate single A discount rate which reflects the duration characteristics of the liability, is used to discount the estimated cash flows and that discount rate is updated at each reporting period through other comprehensive income (loss) (“OCI”).

We measure market risk related to our market sensitive traditional long-duration non-participating and limited-payment contracts based on changes in interest rates utilizing a sensitivity analysis. The results of this sensitivity analysis are included in “Quantitative and Qualitative Disclosures About Market Risk — Management of Market Risk Exposures.” We have also assessed the sensitivities of hypothetical changes in significant assumptions to reported amounts related to our traditional long-duration non-participating and limited-payment contracts, for products including, but not limited to, those within the disaggregated rollforwards included in Note 3 of the Notes to the Interim Condensed Consolidated Financial Statements, as reflected in the following tables:

Traditional long-duration non-participating and limited-payment contracts

	December 31, 2022
	FPBs (1)		Pre-tax Net Income		OCI
	Increase / (Decrease) (In millions)
Assumptions:
Mortality
Effect of an increase by 1%	$	(55)	$	68	$	(13)
Effect of a decrease by 1%	$	57	$	(70)	$	13
Morbidity (2)
Effect of an increase by 5%	$	359	$	(394)	$	35
Effect of a decrease by 5%	$	(144)	$	177	$	(33)
Lapse (3)
Effect of an increase by 10%	$	(99)	$	164	$	(65)
Effect of a decrease by 10%	$	340	$	(418)	$	78

__________________

(1)FPBs are inclusive of deferred profit liabilities where applicable to the sensitivity.

(2)For products which are subject to morbidity risk, MLIC applied sensitivities to the incidence rate assumptions only.

(3)For MetLife Holdings long-term care products, the lapse impacts include mortality as both mortality and lapse result in termination of these contracts without any additional benefit payment.

See Note 3 of the Notes to the Interim Condensed Consolidated Financial Statements for additional information, including the significant inputs, judgments, valuation methods and assumptions used in the establishment of FPBs, as well as the effect of changes in such factors on the measurement of our FPBs during the year.

115

Traditional participating contracts comprise a significant portion of MLIC’s FPBs, as described in Note 3 of the Notes to the Interim Condensed Consolidated Financial Statements. For such contracts, original assumptions developed at the time of issue are locked-in and used in all future liability calculations provided the resulting liabilities are adequate to provide for future benefits and expenses (i.e., there is no premium deficiency). Therefore, liabilities for these products would not be impacted by changes in assumptions unless such change would result in an adverse impact that would trigger an establishment of a premium deficiency reserve. For these contracts, MLIC’s risk of adverse experience may be mitigated through adjustments to the dividend scales.

Liabilities for universal and variable universal life secondary and paid-up guarantees are determined by estimating the expected value of death benefits payable when the account balance is projected to be zero and recognizing those benefits ratably over the accumulation period based on total expected assessments. The assumptions used in estimating the secondary and paid-up guarantee liabilities are mortality, lapse, and premium payment pattern and persistency. In addition, the projected account balance and assessments used in this calculation are impacted by the earned rate on investments and the interest crediting rates, which are typically subject to guaranteed minimums. The assumptions of investment performance and volatility for variable products’ separate account funds are consistent with historical experience of the appropriate underlying equity index, such as the S&P Global Ratings 500 Index. These assumptions are monitored and updated periodically based on market conditions and historical experience. For further information on additional insurance liabilities and the amounts included in the disaggregated rollforwards, see Note 3 of the Notes to the Interim Condensed Consolidated Financial Statements.

For all insurance assets and liabilities, MLIC holds capital and surplus to mitigate potential adverse experience development. The Company’s approaches for managing liquidity and capital are described in “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources” included in the 2022 Annual Report.

Market Risk Benefits

MRBs are contracts or contract features that guarantee benefits, such as guaranteed minimum benefits (referred to as “GMXBs”), in addition to an account balance which expose insurance companies to other than nominal capital market risk (equity price, interest rate, and/or foreign currency exchange risk) and protect the contractholder from the same risk. Certain contracts may have multiple contract features or guarantees that meet the definition of an MRB. Those benefits are aggregated and measured as a single compound MRB.

All identified MRBs are required to be measured at estimated fair value, which is determined based on the present value of projected future benefits minus the present value of projected future fees attributable to those benefit features. The projections of future benefits and future fees require capital market and actuarial assumptions, including expectations concerning policyholder behavior. A risk neutral valuation methodology is used under which the cash flows from the guarantees are projected under multiple capital market scenarios using observable risk-free rates. The valuation of these MRBs also includes an adjustment for our nonperformance risk and risk margins for non-capital market inputs. The nonperformance risk adjustment, which is captured as a spread over the risk-free rate in determining the discount rate to discount the cash flows of the liability, 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 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 in certain actuarial assumptions. 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.

Changes in the estimated fair value of MRBs are recognized in net income, except for fair value changes attributable to a change in nonperformance risk of the Company which is recorded within OCI.

The cost of MRBs may rise in volatile or declining equity markets or in a low interest rate environment. Market conditions including, but not limited to, changes in interest rates, equity indices, market volatility and foreign currency exchange rates, 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, and changes in our nonperformance risk could materially affect OCI.

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We measure market risk related to our MRBs based on changes in interest rates, foreign currency exchange rates and equity market prices utilizing a sensitivity analysis. The results of this sensitivity analysis are included in “Quantitative and Qualitative Disclosures About Market Risk — Management of Market Risk Exposures.” We have also assessed the sensitivities of hypothetical changes in significant assumptions to reported amounts related to our MRBs for products included within the disaggregated rollforwards in Note 5 of the Notes to the Interim Condensed Consolidated Financial Statements, as reflected in the following table:

	December 31, 2022
	MRBs (Liabilities net of Assets)		Pre-tax Net Income		OCI
	Increase / (Decrease) (In millions)
Assumptions:
Mortality
Effect of an increase by 1%	$	2	$	(1)	$	(1)
Effect of a decrease by 1%	$	(2)	$	1	$	1
Lapse
Effect of an increase by 10%	$	(29)	$	34	$	(5)
Effect of a decrease by 10%	$	26	$	(30)	$	4
Nonperformance risk (1)
Effect of an increase by 50 bps	$	(265)	N/A		$	265
Effect of a decrease by 50 bps	$	291	N/A		$	(291)

__________________

(1)In the valuation of MRBs, the Company applies a nonperformance risk adjustment, which is captured as a spread over the risk-free rate in determining the discount rate to discount the cash flows of the liability, 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 compared to MetLife, Inc.

See Note 5 of the Notes to the Interim Condensed Consolidated Financial Statements for additional information, including the significant inputs, judgments, valuation methods and assumptions used in the establishment of the MRBs, as well as the effect of changes in such factors on the measurement of our MRBs during the year. Also, see Note 11 of the Notes to the Interim Condensed Consolidated Financial Statements for additional information on the fair value measurement of MRBs.

Reinsurance

Accounting for reinsurance generally presents the income statement effect of direct policies on a net-of-reinsurance basis by using assumptions and methodologies consistent with those used to project the future performance of the underlying direct business. Further, the potential impact of counterparty credit risks are considered when measuring the reinsurance recoverable. We periodically review actual and anticipated experience compared to the aforementioned assumptions used to establish assets and liabilities relating to ceded and assumed reinsurance and evaluate the financial strength of counterparties to our reinsurance agreements using criteria similar to that evaluated in our security impairment process. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Summary of Critical Accounting Estimates — Investment Allowance for Credit Loss and Impairments” included in the 2022 Annual Report. Additionally, for each of our reinsurance agreements, we determine whether the agreement provides indemnification against loss or liability relating to insurance risk, in accordance with applicable accounting standards. We review all contractual features, including those that may limit the amount of insurance risk to which the reinsurer is subject or features that delay the timely reimbursement of claims. If we determine that a reinsurance agreement does not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk, we record the agreement using the deposit method of accounting. The reinsurance recoverables associated with the FPBs are not included in the sensitivities presented above as they are not considered significant in relation to the associated liabilities.

See Note 5 of the Notes to the Consolidated Financial Statements included in the 2022 Annual Report for additional information on our reinsurance programs.

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Income Taxes and Valuation of Deferred Tax Assets

Our accounting for income taxes represents our best estimate of various events and transactions. Tax laws are often complex and may be subject to differing interpretations by the taxpayer and the relevant governmental taxing authorities. In establishing a provision for income tax expense, we must make judgments and interpretations about the application of inherently complex tax laws. We must also make estimates about when in the future certain items will affect taxable income in the various tax jurisdictions in which we conduct business.

The Company considers all available factors, both positive and negative, to determine whether, based on the weight of these factors, a partial or full valuation allowance for categories of deferred tax assets is required. The weight given to these factors is commensurate with the extent to which it can be objectively verified. Examples of factors considered in determining deferred tax asset realizability include past earnings history, projections of taxable income and tax planning strategies. Changes in tax laws and/or statutory tax rates in countries in which we operate could have an impact on our valuation of net deferred tax assets. Following the adoption of LDTI, if there were a 1% increase in the global effective income tax rate, the change would have resulted in an approximate $139 million increase in the net deferred income tax asset balance at December 31, 2022.

Results of Operations

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.

Pending Reinsurance Transaction

In May 2023, the Company entered into a definitive agreement with a subsidiary of Global Atlantic Financial Group, a retirement and life insurance company, to reinsure approximately $13.0 billion of universal life, variable universal life, universal life with secondary guarantees, and fixed annuities which are reported in the MetLife Holdings segment. The transaction is expected to close in the second half of 2023 and is subject to regulatory approvals and satisfaction of other closing conditions. See Note 1 of the Notes to the Interim Condensed Consolidated Financial Statements for further information.

Key Financial Highlights

•Net income attributable to MLIC of $378 million for the six months ended June 30, 2023, compared to $3.6 billion for the six months ended June 30, 2022.

•Adjusted earnings of $1.6 billion for the six months ended June 30, 2023, compared to $1.8 billion for the six months ended June 30, 2022.

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Consolidated Results

	Six Months Ended June 30,
	2023		2022
	(In millions)
Revenues
Premiums	$	11,802	$	11,570
Universal life and investment-type product policy fees	852		946
Net investment income	5,558		5,268
Other revenues	834		783
Net investment gains (losses)	(761)		(309)
Net derivative gains (losses)	(792)		707
Total revenues	17,493		18,965
Expenses
Policyholder benefits and claims and policyholder dividends	12,898		12,975
Policyholder liability remeasurement (gains) losses	(40)		(41)
Market risk benefits remeasurement (gains) losses	(426)		(2,091)
Interest credited to policyholder account balances	1,724		1,067
Amortization of DAC and VOBA	151		156
Interest expense on debt	64		49
Other expenses, net of capitalization of DAC	2,729		2,496
Total expenses	17,100		14,611
Income (loss) before provision for income tax	393		4,354
Provision for income tax expense (benefit)	(26)		788
Net income (loss)	419		3,566
Less: Net income (loss) attributable to noncontrolling interests	41		2
Net income (loss) attributable to Metropolitan Life Insurance Company	$	378	$	3,564

Six Months Ended June 30, 2023 Compared with the Six Months Ended June 30, 2022

Net income (loss) attributable to MLIC - Decreased $3.2 billion primarily due to the following:

Net Investment Gains (Losses) - Unfavorable change of $452 million ($357 million, net of income tax):

•Higher losses on fixed maturity securities and mortgage loans, primarily due to current period impairments for investments to be disposed of in a pending reinsurance transaction

•Foreign currency transaction losses

•Prior period gains on sales of real estate investments

Partially offset by:

•Lower losses on sales of fixed maturity securities

Net Derivative Gains (Losses) - Unfavorable change of $1.5 billion ($1.2 billion, net of income tax)(1):

•Key equity indexes increased in the current period versus decreased in the prior period - unfavorable impact to equity options and total rate of return swaps (“TRRs”)

•Change in the value of the underlying assets - unfavorable impact to embedded derivatives related to funds withheld on a certain reinsurance agreement

Partially offset by:

•Long-term interest rates were relatively unchanged in the current period versus increased significantly in the prior period - favorable impact to the estimated fair value of receive fixed interest rate swaps

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Market Risk Benefits Remeasurement Gains (Losses)(2) - Unfavorable change of $1.7 billion ($1.3 billion, net of income tax):

•Long-term interest rates were relatively unchanged in the current period versus increased significantly in the prior period

Partially offset by:

•Key equity indexes increased in the current period versus decreased in the prior period

Adjusted Earnings(3) - Unfavorable change of $195 million. See “— Consolidated Results — Adjusted Earnings.”

Taxes - Favorable change in effective tax rate - (7)% current period versus 18% prior period

•Current period effective tax rate on income before provision for income tax was (7)%, which reflected an income tax benefit despite having income before provision for income tax, versus statutory rate of 21%:

•Tax credits

•Non-taxable investment income

•Corporate tax deduction for stock compensation

•Prior period effective tax rate on income before provision for income tax was 18% versus statutory rate of 21%:

•Tax credits

•Corporate tax deduction for stock compensation

•Non-taxable investment income

__________________

(1) Includes amounts relating to investment hedge adjustments, which are also included in adjusted earnings.

(2) See Note 5 of the Notes to the Interim Condensed Consolidated Financial Statements for further information on the Company’s MRBs.

(3) As used in “— Consolidated Results — Adjusted Earnings” and as more fully described in “— Non-GAAP and Other Financial Disclosures,” we refer to 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).

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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,
		2023		2022
		(In millions)
Net income (loss)		$	419	$	3,566
Less: adjustments from net income (loss) to adjusted earnings:
Revenues:
	Net investment gains (losses)	(761)		(309)
	Net derivative gains (losses)	(792)		707
	Premiums	—		—
	Universal life and investment-type product policy fees	—		—
	Net investment income	(398)		(250)
	Other revenues	(8)		—
Expenses:
	Policyholder benefits and claims and policyholder dividends	(6)		(16)
	Policyholder liability remeasurement (gains) losses	—		—
	Market risk benefits remeasurement (gains) losses	426		2,091
	Interest credited to policyholder account balances	—		28
	Capitalization of DAC	—		—
	Amortization of DAC and VOBA	—		—
	Interest expense on debt	—		—
	Other expenses	49		(2)
Provision for income tax (expense) benefit		314		(473)
Adjusted earnings		$	1,595	$	1,790
Premiums, fees and other revenues		$	13,488	$	13,299
Less: adjustments to premiums, fees and other revenues		(8)		—
Adjusted premiums, fees and other revenues		$	13,496	$	13,299

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Consolidated Results — Adjusted Earnings

Business Overview. Adjusted premiums, fees and other revenues for the six months ended June 30, 2023 increased $197 million, or 1%, compared to the prior period. This was primarily due to growth in our Group Benefits business, as well as our Retirement and Income Solutions (“RIS”) business, both in our U.S. segment. The increase in our Group Benefits business was primarily due to growth from our core and voluntary products. The increase in premiums in our RIS business was driven by our post-retirement benefit, pension risk transfer and income annuities businesses. Changes in RIS premiums are generally offset by a corresponding change in policyholder benefits. 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, 2023 Compared with the Six Months Ended June 30, 2022

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

Adjusted Earnings - Decreased $195 million primarily due to the following business drivers:

Market Factors - Decreased adjusted earnings by $441 million

•Variable investment income decreased - lower returns on our private equity and real estate funds

•Higher average interest crediting rates on investment-type and certain insurance products in our U.S. segment

Largely offset by:

•Recurring investment income increased - higher yields on fixed income securities and mortgage loans

Volume Growth - Increased adjusted earnings by $141 million:

•Positive flows from pension risk transfer transactions and funding agreement issuances in our U.S. segment and higher average invested assets in Corporate & Other

Partially offset by:

•Increase in interest credited expenses on long duration insurance products in our U.S. segment

Underwriting and Other Insurance Adjustments - Increased adjusted earnings by $271 million:

•Favorable mortality - U.S. segment - decreases in both incidence and severity of COVID-19 claims in our Group Benefits business

•Lower dividend expense in our MetLife Holdings segment due to dividend scale reductions, as well as run-off in our closed block

Partially offset by:

•Unfavorable morbidity - U.S. segment - Group Benefits - mainly due to higher dental utilization, partially offset by favorable results in our disability businesses

Expenses - Decreased adjusted earnings by $139 million:

•Higher corporate-related expenses, partially offset by lower interest on uncertain tax positions, primarily in Corporate & Other

•Higher direct expenses, including certain employee-related costs, exceeded the corresponding increase in premiums, fees and other revenues in our U.S. segment

Adopted Accounting Pronouncements

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

Future Adoption of Accounting Pronouncements

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

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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.

The adoption of LDTI impacted the Company’s calculation of adjusted earnings. With the adoption of LDTI, the measurement model was simplified for DAC and VOBA, and most embedded derivatives were reclassified as MRBs. As a result, the Company updated its calculation of adjusted earnings to remove certain adjustments related to the amortization of DAC, VOBA and related intangibles and adjusted for changes in measurement of certain guarantees. Under LDTI, adjusted earnings excludes changes in fair value associated with MRBs, changes in discount rates on certain annuitization guarantees, losses at contract inception for certain single premium business, and asymmetrical accounting associated with in-force reinsurance. All periods presented herein reflect the updated calculation of adjusted earnings.

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 2022 Annual Report for information on our risk management.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

The following discussion on market risk should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Risk Management.”

Market Risk Exposures

We regularly analyze our exposure to interest rate, foreign currency exchange rate and equity market price risk. As a result of that analysis, we have determined that the estimated fair values of certain assets and liabilities are materially exposed to changes in interest rates, foreign currency exchange rates and equity markets. We have exposure to market risk through our insurance operations and investment activities. For purposes of this disclosure, “market risk” is defined as the risk of loss due to potential changes in the value of assets and liabilities arising from fluctuation in the financial markets and other economic factors.

Interest Rates

Our exposure to interest rate changes results most significantly from our holdings of fixed maturity securities available-for-sale (“AFS”), mortgage loans, derivatives, and our interest rate sensitive liabilities. The fixed maturity securities AFS include U.S. and foreign government bonds, securities issued by government agencies, corporate bonds, mortgage-backed securities and asset-backed securities and CLOs, all of which are mainly exposed to changes in medium- and long-term interest rates. The interest rate sensitive liabilities for purposes of this disclosure include FPBs, policyholder account balances related to certain investment type contracts, debt, and MRBs primarily consisting of variable annuities with guaranteed minimum benefits which have the same type of interest rate exposure (medium- and long-term interest rates) as fixed maturity securities AFS. See “Risk Factors — Economic Environment and Capital Markets Risks — We May Face Difficult Economic Conditions” included in the 2022 Annual Report.

Foreign Currency Exchange Rates

Our exposure to fluctuations in foreign currency exchange rates against the U.S. dollar results most significantly from our holdings in non-U.S. dollar denominated fixed maturity and equity securities, mortgage loans, and insurance liabilities. The principal currencies that create foreign currency exchange rate risk in our investment portfolios and insurance liabilities are the Japanese yen, the Euro and the British pound. We hedge foreign currency exchange rate risk with foreign currency swaps, forwards and options.

Equity Market

Along with investments in equity and fair value option securities (“FVO Securities”), we have exposure to equity market risk through certain liabilities that involve long-term guarantees on equity performance, such as MRBs for variable annuities with guaranteed minimum benefits and certain policyholder account balances. Equity exposures associated with real estate and limited partnership interests are excluded from this discussion as they are not considered financial instruments under GAAP.

Management of Market Risk Exposures

We use a variety of strategies to manage interest rate, foreign currency exchange rate and equity market risk, including the use of derivatives.

Interest Rate Risk Management

To support management of interest rate risk, we perform analysis using various models, including multi-scenario cash flow projection models that forecast cash flows of the liabilities and their supporting investments, including derivatives. These projections involve evaluating the potential gain or loss on most of our in-force business under various increasing and decreasing interest rate environments. The New York State Department of Financial Services regulations require that we perform some of these analyses annually as part of our review of the sufficiency of our regulatory reserves. We maintain segmented operating and surplus asset portfolios for the purpose of asset/liability management (“ALM”) and the allocation of investment income to product lines. In the U.S., for each segment, invested assets greater than or equal to the GAAP liabilities net of certain non-invested assets allocated to the segment are maintained, with any excess allocated to Corporate & Other. The business segments may reflect differences in legal entity, statutory line of business and any product market characteristic which may drive a distinct investment strategy with respect to duration, liquidity or credit quality of the invested assets.

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We measure relative sensitivities of the value of our assets and liabilities to changes in key assumptions utilizing internal models. These models reflect specific product characteristics and include assumptions based on current and anticipated experience regarding lapse, mortality, morbidity and interest crediting rates. In addition, these models include asset cash flow projections reflecting interest payments, sinking fund payments, principal payments, bond calls, mortgage loan prepayments and defaults.

We employ product design, pricing and ALM strategies to reduce the potential effects of interest rate movements. Product design and pricing strategies include the use of surrender charges or restrictions on withdrawals in some products and the ability to reset crediting rates for certain products. ALM strategies include the use of derivatives. We also use reinsurance to mitigate interest rate risk.

We also use common industry metrics, such as duration and convexity, to measure the relative sensitivity of assets and liability values to changes in interest rates. In computing the duration of liabilities, we consider policyholder guarantees and how we intend to set indeterminate policy elements such as interest credits or dividends. Each asset portfolio or portfolio group has a duration target based on the liability duration and the investment objectives of that portfolio. Where a liability cash flow may exceed the maturity of available assets, we may support such liabilities with equity investments, derivatives or interest rate curve mismatch strategies.

Foreign Currency Exchange Rate Risk Management

MetLife has a well-established policy to manage foreign currency exchange rate exposures within its risk tolerance. In general, investments backing specific liabilities are currency matched. This is achieved through direct investments in matching currency or through the use of foreign currency exchange rate derivatives. Enterprise foreign currency exchange rate risk limits are established by the Enterprise Risk Committee. Management of each of the Company’s segments, with oversight from MetLife’s FX Working Group and the ALM committee for the respective segment, is responsible for managing any foreign currency exchange rate exposure.

We use foreign currency swaps, forwards and options to mitigate the liability exposure, risk of loss and financial statement volatility associated with foreign currency denominated fixed income investments and foreign currency insurance liabilities.

Equity Market Risk Management

We manage equity market risk on an integrated basis with other risks through our ALM strategies, including the dynamic hedging with derivatives of certain variable annuity guarantee benefits accounted for as MRBs, as well as reinsurance, in order to limit losses, minimize exposure to large risks, and provide additional capacity for future growth. We also manage equity market risk exposure in our investment portfolio through the use of derivatives. These derivatives include exchange-traded equity futures, equity index options contracts, TRRs and equity variance swaps.

Hedging Activities

We use derivative contracts primarily to hedge a wide range of risks including interest rate risk, foreign currency exchange rate risk, and equity market risk. Derivative hedges are designed to reduce risk on an economic basis while considering their impact on financial results under different accounting regimes, including GAAP and local statutory accounting. Our derivative hedge programs vary depending on the type of risk being hedged. Some hedge programs are asset or liability specific while others are portfolio hedges that reduce risk related to a group of liabilities or assets. Our use of derivatives by major hedge programs is as follows:

•Risks Related to Guarantee Benefits — We use a wide range of derivative contracts to mitigate the risk associated with living guarantee benefits accounted for as MRBs. These derivatives include equity and interest rate futures, interest rate swaps, currency futures/forwards, equity indexed options, TRRs, interest rate option contracts and equity variance swaps.

•Minimum Interest Rate Guarantees — For certain liability contracts, we provide the contractholder a guaranteed minimum interest rate. These contracts include certain fixed annuities and other insurance liabilities. We purchase interest rate caps and floors to reduce risk associated with these liability guarantees.

•Reinvestment Risk in Long-Duration Liability Contracts — Derivatives are used to hedge interest rate risk related to certain long-duration liability contracts. Hedges include interest rate swaps, swaptions and Treasury bond forwards.

•Foreign Currency Exchange Rate Risk — We use foreign currency swaps, futures, forwards and options to hedge foreign currency exchange rate risk. These hedges are generally used to swap foreign currency denominated bonds or equity market exposures to U.S. dollars.

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•General ALM Hedging Strategies — In the ordinary course of managing our asset/liability risks, we use interest rate futures, interest rate swaps, interest rate caps, interest rate floors, and inflation swaps. These hedges are designed to reduce interest rate risk or inflation risk related to the existing assets or liabilities or related to expected future cash flows.

•Macro Hedge Program — We use equity options, equity TRRs, interest rate swaptions, interest rate swaps and Treasury locks to mitigate the potential loss of legal entity statutory capital under stress scenarios.

Risk Measurement: Sensitivity Analysis

We measure market risk related to our market sensitive assets and liabilities based on changes in interest rates, foreign currency exchange rates and equity market prices utilizing a sensitivity analysis. This analysis estimates the potential changes in estimated fair value based on a hypothetical 100 basis point change (increase or decrease) in interest rates, as well as a 10% change (increase or decrease) in foreign currency exchange rates and equity market prices. We believe these changes in market rates and prices are reasonably possible in the near term. In performing the analysis summarized below, we used market rates at June 30, 2023. The sensitivity analysis separately calculates each of our market risk exposures (interest rate, foreign currency exchange rate and equity market) relating to our assets and liabilities. We modeled the impact of changes (increases and decreases) in market rates and prices on the estimated fair values of our market sensitive assets and liabilities and present the results with the most adverse level of market risk impact to the Company for each of these market risk exposures as follows:

•the net present values of our interest rate sensitive exposures resulting from a 100 basis point change (increase or decrease) in interest rates;

•estimated fair values of our foreign currency exchange rate sensitive exposures due to a 10% change (appreciation or depreciation) in the value of the U.S. dollar compared to all other currencies; and

•the estimated fair value of our equity market sensitive exposures due to a 10% change (increase or decrease) in equity market prices.

The sensitivity analysis is an estimate and should not be viewed as predictive of our future financial performance. We cannot ensure that our actual losses in any particular period will not exceed the amounts indicated in the table below. Limitations related to this sensitivity analysis include:

•liabilities do not include $8.3 billion of other policy-related balances largely consisting of claims, unearned revenue liabilities and policyholder dividends;

•the analysis excludes real estate holdings, private equity and hedge fund holdings;

•the market risk information is limited by the assumptions and parameters established in creating the related sensitivity analysis, including the impact of prepayment rates on mortgage loans;

•sensitivities do not include the impact on asset or liability valuation of changes in market liquidity or changes in market credit spreads;

•foreign currency exchange rate risk is not isolated for certain MRBs for variable annuities with guaranteed minimum benefits, as the risk on these instruments is reflected as equity;

•the impact on reported earnings may be materially different from the change in market values, most notably for fixed maturity securities AFS, mortgage loans, FPBs, and derivatives that qualify for hedge accounting; and

•the model assumes that the composition of assets and liabilities remains unchanged throughout the period.

Accordingly, we use such models as tools and not as substitutes for the experience and judgment of our management. Based on our analysis of the impact of a 100 basis point change (increase or decrease) in interest rates, as well as a 10% change (increase or decrease) in foreign currency exchange rates and equity market prices, we have determined that such a change could have a material adverse effect on the estimated fair value of certain assets and liabilities from interest rate, foreign currency exchange rate and equity market exposures.

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The table below illustrates the potential loss in estimated fair value for each market risk exposure based on market sensitive assets and liabilities at:

	June 30, 2023
	(In millions)
Interest rate risk	$	3,461
Foreign currency exchange rate risk	$	125
Equity market risk	$	79

The risk sensitivities derived used a 100 basis point increase to interest rates, a 10% weakening of the U.S. dollar against foreign currencies, and a 10% decrease in equity prices. The potential losses in estimated fair value presented are for non-trading securities.

The table below provides additional detail regarding the potential loss in estimated fair value of our interest sensitive financial instruments due to a 100 basis point increase in interest rates at:

	June 30, 2023
	Notional Amount		Estimated Fair Value (1)		Assuming a 100 bps Increase in Interest Rates
	(In millions)
Assets
Fixed maturity securities AFS			$	149,072	$	(9,459)
FVO Securities			$	937	$	(9)
Mortgage loans			$	60,000	$	(1,819)
Policy loans			$	6,107	$	(155)
Short-term investments			$	3,456	$	(50)
Other invested assets			$	2,124	$	(2)
Cash and cash equivalents			$	4,106	$	(2)
Accrued investment income			$	2,024	$	—
Premiums, reinsurance and other receivables			$	12,216	$	(685)
Market risk benefits			$	163	$	—
Total assets					$	(12,181)
Liabilities
Future policy benefits			$	126,814	$	6,305
Policyholder account balances			$	84,948	$	1,961
Market risk benefits			$	2,942	$	944
Payables for collateral under securities loaned and other transactions			$	12,695	$	—
Short-term debt			$	99	$	—
Long-term debt			$	1,934	$	70
Other liabilities			$	12,101	$	742
Total liabilities					$	10,022
Derivative Instruments
Interest rate swaps	$	22,339	$	1,420	$	(1,144)
Interest rate floors	$	18,246	$	50	$	(27)
Interest rate caps	$	41,040	$	749	$	284
Interest rate futures	$	58	$	—	$	(1)
Interest rate options	$	38,636	$	266	$	(104)
Interest rate forwards	$	1,687	$	(292)	$	(135)
Synthetic GICs	$	10,629	$	—	$	—
Foreign currency swaps	$	35,780	$	2,108	$	(143)
Foreign currency forwards	$	1,118	$	3	$	—
Credit default swaps	$	11,714	$	151	$	(5)
Equity futures	$	1,214	$	(11)	$	(2)
Equity index options	$	17,069	$	199	$	(25)
Equity variance swaps	$	90	$	4	$	—
Equity total return swaps	$	1,980	$	(88)	$	—
Total derivative instruments					$	(1,302)
Net Change					$	(3,461)

__________________

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(1)Separate account assets and liabilities, which are interest rate sensitive, are not included herein as any interest rate risk is borne by the contractholder.

Sensitivity to interest rates increased $0.4 billion to $3.5 billion at June 30, 2023 from $3.1 billion at December 31, 2022.

The table below provides additional detail regarding the potential loss in estimated fair value of our portfolio due to a 10% depreciation in the U.S. dollar compared to all other currencies at:

	June 30, 2023
	Notional Amount		Estimated Fair Value (1)		Assuming a 10% Depreciation in the U.S. Dollar
	(In millions)
Assets
Fixed maturity securities AFS			$	149,072	$	1,458
FVO Securities			$	937	$	—
Mortgage loans			$	60,000	$	265
Policy loans			$	6,107	$	—
Short-term investments			$	3,456	$	84
Other invested assets			$	2,124	$	113
Cash and cash equivalents			$	4,106	$	8
Accrued investment income			$	2,024	$	14
Premiums, reinsurance and other receivables			$	12,216	$	—
Market risk benefits			$	163	$	—
Total assets					$	1,942
Liabilities
Future policy benefits			$	126,814	$	—
Policyholder account balances			$	84,948	$	(1,358)
Market risk benefits			$	2,942	$	—
Payables for collateral under securities loaned and other transactions			$	12,695	$	—
Long-term debt			$	1,934	$	—
Other liabilities			$	12,101	$	—
Total liabilities					$	(1,358)
Derivative Instruments
Interest rate swaps	$	22,339	$	1,420	$	—
Interest rate floors	$	18,246	$	50	$	—
Interest rate caps	$	41,040	$	749	$	—
Interest rate futures	$	58	$	—	$	—
Interest rate options	$	38,636	$	266	$	—
Interest rate forwards	$	1,687	$	(292)	$	—
Synthetic GICs	$	10,629	$	—	$	—
Foreign currency swaps	$	35,780	$	2,108	$	(612)
Foreign currency forwards	$	1,118	$	3	$	(99)
Credit default swaps	$	11,714	$	151	$	2
Equity futures	$	1,214	$	(11)	$	—
Equity index options	$	17,069	$	199	$	—
Equity variance swaps	$	90	$	4	$	—
Equity total return swaps	$	1,980	$	(88)	$	—
Total derivative instruments					$	(709)
Net Change					$	(125)

__________________

(1)Does not necessarily represent those financial instruments solely subject to foreign currency exchange rate risk. Separate account assets and liabilities, which are foreign currency exchange rate sensitive, are not included herein as any foreign currency exchange rate risk is borne by the contractholder.

Sensitivity to foreign currency exchange rates decreased $136 million to $125 million at June 30, 2023 from $261 million at December 31, 2022.

128

The table below provides additional detail regarding the potential loss in estimated fair value of our portfolio due to a 10% decrease in equity prices at:

	June 30, 2023
	Notional Amount		Estimated Fair Value (1)		Assuming a 10% Decrease in Equity Prices
	(In millions)
Assets
FVO Securities			$	937	$	(69)
Other invested assets			$	2,124	$	(48)
Total assets					$	(117)
Liabilities
Policyholder account balances			$	84,948	$	—
Market risk benefits			$	2,942	$	(348)
Total liabilities					$	(348)
Derivative Instruments
Interest rate swaps	$	22,339	$	1,420	$	—
Interest rate floors	$	18,246	$	50	$	—
Interest rate caps	$	41,040	$	749	$	—
Interest rate futures	$	58	$	—	$	—
Interest rate options	$	38,636	$	266	$	—
Interest rate forwards	$	1,687	$	(292)	$	—
Synthetic GICs	$	10,629	$	—	$	—
Foreign currency swaps	$	35,780	$	2,108	$	—
Foreign currency forwards	$	1,118	$	3	$	—
Credit default swaps	$	11,714	$	151	$	—
Equity futures	$	1,214	$	(11)	$	91
Equity index options	$	17,069	$	199	$	78
Equity variance swaps	$	90	$	4	$	—
Equity total return swaps	$	1,980	$	(88)	$	217
Total derivative instruments					$	386
Net Change					$	(79)

__________________

(1)Does not necessarily represent those financial instruments solely subject to equity price risk. Additionally, separate account assets and liabilities, which are equity market sensitive, are not included herein as any equity market risk is borne by the contractholder.

Sensitivity to equity market prices increased $59 million to $79 million at June 30, 2023 from $20 million at December 31, 2022.

129

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, as amended (“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.

During the first quarter of 2023, the Company adopted LDTI resulting in material changes to certain measurement models and disclosures for periodic results and balances related to long-duration insurance contracts. To address the additional requirements under LDTI, the Company implemented changes to policies and processes for the estimation and disclosure of these periodic results and balances.

There were no material 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, 2023 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

Part II — Other Information

Item 1. Legal Proceedings

See Note 16 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 2022 Annual Report. There have been no material changes to our risk factors from the risk factors previously disclosed in the 2022 Annual Report.

Item 5. Other Information

Insider trading arrangements

During the three months ended June 30, 2023, none of our Section 16 officers or directors (as defined in Rule 16a-1(f) of the Exchange Act) adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act or any “non-Rule 10b5-1 trading arrangement” (as defined in Section 408(c) of Regulation S-K).

Iran activity

Pursuant to Section 13(r) of the Exchange Act, the Company is required to disclose in its periodic reports whether it or any of its affiliates knowingly conducted transactions or dealings with the Government of Iran, or any person or entity owned or controlled, directly or indirectly, by the Government of Iran or any of its subdivisions, agencies or instrumentalities (a “Government Related Entity”).

In the second quarter of 2023, an affiliate of the Company that is a subsidiary of MetLife, Inc. but not the Company (the “Affiliate”) issued a group medical policy to the Iranian Khadije Kobra School in Dubai, United Arab Emirates (“UAE”), an educational organization that appears to be owned or controlled, directly or indirectly, by a Government Related Entity. During the quarter, premiums received by the Affiliate attributable to the issuance of the policy were approximately $11,000, which reflects the total amount owed for the policy, and the Affiliate paid less than $150 in claims under the policy. These transactions do not have any impact on the Company’s interim condensed consolidated financial statements.

In the second quarter of 2023, the Affiliate issued a group medical policy to the Directorate of Iranian Schools in the UAE, an educational organization in the UAE that appears to be owned or controlled, directly or indirectly, by a Government Related Entity. During the quarter, premiums received by the Affiliate attributable to the issuance of the policy were approximately $67,000, which reflects the total amount owed for the policy, and the Affiliate paid less than $10,000 in claims under the policy. These transactions do not have any impact on the Company’s interim condensed consolidated financial statements.

In each case, MetLife does not intend to continue any services related to or involving the policies. MetLife continues to investigate the circumstances of issuance of each policy. MetLife does not intend to conduct any transactions or dealings not specifically authorized by a U.S. federal department or agency with a Government Related Entity.

130

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
10.1	Amended and Restated Credit Agreement, dated as of May 8, 2023, among MetLife, Inc. and MetLife Funding, Inc., as borrowers, and the other parties signatory thereto.	8-K	001-15787	10.1	May 9, 2023
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

131

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 8, 2023

132

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 8, 2023

/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 8, 2023

/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, 2023 (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 8, 2023

/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, 2023 (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 8, 2023

/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, 2023	Aug. 08, 2023
Cover [Abstract]
Document Type	10-Q
Entity Registrant Name	Metropolitan Life Insurance Co
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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	2023
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31

XML

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (net of allowance for credit loss of $142 and $114, respectively;) and amortized cost: $161,466 and $160,477, respectively	$ 149,072	$ 145,576
Mortgage loans (net of allowance for credit loss of $525 and $448, respectively; includes $150 and $144, respectively, relating to variable interest entities)	63,811	62,570
Policy loans	5,692	5,729
Real estate and real estate joint ventures (includes $1,329 and $1,358, respectively, relating to variable interest entities, $310 and $299, respectively, under the fair value option)	8,493	8,416
Other limited partnership interests	7,877	7,887
Short-term investments, at estimated fair value	3,456	2,759
Other invested assets (net of allowance for credit loss of $12 and $19, respectively; includes $846 and $858, respectively, of leveraged and direct financing leases; $160 and $161, respectively, relating to variable interest entities)	18,326	19,148
Total investments	256,727	252,085
Cash and cash equivalents, principally at estimated fair value	4,106	9,405
Accrued investment income	2,024	1,949
Premiums, reinsurance and other receivables	20,753	20,791
Market risk benefits	163	174
Deferred policy acquisition costs and value of business acquired	3,695	3,757
Current income tax recoverable	253	165
Deferred income tax asset	2,841	2,920
Other assets	4,349	4,352
Separate account assets	84,910	89,241
Total assets	379,821	384,839
Liabilities
Future policy benefits	126,814	126,914
Policyholder account balances	104,789	103,407
Market risk benefits	2,942	3,270
Other policy-related balances	8,286	7,931
Policyholder dividends payable	237	240
Payables for collateral under securities loaned and other transactions	12,695	14,171
Short-term debt	99	99
Long-term debt	1,886	1,676
Other liabilities	23,564	24,495
Separate account liabilities	84,910	89,241
Total liabilities	366,222	371,444
Contingencies, Commitments and Guarantees (Note 16)
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	12,475	12,476
Retained earnings	8,374	9,022
Accumulated other comprehensive income (loss)	(7,423)	(8,320)
Total Metropolitan Life Insurance Company stockholder’s equity	13,431	13,183
Noncontrolling interests	168	212
Total equity	13,599	13,395
Total liabilities and equity	$ 379,821	$ 384,839

XML

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Assets
Amortized Cost	$ 161,466	$ 160,477
Amortized cost of fixed maturity securities valuation allowances	142	114
Mortgage loans valuation allowances	525	448
Mortgage loans (net of allowance for credit loss of $525 and $448, respectively; includes $150 and $144, respectively, relating to variable interest entities)	63,811	62,570
Real estate and real estate joint ventures - FVO	8,493	8,416
Other Invested Assets - Leveraged and Direct Financing Leases	846	858
Other invested assets - VIE	18,326	19,148
Net Investment in Lease, Allowance for Credit Loss	$ 12	$ 19
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
Real estate and real estate joint ventures - FVO	$ 310	$ 299
Variable Interest Entity
Assets
Mortgage loans (net of allowance for credit loss of $525 and $448, respectively; includes $150 and $144, respectively, relating to variable interest entities)	150	144
Real estate and real estate joint ventures - FVO	1,329	1,358
Other invested assets - VIE	$ 160	$ 161

XML

Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues
Premiums	$ 5,953	$ 5,664	$ 11,802	$ 11,570
Universal life and investment-type product policy fees	422	467	852	946
Net investment income	2,873	2,442	5,558	5,268
Other revenues	419	372	834	783
Net investment gains (losses)	(659)	(83)	(761)	(309)
Net derivative gains (losses)	(232)	586	(792)	707
Total revenues	8,776	9,448	17,493	18,965
Expenses
Policyholder benefits and claims	6,436	6,010	12,659	12,661
Policyholder liability remeasurement (gains) losses	17	(12)	(40)	(41)
Market risk benefits remeasurement (gains) losses	(670)	(730)	(426)	(2,091)
Interest credited to policyholder account balances	893	565	1,724	1,067
Policyholder dividends	116	153	239	314
Other expenses	1,396	1,393	2,944	2,701
Total expenses	8,188	7,379	17,100	14,611
Income (loss) before provision for income tax	588	2,069	393	4,354
Provision for income tax expense (benefit)	78	385	(26)	788
Net income (loss)	510	1,684	419	3,566
Less: Net income (loss) attributable to noncontrolling interests	43	2	41	2
Net income (loss) attributable to Metropolitan Life Insurance Company	467	1,682	378	3,564
Comprehensive income (loss)	(81)	(1,081)	1,317	(1,248)
Less: Comprehensive income (loss) attributable to noncontrolling interests, net of income tax	43	2	42	2
Comprehensive income (loss) attributable to Metropolitan Life Insurance Company	$ (124)	$ (1,083)	$ 1,275	$ (1,250)

XML

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, 2021	$ 18,521	$ 5	$ 12,464	$ 6,933	$ (1,055)	$ 18,347	$ 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)	1,882			1,882		1,882
Other comprehensive income (loss), net of income tax	(2,049)				(2,049)	(2,049)
Ending Balance at Mar. 31, 2022	17,454	5	12,465	7,934	(3,104)	17,300	154
Beginning Balance at Dec. 31, 2021	18,521	5	12,464	6,933	(1,055)	18,347	174
Net income (loss)	3,566
Ending Balance at Jun. 30, 2022	15,701	5	12,476	8,935	(5,869)	15,547	154
Beginning Balance at Mar. 31, 2022	17,454	5	12,465	7,934	(3,104)	17,300	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)	1,684			1,682		1,682	2
Other comprehensive income (loss), net of income tax	(2,765)				(2,765)	(2,765)
Ending Balance at Jun. 30, 2022	15,701	5	12,476	8,935	(5,869)	15,547	154
Beginning Balance at Dec. 31, 2022	13,395	5	12,476	9,022	(8,320)	13,183	212
Dividends to MetLife, Inc.	(618)			(618)		(618)
Change in equity of noncontrolling interests	1					0	1
Net income (loss)	(91)			(89)		(89)	(2)
Other comprehensive income (loss), net of income tax	1,489				1,488	1,488	1
Ending Balance at Mar. 31, 2023	14,176	5	12,476	8,315	(6,832)	13,964	212
Beginning Balance at Dec. 31, 2022	13,395	5	12,476	9,022	(8,320)	13,183	212
Net income (loss)	419
Ending Balance at Jun. 30, 2023	13,599	5	12,475	8,374	(7,423)	13,431	168
Beginning Balance at Mar. 31, 2023	14,176	5	12,476	8,315	(6,832)	13,964	212
Dividends to MetLife, Inc.	(408)			(408)		(408)
Change in equity of noncontrolling interests	(87)					0	(87)
Net income (loss)	510			467		467	43
Other comprehensive income (loss), net of income tax	(591)				(591)	(591)
Ending Balance at Jun. 30, 2023	13,599	$ 5	12,475	$ 8,374	$ (7,423)	13,431	$ 168
Adjustments To Additional Paid In Capital, Capital Contributions	$ (1)		$ (1)			$ (1)

XML

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Statement of Cash Flows [Abstract]
Net cash provided by (used in) operating activities	$ 2,088	$ 1,422
Cash flows from investing activities
Sales, maturities and repayments of fixed maturity securities available-for-sale	16,676	27,410
Sales, maturities and repayments of equity securities	52	82
Sales, maturities and repayments of mortgage loans	2,903	5,667
Sales, maturities and repayments of real estate and real estate joint ventures	25	431
Sales, maturities and repayments of other limited partnership interests	304	732
Sales, maturities and repayments of short-term investments	3,018	6,044
Purchases of fixed maturity securities available-for-sale	(17,635)	(23,277)
Purchases of equity securities	(11)	(40)
Purchases of mortgage loans	(4,212)	(7,175)
Purchases of real estate and real estate joint ventures	(379)	(263)
Purchases of other limited partnership interests	(397)	(491)
Purchases of short-term investments	(3,743)	(2,829)
Cash received in connection with freestanding derivatives	381	1,542
Cash paid in connection with freestanding derivatives	(1,334)	(2,323)
Receipts on loans to affiliates	100	0
Purchases of loans to affiliates	0	(19)
Net change in policy loans	37	70
Net change in other invested assets	(307)	20
Net change in property, equipment and leasehold improvements	4	6
Other, net	16	6
Net cash provided by (used in) investing activities	(4,502)	5,593
Cash flows from financing activities
Policyholder account balances - deposits	39,547	46,102
Policyholder account balances - withdrawals	(40,094)	(44,260)
Net change in payables for collateral under securities loaned and other transactions	(1,476)	(7,377)
Long-term debt issued	210	4
Long-term debt repaid	0	(10)
Financing element on certain derivative instruments and other derivative related transactions, net	(50)	200
Dividends paid to MetLife, Inc.	(1,026)	(1,562)
Other, net	5	(16)
Net cash provided by (used in) financing activities	(2,884)	(6,919)
Effect of change in foreign currency exchange rates on cash and cash equivalents balances	(1)	(9)
Change in cash and cash equivalents	(5,299)	87
Cash and cash equivalents, beginning of period	9,405	9,957
Cash and cash equivalents, end of period	4,106	10,044
Supplemental disclosures of cash flow information
Net cash paid for Interest	62	49
Net cash paid (received) for Income tax	216	170
Non-cash transactions:
Capital contributions from MetLife, Inc.	0	12
Transfer of fixed maturity securities available-for-sale from an affiliate	502	0
Increase in policyholder account balances in connection with affiliated reinsurance transactions	502	0
SupplementalRealEstateAcquiredInSatisfactionOfDebt	8	129
Transfer of fixed maturity securities available-for-sale to an affiliate	0	189
Transfer of fair value option securities from an affiliate	0	186
Increase in policyholder account balances associated with funding agreement backed notes issued but not settled	$ 0	$ 184

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Business, Basis of Presentation and Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2023

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. 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. Except for balances affected by the adoption of Accounting Standards Update (“ASU”) 2018-12 noted below, the December 31, 2022 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, 2022 (the “2022 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 2022 Annual Report.

Adoption of ASU 2018-12 - Targeted Improvements to the Accounting for Long-Duration Contracts

Effective January 1, 2023, the Company adopted 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; ASU 2020-11, Financial Services—Insurance (Topic 944): Effective Date and Early Application; and ASU 2022-05, Financial Services—Insurance (Topic 944): Transition for Sold Contracts (“LDTI”), with a transition date of January 1, 2021 (the “Transition Date”). Adoption of LDTI impacted the Company’s accounting and presentation related to long-duration insurance contracts and certain related balances for the years ended December 31, 2022 and 2021. Amounts within these interim condensed consolidated financial statements which were previously presented, have been revised to conform with the current year accounting and presentation under LDTI. Disclosures as of the Transition Date are reflected in summary within “— Recent Accounting Pronouncements — Adoption of ASU 2018-12 - Targeted Improvements to the Accounting for Long-Duration Contracts,” and in further detail (at the disaggregated level) within Notes 3, 4, 5 and 7.

Consolidation

The accompanying interim condensed consolidated financial statements include the accounts of Metropolitan Life Insurance Company and its subsidiaries, 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.

Revisions

Cash flows from short term investments in the prior years’ Interim Condensed Consolidated Statement of Cash Flows, which were previously presented net, have been revised to gross presentation to conform with the current year presentation. The revision in presentation was not material to the previously presented financial statements.

Pending Reinsurance Transaction

In May 2023, the Company entered into a definitive agreement with a subsidiary of Global Atlantic Financial Group, a retirement and life insurance company, to reinsure an in-force block of universal life, variable universal life, universal life with secondary guarantees, and fixed annuities, which are reported in the MetLife Holdings segment. At the closing of the transaction, the Company will enter into a reinsurance agreement on a coinsurance basis for the general account products, and on a modified coinsurance basis for the separate account products, representing total liabilities of approximately $13.0 billion. Under the terms of such agreement, assets primarily consisting of fixed maturity securities available-for-sale and mortgage loans supporting the general account liabilities will be transferred to the reinsurer at closing, reduced by an approximately $1.8 billion pre-tax ceding commission. The Company will retain separate account assets of approximately $4.8 billion under the modified coinsurance arrangement.

The transaction is expected to close in the second half of 2023 and is subject to regulatory approvals and satisfaction of other closing conditions. See Note 9 for additional information on assets to be transferred to the reinsurer at closing, including associated impairments recorded to net investment gains (losses).

Summary of Significant Accounting Policies

The following table presents the Company’s significant accounting policies which have changed as a result of the adoption of LDTI with cross-references to the notes which provide additional information on such policies.

Accounting Policy	Note
Future Policy Benefit Liabilities	3
Policyholder Account Balances	4
Market Risk Benefits	5
Deferred Policy Acquisition Costs, Value of Business Acquired and Unearned Revenue	7
Derivatives	10

Future Policy Benefit Liabilities

Traditional Non-participating and Limited-payment Long-duration products

The Company establishes future policy benefit liabilities (“FPBs”) for amounts payable under traditional non-participating and limited-payment long-duration insurance and reinsurance policies which include, but are not limited to, pension risk transfers, structured settlements, institutional income annuities and long-term care products. Generally, amounts are payable over an extended period of time and the related liabilities are calculated as the present value of future expected benefits and claim settlement expenses to be paid, reduced by the present value of future expected net premiums.

FPBs are measured as cohorts (e.g., groups of long-duration contracts), with the exception of pension risk transfers and longevity reinsurance solutions contracts, each of which are generally considered their own cohort. Contracts from different subsidiaries or branches, issue years, benefit currency and product types are not grouped together in the same cohort.

Such liabilities are established based on methods and underlying assumptions in accordance with GAAP and applicable actuarial standards. A net premium ratio (“NPR”) approach is utilized, where net premiums (i.e., the portion of gross premiums required to fund expected insurance benefits and claim settlement expenses) under the contract are accrued each period as an FPB. The NPR used to accrue the FPB in each period is determined by using the historical and present value of expected future benefits and claim settlement expenses for the cohort divided by the historical and present value of expected future gross premiums for the cohort.

Cash flow assumptions are incorporated into the calculation of a cohort's NPR and FPB reserve. These assumptions are used to project the amount and timing of expected benefits and claim settlement expenses to be paid and the expected amount of premiums to be collected for a cohort. The principal inputs and assumptions used in the establishment of FPBs are actual premiums, actual benefits, in-force policies, and best estimate cash flow assumptions to project future premium and benefit amounts. The Company’s primary best estimate cash flow assumptions include expectations related to mortality, morbidity, termination, claim settlement expense, policy lapse, renewal, retirement, disability incidence, disability terminations, inflation and other contingent events as appropriate to the respective product type and geographical area. Upon transition to LDTI, generally, the NPR and FPB reserve are updated retrospectively on a quarterly basis for actual experience and at least once a year for any changes in future cash flow assumptions, except for claim settlement expenses, for which the Company has elected to lock in assumptions at the Transition Date or inception (for contracts sold after the Transition Date), as allowed by LDTI. The resulting remeasurement (gain) loss is recorded through net income and reflects the impact on the change in the NPR based on experience at end of the quarter applied to the cumulative premiums received from the inception of the cohort (or from the Transition Date for contracts issued prior to the Transition Date) to the beginning of the quarter. The total contractual profit pattern is recognized over the expected life of the cohort by retrospectively updating the NPR. If net premiums exceed gross premiums (i.e., expected benefits exceed expected gross premiums), the FPB is increased, and a corresponding adjustment is recognized immediately in net income.

The change in FPB reflected in the statement of operations is calculated using a locked-in discount rate. For products issued prior to the Transition Date, a cohort level locked-in discount rate was developed that reflects the interest accretion rates that were locked in at inception of the underlying contracts (unless there was a historical premium deficiency event that resulted in updating the interest accretion rate prior to the Transition Date), or the acquisition date for contracts acquired through an assumed in-force reinsurance transaction or a business combination. For contracts issued subsequent to the Transition Date, the upper-medium grade discount rate used for interest accretion is locked in for the cohort and represents the original upper-medium grade discount rate at the issue date of the underlying contracts. The FPB for all cohorts is remeasured to a current upper-medium grade discount rate at each reporting date through other comprehensive income (loss) (“OCI”).

The Company generally interprets the upper-medium grade discount rate to be a rate comparable to that of a U.S. corporate single A rate that reflects the duration characteristics of the liability. The upper-medium grade discount rate for the products that are included in the disaggregated rollforwards in Note 3 which are issued in the U.S. is determined by using observable market data, including published single A base curves. The last liquid point on the upper-medium grade discount curve grades to an ultimate forward rate, which is derived using assumptions of economic growth, inflation, and a long-term upper-medium grade spread.

For limited-payment long-duration contracts, the collection of premiums does not represent the completion of the earnings process, therefore, any gross premiums received in excess of net premiums is deferred and amortized as a deferred profit liability (“DPL”). The DPL is presented within FPBs and is amortized in proportion to either the present value of expected benefit payments or insurance in-force of each cohort to ensure that profits are recognized over the life of the underlying policies in that cohort, regardless of when premiums are received. This amortization of the DPL is recorded through net income within policyholder benefits and claims. Consistent with the Company’s measurement of traditional long-duration products, management also recognizes a FPB reserve for limited-payment contracts that is representative of the difference between the present value of expected future benefit payments and the present value of expected future net premiums, subject to retrospective remeasurement through net income and OCI, as described above. The DPL is also subject to retrospective remeasurement through net income, however, it is not remeasured for changes in discount rates.

Traditional participating products

The Company establishes FPBs for traditional participating contracts in the U.S., which include whole and term life participating contracts in both the open and closed block using a net premium approach, similar to traditional non-participating contracts. However, for participating contracts, the discount rate and actuarial assumptions are locked in at inception, include a provision for adverse deviation, and all changes in the associated FPBs are reported within policyholder benefits and claims. See Note 8 for additional information on the closed block. For traditional participating contracts, the Company reviews its estimates of actuarial liabilities for future benefits and compares them with current best estimate assumptions. The Company revises estimates, to increase FPBs, if the Company determines that the liabilities previously established for future benefit payments less future expected net premiums in the aggregate for this line of business prove inadequate.

Additional Insurance Liabilities

Liabilities for universal, variable universal, and variable life policies with secondary guarantees (“ULSG”) and paid-up guarantees are determined by estimating the expected value of death benefits payable when the account balance is projected to be zero and recognizing those benefits ratably over the life of the contract based on total expected assessments. The additional insurance liabilities are updated retrospectively on a quarterly basis for actual experience and at least once a year for any changes in future cash flow assumptions. The assumptions used in estimating the secondary and paid-up guarantee liabilities are investment income, mortality, lapse, and premium payment pattern and persistency. The assumptions of investment performance and volatility for variable products are consistent with historical experience of appropriate underlying equity indices, such as the S&P Global Ratings (“S&P”) 500 Index. The benefits used in calculating the liabilities are based on the average benefits payable over a range of scenarios.

The resulting remeasurement (gain) loss recorded through net income reflects the impact on the change in the ratio of benefits payable to total assessments over the life of the contract based on experience at end of the quarter applied to the cumulative assessments received as of the beginning of the quarter.

Premium Deficiency Reserves on Short-Duration Contracts

Premium deficiency reserves may be established for short-duration contracts to provide for expected future losses and certain expenses that exceed unearned premiums. These reserves are based on actuarial estimates of the amount of loss inherent in that period, including losses incurred for which claims have not been reported. The provisions for unreported claims are calculated using studies that measure the historical length of time between the incurred date of a claim and its eventual reporting to the Company. Anticipated investment income is considered in the calculation of premium deficiency losses for short-duration contracts.

Policyholder Account Balances

Policyholder account balances (“PABs”) represents the amount held by the Company on behalf of the policyholder at each reporting date. This amount includes deposits received from the policyholder, interest credited to the policyholder’s account balance, net of charges assessed against the account balance and any policyholder withdrawals. This balance also includes liabilities for structured settlement and institutional income annuities, and certain other contracts, that do not contain significant insurance risk, as well as the estimated fair value of embedded derivatives associated with indexed annuity products.

Market Risk Benefits

As defined by LDTI, market risk benefits (“MRBs”) are contracts or contract features that guarantee benefits, such as guaranteed minimum benefits, in addition to an account balance, which expose insurance companies to other than nominal capital market risk (equity price, interest rate, and/or foreign currency exchange risk) and subsequently protect the contractholder from the same risk. These contracts and contract features were generally recorded as embedded derivatives or additional insurance liabilities prior to the Transition Date. Certain contracts may have multiple contract features or guarantees. In these cases, each feature is separately evaluated to determine whether it meets the definition of an MRB at contract inception. If a contract includes multiple benefits that meet the definition of an MRB, those benefits are aggregated and measured as a single compound MRB.

All identified MRBs are required to be measured at estimated fair value, whether the contract or contract feature represents a direct, assumed or ceded capital market risk. All MRBs in an asset position are aggregated and presented as an asset, and all MRBs in a liability position are aggregated and presented as a liability. Changes in the estimated fair value of MRBs are recognized in net income, except for the portion of the fair value change attributable to the change in nonperformance risk of the Company which is recorded as a separate component of OCI.

The Company generally uses an attributed fee approach to value MRBs, where the attributed fee is determined at contract inception by estimating the fair value of expected future benefits and the expected future fees. The attributed fee percentage is the portion of the expected future fees due from contractholders deemed necessary at contract inception to fund all future expected benefits. This typically results in a zero fair value for the MRB at inception. The estimated fair value of the expected future benefits is estimated using a stochastically-generated set of risk-neutral scenarios. Once calculated, the attributed fee percentage is fixed and does not change over the life of the contract. All fees due from contractholders in excess of the attributed fees are reported in universal life and investment-type product policy fees.

Other Policy-Related Balances

Other policy-related balances include policy and contract claims, premiums received in advance, unearned revenue (“UREV”) liabilities, obligations assumed under structured settlement assignments, policyholder dividends due and unpaid and policyholder dividends left on deposit.

The liability for policy and contract claims generally relates to incurred but not reported (“IBNR”) death and dental claims. In addition, generally included in other policy-related balances are claims which have been reported but not yet settled for death and dental. The liability for these claims is based on the Company’s estimated ultimate cost of settling all claims. The Company derives estimates for the development of IBNR claims principally from analyses of historical patterns of claims by business line. The methods used to determine these estimates are continually reviewed. Adjustments resulting from this continuous review process and differences between estimates and payments for claims are recognized in policyholder benefits and claims expense in the period in which the estimates are changed or payments are made.

The Company accounts for the prepayment of premiums on its individual life, group life and health contracts as premiums received in advance. These amounts are then recognized in premiums when due.

The UREV liability relates to universal life and investment-type products and represents policy charges for services to be provided in future periods. The charges are deferred as unearned revenue and amortized on a basis consistent with the methodologies and assumptions used for amortizing deferred policy acquisition costs (“DAC”) for the related contracts. Changes in the UREV liability for each period (representing deferrals less amortization) are reported in universal life and investment-type product policy fees.

Recognition of Insurance Revenues and Deposits

Premiums related to whole and term life products, individual disability, individual and group fixed annuities (including pension risk transfers, certain structured settlements and certain income annuities), long-term care and participating products are recognized as revenues when due from policyholders. Policyholder benefits and expenses are provided to recognize profits over the estimated lives of the insurance policies. When premiums are due over a significantly shorter period than the period over which benefits are provided, any excess profit is deferred as a DPL and recognized into earnings in a constant relationship to insurance in-force or, for annuities, the present value of expected future policy benefit payments.

Premiums related to short-duration non-medical health and disability contracts are recognized on a pro rata basis over the applicable contract term. Unearned premiums, representing the portion of premium written related to the unexpired coverage, are reflected as liabilities until earned.

Deposits related to universal life and investment-type products are credited to PABs. Revenues from such contracts consist of fees for mortality, policy administration and surrender charges and are recorded in universal life and investment-type product policy fees in the period in which services are provided. All fees due from contractholders in excess of the attributed fees on contracts with MRBs are reported in universal life and investment-type product policy fees. Amounts that are charged to earnings include interest credited and benefit claims incurred in excess of related PABs.

All revenues and expenses are presented net of reinsurance, as applicable.

Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles

The Company incurs significant costs in connection with acquiring new and renewal insurance business. Costs that are related directly to the successful acquisition or renewal of insurance contracts are capitalized as DAC. Such costs include:

•incremental direct costs of contract acquisition, such as commissions;

•the portion of an employee’s total compensation and benefits related to time spent selling, underwriting or processing the issuance of new and renewal insurance business only with respect to actual policies acquired or renewed; and

•other essential direct costs that would not have been incurred had a policy not been acquired or renewed.

All other acquisition-related costs, including those related to general advertising and solicitation, market research, agent training, product development, unsuccessful sales and underwriting efforts, as well as all indirect costs, are expensed as incurred.

Value of business acquired (“VOBA”) is an intangible asset resulting from a business combination that represents the excess of book value over the estimated fair value of acquired insurance, annuity, and investment-type contracts in-force at the acquisition date. The estimated fair value of the acquired liabilities is based on projections, by each block of business, of future policy and contract charges, premiums, mortality and morbidity, separate account performance, surrenders, operating expenses, investment returns, nonperformance risk adjustment and other factors. Actual experience with the purchased business may vary from these projections. VOBA is subject to periodic recoverability testing for traditional life and limited-payment contracts, as well as universal life type contracts.

Beginning on the Transition Date, DAC and VOBA for most long-duration products are amortized on a constant-level basis that approximates straight-line amortization on an individual contract basis. The DAC and VOBA related to U.S. annuities are amortized over expected benefit payments, and for all other long-duration products are generally amortized in proportion to policy count. For short-duration products, DAC and VOBA are amortized in proportion to actual and expected future earned premiums.

DAC and VOBA are aggregated on the financial statements for reporting purposes. See Note 7 for additional information on DAC and VOBA amortization. Amortization of DAC and VOBA is included in other expenses.

The Company generally has two different types of sales inducements which are included in other assets: (i) the policyholder receives a bonus whereby the policyholder’s initial account balance is increased by an amount equal to a specified percentage of the customer’s deposit; and (ii) the policyholder receives a higher interest rate using a dollar cost averaging method than would have been received based on the normal general account interest rate credited. The Company defers sales inducements and amortizes them over the life of the policy using the same methodologies and assumptions used to amortize DAC for the related contracts. The amortization of sales inducements is included in policyholder benefits and claims. Each year, or more frequently if circumstances indicate a potential recoverability issue exists, the Company reviews deferred sales inducements (“DSI”) to determine the recoverability of the asset. DSI assets were $47 million and $49 million at June 30, 2023 and December 31, 2022, respectively.

Value of distribution agreements acquired (“VODA”) is reported in other assets and represents the present value of expected future profits associated with the expected future business derived from the distribution agreements acquired as part of a business combination. Value of customer relationships acquired (“VOCRA”) is also reported in other assets and represents the present value of the expected future profits associated with the expected future business acquired through existing customers of the acquired company or business. The VODA and VOCRA associated with past business combinations are amortized over the assets’ useful lives ranging from 10 to 30 years and such amortization is included in other expenses. Each year, or more frequently if circumstances indicate a possible impairment exists, the Company reviews VODA and VOCRA to determine whether the asset is impaired.

Reinsurance

For each of its reinsurance agreements, the Company determines whether the agreement provides indemnification against loss or liability relating to insurance risk in accordance with applicable accounting standards. Cessions under reinsurance agreements do not discharge the Company’s obligations as the primary insurer. The Company reviews all contractual features, including those that may limit the amount of insurance risk to which the reinsurer is subject or features that delay the timely reimbursement of claims.

The reinsurance recoverable for traditional non-participating and limited-payment contracts is generally measured using a net premium methodology to accrue the projected net gain or loss on reinsurance in proportion to the gross premiums of the underlying reinsured cohorts; and is updated retrospectively on a quarterly basis for actual experience and at least once a year for any changes in cash flow assumptions. The locked-in discount rate used to measure changes in the reinsurance recoverable recorded in net income was established at the Transition Date, or at the inception of the reinsurance coverage for new reinsurance agreements entered into subsequent to the Transition Date. The reinsurance recoverable is remeasured to an upper-medium grade discount rate through OCI at each reporting date, similar to the underlying reinsured contracts. The reinsurance recoverable for other long-duration contracts and associated contract features is measured using assumptions and methods generally consistent with the underlying direct policies.

For reinsurance of existing in-force blocks of long-duration contracts that transfer significant insurance risk, the difference, if any, between the amounts paid (received), and the liabilities ceded (assumed) related to the underlying reinsured contracts is considered the net cost of reinsurance at the inception of the reinsurance agreement. The net cost of reinsurance is amortized on a basis consistent with the methodologies and assumptions used for amortizing DAC related to the underlying reinsured contracts. Subsequent amounts paid (received) on the reinsurance of in-force blocks, as well as amounts paid (received) related to new business, are recorded as ceded (assumed) premiums; and ceded (assumed) premiums, reinsurance and other receivables (future policy benefits) are established.

For prospective reinsurance of short-duration contracts that meet the criteria for reinsurance accounting, amounts paid (received) are recorded as ceded (assumed) premiums and ceded (assumed) unearned premiums. Ceded (assumed) unearned premiums are reflected as a component of premiums, reinsurance and other receivables (future policy benefits). Such amounts are amortized through earned premiums over the remaining contract period in proportion to the amount of insurance protection provided. For retroactive reinsurance of short-duration contracts that meet the criteria for reinsurance accounting, amounts paid (received) in excess of the related insurance liabilities ceded (assumed) are recognized immediately as a loss and are reported in the appropriate line item within the statement of operations. Any gain on such retroactive agreement is deferred and is amortized as part of DAC, primarily using the recovery method.

Amounts currently recoverable under reinsurance agreements are included in premiums, reinsurance and other receivables and amounts currently payable are included in other liabilities. Assets and liabilities relating to reinsurance agreements with the same reinsurer may be recorded net on the balance sheet, if a right of offset exists within the reinsurance agreement. In the event that reinsurers do not meet their obligations to the Company under the terms of the reinsurance agreements, or when events or changes in circumstances indicate that its carrying amount may not be recoverable, reinsurance recoverable balances could become uncollectible. In such instances, reinsurance recoverable balances are stated net of allowances for uncollectible reinsurance, consistent with credit loss guidance which requires recording an allowance for credit loss (“ACL”).

The funds withheld liability represents amounts withheld by the Company in accordance with the terms of the reinsurance agreements. The Company withholds the funds rather than transferring the underlying investments and, as a result, records funds withheld liability within other liabilities. The Company recognizes interest on funds withheld, included in other expenses, at rates defined by the terms of the agreement which may be contractually specified or directly related to the investment portfolio. See Note 1 of the Notes to the Consolidated Financial Statements included in the 2022 Annual Report for information on funds withheld assets.

Premiums, fees and policyholder benefits and claims include amounts assumed under reinsurance agreements and are net of reinsurance ceded. Amounts received from reinsurers for policy administration are reported in other expenses.

If the Company determines that a reinsurance agreement does not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk, the Company records the agreement using the deposit method of accounting. Deposits received are included in other liabilities and deposits made are included within premiums, reinsurance and other receivables. As amounts are paid or received, consistent with the underlying contracts, the deposit assets or liabilities are adjusted. Interest on such deposits is recorded as other revenues or other expenses, as appropriate. Periodically, the Company evaluates the adequacy of the expected payments or recoveries and adjusts the deposit asset or liability through other revenues or other expenses, as appropriate.

Derivatives

Freestanding Derivatives

Freestanding derivatives are carried on the Company’s balance sheet either as assets within other invested assets or as liabilities within other liabilities at estimated fair value. The Company does not offset the estimated fair value amounts recognized for derivatives executed with the same counterparty under the same master netting agreement.

Accruals on derivatives are generally recorded in accrued investment income or within other liabilities. However, accruals that are not scheduled to settle within one year are included with the derivative’s carrying value in other invested assets or other liabilities.

If a derivative is not designated as an accounting hedge or its use in managing risk does not qualify for hedge accounting, changes in the estimated fair value of the derivative are reported in net derivative gains (losses) except as follows:

Statement of Operations Presentation:	Derivative:
Net investment income	•	Economic hedges of equity method investments in joint ventures
	•	Economic hedges of fair value option securities (“FVO Securities”) which are linked to equity indices

Hedge Accounting

To qualify for hedge accounting, at the inception of the hedging relationship, the Company formally documents its risk management objective and strategy for undertaking the hedging transaction, as well as its designation of the hedge. Hedge designation and financial statement presentation of changes in estimated fair value of the hedging derivatives are as follows:

•Fair value hedge - a hedge of the estimated fair value of a recognized asset or liability - in the same line item as the earnings effect of the hedged item. The carrying value of the hedged recognized asset or liability is adjusted for changes in its estimated fair value due to the hedged risk.

•Cash flow hedge - a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability - in OCI and reclassified into the statement of operations when the Company’s earnings are affected by the variability in cash flows of the hedged item.

The changes in estimated fair values of the hedging derivatives are exclusive of any accruals that are separately reported on the statement of operations within interest income or interest expense to match the location of the hedged item.

In its hedge documentation, the Company sets forth how the hedging instrument is expected to hedge the designated risks related to the hedged item and sets forth the method that will be used to retrospectively and prospectively assess the hedging instrument’s effectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed at inception and at least quarterly throughout the life of the designated hedging relationship. Assessments of hedge effectiveness are also subject to interpretation and estimation and different interpretations or estimates may have a material effect on the amount reported in net income.

The Company discontinues hedge accounting prospectively when: (i) it is determined that the derivative is no longer highly effective in offsetting changes in the estimated fair value or cash flows of a hedged item; (ii) the derivative expires, is sold, terminated, or exercised; (iii) it is no longer probable that the hedged forecasted transaction will occur; or (iv) the derivative is de-designated as a hedging instrument.

When hedge accounting is discontinued because it is determined that the derivative is not highly effective in offsetting changes in the estimated fair value or cash flows of a hedged item, the derivative continues to be carried on the balance sheet at its estimated fair value, with changes in estimated fair value recognized in net derivative gains (losses). The carrying value of the hedged recognized asset or liability under a fair value hedge is no longer adjusted for changes in its estimated fair value due to the hedged risk, and the cumulative adjustment to its carrying value is amortized into income over the remaining life of the hedged item. The changes in estimated fair value of derivatives related to discontinued cash flow hedges remain in OCI unless it is probable that the hedged forecasted transaction will not occur.

When hedge accounting is discontinued because it is no longer probable that the forecasted transactions will occur on the anticipated date or within two months of that date, the derivative continues to be carried on the balance sheet at its estimated fair value, with changes in estimated fair value recognized currently in net derivative gains (losses). Deferred gains and losses of a derivative recorded in OCI pursuant to the discontinued cash flow hedge of a forecasted transaction that is no longer probable of occurring are recognized immediately in net investment gains (losses).

In all other situations in which hedge accounting is discontinued, the derivative is carried at its estimated fair value on the balance sheet, with changes in its estimated fair value recognized in the current period as net derivative gains (losses).

Embedded Derivatives

As discussed above, certain guarantees previously accounted for as embedded derivatives are accounted for as MRBs upon adoption of LDTI. The Company issues certain products and investment contracts and is a party to certain reinsurance agreements that have embedded derivatives. The Company assesses each identified embedded derivative to determine whether it is required to be bifurcated. The embedded derivative is bifurcated from the host contract and accounted for as a freestanding derivative if:

•the contract or contract feature does not meet the definition of a MRB (as a result of the adoption of LDTI);

•the combined instrument is not accounted for in its entirety at estimated fair value with changes in estimated fair value recorded in earnings;

•the terms of the embedded derivative are not clearly and closely related to the economic characteristics of the host contract; and

•a separate instrument with the same terms as the embedded derivative would qualify as a derivative instrument.

Such embedded derivatives are carried on the balance sheet at estimated fair value with the host contract and changes in their estimated fair value are generally reported in net derivative gains (losses). If the Company is unable to properly identify and measure an embedded derivative for separation from its host contract, the entire contract is carried on the balance sheet at estimated fair value, with changes in estimated fair value recognized in the current period in net investment gains (losses) or net investment income. Additionally, the Company may elect to carry an entire contract on the balance sheet at estimated fair value, with changes in estimated fair value recognized in the current period in net investment gains (losses) or net investment income if that contract contains an embedded derivative that requires bifurcation.

Recent Accounting Pronouncements

Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of 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.

Adoption of ASU 2018-12 - Targeted Improvements to the Accounting for Long-Duration Contracts

The Company adopted LDTI effective January 1, 2023 with a Transition Date of January 1, 2021. The standard required a full retrospective transition approach for MRBs, and allowed for a transition method election for FPBs and DAC, as well as other balances that have historically been amortized in a manner consistent with DAC. The Company has elected the modified retrospective transition approach for all FPBs, DAC, and related balances on all long-duration contracts, subject to the transition provisions. Additionally, an amendment in LDTI allowed entities to make an accounting policy election to exclude certain sold or disposed contracts or legal entities from application of the transition guidance. The Company did not make such an election.

Under the modified retrospective approach, the Company was required to establish LDTI-compliant FPBs, DAC and related balances for the Company’s Transition Date opening balance sheet by utilizing the Company’s December 31, 2020 balances with certain adjustments as described below.

The following table presents a summary of the Transition Date impacts associated with the implementation of LDTI to the consolidated balance sheet:

	Premiums, Reinsurance and Other Receivables		Deferred Policy Acquisition Costs and Value of Business Acquired		Deferred Tax Asset		Other Assets		Future Policy Benefits		Policyholder Account Balances		Market Risk Benefit Liabilities		Deferred Income Tax Liability		Retained Earnings		Accumulated Other Comprehensive Income (Loss)
	(In millions)
Balances as reported, December 31, 2020	$	21,478	$	2,649	$	—	$	4,158	$	133,921	$	96,635	$	—	$	1,980	$	10,548	$	11,662
Reclassification of carrying amount of contracts and contract features that are market risk benefits	(59)		—		—		—		(1,447)		(495)		1,883		—		—		—
Adjustments for the difference between previous carrying amount and fair value measurement for market risk benefits	—		—		—		—		—		—		4,906		(1,030)		(3,897)		21
Removal of related amounts in accumulated other comprehensive income	—		1,482		—		29		(6,835)		—		—		1,751		—		6,595
Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach	32		—		—		—		89		—		—		(12)		(45)		—
Effect of remeasurement of future policy benefits to an upper-medium grade discount rate	403		—		—		—		25,208		—		—		(5,209)		—		(19,596)
Adjustments for the cumulative effect of adoption on additional insurance assets and liabilities	29		—		—		—		36				—		—		—		(7)
Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard	2		12		2,518		—		(4,794)		4,794		—		2,520		10		—
Balances as adjusted, January 1, 2021	$	21,885	$	4,143	$	2,518	$	4,187	$	146,178	$	100,934	$	6,789	$	—	$	6,616	$	(1,325)

The Transition Date impacts associated with the implementation of LDTI were applied as follows:

Market Risk Benefits (See Note 5)

The full retrospective transition approach for MRBs required assessing products to determine whether contract or contract features expose the Company to other than nominal capital market risk. The population of MRBs identified was then reviewed to determine the historical measurement model prior to adoption of LDTI. If the MRB was a bifurcated embedded derivative prior to the adoption of LDTI, the existing measurement approach was retained, except that the fair value of the MRB at inception was recalculated to isolate the contract issue date nonperformance risk of the Company.

If, prior to the adoption of LDTI, the MRB was partially a bifurcated embedded derivative (e.g., a contract with multiple features where one was a bifurcated embedded derivative and one was an additional insurance liability), or was accounted for under a different model, the at-inception attributed fee ratio was calculated for every identified MRB, and using the at inception attributed fee ratio, the fair value of the MRB at the contract issue date was calculated to isolate the contract issue date nonperformance risk of the Company.

At the Transition Date, the impacts to the financial statements of the full retrospective approach for MRBs include the following:

•The amounts previously recorded for these contracts within additional insurance liabilities, embedded derivatives, and other insurance liabilities were reclassified to MRB liabilities;

•The difference between the fair value of the MRBs and the previously recorded carrying value at the Transition Date, excluding the cumulative effect of changes in nonperformance risk of the Company, was recorded as an adjustment to the opening balance of retained earnings; and

•The cumulative effect of changes in nonperformance risk between the contract issue date and the Transition Date was recorded as an adjustment to opening accumulated OCI (“AOCI”) as of the Transition Date.

Future Policy Benefits (See Note 3)

Traditional Non-participating Long-duration products

•Loss recognition balances related to unrealized investment gains associated with certain long-duration products previously recorded in AOCI were removed;

•Contracts in-force as of the Transition Date were grouped into cohorts; a revised NPR was calculated for each cohort using the existing Transition Date balance, best estimate cash flow assumptions without a provision for adverse deviation, and the historical discount rates used for the contracts within the cohort prior to the adoption of LDTI (the “locked-in” discount rate). For any cohorts where the net premiums exceeded gross premiums (NPR exceeded 100%), the FPB was increased for the excess of net premiums over gross premiums, with a corresponding adjustment recorded to opening retained earnings as of the Transition Date;

•The difference between the FPB balance calculated at the current upper-medium grade discount rate and the FPB balance calculated at the locked-in discount rate was recorded as an adjustment to opening AOCI as of the Transition Date; and

•Corresponding adjustments were made to ceded reinsurance balances.

Limited-payment Long-duration products

Limited-payment long-duration products transition to LDTI follows a similar approach to traditional non-participating products, except that these product cohorts may have a DPL which is adjusted at the Transition Date. If an increase to FPB depleted the DPL, the remaining adjustment was recorded to opening retained earnings as of the Transition Date.

Additional insurance liabilities

•The contracts and contract features that met the definition of a MRB were reclassified;

•The impact of updating assessments used in the calculation of the additional insurance liabilities to reflect the constant margin amortization basis for UREV liabilities was recorded as an adjustment to opening retained earnings and AOCI; and

•Corresponding adjustments were made to ceded reinsurance balances.

DAC and other balances to be amortized in a manner consistent with DAC (VOBA, DSI and UREV) (See Note 7 for information on DAC, VOBA and UREV)

The opening balances of these accounts were adjusted for removal of the related amounts in AOCI, as these balances are no longer amortized using expected future gross premiums, margins, profits or earned premiums.

Other balance sheet reclassifications and adjustments at LDTI adoption (See Notes 3, 4 and 7)

Individual income annuities reclassification

Prior to the Transition Date, the Company classified all structured settlement and institutional income annuity products within FPBs. While the pre-LDTI GAAP reserving model was the same for these products, upon transition to LDTI, the reserving model for a subset of these products changed, requiring the Company to reclassify $4.7 billion of FPBs to PABs at the Transition Date.

Other reclassifications and adjustments

Other minor reclassifications and adjustments were made to conform to LDTI presentation requirements.

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

	December 31, 2022
	As Previously Reported		Adoption Adjustment		Post Adoption
	(In millions)
Assets
Premiums, reinsurance and other receivables	$	20,704	$	87	$	20,791
Market risk benefits	$	—	$	174	$	174
Deferred policy acquisition costs and value of business acquired	$	5,263	$	(1,506)	$	3,757
Deferred income tax asset	$	2,661	$	259	$	2,920
Other assets	$	4,367	$	(15)	$	4,352
Total assets	$	385,840	$	(1,001)	$	384,839
Liabilities
Future policy benefits	$	133,725	$	(6,811)	$	126,914
Policyholder account balances	$	99,967	$	3,440	$	103,407
Market risk benefits	$	—	$	3,270	$	3,270
Other policy-related balances	$	7,863	$	68	$	7,931
Other liabilities	$	24,489	$	6	$	24,495
Total liabilities	$	371,471	$	(27)	$	371,444
Equity
Retained earnings	$	10,572	$	(1,550)	$	9,022
Accumulated other comprehensive income (loss)	$	(8,896)	$	576	$	(8,320)
Total Metropolitan Life Insurance Company stockholder’s equity	$	14,157	$	(974)	$	13,183
Total equity	$	14,369	$	(974)	$	13,395
Total liabilities and equity	$	385,840	$	(1,001)	$	384,839

The following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company’s previously reported interim condensed consolidated statement of operations and comprehensive income (loss):

	Three Months Ended June 30, 2022						Six Months Ended June 30, 2022
	As Previously Reported		Adoption Adjustment		Post Adoption		As Previously Reported		Adoption Adjustment		Post Adoption
	(In millions)
Revenues
Premiums	$	5,668	$	(4)	$	5,664	$	11,578	$	(8)	$	11,570
Universal life and investment-type product policy fees	$	515	$	(48)	$	467	$	1,039	$	(93)	$	946
Other revenues	$	373	$	(1)	$	372	$	785	$	(2)	$	783
Net derivative gains (losses)	$	345	$	241	$	586	$	526	$	181	$	707
Total revenues	$	9,260	$	188	$	9,448	$	18,887	$	78	$	18,965
Expenses
Policyholder benefits and claims	$	5,936	$	74	$	6,010	$	12,497	$	164	$	12,661
Policyholder liability remeasurement (gains) losses	$	—	$	(12)	$	(12)	$	—	$	(41)	$	(41)
Market risk benefits remeasurement (gains) losses	$	—	$	(730)	$	(730)	$	—	$	(2,091)	$	(2,091)
Interest credited to policyholder account balances	$	530	$	35	$	565	$	1,021	$	46	$	1,067
Policyholder dividends	$	154	$	(1)	$	153	$	313	$	1	$	314
Other expenses	$	1,419	$	(26)	$	1,393	$	2,718	$	(17)	$	2,701
Total expenses	$	8,039	$	(660)	$	7,379	$	16,549	$	(1,938)	$	14,611
Income (loss) before provision for income tax	$	1,221	$	848	$	2,069	$	2,338	$	2,016	$	4,354
Provision for income tax expense (benefit)	$	207	$	178	$	385	$	365	$	423	$	788
Net income (loss)	$	1,014	$	670	$	1,684	$	1,973	$	1,593	$	3,566
Net income (loss) attributable to Metropolitan Life Insurance Company	$	1,012	$	670	$	1,682	$	1,971	$	1,593	$	3,564
Comprehensive income (loss)	$	(7,443)	$	6,362	$	(1,081)	$	(11,721)	$	10,473	$	(1,248)
Comprehensive income (loss) attributable to Metropolitan Life Insurance Company	$	(7,445)	$	6,362	$	(1,083)	$	(11,723)	$	10,473	$	(1,250)

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

	As Previously Reported		Adoption Adjustment		Post Adoption
	(In millions)
Retained Earnings
Balance at December 31, 2021	$	10,868	$	(3,935)	$	6,933
Net income (loss)	$	959	$	923	$	1,882
Balance at March 31, 2022	$	10,946	$	(3,012)	$	7,934
Net income (loss)	$	1,012	$	670	$	1,682
Balance at June 30, 2022	$	11,277	$	(2,342)	$	8,935
Balance at December 31, 2022	$	10,572	$	(1,550)	$	9,022
Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2021	$	9,917	$	(10,972)	$	(1,055)
Other comprehensive income (loss), net of income tax	$	(5,237)	$	3,188	$	(2,049)
Balance at March 31, 2022	$	4,680	$	(7,784)	$	(3,104)
Other comprehensive income (loss), net of income tax	$	(8,457)	$	5,692	$	(2,765)
Balance at June 30, 2022	$	(3,777)	$	(2,092)	$	(5,869)
Balance at December 31, 2022	$	(8,896)	$	576	$	(8,320)
Total Metropolitan Life Insurance Company Stockholders’ Equity
Balance at December 31, 2021	$	33,254	$	(14,907)	$	18,347
Balance at March 31, 2022	$	28,096	$	(10,796)	$	17,300
Balance at June 30, 2022	$	19,981	$	(4,434)	$	15,547
Balance at December 31, 2022	$	14,157	$	(974)	$	13,183
Total Equity
Balance at December 31, 2021	$	33,428	$	(14,907)	$	18,521
Balance at March 31, 2022	$	28,250	$	(10,796)	$	17,454
Balance at June 30, 2022	$	20,135	$	(4,434)	$	15,701
Balance at December 31, 2022	$	14,369	$	(974)	$	13,395

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

	Six Months Ended June 30, 2022
	As Previously Reported		Adoption Adjustment		Post Adoption
	(In millions)
Cash flows from operating activities
Net cash provided by (used in) operating activities	$	1,160	$	262	$	1,422
Cash flows from financing activities
Policyholder account balances - deposits	$	46,124	$	(22)	$	46,102
Policyholder account balances - withdrawals	$	(44,020)	$	(240)	$	(44,260)
Net cash provided by (used in) financing activities	$	(6,657)	$	(262)	$	(6,919)

Other Adopted Accounting Pronouncements

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

Standard	Description	Effective Date and Method of Adoption	Impact on 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 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, the Company adopted, using a prospective approach.	The adoption of the new guidance has reduced the complexity involved with evaluating and accounting for certain loan modifications. The Company has included the required disclosures within its interim condensed consolidated 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; as amended by ASU 2022-06, Reference Rate Reform (Topic 848)—Deferral of the Sunset Date of Topic 848	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. The amendments in ASU 2022-06 extend the sunset date of the reference rate reform optional expedients and exceptions to December 31, 2024.	Effective for contract modifications made between March 12, 2020 and December 31, 2024.	The guidance has reduced the operational and financial impacts of contract modifications that replace a reference rate, such as London Interbank Offered Rate, affected by reference rate reform. Contract modifications to replace reference rates affected by the reform occurred during 2021 and 2022 and have continued into 2023. Based on actions taken to date, the adoption of the guidance has not had a material impact on the Company’s consolidated financial statements. The Company does not expect the adoption of this guidance to have a material ongoing impact on its interim condensed 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, 2023 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 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method	The amendments in this update permit reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. In addition, disclosures describing the nature of the investments and related income tax credits and benefits will be required.	January 1, 2024, to be applied on either a modified retrospective or a retrospective basis subject to certain exceptions (with early adoption permitted).	The Company is currently evaluating the impact of the guidance on its interim condensed consolidated 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 continuing to evaluate the impact of the guidance, and it does not expect the adoption of the guidance to have a material impact on its interim condensed consolidated financial statements.

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Segment Information

6 Months Ended

Jun. 30, 2023

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 initiatives), 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.

The adoption of LDTI impacted the Company’s calculation of adjusted earnings. With the adoption of LDTI, the measurement model was simplified for DAC and VOBA, and most embedded derivatives were reclassified as MRBs. As a result, the Company updated its calculation of adjusted earnings to remove certain adjustments related to the amortization of DAC, VOBA and related intangibles and adjusted for changes in measurement of certain guarantees. Under LDTI, adjusted earnings excludes changes in fair value associated with MRBs, changes in discount rates on certain annuitization guarantees, losses at contract inception for certain single premium business, and asymmetrical accounting associated with in-force reinsurance. All periods presented herein reflect the updated calculation of adjusted earnings.

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

These financial measures focus on the Company’s primary businesses principally by excluding the impact of (i) market volatility which could distort trends, (ii) asymmetrical and non-economic accounting, and (iii) revenues and costs related to divested businesses, non-core products and certain entities required to be consolidated under GAAP. Also, these measures exclude results of discontinued operations under GAAP.

Market volatility can have a significant impact on the Company’s financial results. Adjusted earnings excludes net investment gains (losses), net derivative gains (losses), MRBs remeasurement gains (losses) and goodwill impairments. Further, policyholder benefits and claims exclude (i) changes in the discount rate on certain annuitization guarantees accounted for as additional liabilities and (ii) market value adjustments.

Asymmetrical and non-economic accounting adjustments are made to the line items indicated in calculating adjusted earnings:

•Net investment income includes 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.

•Other revenues include settlements of foreign currency earnings hedges.

•Policyholder benefits and claims excludes (i) amortization of basis adjustments associated with de-designated fair value hedges of future policy benefits, (ii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments, and (iii) non-economic losses incurred at contract inception for certain single premium annuity business. These losses are amortized into adjusted earnings within policyholder benefits and claims over the estimated lives of the contracts.

•Interest credited to PABs excludes amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass-through adjustments.

Divested businesses are those that have been or will be sold or exited by MLIC but do not meet the discontinued operations criteria under GAAP. 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.

Other adjustments are made to the line items indicated in calculating adjusted earnings:

•Net investment income and interest credited to PABs excludes certain amounts related to contractholder-directed equity securities.

•Other revenues include fee revenue on synthetic guaranteed interest contracts (“GICs”) accounted for as freestanding derivatives.

•Other revenues exclude and other expenses include fees received in connection with services provided under transition service agreements.

•Other expenses exclude (i) implementation of new insurance regulatory requirements and other costs, and (ii) acquisition, integration and other related costs. Other expenses include (i) deductions for net income attributable to noncontrolling interests, and (ii) benefits accrued on synthetic GICs accounted for as freestanding derivatives.

Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance.

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, 2023 and 2022. 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. The adoption of LDTI resulted in changes to the economic capital model. The changes related to this adoption do not represent a change in the composition of the segments and, in accordance with GAAP guidance for segment reporting, the Company will apply the changes to the economic capital model prospectively and did not update the economic model for 2022 and 2021.

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. With the adoption of LDTI, net investment income was reallocated for certain segments to reflect the impact of the change to certain liability balances, with no impact to consolidated net investment income. 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, 2023	U.S.		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	5,368	$	585	$	—	$	5,953	$	—	$	5,953
Universal life and investment-type product policy fees	283		138		1		422		—		422
Net investment income	1,980		1,044		46		3,070		(197)		2,873
Other revenues	250		50		122		422		(3)		419
Net investment gains (losses)	—		—		—		—		(659)		(659)
Net derivative gains (losses)	—		—		—		—		(232)		(232)
Total revenues	7,881		1,817		169		9,867		(1,091)		8,776
Expenses
Policyholder benefits and claims and policyholder dividends	5,425		1,123		1		6,549		3		6,552
Policyholder liability remeasurement (gains) losses	(5)		22		—		17		—		17
Market risk benefit remeasurement (gains) losses	—		—		—		—		(670)		(670)
Interest credited to policyholder account balances	657		156		81		894		(1)		893
Capitalization of DAC	(10)		1		(3)		(12)		—		(12)
Amortization of DAC and VOBA	14		56		4		74		—		74
Interest expense on debt	4		3		27		34		—		34
Other expenses	920		187		247		1,354		(54)		1,300
Total expenses	7,005		1,548		357		8,910		(722)		8,188
Provision for income tax expense (benefit)	184		53		(80)		157		(79)		78
Adjusted earnings	$	692	$	216	$	(108)	800
Adjustments to:
Total revenues							(1,091)
Total expenses							722
Provision for income tax (expense) benefit							79
Net income (loss)							$	510			$	510

Three Months Ended June 30, 2022	U.S.		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	5,042	$	622	$	—	$	5,664	$	—	$	5,664
Universal life and investment-type product policy fees	277		190		—		467		—		467
Net investment income	1,477		1,133		(49)		2,561		(119)		2,442
Other revenues	219		27		126		372		—		372
Net investment gains (losses)	—		—		—		—		(83)		(83)
Net derivative gains (losses)	—		—		—		—		586		586
Total revenues	7,015		1,972		77		9,064		384		9,448
Expenses
Policyholder benefits and claims and policyholder dividends	4,980		1,176		—		6,156		7		6,163
Policyholder liability remeasurement (gains) losses	(23)		11		—		(12)		—		(12)
Market risk benefit remeasurement (gains) losses	—		—		—		—		(730)		(730)
Interest credited to policyholder account balances	405		161		5		571		(6)		565
Capitalization of DAC	(12)		1		(23)		(34)		—		(34)
Amortization of DAC and VOBA	12		63		1		76		—		76
Interest expense on debt	1		2		22		25		—		25
Other expenses	823		190		311		1,324		2		1,326
Total expenses	6,186		1,604		316		8,106		(727)		7,379
Provision for income tax expense (benefit)	173		73		(94)		152		233		385
Adjusted earnings	$	656	$	295	$	(145)	806
Adjustments to:
Total revenues							384
Total expenses							727
Provision for income tax (expense) benefit							(233)
Net income (loss)							$	1,684			$	1,684

Six Months Ended June 30, 2023	U.S.		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	10,638	$	1,163	$	1	$	11,802	$	—	$	11,802
Universal life and investment-type product policy fees	568		283		1		852		—		852
Net investment income	3,834		2,033		89		5,956		(398)		5,558
Other revenues	492		106		244		842		(8)		834
Net investment gains (losses)	—		—		—		—		(761)		(761)
Net derivative gains (losses)	—		—		—		—		(792)		(792)
Total revenues	15,532		3,585		335		19,452		(1,959)		17,493
Expenses
Policyholder benefits and claims and policyholder dividends	10,652		2,239		1		12,892		6		12,898
Policyholder liability remeasurement (gains) losses	(77)		37		—		(40)		—		(40)
Market risk benefit remeasurement (gains) losses	—		—		—		—		(426)		(426)
Interest credited to policyholder account balances	1,266		311		147		1,724		—		1,724
Capitalization of DAC	(35)		1		(55)		(89)		—		(89)
Amortization of DAC and VOBA	28		115		8		151		—		151
Interest expense on debt	7		6		51		64		—		64
Other expenses	2,026		393		448		2,867		(49)		2,818
Total expenses	13,867		3,102		600		17,569		(469)		17,100
Provision for income tax expense (benefit)	349		94		(155)		288		(314)		(26)
Adjusted earnings	$	1,316	$	389	$	(110)	1,595
Adjustments to:
Total revenues							(1,959)
Total expenses							469
Provision for income tax (expense) benefit							314
Net income (loss)							$	419			$	419

Six Months Ended June 30, 2022	U.S.		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	10,326	$	1,244	$	—	$	11,570	$	—	$	11,570
Universal life and investment-type product policy fees	563		383		—		946		—		946
Net investment income	3,106		2,397		15		5,518		(250)		5,268
Other revenues	461		70		252		783		—		783
Net investment gains (losses)	—		—		—		—		(309)		(309)
Net derivative gains (losses)	—		—		—		—		707		707
Total revenues	14,456		4,094		267		18,817		148		18,965
Expenses
Policyholder benefits and claims and policyholder dividends	10,557		2,402		—		12,959		16		12,975
Policyholder liability remeasurement (gains) losses	(68)		27		—		(41)		—		(41)
Market risk benefit remeasurement (gains) losses	—		—		—		—		(2,091)		(2,091)
Interest credited to policyholder account balances	767		322		6		1,095		(28)		1,067
Capitalization of DAC	(35)		1		(27)		(61)		—		(61)
Amortization of DAC and VOBA	27		128		1		156		—		156
Interest expense on debt	3		3		43		49		—		49
Other expenses	1,684		391		480		2,555		2		2,557
Total expenses	12,935		3,274		503		16,712		(2,101)		14,611
Provision for income tax expense (benefit)	316		164		(165)		315		473		788
Adjusted earnings	$	1,205	$	656	$	(71)	1,790
Adjustments to:
Total revenues							148
Total expenses							2,101
Provision for income tax (expense) benefit							(473)
Net income (loss)							$	3,566			$	3,566

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

	June 30, 2023		December 31, 2022
	(In millions)
U.S.	$	213,680	$	220,658
MetLife Holdings	134,893		133,393
Corporate & Other	31,248		30,788
Total	$	379,821	$	384,839

XML

Future Policy Benefits

6 Months Ended

Jun. 30, 2023

Insurance [Abstract]

Liability for Future Policy Benefits and Unpaid Claims Disclosure

3. Future Policy BenefitsThe Company establishes liabilities for amounts payable under insurance policies. These liabilities are comprised of traditional and limited-payment contracts and associated DPLs, additional insurance liabilities, participating life and short-duration contracts.

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

	U.S. Annuities		MetLife Holdings Long-Term Care		MetLife Holdings Participating Life		Other Long-Duration		Short-Duration and Other		Total
	(In millions)
Balance, future policy benefits, at December 31, 2020	$	54,535	$	14,281	$	45,349	$	9,625	$	10,131	$	133,921
Removal of additional insurance liabilities for separate presentation (1)	(4)		—		—		(2,925)		—		(2,929)
Subtotal - pre-adoption balance, excluding additional liabilities	54,531		14,281		45,349		6,700		10,131		130,992
Removal of related amounts in AOCI	(5,571)		(1,210)		—		(54)		—		(6,835)
Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach	41		—		—		48		—		89
Effect of remeasurement of future policy benefits to an upper-medium grade discount rate	15,011		8,270		—		1,927		—		25,208
Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard	(4,747)		—		—		(47)		—		(4,794)
Removal of remeasured deferred profit liabilities for separate presentation (1)	(2,413)		—		—		(250)		—		(2,663)
Balance, traditional and limited-payment contracts, at January 1, 2021	$	56,852	$	21,341	$	45,349	$	8,324	$	10,131	$	141,997
Balance, deferred profit liabilities at January 1, 2021	$	2,413	$	—	$	—	$	250	$	—	$	2,663
Balance, ceded recoverables on traditional and limited-payment contracts at December 31, 2020	$	203	$	—			$	752			$	955
Effect of remeasurement of the ceded recoverable to an upper-medium grade discount rate	135		—				268				403
Adjustments for loss contracts (with net premiums in excess of gross premiums) under the modified retrospective approach	—		—				32				32
Adjustments for the cumulative effect of adoption on ceded recoverables on traditional and limited-payment contract	6		—				20				26
Balance ceded recoverables on traditional and limited-payment contracts at January 1, 2021	$	344	$	—			$	1,072			$	1,416

__________________

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

	MetLife Holdings Universal and Variable  Universal Life		Other Long-Duration		Total
	(In millions)
Additional insurance liabilities at December 31, 2020	$	1,478	$	1,451	$	2,929
Reclassification of carrying amount of contracts and contract features that are market risk benefits	—		(1,447)		(1,447)
Adjustments for the cumulative effect of adoption on additional insurance liabilities	36		—		36
Additional insurance liabilities at January 1, 2021	$	1,514	$	4	$	1,518
Ceded recoverables on additional insurance liabilities at December 31, 2020	$	554	$	—	$	554
Adjustments for the cumulative effect of adoption on ceded recoverables on additional insurance liabilities	9		—		9
Ceded recoverables on additional insurance liabilities at January 1, 2021	$	563	$	—	$	563
Balance, traditional and limited-payment contracts, at January 1, 2021					$	141,997
Balance, deferred profit liabilities at January 1, 2021					2,663
Balance, additional insurance liabilities at January 1, 2021					1,518
Total future policy benefits at January 1, 2021					$	146,178

The Company’s future policy benefits on the interim condensed consolidated balance sheets was as follows at:

	June 30, 2023		December 31, 2022
	(In millions)
Traditional and Limited-Payment Contracts:
U.S. - Annuities	$	47,299	$	47,990
MetLife Holdings - Long-term care	14,498		13,845
Deferred Profit Liabilities:
U.S. - Annuities	2,868		2,699
Additional Insurance Liabilities:
MetLife Holdings - Universal and variable universal life	1,763		1,641
MetLife Holdings - Participating life	43,981		44,434
Other long-duration (1)	6,216		6,297
Short-duration and other	10,189		10,008
Total	$	126,814	$	126,914

__________________

(1) This balance represents liabilities for various smaller product lines across both segments, as well as Corporate & Other.

Rollforwards - Traditional and Limited-Payment Contracts

The following information about the direct and assumed liability for future policy benefits includes disaggregated rollforwards of expected future net premiums and expected future benefits. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business. The adjusted balance in each disaggregated rollforward reflects the remeasurement (gains) losses.

U.S. - Annuities

The U.S segment’s annuities products include pension risk transfers, certain structured settlements and certain institutional income annuities, which are mainly single premium spread-based products. Information regarding these products was as follows:

	Six Months Ended June 30,
	2023			2022
	(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date	$	—		$	—
Balance, beginning of period, at original discount rate	$	—		$	—
Effect of actual variances from expected experience (1)	2			—
Adjusted balance	2			—
Issuances	183			82
Net premiums collected	(185)			(82)
Ending balance at original discount rate	—			—
Balance, end of period, at current discount rate at balance sheet date	$	—		$	—
Present Value of Expected Future Policy Benefits
Balance, beginning of period, at current discount rate at balance sheet date	$	48,190		$	54,172
Balance, beginning of period, at original discount rate	$	49,194		$	42,453
Effect of actual variances from expected experience (1)	(299)			(114)
Adjusted balance	48,895			42,339
Issuances	183			85
Interest accrual	1,196			1,042
Benefit payments	(2,386)			(1,816)
Ending balance at original discount rate	47,888			41,650
Effect of changes in discount rate assumptions	(385)			1,645
Balance, end of period, at current discount rate at balance sheet date	47,503			43,295
Cumulative amount of fair value hedging adjustments	(204)			52
Net liability for future policy benefits	47,299			43,347
Less: Reinsurance recoverables	—			230
Net liability for future policy benefits, net of reinsurance	$	47,299		$	43,117
Undiscounted - Expected future benefit payments	$	93,997		$	83,006
Discounted - Expected future benefit payments (at current discount rate at balance sheet date)	$	47,503		$	43,295
Weighted-average duration of the liability	9 years			10 years
Weighted-average interest accretion (original locked-in) rate	5.1		%	5.1		%
Weighted-average current discount rate at balance sheet date	5.4		%	4.8		%

__________________

(1)    For the six months ended June 30, 2023, the net effect of actual variances from expected experience was largely offset by the corresponding impact in DPL associated with the U.S. segment’s annuities products of $225 million. For the six months ended June 30, 2022, the net effect of actual variances from expected experience was partially offset by the corresponding impact in DPL associated with the U.S. segment’s annuities products of $48 million.

Significant Methodologies and Assumptions

The principal inputs used in the establishment of the FPB for the U.S. segment’s annuities products include actual premiums, actual benefits, in-force data, locked-in claim-related expense, the locked-in interest accretion rate, the current upper-medium grade discount rate at the balance sheet date and best estimate mortality assumptions.

For the six months ended June 30, 2023, the net effect of actual variances from expected experience was primarily driven by favorable mortality and the amendment of an affiliated reinsurance treaty. For the six months ended June 30, 2022, the net effect of actual variances from expected experience was primarily driven by favorable mortality

MetLife Holdings - Long-term Care

The MetLife Holdings segment’s long-term care products offer protection against potentially high costs of long-term health care services. Information regarding these products was as follows:

	Six Months Ended June 30,
		2023			2022
		(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date		$	5,775		$	7,058
Balance, beginning of period, at original discount rate		$	5,807		$	5,699
Effect of actual variances from expected experience		83			106
Adjusted balance		5,890			5,805
Interest accrual		149			147
Net premiums collected		(293)			(288)
Ending balance at original discount rate		5,746			5,664
Effect of changes in discount rate assumptions		3			288
Balance, end of period, at current discount rate at balance sheet date		$	5,749		$	5,952
Present Value of Expected Future Policy Benefits
Balance, beginning of period, at current discount rate at balance sheet date		$	19,619		$	27,627
Balance, beginning of period, at original discount rate		$	20,165		$	19,406
Effect of actual variances from expected experience		99			116
Adjusted balance		20,264			19,522
Interest accrual		534			515
Benefit payments		(382)			(345)
Ending balance at original discount rate		20,416			19,692
Effect of changes in discount rate assumptions		(169)			1,088
Balance, end of period, at current discount rate at balance sheet date		20,247			20,780
Net liability for future policy benefits		$	14,498		$	14,828
Undiscounted:
Expected future gross premiums		$	10,893		$	11,062
Expected future benefit payments		$	45,653		$	45,787
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums		$	7,089		$	7,501
Expected future benefit payments		$	20,247		$	20,780
Weighted-average duration of the liability		15 years			16 years
Weighted -average interest accretion (original locked-in) rate		5.4		%	5.5		%
Weighted-average current discount rate at balance sheet date		5.5		%	5.0		%

Significant Methodologies and Assumptions

The principal inputs used in the establishment of the FPB reserve for long-term care products include actual premiums, actual benefits, in-force data, locked-in claim-related expense, the locked-in interest accretion rate, current upper-medium grade discount rate at the balance sheet date and best estimate assumptions. The best estimate assumptions include mortality, lapse, incidence, claim utilization, claim cost inflation, claim continuance, and premium rate increas

Rollforward - Additional Insurance Liabilities

The Company establishes additional insurance liabilities for annuitization, death or other insurance benefits for universal life and variable universal life contract features where the Company guarantees to the contractholder either a secondary guarantee or a guaranteed paid-up benefit. The policy can remain in force, even if the base policy account value is zero, as long as contractual secondary guarantee requirements have been met.

The following information about the direct liability for additional insurance liabilities includes a disaggregated rollforward. The products grouped within the rollforward were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business. The adjusted balance in each disaggregated rollforward reflects the remeasurement (gains) losses.

MetLife Holdings

The MetLife Holdings segment’s universal life and variable universal life products offer a contract feature where the Company guarantees to the contractholder a secondary guarantee or a guaranteed paid-up benefit. Information regarding these additional insurance liabilities was as follows:

	Six Months  Ended June 30,
	2023			2022
	Universal and Variable Universal Life
	(Dollars in millions)
Balance, beginning of period	$	1,642		$	1,623
Less: AOCI adjustment	(63)			66
Balance, beginning of period, before AOCI adjustment	1,705			1,557
Effect of actual variances from expected experience	6			14
Adjusted balance	1,711			1,571
Assessments accrual	47			46
Interest accrual	44			40
Excess benefits paid	(41)			(34)
Balance, end of period, before AOCI adjustment	1,761			1,623
Add: AOCI adjustment	2			(35)
Balance, end of period	1,763			1,588
Less: Reinsurance recoverables	649			613
Balance, end of period, net of reinsurance	$	1,114		$	975
Weighted-average duration of the liability	17 years			18 years
Weighted-average interest accretion rate	5.2		%	5.2		%

Significant Methodologies and Assumptions

Liabilities for ULSG and paid-up guarantees are determined by estimating the expected value of death benefits payable when the account balance is projected to be zero and recognizing those benefits ratably over the life of the contract based on total expected assessments.

The guaranteed benefits are estimated over a range of scenarios. The significant assumptions used in estimating the ULSG and paid-up guarantee liabilities are investment income, mortality, lapses, and premium payment pattern and persistency. In addition, projected earned rate and crediting rates are used to project the account values and excess death benefits and assessments. The discount rate is equal to the crediting rate for each annual cohort and is locked-in at inception.

The Company’s revenue and interest recognized in the interim condensed consolidated statements of operations and comprehensive income (loss) for long-duration contracts, excluding MetLife Holdings’ participating life contracts, were as follows:

	Six Months Ended June 30,
	2023				2022
	Gross Premiums or Assessments (1)		Interest Expense (2)		Gross Premiums or Assessments (1)		Interest Expense (2)
	(In millions)
Traditional and Limited-Payment Contracts:
U.S. - Annuities	$	168	$	1,196	$	89	$	1,042
MetLife Holdings - Long-term care	366		385		367		368
Deferred Profit Liabilities:
U.S. - Annuities	N/A		70		N/A		67
Additional Insurance Liabilities:
MetLife Holdings - Universal and variable universal life	236		44		246		40
Other long duration	400		152		350		151
Total	$	1,170	$	1,847	$	1,052	$	1,668

__________________

(1) Gross premiums are related to traditional and limited-payment contracts and are included in premiums. Assessments are related to additional insurance liabilities and are included in universal life and investment-type product policy fees and net investment income.

(2) Interest expense is included in policyholder benefits and claims.

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,
	2023		2022
	(In millions)
Balance, beginning of period	$	11,300	$	10,820
Less: Reinsurance recoverables	1,633		1,857
Net balance, beginning of period	9,667		8,963
Incurred related to:
Current period	10,270		10,217
Prior periods (1)	(32)		267
Total incurred	10,238		10,484
Paid related to:
Current period	(5,919)		(5,860)
Prior periods	(4,020)		(4,002)
Total paid	(9,939)		(9,862)
Net balance, end of period	9,966		9,585
Add: Reinsurance recoverables	1,794		1,755
Balance, end of period (included in future policy benefits and other policy-related balances)	$	11,760	$	11,340

______________

(1)For the six months ended June 30, 2023, incurred claims and claim adjustment expenses associated with prior periods decreased due to favorable claims experience in the current period. For the six months ended June 30, 2022, incurred claims and claim adjustment expenses include 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.

XML

Policyholder Account Balances

6 Months Ended

Jun. 30, 2023

Insurance [Abstract]

Policyholder Account Balances

4. Policyholder Account Balances

The Company establishes liabilities for PABs which are generally equal to the account value, and which includes accrued interest credited, but excludes the impact of any applicable charge that may be incurred upon surrender.

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

	U.S. Group Life		U.S. Capital Markets Investment Products and Stable Value GICs		U.S. Annuities and Risk Solutions		MetLife Holdings Annuities		Other		Total
	(In millions)
Balance at December 31, 2020	$	7,585	$	60,641	$	5,316	$	15,012	$	8,081	$	96,635
Reclassification of carrying amount of contracts and contract features that are market risk benefits	—		—		(1)		(494)		—		(495)
Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard	—		—		4,747		—		47		4,794
Balance at January 1, 2021	$	7,585	$	60,641	$	10,062	$	14,518	$	8,128	$	100,934

The Company’s PABs on the interim condensed consolidated balance sheets were as follows at:

	June 30, 2023		December 31, 2022
	(In millions)
U.S:
Group Life	$	7,795	$	7,954
Capital Markets Investment Products and Stable Value GICs	58,490		58,508
Annuities and Risk Solutions	10,404		10,244
MetLife Holdings - Annuities	11,741		12,598
Other	16,359		14,103
Total	$	104,789	$	103,407

Rollforwards

The following information about the direct and assumed liability for PABs includes year-to-date disaggregated rollforwards. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business. Policy charges presented in each disaggregated rollforward reflect a premium and/or assessment based on the account balance.

U.S.

Group Life

The U.S. segment’s group life PABs predominantly consist of retained asset accounts, universal life products, and the fixed account of variable life insurance products. Information regarding this liability was as follows:

	Six Months Ended June 30,
	2023			2022
	(Dollars in millions)
Balance, beginning of period	$	7,954		$	7,889
Deposits	1,644			1,682
Policy charges	(318)			(304)
Surrenders and withdrawals	(1,573)			(1,335)
Benefit payments	(6)			(6)
Net transfers from (to) separate accounts	1			—
Interest credited	93			63
Balance, end of period	$	7,795		$	7,989
Weighted-average annual crediting rate	2.4		%	1.6		%
Cash surrender value	$	7,732		$	7,934

Information regarding the Company’s net amount at risk, excluding offsets from ceded reinsurance, if any, for the U.S. segment’s group life products was as follows at:

	June 30,
	2023			2022
	In the Event of Death (1)		At Annuitization or Exercise of Other Living Benefits	In the Event of Death (1)		At Annuitization or Exercise of Other Living Benefits
	(In millions)
Net amount at risk	$	251,590	N/A	$	242,758	N/A

__________________

(1)For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date.

The U.S. segment’s group life product account values by range of guaranteed minimum crediting rates (“GMCR”) and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:

Range of GMCR	At GMCR		Greater than  0% but less  than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50%  above GMCR		Equal to or greater than 1.50% above GMCR		Total Account Value
	(In millions)
June 30, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	910	$	4,615	$	5,525
Equal to or greater than 2% but less than 4%	1,252		10		63		2		1,327
Equal to or greater than 4%	746		1		43		34		824
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		119
Total	$	1,998	$	11	$	1,016	$	4,651	$	7,795
June 30, 2022
Equal to or greater than 0% but less than 2%	$	5,354	$	68	$	63	$	130	$	5,615
Equal to or greater than 2% but less than 4%	1,338		52		23		—		1,413
Equal to or greater than 4%	800		—		—		31		831
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		130
Total	$	7,492	$	120	$	86	$	161	$	7,989

Capital Markets Investment Products and Stable Value GICs

The U.S. segment’s capital markets investment products and stable value GICs PABs are investment-type products, mainly funding agreements. Information regarding this liability was as follows:

	Six Months Ended June 30,
	2023			2022
	(Dollars in millions)
Balance, beginning of period	$	58,508		$	58,495
Deposits	34,800			43,004
Surrenders and withdrawals	(36,458)			(41,717)
Interest credited	890			467
Effect of foreign currency translation and other, net	750			(1,011)
Balance, end of period	$	58,490		$	59,238
Weighted-average annual crediting rate	3.1		%	1.6		%
Cash surrender value	$	1,776		$	1,733

The U.S. segment’s capital markets investment products and stable value GICs account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:

Range of GMCR	At GMCR		Greater than  0% but less  than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50%  above GMCR		Equal to or greater than 1.50% above GMCR		Total Account Value
	(In millions)
June 30, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	1	$	2,595	$	2,596
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		55,894
Total	$	—	$	—	$	1	$	2,595	$	58,490
June 30, 2022
Equal to or greater than 0% but less than 2%	$	—	$	—	$	22	$	3,376	$	3,398
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		55,840
Total	$	—	$	—	$	22	$	3,376	$	59,238

Annuities and Risk Solutions

The U.S. segment’s annuities and risk solutions PABs include certain structured settlements and institutional income annuities, and benefit funding solutions that include postretirement benefits and company-, bank- or trust-owned life insurance used to finance nonqualified benefit programs for executives. Information regarding this liability was as follows:

	Six Months Ended June 30,
	2023			2022
	(Dollars in millions)
Balance, beginning of period	$	10,244		$	10,009
Deposits	348			119
Policy charges	(87)			(82)
Surrenders and withdrawals	(88)			(72)
Benefit payments	(271)			(272)
Net transfers from (to) separate accounts	54			(1)
Interest credited	213			192
Other	(9)			(149)
Balance, end of period	$	10,404		$	9,744
Weighted-average annual crediting rate	4.2		%	4.0		%
Cash surrender value	$	6,672		$	5,656

Information regarding the Company’s net amount at risk, excluding offsets from ceded reinsurance, if any, for the U.S. segment’s annuities and risk solutions products was as follows at:

	June 30,
	2023			2022
	In the Event of Death (1)		At Annuitization or Exercise of Other Living Benefits	In the Event of Death (1)		At Annuitization or Exercise of Other Living Benefits
	(In millions)
Net amount at risk	$	36,065	N/A	$	35,226	N/A

__________________

(1)For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date.

The U.S. segment’s annuities and risk solutions account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:

Range of GMCR	At GMCR		Greater than  0% but less  than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50%  above GMCR		Equal to or greater than 1.50% above GMCR		Total Account Value
	(In millions)
June 30, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	53	$	1,406	$	1,459
Equal to or greater than 2% but less than 4%	227		35		44		448		754
Equal to or greater than 4%	3,673		117		14		6		3,810
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		4,381
Total	$	3,900	$	152	$	111	$	1,860	$	10,404
June 30, 2022
Equal to or greater than 0% but less than 2%	$	—	$	—	$	116	$	537	$	653
Equal to or greater than 2% but less than 4%	302		40		38		423		803
Equal to or greater than 4%	3,637		123		1		5		3,766
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		4,522
Total	$	3,939	$	163	$	155	$	965	$	9,744

MetLife Holdings

Annuities

The MetLife Holdings segment’s annuities PABs primarily includes fixed deferred annuities, the fixed account portion of variable annuities, certain income annuities, and embedded derivatives related to equity-indexed annuities. Information regarding this liability was as follows:

	Six Months Ended June 30,
	2023			2022
	(Dollars in millions)
Balance, beginning of period	$	12,598		$	13,692
Deposits	129			140
Policy charges	(6)			(7)
Surrenders and withdrawals	(1,004)			(636)
Benefit payments	(218)			(205)
Net transfers from (to) separate accounts	47			134
Interest credited	182			188
Other	13			(21)
Balance, end of period	$	11,741		$	13,285
Weighted-average annual crediting rate	3.0		%	2.9		%
Cash surrender value	$	10,964		$	12,256

Information regarding the Company’s net amount at risk, excluding offsets from ceded reinsurance, if any, for the MetLife Holdings segment’s annuities products was as follows at:

	June 30,
	2023				2022
	In the Event of Death (1)		At Annuitization or Exercise of Other Living Benefits (2)		In the Event of Death (1)		At Annuitization or Exercise of Other Living Benefits (2)
	(In millions)
Net amount at risk (3)	$	3,246	$	770	$	4,086	$	1,091

__________________

(1)For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date.

(2)For benefits that are payable in the event of annuitization or exercise of other living benefits, the net amount at risk is generally 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 or to provide other living benefits. This amount represents the Company’s potential economic exposure in the event all contractholders were to annuitize or to exercise other living benefits at the balance sheet date.

(3)Includes amounts for certain variable annuities with guarantees, which are also disclosed in “MetLife Holdings – Annuities” in Note 5, due to contracts recorded as PABs, along with related guarantees recorded as MRBs.

The MetLife Holdings segment’s annuities account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:

Range of GMCR	At GMCR		Greater than  0% but less  than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50%  above GMCR		Equal to or greater than 1.50% above GMCR		Total Account Value
	(In millions)
June 30, 2023
Equal to or greater than 0% but less than 2%	$	444	$	158	$	219	$	25	$	846
Equal to or greater than 2% but less than 4%	3,914		5,441		390		72		9,817
Equal to or greater than 4%	609		3		14		—		626
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		452
Total	$	4,967	$	5,602	$	623	$	97	$	11,741
June 30, 2022
Equal to or greater than 0% but less than 2%	$	1,017	$	7	$	12	$	11	$	1,047
Equal to or greater than 2% but less than 4%	10,544		266		146		1		10,957
Equal to or greater than 4%	611		40		—		—		651
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		630
Total	$	12,172	$	313	$	158	$	12	$	13,285

5. Market Risk Benefits

The Company establishes liabilities for variable annuity contract features which include a minimum benefit guarantee that provides to the contractholder a minimum return based on their initial deposit less withdrawals. In some cases, the benefit base may be increased by additional deposits, bonus amounts, accruals or optional market value resets.

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

	MetLife Holdings Annuities		Other		Total
	(In millions)
Direct and assumed MRB liabilities at December 31, 2020	$	—	$	—	$	—
Reclassification of carrying amount of contracts and contract features that are market risk benefits	1,882		1		1,883
Adjustments for the cumulative effect of changes in nonperformance risk between contract issue date and Transition Date	(9)		(17)		(26)
Adjustments for the difference between the fair value of the MRB balance, excluding the cumulative effect of changes in nonperformance risk, and the historical carrying value	4,728		204		4,932
Direct and assumed MRB liabilities at January 1, 2021	$	6,601	$	188	$	6,789

The Company’s MRB assets and MRB liabilities on the interim condensed consolidated balance sheets were as follows at:

	June 30, 2023						December 31, 2022
	Asset		Liability		Net		Asset		Liability		Net
	(In millions)
MetLife Holdings - Annuities	$	146	$	2,906	$	2,760	$	153	$	3,224	$	3,071
Other	17		36		19		21		46		25
Total	$	163	$	2,942	$	2,779	$	174	$	3,270	$	3,096

Rollforwards

The following information about the direct liability for MRBs includes a disaggregated rollforward. The products grouped within this rollforward were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business.

MetLife Holdings - Annuities

The MetLife Holdings segment’s variable annuity products offer contract features where the Company guarantees to the contractholder a minimum benefit, which includes guaranteed minimum death benefits (“GMDBs”) and living benefit guarantees. The GMDB contract features include return of premium, which provides a return of the purchase payment upon death, annual step-up and roll-up and step-up combinations. The living benefit guarantees contract features primarily include guaranteed minimum income benefits (“GMIBs”), which provide a minimum accumulation of purchase payments that can be annuitized to receive a monthly income stream, and guaranteed minimum withdrawal benefits (“GMWBs”), which provide a series of withdrawals, provided that withdrawals in a contract year do not exceed a contractual limit. Information regarding MetLife Holdings annuities products was as follows:

	Six Months Ended June 30,
		2023		2022
	(In millions)
Balance, beginning of period		$	3,071	$	5,715
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk		$	3,164	$	6,017
Attributed fees collected		160		158
Benefit payments		(21)		(21)
Effect of changes in interest rates		(15)		(2,555)
Effect of changes in capital markets		(504)		1,062
Effect of changes in equity index volatility		(98)		53
Actual policyholder behavior different from expected behavior		44		3
Effect of foreign currency translation and other, net (1)		174		(290)
Effect of changes in risk margin		(35)		(140)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk		2,869		4,287
Cumulative effect of changes in the instrument-specific credit risk		(109)		(209)
Balance, end of period		$	2,760	$	4,078

__________________

(1) Included is the covariance impact from aggregating the market observable inputs, mostly driven by interest rate and capital market volatility.

Information regarding the Company’s net amount at risk, excluding offsets from hedging, and the weighted-average attained age of the contractholder for the MetLife Holdings segment’s annuities products was as follows at:

	June 30,
	2023				2022
	In the Event of Death (1)		At Annuitization or Exercise of Other Living Benefits (2)		In the Event of Death (1)		At Annuitization or Exercise of Other Living Benefits (2)
	(Dollars in millions)
Net amount at risk (3)	$	3,246	$	770	$	4,086	$	1,091
Weighted-average attained age of contractholders	70 years		70 years		69 years		69 years

__________________

(1)    For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date.

(2)    For benefits that are payable in the event of annuitization or exercise of other living benefits, the net amount at risk is generally 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 or to provide other living benefits. This amount represents the Company’s potential economic exposure in the event all contractholders were to annuitize or to exercise other living benefits at the balance sheet date.

(3) Includes amounts for certain variable annuities with guarantees, which are also disclosed in “MetLife Holdings – Annuities” in Note 4, due to contracts recorded as PABs, along with related guarantees recorded as MRBs.

Significant Methodologies and Assumptions

The Company issues GMDBs, GMWBs, guaranteed minimum accumulation benefits (“GMABs”) and GMIBs that typically meet the definition of MRBs, which are measured in aggregate, as one compound MRB, at estimated fair value separately from the variable annuity contract, with changes in estimated fair value reported in net income, except for changes in nonperformance risk of the Company which are recorded in OCI.

The Company calculates the fair value of these MRBs, which is estimated as the present value of projected future benefits minus the present value of projected attributed 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 MRB 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. See Note 11 for additional information on significant unobservable inputs.

The valuation of these MRBs includes a nonperformance risk adjustment 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 at 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; and variations in actuarial assumptions regarding policyholder behavior, mortality and risk margins related to non-capital market inputs, impact the estimated fair value of the guarantees and affect net income, and changes in nonperformance risk of the Company affect OCI.

Other

In addition to the disaggregated MRB product rollforward above, the Company offers other products with guaranteed minimum benefit features. These MRBs are measured at estimated fair value with changes in estimated fair value reported in net income, except for changes in nonperformance risk of the Company which are recorded in OCI. See Note 11 for additional information on significant unobservable inputs used in the fair value measurement of MRBs. Information regarding this liability was as follows:

	Six Months Ended June 30,
	2023		2022
	(In millions)
Balance, beginning of period	$	25	$	286
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk	$	34	$	322
Attributed fees collected	1		1
Effect of changes in interest rates	2		(126)
Effect of changes in capital markets	—		(3)
Actual policyholder behavior different from expected behavior	(26)		(4)
Effect of foreign currency translation and other, net	15		(111)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk	26		79
Cumulative effect of changes in the instrument-specific credit risk	(7)		(14)
Balance, end of period	$	19	$	65

XML

Market Risk Benefits

6 Months Ended

Jun. 30, 2023

Insurance [Abstract]

Market Risk Benefits

4. Policyholder Account Balances

The Company establishes liabilities for PABs which are generally equal to the account value, and which includes accrued interest credited, but excludes the impact of any applicable charge that may be incurred upon surrender.

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

	U.S. Group Life		U.S. Capital Markets Investment Products and Stable Value GICs		U.S. Annuities and Risk Solutions		MetLife Holdings Annuities		Other		Total
	(In millions)
Balance at December 31, 2020	$	7,585	$	60,641	$	5,316	$	15,012	$	8,081	$	96,635
Reclassification of carrying amount of contracts and contract features that are market risk benefits	—		—		(1)		(494)		—		(495)
Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard	—		—		4,747		—		47		4,794
Balance at January 1, 2021	$	7,585	$	60,641	$	10,062	$	14,518	$	8,128	$	100,934

The Company’s PABs on the interim condensed consolidated balance sheets were as follows at:

	June 30, 2023		December 31, 2022
	(In millions)
U.S:
Group Life	$	7,795	$	7,954
Capital Markets Investment Products and Stable Value GICs	58,490		58,508
Annuities and Risk Solutions	10,404		10,244
MetLife Holdings - Annuities	11,741		12,598
Other	16,359		14,103
Total	$	104,789	$	103,407

Rollforwards

The following information about the direct and assumed liability for PABs includes year-to-date disaggregated rollforwards. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business. Policy charges presented in each disaggregated rollforward reflect a premium and/or assessment based on the account balance.

U.S.

Group Life

The U.S. segment’s group life PABs predominantly consist of retained asset accounts, universal life products, and the fixed account of variable life insurance products. Information regarding this liability was as follows:

	Six Months Ended June 30,
	2023			2022
	(Dollars in millions)
Balance, beginning of period	$	7,954		$	7,889
Deposits	1,644			1,682
Policy charges	(318)			(304)
Surrenders and withdrawals	(1,573)			(1,335)
Benefit payments	(6)			(6)
Net transfers from (to) separate accounts	1			—
Interest credited	93			63
Balance, end of period	$	7,795		$	7,989
Weighted-average annual crediting rate	2.4		%	1.6		%
Cash surrender value	$	7,732		$	7,934

Information regarding the Company’s net amount at risk, excluding offsets from ceded reinsurance, if any, for the U.S. segment’s group life products was as follows at:

	June 30,
	2023			2022
	In the Event of Death (1)		At Annuitization or Exercise of Other Living Benefits	In the Event of Death (1)		At Annuitization or Exercise of Other Living Benefits
	(In millions)
Net amount at risk	$	251,590	N/A	$	242,758	N/A

__________________

(1)For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date.

The U.S. segment’s group life product account values by range of guaranteed minimum crediting rates (“GMCR”) and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:

Range of GMCR	At GMCR		Greater than  0% but less  than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50%  above GMCR		Equal to or greater than 1.50% above GMCR		Total Account Value
	(In millions)
June 30, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	910	$	4,615	$	5,525
Equal to or greater than 2% but less than 4%	1,252		10		63		2		1,327
Equal to or greater than 4%	746		1		43		34		824
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		119
Total	$	1,998	$	11	$	1,016	$	4,651	$	7,795
June 30, 2022
Equal to or greater than 0% but less than 2%	$	5,354	$	68	$	63	$	130	$	5,615
Equal to or greater than 2% but less than 4%	1,338		52		23		—		1,413
Equal to or greater than 4%	800		—		—		31		831
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		130
Total	$	7,492	$	120	$	86	$	161	$	7,989

Capital Markets Investment Products and Stable Value GICs

The U.S. segment’s capital markets investment products and stable value GICs PABs are investment-type products, mainly funding agreements. Information regarding this liability was as follows:

	Six Months Ended June 30,
	2023			2022
	(Dollars in millions)
Balance, beginning of period	$	58,508		$	58,495
Deposits	34,800			43,004
Surrenders and withdrawals	(36,458)			(41,717)
Interest credited	890			467
Effect of foreign currency translation and other, net	750			(1,011)
Balance, end of period	$	58,490		$	59,238
Weighted-average annual crediting rate	3.1		%	1.6		%
Cash surrender value	$	1,776		$	1,733

The U.S. segment’s capital markets investment products and stable value GICs account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:

Range of GMCR	At GMCR		Greater than  0% but less  than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50%  above GMCR		Equal to or greater than 1.50% above GMCR		Total Account Value
	(In millions)
June 30, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	1	$	2,595	$	2,596
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		55,894
Total	$	—	$	—	$	1	$	2,595	$	58,490
June 30, 2022
Equal to or greater than 0% but less than 2%	$	—	$	—	$	22	$	3,376	$	3,398
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		55,840
Total	$	—	$	—	$	22	$	3,376	$	59,238

Annuities and Risk Solutions

The U.S. segment’s annuities and risk solutions PABs include certain structured settlements and institutional income annuities, and benefit funding solutions that include postretirement benefits and company-, bank- or trust-owned life insurance used to finance nonqualified benefit programs for executives. Information regarding this liability was as follows:

	Six Months Ended June 30,
	2023			2022
	(Dollars in millions)
Balance, beginning of period	$	10,244		$	10,009
Deposits	348			119
Policy charges	(87)			(82)
Surrenders and withdrawals	(88)			(72)
Benefit payments	(271)			(272)
Net transfers from (to) separate accounts	54			(1)
Interest credited	213			192
Other	(9)			(149)
Balance, end of period	$	10,404		$	9,744
Weighted-average annual crediting rate	4.2		%	4.0		%
Cash surrender value	$	6,672		$	5,656

Information regarding the Company’s net amount at risk, excluding offsets from ceded reinsurance, if any, for the U.S. segment’s annuities and risk solutions products was as follows at:

	June 30,
	2023			2022
	In the Event of Death (1)		At Annuitization or Exercise of Other Living Benefits	In the Event of Death (1)		At Annuitization or Exercise of Other Living Benefits
	(In millions)
Net amount at risk	$	36,065	N/A	$	35,226	N/A

__________________

(1)For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date.

The U.S. segment’s annuities and risk solutions account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:

Range of GMCR	At GMCR		Greater than  0% but less  than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50%  above GMCR		Equal to or greater than 1.50% above GMCR		Total Account Value
	(In millions)
June 30, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	53	$	1,406	$	1,459
Equal to or greater than 2% but less than 4%	227		35		44		448		754
Equal to or greater than 4%	3,673		117		14		6		3,810
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		4,381
Total	$	3,900	$	152	$	111	$	1,860	$	10,404
June 30, 2022
Equal to or greater than 0% but less than 2%	$	—	$	—	$	116	$	537	$	653
Equal to or greater than 2% but less than 4%	302		40		38		423		803
Equal to or greater than 4%	3,637		123		1		5		3,766
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		4,522
Total	$	3,939	$	163	$	155	$	965	$	9,744

MetLife Holdings

Annuities

The MetLife Holdings segment’s annuities PABs primarily includes fixed deferred annuities, the fixed account portion of variable annuities, certain income annuities, and embedded derivatives related to equity-indexed annuities. Information regarding this liability was as follows:

	Six Months Ended June 30,
	2023			2022
	(Dollars in millions)
Balance, beginning of period	$	12,598		$	13,692
Deposits	129			140
Policy charges	(6)			(7)
Surrenders and withdrawals	(1,004)			(636)
Benefit payments	(218)			(205)
Net transfers from (to) separate accounts	47			134
Interest credited	182			188
Other	13			(21)
Balance, end of period	$	11,741		$	13,285
Weighted-average annual crediting rate	3.0		%	2.9		%
Cash surrender value	$	10,964		$	12,256

Information regarding the Company’s net amount at risk, excluding offsets from ceded reinsurance, if any, for the MetLife Holdings segment’s annuities products was as follows at:

	June 30,
	2023				2022
	In the Event of Death (1)		At Annuitization or Exercise of Other Living Benefits (2)		In the Event of Death (1)		At Annuitization or Exercise of Other Living Benefits (2)
	(In millions)
Net amount at risk (3)	$	3,246	$	770	$	4,086	$	1,091

__________________

(1)For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date.

(2)For benefits that are payable in the event of annuitization or exercise of other living benefits, the net amount at risk is generally 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 or to provide other living benefits. This amount represents the Company’s potential economic exposure in the event all contractholders were to annuitize or to exercise other living benefits at the balance sheet date.

(3)Includes amounts for certain variable annuities with guarantees, which are also disclosed in “MetLife Holdings – Annuities” in Note 5, due to contracts recorded as PABs, along with related guarantees recorded as MRBs.

The MetLife Holdings segment’s annuities account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:

Range of GMCR	At GMCR		Greater than  0% but less  than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50%  above GMCR		Equal to or greater than 1.50% above GMCR		Total Account Value
	(In millions)
June 30, 2023
Equal to or greater than 0% but less than 2%	$	444	$	158	$	219	$	25	$	846
Equal to or greater than 2% but less than 4%	3,914		5,441		390		72		9,817
Equal to or greater than 4%	609		3		14		—		626
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		452
Total	$	4,967	$	5,602	$	623	$	97	$	11,741
June 30, 2022
Equal to or greater than 0% but less than 2%	$	1,017	$	7	$	12	$	11	$	1,047
Equal to or greater than 2% but less than 4%	10,544		266		146		1		10,957
Equal to or greater than 4%	611		40		—		—		651
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		630
Total	$	12,172	$	313	$	158	$	12	$	13,285

5. Market Risk Benefits

The Company establishes liabilities for variable annuity contract features which include a minimum benefit guarantee that provides to the contractholder a minimum return based on their initial deposit less withdrawals. In some cases, the benefit base may be increased by additional deposits, bonus amounts, accruals or optional market value resets.

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

	MetLife Holdings Annuities		Other		Total
	(In millions)
Direct and assumed MRB liabilities at December 31, 2020	$	—	$	—	$	—
Reclassification of carrying amount of contracts and contract features that are market risk benefits	1,882		1		1,883
Adjustments for the cumulative effect of changes in nonperformance risk between contract issue date and Transition Date	(9)		(17)		(26)
Adjustments for the difference between the fair value of the MRB balance, excluding the cumulative effect of changes in nonperformance risk, and the historical carrying value	4,728		204		4,932
Direct and assumed MRB liabilities at January 1, 2021	$	6,601	$	188	$	6,789

The Company’s MRB assets and MRB liabilities on the interim condensed consolidated balance sheets were as follows at:

	June 30, 2023						December 31, 2022
	Asset		Liability		Net		Asset		Liability		Net
	(In millions)
MetLife Holdings - Annuities	$	146	$	2,906	$	2,760	$	153	$	3,224	$	3,071
Other	17		36		19		21		46		25
Total	$	163	$	2,942	$	2,779	$	174	$	3,270	$	3,096

Rollforwards

The following information about the direct liability for MRBs includes a disaggregated rollforward. The products grouped within this rollforward were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business.

MetLife Holdings - Annuities

The MetLife Holdings segment’s variable annuity products offer contract features where the Company guarantees to the contractholder a minimum benefit, which includes guaranteed minimum death benefits (“GMDBs”) and living benefit guarantees. The GMDB contract features include return of premium, which provides a return of the purchase payment upon death, annual step-up and roll-up and step-up combinations. The living benefit guarantees contract features primarily include guaranteed minimum income benefits (“GMIBs”), which provide a minimum accumulation of purchase payments that can be annuitized to receive a monthly income stream, and guaranteed minimum withdrawal benefits (“GMWBs”), which provide a series of withdrawals, provided that withdrawals in a contract year do not exceed a contractual limit. Information regarding MetLife Holdings annuities products was as follows:

	Six Months Ended June 30,
		2023		2022
	(In millions)
Balance, beginning of period		$	3,071	$	5,715
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk		$	3,164	$	6,017
Attributed fees collected		160		158
Benefit payments		(21)		(21)
Effect of changes in interest rates		(15)		(2,555)
Effect of changes in capital markets		(504)		1,062
Effect of changes in equity index volatility		(98)		53
Actual policyholder behavior different from expected behavior		44		3
Effect of foreign currency translation and other, net (1)		174		(290)
Effect of changes in risk margin		(35)		(140)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk		2,869		4,287
Cumulative effect of changes in the instrument-specific credit risk		(109)		(209)
Balance, end of period		$	2,760	$	4,078

__________________

(1) Included is the covariance impact from aggregating the market observable inputs, mostly driven by interest rate and capital market volatility.

Information regarding the Company’s net amount at risk, excluding offsets from hedging, and the weighted-average attained age of the contractholder for the MetLife Holdings segment’s annuities products was as follows at:

	June 30,
	2023				2022
	In the Event of Death (1)		At Annuitization or Exercise of Other Living Benefits (2)		In the Event of Death (1)		At Annuitization or Exercise of Other Living Benefits (2)
	(Dollars in millions)
Net amount at risk (3)	$	3,246	$	770	$	4,086	$	1,091
Weighted-average attained age of contractholders	70 years		70 years		69 years		69 years

__________________

(1)    For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date.

(2)    For benefits that are payable in the event of annuitization or exercise of other living benefits, the net amount at risk is generally 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 or to provide other living benefits. This amount represents the Company’s potential economic exposure in the event all contractholders were to annuitize or to exercise other living benefits at the balance sheet date.

(3) Includes amounts for certain variable annuities with guarantees, which are also disclosed in “MetLife Holdings – Annuities” in Note 4, due to contracts recorded as PABs, along with related guarantees recorded as MRBs.

Significant Methodologies and Assumptions

The Company issues GMDBs, GMWBs, guaranteed minimum accumulation benefits (“GMABs”) and GMIBs that typically meet the definition of MRBs, which are measured in aggregate, as one compound MRB, at estimated fair value separately from the variable annuity contract, with changes in estimated fair value reported in net income, except for changes in nonperformance risk of the Company which are recorded in OCI.

The Company calculates the fair value of these MRBs, which is estimated as the present value of projected future benefits minus the present value of projected attributed 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 MRB 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. See Note 11 for additional information on significant unobservable inputs.

The valuation of these MRBs includes a nonperformance risk adjustment 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 at 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; and variations in actuarial assumptions regarding policyholder behavior, mortality and risk margins related to non-capital market inputs, impact the estimated fair value of the guarantees and affect net income, and changes in nonperformance risk of the Company affect OCI.

Other

In addition to the disaggregated MRB product rollforward above, the Company offers other products with guaranteed minimum benefit features. These MRBs are measured at estimated fair value with changes in estimated fair value reported in net income, except for changes in nonperformance risk of the Company which are recorded in OCI. See Note 11 for additional information on significant unobservable inputs used in the fair value measurement of MRBs. Information regarding this liability was as follows:

	Six Months Ended June 30,
	2023		2022
	(In millions)
Balance, beginning of period	$	25	$	286
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk	$	34	$	322
Attributed fees collected	1		1
Effect of changes in interest rates	2		(126)
Effect of changes in capital markets	—		(3)
Actual policyholder behavior different from expected behavior	(26)		(4)
Effect of foreign currency translation and other, net	15		(111)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk	26		79
Cumulative effect of changes in the instrument-specific credit risk	(7)		(14)
Balance, end of period	$	19	$	65

XML

Separate Account

6 Months Ended

Jun. 30, 2023

Separate Accounts Disclosure [Abstract]

Separate Account

6. Separate AccountsSeparate account assets consist of investment accounts established and maintained by the Company. The separate account investment objectives are directed by the contractholder. An equivalent amount is reported as separate account liabilities. These accounts are reported separately from the general account assets and liabilities.

Separate Account Liabilities

The Company’s separate account liabilities on the interim condensed consolidated balance sheets were as follows at:

	June 30, 2023		December 31, 2022
	(In millions)
U.S.:
Stable Value and Risk Solutions	$	37,042	$	43,249
Annuities	11,792		11,694
MetLife Holdings - Annuities	29,553		28,443
Other	6,523		5,855
Total	$	84,910	$	89,241

Rollforwards

The following information about the separate account liabilities includes disaggregated rollforwards. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business.

The separate account liabilities are primarily comprised of the following: U.S. stable value and risk solutions contracts, U.S. annuities participating and non-participating group contracts and MetLife Holdings variable annuities.

The balances of and changes in separate account liabilities were as follows:

	U.S. Stable Value and Risk Solutions		U.S. Annuities		MetLife Holdings Annuities
	(In millions)
Six Months Ended June 30, 2023
Balance, beginning of period	$	43,249	$	11,694	$	28,443
Premiums and deposits	1,069		120		139
Policy charges	(121)		(11)		(305)
Surrenders and withdrawals	(7,532)		(360)		(1,359)
Benefit payments	(44)		—		(242)
Investment performance	1,145		448		2,924
Net transfers from (to) general account	(57)		3		(47)
Effect of foreign currency translation and other, net	(667)		(102)		—
Balance, end of period	$	37,042	$	11,792	$	29,553
Six Months Ended June 30, 2022
Balance, beginning of period	$	54,391	$	21,292	$	40,096
Premiums and deposits	2,939		730		146
Policy charges	(137)		(13)		(344)
Surrenders and withdrawals	(3,946)		(6,379)		(1,591)
Benefit payments	(43)		—		(230)
Investment performance	(3,899)		(2,387)		(7,839)
Net transfers from (to) general account	60		(59)		(135)
Effect of foreign currency translation and other, net	(5,186)		(156)		3
Balance, end of period	$	44,179	$	13,028	$	30,106
Cash surrender value at June 30, 2023 (1)	$	32,886	N/A		$	29,471
Cash surrender value at June 30, 2022 (1)	$	39,752	N/A		$	29,927

_____________

(1)    Cash surrender value represents the amount of the contractholders’ account balances distributable at the balance sheet date less policy loans and certain surrender charges.

Separate Account Assets

The Company’s aggregate fair value of assets, by major investment asset category, supporting separate account liabilities was as follows at:

	June 30, 2023
	U.S.		MetLife Holdings		Total
	(In millions)
Fixed maturity securities:
Bonds:
Foreign government	$	527	$	—	$	527
U.S. government and agency	10,111		—		10,111
Public utilities	1,141		—		1,141
Municipals	392		—		392
Corporate bonds:
Materials	172		—		172
Communications	1,000		—		1,000
Consumer	2,010		—		2,010
Energy	841		—		841
Financial	2,789		—		2,789
Industrial and other	787		—		787
Technology	610		—		610
Foreign	2,126		—		2,126
Total corporate bonds	10,335		—		10,335
Total bonds	22,506		—		22,506
Mortgage-backed securities	10,594		—		10,594
Asset-backed securities and collateralized loan obligations	2,566		—		2,566
Redeemable preferred stock	10		—		10
Total fixed maturity securities	35,676		—		35,676
Equity securities:
Common stock:
Industrial, miscellaneous and all other	2,670		—		2,670
Banks, trust and insurance companies	492		—		492
Public utilities	72		—		72
Non-redeemable preferred stock	—		—		—
Mutual funds	4,731		34,887		39,618
Total equity securities	7,965		34,887		42,852
Other invested assets	1,667		—		1,667
Total investments	45,308		34,887		80,195
Other assets	4,715		—		4,715
Total	$	50,023	$	34,887	$	84,910

	December 31, 2022
	U.S.		MetLife Holdings		Total
	(In millions)
Fixed maturity securities AFS:
Bonds:
Foreign government	$	588	$	—	$	588
U.S. government and agency	11,189		—		11,189
Public utilities	1,174		—		1,174
Municipals	475		—		475
Corporate bonds:
Materials	242		—		242
Communications	1,174		—		1,174
Consumer	2,365		—		2,365
Energy	861		—		861
Financial	3,495		—		3,495
Industrial and other	876		—		876
Technology	711		—		711
Foreign	2,451		—		2,451
Total corporate bonds	12,175		—		12,175
Total bonds	25,601		—		25,601
Mortgage-backed securities	12,202		—		12,202
Asset-backed securities and collateralized loan obligations	2,763		—		2,763
Redeemable preferred stock	4		—		4
Total fixed maturity securities AFS	40,570		—		40,570
Equity securities:
Common stock:
Industrial, miscellaneous and all other	2,853		—		2,853
Banks, trust and insurance companies	586		—		586
Public utilities	94		—		94
Non-redeemable preferred stock	2		—		2
Mutual funds	4,355		33,231		37,586
Total equity securities	7,890		33,231		41,121
Other invested assets	1,636		—		1,636
Total investments	50,096		33,231		83,327
Other assets	5,914		—		5,914
Total	$	56,010	$	33,231	$	89,241

XML

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

6 Months Ended

Jun. 30, 2023

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

Intangible Assets and Liabilities, excluding Goodwill

7. Deferred Policy Acquisition Costs, Value of Business Acquired and Unearned Revenue

The transition adjustments related to DAC, VOBA, and UREV, as described in Note 1, were as follows at the Transition Date:

	U.S.		MetLife Holdings		Total
	(In millions)
DAC:
Balance at December 31, 2020	$	378	$	2,248	$	2,626
Removal of related amounts in AOCI	—		1,480		1,480
Other adjustments upon adoption of the LDTI standard	—		12		12
Balance at January 1, 2021	$	378	$	3,740	$	4,118
VOBA:
Balance at December 31, 2020	$	20	$	3	$	23
Removal of related amounts in AOCI	—		2		2
Balance at January 1, 2021	$	20	$	5	$	25
UREV:
Balance at December 31, 2020	$	22	$	157	$	179
Removal of related amounts in AOCI	—		—		—
Balance at January 1, 2021	$	22	$	157	$	179

DAC and VOBA

Information regarding total DAC and VOBA by segment, as well as Corporate & Other, was as follows at:

	U.S.		MetLife Holdings (1)		Corporate & Other		Total
	(In millions)
DAC:
Balance at January 1, 2023	$	401	$	3,220	$	120	$	3,741
Capitalizations	35		(1)		55		89
Amortization	(27)		(115)		(8)		(150)
Balance at June 30, 2023	$	409	$	3,104	$	167	$	3,680
Balance at January 1, 2022	$	384	$	3,457	$	6	$	3,847
Capitalizations	35		(1)		27		61
Amortization	(26)		(128)		(1)		(155)
Balance at June 30, 2022	$	393	$	3,328	$	32	$	3,753
VOBA:
Balance at January 1, 2023	$	16	$	—	$	—	$	16
Amortization	(1)		—		—		(1)
Balance at June 30, 2023	$	15	$	—	$	—	$	15
Balance at January 1, 2022	$	18	$	—	$	—	$	18
Amortization	(1)		—		—		(1)
Balance at June 30, 2022	$	17	$	—	$	—	$	17
Total DAC and VOBA:
Balance at June 30, 2023							$	3,695
Balance at June 30, 2022							$	3,770
Balance at December 31, 2022							$	3,757

__________________

(1)Includes DAC balances primarily related to universal life, variable universal life, whole life, term life and variable annuities products.

Significant Methodologies and Assumptions

The Company amortizes DAC and VOBA related to long-duration contracts over the estimated lives of the contracts in proportion to benefits in-force for U.S. annuities and policy count for all other products. The amortization amount is calculated using the same cohorts as the corresponding liabilities on a quarterly basis, using an amortization rate that includes current period reporting experience and end of period persistency assumptions that are consistent with those used to measure the corresponding liabilities.

The Company amortizes DAC for short-duration contracts, which is primarily comprised of commissions and certain underwriting expenses, in proportion to actual and future earned premium over the applicable contract term.

Unearned Revenue

Information regarding the Company’s UREV primarily related to universal life and variable universal life products by segment included in other policy-related balances was as follows:

	Six Months Ended June 30, 2023
	U.S.		MetLife Holdings		Total
	(In millions)
Balance, beginning of period	$	18	$	227	$	245
Deferrals	1		20		21
Amortization	(2)		(9)		(11)
Balance, end of period	$	17	$	238	$	255
	Six Months Ended June 30, 2022
	U.S.		MetLife Holdings		Total
	(In millions)
Balance, beginning of period	$	21	$	195	$	216
Deferrals	—		23		23
Amortization	(2)		(7)		(9)
Balance, end of period	$	19	$	211	$	230

Significant Methodologies and Assumptions

UREV is amortized similarly to DAC and VOBA, see “— DAC and VOBA.”

XML

Closed Block

6 Months Ended

Jun. 30, 2023

Closed Block Disclosure [Abstract]

Closed Block

8. 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. Assets have been allocated to the closed block in an amount that has been determined to produce cash flows which, together with anticipated revenues from the policies included in the closed block, are reasonably expected to be sufficient to support obligations and liabilities relating to these policies, including, but not limited to, provisions for the payment of claims and certain expenses and taxes, and to provide for the continuation of policyholder dividend scales in effect for 1999, if the experience underlying such dividend scales continues, and for appropriate adjustments in such scales if the experience changes. At least annually, the Company compares actual and projected experience against the experience assumed in the then-current dividend scales. Dividend scales are adjusted periodically to give effect to changes in experience.

The closed block assets, the cash flows generated by the closed block assets and the anticipated revenues from the policies in the closed block will benefit only the holders of the policies in the closed block. To the extent that, over time, cash flows from the assets allocated to the closed block and claims and other experience related to the closed block are, in the aggregate, more or less favorable than what was assumed when the closed block was established, total dividends paid to closed block policyholders in the future may be greater than or less than the total dividends that would have been paid to these policyholders if the policyholder dividend scales in effect for 1999 had been continued. Any cash flows in excess of amounts assumed will be available for distribution over time to closed block policyholders and will not be available to stockholders. If the closed block has insufficient funds to make guaranteed policy benefit payments, such payments will be made from assets outside of the closed block. The closed block will continue in effect as long as any policy in the closed block remains in-force. The expected life of the closed block is over 100 years from the Demutualization Date.

The Company uses the same accounting principles to account for the participating policies included in the closed block as it used prior to the Demutualization Date. However, the Company establishes a policyholder dividend obligation for earnings that will be paid to policyholders as additional dividends as described below. The excess of closed block liabilities over closed block assets at the Demutualization Date (adjusted to eliminate the impact of related amounts in AOCI) represents the estimated maximum future earnings from the closed block expected to result from operations, attributed net of income tax, to the closed block. Earnings of the closed block are recognized in income over the period the policies and contracts in the closed block remain in-force.

If, over the period the closed block remains in existence, the actual cumulative earnings of the closed block are greater than the expected cumulative earnings of the closed block, the Company will pay the excess to closed block policyholders as additional policyholder dividends unless offset by future unfavorable experience of the closed block and, accordingly, will recognize only the expected cumulative earnings in income with the excess recorded as a policyholder dividend obligation. If over such period, the actual cumulative earnings of the closed block are less than the expected cumulative earnings of the closed block, the Company will recognize only the actual earnings in income. However, the Company may change policyholder dividend scales in the future, which would be intended to increase future actual earnings until the actual cumulative earnings equal the expected cumulative earnings.

At least annually, management performs a premium deficiency test using best estimate assumptions to determine whether the projected future earnings of the closed block are sufficient to support the payment of future closed block contractual benefits. The most recent deficiency test demonstrated that the projected future earnings of the closed block are sufficient to support the payment of future closed block contractual benefits.

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 policy count within 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, 2023		December 31, 2022
	(In millions)
Closed Block Liabilities
Future policy benefits	$	36,650	$	37,222
Other policy-related balances	281		273
Policyholder dividends payable	178		181
Current income tax payable	9		—
Other liabilities	592		455
Total closed block liabilities	37,710		38,131
Assets Designated to the Closed Block
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	19,697		19,648
Mortgage loans	6,269		6,564
Policy loans	4,014		4,084
Real estate and real estate joint ventures	655		635
Other invested assets	604		705
Total investments	31,239		31,636
Cash and cash equivalents	656		437
Accrued investment income	369		375
Premiums, reinsurance and other receivables	114		52
Current income tax recoverable	—		88
Deferred income tax asset	394		423
Total assets designated to the closed block	32,772		33,011
Excess of closed block liabilities over assets designated to the closed block	4,938		5,120
AOCI:
Unrealized investment gains (losses), net of income tax	(1,176)		(1,357)
Unrealized gains (losses) on derivatives, net of income tax	212		262
Total amounts included in AOCI	(964)		(1,095)
Maximum future earnings to be recognized from closed block assets and liabilities	$	3,974	$	4,025

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

	Six Months Ended June 30, 2023		Year   Ended   December 31, 2022
	(In millions)
Balance, beginning of period	$	—	$	1,682
Change in unrealized investment and derivative gains (losses)	—		(1,682)
Balance, end of period	$	—	$	—

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(In millions)
Revenues
Premiums	$	226	$	274	$	461	$	549
Net investment income	341		352		679		713
Net investment gains (losses)	5		(16)		9		(48)
Net derivative gains (losses)	5		8		3		11
Total revenues	577		618		1,152		1,225
Expenses
Policyholder benefits and claims	445		462		858		945
Policyholder dividends	89		128		186		262
Other expenses	22		23		44		46
Total expenses	556		613		1,088		1,253
Revenues, net of expenses before provision for income tax expense (benefit)	21		5		64		(28)
Provision for income tax expense (benefit)	4		1		13		(6)
Revenues, net of expenses and provision for income tax expense (benefit)	$	17	$	4	$	51	$	(22)

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, 2023

Investments, Debt and Equity Securities [Abstract]

Investments

9. 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, prime investor, non-qualified residential mortgage, alternative, reperforming and sub-prime mortgage-backed securities. Asset-backed securities and collateralized loan obligations (collectively, “ABS & CLO”) 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, 2023										December 31, 2022
	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	$	56,350	$	(63)	$	734	$	3,983	$	53,038	$	55,280	$	(28)	$	649	$	4,811	$	51,090
Foreign corporate	28,111		(2)		309		3,827		24,591		28,328		(3)		206		4,538		23,993
U.S. government and agency	23,817		—		220		2,106		21,931		24,409		—		333		2,384		22,358
RMBS	21,948		—		161		2,224		19,885		21,539		—		177		2,383		19,333
ABS & CLO	12,719		—		13		667		12,065		12,639		—		9		812		11,836
Municipals	7,772		—		355		475		7,652		7,880		—		256		672		7,464
CMBS	6,938		(7)		4		643		6,292		6,691		(15)		7		640		6,043
Foreign government	3,811		(70)		155		278		3,618		3,711		(68)		140		324		3,459
Total fixed maturity securities AFS	$	161,466	$	(142)	$	1,951	$	14,203	$	149,072	$	160,477	$	(114)	$	1,777	$	16,564	$	145,576

The Company held non-income producing fixed maturity securities AFS with an estimated fair value of $97 million and $71 million at June 30, 2023 and December 31, 2022, respectively, with unrealized gains (losses) of ($31) million and ($1) million at June 30, 2023 and December 31, 2022, respectively.

Maturities of Fixed Maturity Securities AFS

The amortized cost, net of ACL, and estimated fair value of fixed maturity securities AFS, by contractual maturity date, were as follows at June 30, 2023:

	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	$	3,476	$	25,564	$	28,563	$	62,123	$	41,598	$	161,324
Estimated fair value	$	3,428	$	24,421	$	26,845	$	56,136	$	38,242	$	149,072

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, 2023								December 31, 2022
	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	$	12,855	$	520	$	21,607	$	3,435	$	34,358	$	3,953	$	3,383	$	856
Foreign corporate	3,084		157		15,837		3,670		16,834		3,350		3,977		1,188
U.S. government and agency	9,806		535		7,132		1,571		13,489		1,895		2,756		489
RMBS	6,179		289		10,761		1,935		11,622		1,280		4,585		1,103
ABS & CLO	1,607		45		8,867		622		7,725		499		3,009		313
Municipals	1,089		40		1,759		435		3,526		616		133		56
CMBS	1,450		64		4,144		576		4,376		426		1,254		213
Foreign government	811		30		1,227		247		1,803		209		306		115
Total fixed maturity securities AFS	$	36,881	$	1,680	$	71,334	$	12,491	$	93,733	$	12,228	$	19,403	$	4,333
Investment grade	$	35,008	$	1,614	$	66,674	$	11,852	$	88,059	$	11,710	$	17,470	$	3,897
Below investment grade	1,873		66		4,660		639		5,674		518		1,933		436
Total fixed maturity securities AFS	$	36,881	$	1,680	$	71,334	$	12,491	$	93,733	$	12,228	$	19,403	$	4,333
Total number of securities in an unrealized loss position	4,777				7,752				10,688				2,110

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, including transfers in connection with reinsurance transactions, 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 decreased $2.4 billion for the six months ended June 30, 2023 to $14.2 billion primarily due to decreases in interest rates, impairments in connection with a pending reinsurance transaction, to a lesser extent the strengthening of foreign currencies on certain non-functional currency denominated fixed maturity securities and narrowing credit spreads.

Gross unrealized losses on securities without an ACL that have been in a continuous gross unrealized loss position for 12 months or greater were $12.5 billion at June 30, 2023, or 88% of the total gross unrealized losses on securities without an ACL.

Investment Grade Fixed Maturity Securities AFS

Of the $12.5 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, $11.9 billion, or 95%, were related to 7,025 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 $12.5 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, $639 million, or 5%, were related to 727 below investment grade securities. Unrealized losses on below investment grade securities are principally related to foreign corporate and U.S. corporate securities (primarily consumer, transportation and communications). These unrealized losses 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, 2023, 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, 2023.

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, 2023	(In millions)
Balance, at beginning of period	$	57	$	3	$	7	$	68	$	135
ACL not previously recorded	—		—		—		—		—
Changes for securities with previously recorded ACL	6		(1)		—		2		7
Securities sold or exchanged	—		—		—		—		—
Write-offs	—		—		—		—		—
Balance, at end of period	$	63	$	2	$	7	$	70	$	142
Three Months Ended June 30, 2022
Balance, at beginning of period	$	13	$	25	$	13	$	104	$	155
ACL not previously recorded	—		—		—		—		—
Changes for securities with previously recorded ACL	14		(1)		—		(7)		6
Securities sold or exchanged	—		(17)		—		(20)		(37)
Write-offs	—		—		—		—		—
Balance, at end of period	$	27	$	7	$	13	$	77	$	124

Mortgage Loans

Mortgage Loans by Portfolio Segment

Mortgage loans are summarized as follows at:

	June 30, 2023				December 31, 2022
Portfolio Segment	Carrying Value		% of Total		Carrying Value		% of Total
	(Dollars in millions)
Commercial (1)	$	37,910	59.4	%	$	37,196	59.4	%
Agricultural	16,035		25.1		15,869		25.4
Residential	10,391		16.3		9,953		15.9
Total amortized cost	64,336		100.8		63,018		100.7
Allowance for credit loss	(525)		(0.8)		(448)		(0.7)
Total mortgage loans	$	63,811	100.0	%	$	62,570	100.0	%

__________________

(1)Includes commercial mortgage loans to be disposed of in connection with a pending reinsurance transaction, which are carried at the lower of amortized cost or estimated fair value of $117 million, net of the estimated fair value adjustment of $23 million, as of June 30, 2023. See Note 1.

The amount of net (discounts) premiums and deferred (fees) expenses, included within total amortized cost, primarily attributable to residential mortgage loans was ($727) million and ($717) million at June 30, 2023 and December 31, 2022, respectively. The accrued interest income excluded from total amortized cost for commercial, agricultural and residential mortgage loans at June 30, 2023 was $192 million, $141 million and $78 million, respectively. The accrued interest income excluded from total amortized cost for commercial, agricultural and residential mortgage loans at December 31, 2022 was $171 million, $147 million and $70 million, respectively.

Purchases of mortgage loans, from unaffiliated parties, consisting primarily of residential mortgage loans, were $100 million and $857 million for the three months and six months ended June 30, 2023, respectively, and $596 million and $1.1 billion for the three months and six months ended June 30, 2022, respectively.

During the second quarter of 2023, the Company assigned mortgage loans with a previously recorded amortized cost of $5.3 billion to its affiliated mortgage origination company, which is wholly-owned by MetLife. In connection with the assignment, this affiliate contemporaneously assumed the Company’s rights and obligations associated with the assigned mortgage loans. In exchange, the Company received $5.3 billion of mortgage secured loans from this affiliate, secured by the same mortgage loans assigned. As of June 30, 2023, the Company’s aggregate participation interest in affiliated mortgage secured loans included in commercial and agricultural mortgage loans was $13.0 billion. In addition, 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,
	2023								2022
	Commercial		Agricultural		Residential		Total		Commercial		Agricultural		Residential		Total
	(In millions)
Balance, beginning of period	$	174	$	105	$	169	$	448	$	260	$	79	$	197	$	536
Provision (release)	37		48		5		90		(13)		36		(38)		(15)
Charge-offs, net of recoveries	—		(13)		—		(13)		(82)		(22)		(1)		(105)
Balance, end of period	$	211	$	140	$	174	$	525	$	165	$	93	$	158	$	416

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), such as collateral dependent mortgage loans (i.e., when the borrower is experiencing financial difficulty, including when foreclosure is reasonably possible or probable), 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). Mortgage loans to be disposed of in a reinsurance transaction are carried at the lower of amortized cost or estimated fair value.

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 reverts to industry historical loss experience using a straight-line basis over one year.

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.

Modifications to Borrowers Experiencing Financial Difficulty

The Company may modify mortgage loans to borrowers. Each mortgage loan modification is evaluated to determine whether the borrower was experiencing financial difficulties. Disclosed below are those modifications where the borrower was determined to be experiencing financial difficulties and the mortgage loans were modified by any of the following means, principal forgiveness, interest rate reduction, other-than-insignificant payment delay or term extension. The amount, timing and extent of modifications granted are considered in determining any ACL recorded.

Commercial mortgage loans:

For the three months ended June 30, 2023, the Company granted an additional 12-month term extension on a previously restructured loan with an amortized cost of $149 million and further extended the term of the loan modified in the first quarter of 2023 by an additional three months. These modified loans represent less than 1% of the portfolio segment.

For the six months ended June 30, 2023, the Company granted term extensions on loans with an amortized cost of $180 million. These modifications added a weighted-average of less than one year to the life of the modified loans. These modified loans represent less than 1% of the portfolio segment.

Residential mortgage loans:

For the three months ended June 30, 2023, the Company granted term extensions on loans with an amortized cost of $2 million, other-than-insignificant payment delays on loans with an amortized cost of $5 million, term extensions and other-than-insignificant payment delays on loans with an amortized cost of $5 million and term extensions, other-than-insignificant payment delays and interest rate reductions on loans with an amortized cost of $1 million. These modified loans represent less than 1% of the portfolio segment. These loan modifications added a weighted-average of eight years to the life of the modified loans, allowed for the capitalization or deferral of balances due and reduced the weighted average interest rate of the modified loans from 5.7% to 4.2%.

For the six months ended June 30, 2023, the Company granted term extensions on loans with an amortized cost of $5 million, other-than-insignificant payment delays on loans with an amortized cost of $5 million, term extensions and other-than-insignificant payment delays on loans with an amortized cost of $9 million and term extensions, other-than-insignificant payment delays and interest rate reductions on loans with an amortized cost of $4 million. These modified loans represent less than 1% of the portfolio segment. These loan modifications added a weighted-average of nine years to the life of the modified loans, allowed for the capitalization or deferral of balances due and reduced the weighted-average interest rate of the modified loans from 5.8% to 4.2%.

For both the three months and six months ended June 30, 2023, the Company did not have a significant amount of mortgage loans that were modified to borrowers experiencing financial difficulty that are not considered current.

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, 2023:

Credit Quality Indicator	2023		2022		2021		2020		2019		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
LTV ratios:
Less than 65%	$	1,096	$	2,844	$	2,430	$	1,250	$	2,040	$	9,524	$	2,927	$	22,111	58.3	%
65% to 75%	124		1,813		792		951		1,163		3,692		—		8,535		22.5
76% to 80%	—		523		321		91		872		1,117		—		2,924		7.7
Greater than 80%	6		92		618		666		536		2,422		—		4,340		11.5
Total	$	1,226	$	5,272	$	4,161	$	2,958	$	4,611	$	16,755	$	2,927	$	37,910	100.0	%
DSCR:
> 1.20x	$	817	$	4,285	$	3,938	$	2,479	$	3,980	$	14,307	$	1,687	$	31,493	83.1	%
1.00x 1.20x	409		224		186		18		353		1,320		944		3,454		9.1
<1.00x	—		763		37		461		278		1,128		296		2,963		7.8
Total	$	1,226	$	5,272	$	4,161	$	2,958	$	4,611	$	16,755	$	2,927	$	37,910	100.0	%

The amortized cost of agricultural mortgage loans by credit quality indicator and vintage year was as follows at June 30, 2023:

Credit Quality Indicator	2023		2022		2021		2020		2019		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
LTV ratios:
Less than 65%	$	590	$	1,987	$	1,471	$	1,973	$	1,556	$	5,829	$	1,146	$	14,552	90.7	%
65% to 75%	21		91		228		209		24		563		131		1,267		7.9
76% to 80%	—		—		—		—		—		11		—		11		0.1
Greater than 80%	17		—		—		—		133		49		6		205		1.3
Total	$	628	$	2,078	$	1,699	$	2,182	$	1,713	$	6,452	$	1,283	$	16,035	100.0	%

The amortized cost of residential mortgage loans by credit quality indicator and vintage year was as follows at June 30, 2023:

Credit Quality Indicator	2023		2022		2021		2020		2019		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
Performance indicators:
Performing	$	196	$	1,954	$	828	$	147	$	591	$	6,300	$	—	$	10,016	96.4	%
Nonperforming (1)	—		14		10		7		34		310		—		375		3.6
Total	$	196	$	1,968	$	838	$	154	$	625	$	6,610	$	—	$	10,391	100.0	%

__________________

(1)Includes residential mortgage loans in process of foreclosure of $150 million and $143 million at June 30, 2023 and December 31, 2022, 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 $746 million, or 1% of total commercial and agricultural mortgage loans, at June 30, 2023.

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, 2023 and December 31, 2022. 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				Past Due and Still Accruing Interest				Nonaccrual
Portfolio Segment	June 30, 2023		December 31, 2022		June 30, 2023		December 31, 2022		June 30, 2023		December 31, 2022
	(In millions)
Commercial	$	42	$	—	$	—	$	—	$	192	$	158
Agricultural	98		120		22		18		235		131
Residential	375		428		—		—		376		429
Total	$	515	$	548	$	22	$	18	$	803	$	718

The amortized cost for nonaccrual commercial, agricultural and residential mortgage loans at beginning of year 2022 was $146 million, $225 million and $418 million, respectively. The amortized cost for nonaccrual commercial mortgage loans without an ACL was $149 million at June 30, 2023. There were no nonaccrual commercial mortgage loans without an ACL at December 31, 2022. The amortized cost for nonaccrual agricultural mortgage loans without an ACL was $61 million and $7 million at June 30, 2023 and December 31, 2022, respectively. There were no nonaccrual residential mortgage loans without an ACL at June 30, 2023 and December 31, 2022.

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, 2023		December 31, 2022		Three Months   Ended   June 30,				Six Months Ended June 30,
					2023		2022		2023		2022
Income Type	Carrying Value				Income
	(In millions)
Wholly-owned real estate:
Leased real estate	$	1,610	$	1,618	$	41	$	50	$	83	$	104
Other real estate	490		487		83		66		129		96
Real estate joint ventures	6,393		6,311		(7)		122		(43)		232
Total real estate and real estate joint ventures	$	8,493	$	8,416	$	117	$	238	$	169	$	432

The carrying value of wholly-owned real estate acquired through foreclosure was $185 million and $179 million at June 30, 2023 and December 31, 2022, respectively. Depreciation expense on real estate investments was $22 million for both the three months ended June 30, 2023 and 2022, and $42 million for both the six months ended June 30, 2023 and 2022. Real estate investments were net of accumulated depreciation of $608 million and $566 million at June 30, 2023 and December 31, 2022, respectively.

Leases

Leased Real Estate Investments - Operating Leases

The Company, as lessor, leases investment real estate, principally commercial real estate for office, apartment 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 2022 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 rail cars, commercial real estate and renewable energy generation facilities, 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 nine years, but in certain circumstances can be over nine years, while the payment periods for direct financing leases generally range from one to 11 years.

The Company records an allowance for expected lifetime credit loss in earnings within 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 $724 million and $122 million, respectively, at June 30, 2023 and $731 million and $127 million, respectively, at December 31, 2022. The ACL for leveraged and direct financing leases was $12 million and $19 million at June 30, 2023 and December 31, 2022, respectively.

Other Invested Assets

See Note 1 of the Notes to the Consolidated Financial Statements included in the 2022 Annual Report for further information about Other Invested Assets, which includes securities accounted for under the FVO 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 certain mutual funds. FVO Securities includes fixed maturity and equity securities to support asset and liability management strategies for certain insurance products and investments in certain separate accounts.

	June 30, 2023						December 31, 2022
	Cost		Net Unrealized Gains (Losses) (1)		Estimated Fair Value		Cost		Net Unrealized Gains (Losses) (1)		Estimated Fair Value
Security Type
			(In millions)
FVO Securities	$	643	$	294	$	937	$	673	$	171	$	844
Equity securities
Common stock	$	121	$	47	$	168	$	119	$	47	$	166
Non-redeemable preferred stock	49		1		50		77		(3)		74
Total equity securities	$	170	$	48	$	218	$	196	$	44	$	240

__________________

(1)Represents cumulative changes in estimated fair value, recognized in earnings, and not in 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 $2.1 billion and $6.6 billion, principally at estimated fair value, at June 30, 2023 and December 31, 2022, respectively.

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, 2023 and December 31, 2022.

Securities Lending Transactions and Repurchase Agreements

Securities, Collateral and Reinvestment Portfolio

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

	June 30, 2023						December 31, 2022
	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	$	6,047	$	6,148	$	5,998	$	6,601	$	6,773	$	6,625
Repurchase agreements	$	3,176	$	3,100	$	3,024	$	3,176	$	3,125	$	3,057

__________________

(1)These securities were included within fixed maturity securities AFS and short-term investments at both June 30, 2023 and December 31, 2022.

(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, 2023										December 31, 2022
	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	$	976	$	2,450	$	2,722	$	—	$	6,148	$	935	$	4,233	$	1,605	$	—	$	6,773
Repurchase agreements:
U.S. government and agency	$	—	$	3,100	$	—	$	—	$	3,100	$	—	$	3,125	$	—	$	—	$	3,125

__________________

(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, 2023		December 31, 2022
	(In millions)
Invested assets on deposit (regulatory deposits)	$	102	$	98
Invested assets pledged as collateral (1)	21,723		20,612
Total invested assets on deposit and pledged as collateral	$	21,825	$	20,710

__________________

(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 2022 Annual Report) and derivative transactions (see Note 10).

See “— Securities Lending Transactions and Repurchase Agreements” for information regarding securities supporting securities lending transactions and repurchase agreements, Note 8 for information regarding investments designated to the closed block and Note 1 for investments to be disposed of in a pending reinsurance transaction. In addition, the Company’s investment in Federal Home Loan Bank of New York common stock, included within other invested assets, which is considered restricted until redeemed by the issuer, was $668 million and $659 million, at redemption value, at June 30, 2023 and December 31, 2022, 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, 2023				December 31, 2022
Asset Type	Total Assets		Total Liabilities		Total Assets		Total Liabilities
	(In millions)
Real estate joint ventures	$	1,329	$	—	$	1,357	$	—
Mortgage loan joint ventures	159		—		147		—
Investment funds (primarily other invested assets)	100		1		98		—
Renewable energy partnership (primarily other invested assets)	68		—		76		—
Total	$	1,656	$	1	$	1,678	$	—

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, 2023				December 31, 2022
Asset Type	Carrying Amount		Maximum Exposure to Loss (1)		Carrying Amount		Maximum Exposure to Loss (1)
	(In millions)
Fixed maturity securities AFS (2)	$	37,047	$	37,047	$	35,813	$	35,813
Other limited partnership interests	7,391		9,647		7,299		9,716
Other invested assets	1,331		1,432		1,342		1,509
Real estate joint ventures	128		291		86		88
Total	$	45,897	$	48,417	$	44,540	$	47,126

__________________

(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 (“OLPI”) and real estate joint ventures (“REJV”) 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. 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 16, 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, 2023 or 2022.

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	2023		2022		2023		2022
	(In millions)
Fixed maturity securities AFS	$	1,897	$	1,543	$	3,743	$	3,044
Equity securities	4		1		5		2
Mortgage loans	829		605		1,619		1,218
Policy loans	75		72		148		144
Real estate and REJV	117		238		169		432
OLPI	91		64		92		597
Cash, cash equivalents and short-term investments	89		11		173		15
FVO Securities	46		(113)		96		(142)
Operating joint venture	7		26		21		42
Other	46		185		125		254
Subtotal investment income	3,201		2,632		6,191		5,606
Less: Investment expenses	328		190		633		338
Net investment income	$	2,873	$	2,442	$	5,558	$	5,268
Net Investment Income (“NII”) Information
Net realized and unrealized gains (losses) recognized in NII:
Net realized gains (losses) from sales and disposals	$	—	$	(4)	$	—	$	(4)
Net unrealized gains (losses) from changes in estimated fair value (primarily FVO Securities and REJV)	76		(75)		134		(57)
Net realized and unrealized gains (losses) recognized in NII	$	76	$	(79)	$	134	$	(61)
Changes in estimated fair value subsequent to purchase of FVO Securities still held at the end of the respective periods and recognized in NII	$	45	$	(114)	$	92	$	(147)
Equity method investments NII (primarily REJV, OLPI, tax credit and renewable energy partnerships and an operating joint venture)	$	65	$	188	$	27	$	805

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		2023		2022		2023		2022
	(In millions)
Fixed maturity securities AFS (1)		$	(746)	$	(356)	$	(694)	$	(658)
Equity securities		7		1		2		4
Mortgage loans (1)		33		(13)		(116)		10
Real estate and REJV (excluding changes in estimated fair value)		62		159		64		163
OLPI (excluding changes in estimated fair value)		2		2		9		5
Other gains (losses)		8		49		14		66
Subtotal		(634)		(158)		(721)		(410)
Change in estimated fair value of OLPI and REJV		1		—		(4)		6
Non-investment portfolio gains (losses)		(26)		75		(36)		95
Subtotal		(25)		75		(40)		101
Net investment gains (losses)		$	(659)	$	(83)	$	(761)	$	(309)
Transaction Type
Realized gains (losses) on investments sold or disposed		$	(3)	$	(183)	$	80	$	(331)
Impairment (losses) (1)		(684)		—		(690)		(33)
Recognized gains (losses):
Change in allowance for credit loss recognized in earnings		47		29		(115)		(51)
Unrealized net gains (losses) recognized in earnings		7		(4)		—		11
Total recognized gains (losses)		54		25		(115)		(40)
Non-investment portfolio gains (losses)		(26)		75		(36)		95
Net investment gains (losses)		$	(659)	$	(83)	$	(761)	$	(309)
Net Investment Gains (Losses) (“NIGL”) Information
Changes in estimated fair value subsequent to purchase of equity securities still held at the end of the respective periods and recognized in NIGL		$	8	$	(1)	$	5	$	5
Other gains (losses) include:
Gains (losses) on disposed investments which were previously in a qualified cash flow hedge relationship		$	(27)	$	52	$	(25)	$	70
Foreign currency gains (losses)		$	(36)	$	54	$	(51)	$	66
Net Realized Investment Gains (Losses) From Sales and Disposals of Investments:
Recognized in NIGL		$	(3)	$	(183)	$	80	$	(331)
Recognized in NII		—		(4)		—		(4)
Net realized investment gains (losses) from sales and disposals of investments		$	(3)	$	(187)	$	80	$	(335)

__________________

(1) Includes ($654) million and ($23) million of impairments for fixed maturity securities AFS and the lower of amortized cost or estimated fair value adjustments for mortgage loans, respectively, during the three months ended June 30, 2023, for investments to be disposed of in a pending reinsurance transaction. See Note 1.

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	2023		2022		2023		2022
	(In millions)
Proceeds	$	3,291	$	12,499	$	11,713	$	19,988
Gross investment gains	$	27	$	45	$	266	$	70
Gross investment (losses)	(102)		(432)		(262)		(623)
Realized gains (losses) on sales and disposals	(75)		(387)		4		(553)
Net credit loss (provision) release (change in ACL recognized in earnings)	(10)		31		(31)		(72)
Impairment (losses)	(661)		—		(667)		(33)
Net credit loss (provision) release and impairment (losses)	(671)		31		(698)		(105)
Net investment gains (losses)	$	(746)	$	(356)	$	(694)	$	(658)
Equity Securities
Realized gains (losses) on sales and disposals	$	—	$	3	$	(2)	$	(4)
Unrealized net gains (losses) recognized in earnings	7		(2)		4		8
Net investment gains (losses)	$	7	$	1	$	2	$	4

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,
	2023		2022		2023		2022
	(In millions)
Estimated fair value of invested assets transferred to affiliates	$	4	$	—	$	4	$	189
Amortized cost of invested assets transferred to affiliates	$	4	$	—	$	4	$	191
Net investment gains (losses) recognized on transfers	$	—	$	—	$	—	$	(2)
Estimated fair value of invested assets transferred from affiliates	$	645	$	9	$	1,160	$	266

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

		June 30, 2023		December 31, 2022		Three Months   Ended   June 30,				Six Months Ended June 30,
						2023		2022		2023		2022
Investment Type/ Balance Sheet Category	Related Party	Carrying Value				Net Investment Income
		(In millions)
Affiliated investments (1)	MetLife, Inc.	$	1,102	$	1,207	$	5	$	4	$	10	$	10
Affiliated investments (2)	American Life Insurance Company	—		100		1		1		1		1
Other invested assets		$	1,102	$	1,307	$	6	$	5	$	11	$	11

________________

(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%. In July 2023, ¥37.3 billion (the equivalent of $258 million) of 1.60% affiliated senior unsecured notes matured and were refinanced with ¥37.3 billion 2.16% affiliated senior unsecured notes due July 2030. See Note 7 of the Notes to the Consolidated Financial Statements included in the 2022 Annual Report for further information.

(2)Represents an affiliated surplus note which was prepaid in June 2023. The surplus note had an original maturity date in June 2025 and bore interest, payable semi-annually, at a rate per annum of 1.88%.

The Company incurred investment advisory charges from an affiliate of $69 million and $137 million for the three months and six months ended June 30, 2023, respectively, and $68 million and $136 million for the three months and six months ended June 30, 2022, respectively.

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

See “— Related Party Reinsurance Transactions” in Note 17 for information about affiliated funds withheld.

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Derivatives

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

10. Derivatives

Accounting for Derivatives

See Note 1 of the Notes to the Consolidated Financial Statements included in the 2022 Annual Report for a description of the Company’s accounting policies for derivatives and Note 11 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 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 2022 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, 2023						December 31, 2022
	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	$	3,973	$	1,310	$	472	$	4,036	$	1,353	$	443
Foreign currency swaps	Foreign currency exchange rate	1,459		65		—		565		74		—
Subtotal		5,432		1,375		472		4,601		1,427		443
Cash flow hedges:
Interest rate swaps	Interest rate	3,739		10		218		3,739		7		239
Interest rate forwards	Interest rate	1,687		—		292		2,227		—		404
Foreign currency swaps	Foreign currency exchange rate	29,766		2,392		907		29,290		2,453		1,364
Subtotal		35,192		2,402		1,417		35,256		2,460		2,007
Total qualifying hedges		40,624		3,777		1,889		39,857		3,887		2,450
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swaps	Interest rate	14,627		1,479		689		15,358		1,579		704
Interest rate floors	Interest rate	18,246		50		—		23,371		114		—
Interest rate caps	Interest rate	41,040		749		—		46,666		903		—
Interest rate futures	Interest rate	58		—		—		414		—		1
Interest rate options	Interest rate	38,636		275		9		39,712		434		36
Synthetic GICs	Interest rate	10,629		—		—		13,044		—		—
Foreign currency swaps	Foreign currency exchange rate	4,555		583		25		4,739		720		5
Foreign currency forwards	Foreign currency exchange rate	1,118		9		6		1,328		16		25
Credit default swaps — purchased	Credit	804		7		5		843		16		—
Credit default swaps — written	Credit	10,910		161		12		9,074		113		26
Equity futures	Equity market	1,214		2		13		1,063		2		—
Equity index options	Equity market	17,069		396		197		14,143		585		179
Equity variance swaps	Equity market	90		4		—		90		4		—
Equity total return swaps	Equity market	1,980		—		88		1,922		23		103
Total non-designated or nonqualifying derivatives		160,976		3,715		1,044		171,767		4,509		1,079
Total		$	201,600	$	7,492	$	2,933	$	211,624	$	8,396	$	3,529

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, 2023 and December 31, 2022. 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 MRBs that do not qualify for hedge accounting because the changes in estimated fair value of the MRBs 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, 2023
	Net Investment Income		Net Investment Gains (Losses)		Net Derivative Gains (Losses)		Policyholder Benefits and Claims		Interest Credited to Policyholder Account Balances		Other Comprehensive Income (Loss)
	(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)	$	—	$	—	$	—	$	(135)	$	(32)	N/A
Hedged items	(1)		—		—		121		31		N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)	(6)		—		—		—		13		N/A
Hedged items	5		—		—		—		(11)		N/A
Subtotal	(2)		—		—		(14)		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		$	(156)
Amount of gains (losses) reclassified from AOCI into income	13		55		—		—		—		(68)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		56
Amount of gains (losses) reclassified from AOCI into income	1		310		—		—		—		(311)
Foreign currency transaction gains (losses) on hedged items	—		(293)		—		—		—		—
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		(1)
Amount of gains (losses) reclassified from AOCI into income	—		—		—		—		—		—
Subtotal	14		72		—		—		—		(480)
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)	—		—		(336)		—		—		N/A
Foreign currency exchange rate derivatives (1)	—		—		(44)		—		—		N/A
Credit derivatives — purchased (1)	—		—		(8)		—		—		N/A
Credit derivatives — written (1)	—		—		60		—		—		N/A
Equity derivatives (1)	(36)		—		(348)		—		—		N/A
Foreign currency transaction gains (losses) on hedged items	—		—		39		—		—		N/A
Subtotal	(36)		—		(637)		—		—		N/A
Earned income on derivatives	39		—		189		3		(34)		—
Synthetic GICs	N/A		N/A		4		N/A		N/A		N/A
Embedded derivatives	N/A		N/A		212		—		N/A		N/A
Total	$	15	$	72	$	(232)	$	(11)	$	(33)	$	(480)

	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		Other Comprehensive Income (Loss)
	(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)	$	2	$	—	$	—	$	(323)	$	(82)	N/A
Hedged items	(4)		—		—		306		78		N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)	59		—		—		—		—		N/A
Hedged items	(58)		—		—		—		—		N/A
Subtotal	(1)		—		—		(17)		(4)		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		—		—		—		—
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		—
Amount of gains (losses) reclassified from AOCI into income	—		—		—		—		—		—
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		—		637		—		—		N/A
Foreign currency transaction gains (losses) on hedged items	—		—		(179)		—		—		N/A
Subtotal	39		—		(155)		—		—		N/A
Earned income on derivatives	140		—		126		35		(29)		—
Synthetic GICs	N/A		N/A		—		N/A		N/A		N/A
Embedded derivatives	N/A		N/A		615		—		N/A		N/A
Total	$	194	$	45	$	586	$	18	$	(33)	$	390

	Six Months Ended June 30, 2023
	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)	$	(1)	$	—	$	—	$	(9)	$	—	N/A
Hedged items	—		—		—		(5)		(1)		N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)	(22)		—		—		—		13		N/A
Hedged items	21		—		—		—		(11)		N/A
Subtotal	(2)		—		—		(14)		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		$	44
Amount of gains (losses) reclassified from AOCI into income	27		57		—		—		—		(84)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		15
Amount of gains (losses) reclassified from AOCI into income	2		439		—		—		—		(441)
Foreign currency transaction gains (losses) on hedged items	—		(417)		—		—		—		—
Credit derivatives (1):
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		(1)
Amount of gains (losses) reclassified from AOCI into income	—		—		—		—		—		—
Subtotal	29		79		—		—		—		(467)
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)	—		—		(397)		—		—		N/A
Foreign currency exchange rate derivatives (1)	—		—		(139)		—		—		N/A
Credit derivatives — purchased (1)	—		—		(17)		—		—		N/A
Credit derivatives — written (1)	—		—		66		—		—		N/A
Equity derivatives (1)	(42)		—		(751)		—		—		N/A
Foreign currency transaction gains (losses) on hedged items	—		—		71		—		—		N/A
Subtotal	(42)		—		(1,167)		—		—		N/A
Earned income on derivatives	82		—		434		8		(67)		—
Synthetic GICs	N/A		N/A		9		N/A		N/A		N/A
Embedded derivatives	N/A		N/A		(68)		—		N/A		N/A
Total	$	67	$	79	$	(792)	$	(6)	$	(66)	$	(467)

	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	$	—	$	—	$	(696)	$	(158)	N/A
Hedged items	(8)		—		—		663		153		N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)	90		—		—		—		—		N/A
Hedged items	(87)		—		—		—		—		N/A
Subtotal	1		—		—		(33)		(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		$	(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		—		—		—		—
Credit derivatives (1):
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		—
Amount of gains (losses) reclassified from AOCI into income	—		—		—		—		—		—
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		—		819		—		—		N/A
Foreign currency transaction gains (losses) on hedged items	—		—		(242)		—		—		N/A
Subtotal	34		—		(649)		—		—		N/A
Earned income on derivatives	225		—		263		76		(55)		—
Synthetic GICs	N/A		N/A		—		N/A		N/A		N/A
Embedded derivatives	N/A		N/A		1,093		—		N/A		N/A
Total	$	293	$	58	$	707	$	43	$	(60)	$	42

__________________

(1)Excludes earned income on derivatives.

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, 2023		December 31, 2022		June 30, 2023		December 31, 2022
	(In millions)
Fixed maturity securities AFS	$	164	$	247	$	1	$	1
Mortgage loans	$	322	$	319	$	(20)	$	(18)
Future policy benefits	$	(2,901)	$	(2,816)	$	204	$	200
Policyholder account balances	$	(1,817)	$	(1,735)	$	43	$	80

__________________

(1)Includes ($124) million and ($136) million of hedging adjustments on discontinued hedging relationships at June 30, 2023 and December 31, 2022, 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 $19 million and $20 million for the three months and six months ended June 30, 2023, respectively, and $4 million for both the three months and six months ended June 30, 2022.

At both June 30, 2023 and December 31, 2022, 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 six years.

At June 30, 2023 and December 31, 2022, the balance in AOCI associated with cash flow hedges was $1.5 billion and $2.0 billion, respectively.

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

At June 30, 2023, the Company expected to reclassify $150 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, 2023					December 31, 2022
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	1.0	$	1	$	10	1.5
Credit default swaps referencing indices	84		4,351		2.9	79		4,251		3.4
Subtotal	84		4,361		2.9	80		4,261		3.4
Baa
Single name credit default swaps (3)	1		40		2.0	—		40		2.5
Credit default swaps referencing indices	66		6,359		5.2	13		4,598		5.9
Subtotal	67		6,399		5.2	13		4,638		5.8
Ba
Single name credit default swaps (3)	—		20		0.5	1		45		0.7
Credit default swaps referencing indices	2		25		3.5	2		25		4.0
Subtotal	2		45		2.1	3		70		1.9
B
Credit default swaps referencing indices	3		75		5.0	1		75		4.5
Subtotal	3		75		5.0	1		75		4.5
Caa
Credit default swaps referencing indices	(7)		30		3.0	(10)		30		3.5
Subtotal	(7)		30		3.0	(10)		30		3.5
Total	$	149	$	10,910	4.2	$	87	$	9,074	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 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.

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 over-the-counter bilateral (“OTC-bilateral”), contracts between two counterparties, 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 the Dodd-Frank Wall Street Reform and Consumer Protection Act) 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, the Company is required to pledge initial margin for certain new OTC-bilateral derivative transactions to third party custodians.

The Company’s over-the-counter cleared (“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 11 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, 2023				December 31, 2022
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)	$	7,530	$	2,975	$	8,456	$	3,499
OTC-cleared (1)	88		9		57		29
Exchange-traded	2		13		2		1
Total gross estimated fair value of derivatives presented on the interim condensed consolidated balance sheets (1)	7,620		2,997		8,515		3,529
Gross amounts not offset on the interim condensed consolidated balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral	(2,685)		(2,685)		(3,317)		(3,317)
OTC-cleared	(6)		(6)		(14)		(14)
Exchange-traded	(2)		(2)		—		—
Cash collateral: (3), (4)
OTC-bilateral	(3,140)		—		(4,044)		—
OTC-cleared	(63)		—		(18)		(1)
Securities collateral: (5)
OTC-bilateral	(1,637)		(290)		(1,078)		(182)
OTC-cleared	—		(3)		—		(14)
Exchange-traded	—		(11)		—		(1)
Net amount after application of master netting agreements and collateral	$	87	$	—	$	44	$	—

__________________

(1)At June 30, 2023 and December 31, 2022, derivative assets included income (expense) accruals reported in accrued investment income or in other liabilities of $128 million and $119 million, respectively, and derivative liabilities included (income) expense accruals reported in accrued investment income or in other liabilities of $64 million and $0, 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, 2023 and December 31, 2022, the Company received excess cash collateral of $244 million and $210 million, respectively, and provided excess cash collateral of $0 and $1 million, respectively.

(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, 2023, 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, 2023 and December 31, 2022, the Company received excess securities collateral with an estimated fair value of $377 million and $366 million, respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At June 30, 2023 and December 31, 2022, the Company provided excess securities collateral with an estimated fair value of $944 million and $934 million, respectively, for its OTC-bilateral derivatives, $488 million and $442 million, respectively, for its OTC-cleared derivatives, and $55 million and $96 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, 2023		December 31, 2022
	(In millions)
Estimated fair value of derivatives in a net liability position (1)	$	290	$	182
Estimated fair value of collateral provided:
Fixed maturity securities AFS	$	553	$	221

__________________

(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, 2023		December 31, 2022
		(In millions)
Embedded derivatives within asset host contracts:
Assumed on affiliated reinsurance	Other invested assets	$	171	$	149
Funds withheld on affiliated reinsurance	Other invested assets	(9)		—
Total		$	162	$	149
Embedded derivatives within liability host contracts:
Funds withheld on affiliated reinsurance	Other liabilities	(371)		(450)
Fixed annuities with equity indexed returns	Policyholder account balances	155		141
Total		$	(216)	$	(309)

XML

Fair Value

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value

11. 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, 2023
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total  Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities AFS:
U.S. corporate	$	—	$	44,499	$	8,539	$	53,038
Foreign corporate	—		17,114		7,477		24,591
U.S. government and agency	8,561		13,370		—		21,931
RMBS	4		18,422		1,459		19,885
ABS & CLO	—		10,413		1,652		12,065
Municipals	—		7,648		4		7,652
CMBS	—		5,994		298		6,292
Foreign government	—		3,601		17		3,618
Total fixed maturity securities AFS	8,565		121,061		19,446		149,072
Short-term investments	3,305		134		17		3,456
Other investments	258		191		1,115		1,564
Derivative assets: (1)
Interest rate	—		3,873		—		3,873
Foreign currency exchange rate	—		3,049		—		3,049
Credit	—		161		7		168
Equity market	2		393		7		402
Total derivative assets	2		7,476		14		7,492
Embedded derivatives within asset host contracts (4)	—		—		162		162
Market risk benefits	—		—		163		163
Separate account assets (2)	14,036		69,819		1,055		84,910
Total assets (3)	$	26,166	$	198,681	$	21,972	$	246,819
Liabilities
Derivative liabilities: (1)
Interest rate	$	—	$	1,388	$	292	$	1,680
Foreign currency exchange rate	—		938		—		938
Credit	—		17		—		17
Equity market	13		285		—		298
Total derivative liabilities	13		2,628		292		2,933
Embedded derivatives within liability host contracts (4)	—		—		(216)		(216)
Market risk benefits	—		—		2,942		2,942
Separate account liabilities (2)	7		3		1		11
Total liabilities	$	20	$	2,631	$	3,019	$	5,670

	December 31, 2022
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities AFS:
U.S. corporate	$	—	$	43,147	$	7,943	$	51,090
Foreign corporate	—		17,203		6,790		23,993
U.S. government and agency	9,126		13,232		—		22,358
RMBS	4		17,804		1,525		19,333
ABS & CLO	—		10,329		1,507		11,836
Municipals	—		7,464		—		7,464
CMBS	—		5,702		341		6,043
Foreign government	—		3,444		15		3,459
Total fixed maturity securities AFS	9,130		118,325		18,121		145,576
Short-term investments	2,677		35		47		2,759
Other investments	246		212		1,022		1,480
Derivative assets: (1)
Interest rate	—		4,390		—		4,390
Foreign currency exchange rate	—		3,263		—		3,263
Credit	—		47		82		129
Equity market	2		605		7		614
Total derivative assets	2		8,305		89		8,396
Embedded derivatives within asset host contracts (4)	—		—		149		149
Market risk benefits	—		—		174		174
Separate account assets (2)	16,206		72,022		1,013		89,241
Total assets (3)	$	28,261	$	198,899	$	20,615	$	247,775
Liabilities
Derivative liabilities: (1)
Interest rate	$	1	$	1,421	$	405	$	1,827
Foreign currency exchange rate	—		1,394		—		1,394
Credit	—		11		15		26
Equity market	—		282		—		282
Total derivative liabilities	1		3,108		420		3,529
Embedded derivatives within liability host contracts (4)	—		—		(309)		(309)
Market risk benefits	—		—		3,270		3,270
Separate account liabilities (2)	8		15		18		41
Total liabilities	$	9	$	3,123	$	3,399	$	6,531

__________________

(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 both June 30, 2023 and December 31, 2022, the estimated fair value of such investments was $61 million.

(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 PABs 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.
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. With respect to certain OTC-bilateral and OTC-cleared derivatives, management 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 is 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 equity-indexed annuity contracts 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 estimated fair value of the embedded derivatives within funds withheld related to certain ceded reinsurance and experience refund related to certain assumed 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 reinsurance 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 and other invested assets 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 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.

Market Risk Benefits

See Note 5 for information on the Company’s valuation approaches and key inputs for MRBs.

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, 2023				December 31, 2022				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)	17	-	128	91	—	-	126	89	Increase
	•	Market pricing	•	Quoted prices (4)	5	-	104	92	20	-	107	92	Increase
RMBS	•	Market pricing	•	Quoted prices (4)	—	-	109	93	—	-	106	93	Increase (5)
ABS & CLO	•	Market pricing	•	Quoted prices (4)	75	-	101	92	74	-	101	91	Increase (5)
Derivatives
Interest rate	•	Present value techniques	•	Swap yield (6)	360	-	380	371	372	-	392	381	Increase (7)
Credit	•	Present value techniques	•	Credit spreads (8)	—	-	—	—	84	-	138	101	Decrease (7)
	•	Consensus pricing	•	Offered quotes (9)
Market Risk Benefits
Direct and assumed guaranteed minimum benefits	•	Option pricing techniques	•	Mortality rates:
				Ages 0 - 40	0.01%	-	0.13%	0.05%	0.01%	-	0.08%	0.05%	(10)
				Ages 41 - 60	0.05%	-	0.67%	0.20%	0.05%	-	0.43%	0.20%	(10)
				Ages 61 - 115	0.34%	-	100%	1.44%	0.34%	-	100%	1.44%	(10)
			•	Lapse rates:
				Durations 1 - 10	0.50%	-	32.80%	8.96%	0.50%	-	37.50%	8.96%	Decrease (11)
				Durations 11 - 20	0.70%	-	18.20%	6.52%	0.70%	-	35.75%	6.52%	Decrease (11)
				Durations 21 - 116	0.75%	-	10%	2.89%	1.60%	-	35.75%	2.89%	Decrease (11)
			•	Utilization rates	0.20%	-	22%	0.38%	0.20%	-	22%	0.38%	Increase (12)
			•	Withdrawal rates	0.25%	-	7%	4.02%	0.25%	-	10%	4.02%	(13)
			•	Long-term equity volatilities	16.46%	-	22.01%	18.49%	16.46%	-	22.01%	18.49%	Increase (14)
			•	Nonperformance risk spread	0.44%	-	0.84%	0.75%	0.34%	-	0.74%	0.75%	Decrease (15)

__________________

(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 MRBs 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 MRBs, 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)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.

(9)At both June 30, 2023 and December 31, 2022, independent non-binding broker quotations were used in the determination of 1% or less of the total net derivative estimated fair value.

(10)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 MRBs. For contracts that contain only a GMDB, any increase (decrease) in mortality rates result in an increase (decrease) in the estimated fair value of MRBs. Generally, for contracts that contain both a GMDB and a living benefit (e.g., GMIB, GMWB, GMAB), any increase (decrease) in mortality rates result in a decrease (increase) in the estimated fair value of MRBs.

(11)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 MRBs.

(12)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 MRBs.

(13)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 MRB. 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.

(14)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 MRBs.

(15)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 MRBs.

All other classes of securities classified within Level 3, including those within Other investments, Separate account assets, and Embedded derivatives within funds withheld related to certain ceded reinsurance, use the same valuation techniques and significant unobservable inputs as previously described for Level 3 securities. Generally, all other classes of assets and liabilities classified within Level 3 that are not included above 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 valuation techniques and significant unobservable inputs used in the fair value measurement for the more significant assets measured at estimated fair value on a nonrecurring basis and determined using significant unobservable inputs (Level 3) are summarized in “— Nonrecurring Fair Value Measurements.”

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		Municipals		Foreign Government		Short-term Investments
	(In millions)
Three Months Ended June 30, 2023
Balance, beginning of period	$	15,717	$	3,501	$	—	$	15	$	57
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(11)		7		—		(1)		—
Total realized/unrealized gains (losses) included in AOCI	(101)		(20)		—		3		(1)
Purchases (3)	808		67		4		—		5
Sales (3)	(393)		(86)		—		—		(44)
Issuances (3)	—		—		—		—		—
Settlements (3)	—		—		—		—		—
Transfers into Level 3 (4)	125		34		—		—		—
Transfers out of Level 3 (4)	(129)		(94)		—		—		—
Balance, end of period	$	16,016	$	3,409	$	4	$	17	$	17
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
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2023 (5)	$	(10)	$	8	$	—	$	(1)	$	—
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 AOCI for the instruments still held at June 30, 2023 (5)	$	(110)	$	(21)	$	—	$	3	$	(1)
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2022 (5)	$	(1,495)	$	(139)	$	—	$	4	$	—

	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, 2023
Balance, beginning of period	$	—	$	1,052	$	(271)	$	168	$	1,000
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	—		63		(12)		212		(10)
Total realized/unrealized gains (losses) included in AOCI	—		—		(39)		—		—
Purchases (3)	—		—		—		—		72
Sales (3)	—		—		—		—		(20)
Issuances (3)	—		—		—		—		—
Settlements (3)	—		—		44		(2)		—
Transfers into Level 3 (4)	—		—		—		—		12
Transfers out of Level 3 (4)	—		—		—		—		—
Balance, end of period	$	—	$	1,115	$	(278)	$	378	$	1,054
Three Months Ended June 30, 2022
Balance, beginning of period	$	119	$	1,123	$	29	$	(722)	$	1,931
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(5)		(64)		(88)		615		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		26		6
Transfers into Level 3 (4)	—		—		—		—		—
Transfers out of Level 3 (4)	—		(100)		—		—		—
Balance, end of period	$	109	$	961	$	(103)	$	(81)	$	1,029
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2023 (5)	$	—	$	64	$	1	$	212	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2022 (5)	$	(5)	$	(64)	$	(87)	$	615	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2023 (5)	$	—	$	—	$	(48)	$	—	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2022 (5)	$	—	$	—	$	(199)	$	—	$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities AFS
	Corporate (6)		Structured Products		Municipals		Foreign Government		Short-term Investments
	(In millions)
Six Months Ended June 30, 2023
Balance, beginning of period	$	14,733	$	3,373	$	—	$	15	$	47
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(18)		1		—		(1)		—
Total realized/unrealized gains (losses) included in  AOCI	285		—		—		2		—
Purchases (3)	2,015		153		4		2		17
Sales (3)	(848)		(175)		—		(1)		(47)
Issuances (3)	—		—		—		—		—
Settlements (3)	—		—		—		—		—
Transfers into Level 3 (4)	280		103		—		—		—
Transfers out of Level 3 (4)	(431)		(46)		—		—		—
Balance, end of period	$	16,016	$	3,409	$	4	$	17	$	17
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
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2023 (5)	$	(17)	$	9	$	—	$	(1)	$	—
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 AOCI for the instruments still held at June 30, 2023 (5)	$	272	$	(4)	$	—	$	1	$	(1)
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2022 (5)	$	(2,618)	$	(300)	$	—	$	7	$	—

	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, 2023
Balance, beginning of period	$	—	$	1,022	$	(331)	$	458	$	995
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	—		91		(27)		(68)		(18)
Total realized/unrealized gains (losses) included in  AOCI	—		—		43		—		—
Purchases (3)	—		2		—		—		170
Sales (3)	—		—		—		—		(109)
Issuances (3)	—		—		—		—		—
Settlements (3)	—		—		98		(12)		1
Transfers into Level 3 (4)	—		—		—		—		15
Transfers out of Level 3 (4)	—		—		(61)		—		—
Balance, end of period	$	—	$	1,115	$	(278)	$	378	$	1,054
Six Months Ended June 30, 2022
Balance, beginning of period	$	127	$	894	$	86	$	(1,236)	$	1,958
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(9)		(19)		(22)		1,093		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		62		4
Transfers into Level 3 (4)	—		3		—		—		1
Transfers out of Level 3 (4)	—		(102)		—		—		(4)
Balance, end of period	$	109	$	961	$	(103)	$	(81)	$	1,029
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2023 (5)	$	—	$	93	$	2	$	(68)	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2022 (5)	$	(9)	$	(22)	$	(21)	$	1,093	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2023 (5)	$	—	$	—	$	7	$	—	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2022 (5)	$	—	$	—	$	(394)	$	—	$	—

__________________

(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.

Nonrecurring Fair Value Measurements

The following table presents information for assets measured at estimated fair value on a nonrecurring basis during the periods and still held at the reporting dates (for example, when there is evidence of impairment), using significant unobservable inputs (Level 3).

	June 30, 2023		December 31, 2022
	(in millions)
Carrying value after measurement
Mortgage loans (1)	$	278	$	222

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(in millions)
Realized gains (losses) net:
Mortgage loans (1)	$	(31)	$	(24)	$	(105)	$	(15)

__________________

(1)Estimated fair values for impaired mortgage loans are based on the underlying collateral or discounted cash flows. See Note 9.

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, 2023
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans (1)	$	63,811	$	—	$	—	$	60,000	$	60,000
Policy loans	$	5,692	$	—	$	—	$	6,107	$	6,107
Other invested assets	$	1,782	$	—	$	1,806	$	—	$	1,806
Premiums, reinsurance and other receivables	$	11,967	$	—	$	487	$	11,729	$	12,216
Liabilities
Policyholder account balances	$	87,765	$	—	$	—	$	84,948	$	84,948
Long-term debt	$	1,885	$	—	$	1,934	$	—	$	1,934
Other liabilities	$	12,125	$	—	$	518	$	11,583	$	12,101
Separate account liabilities	$	31,904	$	—	$	31,904	$	—	$	31,904

	December 31, 2022
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans (1)	$	62,570	$	—	$	—	$	58,858	$	58,858
Policy loans	$	5,729	$	—	$	—	$	6,143	$	6,143
Other invested assets	$	1,978	$	—	$	1,979	$	—	$	1,979
Premiums, reinsurance and other receivables	$	12,036	$	—	$	454	$	11,826	$	12,280
Liabilities
Policyholder account balances	$	85,957	$	—	$	—	$	83,594	$	83,594
Long-term debt	$	1,676	$	—	$	1,758	$	—	$	1,758
Other liabilities	$	12,546	$	—	$	671	$	11,842	$	12,513
Separate account liabilities	$	38,391	$	—	$	38,391	$	—	$	38,391

_________________

(1)Includes mortgage loans measured at estimated fair value on a nonrecurring basis

XML

Debt

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

12. Long-term Debt

Other Notes

In March 2023, Missouri Reinsurance, Inc., a wholly-owned subsidiary of the Company, borrowed funds from MetLife, Inc. under a term loan agreement, interest on which is payable semi-annually. The terms of the promissory notes are as follows:

•$80 million 5.34% fixed rate due March 2028;

•$80 million 5.68% fixed rate due March 2033; and

•$50 million 6.05% fixed rate due March 2038.

Credit Facility

In May 2023, MetLife, Inc. and MetLife Funding, Inc., a wholly-owned subsidiary of Metropolitan Life Insurance Company, amended and restated their $3.0 billion unsecured revolving credit facility (as amended and restated, the “Credit Facility”). The facility may be used for general corporate purposes, to support the borrowers’ commercial paper programs and for the issuance of letters of credit. All borrowings under the Credit Facility must be repaid by May 8, 2028, except that letters of credit outstanding on that date may remain outstanding until no later than May 8, 2029.

XML

Equity

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Equity

13. 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, 2023
	Unrealized Investment Gains (Losses), Net of Related Offsets		Deferred Gains (Losses) on Derivatives		Future Policy Benefits Discount Rate Remeasurement Gains (Losses)		Market Risk Benefits Instrument-Specific Credit Risk Remeasurement Gains (Losses)		Foreign Currency Translation Adjustments		Defined Benefit Plans Adjustment		Total
	(In millions)
Balance, beginning of period	$	(8,167)	$	1,568	$	(106)	$	149	$	(139)	$	(137)	$	(6,832)
OCI before reclassifications	(2,114)		(101)		1,051		(73)		17		—		(1,220)
Deferred income tax benefit (expense)	452		21		(219)		16		(5)		—		265
AOCI before reclassifications, net of income tax	(9,829)		1,488		726		92		(127)		(137)		(7,787)
Amounts reclassified from AOCI	829		(379)		—		—		—		3		453
Deferred income tax benefit (expense)	(167)		79		—		—		—		(1)		(89)
Amounts reclassified from AOCI, net of income tax	662		(300)		—		—		—		2		364
Balance, end of period	$	(9,167)	$	1,188	$	726	$	92	$	(127)	$	(135)	$	(7,423)

	Three Months   Ended   June 30, 2022
	Unrealized Investment Gains (Losses), Net of Related Offsets		Deferred Gains (Losses) on Derivatives		Future Policy Benefits Discount Rate Remeasurement Gains (Losses)		Market Risk Benefits Instrument-Specific Credit Risk Remeasurement Gains (Losses)		Foreign Currency Translation Adjustments		Defined Benefit Plans Adjustment		Total
	(In millions)
Balance, beginning of period	$	4,172	$	1,597	$	(8,611)	$	182	$	(57)	$	(387)	$	(3,104)
OCI before reclassifications	(12,827)		(96)		8,565		(8)		(34)		—		(4,400)
Deferred income tax benefit (expense)	2,697		20		(1,799)		2		5		—		925
AOCI before reclassifications, net of income tax	(5,958)		1,521		(1,845)		176		(86)		(387)		(6,579)
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	$	(5,640)	$	1,905	$	(1,845)	$	176	$	(86)	$	(379)	$	(5,869)

	Six Months Ended June 30, 2023
	Unrealized Investment Gains (Losses), Net of Related Offsets		Deferred Gains (Losses) on Derivatives		Future Policy Benefits Discount Rate Remeasurement Gains (Losses)		Market Risk Benefits Instrument-Specific Credit Risk Remeasurement Gains (Losses)		Foreign Currency Translation Adjustments		Defined Benefit Plans Adjustment		Total
	(In millions)
Balance, beginning of period	$	(11,161)	$	1,557	$	1,529	$	80	$	(187)	$	(138)	$	(8,320)
OCI before reclassifications	1,698		58		(1,017)		15		77		(1)		830
Deferred income tax benefit (expense)	(346)		(12)		214		(3)		(17)		—		(164)
AOCI before reclassifications, net of income tax	(9,809)		1,603		726		92		(127)		(139)		(7,654)
Amounts reclassified from AOCI	804		(525)		—		—		—		5		284
Deferred income tax benefit (expense)	(162)		110		—		—		—		(1)		(53)
Amounts reclassified from AOCI, net of income tax	642		(415)		—		—		—		4		231
Balance, end of period	$	(9,167)	$	1,188	$	726	$	92	$	(127)	$	(135)	$	(7,423)

	Six Months Ended June 30, 2022
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Deferred Gains (Losses) on Derivatives		Future Policy Benefits Discount Rate Remeasurement Gains (Losses)		Market Risk Benefits Instrument-Specific Credit Risk Remeasurement Gains (Losses)		Foreign Currency Translation Adjustments		Defined Benefit Plans Adjustment		Total
	(In millions)
Balance, beginning of period	$	12,799	$	1,872	$	(15,553)	$	267	$	(45)	$	(395)	$	(1,055)
OCI before reclassifications	(23,958)		(486)		17,352		(115)		(50)		—		(7,257)
Deferred income tax benefit (expense)	5,030		102		(3,644)		24		9		—		1,521
AOCI before reclassifications, net of income tax	(6,129)		1,488		(1,845)		176		(86)		(395)		(6,791)
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	$	(5,640)	$	1,905	$	(1,845)	$	176	$	(86)	$	(379)	$	(5,869)

For information on offsets to investments related to policyholder liabilities, see “— Net Unrealized Investment Gains (Losses).”

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
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)	$	(828)	$	(388)	$	(787)	$	(601)	Net investment gains (losses)
Net unrealized investment gains (losses)	1		1		3		3		Net investment income
Net unrealized investment gains (losses)	(2)		(16)		(20)		(21)		Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax	(829)		(403)		(804)		(619)
Income tax (expense) benefit	167		85		162		130
Net unrealized investment gains (losses), net of income tax	(662)		(318)		(642)		(489)
Deferred gains (losses) on derivatives - cash flow hedges:
Interest rate derivatives	13		16		27		31		Net investment income
Interest rate derivatives	55		53		57		71		Net investment gains (losses)
Foreign currency exchange rate derivatives	1		—		2		2		Net investment income
Foreign currency exchange rate derivatives	310		(555)		439		(632)		Net investment gains (losses)
Gains (losses) on cash flow hedges, before income tax	379		(486)		525		(528)
Income tax (expense) benefit	(79)		102		(110)		111
Gains (losses) on cash flow hedges, net of income tax	300		(384)		415		(417)
Defined benefit plans adjustment: (1)
Amortization of net actuarial gains (losses)	(3)		(11)		(6)		(21)
Amortization of prior service (costs) credit	—		1		1		1
Amortization of defined benefit plan items, before income tax	(3)		(10)		(5)		(20)
Income tax (expense) benefit	1		2		1		4
Amortization of defined benefit plan items, net of income tax	(2)		(8)		(4)		(16)
Total reclassifications, net of income tax	$	(364)	$	(710)	$	(231)	$	(922)

__________________

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

Net Unrealized Investment Gains (Losses)

Unrealized investment gains (losses) on fixed maturity securities AFS, derivatives and other investments and the effect on policyholder liabilities 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, 2023		December 31, 2022
	(In millions)
Fixed maturity securities AFS	$	(12,215)	$	(14,741)
Derivatives	1,504		1,971
Other	488		455
Subtotal	(10,223)		(12,315)
Amounts allocated from:
Policyholder liabilities	(2)		55
Deferred income tax benefit (expense)	2,246		2,656
Net unrealized investment gains (losses)	$	(7,979)	$	(9,604)

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Other Revenues and Other Expenses

6 Months Ended

Jun. 30, 2023

Other Income and Expenses [Abstract]

Other Revenues and Other Expenses Disclosure

14. 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,
	2023		2022		2023		2022
	(In millions)
Prepaid legal plans	$	115	$	106	$	230	$	214
Recordkeeping and administrative services (1)	37		42		74		89
Administrative services-only contracts	62		57		123		112
Other revenue from service contracts from customers	11		7		21		14
Total revenues from service contracts from customers	225		212		448		429
Other (2)	194		160		386		354
Total other revenues	$	419	$	372	$	834	$	783

__________________

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

(2)Primarily includes reinsurance ceded. See Note 17.

Other Expenses

Information on other expenses was as follows:

	Three Months   Ended   June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(In millions)
General and administrative expenses (1)	$	677	$	725	$	1,338	$	1,364
Pension, postretirement and postemployment benefit costs	50		29		100		59
Premium taxes, other taxes, and licenses & fees	106		81		199		161
Commissions and other variable expenses	467		491		1,181		973
Capitalization of DAC	(12)		(34)		(89)		(61)
Amortization of DAC and VOBA	74		76		151		156
Interest expense on debt	34		25		64		49
Total other expenses	$	1,396	$	1,393	$	2,944	$	2,701

__________________

(1)Includes ($27) million and ($57) million for the three months and six months ended June 30, 2023, respectively, and $52 million and $74 million for the three months and six months ended June 30, 2022, respectively, for the net change in cash surrender value of investments in certain life insurance policies, net of premiums paid.

Affiliated Expenses

See Note 17 for a discussion of affiliated expenses included in the table above.

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Income Tax

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Income Tax

15. Income Tax

For the three months and six months ended June 30, 2023, the effective tax rate on income (loss) before provision for income tax was 13% and (7%), respectively. The Company’s effective tax rate for the three months ended June 30, 2023 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, 2023 reflected an income tax benefit despite having income before provision for income tax and differed from the U.S. statutory rate primarily due to tax benefits from tax credits, non-taxable investment income and the corporate tax deduction for stock compensation.

For the three months and six months ended June 30, 2022, the effective tax rate on income (loss) before provision for income tax was 19% and 18%, 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.

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Contingencies, Commitments and Guarantees

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Contingencies, Commitments and Guarantees

16. 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. 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, 2023. 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 matters, 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, 2023, the Company estimates the aggregate range of reasonably possible losses in excess of amounts accrued for these matters to be $0 to $125 million.

Matters as to Which an Estimate Cannot Be Made

For other matters, 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 2022 Annual Report, Metropolitan Life Insurance Company received approximately 2,610 asbestos-related claims in 2022. For the six months ended June 30, 2023 and 2022, Metropolitan Life Insurance Company received approximately 1,306 and 1,319 new asbestos-related claims, respectively. See Note 16 of the Notes to the Consolidated Financial Statements included in the 2022 Annual Report for historical information concerning asbestos claims and Metropolitan Life Insurance Company’s update in its recorded liability at December 31, 2022. 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, 2023.

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 could be exposed to lawsuits, and 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 $2.0 billion and $2.7 billion at June 30, 2023 and December 31, 2022, respectively.

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

The Company commits to fund partnership investments and to lend funds under bank credit facilities and private corporate bond investments. The amounts of these unfunded commitments were $5.0 billion and $4.8 billion at June 30, 2023 and December 31, 2022, respectively.

Guarantees

In the normal course of its business, the Company has provided certain indemnities and guarantees 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 $232 million, with a cumulative maximum of $331 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 or guarantees.

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, 2023 and December 31, 2022, for indemnities and guarantees

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Related Party Transactions

6 Months Ended

Jun. 30, 2023

Related Party Transactions [Abstract]

Related Party Transactions

17. 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 $737 million and $1.5 billion for the three months and six months ended June 30, 2023, respectively, and $649 million and $1.3 billion for the three months and six months ended June 30, 2022, respectively. Total revenues received from affiliates related to these agreements were $15 million and $29 million for the three months and six months ended June 30, 2023, respectively, and $11 million and $23 million for the three months and six months ended June 30, 2022, respectively.

The Company had net payables to affiliates, related to the items discussed above, of $96 million and $188 million at June 30, 2023 and December 31, 2022, respectively.

See Notes 9 and 12 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 (“MTL”), 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,
	2023		2022		2023		2022
	(In millions)
Premiums
Reinsurance assumed	$	2	$	2	$	(25)	$	3
Reinsurance ceded	(89)		(37)		(173)		(68)
Net premiums	$	(87)	$	(35)	$	(198)	$	(65)
Universal life and investment-type product policy fees
Reinsurance assumed	$	1	$	—	$	1	$	—
Reinsurance ceded	(2)		(1)		(4)		(2)
Net universal life and investment-type product policy fees	$	(1)	$	(1)	$	(3)	$	(2)
Other revenues
Reinsurance assumed	$	24	$	5	$	46	$	29
Reinsurance ceded	116		124		231		247
Net other revenues	$	140	$	129	$	277	$	276
Policyholder benefits and claims
Reinsurance assumed	$	18	$	20	$	(151)	$	31
Reinsurance ceded	(68)		(42)		(145)		(74)
Net policyholder benefits and claims	$	(50)	$	(22)	$	(296)	$	(43)
Policyholder liability remeasurement (gains) losses
Reinsurance assumed	$	—	$	(15)	$	(39)	$	(33)
Reinsurance ceded	—		(1)		(5)		(4)
Net policyholder liability remeasurement (gains) losses	$	—	$	(16)	$	(44)	$	(37)
Interest credited to policyholder account balances
Reinsurance assumed	$	88	$	12	$	161	$	21
Reinsurance ceded	(3)		(3)		(6)		(6)
Net interest credited to policyholder account balances	$	85	$	9	$	155	$	15
Other expenses
Reinsurance assumed	$	11	$	1	$	215	$	10
Reinsurance ceded	65		109		128		195
Net other expenses	$	76	$	110	$	343	$	205

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

	June 30, 2023				December 31, 2022
	Assumed		Ceded		Assumed		Ceded
	(In millions)
Assets
Premiums, reinsurance and other receivables	$	170	$	11,261	$	723	$	11,303
Deferred policy acquisition costs and value of business acquired	167		(162)		120		(164)
Total assets	$	337	$	11,099	$	843	$	11,139
Liabilities
Future policy benefits	$	2,253	$	—	$	2,484	$	—
Policyholder account balances	9,043		—		6,216		—
Other policy-related balances	65		(29)		61		(23)
Other liabilities	857		10,288		910		10,380
Total liabilities	$	12,218	$	10,259	$	9,671	$	10,357

Effective April 1, 2021, the Company, through its wholly-owned subsidiary, Missouri Reinsurance, Inc., entered into an agreement to assume certain group annuity contracts issued in connection with a qualifying pension risk transfer on a modified coinsurance basis from MTL. The significant reinsurance effects to the Company were primarily in future policy benefits of $2.2 billion and $2.4 billion and other invested assets of $2.9 billion and $3.0 billion at June 30, 2023 and December 31, 2022, respectively. Also, the Company recorded policyholder benefits and claims of $14 million and ($157) million and other expenses of $0 and $194 million for the three months and six months ended June 30, 2023, respectively. Additionally, policyholder benefits and claims of $19 million and $30 million and other expenses of $0 and $8 million were recorded for the three months and six months ended June 30, 2022, respectively.

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 $1 million and ($28) million at June 30, 2023 and December 31, 2022, respectively. Net derivative gains (losses) associated with these embedded derivatives were ($23) million and ($29) million for the three months and six months ended June 30, 2023, respectively, and $22 million and $47 million for the three months and six months ended June 30, 2022, respectively.

Certain contractual features of the closed block agreement with MRC qualify as embedded derivatives, which are 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 ($372) million and ($423) million at June 30, 2023 and December 31, 2022, respectively. Net derivative gains (losses) associated with the embedded derivative were $114 million and ($51) million for the three months and six months ended June 30, 2023, respectively, and $504 million and $1.1 billion for the three months and six months ended June 30, 2022, respectively.

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Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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

6 Months Ended

Jun. 30, 2023

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. 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. Except for balances affected by the adoption of Accounting Standards Update (“ASU”) 2018-12 noted below, the December 31, 2022 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, 2022 (the “2022 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 2022 Annual Report.

Adoption of ASU 2018-12 - Targeted Improvements to the Accounting for Long-Duration Contracts

Effective January 1, 2023, the Company adopted 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; ASU 2020-11, Financial Services—Insurance (Topic 944): Effective Date and Early Application; and ASU 2022-05, Financial Services—Insurance (Topic 944): Transition for Sold Contracts (“LDTI”), with a transition date of January 1, 2021 (the “Transition Date”). Adoption of LDTI impacted the Company’s accounting and presentation related to long-duration insurance contracts and certain related balances for the years ended December 31, 2022 and 2021. Amounts within these interim condensed consolidated financial statements which were previously presented, have been revised to conform with the current year accounting and presentation under LDTI. Disclosures as of the Transition Date are reflected in summary within “— Recent Accounting Pronouncements — Adoption of ASU 2018-12 - Targeted Improvements to the Accounting for Long-Duration Contracts,” and in further detail (at the disaggregated level) within Notes 3, 4, 5 and 7.

Consolidation

The accompanying interim condensed consolidated financial statements include the accounts of Metropolitan Life Insurance Company and its subsidiaries, 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.

Reclassifications

Revisions

Cash flows from short term investments in the prior years’ Interim Condensed Consolidated Statement of Cash Flows, which were previously presented net, have been revised to gross presentation to conform with the current year presentation. The revision in presentation was not material to the previously presented financial statements.

Pending Transaction

Pending Reinsurance Transaction

In May 2023, the Company entered into a definitive agreement with a subsidiary of Global Atlantic Financial Group, a retirement and life insurance company, to reinsure an in-force block of universal life, variable universal life, universal life with secondary guarantees, and fixed annuities, which are reported in the MetLife Holdings segment. At the closing of the transaction, the Company will enter into a reinsurance agreement on a coinsurance basis for the general account products, and on a modified coinsurance basis for the separate account products, representing total liabilities of approximately $13.0 billion. Under the terms of such agreement, assets primarily consisting of fixed maturity securities available-for-sale and mortgage loans supporting the general account liabilities will be transferred to the reinsurer at closing, reduced by an approximately $1.8 billion pre-tax ceding commission. The Company will retain separate account assets of approximately $4.8 billion under the modified coinsurance arrangement.

The transaction is expected to close in the second half of 2023 and is subject to regulatory approvals and satisfaction of other closing conditions. See Note 9 for additional information on assets to be transferred to the reinsurer at closing, including associated impairments recorded to net investment gains (losses).

Future Policy Benefit Liabilities and Policyholder Account Balances

Future Policy Benefit Liabilities

Traditional Non-participating and Limited-payment Long-duration products

The Company establishes future policy benefit liabilities (“FPBs”) for amounts payable under traditional non-participating and limited-payment long-duration insurance and reinsurance policies which include, but are not limited to, pension risk transfers, structured settlements, institutional income annuities and long-term care products. Generally, amounts are payable over an extended period of time and the related liabilities are calculated as the present value of future expected benefits and claim settlement expenses to be paid, reduced by the present value of future expected net premiums.

FPBs are measured as cohorts (e.g., groups of long-duration contracts), with the exception of pension risk transfers and longevity reinsurance solutions contracts, each of which are generally considered their own cohort. Contracts from different subsidiaries or branches, issue years, benefit currency and product types are not grouped together in the same cohort.

Such liabilities are established based on methods and underlying assumptions in accordance with GAAP and applicable actuarial standards. A net premium ratio (“NPR”) approach is utilized, where net premiums (i.e., the portion of gross premiums required to fund expected insurance benefits and claim settlement expenses) under the contract are accrued each period as an FPB. The NPR used to accrue the FPB in each period is determined by using the historical and present value of expected future benefits and claim settlement expenses for the cohort divided by the historical and present value of expected future gross premiums for the cohort.

Cash flow assumptions are incorporated into the calculation of a cohort's NPR and FPB reserve. These assumptions are used to project the amount and timing of expected benefits and claim settlement expenses to be paid and the expected amount of premiums to be collected for a cohort. The principal inputs and assumptions used in the establishment of FPBs are actual premiums, actual benefits, in-force policies, and best estimate cash flow assumptions to project future premium and benefit amounts. The Company’s primary best estimate cash flow assumptions include expectations related to mortality, morbidity, termination, claim settlement expense, policy lapse, renewal, retirement, disability incidence, disability terminations, inflation and other contingent events as appropriate to the respective product type and geographical area. Upon transition to LDTI, generally, the NPR and FPB reserve are updated retrospectively on a quarterly basis for actual experience and at least once a year for any changes in future cash flow assumptions, except for claim settlement expenses, for which the Company has elected to lock in assumptions at the Transition Date or inception (for contracts sold after the Transition Date), as allowed by LDTI. The resulting remeasurement (gain) loss is recorded through net income and reflects the impact on the change in the NPR based on experience at end of the quarter applied to the cumulative premiums received from the inception of the cohort (or from the Transition Date for contracts issued prior to the Transition Date) to the beginning of the quarter. The total contractual profit pattern is recognized over the expected life of the cohort by retrospectively updating the NPR. If net premiums exceed gross premiums (i.e., expected benefits exceed expected gross premiums), the FPB is increased, and a corresponding adjustment is recognized immediately in net income.

The change in FPB reflected in the statement of operations is calculated using a locked-in discount rate. For products issued prior to the Transition Date, a cohort level locked-in discount rate was developed that reflects the interest accretion rates that were locked in at inception of the underlying contracts (unless there was a historical premium deficiency event that resulted in updating the interest accretion rate prior to the Transition Date), or the acquisition date for contracts acquired through an assumed in-force reinsurance transaction or a business combination. For contracts issued subsequent to the Transition Date, the upper-medium grade discount rate used for interest accretion is locked in for the cohort and represents the original upper-medium grade discount rate at the issue date of the underlying contracts. The FPB for all cohorts is remeasured to a current upper-medium grade discount rate at each reporting date through other comprehensive income (loss) (“OCI”).

The Company generally interprets the upper-medium grade discount rate to be a rate comparable to that of a U.S. corporate single A rate that reflects the duration characteristics of the liability. The upper-medium grade discount rate for the products that are included in the disaggregated rollforwards in Note 3 which are issued in the U.S. is determined by using observable market data, including published single A base curves. The last liquid point on the upper-medium grade discount curve grades to an ultimate forward rate, which is derived using assumptions of economic growth, inflation, and a long-term upper-medium grade spread.

For limited-payment long-duration contracts, the collection of premiums does not represent the completion of the earnings process, therefore, any gross premiums received in excess of net premiums is deferred and amortized as a deferred profit liability (“DPL”). The DPL is presented within FPBs and is amortized in proportion to either the present value of expected benefit payments or insurance in-force of each cohort to ensure that profits are recognized over the life of the underlying policies in that cohort, regardless of when premiums are received. This amortization of the DPL is recorded through net income within policyholder benefits and claims. Consistent with the Company’s measurement of traditional long-duration products, management also recognizes a FPB reserve for limited-payment contracts that is representative of the difference between the present value of expected future benefit payments and the present value of expected future net premiums, subject to retrospective remeasurement through net income and OCI, as described above. The DPL is also subject to retrospective remeasurement through net income, however, it is not remeasured for changes in discount rates.

Traditional participating products

The Company establishes FPBs for traditional participating contracts in the U.S., which include whole and term life participating contracts in both the open and closed block using a net premium approach, similar to traditional non-participating contracts. However, for participating contracts, the discount rate and actuarial assumptions are locked in at inception, include a provision for adverse deviation, and all changes in the associated FPBs are reported within policyholder benefits and claims. See Note 8 for additional information on the closed block. For traditional participating contracts, the Company reviews its estimates of actuarial liabilities for future benefits and compares them with current best estimate assumptions. The Company revises estimates, to increase FPBs, if the Company determines that the liabilities previously established for future benefit payments less future expected net premiums in the aggregate for this line of business prove inadequate.

Additional Insurance Liabilities

Liabilities for universal, variable universal, and variable life policies with secondary guarantees (“ULSG”) and paid-up guarantees are determined by estimating the expected value of death benefits payable when the account balance is projected to be zero and recognizing those benefits ratably over the life of the contract based on total expected assessments. The additional insurance liabilities are updated retrospectively on a quarterly basis for actual experience and at least once a year for any changes in future cash flow assumptions. The assumptions used in estimating the secondary and paid-up guarantee liabilities are investment income, mortality, lapse, and premium payment pattern and persistency. The assumptions of investment performance and volatility for variable products are consistent with historical experience of appropriate underlying equity indices, such as the S&P Global Ratings (“S&P”) 500 Index. The benefits used in calculating the liabilities are based on the average benefits payable over a range of scenarios.

The resulting remeasurement (gain) loss recorded through net income reflects the impact on the change in the ratio of benefits payable to total assessments over the life of the contract based on experience at end of the quarter applied to the cumulative assessments received as of the beginning of the quarter.

Premium Deficiency Reserves on Short-Duration Contracts

Premium deficiency reserves may be established for short-duration contracts to provide for expected future losses and certain expenses that exceed unearned premiums. These reserves are based on actuarial estimates of the amount of loss inherent in that period, including losses incurred for which claims have not been reported. The provisions for unreported claims are calculated using studies that measure the historical length of time between the incurred date of a claim and its eventual reporting to the Company. Anticipated investment income is considered in the calculation of premium deficiency losses for short-duration contracts.

Policyholder Account Balances

Policyholder account balances (“PABs”) represents the amount held by the Company on behalf of the policyholder at each reporting date. This amount includes deposits received from the policyholder, interest credited to the policyholder’s account balance, net of charges assessed against the account balance and any policyholder withdrawals. This balance also includes liabilities for structured settlement and institutional income annuities, and certain other contracts, that do not contain significant insurance risk, as well as the estimated fair value of embedded derivatives associated with indexed annuity products.

Market Risk Benefit

Market Risk Benefits

As defined by LDTI, market risk benefits (“MRBs”) are contracts or contract features that guarantee benefits, such as guaranteed minimum benefits, in addition to an account balance, which expose insurance companies to other than nominal capital market risk (equity price, interest rate, and/or foreign currency exchange risk) and subsequently protect the contractholder from the same risk. These contracts and contract features were generally recorded as embedded derivatives or additional insurance liabilities prior to the Transition Date. Certain contracts may have multiple contract features or guarantees. In these cases, each feature is separately evaluated to determine whether it meets the definition of an MRB at contract inception. If a contract includes multiple benefits that meet the definition of an MRB, those benefits are aggregated and measured as a single compound MRB.

All identified MRBs are required to be measured at estimated fair value, whether the contract or contract feature represents a direct, assumed or ceded capital market risk. All MRBs in an asset position are aggregated and presented as an asset, and all MRBs in a liability position are aggregated and presented as a liability. Changes in the estimated fair value of MRBs are recognized in net income, except for the portion of the fair value change attributable to the change in nonperformance risk of the Company which is recorded as a separate component of OCI.

The Company generally uses an attributed fee approach to value MRBs, where the attributed fee is determined at contract inception by estimating the fair value of expected future benefits and the expected future fees. The attributed fee percentage is the portion of the expected future fees due from contractholders deemed necessary at contract inception to fund all future expected benefits. This typically results in a zero fair value for the MRB at inception. The estimated fair value of the expected future benefits is estimated using a stochastically-generated set of risk-neutral scenarios. Once calculated, the attributed fee percentage is fixed and does not change over the life of the contract. All fees due from contractholders in excess of the attributed fees are reported in universal life and investment-type product policy fees.

Other Policy-Related Balances

Other Policy-Related Balances

Other policy-related balances include policy and contract claims, premiums received in advance, unearned revenue (“UREV”) liabilities, obligations assumed under structured settlement assignments, policyholder dividends due and unpaid and policyholder dividends left on deposit.

The liability for policy and contract claims generally relates to incurred but not reported (“IBNR”) death and dental claims. In addition, generally included in other policy-related balances are claims which have been reported but not yet settled for death and dental. The liability for these claims is based on the Company’s estimated ultimate cost of settling all claims. The Company derives estimates for the development of IBNR claims principally from analyses of historical patterns of claims by business line. The methods used to determine these estimates are continually reviewed. Adjustments resulting from this continuous review process and differences between estimates and payments for claims are recognized in policyholder benefits and claims expense in the period in which the estimates are changed or payments are made.

The Company accounts for the prepayment of premiums on its individual life, group life and health contracts as premiums received in advance. These amounts are then recognized in premiums when due.

The UREV liability relates to universal life and investment-type products and represents policy charges for services to be provided in future periods. The charges are deferred as unearned revenue and amortized on a basis consistent with the methodologies and assumptions used for amortizing deferred policy acquisition costs (“DAC”) for the related contracts. Changes in the UREV liability for each period (representing deferrals less amortization) are reported in universal life and investment-type product policy fees.

Recognition of Insurance Revenues and Deposits

Recognition of Insurance Revenues and Deposits

Premiums related to whole and term life products, individual disability, individual and group fixed annuities (including pension risk transfers, certain structured settlements and certain income annuities), long-term care and participating products are recognized as revenues when due from policyholders. Policyholder benefits and expenses are provided to recognize profits over the estimated lives of the insurance policies. When premiums are due over a significantly shorter period than the period over which benefits are provided, any excess profit is deferred as a DPL and recognized into earnings in a constant relationship to insurance in-force or, for annuities, the present value of expected future policy benefit payments.

Premiums related to short-duration non-medical health and disability contracts are recognized on a pro rata basis over the applicable contract term. Unearned premiums, representing the portion of premium written related to the unexpired coverage, are reflected as liabilities until earned.

Deposits related to universal life and investment-type products are credited to PABs. Revenues from such contracts consist of fees for mortality, policy administration and surrender charges and are recorded in universal life and investment-type product policy fees in the period in which services are provided. All fees due from contractholders in excess of the attributed fees on contracts with MRBs are reported in universal life and investment-type product policy fees. Amounts that are charged to earnings include interest credited and benefit claims incurred in excess of related PABs.

All revenues and expenses are presented net of reinsurance, as applicable.

Deferred Policy Acquisition Costs and Value of Business Acquired

Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles

The Company incurs significant costs in connection with acquiring new and renewal insurance business. Costs that are related directly to the successful acquisition or renewal of insurance contracts are capitalized as DAC. Such costs include:

•incremental direct costs of contract acquisition, such as commissions;

•the portion of an employee’s total compensation and benefits related to time spent selling, underwriting or processing the issuance of new and renewal insurance business only with respect to actual policies acquired or renewed; and

•other essential direct costs that would not have been incurred had a policy not been acquired or renewed.

All other acquisition-related costs, including those related to general advertising and solicitation, market research, agent training, product development, unsuccessful sales and underwriting efforts, as well as all indirect costs, are expensed as incurred.

Value of business acquired (“VOBA”) is an intangible asset resulting from a business combination that represents the excess of book value over the estimated fair value of acquired insurance, annuity, and investment-type contracts in-force at the acquisition date. The estimated fair value of the acquired liabilities is based on projections, by each block of business, of future policy and contract charges, premiums, mortality and morbidity, separate account performance, surrenders, operating expenses, investment returns, nonperformance risk adjustment and other factors. Actual experience with the purchased business may vary from these projections. VOBA is subject to periodic recoverability testing for traditional life and limited-payment contracts, as well as universal life type contracts.

Beginning on the Transition Date, DAC and VOBA for most long-duration products are amortized on a constant-level basis that approximates straight-line amortization on an individual contract basis. The DAC and VOBA related to U.S. annuities are amortized over expected benefit payments, and for all other long-duration products are generally amortized in proportion to policy count. For short-duration products, DAC and VOBA are amortized in proportion to actual and expected future earned premiums.

DAC and VOBA are aggregated on the financial statements for reporting purposes. See Note 7 for additional information on DAC and VOBA amortization. Amortization of DAC and VOBA is included in other expenses

Intangible Assets Arising from Insurance Contracts Acquired in Business Combination, Policy

Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles

The Company incurs significant costs in connection with acquiring new and renewal insurance business. Costs that are related directly to the successful acquisition or renewal of insurance contracts are capitalized as DAC. Such costs include:

•incremental direct costs of contract acquisition, such as commissions;

•the portion of an employee’s total compensation and benefits related to time spent selling, underwriting or processing the issuance of new and renewal insurance business only with respect to actual policies acquired or renewed; and

•other essential direct costs that would not have been incurred had a policy not been acquired or renewed.

All other acquisition-related costs, including those related to general advertising and solicitation, market research, agent training, product development, unsuccessful sales and underwriting efforts, as well as all indirect costs, are expensed as incurred.

Value of business acquired (“VOBA”) is an intangible asset resulting from a business combination that represents the excess of book value over the estimated fair value of acquired insurance, annuity, and investment-type contracts in-force at the acquisition date. The estimated fair value of the acquired liabilities is based on projections, by each block of business, of future policy and contract charges, premiums, mortality and morbidity, separate account performance, surrenders, operating expenses, investment returns, nonperformance risk adjustment and other factors. Actual experience with the purchased business may vary from these projections. VOBA is subject to periodic recoverability testing for traditional life and limited-payment contracts, as well as universal life type contracts.

Beginning on the Transition Date, DAC and VOBA for most long-duration products are amortized on a constant-level basis that approximates straight-line amortization on an individual contract basis. The DAC and VOBA related to U.S. annuities are amortized over expected benefit payments, and for all other long-duration products are generally amortized in proportion to policy count. For short-duration products, DAC and VOBA are amortized in proportion to actual and expected future earned premiums.

DAC and VOBA are aggregated on the financial statements for reporting purposes. See Note 7 for additional information on DAC and VOBA amortization. Amortization of DAC and VOBA is included in other expenses

Deferred Sales Inducements

The Company generally has two different types of sales inducements which are included in other assets: (i) the policyholder receives a bonus whereby the policyholder’s initial account balance is increased by an amount equal to a specified percentage of the customer’s deposit; and (ii) the policyholder receives a higher interest rate using a dollar cost averaging method than would have been received based on the normal general account interest rate credited. The Company defers sales inducements and amortizes them over the life of the policy using the same methodologies and assumptions used to amortize DAC for the related contracts. The amortization of sales inducements is included in policyholder benefits and claims. Each year, or more frequently if circumstances indicate a potential recoverability issue exists, the Company reviews deferred sales inducements (“DSI”) to determine the recoverability of the asset. DSI assets were $47 million and $49 million at June 30, 2023 and December 31, 2022, respectively.

Value of Distribution Agreements and Customer Relationships Acquired

Value of distribution agreements acquired (“VODA”) is reported in other assets and represents the present value of expected future profits associated with the expected future business derived from the distribution agreements acquired as part of a business combination. Value of customer relationships acquired (“VOCRA”) is also reported in other assets and represents the present value of the expected future profits associated with the expected future business acquired through existing customers of the acquired company or business. The VODA and VOCRA associated with past business combinations are amortized over the assets’ useful lives ranging from 10 to 30 years and such amortization is included in other expenses. Each year, or more frequently if circumstances indicate a possible impairment exists, the Company reviews VODA and VOCRA to determine whether the asset is impaired.

Reinsurance

Reinsurance

For each of its reinsurance agreements, the Company determines whether the agreement provides indemnification against loss or liability relating to insurance risk in accordance with applicable accounting standards. Cessions under reinsurance agreements do not discharge the Company’s obligations as the primary insurer. The Company reviews all contractual features, including those that may limit the amount of insurance risk to which the reinsurer is subject or features that delay the timely reimbursement of claims.

The reinsurance recoverable for traditional non-participating and limited-payment contracts is generally measured using a net premium methodology to accrue the projected net gain or loss on reinsurance in proportion to the gross premiums of the underlying reinsured cohorts; and is updated retrospectively on a quarterly basis for actual experience and at least once a year for any changes in cash flow assumptions. The locked-in discount rate used to measure changes in the reinsurance recoverable recorded in net income was established at the Transition Date, or at the inception of the reinsurance coverage for new reinsurance agreements entered into subsequent to the Transition Date. The reinsurance recoverable is remeasured to an upper-medium grade discount rate through OCI at each reporting date, similar to the underlying reinsured contracts. The reinsurance recoverable for other long-duration contracts and associated contract features is measured using assumptions and methods generally consistent with the underlying direct policies.

For reinsurance of existing in-force blocks of long-duration contracts that transfer significant insurance risk, the difference, if any, between the amounts paid (received), and the liabilities ceded (assumed) related to the underlying reinsured contracts is considered the net cost of reinsurance at the inception of the reinsurance agreement. The net cost of reinsurance is amortized on a basis consistent with the methodologies and assumptions used for amortizing DAC related to the underlying reinsured contracts. Subsequent amounts paid (received) on the reinsurance of in-force blocks, as well as amounts paid (received) related to new business, are recorded as ceded (assumed) premiums; and ceded (assumed) premiums, reinsurance and other receivables (future policy benefits) are established.

For prospective reinsurance of short-duration contracts that meet the criteria for reinsurance accounting, amounts paid (received) are recorded as ceded (assumed) premiums and ceded (assumed) unearned premiums. Ceded (assumed) unearned premiums are reflected as a component of premiums, reinsurance and other receivables (future policy benefits). Such amounts are amortized through earned premiums over the remaining contract period in proportion to the amount of insurance protection provided. For retroactive reinsurance of short-duration contracts that meet the criteria for reinsurance accounting, amounts paid (received) in excess of the related insurance liabilities ceded (assumed) are recognized immediately as a loss and are reported in the appropriate line item within the statement of operations. Any gain on such retroactive agreement is deferred and is amortized as part of DAC, primarily using the recovery method.

Amounts currently recoverable under reinsurance agreements are included in premiums, reinsurance and other receivables and amounts currently payable are included in other liabilities. Assets and liabilities relating to reinsurance agreements with the same reinsurer may be recorded net on the balance sheet, if a right of offset exists within the reinsurance agreement. In the event that reinsurers do not meet their obligations to the Company under the terms of the reinsurance agreements, or when events or changes in circumstances indicate that its carrying amount may not be recoverable, reinsurance recoverable balances could become uncollectible. In such instances, reinsurance recoverable balances are stated net of allowances for uncollectible reinsurance, consistent with credit loss guidance which requires recording an allowance for credit loss (“ACL”).

The funds withheld liability represents amounts withheld by the Company in accordance with the terms of the reinsurance agreements. The Company withholds the funds rather than transferring the underlying investments and, as a result, records funds withheld liability within other liabilities. The Company recognizes interest on funds withheld, included in other expenses, at rates defined by the terms of the agreement which may be contractually specified or directly related to the investment portfolio. See Note 1 of the Notes to the Consolidated Financial Statements included in the 2022 Annual Report for information on funds withheld assets.

Premiums, fees and policyholder benefits and claims include amounts assumed under reinsurance agreements and are net of reinsurance ceded. Amounts received from reinsurers for policy administration are reported in other expenses.

If the Company determines that a reinsurance agreement does not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk, the Company records the agreement using the deposit method of accounting. Deposits received are included in other liabilities and deposits made are included within premiums, reinsurance and other receivables. As amounts are paid or received, consistent with the underlying contracts, the deposit assets or liabilities are adjusted. Interest on such deposits is recorded as other revenues or other expenses, as appropriate. Periodically, the Company evaluates the adequacy of the expected payments or recoveries and adjusts the deposit asset or liability through other revenues or other expenses, as appropriate.

Derivatives

Derivatives

Freestanding Derivatives

Freestanding derivatives are carried on the Company’s balance sheet either as assets within other invested assets or as liabilities within other liabilities at estimated fair value. The Company does not offset the estimated fair value amounts recognized for derivatives executed with the same counterparty under the same master netting agreement.

Accruals on derivatives are generally recorded in accrued investment income or within other liabilities. However, accruals that are not scheduled to settle within one year are included with the derivative’s carrying value in other invested assets or other liabilities.

If a derivative is not designated as an accounting hedge or its use in managing risk does not qualify for hedge accounting, changes in the estimated fair value of the derivative are reported in net derivative gains (losses) except as follows:

Statement of Operations Presentation:	Derivative:
Net investment income	•	Economic hedges of equity method investments in joint ventures
	•	Economic hedges of fair value option securities (“FVO Securities”) which are linked to equity indices

Hedge Accounting

To qualify for hedge accounting, at the inception of the hedging relationship, the Company formally documents its risk management objective and strategy for undertaking the hedging transaction, as well as its designation of the hedge. Hedge designation and financial statement presentation of changes in estimated fair value of the hedging derivatives are as follows:

•Fair value hedge - a hedge of the estimated fair value of a recognized asset or liability - in the same line item as the earnings effect of the hedged item. The carrying value of the hedged recognized asset or liability is adjusted for changes in its estimated fair value due to the hedged risk.

•Cash flow hedge - a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability - in OCI and reclassified into the statement of operations when the Company’s earnings are affected by the variability in cash flows of the hedged item.

The changes in estimated fair values of the hedging derivatives are exclusive of any accruals that are separately reported on the statement of operations within interest income or interest expense to match the location of the hedged item.

In its hedge documentation, the Company sets forth how the hedging instrument is expected to hedge the designated risks related to the hedged item and sets forth the method that will be used to retrospectively and prospectively assess the hedging instrument’s effectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed at inception and at least quarterly throughout the life of the designated hedging relationship. Assessments of hedge effectiveness are also subject to interpretation and estimation and different interpretations or estimates may have a material effect on the amount reported in net income.

The Company discontinues hedge accounting prospectively when: (i) it is determined that the derivative is no longer highly effective in offsetting changes in the estimated fair value or cash flows of a hedged item; (ii) the derivative expires, is sold, terminated, or exercised; (iii) it is no longer probable that the hedged forecasted transaction will occur; or (iv) the derivative is de-designated as a hedging instrument.

When hedge accounting is discontinued because it is determined that the derivative is not highly effective in offsetting changes in the estimated fair value or cash flows of a hedged item, the derivative continues to be carried on the balance sheet at its estimated fair value, with changes in estimated fair value recognized in net derivative gains (losses). The carrying value of the hedged recognized asset or liability under a fair value hedge is no longer adjusted for changes in its estimated fair value due to the hedged risk, and the cumulative adjustment to its carrying value is amortized into income over the remaining life of the hedged item. The changes in estimated fair value of derivatives related to discontinued cash flow hedges remain in OCI unless it is probable that the hedged forecasted transaction will not occur.

When hedge accounting is discontinued because it is no longer probable that the forecasted transactions will occur on the anticipated date or within two months of that date, the derivative continues to be carried on the balance sheet at its estimated fair value, with changes in estimated fair value recognized currently in net derivative gains (losses). Deferred gains and losses of a derivative recorded in OCI pursuant to the discontinued cash flow hedge of a forecasted transaction that is no longer probable of occurring are recognized immediately in net investment gains (losses).

In all other situations in which hedge accounting is discontinued, the derivative is carried at its estimated fair value on the balance sheet, with changes in its estimated fair value recognized in the current period as net derivative gains (losses).

Embedded Derivatives

As discussed above, certain guarantees previously accounted for as embedded derivatives are accounted for as MRBs upon adoption of LDTI. The Company issues certain products and investment contracts and is a party to certain reinsurance agreements that have embedded derivatives. The Company assesses each identified embedded derivative to determine whether it is required to be bifurcated. The embedded derivative is bifurcated from the host contract and accounted for as a freestanding derivative if:

•the contract or contract feature does not meet the definition of a MRB (as a result of the adoption of LDTI);

•the combined instrument is not accounted for in its entirety at estimated fair value with changes in estimated fair value recorded in earnings;

•the terms of the embedded derivative are not clearly and closely related to the economic characteristics of the host contract; and

•a separate instrument with the same terms as the embedded derivative would qualify as a derivative instrument.

Such embedded derivatives are carried on the balance sheet at estimated fair value with the host contract and changes in their estimated fair value are generally reported in net derivative gains (losses). If the Company is unable to properly identify and measure an embedded derivative for separation from its host contract, the entire contract is carried on the balance sheet at estimated fair value, with changes in estimated fair value recognized in the current period in net investment gains (losses) or net investment income. Additionally, the Company may elect to carry an entire contract on the balance sheet at estimated fair value, with changes in estimated fair value recognized in the current period in net investment gains (losses) or net investment income if that contract contains an embedded derivative that requires bifurcation.

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.

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 over-the-counter bilateral (“OTC-bilateral”), contracts between two counterparties, 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 the Dodd-Frank Wall Street Reform and Consumer Protection Act) 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, the Company is required to pledge initial margin for certain new OTC-bilateral derivative transactions to third party custodians.

The Company’s over-the-counter cleared (“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 11 for a description of the impact of credit risk on the valuation of derivatives.

New Accounting Pronouncements

Recent Accounting Pronouncements

Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of 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.

Adoption of ASU 2018-12 - Targeted Improvements to the Accounting for Long-Duration Contracts

The Company adopted LDTI effective January 1, 2023 with a Transition Date of January 1, 2021. The standard required a full retrospective transition approach for MRBs, and allowed for a transition method election for FPBs and DAC, as well as other balances that have historically been amortized in a manner consistent with DAC. The Company has elected the modified retrospective transition approach for all FPBs, DAC, and related balances on all long-duration contracts, subject to the transition provisions. Additionally, an amendment in LDTI allowed entities to make an accounting policy election to exclude certain sold or disposed contracts or legal entities from application of the transition guidance. The Company did not make such an election.

Under the modified retrospective approach, the Company was required to establish LDTI-compliant FPBs, DAC and related balances for the Company’s Transition Date opening balance sheet by utilizing the Company’s December 31, 2020 balances with certain adjustments as described below.

The following table presents a summary of the Transition Date impacts associated with the implementation of LDTI to the consolidated balance sheet:

	Premiums, Reinsurance and Other Receivables		Deferred Policy Acquisition Costs and Value of Business Acquired		Deferred Tax Asset		Other Assets		Future Policy Benefits		Policyholder Account Balances		Market Risk Benefit Liabilities		Deferred Income Tax Liability		Retained Earnings		Accumulated Other Comprehensive Income (Loss)
	(In millions)
Balances as reported, December 31, 2020	$	21,478	$	2,649	$	—	$	4,158	$	133,921	$	96,635	$	—	$	1,980	$	10,548	$	11,662
Reclassification of carrying amount of contracts and contract features that are market risk benefits	(59)		—		—		—		(1,447)		(495)		1,883		—		—		—
Adjustments for the difference between previous carrying amount and fair value measurement for market risk benefits	—		—		—		—		—		—		4,906		(1,030)		(3,897)		21
Removal of related amounts in accumulated other comprehensive income	—		1,482		—		29		(6,835)		—		—		1,751		—		6,595
Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach	32		—		—		—		89		—		—		(12)		(45)		—
Effect of remeasurement of future policy benefits to an upper-medium grade discount rate	403		—		—		—		25,208		—		—		(5,209)		—		(19,596)
Adjustments for the cumulative effect of adoption on additional insurance assets and liabilities	29		—		—		—		36				—		—		—		(7)
Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard	2		12		2,518		—		(4,794)		4,794		—		2,520		10		—
Balances as adjusted, January 1, 2021	$	21,885	$	4,143	$	2,518	$	4,187	$	146,178	$	100,934	$	6,789	$	—	$	6,616	$	(1,325)

The Transition Date impacts associated with the implementation of LDTI were applied as follows:

Market Risk Benefits (See Note 5)

The full retrospective transition approach for MRBs required assessing products to determine whether contract or contract features expose the Company to other than nominal capital market risk. The population of MRBs identified was then reviewed to determine the historical measurement model prior to adoption of LDTI. If the MRB was a bifurcated embedded derivative prior to the adoption of LDTI, the existing measurement approach was retained, except that the fair value of the MRB at inception was recalculated to isolate the contract issue date nonperformance risk of the Company.

If, prior to the adoption of LDTI, the MRB was partially a bifurcated embedded derivative (e.g., a contract with multiple features where one was a bifurcated embedded derivative and one was an additional insurance liability), or was accounted for under a different model, the at-inception attributed fee ratio was calculated for every identified MRB, and using the at inception attributed fee ratio, the fair value of the MRB at the contract issue date was calculated to isolate the contract issue date nonperformance risk of the Company.

At the Transition Date, the impacts to the financial statements of the full retrospective approach for MRBs include the following:

•The amounts previously recorded for these contracts within additional insurance liabilities, embedded derivatives, and other insurance liabilities were reclassified to MRB liabilities;

•The difference between the fair value of the MRBs and the previously recorded carrying value at the Transition Date, excluding the cumulative effect of changes in nonperformance risk of the Company, was recorded as an adjustment to the opening balance of retained earnings; and

•The cumulative effect of changes in nonperformance risk between the contract issue date and the Transition Date was recorded as an adjustment to opening accumulated OCI (“AOCI”) as of the Transition Date.

Future Policy Benefits (See Note 3)

Traditional Non-participating Long-duration products

•Loss recognition balances related to unrealized investment gains associated with certain long-duration products previously recorded in AOCI were removed;

•Contracts in-force as of the Transition Date were grouped into cohorts; a revised NPR was calculated for each cohort using the existing Transition Date balance, best estimate cash flow assumptions without a provision for adverse deviation, and the historical discount rates used for the contracts within the cohort prior to the adoption of LDTI (the “locked-in” discount rate). For any cohorts where the net premiums exceeded gross premiums (NPR exceeded 100%), the FPB was increased for the excess of net premiums over gross premiums, with a corresponding adjustment recorded to opening retained earnings as of the Transition Date;

•The difference between the FPB balance calculated at the current upper-medium grade discount rate and the FPB balance calculated at the locked-in discount rate was recorded as an adjustment to opening AOCI as of the Transition Date; and

•Corresponding adjustments were made to ceded reinsurance balances.

Limited-payment Long-duration products

Limited-payment long-duration products transition to LDTI follows a similar approach to traditional non-participating products, except that these product cohorts may have a DPL which is adjusted at the Transition Date. If an increase to FPB depleted the DPL, the remaining adjustment was recorded to opening retained earnings as of the Transition Date.

Additional insurance liabilities

•The contracts and contract features that met the definition of a MRB were reclassified;

•The impact of updating assessments used in the calculation of the additional insurance liabilities to reflect the constant margin amortization basis for UREV liabilities was recorded as an adjustment to opening retained earnings and AOCI; and

•Corresponding adjustments were made to ceded reinsurance balances.

DAC and other balances to be amortized in a manner consistent with DAC (VOBA, DSI and UREV) (See Note 7 for information on DAC, VOBA and UREV)

The opening balances of these accounts were adjusted for removal of the related amounts in AOCI, as these balances are no longer amortized using expected future gross premiums, margins, profits or earned premiums.

Other balance sheet reclassifications and adjustments at LDTI adoption (See Notes 3, 4 and 7)

Individual income annuities reclassification

Prior to the Transition Date, the Company classified all structured settlement and institutional income annuity products within FPBs. While the pre-LDTI GAAP reserving model was the same for these products, upon transition to LDTI, the reserving model for a subset of these products changed, requiring the Company to reclassify $4.7 billion of FPBs to PABs at the Transition Date.

Other reclassifications and adjustments

Other minor reclassifications and adjustments were made to conform to LDTI presentation requirements.

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

	December 31, 2022
	As Previously Reported		Adoption Adjustment		Post Adoption
	(In millions)
Assets
Premiums, reinsurance and other receivables	$	20,704	$	87	$	20,791
Market risk benefits	$	—	$	174	$	174
Deferred policy acquisition costs and value of business acquired	$	5,263	$	(1,506)	$	3,757
Deferred income tax asset	$	2,661	$	259	$	2,920
Other assets	$	4,367	$	(15)	$	4,352
Total assets	$	385,840	$	(1,001)	$	384,839
Liabilities
Future policy benefits	$	133,725	$	(6,811)	$	126,914
Policyholder account balances	$	99,967	$	3,440	$	103,407
Market risk benefits	$	—	$	3,270	$	3,270
Other policy-related balances	$	7,863	$	68	$	7,931
Other liabilities	$	24,489	$	6	$	24,495
Total liabilities	$	371,471	$	(27)	$	371,444
Equity
Retained earnings	$	10,572	$	(1,550)	$	9,022
Accumulated other comprehensive income (loss)	$	(8,896)	$	576	$	(8,320)
Total Metropolitan Life Insurance Company stockholder’s equity	$	14,157	$	(974)	$	13,183
Total equity	$	14,369	$	(974)	$	13,395
Total liabilities and equity	$	385,840	$	(1,001)	$	384,839

The following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company’s previously reported interim condensed consolidated statement of operations and comprehensive income (loss):

	Three Months Ended June 30, 2022						Six Months Ended June 30, 2022
	As Previously Reported		Adoption Adjustment		Post Adoption		As Previously Reported		Adoption Adjustment		Post Adoption
	(In millions)
Revenues
Premiums	$	5,668	$	(4)	$	5,664	$	11,578	$	(8)	$	11,570
Universal life and investment-type product policy fees	$	515	$	(48)	$	467	$	1,039	$	(93)	$	946
Other revenues	$	373	$	(1)	$	372	$	785	$	(2)	$	783
Net derivative gains (losses)	$	345	$	241	$	586	$	526	$	181	$	707
Total revenues	$	9,260	$	188	$	9,448	$	18,887	$	78	$	18,965
Expenses
Policyholder benefits and claims	$	5,936	$	74	$	6,010	$	12,497	$	164	$	12,661
Policyholder liability remeasurement (gains) losses	$	—	$	(12)	$	(12)	$	—	$	(41)	$	(41)
Market risk benefits remeasurement (gains) losses	$	—	$	(730)	$	(730)	$	—	$	(2,091)	$	(2,091)
Interest credited to policyholder account balances	$	530	$	35	$	565	$	1,021	$	46	$	1,067
Policyholder dividends	$	154	$	(1)	$	153	$	313	$	1	$	314
Other expenses	$	1,419	$	(26)	$	1,393	$	2,718	$	(17)	$	2,701
Total expenses	$	8,039	$	(660)	$	7,379	$	16,549	$	(1,938)	$	14,611
Income (loss) before provision for income tax	$	1,221	$	848	$	2,069	$	2,338	$	2,016	$	4,354
Provision for income tax expense (benefit)	$	207	$	178	$	385	$	365	$	423	$	788
Net income (loss)	$	1,014	$	670	$	1,684	$	1,973	$	1,593	$	3,566
Net income (loss) attributable to Metropolitan Life Insurance Company	$	1,012	$	670	$	1,682	$	1,971	$	1,593	$	3,564
Comprehensive income (loss)	$	(7,443)	$	6,362	$	(1,081)	$	(11,721)	$	10,473	$	(1,248)
Comprehensive income (loss) attributable to Metropolitan Life Insurance Company	$	(7,445)	$	6,362	$	(1,083)	$	(11,723)	$	10,473	$	(1,250)

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

	As Previously Reported		Adoption Adjustment		Post Adoption
	(In millions)
Retained Earnings
Balance at December 31, 2021	$	10,868	$	(3,935)	$	6,933
Net income (loss)	$	959	$	923	$	1,882
Balance at March 31, 2022	$	10,946	$	(3,012)	$	7,934
Net income (loss)	$	1,012	$	670	$	1,682
Balance at June 30, 2022	$	11,277	$	(2,342)	$	8,935
Balance at December 31, 2022	$	10,572	$	(1,550)	$	9,022
Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2021	$	9,917	$	(10,972)	$	(1,055)
Other comprehensive income (loss), net of income tax	$	(5,237)	$	3,188	$	(2,049)
Balance at March 31, 2022	$	4,680	$	(7,784)	$	(3,104)
Other comprehensive income (loss), net of income tax	$	(8,457)	$	5,692	$	(2,765)
Balance at June 30, 2022	$	(3,777)	$	(2,092)	$	(5,869)
Balance at December 31, 2022	$	(8,896)	$	576	$	(8,320)
Total Metropolitan Life Insurance Company Stockholders’ Equity
Balance at December 31, 2021	$	33,254	$	(14,907)	$	18,347
Balance at March 31, 2022	$	28,096	$	(10,796)	$	17,300
Balance at June 30, 2022	$	19,981	$	(4,434)	$	15,547
Balance at December 31, 2022	$	14,157	$	(974)	$	13,183
Total Equity
Balance at December 31, 2021	$	33,428	$	(14,907)	$	18,521
Balance at March 31, 2022	$	28,250	$	(10,796)	$	17,454
Balance at June 30, 2022	$	20,135	$	(4,434)	$	15,701
Balance at December 31, 2022	$	14,369	$	(974)	$	13,395

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

	Six Months Ended June 30, 2022
	As Previously Reported		Adoption Adjustment		Post Adoption
	(In millions)
Cash flows from operating activities
Net cash provided by (used in) operating activities	$	1,160	$	262	$	1,422
Cash flows from financing activities
Policyholder account balances - deposits	$	46,124	$	(22)	$	46,102
Policyholder account balances - withdrawals	$	(44,020)	$	(240)	$	(44,260)
Net cash provided by (used in) financing activities	$	(6,657)	$	(262)	$	(6,919)

Other Adopted Accounting Pronouncements

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

Standard	Description	Effective Date and Method of Adoption	Impact on 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 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, the Company adopted, using a prospective approach.	The adoption of the new guidance has reduced the complexity involved with evaluating and accounting for certain loan modifications. The Company has included the required disclosures within its interim condensed consolidated 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; as amended by ASU 2022-06, Reference Rate Reform (Topic 848)—Deferral of the Sunset Date of Topic 848	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. The amendments in ASU 2022-06 extend the sunset date of the reference rate reform optional expedients and exceptions to December 31, 2024.	Effective for contract modifications made between March 12, 2020 and December 31, 2024.	The guidance has reduced the operational and financial impacts of contract modifications that replace a reference rate, such as London Interbank Offered Rate, affected by reference rate reform. Contract modifications to replace reference rates affected by the reform occurred during 2021 and 2022 and have continued into 2023. Based on actions taken to date, the adoption of the guidance has not had a material impact on the Company’s consolidated financial statements. The Company does not expect the adoption of this guidance to have a material ongoing impact on its interim condensed consolidated financial statements.

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. Assets have been allocated to the closed block in an amount that has been determined to produce cash flows which, together with anticipated revenues from the policies included in the closed block, are reasonably expected to be sufficient to support obligations and liabilities relating to these policies, including, but not limited to, provisions for the payment of claims and certain expenses and taxes, and to provide for the continuation of policyholder dividend scales in effect for 1999, if the experience underlying such dividend scales continues, and for appropriate adjustments in such scales if the experience changes. At least annually, the Company compares actual and projected experience against the experience assumed in the then-current dividend scales. Dividend scales are adjusted periodically to give effect to changes in experience.

The closed block assets, the cash flows generated by the closed block assets and the anticipated revenues from the policies in the closed block will benefit only the holders of the policies in the closed block. To the extent that, over time, cash flows from the assets allocated to the closed block and claims and other experience related to the closed block are, in the aggregate, more or less favorable than what was assumed when the closed block was established, total dividends paid to closed block policyholders in the future may be greater than or less than the total dividends that would have been paid to these policyholders if the policyholder dividend scales in effect for 1999 had been continued. Any cash flows in excess of amounts assumed will be available for distribution over time to closed block policyholders and will not be available to stockholders. If the closed block has insufficient funds to make guaranteed policy benefit payments, such payments will be made from assets outside of the closed block. The closed block will continue in effect as long as any policy in the closed block remains in-force. The expected life of the closed block is over 100 years from the Demutualization Date.

The Company uses the same accounting principles to account for the participating policies included in the closed block as it used prior to the Demutualization Date. However, the Company establishes a policyholder dividend obligation for earnings that will be paid to policyholders as additional dividends as described below. The excess of closed block liabilities over closed block assets at the Demutualization Date (adjusted to eliminate the impact of related amounts in AOCI) represents the estimated maximum future earnings from the closed block expected to result from operations, attributed net of income tax, to the closed block. Earnings of the closed block are recognized in income over the period the policies and contracts in the closed block remain in-force.

If, over the period the closed block remains in existence, the actual cumulative earnings of the closed block are greater than the expected cumulative earnings of the closed block, the Company will pay the excess to closed block policyholders as additional policyholder dividends unless offset by future unfavorable experience of the closed block and, accordingly, will recognize only the expected cumulative earnings in income with the excess recorded as a policyholder dividend obligation. If over such period, the actual cumulative earnings of the closed block are less than the expected cumulative earnings of the closed block, the Company will recognize only the actual earnings in income. However, the Company may change policyholder dividend scales in the future, which would be intended to increase future actual earnings until the actual cumulative earnings equal the expected cumulative earnings.

At least annually, management performs a premium deficiency test using best estimate assumptions to determine whether the projected future earnings of the closed block are sufficient to support the payment of future closed block contractual benefits. The most recent deficiency test demonstrated that the projected future earnings of the closed block are sufficient to support the payment of future closed block contractual benefits.

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 policy count within the closed block.

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, including transfers in connection with reinsurance transactions, 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), such as collateral dependent mortgage loans (i.e., when the borrower is experiencing financial difficulty, including when foreclosure is reasonably possible or probable), 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). Mortgage loans to be disposed of in a reinsurance transaction are carried at the lower of amortized cost or estimated fair value.

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 reverts to industry historical loss experience using a straight-line basis over one year.

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.

Modifications to Borrowers Experiencing Financial Difficulty

The Company may modify mortgage loans to borrowers. Each mortgage loan modification is evaluated to determine whether the borrower was experiencing financial difficulties. Disclosed below are those modifications where the borrower was determined to be experiencing financial difficulties and the mortgage loans were modified by any of the following means, principal forgiveness, interest rate reduction, other-than-insignificant payment delay or term extension. The amount, timing and extent of modifications granted are considered in determining any ACL recorded.

Commercial mortgage loans:

For the three months ended June 30, 2023, the Company granted an additional 12-month term extension on a previously restructured loan with an amortized cost of $149 million and further extended the term of the loan modified in the first quarter of 2023 by an additional three months. These modified loans represent less than 1% of the portfolio segment.

For the six months ended June 30, 2023, the Company granted term extensions on loans with an amortized cost of $180 million. These modifications added a weighted-average of less than one year to the life of the modified loans. These modified loans represent less than 1% of the portfolio segment.

Residential mortgage loans:

For the three months ended June 30, 2023, the Company granted term extensions on loans with an amortized cost of $2 million, other-than-insignificant payment delays on loans with an amortized cost of $5 million, term extensions and other-than-insignificant payment delays on loans with an amortized cost of $5 million and term extensions, other-than-insignificant payment delays and interest rate reductions on loans with an amortized cost of $1 million. These modified loans represent less than 1% of the portfolio segment. These loan modifications added a weighted-average of eight years to the life of the modified loans, allowed for the capitalization or deferral of balances due and reduced the weighted average interest rate of the modified loans from 5.7% to 4.2%.

For the six months ended June 30, 2023, the Company granted term extensions on loans with an amortized cost of $5 million, other-than-insignificant payment delays on loans with an amortized cost of $5 million, term extensions and other-than-insignificant payment delays on loans with an amortized cost of $9 million and term extensions, other-than-insignificant payment delays and interest rate reductions on loans with an amortized cost of $4 million. These modified loans represent less than 1% of the portfolio segment. These loan modifications added a weighted-average of nine years to the life of the modified loans, allowed for the capitalization or deferral of balances due and reduced the weighted-average interest rate of the modified loans from 5.8% to 4.2%.

For both the three months and six months ended June 30, 2023, the Company did not have a significant amount of mortgage loans that were modified to borrowers experiencing financial difficulty that are not considered current.

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 nine years, but in certain circumstances can be over nine years, while the payment periods for direct financing leases generally range from one to 11 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.

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Organization, Consolidation and Presentation of Financial Statements (Tables)

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Accounting Standards Update and Change in Accounting Principle

The following table presents a summary of the Transition Date impacts associated with the implementation of LDTI to the consolidated balance sheet:

	Premiums, Reinsurance and Other Receivables		Deferred Policy Acquisition Costs and Value of Business Acquired		Deferred Tax Asset		Other Assets		Future Policy Benefits		Policyholder Account Balances		Market Risk Benefit Liabilities		Deferred Income Tax Liability		Retained Earnings		Accumulated Other Comprehensive Income (Loss)
	(In millions)
Balances as reported, December 31, 2020	$	21,478	$	2,649	$	—	$	4,158	$	133,921	$	96,635	$	—	$	1,980	$	10,548	$	11,662
Reclassification of carrying amount of contracts and contract features that are market risk benefits	(59)		—		—		—		(1,447)		(495)		1,883		—		—		—
Adjustments for the difference between previous carrying amount and fair value measurement for market risk benefits	—		—		—		—		—		—		4,906		(1,030)		(3,897)		21
Removal of related amounts in accumulated other comprehensive income	—		1,482		—		29		(6,835)		—		—		1,751		—		6,595
Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach	32		—		—		—		89		—		—		(12)		(45)		—
Effect of remeasurement of future policy benefits to an upper-medium grade discount rate	403		—		—		—		25,208		—		—		(5,209)		—		(19,596)
Adjustments for the cumulative effect of adoption on additional insurance assets and liabilities	29		—		—		—		36				—		—		—		(7)
Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard	2		12		2,518		—		(4,794)		4,794		—		2,520		10		—
Balances as adjusted, January 1, 2021	$	21,885	$	4,143	$	2,518	$	4,187	$	146,178	$	100,934	$	6,789	$	—	$	6,616	$	(1,325)

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

	December 31, 2022
	As Previously Reported		Adoption Adjustment		Post Adoption
	(In millions)
Assets
Premiums, reinsurance and other receivables	$	20,704	$	87	$	20,791
Market risk benefits	$	—	$	174	$	174
Deferred policy acquisition costs and value of business acquired	$	5,263	$	(1,506)	$	3,757
Deferred income tax asset	$	2,661	$	259	$	2,920
Other assets	$	4,367	$	(15)	$	4,352
Total assets	$	385,840	$	(1,001)	$	384,839
Liabilities
Future policy benefits	$	133,725	$	(6,811)	$	126,914
Policyholder account balances	$	99,967	$	3,440	$	103,407
Market risk benefits	$	—	$	3,270	$	3,270
Other policy-related balances	$	7,863	$	68	$	7,931
Other liabilities	$	24,489	$	6	$	24,495
Total liabilities	$	371,471	$	(27)	$	371,444
Equity
Retained earnings	$	10,572	$	(1,550)	$	9,022
Accumulated other comprehensive income (loss)	$	(8,896)	$	576	$	(8,320)
Total Metropolitan Life Insurance Company stockholder’s equity	$	14,157	$	(974)	$	13,183
Total equity	$	14,369	$	(974)	$	13,395
Total liabilities and equity	$	385,840	$	(1,001)	$	384,839

The following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company’s previously reported interim condensed consolidated statement of operations and comprehensive income (loss):

	Three Months Ended June 30, 2022						Six Months Ended June 30, 2022
	As Previously Reported		Adoption Adjustment		Post Adoption		As Previously Reported		Adoption Adjustment		Post Adoption
	(In millions)
Revenues
Premiums	$	5,668	$	(4)	$	5,664	$	11,578	$	(8)	$	11,570
Universal life and investment-type product policy fees	$	515	$	(48)	$	467	$	1,039	$	(93)	$	946
Other revenues	$	373	$	(1)	$	372	$	785	$	(2)	$	783
Net derivative gains (losses)	$	345	$	241	$	586	$	526	$	181	$	707
Total revenues	$	9,260	$	188	$	9,448	$	18,887	$	78	$	18,965
Expenses
Policyholder benefits and claims	$	5,936	$	74	$	6,010	$	12,497	$	164	$	12,661
Policyholder liability remeasurement (gains) losses	$	—	$	(12)	$	(12)	$	—	$	(41)	$	(41)
Market risk benefits remeasurement (gains) losses	$	—	$	(730)	$	(730)	$	—	$	(2,091)	$	(2,091)
Interest credited to policyholder account balances	$	530	$	35	$	565	$	1,021	$	46	$	1,067
Policyholder dividends	$	154	$	(1)	$	153	$	313	$	1	$	314
Other expenses	$	1,419	$	(26)	$	1,393	$	2,718	$	(17)	$	2,701
Total expenses	$	8,039	$	(660)	$	7,379	$	16,549	$	(1,938)	$	14,611
Income (loss) before provision for income tax	$	1,221	$	848	$	2,069	$	2,338	$	2,016	$	4,354
Provision for income tax expense (benefit)	$	207	$	178	$	385	$	365	$	423	$	788
Net income (loss)	$	1,014	$	670	$	1,684	$	1,973	$	1,593	$	3,566
Net income (loss) attributable to Metropolitan Life Insurance Company	$	1,012	$	670	$	1,682	$	1,971	$	1,593	$	3,564
Comprehensive income (loss)	$	(7,443)	$	6,362	$	(1,081)	$	(11,721)	$	10,473	$	(1,248)
Comprehensive income (loss) attributable to Metropolitan Life Insurance Company	$	(7,445)	$	6,362	$	(1,083)	$	(11,723)	$	10,473	$	(1,250)

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

	As Previously Reported		Adoption Adjustment		Post Adoption
	(In millions)
Retained Earnings
Balance at December 31, 2021	$	10,868	$	(3,935)	$	6,933
Net income (loss)	$	959	$	923	$	1,882
Balance at March 31, 2022	$	10,946	$	(3,012)	$	7,934
Net income (loss)	$	1,012	$	670	$	1,682
Balance at June 30, 2022	$	11,277	$	(2,342)	$	8,935
Balance at December 31, 2022	$	10,572	$	(1,550)	$	9,022
Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2021	$	9,917	$	(10,972)	$	(1,055)
Other comprehensive income (loss), net of income tax	$	(5,237)	$	3,188	$	(2,049)
Balance at March 31, 2022	$	4,680	$	(7,784)	$	(3,104)
Other comprehensive income (loss), net of income tax	$	(8,457)	$	5,692	$	(2,765)
Balance at June 30, 2022	$	(3,777)	$	(2,092)	$	(5,869)
Balance at December 31, 2022	$	(8,896)	$	576	$	(8,320)
Total Metropolitan Life Insurance Company Stockholders’ Equity
Balance at December 31, 2021	$	33,254	$	(14,907)	$	18,347
Balance at March 31, 2022	$	28,096	$	(10,796)	$	17,300
Balance at June 30, 2022	$	19,981	$	(4,434)	$	15,547
Balance at December 31, 2022	$	14,157	$	(974)	$	13,183
Total Equity
Balance at December 31, 2021	$	33,428	$	(14,907)	$	18,521
Balance at March 31, 2022	$	28,250	$	(10,796)	$	17,454
Balance at June 30, 2022	$	20,135	$	(4,434)	$	15,701
Balance at December 31, 2022	$	14,369	$	(974)	$	13,395

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

	Six Months Ended June 30, 2022
	As Previously Reported		Adoption Adjustment		Post Adoption
	(In millions)
Cash flows from operating activities
Net cash provided by (used in) operating activities	$	1,160	$	262	$	1,422
Cash flows from financing activities
Policyholder account balances - deposits	$	46,124	$	(22)	$	46,102
Policyholder account balances - withdrawals	$	(44,020)	$	(240)	$	(44,260)
Net cash provided by (used in) financing activities	$	(6,657)	$	(262)	$	(6,919)

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

	U.S. Annuities		MetLife Holdings Long-Term Care		MetLife Holdings Participating Life		Other Long-Duration		Short-Duration and Other		Total
	(In millions)
Balance, future policy benefits, at December 31, 2020	$	54,535	$	14,281	$	45,349	$	9,625	$	10,131	$	133,921
Removal of additional insurance liabilities for separate presentation (1)	(4)		—		—		(2,925)		—		(2,929)
Subtotal - pre-adoption balance, excluding additional liabilities	54,531		14,281		45,349		6,700		10,131		130,992
Removal of related amounts in AOCI	(5,571)		(1,210)		—		(54)		—		(6,835)
Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach	41		—		—		48		—		89
Effect of remeasurement of future policy benefits to an upper-medium grade discount rate	15,011		8,270		—		1,927		—		25,208
Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard	(4,747)		—		—		(47)		—		(4,794)
Removal of remeasured deferred profit liabilities for separate presentation (1)	(2,413)		—		—		(250)		—		(2,663)
Balance, traditional and limited-payment contracts, at January 1, 2021	$	56,852	$	21,341	$	45,349	$	8,324	$	10,131	$	141,997
Balance, deferred profit liabilities at January 1, 2021	$	2,413	$	—	$	—	$	250	$	—	$	2,663
Balance, ceded recoverables on traditional and limited-payment contracts at December 31, 2020	$	203	$	—			$	752			$	955
Effect of remeasurement of the ceded recoverable to an upper-medium grade discount rate	135		—				268				403
Adjustments for loss contracts (with net premiums in excess of gross premiums) under the modified retrospective approach	—		—				32				32
Adjustments for the cumulative effect of adoption on ceded recoverables on traditional and limited-payment contract	6		—				20				26
Balance ceded recoverables on traditional and limited-payment contracts at January 1, 2021	$	344	$	—			$	1,072			$	1,416

__________________

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

	MetLife Holdings Universal and Variable  Universal Life		Other Long-Duration		Total
	(In millions)
Additional insurance liabilities at December 31, 2020	$	1,478	$	1,451	$	2,929
Reclassification of carrying amount of contracts and contract features that are market risk benefits	—		(1,447)		(1,447)
Adjustments for the cumulative effect of adoption on additional insurance liabilities	36		—		36
Additional insurance liabilities at January 1, 2021	$	1,514	$	4	$	1,518
Ceded recoverables on additional insurance liabilities at December 31, 2020	$	554	$	—	$	554
Adjustments for the cumulative effect of adoption on ceded recoverables on additional insurance liabilities	9		—		9
Ceded recoverables on additional insurance liabilities at January 1, 2021	$	563	$	—	$	563
Balance, traditional and limited-payment contracts, at January 1, 2021					$	141,997
Balance, deferred profit liabilities at January 1, 2021					2,663
Balance, additional insurance liabilities at January 1, 2021					1,518
Total future policy benefits at January 1, 2021					$	146,178

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

	U.S. Group Life		U.S. Capital Markets Investment Products and Stable Value GICs		U.S. Annuities and Risk Solutions		MetLife Holdings Annuities		Other		Total
	(In millions)
Balance at December 31, 2020	$	7,585	$	60,641	$	5,316	$	15,012	$	8,081	$	96,635
Reclassification of carrying amount of contracts and contract features that are market risk benefits	—		—		(1)		(494)		—		(495)
Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard	—		—		4,747		—		47		4,794
Balance at January 1, 2021	$	7,585	$	60,641	$	10,062	$	14,518	$	8,128	$	100,934

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

	MetLife Holdings Annuities		Other		Total
	(In millions)
Direct and assumed MRB liabilities at December 31, 2020	$	—	$	—	$	—
Reclassification of carrying amount of contracts and contract features that are market risk benefits	1,882		1		1,883
Adjustments for the cumulative effect of changes in nonperformance risk between contract issue date and Transition Date	(9)		(17)		(26)
Adjustments for the difference between the fair value of the MRB balance, excluding the cumulative effect of changes in nonperformance risk, and the historical carrying value	4,728		204		4,932
Direct and assumed MRB liabilities at January 1, 2021	$	6,601	$	188	$	6,789

The transition adjustments related to DAC, VOBA, and UREV, as described in Note 1, were as follows at the Transition Date:

	U.S.		MetLife Holdings		Total
	(In millions)
DAC:
Balance at December 31, 2020	$	378	$	2,248	$	2,626
Removal of related amounts in AOCI	—		1,480		1,480
Other adjustments upon adoption of the LDTI standard	—		12		12
Balance at January 1, 2021	$	378	$	3,740	$	4,118
VOBA:
Balance at December 31, 2020	$	20	$	3	$	23
Removal of related amounts in AOCI	—		2		2
Balance at January 1, 2021	$	20	$	5	$	25
UREV:
Balance at December 31, 2020	$	22	$	157	$	179
Removal of related amounts in AOCI	—		—		—
Balance at January 1, 2021	$	22	$	157	$	179

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Segment Information (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Segment Reporting Information, by Segment

Three Months Ended June 30, 2023	U.S.		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	5,368	$	585	$	—	$	5,953	$	—	$	5,953
Universal life and investment-type product policy fees	283		138		1		422		—		422
Net investment income	1,980		1,044		46		3,070		(197)		2,873
Other revenues	250		50		122		422		(3)		419
Net investment gains (losses)	—		—		—		—		(659)		(659)
Net derivative gains (losses)	—		—		—		—		(232)		(232)
Total revenues	7,881		1,817		169		9,867		(1,091)		8,776
Expenses
Policyholder benefits and claims and policyholder dividends	5,425		1,123		1		6,549		3		6,552
Policyholder liability remeasurement (gains) losses	(5)		22		—		17		—		17
Market risk benefit remeasurement (gains) losses	—		—		—		—		(670)		(670)
Interest credited to policyholder account balances	657		156		81		894		(1)		893
Capitalization of DAC	(10)		1		(3)		(12)		—		(12)
Amortization of DAC and VOBA	14		56		4		74		—		74
Interest expense on debt	4		3		27		34		—		34
Other expenses	920		187		247		1,354		(54)		1,300
Total expenses	7,005		1,548		357		8,910		(722)		8,188
Provision for income tax expense (benefit)	184		53		(80)		157		(79)		78
Adjusted earnings	$	692	$	216	$	(108)	800
Adjustments to:
Total revenues							(1,091)
Total expenses							722
Provision for income tax (expense) benefit							79
Net income (loss)							$	510			$	510

Three Months Ended June 30, 2022	U.S.		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	5,042	$	622	$	—	$	5,664	$	—	$	5,664
Universal life and investment-type product policy fees	277		190		—		467		—		467
Net investment income	1,477		1,133		(49)		2,561		(119)		2,442
Other revenues	219		27		126		372		—		372
Net investment gains (losses)	—		—		—		—		(83)		(83)
Net derivative gains (losses)	—		—		—		—		586		586
Total revenues	7,015		1,972		77		9,064		384		9,448
Expenses
Policyholder benefits and claims and policyholder dividends	4,980		1,176		—		6,156		7		6,163
Policyholder liability remeasurement (gains) losses	(23)		11		—		(12)		—		(12)
Market risk benefit remeasurement (gains) losses	—		—		—		—		(730)		(730)
Interest credited to policyholder account balances	405		161		5		571		(6)		565
Capitalization of DAC	(12)		1		(23)		(34)		—		(34)
Amortization of DAC and VOBA	12		63		1		76		—		76
Interest expense on debt	1		2		22		25		—		25
Other expenses	823		190		311		1,324		2		1,326
Total expenses	6,186		1,604		316		8,106		(727)		7,379
Provision for income tax expense (benefit)	173		73		(94)		152		233		385
Adjusted earnings	$	656	$	295	$	(145)	806
Adjustments to:
Total revenues							384
Total expenses							727
Provision for income tax (expense) benefit							(233)
Net income (loss)							$	1,684			$	1,684

Six Months Ended June 30, 2023	U.S.		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	10,638	$	1,163	$	1	$	11,802	$	—	$	11,802
Universal life and investment-type product policy fees	568		283		1		852		—		852
Net investment income	3,834		2,033		89		5,956		(398)		5,558
Other revenues	492		106		244		842		(8)		834
Net investment gains (losses)	—		—		—		—		(761)		(761)
Net derivative gains (losses)	—		—		—		—		(792)		(792)
Total revenues	15,532		3,585		335		19,452		(1,959)		17,493
Expenses
Policyholder benefits and claims and policyholder dividends	10,652		2,239		1		12,892		6		12,898
Policyholder liability remeasurement (gains) losses	(77)		37		—		(40)		—		(40)
Market risk benefit remeasurement (gains) losses	—		—		—		—		(426)		(426)
Interest credited to policyholder account balances	1,266		311		147		1,724		—		1,724
Capitalization of DAC	(35)		1		(55)		(89)		—		(89)
Amortization of DAC and VOBA	28		115		8		151		—		151
Interest expense on debt	7		6		51		64		—		64
Other expenses	2,026		393		448		2,867		(49)		2,818
Total expenses	13,867		3,102		600		17,569		(469)		17,100
Provision for income tax expense (benefit)	349		94		(155)		288		(314)		(26)
Adjusted earnings	$	1,316	$	389	$	(110)	1,595
Adjustments to:
Total revenues							(1,959)
Total expenses							469
Provision for income tax (expense) benefit							314
Net income (loss)							$	419			$	419

Six Months Ended June 30, 2022	U.S.		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	10,326	$	1,244	$	—	$	11,570	$	—	$	11,570
Universal life and investment-type product policy fees	563		383		—		946		—		946
Net investment income	3,106		2,397		15		5,518		(250)		5,268
Other revenues	461		70		252		783		—		783
Net investment gains (losses)	—		—		—		—		(309)		(309)
Net derivative gains (losses)	—		—		—		—		707		707
Total revenues	14,456		4,094		267		18,817		148		18,965
Expenses
Policyholder benefits and claims and policyholder dividends	10,557		2,402		—		12,959		16		12,975
Policyholder liability remeasurement (gains) losses	(68)		27		—		(41)		—		(41)
Market risk benefit remeasurement (gains) losses	—		—		—		—		(2,091)		(2,091)
Interest credited to policyholder account balances	767		322		6		1,095		(28)		1,067
Capitalization of DAC	(35)		1		(27)		(61)		—		(61)
Amortization of DAC and VOBA	27		128		1		156		—		156
Interest expense on debt	3		3		43		49		—		49
Other expenses	1,684		391		480		2,555		2		2,557
Total expenses	12,935		3,274		503		16,712		(2,101)		14,611
Provision for income tax expense (benefit)	316		164		(165)		315		473		788
Adjusted earnings	$	1,205	$	656	$	(71)	1,790
Adjustments to:
Total revenues							148
Total expenses							2,101
Provision for income tax (expense) benefit							(473)
Net income (loss)							$	3,566			$	3,566

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

	June 30, 2023		December 31, 2022
	(In millions)
U.S.	$	213,680	$	220,658
MetLife Holdings	134,893		133,393
Corporate & Other	31,248		30,788
Total	$	379,821	$	384,839

XML

Future Policy Benefits (Tables)

6 Months Ended

Jun. 30, 2023

Insurance [Abstract]

Accounting Standards Update and Change in Accounting Principle

The following table presents a summary of the Transition Date impacts associated with the implementation of LDTI to the consolidated balance sheet:

	Premiums, Reinsurance and Other Receivables		Deferred Policy Acquisition Costs and Value of Business Acquired		Deferred Tax Asset		Other Assets		Future Policy Benefits		Policyholder Account Balances		Market Risk Benefit Liabilities		Deferred Income Tax Liability		Retained Earnings		Accumulated Other Comprehensive Income (Loss)
	(In millions)
Balances as reported, December 31, 2020	$	21,478	$	2,649	$	—	$	4,158	$	133,921	$	96,635	$	—	$	1,980	$	10,548	$	11,662
Reclassification of carrying amount of contracts and contract features that are market risk benefits	(59)		—		—		—		(1,447)		(495)		1,883		—		—		—
Adjustments for the difference between previous carrying amount and fair value measurement for market risk benefits	—		—		—		—		—		—		4,906		(1,030)		(3,897)		21
Removal of related amounts in accumulated other comprehensive income	—		1,482		—		29		(6,835)		—		—		1,751		—		6,595
Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach	32		—		—		—		89		—		—		(12)		(45)		—
Effect of remeasurement of future policy benefits to an upper-medium grade discount rate	403		—		—		—		25,208		—		—		(5,209)		—		(19,596)
Adjustments for the cumulative effect of adoption on additional insurance assets and liabilities	29		—		—		—		36				—		—		—		(7)
Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard	2		12		2,518		—		(4,794)		4,794		—		2,520		10		—
Balances as adjusted, January 1, 2021	$	21,885	$	4,143	$	2,518	$	4,187	$	146,178	$	100,934	$	6,789	$	—	$	6,616	$	(1,325)

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

	December 31, 2022
	As Previously Reported		Adoption Adjustment		Post Adoption
	(In millions)
Assets
Premiums, reinsurance and other receivables	$	20,704	$	87	$	20,791
Market risk benefits	$	—	$	174	$	174
Deferred policy acquisition costs and value of business acquired	$	5,263	$	(1,506)	$	3,757
Deferred income tax asset	$	2,661	$	259	$	2,920
Other assets	$	4,367	$	(15)	$	4,352
Total assets	$	385,840	$	(1,001)	$	384,839
Liabilities
Future policy benefits	$	133,725	$	(6,811)	$	126,914
Policyholder account balances	$	99,967	$	3,440	$	103,407
Market risk benefits	$	—	$	3,270	$	3,270
Other policy-related balances	$	7,863	$	68	$	7,931
Other liabilities	$	24,489	$	6	$	24,495
Total liabilities	$	371,471	$	(27)	$	371,444
Equity
Retained earnings	$	10,572	$	(1,550)	$	9,022
Accumulated other comprehensive income (loss)	$	(8,896)	$	576	$	(8,320)
Total Metropolitan Life Insurance Company stockholder’s equity	$	14,157	$	(974)	$	13,183
Total equity	$	14,369	$	(974)	$	13,395
Total liabilities and equity	$	385,840	$	(1,001)	$	384,839

The following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company’s previously reported interim condensed consolidated statement of operations and comprehensive income (loss):

	Three Months Ended June 30, 2022						Six Months Ended June 30, 2022
	As Previously Reported		Adoption Adjustment		Post Adoption		As Previously Reported		Adoption Adjustment		Post Adoption
	(In millions)
Revenues
Premiums	$	5,668	$	(4)	$	5,664	$	11,578	$	(8)	$	11,570
Universal life and investment-type product policy fees	$	515	$	(48)	$	467	$	1,039	$	(93)	$	946
Other revenues	$	373	$	(1)	$	372	$	785	$	(2)	$	783
Net derivative gains (losses)	$	345	$	241	$	586	$	526	$	181	$	707
Total revenues	$	9,260	$	188	$	9,448	$	18,887	$	78	$	18,965
Expenses
Policyholder benefits and claims	$	5,936	$	74	$	6,010	$	12,497	$	164	$	12,661
Policyholder liability remeasurement (gains) losses	$	—	$	(12)	$	(12)	$	—	$	(41)	$	(41)
Market risk benefits remeasurement (gains) losses	$	—	$	(730)	$	(730)	$	—	$	(2,091)	$	(2,091)
Interest credited to policyholder account balances	$	530	$	35	$	565	$	1,021	$	46	$	1,067
Policyholder dividends	$	154	$	(1)	$	153	$	313	$	1	$	314
Other expenses	$	1,419	$	(26)	$	1,393	$	2,718	$	(17)	$	2,701
Total expenses	$	8,039	$	(660)	$	7,379	$	16,549	$	(1,938)	$	14,611
Income (loss) before provision for income tax	$	1,221	$	848	$	2,069	$	2,338	$	2,016	$	4,354
Provision for income tax expense (benefit)	$	207	$	178	$	385	$	365	$	423	$	788
Net income (loss)	$	1,014	$	670	$	1,684	$	1,973	$	1,593	$	3,566
Net income (loss) attributable to Metropolitan Life Insurance Company	$	1,012	$	670	$	1,682	$	1,971	$	1,593	$	3,564
Comprehensive income (loss)	$	(7,443)	$	6,362	$	(1,081)	$	(11,721)	$	10,473	$	(1,248)
Comprehensive income (loss) attributable to Metropolitan Life Insurance Company	$	(7,445)	$	6,362	$	(1,083)	$	(11,723)	$	10,473	$	(1,250)

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

	As Previously Reported		Adoption Adjustment		Post Adoption
	(In millions)
Retained Earnings
Balance at December 31, 2021	$	10,868	$	(3,935)	$	6,933
Net income (loss)	$	959	$	923	$	1,882
Balance at March 31, 2022	$	10,946	$	(3,012)	$	7,934
Net income (loss)	$	1,012	$	670	$	1,682
Balance at June 30, 2022	$	11,277	$	(2,342)	$	8,935
Balance at December 31, 2022	$	10,572	$	(1,550)	$	9,022
Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2021	$	9,917	$	(10,972)	$	(1,055)
Other comprehensive income (loss), net of income tax	$	(5,237)	$	3,188	$	(2,049)
Balance at March 31, 2022	$	4,680	$	(7,784)	$	(3,104)
Other comprehensive income (loss), net of income tax	$	(8,457)	$	5,692	$	(2,765)
Balance at June 30, 2022	$	(3,777)	$	(2,092)	$	(5,869)
Balance at December 31, 2022	$	(8,896)	$	576	$	(8,320)
Total Metropolitan Life Insurance Company Stockholders’ Equity
Balance at December 31, 2021	$	33,254	$	(14,907)	$	18,347
Balance at March 31, 2022	$	28,096	$	(10,796)	$	17,300
Balance at June 30, 2022	$	19,981	$	(4,434)	$	15,547
Balance at December 31, 2022	$	14,157	$	(974)	$	13,183
Total Equity
Balance at December 31, 2021	$	33,428	$	(14,907)	$	18,521
Balance at March 31, 2022	$	28,250	$	(10,796)	$	17,454
Balance at June 30, 2022	$	20,135	$	(4,434)	$	15,701
Balance at December 31, 2022	$	14,369	$	(974)	$	13,395

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

	Six Months Ended June 30, 2022
	As Previously Reported		Adoption Adjustment		Post Adoption
	(In millions)
Cash flows from operating activities
Net cash provided by (used in) operating activities	$	1,160	$	262	$	1,422
Cash flows from financing activities
Policyholder account balances - deposits	$	46,124	$	(22)	$	46,102
Policyholder account balances - withdrawals	$	(44,020)	$	(240)	$	(44,260)
Net cash provided by (used in) financing activities	$	(6,657)	$	(262)	$	(6,919)

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

	U.S. Annuities		MetLife Holdings Long-Term Care		MetLife Holdings Participating Life		Other Long-Duration		Short-Duration and Other		Total
	(In millions)
Balance, future policy benefits, at December 31, 2020	$	54,535	$	14,281	$	45,349	$	9,625	$	10,131	$	133,921
Removal of additional insurance liabilities for separate presentation (1)	(4)		—		—		(2,925)		—		(2,929)
Subtotal - pre-adoption balance, excluding additional liabilities	54,531		14,281		45,349		6,700		10,131		130,992
Removal of related amounts in AOCI	(5,571)		(1,210)		—		(54)		—		(6,835)
Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach	41		—		—		48		—		89
Effect of remeasurement of future policy benefits to an upper-medium grade discount rate	15,011		8,270		—		1,927		—		25,208
Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard	(4,747)		—		—		(47)		—		(4,794)
Removal of remeasured deferred profit liabilities for separate presentation (1)	(2,413)		—		—		(250)		—		(2,663)
Balance, traditional and limited-payment contracts, at January 1, 2021	$	56,852	$	21,341	$	45,349	$	8,324	$	10,131	$	141,997
Balance, deferred profit liabilities at January 1, 2021	$	2,413	$	—	$	—	$	250	$	—	$	2,663
Balance, ceded recoverables on traditional and limited-payment contracts at December 31, 2020	$	203	$	—			$	752			$	955
Effect of remeasurement of the ceded recoverable to an upper-medium grade discount rate	135		—				268				403
Adjustments for loss contracts (with net premiums in excess of gross premiums) under the modified retrospective approach	—		—				32				32
Adjustments for the cumulative effect of adoption on ceded recoverables on traditional and limited-payment contract	6		—				20				26
Balance ceded recoverables on traditional and limited-payment contracts at January 1, 2021	$	344	$	—			$	1,072			$	1,416

__________________

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

	MetLife Holdings Universal and Variable  Universal Life		Other Long-Duration		Total
	(In millions)
Additional insurance liabilities at December 31, 2020	$	1,478	$	1,451	$	2,929
Reclassification of carrying amount of contracts and contract features that are market risk benefits	—		(1,447)		(1,447)
Adjustments for the cumulative effect of adoption on additional insurance liabilities	36		—		36
Additional insurance liabilities at January 1, 2021	$	1,514	$	4	$	1,518
Ceded recoverables on additional insurance liabilities at December 31, 2020	$	554	$	—	$	554
Adjustments for the cumulative effect of adoption on ceded recoverables on additional insurance liabilities	9		—		9
Ceded recoverables on additional insurance liabilities at January 1, 2021	$	563	$	—	$	563
Balance, traditional and limited-payment contracts, at January 1, 2021					$	141,997
Balance, deferred profit liabilities at January 1, 2021					2,663
Balance, additional insurance liabilities at January 1, 2021					1,518
Total future policy benefits at January 1, 2021					$	146,178

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

	U.S. Group Life		U.S. Capital Markets Investment Products and Stable Value GICs		U.S. Annuities and Risk Solutions		MetLife Holdings Annuities		Other		Total
	(In millions)
Balance at December 31, 2020	$	7,585	$	60,641	$	5,316	$	15,012	$	8,081	$	96,635
Reclassification of carrying amount of contracts and contract features that are market risk benefits	—		—		(1)		(494)		—		(495)
Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard	—		—		4,747		—		47		4,794
Balance at January 1, 2021	$	7,585	$	60,641	$	10,062	$	14,518	$	8,128	$	100,934

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

	MetLife Holdings Annuities		Other		Total
	(In millions)
Direct and assumed MRB liabilities at December 31, 2020	$	—	$	—	$	—
Reclassification of carrying amount of contracts and contract features that are market risk benefits	1,882		1		1,883
Adjustments for the cumulative effect of changes in nonperformance risk between contract issue date and Transition Date	(9)		(17)		(26)
Adjustments for the difference between the fair value of the MRB balance, excluding the cumulative effect of changes in nonperformance risk, and the historical carrying value	4,728		204		4,932
Direct and assumed MRB liabilities at January 1, 2021	$	6,601	$	188	$	6,789

The transition adjustments related to DAC, VOBA, and UREV, as described in Note 1, were as follows at the Transition Date:

	U.S.		MetLife Holdings		Total
	(In millions)
DAC:
Balance at December 31, 2020	$	378	$	2,248	$	2,626
Removal of related amounts in AOCI	—		1,480		1,480
Other adjustments upon adoption of the LDTI standard	—		12		12
Balance at January 1, 2021	$	378	$	3,740	$	4,118
VOBA:
Balance at December 31, 2020	$	20	$	3	$	23
Removal of related amounts in AOCI	—		2		2
Balance at January 1, 2021	$	20	$	5	$	25
UREV:
Balance at December 31, 2020	$	22	$	157	$	179
Removal of related amounts in AOCI	—		—		—
Balance at January 1, 2021	$	22	$	157	$	179

Schedule of Liability for Future Policy Benefits, by Product Segment

The Company’s future policy benefits on the interim condensed consolidated balance sheets was as follows at:

	June 30, 2023		December 31, 2022
	(In millions)
Traditional and Limited-Payment Contracts:
U.S. - Annuities	$	47,299	$	47,990
MetLife Holdings - Long-term care	14,498		13,845
Deferred Profit Liabilities:
U.S. - Annuities	2,868		2,699
Additional Insurance Liabilities:
MetLife Holdings - Universal and variable universal life	1,763		1,641
MetLife Holdings - Participating life	43,981		44,434
Other long-duration (1)	6,216		6,297
Short-duration and other	10,189		10,008
Total	$	126,814	$	126,914

__________________

(1) This balance represents liabilities for various smaller product lines across both segments, as well as Corporate & Other.

Liability for Future Policy Benefit, Activity

Information regarding these products was as follows:

	Six Months Ended June 30,
	2023			2022
	(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date	$	—		$	—
Balance, beginning of period, at original discount rate	$	—		$	—
Effect of actual variances from expected experience (1)	2			—
Adjusted balance	2			—
Issuances	183			82
Net premiums collected	(185)			(82)
Ending balance at original discount rate	—			—
Balance, end of period, at current discount rate at balance sheet date	$	—		$	—
Present Value of Expected Future Policy Benefits
Balance, beginning of period, at current discount rate at balance sheet date	$	48,190		$	54,172
Balance, beginning of period, at original discount rate	$	49,194		$	42,453
Effect of actual variances from expected experience (1)	(299)			(114)
Adjusted balance	48,895			42,339
Issuances	183			85
Interest accrual	1,196			1,042
Benefit payments	(2,386)			(1,816)
Ending balance at original discount rate	47,888			41,650
Effect of changes in discount rate assumptions	(385)			1,645
Balance, end of period, at current discount rate at balance sheet date	47,503			43,295
Cumulative amount of fair value hedging adjustments	(204)			52
Net liability for future policy benefits	47,299			43,347
Less: Reinsurance recoverables	—			230
Net liability for future policy benefits, net of reinsurance	$	47,299		$	43,117
Undiscounted - Expected future benefit payments	$	93,997		$	83,006
Discounted - Expected future benefit payments (at current discount rate at balance sheet date)	$	47,503		$	43,295
Weighted-average duration of the liability	9 years			10 years
Weighted-average interest accretion (original locked-in) rate	5.1		%	5.1		%
Weighted-average current discount rate at balance sheet date	5.4		%	4.8		%

__________________

(1)    For the six months ended June 30, 2023, the net effect of actual variances from expected experience was largely offset by the corresponding impact in DPL associated with the U.S. segment’s annuities products of $225 million. For the six months ended June 30, 2022, the net effect of actual variances from expected experience was partially offset by the corresponding impact in DPL associated with the U.S. segment’s annuities products of $48 million.

Information regarding these products was as follows:

	Six Months Ended June 30,
		2023			2022
		(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date		$	5,775		$	7,058
Balance, beginning of period, at original discount rate		$	5,807		$	5,699
Effect of actual variances from expected experience		83			106
Adjusted balance		5,890			5,805
Interest accrual		149			147
Net premiums collected		(293)			(288)
Ending balance at original discount rate		5,746			5,664
Effect of changes in discount rate assumptions		3			288
Balance, end of period, at current discount rate at balance sheet date		$	5,749		$	5,952
Present Value of Expected Future Policy Benefits
Balance, beginning of period, at current discount rate at balance sheet date		$	19,619		$	27,627
Balance, beginning of period, at original discount rate		$	20,165		$	19,406
Effect of actual variances from expected experience		99			116
Adjusted balance		20,264			19,522
Interest accrual		534			515
Benefit payments		(382)			(345)
Ending balance at original discount rate		20,416			19,692
Effect of changes in discount rate assumptions		(169)			1,088
Balance, end of period, at current discount rate at balance sheet date		20,247			20,780
Net liability for future policy benefits		$	14,498		$	14,828
Undiscounted:
Expected future gross premiums		$	10,893		$	11,062
Expected future benefit payments		$	45,653		$	45,787
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums		$	7,089		$	7,501
Expected future benefit payments		$	20,247		$	20,780
Weighted-average duration of the liability		15 years			16 years
Weighted -average interest accretion (original locked-in) rate		5.4		%	5.5		%
Weighted-average current discount rate at balance sheet date		5.5		%	5.0		%

Additional Liability, Long-Duration Insurance

Information regarding these additional insurance liabilities was as follows:

	Six Months  Ended June 30,
	2023			2022
	Universal and Variable Universal Life
	(Dollars in millions)
Balance, beginning of period	$	1,642		$	1,623
Less: AOCI adjustment	(63)			66
Balance, beginning of period, before AOCI adjustment	1,705			1,557
Effect of actual variances from expected experience	6			14
Adjusted balance	1,711			1,571
Assessments accrual	47			46
Interest accrual	44			40
Excess benefits paid	(41)			(34)
Balance, end of period, before AOCI adjustment	1,761			1,623
Add: AOCI adjustment	2			(35)
Balance, end of period	1,763			1,588
Less: Reinsurance recoverables	649			613
Balance, end of period, net of reinsurance	$	1,114		$	975
Weighted-average duration of the liability	17 years			18 years
Weighted-average interest accretion rate	5.2		%	5.2		%

The Company’s revenue and interest recognized in the interim condensed consolidated statements of operations and comprehensive income (loss) for long-duration contracts, excluding MetLife Holdings’ participating life contracts, were as follows:

	Six Months Ended June 30,
	2023				2022
	Gross Premiums or Assessments (1)		Interest Expense (2)		Gross Premiums or Assessments (1)		Interest Expense (2)
	(In millions)
Traditional and Limited-Payment Contracts:
U.S. - Annuities	$	168	$	1,196	$	89	$	1,042
MetLife Holdings - Long-term care	366		385		367		368
Deferred Profit Liabilities:
U.S. - Annuities	N/A		70		N/A		67
Additional Insurance Liabilities:
MetLife Holdings - Universal and variable universal life	236		44		246		40
Other long duration	400		152		350		151
Total	$	1,170	$	1,847	$	1,052	$	1,668

__________________

(1) Gross premiums are related to traditional and limited-payment contracts and are included in premiums. Assessments are related to additional insurance liabilities and are included in universal life and investment-type product policy fees and net investment income.

(2) Interest expense is included in policyholder benefits and claims.

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,
	2023		2022
	(In millions)
Balance, beginning of period	$	11,300	$	10,820
Less: Reinsurance recoverables	1,633		1,857
Net balance, beginning of period	9,667		8,963
Incurred related to:
Current period	10,270		10,217
Prior periods (1)	(32)		267
Total incurred	10,238		10,484
Paid related to:
Current period	(5,919)		(5,860)
Prior periods	(4,020)		(4,002)
Total paid	(9,939)		(9,862)
Net balance, end of period	9,966		9,585
Add: Reinsurance recoverables	1,794		1,755
Balance, end of period (included in future policy benefits and other policy-related balances)	$	11,760	$	11,340

______________

(1)For the six months ended June 30, 2023, incurred claims and claim adjustment expenses associated with prior periods decreased due to favorable claims experience in the current period. For the six months ended June 30, 2022, incurred claims and claim adjustment expenses include 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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Policyholder Account Balances (Tables)

6 Months Ended

Jun. 30, 2023

Insurance [Abstract]

Accounting Standards Update and Change in Accounting Principle

The following table presents a summary of the Transition Date impacts associated with the implementation of LDTI to the consolidated balance sheet:

	Premiums, Reinsurance and Other Receivables		Deferred Policy Acquisition Costs and Value of Business Acquired		Deferred Tax Asset		Other Assets		Future Policy Benefits		Policyholder Account Balances		Market Risk Benefit Liabilities		Deferred Income Tax Liability		Retained Earnings		Accumulated Other Comprehensive Income (Loss)
	(In millions)
Balances as reported, December 31, 2020	$	21,478	$	2,649	$	—	$	4,158	$	133,921	$	96,635	$	—	$	1,980	$	10,548	$	11,662
Reclassification of carrying amount of contracts and contract features that are market risk benefits	(59)		—		—		—		(1,447)		(495)		1,883		—		—		—
Adjustments for the difference between previous carrying amount and fair value measurement for market risk benefits	—		—		—		—		—		—		4,906		(1,030)		(3,897)		21
Removal of related amounts in accumulated other comprehensive income	—		1,482		—		29		(6,835)		—		—		1,751		—		6,595
Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach	32		—		—		—		89		—		—		(12)		(45)		—
Effect of remeasurement of future policy benefits to an upper-medium grade discount rate	403		—		—		—		25,208		—		—		(5,209)		—		(19,596)
Adjustments for the cumulative effect of adoption on additional insurance assets and liabilities	29		—		—		—		36				—		—		—		(7)
Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard	2		12		2,518		—		(4,794)		4,794		—		2,520		10		—
Balances as adjusted, January 1, 2021	$	21,885	$	4,143	$	2,518	$	4,187	$	146,178	$	100,934	$	6,789	$	—	$	6,616	$	(1,325)

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

	December 31, 2022
	As Previously Reported		Adoption Adjustment		Post Adoption
	(In millions)
Assets
Premiums, reinsurance and other receivables	$	20,704	$	87	$	20,791
Market risk benefits	$	—	$	174	$	174
Deferred policy acquisition costs and value of business acquired	$	5,263	$	(1,506)	$	3,757
Deferred income tax asset	$	2,661	$	259	$	2,920
Other assets	$	4,367	$	(15)	$	4,352
Total assets	$	385,840	$	(1,001)	$	384,839
Liabilities
Future policy benefits	$	133,725	$	(6,811)	$	126,914
Policyholder account balances	$	99,967	$	3,440	$	103,407
Market risk benefits	$	—	$	3,270	$	3,270
Other policy-related balances	$	7,863	$	68	$	7,931
Other liabilities	$	24,489	$	6	$	24,495
Total liabilities	$	371,471	$	(27)	$	371,444
Equity
Retained earnings	$	10,572	$	(1,550)	$	9,022
Accumulated other comprehensive income (loss)	$	(8,896)	$	576	$	(8,320)
Total Metropolitan Life Insurance Company stockholder’s equity	$	14,157	$	(974)	$	13,183
Total equity	$	14,369	$	(974)	$	13,395
Total liabilities and equity	$	385,840	$	(1,001)	$	384,839

The following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company’s previously reported interim condensed consolidated statement of operations and comprehensive income (loss):

	Three Months Ended June 30, 2022						Six Months Ended June 30, 2022
	As Previously Reported		Adoption Adjustment		Post Adoption		As Previously Reported		Adoption Adjustment		Post Adoption
	(In millions)
Revenues
Premiums	$	5,668	$	(4)	$	5,664	$	11,578	$	(8)	$	11,570
Universal life and investment-type product policy fees	$	515	$	(48)	$	467	$	1,039	$	(93)	$	946
Other revenues	$	373	$	(1)	$	372	$	785	$	(2)	$	783
Net derivative gains (losses)	$	345	$	241	$	586	$	526	$	181	$	707
Total revenues	$	9,260	$	188	$	9,448	$	18,887	$	78	$	18,965
Expenses
Policyholder benefits and claims	$	5,936	$	74	$	6,010	$	12,497	$	164	$	12,661
Policyholder liability remeasurement (gains) losses	$	—	$	(12)	$	(12)	$	—	$	(41)	$	(41)
Market risk benefits remeasurement (gains) losses	$	—	$	(730)	$	(730)	$	—	$	(2,091)	$	(2,091)
Interest credited to policyholder account balances	$	530	$	35	$	565	$	1,021	$	46	$	1,067
Policyholder dividends	$	154	$	(1)	$	153	$	313	$	1	$	314
Other expenses	$	1,419	$	(26)	$	1,393	$	2,718	$	(17)	$	2,701
Total expenses	$	8,039	$	(660)	$	7,379	$	16,549	$	(1,938)	$	14,611
Income (loss) before provision for income tax	$	1,221	$	848	$	2,069	$	2,338	$	2,016	$	4,354
Provision for income tax expense (benefit)	$	207	$	178	$	385	$	365	$	423	$	788
Net income (loss)	$	1,014	$	670	$	1,684	$	1,973	$	1,593	$	3,566
Net income (loss) attributable to Metropolitan Life Insurance Company	$	1,012	$	670	$	1,682	$	1,971	$	1,593	$	3,564
Comprehensive income (loss)	$	(7,443)	$	6,362	$	(1,081)	$	(11,721)	$	10,473	$	(1,248)
Comprehensive income (loss) attributable to Metropolitan Life Insurance Company	$	(7,445)	$	6,362	$	(1,083)	$	(11,723)	$	10,473	$	(1,250)

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

	As Previously Reported		Adoption Adjustment		Post Adoption
	(In millions)
Retained Earnings
Balance at December 31, 2021	$	10,868	$	(3,935)	$	6,933
Net income (loss)	$	959	$	923	$	1,882
Balance at March 31, 2022	$	10,946	$	(3,012)	$	7,934
Net income (loss)	$	1,012	$	670	$	1,682
Balance at June 30, 2022	$	11,277	$	(2,342)	$	8,935
Balance at December 31, 2022	$	10,572	$	(1,550)	$	9,022
Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2021	$	9,917	$	(10,972)	$	(1,055)
Other comprehensive income (loss), net of income tax	$	(5,237)	$	3,188	$	(2,049)
Balance at March 31, 2022	$	4,680	$	(7,784)	$	(3,104)
Other comprehensive income (loss), net of income tax	$	(8,457)	$	5,692	$	(2,765)
Balance at June 30, 2022	$	(3,777)	$	(2,092)	$	(5,869)
Balance at December 31, 2022	$	(8,896)	$	576	$	(8,320)
Total Metropolitan Life Insurance Company Stockholders’ Equity
Balance at December 31, 2021	$	33,254	$	(14,907)	$	18,347
Balance at March 31, 2022	$	28,096	$	(10,796)	$	17,300
Balance at June 30, 2022	$	19,981	$	(4,434)	$	15,547
Balance at December 31, 2022	$	14,157	$	(974)	$	13,183
Total Equity
Balance at December 31, 2021	$	33,428	$	(14,907)	$	18,521
Balance at March 31, 2022	$	28,250	$	(10,796)	$	17,454
Balance at June 30, 2022	$	20,135	$	(4,434)	$	15,701
Balance at December 31, 2022	$	14,369	$	(974)	$	13,395

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

	Six Months Ended June 30, 2022
	As Previously Reported		Adoption Adjustment		Post Adoption
	(In millions)
Cash flows from operating activities
Net cash provided by (used in) operating activities	$	1,160	$	262	$	1,422
Cash flows from financing activities
Policyholder account balances - deposits	$	46,124	$	(22)	$	46,102
Policyholder account balances - withdrawals	$	(44,020)	$	(240)	$	(44,260)
Net cash provided by (used in) financing activities	$	(6,657)	$	(262)	$	(6,919)

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

	U.S. Annuities		MetLife Holdings Long-Term Care		MetLife Holdings Participating Life		Other Long-Duration		Short-Duration and Other		Total
	(In millions)
Balance, future policy benefits, at December 31, 2020	$	54,535	$	14,281	$	45,349	$	9,625	$	10,131	$	133,921
Removal of additional insurance liabilities for separate presentation (1)	(4)		—		—		(2,925)		—		(2,929)
Subtotal - pre-adoption balance, excluding additional liabilities	54,531		14,281		45,349		6,700		10,131		130,992
Removal of related amounts in AOCI	(5,571)		(1,210)		—		(54)		—		(6,835)
Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach	41		—		—		48		—		89
Effect of remeasurement of future policy benefits to an upper-medium grade discount rate	15,011		8,270		—		1,927		—		25,208
Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard	(4,747)		—		—		(47)		—		(4,794)
Removal of remeasured deferred profit liabilities for separate presentation (1)	(2,413)		—		—		(250)		—		(2,663)
Balance, traditional and limited-payment contracts, at January 1, 2021	$	56,852	$	21,341	$	45,349	$	8,324	$	10,131	$	141,997
Balance, deferred profit liabilities at January 1, 2021	$	2,413	$	—	$	—	$	250	$	—	$	2,663
Balance, ceded recoverables on traditional and limited-payment contracts at December 31, 2020	$	203	$	—			$	752			$	955
Effect of remeasurement of the ceded recoverable to an upper-medium grade discount rate	135		—				268				403
Adjustments for loss contracts (with net premiums in excess of gross premiums) under the modified retrospective approach	—		—				32				32
Adjustments for the cumulative effect of adoption on ceded recoverables on traditional and limited-payment contract	6		—				20				26
Balance ceded recoverables on traditional and limited-payment contracts at January 1, 2021	$	344	$	—			$	1,072			$	1,416

__________________

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

	MetLife Holdings Universal and Variable  Universal Life		Other Long-Duration		Total
	(In millions)
Additional insurance liabilities at December 31, 2020	$	1,478	$	1,451	$	2,929
Reclassification of carrying amount of contracts and contract features that are market risk benefits	—		(1,447)		(1,447)
Adjustments for the cumulative effect of adoption on additional insurance liabilities	36		—		36
Additional insurance liabilities at January 1, 2021	$	1,514	$	4	$	1,518
Ceded recoverables on additional insurance liabilities at December 31, 2020	$	554	$	—	$	554
Adjustments for the cumulative effect of adoption on ceded recoverables on additional insurance liabilities	9		—		9
Ceded recoverables on additional insurance liabilities at January 1, 2021	$	563	$	—	$	563
Balance, traditional and limited-payment contracts, at January 1, 2021					$	141,997
Balance, deferred profit liabilities at January 1, 2021					2,663
Balance, additional insurance liabilities at January 1, 2021					1,518
Total future policy benefits at January 1, 2021					$	146,178

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

	U.S. Group Life		U.S. Capital Markets Investment Products and Stable Value GICs		U.S. Annuities and Risk Solutions		MetLife Holdings Annuities		Other		Total
	(In millions)
Balance at December 31, 2020	$	7,585	$	60,641	$	5,316	$	15,012	$	8,081	$	96,635
Reclassification of carrying amount of contracts and contract features that are market risk benefits	—		—		(1)		(494)		—		(495)
Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard	—		—		4,747		—		47		4,794
Balance at January 1, 2021	$	7,585	$	60,641	$	10,062	$	14,518	$	8,128	$	100,934

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

	MetLife Holdings Annuities		Other		Total
	(In millions)
Direct and assumed MRB liabilities at December 31, 2020	$	—	$	—	$	—
Reclassification of carrying amount of contracts and contract features that are market risk benefits	1,882		1		1,883
Adjustments for the cumulative effect of changes in nonperformance risk between contract issue date and Transition Date	(9)		(17)		(26)
Adjustments for the difference between the fair value of the MRB balance, excluding the cumulative effect of changes in nonperformance risk, and the historical carrying value	4,728		204		4,932
Direct and assumed MRB liabilities at January 1, 2021	$	6,601	$	188	$	6,789

The transition adjustments related to DAC, VOBA, and UREV, as described in Note 1, were as follows at the Transition Date:

	U.S.		MetLife Holdings		Total
	(In millions)
DAC:
Balance at December 31, 2020	$	378	$	2,248	$	2,626
Removal of related amounts in AOCI	—		1,480		1,480
Other adjustments upon adoption of the LDTI standard	—		12		12
Balance at January 1, 2021	$	378	$	3,740	$	4,118
VOBA:
Balance at December 31, 2020	$	20	$	3	$	23
Removal of related amounts in AOCI	—		2		2
Balance at January 1, 2021	$	20	$	5	$	25
UREV:
Balance at December 31, 2020	$	22	$	157	$	179
Removal of related amounts in AOCI	—		—		—
Balance at January 1, 2021	$	22	$	157	$	179

Policyholder Account Balance

The Company’s PABs on the interim condensed consolidated balance sheets were as follows at:

	June 30, 2023		December 31, 2022
	(In millions)
U.S:
Group Life	$	7,795	$	7,954
Capital Markets Investment Products and Stable Value GICs	58,490		58,508
Annuities and Risk Solutions	10,404		10,244
MetLife Holdings - Annuities	11,741		12,598
Other	16,359		14,103
Total	$	104,789	$	103,407

Information regarding this liability was as follows:

	Six Months Ended June 30,
	2023			2022
	(Dollars in millions)
Balance, beginning of period	$	7,954		$	7,889
Deposits	1,644			1,682
Policy charges	(318)			(304)
Surrenders and withdrawals	(1,573)			(1,335)
Benefit payments	(6)			(6)
Net transfers from (to) separate accounts	1			—
Interest credited	93			63
Balance, end of period	$	7,795		$	7,989
Weighted-average annual crediting rate	2.4		%	1.6		%
Cash surrender value	$	7,732		$	7,934

Information regarding the Company’s net amount at risk, excluding offsets from ceded reinsurance, if any, for the U.S. segment’s group life products was as follows at:

	June 30,
	2023			2022
	In the Event of Death (1)		At Annuitization or Exercise of Other Living Benefits	In the Event of Death (1)		At Annuitization or Exercise of Other Living Benefits
	(In millions)
Net amount at risk	$	251,590	N/A	$	242,758	N/A

__________________

(1)For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date.

Information regarding this liability was as follows:

	Six Months Ended June 30,
	2023			2022
	(Dollars in millions)
Balance, beginning of period	$	58,508		$	58,495
Deposits	34,800			43,004
Surrenders and withdrawals	(36,458)			(41,717)
Interest credited	890			467
Effect of foreign currency translation and other, net	750			(1,011)
Balance, end of period	$	58,490		$	59,238
Weighted-average annual crediting rate	3.1		%	1.6		%
Cash surrender value	$	1,776		$	1,733

Information regarding this liability was as follows:

	Six Months Ended June 30,
	2023			2022
	(Dollars in millions)
Balance, beginning of period	$	10,244		$	10,009
Deposits	348			119
Policy charges	(87)			(82)
Surrenders and withdrawals	(88)			(72)
Benefit payments	(271)			(272)
Net transfers from (to) separate accounts	54			(1)
Interest credited	213			192
Other	(9)			(149)
Balance, end of period	$	10,404		$	9,744
Weighted-average annual crediting rate	4.2		%	4.0		%
Cash surrender value	$	6,672		$	5,656

Information regarding the Company’s net amount at risk, excluding offsets from ceded reinsurance, if any, for the U.S. segment’s annuities and risk solutions products was as follows at:

	June 30,
	2023			2022
	In the Event of Death (1)		At Annuitization or Exercise of Other Living Benefits	In the Event of Death (1)		At Annuitization or Exercise of Other Living Benefits
	(In millions)
Net amount at risk	$	36,065	N/A	$	35,226	N/A

__________________

(1)For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date.

Information regarding this liability was as follows:

	Six Months Ended June 30,
	2023			2022
	(Dollars in millions)
Balance, beginning of period	$	12,598		$	13,692
Deposits	129			140
Policy charges	(6)			(7)
Surrenders and withdrawals	(1,004)			(636)
Benefit payments	(218)			(205)
Net transfers from (to) separate accounts	47			134
Interest credited	182			188
Other	13			(21)
Balance, end of period	$	11,741		$	13,285
Weighted-average annual crediting rate	3.0		%	2.9		%
Cash surrender value	$	10,964		$	12,256

Information regarding the Company’s net amount at risk, excluding offsets from ceded reinsurance, if any, for the MetLife Holdings segment’s annuities products was as follows at:

	June 30,
	2023				2022
	In the Event of Death (1)		At Annuitization or Exercise of Other Living Benefits (2)		In the Event of Death (1)		At Annuitization or Exercise of Other Living Benefits (2)
	(In millions)
Net amount at risk (3)	$	3,246	$	770	$	4,086	$	1,091

__________________

(1)For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date.

(2)For benefits that are payable in the event of annuitization or exercise of other living benefits, the net amount at risk is generally 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 or to provide other living benefits. This amount represents the Company’s potential economic exposure in the event all contractholders were to annuitize or to exercise other living benefits at the balance sheet date.

(3)Includes amounts for certain variable annuities with guarantees, which are also disclosed in “MetLife Holdings – Annuities” in Note 5, due to contracts recorded as PABs, along with related guarantees recorded as MRBs.

Policyholder Account Balance, Guaranteed Minimum Crediting Rate

The U.S. segment’s group life product account values by range of guaranteed minimum crediting rates (“GMCR”) and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:

Range of GMCR	At GMCR		Greater than  0% but less  than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50%  above GMCR		Equal to or greater than 1.50% above GMCR		Total Account Value
	(In millions)
June 30, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	910	$	4,615	$	5,525
Equal to or greater than 2% but less than 4%	1,252		10		63		2		1,327
Equal to or greater than 4%	746		1		43		34		824
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		119
Total	$	1,998	$	11	$	1,016	$	4,651	$	7,795
June 30, 2022
Equal to or greater than 0% but less than 2%	$	5,354	$	68	$	63	$	130	$	5,615
Equal to or greater than 2% but less than 4%	1,338		52		23		—		1,413
Equal to or greater than 4%	800		—		—		31		831
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		130
Total	$	7,492	$	120	$	86	$	161	$	7,989

The U.S. segment’s capital markets investment products and stable value GICs account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:

Range of GMCR	At GMCR		Greater than  0% but less  than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50%  above GMCR		Equal to or greater than 1.50% above GMCR		Total Account Value
	(In millions)
June 30, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	1	$	2,595	$	2,596
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		55,894
Total	$	—	$	—	$	1	$	2,595	$	58,490
June 30, 2022
Equal to or greater than 0% but less than 2%	$	—	$	—	$	22	$	3,376	$	3,398
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		55,840
Total	$	—	$	—	$	22	$	3,376	$	59,238

The U.S. segment’s annuities and risk solutions account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:

Range of GMCR	At GMCR		Greater than  0% but less  than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50%  above GMCR		Equal to or greater than 1.50% above GMCR		Total Account Value
	(In millions)
June 30, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	53	$	1,406	$	1,459
Equal to or greater than 2% but less than 4%	227		35		44		448		754
Equal to or greater than 4%	3,673		117		14		6		3,810
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		4,381
Total	$	3,900	$	152	$	111	$	1,860	$	10,404
June 30, 2022
Equal to or greater than 0% but less than 2%	$	—	$	—	$	116	$	537	$	653
Equal to or greater than 2% but less than 4%	302		40		38		423		803
Equal to or greater than 4%	3,637		123		1		5		3,766
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		4,522
Total	$	3,939	$	163	$	155	$	965	$	9,744

The MetLife Holdings segment’s annuities account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:

Range of GMCR	At GMCR		Greater than  0% but less  than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50%  above GMCR		Equal to or greater than 1.50% above GMCR		Total Account Value
	(In millions)
June 30, 2023
Equal to or greater than 0% but less than 2%	$	444	$	158	$	219	$	25	$	846
Equal to or greater than 2% but less than 4%	3,914		5,441		390		72		9,817
Equal to or greater than 4%	609		3		14		—		626
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		452
Total	$	4,967	$	5,602	$	623	$	97	$	11,741
June 30, 2022
Equal to or greater than 0% but less than 2%	$	1,017	$	7	$	12	$	11	$	1,047
Equal to or greater than 2% but less than 4%	10,544		266		146		1		10,957
Equal to or greater than 4%	611		40		—		—		651
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		630
Total	$	12,172	$	313	$	158	$	12	$	13,285

XML

Market Risk Benefits (Tables)

6 Months Ended

Jun. 30, 2023

Insurance [Abstract]

Accounting Standards Update and Change in Accounting Principle

The following table presents a summary of the Transition Date impacts associated with the implementation of LDTI to the consolidated balance sheet:

	Premiums, Reinsurance and Other Receivables		Deferred Policy Acquisition Costs and Value of Business Acquired		Deferred Tax Asset		Other Assets		Future Policy Benefits		Policyholder Account Balances		Market Risk Benefit Liabilities		Deferred Income Tax Liability		Retained Earnings		Accumulated Other Comprehensive Income (Loss)
	(In millions)
Balances as reported, December 31, 2020	$	21,478	$	2,649	$	—	$	4,158	$	133,921	$	96,635	$	—	$	1,980	$	10,548	$	11,662
Reclassification of carrying amount of contracts and contract features that are market risk benefits	(59)		—		—		—		(1,447)		(495)		1,883		—		—		—
Adjustments for the difference between previous carrying amount and fair value measurement for market risk benefits	—		—		—		—		—		—		4,906		(1,030)		(3,897)		21
Removal of related amounts in accumulated other comprehensive income	—		1,482		—		29		(6,835)		—		—		1,751		—		6,595
Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach	32		—		—		—		89		—		—		(12)		(45)		—
Effect of remeasurement of future policy benefits to an upper-medium grade discount rate	403		—		—		—		25,208		—		—		(5,209)		—		(19,596)
Adjustments for the cumulative effect of adoption on additional insurance assets and liabilities	29		—		—		—		36				—		—		—		(7)
Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard	2		12		2,518		—		(4,794)		4,794		—		2,520		10		—
Balances as adjusted, January 1, 2021	$	21,885	$	4,143	$	2,518	$	4,187	$	146,178	$	100,934	$	6,789	$	—	$	6,616	$	(1,325)

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

	December 31, 2022
	As Previously Reported		Adoption Adjustment		Post Adoption
	(In millions)
Assets
Premiums, reinsurance and other receivables	$	20,704	$	87	$	20,791
Market risk benefits	$	—	$	174	$	174
Deferred policy acquisition costs and value of business acquired	$	5,263	$	(1,506)	$	3,757
Deferred income tax asset	$	2,661	$	259	$	2,920
Other assets	$	4,367	$	(15)	$	4,352
Total assets	$	385,840	$	(1,001)	$	384,839
Liabilities
Future policy benefits	$	133,725	$	(6,811)	$	126,914
Policyholder account balances	$	99,967	$	3,440	$	103,407
Market risk benefits	$	—	$	3,270	$	3,270
Other policy-related balances	$	7,863	$	68	$	7,931
Other liabilities	$	24,489	$	6	$	24,495
Total liabilities	$	371,471	$	(27)	$	371,444
Equity
Retained earnings	$	10,572	$	(1,550)	$	9,022
Accumulated other comprehensive income (loss)	$	(8,896)	$	576	$	(8,320)
Total Metropolitan Life Insurance Company stockholder’s equity	$	14,157	$	(974)	$	13,183
Total equity	$	14,369	$	(974)	$	13,395
Total liabilities and equity	$	385,840	$	(1,001)	$	384,839

The following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company’s previously reported interim condensed consolidated statement of operations and comprehensive income (loss):

	Three Months Ended June 30, 2022						Six Months Ended June 30, 2022
	As Previously Reported		Adoption Adjustment		Post Adoption		As Previously Reported		Adoption Adjustment		Post Adoption
	(In millions)
Revenues
Premiums	$	5,668	$	(4)	$	5,664	$	11,578	$	(8)	$	11,570
Universal life and investment-type product policy fees	$	515	$	(48)	$	467	$	1,039	$	(93)	$	946
Other revenues	$	373	$	(1)	$	372	$	785	$	(2)	$	783
Net derivative gains (losses)	$	345	$	241	$	586	$	526	$	181	$	707
Total revenues	$	9,260	$	188	$	9,448	$	18,887	$	78	$	18,965
Expenses
Policyholder benefits and claims	$	5,936	$	74	$	6,010	$	12,497	$	164	$	12,661
Policyholder liability remeasurement (gains) losses	$	—	$	(12)	$	(12)	$	—	$	(41)	$	(41)
Market risk benefits remeasurement (gains) losses	$	—	$	(730)	$	(730)	$	—	$	(2,091)	$	(2,091)
Interest credited to policyholder account balances	$	530	$	35	$	565	$	1,021	$	46	$	1,067
Policyholder dividends	$	154	$	(1)	$	153	$	313	$	1	$	314
Other expenses	$	1,419	$	(26)	$	1,393	$	2,718	$	(17)	$	2,701
Total expenses	$	8,039	$	(660)	$	7,379	$	16,549	$	(1,938)	$	14,611
Income (loss) before provision for income tax	$	1,221	$	848	$	2,069	$	2,338	$	2,016	$	4,354
Provision for income tax expense (benefit)	$	207	$	178	$	385	$	365	$	423	$	788
Net income (loss)	$	1,014	$	670	$	1,684	$	1,973	$	1,593	$	3,566
Net income (loss) attributable to Metropolitan Life Insurance Company	$	1,012	$	670	$	1,682	$	1,971	$	1,593	$	3,564
Comprehensive income (loss)	$	(7,443)	$	6,362	$	(1,081)	$	(11,721)	$	10,473	$	(1,248)
Comprehensive income (loss) attributable to Metropolitan Life Insurance Company	$	(7,445)	$	6,362	$	(1,083)	$	(11,723)	$	10,473	$	(1,250)

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

	As Previously Reported		Adoption Adjustment		Post Adoption
	(In millions)
Retained Earnings
Balance at December 31, 2021	$	10,868	$	(3,935)	$	6,933
Net income (loss)	$	959	$	923	$	1,882
Balance at March 31, 2022	$	10,946	$	(3,012)	$	7,934
Net income (loss)	$	1,012	$	670	$	1,682
Balance at June 30, 2022	$	11,277	$	(2,342)	$	8,935
Balance at December 31, 2022	$	10,572	$	(1,550)	$	9,022
Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2021	$	9,917	$	(10,972)	$	(1,055)
Other comprehensive income (loss), net of income tax	$	(5,237)	$	3,188	$	(2,049)
Balance at March 31, 2022	$	4,680	$	(7,784)	$	(3,104)
Other comprehensive income (loss), net of income tax	$	(8,457)	$	5,692	$	(2,765)
Balance at June 30, 2022	$	(3,777)	$	(2,092)	$	(5,869)
Balance at December 31, 2022	$	(8,896)	$	576	$	(8,320)
Total Metropolitan Life Insurance Company Stockholders’ Equity
Balance at December 31, 2021	$	33,254	$	(14,907)	$	18,347
Balance at March 31, 2022	$	28,096	$	(10,796)	$	17,300
Balance at June 30, 2022	$	19,981	$	(4,434)	$	15,547
Balance at December 31, 2022	$	14,157	$	(974)	$	13,183
Total Equity
Balance at December 31, 2021	$	33,428	$	(14,907)	$	18,521
Balance at March 31, 2022	$	28,250	$	(10,796)	$	17,454
Balance at June 30, 2022	$	20,135	$	(4,434)	$	15,701
Balance at December 31, 2022	$	14,369	$	(974)	$	13,395

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

	Six Months Ended June 30, 2022
	As Previously Reported		Adoption Adjustment		Post Adoption
	(In millions)
Cash flows from operating activities
Net cash provided by (used in) operating activities	$	1,160	$	262	$	1,422
Cash flows from financing activities
Policyholder account balances - deposits	$	46,124	$	(22)	$	46,102
Policyholder account balances - withdrawals	$	(44,020)	$	(240)	$	(44,260)
Net cash provided by (used in) financing activities	$	(6,657)	$	(262)	$	(6,919)

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

	U.S. Annuities		MetLife Holdings Long-Term Care		MetLife Holdings Participating Life		Other Long-Duration		Short-Duration and Other		Total
	(In millions)
Balance, future policy benefits, at December 31, 2020	$	54,535	$	14,281	$	45,349	$	9,625	$	10,131	$	133,921
Removal of additional insurance liabilities for separate presentation (1)	(4)		—		—		(2,925)		—		(2,929)
Subtotal - pre-adoption balance, excluding additional liabilities	54,531		14,281		45,349		6,700		10,131		130,992
Removal of related amounts in AOCI	(5,571)		(1,210)		—		(54)		—		(6,835)
Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach	41		—		—		48		—		89
Effect of remeasurement of future policy benefits to an upper-medium grade discount rate	15,011		8,270		—		1,927		—		25,208
Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard	(4,747)		—		—		(47)		—		(4,794)
Removal of remeasured deferred profit liabilities for separate presentation (1)	(2,413)		—		—		(250)		—		(2,663)
Balance, traditional and limited-payment contracts, at January 1, 2021	$	56,852	$	21,341	$	45,349	$	8,324	$	10,131	$	141,997
Balance, deferred profit liabilities at January 1, 2021	$	2,413	$	—	$	—	$	250	$	—	$	2,663
Balance, ceded recoverables on traditional and limited-payment contracts at December 31, 2020	$	203	$	—			$	752			$	955
Effect of remeasurement of the ceded recoverable to an upper-medium grade discount rate	135		—				268				403
Adjustments for loss contracts (with net premiums in excess of gross premiums) under the modified retrospective approach	—		—				32				32
Adjustments for the cumulative effect of adoption on ceded recoverables on traditional and limited-payment contract	6		—				20				26
Balance ceded recoverables on traditional and limited-payment contracts at January 1, 2021	$	344	$	—			$	1,072			$	1,416

__________________

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

	MetLife Holdings Universal and Variable  Universal Life		Other Long-Duration		Total
	(In millions)
Additional insurance liabilities at December 31, 2020	$	1,478	$	1,451	$	2,929
Reclassification of carrying amount of contracts and contract features that are market risk benefits	—		(1,447)		(1,447)
Adjustments for the cumulative effect of adoption on additional insurance liabilities	36		—		36
Additional insurance liabilities at January 1, 2021	$	1,514	$	4	$	1,518
Ceded recoverables on additional insurance liabilities at December 31, 2020	$	554	$	—	$	554
Adjustments for the cumulative effect of adoption on ceded recoverables on additional insurance liabilities	9		—		9
Ceded recoverables on additional insurance liabilities at January 1, 2021	$	563	$	—	$	563
Balance, traditional and limited-payment contracts, at January 1, 2021					$	141,997
Balance, deferred profit liabilities at January 1, 2021					2,663
Balance, additional insurance liabilities at January 1, 2021					1,518
Total future policy benefits at January 1, 2021					$	146,178

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

	U.S. Group Life		U.S. Capital Markets Investment Products and Stable Value GICs		U.S. Annuities and Risk Solutions		MetLife Holdings Annuities		Other		Total
	(In millions)
Balance at December 31, 2020	$	7,585	$	60,641	$	5,316	$	15,012	$	8,081	$	96,635
Reclassification of carrying amount of contracts and contract features that are market risk benefits	—		—		(1)		(494)		—		(495)
Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard	—		—		4,747		—		47		4,794
Balance at January 1, 2021	$	7,585	$	60,641	$	10,062	$	14,518	$	8,128	$	100,934

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

	MetLife Holdings Annuities		Other		Total
	(In millions)
Direct and assumed MRB liabilities at December 31, 2020	$	—	$	—	$	—
Reclassification of carrying amount of contracts and contract features that are market risk benefits	1,882		1		1,883
Adjustments for the cumulative effect of changes in nonperformance risk between contract issue date and Transition Date	(9)		(17)		(26)
Adjustments for the difference between the fair value of the MRB balance, excluding the cumulative effect of changes in nonperformance risk, and the historical carrying value	4,728		204		4,932
Direct and assumed MRB liabilities at January 1, 2021	$	6,601	$	188	$	6,789

The transition adjustments related to DAC, VOBA, and UREV, as described in Note 1, were as follows at the Transition Date:

	U.S.		MetLife Holdings		Total
	(In millions)
DAC:
Balance at December 31, 2020	$	378	$	2,248	$	2,626
Removal of related amounts in AOCI	—		1,480		1,480
Other adjustments upon adoption of the LDTI standard	—		12		12
Balance at January 1, 2021	$	378	$	3,740	$	4,118
VOBA:
Balance at December 31, 2020	$	20	$	3	$	23
Removal of related amounts in AOCI	—		2		2
Balance at January 1, 2021	$	20	$	5	$	25
UREV:
Balance at December 31, 2020	$	22	$	157	$	179
Removal of related amounts in AOCI	—		—		—
Balance at January 1, 2021	$	22	$	157	$	179

Market Risk Benefit

The Company’s MRB assets and MRB liabilities on the interim condensed consolidated balance sheets were as follows at:

	June 30, 2023						December 31, 2022
	Asset		Liability		Net		Asset		Liability		Net
	(In millions)
MetLife Holdings - Annuities	$	146	$	2,906	$	2,760	$	153	$	3,224	$	3,071
Other	17		36		19		21		46		25
Total	$	163	$	2,942	$	2,779	$	174	$	3,270	$	3,096

Market Risk Benefit, Activity

Information regarding MetLife Holdings annuities products was as follows:

	Six Months Ended June 30,
		2023		2022
	(In millions)
Balance, beginning of period		$	3,071	$	5,715
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk		$	3,164	$	6,017
Attributed fees collected		160		158
Benefit payments		(21)		(21)
Effect of changes in interest rates		(15)		(2,555)
Effect of changes in capital markets		(504)		1,062
Effect of changes in equity index volatility		(98)		53
Actual policyholder behavior different from expected behavior		44		3
Effect of foreign currency translation and other, net (1)		174		(290)
Effect of changes in risk margin		(35)		(140)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk		2,869		4,287
Cumulative effect of changes in the instrument-specific credit risk		(109)		(209)
Balance, end of period		$	2,760	$	4,078

__________________

(1) Included is the covariance impact from aggregating the market observable inputs, mostly driven by interest rate and capital market volatility.

Information regarding the Company’s net amount at risk, excluding offsets from hedging, and the weighted-average attained age of the contractholder for the MetLife Holdings segment’s annuities products was as follows at:

	June 30,
	2023				2022
	In the Event of Death (1)		At Annuitization or Exercise of Other Living Benefits (2)		In the Event of Death (1)		At Annuitization or Exercise of Other Living Benefits (2)
	(Dollars in millions)
Net amount at risk (3)	$	3,246	$	770	$	4,086	$	1,091
Weighted-average attained age of contractholders	70 years		70 years		69 years		69 years

__________________

(1)    For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date.

(2)    For benefits that are payable in the event of annuitization or exercise of other living benefits, the net amount at risk is generally 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 or to provide other living benefits. This amount represents the Company’s potential economic exposure in the event all contractholders were to annuitize or to exercise other living benefits at the balance sheet date.

(3) Includes amounts for certain variable annuities with guarantees, which are also disclosed in “MetLife Holdings – Annuities” in Note 4, due to contracts recorded as PABs, along with related guarantees recorded as MRBs.

Information regarding this liability was as follows:

	Six Months Ended June 30,
	2023		2022
	(In millions)
Balance, beginning of period	$	25	$	286
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk	$	34	$	322
Attributed fees collected	1		1
Effect of changes in interest rates	2		(126)
Effect of changes in capital markets	—		(3)
Actual policyholder behavior different from expected behavior	(26)		(4)
Effect of foreign currency translation and other, net	15		(111)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk	26		79
Cumulative effect of changes in the instrument-specific credit risk	(7)		(14)
Balance, end of period	$	19	$	65

XML

Separate Account (Tables)

6 Months Ended

Jun. 30, 2023

Separate Accounts Disclosure [Abstract]

Separate Account Liabilities

The Company’s separate account liabilities on the interim condensed consolidated balance sheets were as follows at:

	June 30, 2023		December 31, 2022
	(In millions)
U.S.:
Stable Value and Risk Solutions	$	37,042	$	43,249
Annuities	11,792		11,694
MetLife Holdings - Annuities	29,553		28,443
Other	6,523		5,855
Total	$	84,910	$	89,241

Separate Account, Liability

The balances of and changes in separate account liabilities were as follows:

	U.S. Stable Value and Risk Solutions		U.S. Annuities		MetLife Holdings Annuities
	(In millions)
Six Months Ended June 30, 2023
Balance, beginning of period	$	43,249	$	11,694	$	28,443
Premiums and deposits	1,069		120		139
Policy charges	(121)		(11)		(305)
Surrenders and withdrawals	(7,532)		(360)		(1,359)
Benefit payments	(44)		—		(242)
Investment performance	1,145		448		2,924
Net transfers from (to) general account	(57)		3		(47)
Effect of foreign currency translation and other, net	(667)		(102)		—
Balance, end of period	$	37,042	$	11,792	$	29,553
Six Months Ended June 30, 2022
Balance, beginning of period	$	54,391	$	21,292	$	40,096
Premiums and deposits	2,939		730		146
Policy charges	(137)		(13)		(344)
Surrenders and withdrawals	(3,946)		(6,379)		(1,591)
Benefit payments	(43)		—		(230)
Investment performance	(3,899)		(2,387)		(7,839)
Net transfers from (to) general account	60		(59)		(135)
Effect of foreign currency translation and other, net	(5,186)		(156)		3
Balance, end of period	$	44,179	$	13,028	$	30,106
Cash surrender value at June 30, 2023 (1)	$	32,886	N/A		$	29,471
Cash surrender value at June 30, 2022 (1)	$	39,752	N/A		$	29,927

_____________

(1)    Cash surrender value represents the amount of the contractholders’ account balances distributable at the balance sheet date less policy loans and certain surrender charges.

Fair Value, Separate Account Investment

The Company’s aggregate fair value of assets, by major investment asset category, supporting separate account liabilities was as follows at:

	June 30, 2023
	U.S.		MetLife Holdings		Total
	(In millions)
Fixed maturity securities:
Bonds:
Foreign government	$	527	$	—	$	527
U.S. government and agency	10,111		—		10,111
Public utilities	1,141		—		1,141
Municipals	392		—		392
Corporate bonds:
Materials	172		—		172
Communications	1,000		—		1,000
Consumer	2,010		—		2,010
Energy	841		—		841
Financial	2,789		—		2,789
Industrial and other	787		—		787
Technology	610		—		610
Foreign	2,126		—		2,126
Total corporate bonds	10,335		—		10,335
Total bonds	22,506		—		22,506
Mortgage-backed securities	10,594		—		10,594
Asset-backed securities and collateralized loan obligations	2,566		—		2,566
Redeemable preferred stock	10		—		10
Total fixed maturity securities	35,676		—		35,676
Equity securities:
Common stock:
Industrial, miscellaneous and all other	2,670		—		2,670
Banks, trust and insurance companies	492		—		492
Public utilities	72		—		72
Non-redeemable preferred stock	—		—		—
Mutual funds	4,731		34,887		39,618
Total equity securities	7,965		34,887		42,852
Other invested assets	1,667		—		1,667
Total investments	45,308		34,887		80,195
Other assets	4,715		—		4,715
Total	$	50,023	$	34,887	$	84,910

	December 31, 2022
	U.S.		MetLife Holdings		Total
	(In millions)
Fixed maturity securities AFS:
Bonds:
Foreign government	$	588	$	—	$	588
U.S. government and agency	11,189		—		11,189
Public utilities	1,174		—		1,174
Municipals	475		—		475
Corporate bonds:
Materials	242		—		242
Communications	1,174		—		1,174
Consumer	2,365		—		2,365
Energy	861		—		861
Financial	3,495		—		3,495
Industrial and other	876		—		876
Technology	711		—		711
Foreign	2,451		—		2,451
Total corporate bonds	12,175		—		12,175
Total bonds	25,601		—		25,601
Mortgage-backed securities	12,202		—		12,202
Asset-backed securities and collateralized loan obligations	2,763		—		2,763
Redeemable preferred stock	4		—		4
Total fixed maturity securities AFS	40,570		—		40,570
Equity securities:
Common stock:
Industrial, miscellaneous and all other	2,853		—		2,853
Banks, trust and insurance companies	586		—		586
Public utilities	94		—		94
Non-redeemable preferred stock	2		—		2
Mutual funds	4,355		33,231		37,586
Total equity securities	7,890		33,231		41,121
Other invested assets	1,636		—		1,636
Total investments	50,096		33,231		83,327
Other assets	5,914		—		5,914
Total	$	56,010	$	33,231	$	89,241

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

6 Months Ended

Jun. 30, 2023

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

Accounting Standards Update and Change in Accounting Principle

The following table presents a summary of the Transition Date impacts associated with the implementation of LDTI to the consolidated balance sheet:

	Premiums, Reinsurance and Other Receivables		Deferred Policy Acquisition Costs and Value of Business Acquired		Deferred Tax Asset		Other Assets		Future Policy Benefits		Policyholder Account Balances		Market Risk Benefit Liabilities		Deferred Income Tax Liability		Retained Earnings		Accumulated Other Comprehensive Income (Loss)
	(In millions)
Balances as reported, December 31, 2020	$	21,478	$	2,649	$	—	$	4,158	$	133,921	$	96,635	$	—	$	1,980	$	10,548	$	11,662
Reclassification of carrying amount of contracts and contract features that are market risk benefits	(59)		—		—		—		(1,447)		(495)		1,883		—		—		—
Adjustments for the difference between previous carrying amount and fair value measurement for market risk benefits	—		—		—		—		—		—		4,906		(1,030)		(3,897)		21
Removal of related amounts in accumulated other comprehensive income	—		1,482		—		29		(6,835)		—		—		1,751		—		6,595
Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach	32		—		—		—		89		—		—		(12)		(45)		—
Effect of remeasurement of future policy benefits to an upper-medium grade discount rate	403		—		—		—		25,208		—		—		(5,209)		—		(19,596)
Adjustments for the cumulative effect of adoption on additional insurance assets and liabilities	29		—		—		—		36				—		—		—		(7)
Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard	2		12		2,518		—		(4,794)		4,794		—		2,520		10		—
Balances as adjusted, January 1, 2021	$	21,885	$	4,143	$	2,518	$	4,187	$	146,178	$	100,934	$	6,789	$	—	$	6,616	$	(1,325)

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

	December 31, 2022
	As Previously Reported		Adoption Adjustment		Post Adoption
	(In millions)
Assets
Premiums, reinsurance and other receivables	$	20,704	$	87	$	20,791
Market risk benefits	$	—	$	174	$	174
Deferred policy acquisition costs and value of business acquired	$	5,263	$	(1,506)	$	3,757
Deferred income tax asset	$	2,661	$	259	$	2,920
Other assets	$	4,367	$	(15)	$	4,352
Total assets	$	385,840	$	(1,001)	$	384,839
Liabilities
Future policy benefits	$	133,725	$	(6,811)	$	126,914
Policyholder account balances	$	99,967	$	3,440	$	103,407
Market risk benefits	$	—	$	3,270	$	3,270
Other policy-related balances	$	7,863	$	68	$	7,931
Other liabilities	$	24,489	$	6	$	24,495
Total liabilities	$	371,471	$	(27)	$	371,444
Equity
Retained earnings	$	10,572	$	(1,550)	$	9,022
Accumulated other comprehensive income (loss)	$	(8,896)	$	576	$	(8,320)
Total Metropolitan Life Insurance Company stockholder’s equity	$	14,157	$	(974)	$	13,183
Total equity	$	14,369	$	(974)	$	13,395
Total liabilities and equity	$	385,840	$	(1,001)	$	384,839

The following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company’s previously reported interim condensed consolidated statement of operations and comprehensive income (loss):

	Three Months Ended June 30, 2022						Six Months Ended June 30, 2022
	As Previously Reported		Adoption Adjustment		Post Adoption		As Previously Reported		Adoption Adjustment		Post Adoption
	(In millions)
Revenues
Premiums	$	5,668	$	(4)	$	5,664	$	11,578	$	(8)	$	11,570
Universal life and investment-type product policy fees	$	515	$	(48)	$	467	$	1,039	$	(93)	$	946
Other revenues	$	373	$	(1)	$	372	$	785	$	(2)	$	783
Net derivative gains (losses)	$	345	$	241	$	586	$	526	$	181	$	707
Total revenues	$	9,260	$	188	$	9,448	$	18,887	$	78	$	18,965
Expenses
Policyholder benefits and claims	$	5,936	$	74	$	6,010	$	12,497	$	164	$	12,661
Policyholder liability remeasurement (gains) losses	$	—	$	(12)	$	(12)	$	—	$	(41)	$	(41)
Market risk benefits remeasurement (gains) losses	$	—	$	(730)	$	(730)	$	—	$	(2,091)	$	(2,091)
Interest credited to policyholder account balances	$	530	$	35	$	565	$	1,021	$	46	$	1,067
Policyholder dividends	$	154	$	(1)	$	153	$	313	$	1	$	314
Other expenses	$	1,419	$	(26)	$	1,393	$	2,718	$	(17)	$	2,701
Total expenses	$	8,039	$	(660)	$	7,379	$	16,549	$	(1,938)	$	14,611
Income (loss) before provision for income tax	$	1,221	$	848	$	2,069	$	2,338	$	2,016	$	4,354
Provision for income tax expense (benefit)	$	207	$	178	$	385	$	365	$	423	$	788
Net income (loss)	$	1,014	$	670	$	1,684	$	1,973	$	1,593	$	3,566
Net income (loss) attributable to Metropolitan Life Insurance Company	$	1,012	$	670	$	1,682	$	1,971	$	1,593	$	3,564
Comprehensive income (loss)	$	(7,443)	$	6,362	$	(1,081)	$	(11,721)	$	10,473	$	(1,248)
Comprehensive income (loss) attributable to Metropolitan Life Insurance Company	$	(7,445)	$	6,362	$	(1,083)	$	(11,723)	$	10,473	$	(1,250)

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

	As Previously Reported		Adoption Adjustment		Post Adoption
	(In millions)
Retained Earnings
Balance at December 31, 2021	$	10,868	$	(3,935)	$	6,933
Net income (loss)	$	959	$	923	$	1,882
Balance at March 31, 2022	$	10,946	$	(3,012)	$	7,934
Net income (loss)	$	1,012	$	670	$	1,682
Balance at June 30, 2022	$	11,277	$	(2,342)	$	8,935
Balance at December 31, 2022	$	10,572	$	(1,550)	$	9,022
Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2021	$	9,917	$	(10,972)	$	(1,055)
Other comprehensive income (loss), net of income tax	$	(5,237)	$	3,188	$	(2,049)
Balance at March 31, 2022	$	4,680	$	(7,784)	$	(3,104)
Other comprehensive income (loss), net of income tax	$	(8,457)	$	5,692	$	(2,765)
Balance at June 30, 2022	$	(3,777)	$	(2,092)	$	(5,869)
Balance at December 31, 2022	$	(8,896)	$	576	$	(8,320)
Total Metropolitan Life Insurance Company Stockholders’ Equity
Balance at December 31, 2021	$	33,254	$	(14,907)	$	18,347
Balance at March 31, 2022	$	28,096	$	(10,796)	$	17,300
Balance at June 30, 2022	$	19,981	$	(4,434)	$	15,547
Balance at December 31, 2022	$	14,157	$	(974)	$	13,183
Total Equity
Balance at December 31, 2021	$	33,428	$	(14,907)	$	18,521
Balance at March 31, 2022	$	28,250	$	(10,796)	$	17,454
Balance at June 30, 2022	$	20,135	$	(4,434)	$	15,701
Balance at December 31, 2022	$	14,369	$	(974)	$	13,395

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

	Six Months Ended June 30, 2022
	As Previously Reported		Adoption Adjustment		Post Adoption
	(In millions)
Cash flows from operating activities
Net cash provided by (used in) operating activities	$	1,160	$	262	$	1,422
Cash flows from financing activities
Policyholder account balances - deposits	$	46,124	$	(22)	$	46,102
Policyholder account balances - withdrawals	$	(44,020)	$	(240)	$	(44,260)
Net cash provided by (used in) financing activities	$	(6,657)	$	(262)	$	(6,919)

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

	U.S. Annuities		MetLife Holdings Long-Term Care		MetLife Holdings Participating Life		Other Long-Duration		Short-Duration and Other		Total
	(In millions)
Balance, future policy benefits, at December 31, 2020	$	54,535	$	14,281	$	45,349	$	9,625	$	10,131	$	133,921
Removal of additional insurance liabilities for separate presentation (1)	(4)		—		—		(2,925)		—		(2,929)
Subtotal - pre-adoption balance, excluding additional liabilities	54,531		14,281		45,349		6,700		10,131		130,992
Removal of related amounts in AOCI	(5,571)		(1,210)		—		(54)		—		(6,835)
Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach	41		—		—		48		—		89
Effect of remeasurement of future policy benefits to an upper-medium grade discount rate	15,011		8,270		—		1,927		—		25,208
Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard	(4,747)		—		—		(47)		—		(4,794)
Removal of remeasured deferred profit liabilities for separate presentation (1)	(2,413)		—		—		(250)		—		(2,663)
Balance, traditional and limited-payment contracts, at January 1, 2021	$	56,852	$	21,341	$	45,349	$	8,324	$	10,131	$	141,997
Balance, deferred profit liabilities at January 1, 2021	$	2,413	$	—	$	—	$	250	$	—	$	2,663
Balance, ceded recoverables on traditional and limited-payment contracts at December 31, 2020	$	203	$	—			$	752			$	955
Effect of remeasurement of the ceded recoverable to an upper-medium grade discount rate	135		—				268				403
Adjustments for loss contracts (with net premiums in excess of gross premiums) under the modified retrospective approach	—		—				32				32
Adjustments for the cumulative effect of adoption on ceded recoverables on traditional and limited-payment contract	6		—				20				26
Balance ceded recoverables on traditional and limited-payment contracts at January 1, 2021	$	344	$	—			$	1,072			$	1,416

__________________

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

	MetLife Holdings Universal and Variable  Universal Life		Other Long-Duration		Total
	(In millions)
Additional insurance liabilities at December 31, 2020	$	1,478	$	1,451	$	2,929
Reclassification of carrying amount of contracts and contract features that are market risk benefits	—		(1,447)		(1,447)
Adjustments for the cumulative effect of adoption on additional insurance liabilities	36		—		36
Additional insurance liabilities at January 1, 2021	$	1,514	$	4	$	1,518
Ceded recoverables on additional insurance liabilities at December 31, 2020	$	554	$	—	$	554
Adjustments for the cumulative effect of adoption on ceded recoverables on additional insurance liabilities	9		—		9
Ceded recoverables on additional insurance liabilities at January 1, 2021	$	563	$	—	$	563
Balance, traditional and limited-payment contracts, at January 1, 2021					$	141,997
Balance, deferred profit liabilities at January 1, 2021					2,663
Balance, additional insurance liabilities at January 1, 2021					1,518
Total future policy benefits at January 1, 2021					$	146,178

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

	U.S. Group Life		U.S. Capital Markets Investment Products and Stable Value GICs		U.S. Annuities and Risk Solutions		MetLife Holdings Annuities		Other		Total
	(In millions)
Balance at December 31, 2020	$	7,585	$	60,641	$	5,316	$	15,012	$	8,081	$	96,635
Reclassification of carrying amount of contracts and contract features that are market risk benefits	—		—		(1)		(494)		—		(495)
Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard	—		—		4,747		—		47		4,794
Balance at January 1, 2021	$	7,585	$	60,641	$	10,062	$	14,518	$	8,128	$	100,934

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

	MetLife Holdings Annuities		Other		Total
	(In millions)
Direct and assumed MRB liabilities at December 31, 2020	$	—	$	—	$	—
Reclassification of carrying amount of contracts and contract features that are market risk benefits	1,882		1		1,883
Adjustments for the cumulative effect of changes in nonperformance risk between contract issue date and Transition Date	(9)		(17)		(26)
Adjustments for the difference between the fair value of the MRB balance, excluding the cumulative effect of changes in nonperformance risk, and the historical carrying value	4,728		204		4,932
Direct and assumed MRB liabilities at January 1, 2021	$	6,601	$	188	$	6,789

The transition adjustments related to DAC, VOBA, and UREV, as described in Note 1, were as follows at the Transition Date:

	U.S.		MetLife Holdings		Total
	(In millions)
DAC:
Balance at December 31, 2020	$	378	$	2,248	$	2,626
Removal of related amounts in AOCI	—		1,480		1,480
Other adjustments upon adoption of the LDTI standard	—		12		12
Balance at January 1, 2021	$	378	$	3,740	$	4,118
VOBA:
Balance at December 31, 2020	$	20	$	3	$	23
Removal of related amounts in AOCI	—		2		2
Balance at January 1, 2021	$	20	$	5	$	25
UREV:
Balance at December 31, 2020	$	22	$	157	$	179
Removal of related amounts in AOCI	—		—		—
Balance at January 1, 2021	$	22	$	157	$	179

Deferred Policy Acquisition Costs

Information regarding total DAC and VOBA by segment, as well as Corporate & Other, was as follows at:

	U.S.		MetLife Holdings (1)		Corporate & Other		Total
	(In millions)
DAC:
Balance at January 1, 2023	$	401	$	3,220	$	120	$	3,741
Capitalizations	35		(1)		55		89
Amortization	(27)		(115)		(8)		(150)
Balance at June 30, 2023	$	409	$	3,104	$	167	$	3,680
Balance at January 1, 2022	$	384	$	3,457	$	6	$	3,847
Capitalizations	35		(1)		27		61
Amortization	(26)		(128)		(1)		(155)
Balance at June 30, 2022	$	393	$	3,328	$	32	$	3,753
VOBA:
Balance at January 1, 2023	$	16	$	—	$	—	$	16
Amortization	(1)		—		—		(1)
Balance at June 30, 2023	$	15	$	—	$	—	$	15
Balance at January 1, 2022	$	18	$	—	$	—	$	18
Amortization	(1)		—		—		(1)
Balance at June 30, 2022	$	17	$	—	$	—	$	17
Total DAC and VOBA:
Balance at June 30, 2023							$	3,695
Balance at June 30, 2022							$	3,770
Balance at December 31, 2022							$	3,757

__________________

(1)Includes DAC balances primarily related to universal life, variable universal life, whole life, term life and variable annuities products.

Unearned Revenue

Information regarding the Company’s UREV primarily related to universal life and variable universal life products by segment included in other policy-related balances was as follows:

	Six Months Ended June 30, 2023
	U.S.		MetLife Holdings		Total
	(In millions)
Balance, beginning of period	$	18	$	227	$	245
Deferrals	1		20		21
Amortization	(2)		(9)		(11)
Balance, end of period	$	17	$	238	$	255
	Six Months Ended June 30, 2022
	U.S.		MetLife Holdings		Total
	(In millions)
Balance, beginning of period	$	21	$	195	$	216
Deferrals	—		23		23
Amortization	(2)		(7)		(9)
Balance, end of period	$	19	$	211	$	230

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Closed Block (Tables)

6 Months Ended

Jun. 30, 2023

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, 2023		December 31, 2022
	(In millions)
Closed Block Liabilities
Future policy benefits	$	36,650	$	37,222
Other policy-related balances	281		273
Policyholder dividends payable	178		181
Current income tax payable	9		—
Other liabilities	592		455
Total closed block liabilities	37,710		38,131
Assets Designated to the Closed Block
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	19,697		19,648
Mortgage loans	6,269		6,564
Policy loans	4,014		4,084
Real estate and real estate joint ventures	655		635
Other invested assets	604		705
Total investments	31,239		31,636
Cash and cash equivalents	656		437
Accrued investment income	369		375
Premiums, reinsurance and other receivables	114		52
Current income tax recoverable	—		88
Deferred income tax asset	394		423
Total assets designated to the closed block	32,772		33,011
Excess of closed block liabilities over assets designated to the closed block	4,938		5,120
AOCI:
Unrealized investment gains (losses), net of income tax	(1,176)		(1,357)
Unrealized gains (losses) on derivatives, net of income tax	212		262
Total amounts included in AOCI	(964)		(1,095)
Maximum future earnings to be recognized from closed block assets and liabilities	$	3,974	$	4,025

Closed block policyholder dividend obligation

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

	Six Months Ended June 30, 2023		Year   Ended   December 31, 2022
	(In millions)
Balance, beginning of period	$	—	$	1,682
Change in unrealized investment and derivative gains (losses)	—		(1,682)
Balance, end of period	$	—	$	—

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,
	2023		2022		2023		2022
	(In millions)
Revenues
Premiums	$	226	$	274	$	461	$	549
Net investment income	341		352		679		713
Net investment gains (losses)	5		(16)		9		(48)
Net derivative gains (losses)	5		8		3		11
Total revenues	577		618		1,152		1,225
Expenses
Policyholder benefits and claims	445		462		858		945
Policyholder dividends	89		128		186		262
Other expenses	22		23		44		46
Total expenses	556		613		1,088		1,253
Revenues, net of expenses before provision for income tax expense (benefit)	21		5		64		(28)
Provision for income tax expense (benefit)	4		1		13		(6)
Revenues, net of expenses and provision for income tax expense (benefit)	$	17	$	4	$	51	$	(22)

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Investments (Tables)

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Fixed Maturity Securities AFS 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, prime investor, non-qualified residential mortgage, alternative, reperforming and sub-prime mortgage-backed securities. Asset-backed securities and collateralized loan obligations (collectively, “ABS & CLO”) 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, 2023										December 31, 2022
	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	$	56,350	$	(63)	$	734	$	3,983	$	53,038	$	55,280	$	(28)	$	649	$	4,811	$	51,090
Foreign corporate	28,111		(2)		309		3,827		24,591		28,328		(3)		206		4,538		23,993
U.S. government and agency	23,817		—		220		2,106		21,931		24,409		—		333		2,384		22,358
RMBS	21,948		—		161		2,224		19,885		21,539		—		177		2,383		19,333
ABS & CLO	12,719		—		13		667		12,065		12,639		—		9		812		11,836
Municipals	7,772		—		355		475		7,652		7,880		—		256		672		7,464
CMBS	6,938		(7)		4		643		6,292		6,691		(15)		7		640		6,043
Foreign government	3,811		(70)		155		278		3,618		3,711		(68)		140		324		3,459
Total fixed maturity securities AFS	$	161,466	$	(142)	$	1,951	$	14,203	$	149,072	$	160,477	$	(114)	$	1,777	$	16,564	$	145,576

Available-for-sale fixed maturity securities by contractual maturity date

The amortized cost, net of ACL, and estimated fair value of fixed maturity securities AFS, by contractual maturity date, were as follows at June 30, 2023:

	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	$	3,476	$	25,564	$	28,563	$	62,123	$	41,598	$	161,324
Estimated fair value	$	3,428	$	24,421	$	26,845	$	56,136	$	38,242	$	149,072

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, 2023								December 31, 2022
	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	$	12,855	$	520	$	21,607	$	3,435	$	34,358	$	3,953	$	3,383	$	856
Foreign corporate	3,084		157		15,837		3,670		16,834		3,350		3,977		1,188
U.S. government and agency	9,806		535		7,132		1,571		13,489		1,895		2,756		489
RMBS	6,179		289		10,761		1,935		11,622		1,280		4,585		1,103
ABS & CLO	1,607		45		8,867		622		7,725		499		3,009		313
Municipals	1,089		40		1,759		435		3,526		616		133		56
CMBS	1,450		64		4,144		576		4,376		426		1,254		213
Foreign government	811		30		1,227		247		1,803		209		306		115
Total fixed maturity securities AFS	$	36,881	$	1,680	$	71,334	$	12,491	$	93,733	$	12,228	$	19,403	$	4,333
Investment grade	$	35,008	$	1,614	$	66,674	$	11,852	$	88,059	$	11,710	$	17,470	$	3,897
Below investment grade	1,873		66		4,660		639		5,674		518		1,933		436
Total fixed maturity securities AFS	$	36,881	$	1,680	$	71,334	$	12,491	$	93,733	$	12,228	$	19,403	$	4,333
Total number of securities in an unrealized loss position	4,777				7,752				10,688				2,110

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, 2023	(In millions)
Balance, at beginning of period	$	57	$	3	$	7	$	68	$	135
ACL not previously recorded	—		—		—		—		—
Changes for securities with previously recorded ACL	6		(1)		—		2		7
Securities sold or exchanged	—		—		—		—		—
Write-offs	—		—		—		—		—
Balance, at end of period	$	63	$	2	$	7	$	70	$	142
Three Months Ended June 30, 2022
Balance, at beginning of period	$	13	$	25	$	13	$	104	$	155
ACL not previously recorded	—		—		—		—		—
Changes for securities with previously recorded ACL	14		(1)		—		(7)		6
Securities sold or exchanged	—		(17)		—		(20)		(37)
Write-offs	—		—		—		—		—
Balance, at end of period	$	27	$	7	$	13	$	77	$	124

	U.S.  Corporate		Foreign Corporate		CMBS		Foreign Government		Total
Six Months Ended June 30, 2023	(In millions)
Balance, at beginning of period	$	28	$	3	$	15	$	68	$	114
ACL not previously recorded	31		—		—		—		31
Changes for securities with previously recorded ACL	6		(1)		2		2		9
Securities sold or exchanged	(2)		—		(10)		—		(12)
Write-offs	—		—		—		—		—
Balance, at end of period	$	63	$	2	$	7	$	70	$	142
Six Months Ended June 30, 2022
Balance, at beginning of period	$	30	$	10	$	13	$	—	$	53
ACL not previously recorded	13		11		—		104		128
Changes for securities with previously recorded ACL	14		3		—		(7)		10
Securities sold or exchanged	(8)		(17)		—		(20)		(45)
Write-offs	(22)		—		—		—		(22)
Balance, at end of period	$	27	$	7	$	13	$	77	$	124

Disclosure of Mortgage Loans Net of Valuation Allowance

Mortgage loans are summarized as follows at:

	June 30, 2023				December 31, 2022
Portfolio Segment	Carrying Value		% of Total		Carrying Value		% of Total
	(Dollars in millions)
Commercial (1)	$	37,910	59.4	%	$	37,196	59.4	%
Agricultural	16,035		25.1		15,869		25.4
Residential	10,391		16.3		9,953		15.9
Total amortized cost	64,336		100.8		63,018		100.7
Allowance for credit loss	(525)		(0.8)		(448)		(0.7)
Total mortgage loans	$	63,811	100.0	%	$	62,570	100.0	%

__________________

(1)Includes commercial mortgage loans to be disposed of in connection with a pending reinsurance transaction, which are carried at the lower of amortized cost or estimated fair value of $117 million, net of the estimated fair value adjustment of $23 million, as of June 30, 2023. See Note 1.

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,
	2023								2022
	Commercial		Agricultural		Residential		Total		Commercial		Agricultural		Residential		Total
	(In millions)
Balance, beginning of period	$	174	$	105	$	169	$	448	$	260	$	79	$	197	$	536
Provision (release)	37		48		5		90		(13)		36		(38)		(15)
Charge-offs, net of recoveries	—		(13)		—		(13)		(82)		(22)		(1)		(105)
Balance, end of period	$	211	$	140	$	174	$	525	$	165	$	93	$	158	$	416

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, 2023:

Credit Quality Indicator	2023		2022		2021		2020		2019		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
LTV ratios:
Less than 65%	$	1,096	$	2,844	$	2,430	$	1,250	$	2,040	$	9,524	$	2,927	$	22,111	58.3	%
65% to 75%	124		1,813		792		951		1,163		3,692		—		8,535		22.5
76% to 80%	—		523		321		91		872		1,117		—		2,924		7.7
Greater than 80%	6		92		618		666		536		2,422		—		4,340		11.5
Total	$	1,226	$	5,272	$	4,161	$	2,958	$	4,611	$	16,755	$	2,927	$	37,910	100.0	%
DSCR:
> 1.20x	$	817	$	4,285	$	3,938	$	2,479	$	3,980	$	14,307	$	1,687	$	31,493	83.1	%
1.00x 1.20x	409		224		186		18		353		1,320		944		3,454		9.1
<1.00x	—		763		37		461		278		1,128		296		2,963		7.8
Total	$	1,226	$	5,272	$	4,161	$	2,958	$	4,611	$	16,755	$	2,927	$	37,910	100.0	%

The amortized cost of agricultural mortgage loans by credit quality indicator and vintage year was as follows at June 30, 2023:

Credit Quality Indicator	2023		2022		2021		2020		2019		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
LTV ratios:
Less than 65%	$	590	$	1,987	$	1,471	$	1,973	$	1,556	$	5,829	$	1,146	$	14,552	90.7	%
65% to 75%	21		91		228		209		24		563		131		1,267		7.9
76% to 80%	—		—		—		—		—		11		—		11		0.1
Greater than 80%	17		—		—		—		133		49		6		205		1.3
Total	$	628	$	2,078	$	1,699	$	2,182	$	1,713	$	6,452	$	1,283	$	16,035	100.0	%

The amortized cost of residential mortgage loans by credit quality indicator and vintage year was as follows at June 30, 2023:

Credit Quality Indicator	2023		2022		2021		2020		2019		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
Performance indicators:
Performing	$	196	$	1,954	$	828	$	147	$	591	$	6,300	$	—	$	10,016	96.4	%
Nonperforming (1)	—		14		10		7		34		310		—		375		3.6
Total	$	196	$	1,968	$	838	$	154	$	625	$	6,610	$	—	$	10,391	100.0	%

__________________

(1)Includes residential mortgage loans in process of foreclosure of $150 million and $143 million at June 30, 2023 and December 31, 2022, 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				Past Due and Still Accruing Interest				Nonaccrual
Portfolio Segment	June 30, 2023		December 31, 2022		June 30, 2023		December 31, 2022		June 30, 2023		December 31, 2022
	(In millions)
Commercial	$	42	$	—	$	—	$	—	$	192	$	158
Agricultural	98		120		22		18		235		131
Residential	375		428		—		—		376		429
Total	$	515	$	548	$	22	$	18	$	803	$	718

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, 2023		December 31, 2022		Three Months   Ended   June 30,				Six Months Ended June 30,
					2023		2022		2023		2022
Income Type	Carrying Value				Income
	(In millions)
Wholly-owned real estate:
Leased real estate	$	1,610	$	1,618	$	41	$	50	$	83	$	104
Other real estate	490		487		83		66		129		96
Real estate joint ventures	6,393		6,311		(7)		122		(43)		232
Total real estate and real estate joint ventures	$	8,493	$	8,416	$	117	$	238	$	169	$	432

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 certain mutual funds. FVO Securities includes fixed maturity and equity securities to support asset and liability management strategies for certain insurance products and investments in certain separate accounts.

	June 30, 2023						December 31, 2022
	Cost		Net Unrealized Gains (Losses) (1)		Estimated Fair Value		Cost		Net Unrealized Gains (Losses) (1)		Estimated Fair Value
Security Type
			(In millions)
FVO Securities	$	643	$	294	$	937	$	673	$	171	$	844
Equity securities
Common stock	$	121	$	47	$	168	$	119	$	47	$	166
Non-redeemable preferred stock	49		1		50		77		(3)		74
Total equity securities	$	170	$	48	$	218	$	196	$	44	$	240

__________________

(1)Represents cumulative changes in estimated fair value, recognized in earnings, and not in OCI.

Securities Lending and Repurchase Agreements

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

	June 30, 2023						December 31, 2022
	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	$	6,047	$	6,148	$	5,998	$	6,601	$	6,773	$	6,625
Repurchase agreements	$	3,176	$	3,100	$	3,024	$	3,176	$	3,125	$	3,057

__________________

(1)These securities were included within fixed maturity securities AFS and short-term investments at both June 30, 2023 and December 31, 2022.

(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, 2023										December 31, 2022
	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	$	976	$	2,450	$	2,722	$	—	$	6,148	$	935	$	4,233	$	1,605	$	—	$	6,773
Repurchase agreements:
U.S. government and agency	$	—	$	3,100	$	—	$	—	$	3,100	$	—	$	3,125	$	—	$	—	$	3,125

__________________

(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, 2023		December 31, 2022
	(In millions)
Invested assets on deposit (regulatory deposits)	$	102	$	98
Invested assets pledged as collateral (1)	21,723		20,612
Total invested assets on deposit and pledged as collateral	$	21,825	$	20,710

__________________

(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 2022 Annual Report) and derivative transactions (see Note 10).

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, 2023				December 31, 2022
Asset Type	Total Assets		Total Liabilities		Total Assets		Total Liabilities
	(In millions)
Real estate joint ventures	$	1,329	$	—	$	1,357	$	—
Mortgage loan joint ventures	159		—		147		—
Investment funds (primarily other invested assets)	100		1		98		—
Renewable energy partnership (primarily other invested assets)	68		—		76		—
Total	$	1,656	$	1	$	1,678	$	—

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, 2023				December 31, 2022
Asset Type	Carrying Amount		Maximum Exposure to Loss (1)		Carrying Amount		Maximum Exposure to Loss (1)
	(In millions)
Fixed maturity securities AFS (2)	$	37,047	$	37,047	$	35,813	$	35,813
Other limited partnership interests	7,391		9,647		7,299		9,716
Other invested assets	1,331		1,432		1,342		1,509
Real estate joint ventures	128		291		86		88
Total	$	45,897	$	48,417	$	44,540	$	47,126

__________________

(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 (“OLPI”) and real estate joint ventures (“REJV”) 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. 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	2023		2022		2023		2022
	(In millions)
Fixed maturity securities AFS	$	1,897	$	1,543	$	3,743	$	3,044
Equity securities	4		1		5		2
Mortgage loans	829		605		1,619		1,218
Policy loans	75		72		148		144
Real estate and REJV	117		238		169		432
OLPI	91		64		92		597
Cash, cash equivalents and short-term investments	89		11		173		15
FVO Securities	46		(113)		96		(142)
Operating joint venture	7		26		21		42
Other	46		185		125		254
Subtotal investment income	3,201		2,632		6,191		5,606
Less: Investment expenses	328		190		633		338
Net investment income	$	2,873	$	2,442	$	5,558	$	5,268
Net Investment Income (“NII”) Information
Net realized and unrealized gains (losses) recognized in NII:
Net realized gains (losses) from sales and disposals	$	—	$	(4)	$	—	$	(4)
Net unrealized gains (losses) from changes in estimated fair value (primarily FVO Securities and REJV)	76		(75)		134		(57)
Net realized and unrealized gains (losses) recognized in NII	$	76	$	(79)	$	134	$	(61)
Changes in estimated fair value subsequent to purchase of FVO Securities still held at the end of the respective periods and recognized in NII	$	45	$	(114)	$	92	$	(147)
Equity method investments NII (primarily REJV, OLPI, tax credit and renewable energy partnerships and an operating joint venture)	$	65	$	188	$	27	$	805

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		2023		2022		2023		2022
	(In millions)
Fixed maturity securities AFS (1)		$	(746)	$	(356)	$	(694)	$	(658)
Equity securities		7		1		2		4
Mortgage loans (1)		33		(13)		(116)		10
Real estate and REJV (excluding changes in estimated fair value)		62		159		64		163
OLPI (excluding changes in estimated fair value)		2		2		9		5
Other gains (losses)		8		49		14		66
Subtotal		(634)		(158)		(721)		(410)
Change in estimated fair value of OLPI and REJV		1		—		(4)		6
Non-investment portfolio gains (losses)		(26)		75		(36)		95
Subtotal		(25)		75		(40)		101
Net investment gains (losses)		$	(659)	$	(83)	$	(761)	$	(309)
Transaction Type
Realized gains (losses) on investments sold or disposed		$	(3)	$	(183)	$	80	$	(331)
Impairment (losses) (1)		(684)		—		(690)		(33)
Recognized gains (losses):
Change in allowance for credit loss recognized in earnings		47		29		(115)		(51)
Unrealized net gains (losses) recognized in earnings		7		(4)		—		11
Total recognized gains (losses)		54		25		(115)		(40)
Non-investment portfolio gains (losses)		(26)		75		(36)		95
Net investment gains (losses)		$	(659)	$	(83)	$	(761)	$	(309)
Net Investment Gains (Losses) (“NIGL”) Information
Changes in estimated fair value subsequent to purchase of equity securities still held at the end of the respective periods and recognized in NIGL		$	8	$	(1)	$	5	$	5
Other gains (losses) include:
Gains (losses) on disposed investments which were previously in a qualified cash flow hedge relationship		$	(27)	$	52	$	(25)	$	70
Foreign currency gains (losses)		$	(36)	$	54	$	(51)	$	66
Net Realized Investment Gains (Losses) From Sales and Disposals of Investments:
Recognized in NIGL		$	(3)	$	(183)	$	80	$	(331)
Recognized in NII		—		(4)		—		(4)
Net realized investment gains (losses) from sales and disposals of investments		$	(3)	$	(187)	$	80	$	(335)

__________________

(1) Includes ($654) million and ($23) million of impairments for fixed maturity securities AFS and the lower of amortized cost or estimated fair value adjustments for mortgage loans, respectively, during the three months ended June 30, 2023, for investments to be disposed of in a pending reinsurance transaction. See Note 1.

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	2023		2022		2023		2022
	(In millions)
Proceeds	$	3,291	$	12,499	$	11,713	$	19,988
Gross investment gains	$	27	$	45	$	266	$	70
Gross investment (losses)	(102)		(432)		(262)		(623)
Realized gains (losses) on sales and disposals	(75)		(387)		4		(553)
Net credit loss (provision) release (change in ACL recognized in earnings)	(10)		31		(31)		(72)
Impairment (losses)	(661)		—		(667)		(33)
Net credit loss (provision) release and impairment (losses)	(671)		31		(698)		(105)
Net investment gains (losses)	$	(746)	$	(356)	$	(694)	$	(658)
Equity Securities
Realized gains (losses) on sales and disposals	$	—	$	3	$	(2)	$	(4)
Unrealized net gains (losses) recognized in earnings	7		(2)		4		8
Net investment gains (losses)	$	7	$	1	$	2	$	4

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,
	2023		2022		2023		2022
	(In millions)
Estimated fair value of invested assets transferred to affiliates	$	4	$	—	$	4	$	189
Amortized cost of invested assets transferred to affiliates	$	4	$	—	$	4	$	191
Net investment gains (losses) recognized on transfers	$	—	$	—	$	—	$	(2)
Estimated fair value of invested assets transferred from affiliates	$	645	$	9	$	1,160	$	266

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

		June 30, 2023		December 31, 2022		Three Months   Ended   June 30,				Six Months Ended June 30,
						2023		2022		2023		2022
Investment Type/ Balance Sheet Category	Related Party	Carrying Value				Net Investment Income
		(In millions)
Affiliated investments (1)	MetLife, Inc.	$	1,102	$	1,207	$	5	$	4	$	10	$	10
Affiliated investments (2)	American Life Insurance Company	—		100		1		1		1		1
Other invested assets		$	1,102	$	1,307	$	6	$	5	$	11	$	11

________________

(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%. In July 2023, ¥37.3 billion (the equivalent of $258 million) of 1.60% affiliated senior unsecured notes matured and were refinanced with ¥37.3 billion 2.16% affiliated senior unsecured notes due July 2030. See Note 7 of the Notes to the Consolidated Financial Statements included in the 2022 Annual Report for further information.

(2)Represents an affiliated surplus note which was prepaid in June 2023. The surplus note had an original maturity date in June 2025 and bore interest, payable semi-annually, at a rate per annum of 1.88%.

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Derivatives (Tables)

6 Months Ended

Jun. 30, 2023

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, 2023						December 31, 2022
	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	$	3,973	$	1,310	$	472	$	4,036	$	1,353	$	443
Foreign currency swaps	Foreign currency exchange rate	1,459		65		—		565		74		—
Subtotal		5,432		1,375		472		4,601		1,427		443
Cash flow hedges:
Interest rate swaps	Interest rate	3,739		10		218		3,739		7		239
Interest rate forwards	Interest rate	1,687		—		292		2,227		—		404
Foreign currency swaps	Foreign currency exchange rate	29,766		2,392		907		29,290		2,453		1,364
Subtotal		35,192		2,402		1,417		35,256		2,460		2,007
Total qualifying hedges		40,624		3,777		1,889		39,857		3,887		2,450
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swaps	Interest rate	14,627		1,479		689		15,358		1,579		704
Interest rate floors	Interest rate	18,246		50		—		23,371		114		—
Interest rate caps	Interest rate	41,040		749		—		46,666		903		—
Interest rate futures	Interest rate	58		—		—		414		—		1
Interest rate options	Interest rate	38,636		275		9		39,712		434		36
Synthetic GICs	Interest rate	10,629		—		—		13,044		—		—
Foreign currency swaps	Foreign currency exchange rate	4,555		583		25		4,739		720		5
Foreign currency forwards	Foreign currency exchange rate	1,118		9		6		1,328		16		25
Credit default swaps — purchased	Credit	804		7		5		843		16		—
Credit default swaps — written	Credit	10,910		161		12		9,074		113		26
Equity futures	Equity market	1,214		2		13		1,063		2		—
Equity index options	Equity market	17,069		396		197		14,143		585		179
Equity variance swaps	Equity market	90		4		—		90		4		—
Equity total return swaps	Equity market	1,980		—		88		1,922		23		103
Total non-designated or nonqualifying derivatives		160,976		3,715		1,044		171,767		4,509		1,079
Total		$	201,600	$	7,492	$	2,933	$	211,624	$	8,396	$	3,529

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, 2023
	Net Investment Income		Net Investment Gains (Losses)		Net Derivative Gains (Losses)		Policyholder Benefits and Claims		Interest Credited to Policyholder Account Balances		Other Comprehensive Income (Loss)
	(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)	$	—	$	—	$	—	$	(135)	$	(32)	N/A
Hedged items	(1)		—		—		121		31		N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)	(6)		—		—		—		13		N/A
Hedged items	5		—		—		—		(11)		N/A
Subtotal	(2)		—		—		(14)		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		$	(156)
Amount of gains (losses) reclassified from AOCI into income	13		55		—		—		—		(68)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		56
Amount of gains (losses) reclassified from AOCI into income	1		310		—		—		—		(311)
Foreign currency transaction gains (losses) on hedged items	—		(293)		—		—		—		—
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		(1)
Amount of gains (losses) reclassified from AOCI into income	—		—		—		—		—		—
Subtotal	14		72		—		—		—		(480)
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)	—		—		(336)		—		—		N/A
Foreign currency exchange rate derivatives (1)	—		—		(44)		—		—		N/A
Credit derivatives — purchased (1)	—		—		(8)		—		—		N/A
Credit derivatives — written (1)	—		—		60		—		—		N/A
Equity derivatives (1)	(36)		—		(348)		—		—		N/A
Foreign currency transaction gains (losses) on hedged items	—		—		39		—		—		N/A
Subtotal	(36)		—		(637)		—		—		N/A
Earned income on derivatives	39		—		189		3		(34)		—
Synthetic GICs	N/A		N/A		4		N/A		N/A		N/A
Embedded derivatives	N/A		N/A		212		—		N/A		N/A
Total	$	15	$	72	$	(232)	$	(11)	$	(33)	$	(480)

	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		Other Comprehensive Income (Loss)
	(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)	$	2	$	—	$	—	$	(323)	$	(82)	N/A
Hedged items	(4)		—		—		306		78		N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)	59		—		—		—		—		N/A
Hedged items	(58)		—		—		—		—		N/A
Subtotal	(1)		—		—		(17)		(4)		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		—		—		—		—
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		—
Amount of gains (losses) reclassified from AOCI into income	—		—		—		—		—		—
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		—		637		—		—		N/A
Foreign currency transaction gains (losses) on hedged items	—		—		(179)		—		—		N/A
Subtotal	39		—		(155)		—		—		N/A
Earned income on derivatives	140		—		126		35		(29)		—
Synthetic GICs	N/A		N/A		—		N/A		N/A		N/A
Embedded derivatives	N/A		N/A		615		—		N/A		N/A
Total	$	194	$	45	$	586	$	18	$	(33)	$	390

	Six Months Ended June 30, 2023
	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)	$	(1)	$	—	$	—	$	(9)	$	—	N/A
Hedged items	—		—		—		(5)		(1)		N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)	(22)		—		—		—		13		N/A
Hedged items	21		—		—		—		(11)		N/A
Subtotal	(2)		—		—		(14)		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		$	44
Amount of gains (losses) reclassified from AOCI into income	27		57		—		—		—		(84)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		15
Amount of gains (losses) reclassified from AOCI into income	2		439		—		—		—		(441)
Foreign currency transaction gains (losses) on hedged items	—		(417)		—		—		—		—
Credit derivatives (1):
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		(1)
Amount of gains (losses) reclassified from AOCI into income	—		—		—		—		—		—
Subtotal	29		79		—		—		—		(467)
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)	—		—		(397)		—		—		N/A
Foreign currency exchange rate derivatives (1)	—		—		(139)		—		—		N/A
Credit derivatives — purchased (1)	—		—		(17)		—		—		N/A
Credit derivatives — written (1)	—		—		66		—		—		N/A
Equity derivatives (1)	(42)		—		(751)		—		—		N/A
Foreign currency transaction gains (losses) on hedged items	—		—		71		—		—		N/A
Subtotal	(42)		—		(1,167)		—		—		N/A
Earned income on derivatives	82		—		434		8		(67)		—
Synthetic GICs	N/A		N/A		9		N/A		N/A		N/A
Embedded derivatives	N/A		N/A		(68)		—		N/A		N/A
Total	$	67	$	79	$	(792)	$	(6)	$	(66)	$	(467)

	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	$	—	$	—	$	(696)	$	(158)	N/A
Hedged items	(8)		—		—		663		153		N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)	90		—		—		—		—		N/A
Hedged items	(87)		—		—		—		—		N/A
Subtotal	1		—		—		(33)		(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		$	(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		—		—		—		—
Credit derivatives (1):
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		—
Amount of gains (losses) reclassified from AOCI into income	—		—		—		—		—		—
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		—		819		—		—		N/A
Foreign currency transaction gains (losses) on hedged items	—		—		(242)		—		—		N/A
Subtotal	34		—		(649)		—		—		N/A
Earned income on derivatives	225		—		263		76		(55)		—
Synthetic GICs	N/A		N/A		—		N/A		N/A		N/A
Embedded derivatives	N/A		N/A		1,093		—		N/A		N/A
Total	$	293	$	58	$	707	$	43	$	(60)	$	42

__________________

(1)Excludes earned income on derivatives.

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, 2023		December 31, 2022		June 30, 2023		December 31, 2022
	(In millions)
Fixed maturity securities AFS	$	164	$	247	$	1	$	1
Mortgage loans	$	322	$	319	$	(20)	$	(18)
Future policy benefits	$	(2,901)	$	(2,816)	$	204	$	200
Policyholder account balances	$	(1,817)	$	(1,735)	$	43	$	80

__________________

(1)Includes ($124) million and ($136) million of hedging adjustments on discontinued hedging relationships at June 30, 2023 and December 31, 2022, 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, 2023					December 31, 2022
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	1.0	$	1	$	10	1.5
Credit default swaps referencing indices	84		4,351		2.9	79		4,251		3.4
Subtotal	84		4,361		2.9	80		4,261		3.4
Baa
Single name credit default swaps (3)	1		40		2.0	—		40		2.5
Credit default swaps referencing indices	66		6,359		5.2	13		4,598		5.9
Subtotal	67		6,399		5.2	13		4,638		5.8
Ba
Single name credit default swaps (3)	—		20		0.5	1		45		0.7
Credit default swaps referencing indices	2		25		3.5	2		25		4.0
Subtotal	2		45		2.1	3		70		1.9
B
Credit default swaps referencing indices	3		75		5.0	1		75		4.5
Subtotal	3		75		5.0	1		75		4.5
Caa
Credit default swaps referencing indices	(7)		30		3.0	(10)		30		3.5
Subtotal	(7)		30		3.0	(10)		30		3.5
Total	$	149	$	10,910	4.2	$	87	$	9,074	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 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, 2023				December 31, 2022
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)	$	7,530	$	2,975	$	8,456	$	3,499
OTC-cleared (1)	88		9		57		29
Exchange-traded	2		13		2		1
Total gross estimated fair value of derivatives presented on the interim condensed consolidated balance sheets (1)	7,620		2,997		8,515		3,529
Gross amounts not offset on the interim condensed consolidated balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral	(2,685)		(2,685)		(3,317)		(3,317)
OTC-cleared	(6)		(6)		(14)		(14)
Exchange-traded	(2)		(2)		—		—
Cash collateral: (3), (4)
OTC-bilateral	(3,140)		—		(4,044)		—
OTC-cleared	(63)		—		(18)		(1)
Securities collateral: (5)
OTC-bilateral	(1,637)		(290)		(1,078)		(182)
OTC-cleared	—		(3)		—		(14)
Exchange-traded	—		(11)		—		(1)
Net amount after application of master netting agreements and collateral	$	87	$	—	$	44	$	—

__________________

(1)At June 30, 2023 and December 31, 2022, derivative assets included income (expense) accruals reported in accrued investment income or in other liabilities of $128 million and $119 million, respectively, and derivative liabilities included (income) expense accruals reported in accrued investment income or in other liabilities of $64 million and $0, 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, 2023 and December 31, 2022, the Company received excess cash collateral of $244 million and $210 million, respectively, and provided excess cash collateral of $0 and $1 million, respectively.

(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, 2023, 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, 2023 and December 31, 2022, the Company received excess securities collateral with an estimated fair value of $377 million and $366 million, respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At June 30, 2023 and December 31, 2022, the Company provided excess securities collateral with an estimated fair value of $944 million and $934 million, respectively, for its OTC-bilateral derivatives, $488 million and $442 million, respectively, for its OTC-cleared derivatives, and $55 million and $96 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, 2023				December 31, 2022
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)	$	7,530	$	2,975	$	8,456	$	3,499
OTC-cleared (1)	88		9		57		29
Exchange-traded	2		13		2		1
Total gross estimated fair value of derivatives presented on the interim condensed consolidated balance sheets (1)	7,620		2,997		8,515		3,529
Gross amounts not offset on the interim condensed consolidated balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral	(2,685)		(2,685)		(3,317)		(3,317)
OTC-cleared	(6)		(6)		(14)		(14)
Exchange-traded	(2)		(2)		—		—
Cash collateral: (3), (4)
OTC-bilateral	(3,140)		—		(4,044)		—
OTC-cleared	(63)		—		(18)		(1)
Securities collateral: (5)
OTC-bilateral	(1,637)		(290)		(1,078)		(182)
OTC-cleared	—		(3)		—		(14)
Exchange-traded	—		(11)		—		(1)
Net amount after application of master netting agreements and collateral	$	87	$	—	$	44	$	—

__________________

(1)At June 30, 2023 and December 31, 2022, derivative assets included income (expense) accruals reported in accrued investment income or in other liabilities of $128 million and $119 million, respectively, and derivative liabilities included (income) expense accruals reported in accrued investment income or in other liabilities of $64 million and $0, 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, 2023 and December 31, 2022, the Company received excess cash collateral of $244 million and $210 million, respectively, and provided excess cash collateral of $0 and $1 million, respectively.

(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, 2023, 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, 2023 and December 31, 2022, the Company received excess securities collateral with an estimated fair value of $377 million and $366 million, respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At June 30, 2023 and December 31, 2022, the Company provided excess securities collateral with an estimated fair value of $944 million and $934 million, respectively, for its OTC-bilateral derivatives, $488 million and $442 million, respectively, for its OTC-cleared derivatives, and $55 million and $96 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, 2023		December 31, 2022
	(In millions)
Estimated fair value of derivatives in a net liability position (1)	$	290	$	182
Estimated fair value of collateral provided:
Fixed maturity securities AFS	$	553	$	221

__________________

(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, 2023		December 31, 2022
		(In millions)
Embedded derivatives within asset host contracts:
Assumed on affiliated reinsurance	Other invested assets	$	171	$	149
Funds withheld on affiliated reinsurance	Other invested assets	(9)		—
Total		$	162	$	149
Embedded derivatives within liability host contracts:
Funds withheld on affiliated reinsurance	Other liabilities	(371)		(450)
Fixed annuities with equity indexed returns	Policyholder account balances	155		141
Total		$	(216)	$	(309)

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, 2023		December 31, 2022
	(In millions)
Estimated fair value of derivatives in a net liability position (1)	$	290	$	182
Estimated fair value of collateral provided:
Fixed maturity securities AFS	$	553	$	221

__________________

(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, 2023		December 31, 2022
		(In millions)
Embedded derivatives within asset host contracts:
Assumed on affiliated reinsurance	Other invested assets	$	171	$	149
Funds withheld on affiliated reinsurance	Other invested assets	(9)		—
Total		$	162	$	149
Embedded derivatives within liability host contracts:
Funds withheld on affiliated reinsurance	Other liabilities	(371)		(450)
Fixed annuities with equity indexed returns	Policyholder account balances	155		141
Total		$	(216)	$	(309)

XML

Fair Value (Tables)

6 Months Ended

Jun. 30, 2023

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, 2023
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total  Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities AFS:
U.S. corporate	$	—	$	44,499	$	8,539	$	53,038
Foreign corporate	—		17,114		7,477		24,591
U.S. government and agency	8,561		13,370		—		21,931
RMBS	4		18,422		1,459		19,885
ABS & CLO	—		10,413		1,652		12,065
Municipals	—		7,648		4		7,652
CMBS	—		5,994		298		6,292
Foreign government	—		3,601		17		3,618
Total fixed maturity securities AFS	8,565		121,061		19,446		149,072
Short-term investments	3,305		134		17		3,456
Other investments	258		191		1,115		1,564
Derivative assets: (1)
Interest rate	—		3,873		—		3,873
Foreign currency exchange rate	—		3,049		—		3,049
Credit	—		161		7		168
Equity market	2		393		7		402
Total derivative assets	2		7,476		14		7,492
Embedded derivatives within asset host contracts (4)	—		—		162		162
Market risk benefits	—		—		163		163
Separate account assets (2)	14,036		69,819		1,055		84,910
Total assets (3)	$	26,166	$	198,681	$	21,972	$	246,819
Liabilities
Derivative liabilities: (1)
Interest rate	$	—	$	1,388	$	292	$	1,680
Foreign currency exchange rate	—		938		—		938
Credit	—		17		—		17
Equity market	13		285		—		298
Total derivative liabilities	13		2,628		292		2,933
Embedded derivatives within liability host contracts (4)	—		—		(216)		(216)
Market risk benefits	—		—		2,942		2,942
Separate account liabilities (2)	7		3		1		11
Total liabilities	$	20	$	2,631	$	3,019	$	5,670

	December 31, 2022
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities AFS:
U.S. corporate	$	—	$	43,147	$	7,943	$	51,090
Foreign corporate	—		17,203		6,790		23,993
U.S. government and agency	9,126		13,232		—		22,358
RMBS	4		17,804		1,525		19,333
ABS & CLO	—		10,329		1,507		11,836
Municipals	—		7,464		—		7,464
CMBS	—		5,702		341		6,043
Foreign government	—		3,444		15		3,459
Total fixed maturity securities AFS	9,130		118,325		18,121		145,576
Short-term investments	2,677		35		47		2,759
Other investments	246		212		1,022		1,480
Derivative assets: (1)
Interest rate	—		4,390		—		4,390
Foreign currency exchange rate	—		3,263		—		3,263
Credit	—		47		82		129
Equity market	2		605		7		614
Total derivative assets	2		8,305		89		8,396
Embedded derivatives within asset host contracts (4)	—		—		149		149
Market risk benefits	—		—		174		174
Separate account assets (2)	16,206		72,022		1,013		89,241
Total assets (3)	$	28,261	$	198,899	$	20,615	$	247,775
Liabilities
Derivative liabilities: (1)
Interest rate	$	1	$	1,421	$	405	$	1,827
Foreign currency exchange rate	—		1,394		—		1,394
Credit	—		11		15		26
Equity market	—		282		—		282
Total derivative liabilities	1		3,108		420		3,529
Embedded derivatives within liability host contracts (4)	—		—		(309)		(309)
Market risk benefits	—		—		3,270		3,270
Separate account liabilities (2)	8		15		18		41
Total liabilities	$	9	$	3,123	$	3,399	$	6,531

__________________

(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 both June 30, 2023 and December 31, 2022, the estimated fair value of such investments was $61 million.

(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 PABs 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, 2023				December 31, 2022				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)	17	-	128	91	—	-	126	89	Increase
	•	Market pricing	•	Quoted prices (4)	5	-	104	92	20	-	107	92	Increase
RMBS	•	Market pricing	•	Quoted prices (4)	—	-	109	93	—	-	106	93	Increase (5)
ABS & CLO	•	Market pricing	•	Quoted prices (4)	75	-	101	92	74	-	101	91	Increase (5)
Derivatives
Interest rate	•	Present value techniques	•	Swap yield (6)	360	-	380	371	372	-	392	381	Increase (7)
Credit	•	Present value techniques	•	Credit spreads (8)	—	-	—	—	84	-	138	101	Decrease (7)
	•	Consensus pricing	•	Offered quotes (9)
Market Risk Benefits
Direct and assumed guaranteed minimum benefits	•	Option pricing techniques	•	Mortality rates:
				Ages 0 - 40	0.01%	-	0.13%	0.05%	0.01%	-	0.08%	0.05%	(10)
				Ages 41 - 60	0.05%	-	0.67%	0.20%	0.05%	-	0.43%	0.20%	(10)
				Ages 61 - 115	0.34%	-	100%	1.44%	0.34%	-	100%	1.44%	(10)
			•	Lapse rates:
				Durations 1 - 10	0.50%	-	32.80%	8.96%	0.50%	-	37.50%	8.96%	Decrease (11)
				Durations 11 - 20	0.70%	-	18.20%	6.52%	0.70%	-	35.75%	6.52%	Decrease (11)
				Durations 21 - 116	0.75%	-	10%	2.89%	1.60%	-	35.75%	2.89%	Decrease (11)
			•	Utilization rates	0.20%	-	22%	0.38%	0.20%	-	22%	0.38%	Increase (12)
			•	Withdrawal rates	0.25%	-	7%	4.02%	0.25%	-	10%	4.02%	(13)
			•	Long-term equity volatilities	16.46%	-	22.01%	18.49%	16.46%	-	22.01%	18.49%	Increase (14)
			•	Nonperformance risk spread	0.44%	-	0.84%	0.75%	0.34%	-	0.74%	0.75%	Decrease (15)

__________________

(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 MRBs 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 MRBs, 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)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.

(9)At both June 30, 2023 and December 31, 2022, independent non-binding broker quotations were used in the determination of 1% or less of the total net derivative estimated fair value.

(10)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 MRBs. For contracts that contain only a GMDB, any increase (decrease) in mortality rates result in an increase (decrease) in the estimated fair value of MRBs. Generally, for contracts that contain both a GMDB and a living benefit (e.g., GMIB, GMWB, GMAB), any increase (decrease) in mortality rates result in a decrease (increase) in the estimated fair value of MRBs.

(11)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 MRBs.

(12)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 MRBs.

(13)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 MRB. 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.

(14)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 MRBs.

(15)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 MRBs.

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		Municipals		Foreign Government		Short-term Investments
	(In millions)
Three Months Ended June 30, 2023
Balance, beginning of period	$	15,717	$	3,501	$	—	$	15	$	57
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(11)		7		—		(1)		—
Total realized/unrealized gains (losses) included in AOCI	(101)		(20)		—		3		(1)
Purchases (3)	808		67		4		—		5
Sales (3)	(393)		(86)		—		—		(44)
Issuances (3)	—		—		—		—		—
Settlements (3)	—		—		—		—		—
Transfers into Level 3 (4)	125		34		—		—		—
Transfers out of Level 3 (4)	(129)		(94)		—		—		—
Balance, end of period	$	16,016	$	3,409	$	4	$	17	$	17
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
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2023 (5)	$	(10)	$	8	$	—	$	(1)	$	—
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 AOCI for the instruments still held at June 30, 2023 (5)	$	(110)	$	(21)	$	—	$	3	$	(1)
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2022 (5)	$	(1,495)	$	(139)	$	—	$	4	$	—

	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, 2023
Balance, beginning of period	$	—	$	1,052	$	(271)	$	168	$	1,000
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	—		63		(12)		212		(10)
Total realized/unrealized gains (losses) included in AOCI	—		—		(39)		—		—
Purchases (3)	—		—		—		—		72
Sales (3)	—		—		—		—		(20)
Issuances (3)	—		—		—		—		—
Settlements (3)	—		—		44		(2)		—
Transfers into Level 3 (4)	—		—		—		—		12
Transfers out of Level 3 (4)	—		—		—		—		—
Balance, end of period	$	—	$	1,115	$	(278)	$	378	$	1,054
Three Months Ended June 30, 2022
Balance, beginning of period	$	119	$	1,123	$	29	$	(722)	$	1,931
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(5)		(64)		(88)		615		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		26		6
Transfers into Level 3 (4)	—		—		—		—		—
Transfers out of Level 3 (4)	—		(100)		—		—		—
Balance, end of period	$	109	$	961	$	(103)	$	(81)	$	1,029
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2023 (5)	$	—	$	64	$	1	$	212	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2022 (5)	$	(5)	$	(64)	$	(87)	$	615	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2023 (5)	$	—	$	—	$	(48)	$	—	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2022 (5)	$	—	$	—	$	(199)	$	—	$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities AFS
	Corporate (6)		Structured Products		Municipals		Foreign Government		Short-term Investments
	(In millions)
Six Months Ended June 30, 2023
Balance, beginning of period	$	14,733	$	3,373	$	—	$	15	$	47
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(18)		1		—		(1)		—
Total realized/unrealized gains (losses) included in  AOCI	285		—		—		2		—
Purchases (3)	2,015		153		4		2		17
Sales (3)	(848)		(175)		—		(1)		(47)
Issuances (3)	—		—		—		—		—
Settlements (3)	—		—		—		—		—
Transfers into Level 3 (4)	280		103		—		—		—
Transfers out of Level 3 (4)	(431)		(46)		—		—		—
Balance, end of period	$	16,016	$	3,409	$	4	$	17	$	17
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
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2023 (5)	$	(17)	$	9	$	—	$	(1)	$	—
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 AOCI for the instruments still held at June 30, 2023 (5)	$	272	$	(4)	$	—	$	1	$	(1)
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2022 (5)	$	(2,618)	$	(300)	$	—	$	7	$	—

	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, 2023
Balance, beginning of period	$	—	$	1,022	$	(331)	$	458	$	995
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	—		91		(27)		(68)		(18)
Total realized/unrealized gains (losses) included in  AOCI	—		—		43		—		—
Purchases (3)	—		2		—		—		170
Sales (3)	—		—		—		—		(109)
Issuances (3)	—		—		—		—		—
Settlements (3)	—		—		98		(12)		1
Transfers into Level 3 (4)	—		—		—		—		15
Transfers out of Level 3 (4)	—		—		(61)		—		—
Balance, end of period	$	—	$	1,115	$	(278)	$	378	$	1,054
Six Months Ended June 30, 2022
Balance, beginning of period	$	127	$	894	$	86	$	(1,236)	$	1,958
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(9)		(19)		(22)		1,093		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		62		4
Transfers into Level 3 (4)	—		3		—		—		1
Transfers out of Level 3 (4)	—		(102)		—		—		(4)
Balance, end of period	$	109	$	961	$	(103)	$	(81)	$	1,029
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2023 (5)	$	—	$	93	$	2	$	(68)	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2022 (5)	$	(9)	$	(22)	$	(21)	$	1,093	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2023 (5)	$	—	$	—	$	7	$	—	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2022 (5)	$	—	$	—	$	(394)	$	—	$	—

__________________

(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.

Nonrecurring Fair Value Measurements

The following table presents information for assets measured at estimated fair value on a nonrecurring basis during the periods and still held at the reporting dates (for example, when there is evidence of impairment), using significant unobservable inputs (Level 3).

	June 30, 2023		December 31, 2022
	(in millions)
Carrying value after measurement
Mortgage loans (1)	$	278	$	222

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(in millions)
Realized gains (losses) net:
Mortgage loans (1)	$	(31)	$	(24)	$	(105)	$	(15)

__________________

(1)Estimated fair values for impaired mortgage loans are based on the underlying collateral or discounted cash flows. See Note 9.

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, 2023
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans (1)	$	63,811	$	—	$	—	$	60,000	$	60,000
Policy loans	$	5,692	$	—	$	—	$	6,107	$	6,107
Other invested assets	$	1,782	$	—	$	1,806	$	—	$	1,806
Premiums, reinsurance and other receivables	$	11,967	$	—	$	487	$	11,729	$	12,216
Liabilities
Policyholder account balances	$	87,765	$	—	$	—	$	84,948	$	84,948
Long-term debt	$	1,885	$	—	$	1,934	$	—	$	1,934
Other liabilities	$	12,125	$	—	$	518	$	11,583	$	12,101
Separate account liabilities	$	31,904	$	—	$	31,904	$	—	$	31,904

	December 31, 2022
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans (1)	$	62,570	$	—	$	—	$	58,858	$	58,858
Policy loans	$	5,729	$	—	$	—	$	6,143	$	6,143
Other invested assets	$	1,978	$	—	$	1,979	$	—	$	1,979
Premiums, reinsurance and other receivables	$	12,036	$	—	$	454	$	11,826	$	12,280
Liabilities
Policyholder account balances	$	85,957	$	—	$	—	$	83,594	$	83,594
Long-term debt	$	1,676	$	—	$	1,758	$	—	$	1,758
Other liabilities	$	12,546	$	—	$	671	$	11,842	$	12,513
Separate account liabilities	$	38,391	$	—	$	38,391	$	—	$	38,391

_________________

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

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Equity (Tables)

6 Months Ended

Jun. 30, 2023

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, 2023
	Unrealized Investment Gains (Losses), Net of Related Offsets		Deferred Gains (Losses) on Derivatives		Future Policy Benefits Discount Rate Remeasurement Gains (Losses)		Market Risk Benefits Instrument-Specific Credit Risk Remeasurement Gains (Losses)		Foreign Currency Translation Adjustments		Defined Benefit Plans Adjustment		Total
	(In millions)
Balance, beginning of period	$	(8,167)	$	1,568	$	(106)	$	149	$	(139)	$	(137)	$	(6,832)
OCI before reclassifications	(2,114)		(101)		1,051		(73)		17		—		(1,220)
Deferred income tax benefit (expense)	452		21		(219)		16		(5)		—		265
AOCI before reclassifications, net of income tax	(9,829)		1,488		726		92		(127)		(137)		(7,787)
Amounts reclassified from AOCI	829		(379)		—		—		—		3		453
Deferred income tax benefit (expense)	(167)		79		—		—		—		(1)		(89)
Amounts reclassified from AOCI, net of income tax	662		(300)		—		—		—		2		364
Balance, end of period	$	(9,167)	$	1,188	$	726	$	92	$	(127)	$	(135)	$	(7,423)

	Three Months   Ended   June 30, 2022
	Unrealized Investment Gains (Losses), Net of Related Offsets		Deferred Gains (Losses) on Derivatives		Future Policy Benefits Discount Rate Remeasurement Gains (Losses)		Market Risk Benefits Instrument-Specific Credit Risk Remeasurement Gains (Losses)		Foreign Currency Translation Adjustments		Defined Benefit Plans Adjustment		Total
	(In millions)
Balance, beginning of period	$	4,172	$	1,597	$	(8,611)	$	182	$	(57)	$	(387)	$	(3,104)
OCI before reclassifications	(12,827)		(96)		8,565		(8)		(34)		—		(4,400)
Deferred income tax benefit (expense)	2,697		20		(1,799)		2		5		—		925
AOCI before reclassifications, net of income tax	(5,958)		1,521		(1,845)		176		(86)		(387)		(6,579)
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	$	(5,640)	$	1,905	$	(1,845)	$	176	$	(86)	$	(379)	$	(5,869)

	Six Months Ended June 30, 2023
	Unrealized Investment Gains (Losses), Net of Related Offsets		Deferred Gains (Losses) on Derivatives		Future Policy Benefits Discount Rate Remeasurement Gains (Losses)		Market Risk Benefits Instrument-Specific Credit Risk Remeasurement Gains (Losses)		Foreign Currency Translation Adjustments		Defined Benefit Plans Adjustment		Total
	(In millions)
Balance, beginning of period	$	(11,161)	$	1,557	$	1,529	$	80	$	(187)	$	(138)	$	(8,320)
OCI before reclassifications	1,698		58		(1,017)		15		77		(1)		830
Deferred income tax benefit (expense)	(346)		(12)		214		(3)		(17)		—		(164)
AOCI before reclassifications, net of income tax	(9,809)		1,603		726		92		(127)		(139)		(7,654)
Amounts reclassified from AOCI	804		(525)		—		—		—		5		284
Deferred income tax benefit (expense)	(162)		110		—		—		—		(1)		(53)
Amounts reclassified from AOCI, net of income tax	642		(415)		—		—		—		4		231
Balance, end of period	$	(9,167)	$	1,188	$	726	$	92	$	(127)	$	(135)	$	(7,423)

	Six Months Ended June 30, 2022
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Deferred Gains (Losses) on Derivatives		Future Policy Benefits Discount Rate Remeasurement Gains (Losses)		Market Risk Benefits Instrument-Specific Credit Risk Remeasurement Gains (Losses)		Foreign Currency Translation Adjustments		Defined Benefit Plans Adjustment		Total
	(In millions)
Balance, beginning of period	$	12,799	$	1,872	$	(15,553)	$	267	$	(45)	$	(395)	$	(1,055)
OCI before reclassifications	(23,958)		(486)		17,352		(115)		(50)		—		(7,257)
Deferred income tax benefit (expense)	5,030		102		(3,644)		24		9		—		1,521
AOCI before reclassifications, net of income tax	(6,129)		1,488		(1,845)		176		(86)		(395)		(6,791)
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	$	(5,640)	$	1,905	$	(1,845)	$	176	$	(86)	$	(379)	$	(5,869)

For information on offsets to investments related to policyholder liabilities, see “— Net Unrealized Investment Gains (Losses).”

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,
	2023		2022		2023		2022
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)	$	(828)	$	(388)	$	(787)	$	(601)	Net investment gains (losses)
Net unrealized investment gains (losses)	1		1		3		3		Net investment income
Net unrealized investment gains (losses)	(2)		(16)		(20)		(21)		Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax	(829)		(403)		(804)		(619)
Income tax (expense) benefit	167		85		162		130
Net unrealized investment gains (losses), net of income tax	(662)		(318)		(642)		(489)
Deferred gains (losses) on derivatives - cash flow hedges:
Interest rate derivatives	13		16		27		31		Net investment income
Interest rate derivatives	55		53		57		71		Net investment gains (losses)
Foreign currency exchange rate derivatives	1		—		2		2		Net investment income
Foreign currency exchange rate derivatives	310		(555)		439		(632)		Net investment gains (losses)
Gains (losses) on cash flow hedges, before income tax	379		(486)		525		(528)
Income tax (expense) benefit	(79)		102		(110)		111
Gains (losses) on cash flow hedges, net of income tax	300		(384)		415		(417)
Defined benefit plans adjustment: (1)
Amortization of net actuarial gains (losses)	(3)		(11)		(6)		(21)
Amortization of prior service (costs) credit	—		1		1		1
Amortization of defined benefit plan items, before income tax	(3)		(10)		(5)		(20)
Income tax (expense) benefit	1		2		1		4
Amortization of defined benefit plan items, net of income tax	(2)		(8)		(4)		(16)
Total reclassifications, net of income tax	$	(364)	$	(710)	$	(231)	$	(922)

__________________

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

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, 2023		December 31, 2022
	(In millions)
Fixed maturity securities AFS	$	(12,215)	$	(14,741)
Derivatives	1,504		1,971
Other	488		455
Subtotal	(10,223)		(12,315)
Amounts allocated from:
Policyholder liabilities	(2)		55
Deferred income tax benefit (expense)	2,246		2,656
Net unrealized investment gains (losses)	$	(7,979)	$	(9,604)

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Other Revenues and Other Expenses (Tables)

6 Months Ended

Jun. 30, 2023

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,
	2023		2022		2023		2022
	(In millions)
Prepaid legal plans	$	115	$	106	$	230	$	214
Recordkeeping and administrative services (1)	37		42		74		89
Administrative services-only contracts	62		57		123		112
Other revenue from service contracts from customers	11		7		21		14
Total revenues from service contracts from customers	225		212		448		429
Other (2)	194		160		386		354
Total other revenues	$	419	$	372	$	834	$	783

__________________

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

(2)Primarily includes reinsurance ceded. See Note 17.

Other Expenses

Information on other expenses was as follows:

	Three Months   Ended   June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(In millions)
General and administrative expenses (1)	$	677	$	725	$	1,338	$	1,364
Pension, postretirement and postemployment benefit costs	50		29		100		59
Premium taxes, other taxes, and licenses & fees	106		81		199		161
Commissions and other variable expenses	467		491		1,181		973
Capitalization of DAC	(12)		(34)		(89)		(61)
Amortization of DAC and VOBA	74		76		151		156
Interest expense on debt	34		25		64		49
Total other expenses	$	1,396	$	1,393	$	2,944	$	2,701

__________________

(1)Includes ($27) million and ($57) million for the three months and six months ended June 30, 2023, respectively, and $52 million and $74 million for the three months and six months ended June 30, 2022, 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, 2023

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,
	2023		2022		2023		2022
	(In millions)
Premiums
Reinsurance assumed	$	2	$	2	$	(25)	$	3
Reinsurance ceded	(89)		(37)		(173)		(68)
Net premiums	$	(87)	$	(35)	$	(198)	$	(65)
Universal life and investment-type product policy fees
Reinsurance assumed	$	1	$	—	$	1	$	—
Reinsurance ceded	(2)		(1)		(4)		(2)
Net universal life and investment-type product policy fees	$	(1)	$	(1)	$	(3)	$	(2)
Other revenues
Reinsurance assumed	$	24	$	5	$	46	$	29
Reinsurance ceded	116		124		231		247
Net other revenues	$	140	$	129	$	277	$	276
Policyholder benefits and claims
Reinsurance assumed	$	18	$	20	$	(151)	$	31
Reinsurance ceded	(68)		(42)		(145)		(74)
Net policyholder benefits and claims	$	(50)	$	(22)	$	(296)	$	(43)
Policyholder liability remeasurement (gains) losses
Reinsurance assumed	$	—	$	(15)	$	(39)	$	(33)
Reinsurance ceded	—		(1)		(5)		(4)
Net policyholder liability remeasurement (gains) losses	$	—	$	(16)	$	(44)	$	(37)
Interest credited to policyholder account balances
Reinsurance assumed	$	88	$	12	$	161	$	21
Reinsurance ceded	(3)		(3)		(6)		(6)
Net interest credited to policyholder account balances	$	85	$	9	$	155	$	15
Other expenses
Reinsurance assumed	$	11	$	1	$	215	$	10
Reinsurance ceded	65		109		128		195
Net other expenses	$	76	$	110	$	343	$	205

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

	June 30, 2023				December 31, 2022
	Assumed		Ceded		Assumed		Ceded
	(In millions)
Assets
Premiums, reinsurance and other receivables	$	170	$	11,261	$	723	$	11,303
Deferred policy acquisition costs and value of business acquired	167		(162)		120		(164)
Total assets	$	337	$	11,099	$	843	$	11,139
Liabilities
Future policy benefits	$	2,253	$	—	$	2,484	$	—
Policyholder account balances	9,043		—		6,216		—
Other policy-related balances	65		(29)		61		(23)
Other liabilities	857		10,288		910		10,380
Total liabilities	$	12,218	$	10,259	$	9,671	$	10,357

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Business, Basis of Presentation and Summary of Significant Accounting Policies - Summary Matrix (Details) - USD ($) $ in Millions	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Jan. 01, 2021	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Premiums, reinsurance and other receivables	$ 20,753		$ 20,791				$ 21,885
Deferred policy acquisition costs and value of business acquired	3,695		3,757	$ 3,770			4,143
Deferred income tax asset	2,841		2,920				2,518
Other assets	4,349		4,352				4,187
Future policy benefits	126,814		126,914				146,178
Policyholder Account Balance	104,789		103,407				100,934
Market risk benefits	2,942		3,270				6,789
Deferred income tax liability							0
Retained earnings	8,374		9,022				6,616
Accumulated other comprehensive income (loss)	$ (7,423)	$ (6,832)	(8,320)	$ (5,869)	$ (3,104)	$ (1,055)	(1,325)
Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Premiums, reinsurance and other receivables			20,704					$ 21,478
Deferred policy acquisition costs and value of business acquired			5,263					2,649
Deferred income tax asset			2,661					0
Other assets			4,367					4,158
Future policy benefits			133,725					133,921
Policyholder Account Balance			99,967					96,635
Market risk benefits			0					0
Deferred income tax liability								1,980
Retained earnings			10,572					10,548
Accumulated other comprehensive income (loss)			$ (8,896)					$ 11,662
Reclassification of carrying amount of contracts and contract features that are market risk benefits
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Premiums, reinsurance and other receivables							(59)
Deferred policy acquisition costs and value of business acquired							0
Deferred income tax asset							0
Other assets							0
Future policy benefits							(1,447)
Policyholder Account Balance							(495)
Market risk benefits							1,883
Deferred income tax liability							0
Retained earnings							0
Accumulated other comprehensive income (loss)							0
Adjustments for the difference between previous carrying amount and fair value measurement for market risk benefits
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Premiums, reinsurance and other receivables							0
Deferred policy acquisition costs and value of business acquired							0
Deferred income tax asset							0
Other assets							0
Future policy benefits							0
Policyholder Account Balance							0
Market risk benefits							4,906
Deferred income tax liability							(1,030)
Retained earnings							(3,897)
Accumulated other comprehensive income (loss)							21
Removal of related amounts in accumulated other comprehensive income
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Premiums, reinsurance and other receivables							0
Deferred policy acquisition costs and value of business acquired							1,482
Deferred income tax asset							0
Other assets							29
Future policy benefits							(6,835)
Policyholder Account Balance							0
Market risk benefits							0
Deferred income tax liability							1,751
Retained earnings							0
Accumulated other comprehensive income (loss)							6,595
Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Premiums, reinsurance and other receivables							32
Deferred policy acquisition costs and value of business acquired							0
Deferred income tax asset							0
Other assets							0
Future policy benefits							89
Policyholder Account Balance							0
Market risk benefits							0
Deferred income tax liability							(12)
Retained earnings							(45)
Accumulated other comprehensive income (loss)							0
Effect of remeasurement of future policy benefits to an upper-medium grade discount rate
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Premiums, reinsurance and other receivables							403
Deferred policy acquisition costs and value of business acquired							0
Deferred income tax asset							0
Other assets							0
Future policy benefits							25,208
Policyholder Account Balance							0
Market risk benefits							0
Deferred income tax liability							(5,209)
Retained earnings							0
Accumulated other comprehensive income (loss)							(19,596)
Adjustments for the cumulative effect of adoption on additional insurance assets and liabilities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Premiums, reinsurance and other receivables							29
Deferred policy acquisition costs and value of business acquired							0
Deferred income tax asset							0
Other assets							0
Future policy benefits							36
Policyholder Account Balance
Market risk benefits							0
Deferred income tax liability							0
Retained earnings							0
Accumulated other comprehensive income (loss)							(7)
Other balance sheet reclassifications upon adoption of the LDTI standard
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Premiums, reinsurance and other receivables							2
Deferred policy acquisition costs and value of business acquired							12
Deferred income tax asset							2,518
Other assets							0
Future policy benefits							(4,794)
Policyholder Account Balance							4,794
Market risk benefits							0
Deferred income tax liability							2,520
Retained earnings							10
Accumulated other comprehensive income (loss)							$ 0

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Business, Basis of Presentation and Summary of Significant Accounting Policies - Transition Table - Balance Sheet (Details) - USD ($) $ in Millions	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Jan. 01, 2021	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Premiums, reinsurance and other receivables	$ 20,753		$ 20,791				$ 21,885
Market risk benefits	163		174
Deferred policy acquisition costs and value of business acquired	3,695		3,757	$ 3,770			4,143
Deferred income tax asset	2,841		2,920				2,518
Other assets	4,349		4,352				4,187
Total assets	379,821		384,839
Future policy benefits	126,814		126,914				146,178
Policyholder Account Balance	104,789		103,407				100,934
Market risk benefits	2,942		3,270				6,789
Other Policy-Related Balances	8,286		7,931
Other liabilities	23,564		24,495
Total Liabilities	366,222		371,444
Retained earnings	8,374		9,022				6,616
Accumulated other comprehensive income (loss)	(7,423)	$ (6,832)	(8,320)	(5,869)	$ (3,104)	$ (1,055)	$ (1,325)
Total Metropolitan Life Insurance Company stockholder’s equity	13,431		13,183
Total equity	13,599	$ 14,176	13,395	15,701	17,454	18,521
Total liabilities and equity	$ 379,821		384,839
Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Premiums, reinsurance and other receivables			20,704					$ 21,478
Market risk benefits			0
Deferred policy acquisition costs and value of business acquired			5,263					2,649
Deferred income tax asset			2,661					0
Other assets			4,367					4,158
Total assets			385,840
Future policy benefits			133,725					133,921
Policyholder Account Balance			99,967					96,635
Market risk benefits			0					0
Other Policy-Related Balances			7,863
Other liabilities			24,489
Total Liabilities			371,471
Retained earnings			10,572					10,548
Accumulated other comprehensive income (loss)			(8,896)					$ 11,662
Total Metropolitan Life Insurance Company stockholder’s equity			14,157
Total equity			14,369	$ 20,135	$ 28,250	$ 33,428
Total liabilities and equity			385,840
Revision of Prior Period, Accounting Standards Update, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Premiums, reinsurance and other receivables			87
Market risk benefits			174
Deferred policy acquisition costs and value of business acquired			(1,506)
Deferred income tax asset			259
Other assets			(15)
Total assets			(1,001)
Future policy benefits			(6,811)
Policyholder Account Balance			3,440
Market risk benefits			3,270
Other Policy-Related Balances			68
Other liabilities			6
Total Liabilities			(27)
Retained earnings			(1,550)
Accumulated other comprehensive income (loss)			576
Total Metropolitan Life Insurance Company stockholder’s equity			(974)
Total equity			(974)
Total liabilities and equity			$ (1,001)

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Business, Basis of Presentation and Summary of Significant Accounting Policies - Transition Table - Income Statement (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Premiums	$ 5,953		$ 5,664		$ 11,802	$ 11,570
Universal life and investment-type product policy fees	422		467		852	946
Net other revenues	419		372		834	783
Net derivative gains (losses)	(232)		586		(792)	707
Total revenues	8,776		9,448		17,493	18,965
Policyholder benefits and claims	6,436		6,010		12,659	12,661
Policyholder liability remeasurement (gains) losses	17		(12)		(40)	(41)
Market risk benefits remeasurement (gains) losses	(670)		(730)		(426)	(2,091)
Interest credited to policyholder account balances	893		565		1,724	1,067
Policyholder dividends	116		153		239	314
Other expenses	1,396		1,393		2,944	2,701
Total expenses	8,188		7,379		17,100	14,611
Income (loss) before provision for income tax	588		2,069		393	4,354
Provision for income tax expense (benefit)	78		385		(26)	788
Net income (loss)	510	$ (91)	1,684	$ 1,882	419	3,566
Net income (loss) attributable to Metropolitan Life Insurance Company	467		1,682		378	3,564
Comprehensive income (loss)	(81)		(1,081)		1,317	(1,248)
Comprehensive income (loss) attributable to Metropolitan Life Insurance Company	$ (124)		(1,083)		$ 1,275	(1,250)
Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Premiums			5,668			11,578
Universal life and investment-type product policy fees			515			1,039
Net other revenues			373			785
Net derivative gains (losses)			345			526
Total revenues			9,260			18,887
Policyholder benefits and claims			5,936			12,497
Policyholder liability remeasurement (gains) losses			0			0
Market risk benefits remeasurement (gains) losses			0			0
Interest credited to policyholder account balances			530			1,021
Policyholder dividends			154			313
Other expenses			1,419			2,718
Total expenses			8,039			16,549
Income (loss) before provision for income tax			1,221			2,338
Provision for income tax expense (benefit)			207			365
Net income (loss)			1,014			1,973
Net income (loss) attributable to Metropolitan Life Insurance Company			1,012			1,971
Comprehensive income (loss)			(7,443)			(11,721)
Comprehensive income (loss) attributable to Metropolitan Life Insurance Company			(7,445)			(11,723)
Revision of Prior Period, Accounting Standards Update, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Premiums			(4)			(8)
Universal life and investment-type product policy fees			(48)			(93)
Net other revenues			(1)			(2)
Net derivative gains (losses)			241			181
Total revenues			188			78
Policyholder benefits and claims			74			164
Policyholder liability remeasurement (gains) losses			(12)			(41)
Market risk benefits remeasurement (gains) losses			(730)			(2,091)
Interest credited to policyholder account balances			35			46
Policyholder dividends			(1)			1
Other expenses			(26)			(17)
Total expenses			(660)			(1,938)
Income (loss) before provision for income tax			848			2,016
Provision for income tax expense (benefit)			178			423
Net income (loss)			670			1,593
Net income (loss) attributable to Metropolitan Life Insurance Company			670			1,593
Comprehensive income (loss)			6,362			10,473
Comprehensive income (loss) attributable to Metropolitan Life Insurance Company			$ 6,362			$ 10,473

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Business, Basis of Presentation and Summary of Significant Accounting Policies - Transition Table SOE (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total equity	$ 13,599	$ 14,176	$ 15,701	$ 17,454	$ 13,599	$ 15,701	$ 13,395	$ 18,521
Net income (loss)	510	(91)	1,684	1,882	419	3,566
Other Comprehensive Income (Loss), Net of Tax	(591)	1,489	(2,765)	(2,049)
Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total equity			20,135	28,250		20,135	14,369	33,428
Net income (loss)			1,014			1,973
Revision of Prior Period, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total equity			(4,434)	(10,796)		(4,434)	(974)	(14,907)
Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total equity	8,374	8,315	8,935	7,934	8,374	8,935	9,022	6,933
Net income (loss)	467	(89)	1,682	1,882
Retained Earnings | Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total equity			11,277	10,946		11,277	10,572	10,868
Net income (loss)			1,012	959
Retained Earnings | Revision of Prior Period, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total equity			(2,342)	(3,012)		(2,342)	(1,550)	(3,935)
Net income (loss)			670	923
Accumulated Other Comprehensive Income (Loss)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total equity	(7,423)	(6,832)	(5,869)	(3,104)	(7,423)	(5,869)	(8,320)	(1,055)
Other Comprehensive Income (Loss), Net of Tax	(591)	1,488	(2,765)	(2,049)
Accumulated Other Comprehensive Income (Loss) | Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total equity			(3,777)	4,680		(3,777)	(8,896)	9,917
Other Comprehensive Income (Loss), Net of Tax			(8,457)	(5,237)
Accumulated Other Comprehensive Income (Loss) | Revision of Prior Period, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total equity			(2,092)	(7,784)		(2,092)	576	(10,972)
Other Comprehensive Income (Loss), Net of Tax			5,692	3,188
Total Metropolitan Life Insurance Company Stockholder’s Equity
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total equity	13,431	13,964	15,547	17,300	$ 13,431	15,547	13,183	18,347
Net income (loss)	467	(89)	1,682	1,882
Other Comprehensive Income (Loss), Net of Tax	$ (591)	$ 1,488	(2,765)	(2,049)
Total Metropolitan Life Insurance Company Stockholder’s Equity | Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total equity			19,981	28,096		19,981	14,157	33,254
Total Metropolitan Life Insurance Company Stockholder’s Equity | Revision of Prior Period, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total equity			$ (4,434)	$ (10,796)		$ (4,434)	$ (974)	$ (14,907)

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Business, Basis of Presentation and Summary of Significant Accounting Policies - Transition Table - SCF (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net Cash Provided by (Used in) Operating Activities	$ 2,088	$ 1,422
Policyholder account balances - deposits	39,547	46,102
Policyholder account balances - withdrawals	(40,094)	(44,260)
Net cash provided by (used in) financing activities	$ (2,884)	(6,919)
Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net Cash Provided by (Used in) Operating Activities		1,160
Policyholder account balances - deposits		46,124
Policyholder account balances - withdrawals		(44,020)
Net cash provided by (used in) financing activities		(6,657)
Revision of Prior Period, Accounting Standards Update, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net Cash Provided by (Used in) Operating Activities		262
Policyholder account balances - deposits		(22)
Policyholder account balances - withdrawals		240
Net cash provided by (used in) financing activities		$ (262)

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Business, Basis of Presentation and Summary of Significant Accounting Policies (Narrative) (Details) $ in Millions	6 Months Ended
	Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($) Segment	May 25, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jan. 01, 2021 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of segments | Segment		2
Deferred Sale Inducement Cost		$ 47		$ 49
Finite-Lived Intangible Assets [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating		104,789		103,407	$ 100,934
Separate account liabilities		84,910		89,241
Separate account assets		84,910		89,241
Global Atlantic Financial Group
Finite-Lived Intangible Assets [Line Items]
Separate account liabilities			$ 13,000
Separate account assets			$ 4,800
Global Atlantic Financial Group | Forecast
Finite-Lived Intangible Assets [Line Items]
Ceding Commissions, Before Tax	$ 1,800
U.S.
Finite-Lived Intangible Assets [Line Items]
Separate account assets		$ 50,023		$ 56,010
Other balance sheet reclassifications upon adoption of the LDTI standard
Finite-Lived Intangible Assets [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating					$ 4,794
Minimum | VODA and VOCRA
Finite-Lived Intangible Assets [Line Items]
Amortization period		10 years
Maximum | VODA and VOCRA
Finite-Lived Intangible Assets [Line Items]
Amortization period		30 years

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Segment Information (Earnings) (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues
Premiums	$ 5,953		$ 5,664		$ 11,802	$ 11,570
Universal life and investment-type product policy fees	422		467		852	946
Net investment income	2,873		2,442		5,558	5,268
Other revenues	419		372		834	783
Net investment gains (losses)	(659)		(83)		(761)	(309)
Net derivative gains (losses)	(232)		586		(792)	707
Total revenues	8,776		9,448		17,493	18,965
Expenses
Policyholder benefits and claims and policyholder dividends	6,552		6,163		12,898	12,975
Policyholder liability remeasurement (gains) losses	17		(12)		(40)	(41)
Market risk benefits remeasurement (gains) losses	(670)		(730)		(426)	(2,091)
Interest credited to policyholder account balances	893		565		1,724	1,067
Capitalization of DAC	(12)		(34)		(89)	(61)
Amortization of DAC and VOBA	74		76		151	156
Interest expense on debt	34		25		64	49
Other expenses	1,300		1,326		2,818	2,557
Total expenses	8,188		7,379		17,100	14,611
Provision for income tax expense (benefit)	78		385		(26)	788
Net income (loss)	510	$ (91)	1,684	$ 1,882	419	3,566
Operating Segments
Revenues
Premiums	5,953		5,664		11,802	11,570
Universal life and investment-type product policy fees	422		467		852	946
Net investment income	3,070		2,561		5,956	5,518
Other revenues	422		372		842	783
Net investment gains (losses)	0		0		0	0
Net derivative gains (losses)	0		0		0	0
Total revenues	9,867		9,064		19,452	18,817
Expenses
Policyholder benefits and claims and policyholder dividends	6,549		6,156		12,892	12,959
Policyholder liability remeasurement (gains) losses	17		(12)		(40)	(41)
Market risk benefits remeasurement (gains) losses	0		0		0	0
Interest credited to policyholder account balances	894		571		1,724	1,095
Capitalization of DAC	(12)		(34)		(89)	(61)
Amortization of DAC and VOBA	74		76		151	156
Interest expense on debt	34		25		64	49
Other expenses	1,354		1,324		2,867	2,555
Total expenses	8,910		8,106		17,569	16,712
Provision for income tax expense (benefit)	157		152		288	315
Adjusted earnings	800		806		1,595	1,790
Segment Reconciling Items
Revenues
Premiums	0		0		0	0
Universal life and investment-type product policy fees	0		0		0	0
Net investment income	(197)		(119)		(398)	(250)
Other revenues	(3)		0		(8)	0
Net investment gains (losses)	(659)		(83)		(761)	(309)
Net derivative gains (losses)	(232)		586		(792)	707
Total revenues	(1,091)		384		(1,959)	148
Expenses
Policyholder benefits and claims and policyholder dividends	3		7		6	16
Policyholder liability remeasurement (gains) losses	0		0		0	0
Market risk benefits remeasurement (gains) losses	(670)		(730)		(426)	(2,091)
Interest credited to policyholder account balances	(1)		(6)		0	(28)
Capitalization of DAC	0		0		0	0
Amortization of DAC and VOBA	0		0		0	0
Interest expense on debt	0		0		0	0
Other expenses	(54)		2		(49)	2
Total expenses	(722)		(727)		(469)	(2,101)
Provision for income tax expense (benefit)	(79)		233		(314)	473
U.S.
Expenses
Capitalization of DAC					(35)	(35)
U.S. | Operating Segments
Revenues
Premiums	5,368		5,042		10,638	10,326
Universal life and investment-type product policy fees	283		277		568	563
Net investment income	1,980		1,477		3,834	3,106
Other revenues	250		219		492	461
Net investment gains (losses)	0		0		0	0
Net derivative gains (losses)	0		0		0	0
Total revenues	7,881		7,015		15,532	14,456
Expenses
Policyholder benefits and claims and policyholder dividends	5,425		4,980		10,652	10,557
Policyholder liability remeasurement (gains) losses	(5)		(23)		(77)	(68)
Market risk benefits remeasurement (gains) losses	0		0		0	0
Interest credited to policyholder account balances	657		405		1,266	767
Capitalization of DAC	(10)		(12)		(35)	(35)
Amortization of DAC and VOBA	14		12		28	27
Interest expense on debt	4		1		7	3
Other expenses	920		823		2,026	1,684
Total expenses	7,005		6,186		13,867	12,935
Provision for income tax expense (benefit)	184		173		349	316
Adjusted earnings	692		656		1,316	1,205
MetLife Holdings
Expenses
Capitalization of DAC					1	1
MetLife Holdings | Operating Segments
Revenues
Premiums	585		622		1,163	1,244
Universal life and investment-type product policy fees	138		190		283	383
Net investment income	1,044		1,133		2,033	2,397
Other revenues	50		27		106	70
Net investment gains (losses)	0		0		0	0
Net derivative gains (losses)	0		0		0	0
Total revenues	1,817		1,972		3,585	4,094
Expenses
Policyholder benefits and claims and policyholder dividends	1,123		1,176		2,239	2,402
Policyholder liability remeasurement (gains) losses	22		11		37	27
Market risk benefits remeasurement (gains) losses	0		0		0	0
Interest credited to policyholder account balances	156		161		311	322
Capitalization of DAC	1		1		1	1
Amortization of DAC and VOBA	56		63		115	128
Interest expense on debt	3		2		6	3
Other expenses	187		190		393	391
Total expenses	1,548		1,604		3,102	3,274
Provision for income tax expense (benefit)	53		73		94	164
Adjusted earnings	216		295		389	656
Corporate & Other
Expenses
Capitalization of DAC					(55)	(27)
Corporate & Other | Operating Segments
Revenues
Premiums	0		0		1	0
Universal life and investment-type product policy fees	1		0		1	0
Net investment income	46		(49)		89	15
Other revenues	122		126		244	252
Net investment gains (losses)	0		0		0	0
Net derivative gains (losses)	0		0		0	0
Total revenues	169		77		335	267
Expenses
Policyholder benefits and claims and policyholder dividends	1		0		1	0
Policyholder liability remeasurement (gains) losses	0		0		0	0
Market risk benefits remeasurement (gains) losses	0		0		0	0
Interest credited to policyholder account balances	81		5		147	6
Capitalization of DAC	(3)		(23)		(55)	(27)
Amortization of DAC and VOBA	4		1		8	1
Interest expense on debt	27		22		51	43
Other expenses	247		311		448	480
Total expenses	357		316		600	503
Provision for income tax expense (benefit)	(80)		(94)		(155)	(165)
Adjusted earnings	$ (108)		$ (145)		$ (110)	$ (71)

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Segment Information (Total Assets) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total assets	$ 379,821	$ 384,839
U.S.
Segment Reporting Information [Line Items]
Total assets	213,680	220,658
MetLife Holdings
Segment Reporting Information [Line Items]
Total assets	134,893	133,393
Corporate & Other
Segment Reporting Information [Line Items]
Total assets	$ 31,248	$ 30,788

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Segment Information (Narrative) (Details)	6 Months Ended
	Jun. 30, 2023 Segment
Segment Reporting [Abstract]
Number of segments	2

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Future Policy Benefits - Transition Tables (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021	Jan. 01, 2021	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net liability for future policy benefits	$ 126,814	$ 126,914			$ 146,178
Removal of additional insurance liabilities for separate presentation						$ (2,929)
Subtotal - pre-adoption balance, excluding additional liabilities						130,992
FPB Removal of related amounts in accumulated other comprehensive income					(6,835)
Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach					89
Effect of remeasurement of future policy benefits to an upper-medium grade discount rate					25,208
Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard					(4,794)
Removal of remeasured deferred profit liabilities for separate presentation					(2,663)
FPB - traditional and limited-payment contracts					141,997
Balance, deferred profit liabilities at January 1, 2021					2,663
Ceded Recoverables on traditional and limited-payment contracts					1,416
Effect of remeasurement of the ceded recoverable to an upper-medium grade discount rate					403
Adjustments for loss contracts (with net premiums in excess of gross premiums) under the modified retrospective approach					32
Adjustments for the cumulative effect of adoption on ceded recoverables on traditional and limited-payment contract					26
Additional Liability, Long-Duration Insurance, Original Discount Rate, before Cash Flow and Reinsurance					1,518	2,929
Additional Insurance Liabilities Reclassification of carrying amount of contracts and contract features that are market risk benefits					(1,447)
Additional Insurance Liabilities Adjustments for the cumulative effect of adoption on additional insurance liabilities					36
Ceded recoverables on additional insurance liabilities					563	554
Ceded Recoverable Adjustments for the cumulative effect of adoption on ceded recoverables on additional insurance liabilities					9
Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net liability for future policy benefits						133,921
Ceded Recoverables on traditional and limited-payment contracts						955
Variable Annuity [Member] | U.S.
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net liability for future policy benefits	47,299	47,990	$ 43,347
Removal of additional insurance liabilities for separate presentation						(4)
Subtotal - pre-adoption balance, excluding additional liabilities						54,531
FPB Removal of related amounts in accumulated other comprehensive income					(5,571)
Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach					41
Effect of remeasurement of future policy benefits to an upper-medium grade discount rate					15,011
Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard					(4,747)
Removal of remeasured deferred profit liabilities for separate presentation					(2,413)
FPB - traditional and limited-payment contracts					56,852
Balance, deferred profit liabilities at January 1, 2021					2,413
Ceded Recoverables on traditional and limited-payment contracts					344
Effect of remeasurement of the ceded recoverable to an upper-medium grade discount rate					135
Adjustments for loss contracts (with net premiums in excess of gross premiums) under the modified retrospective approach					0
Adjustments for the cumulative effect of adoption on ceded recoverables on traditional and limited-payment contract					6
Variable Annuity [Member] | U.S. | Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net liability for future policy benefits						54,535
Ceded Recoverables on traditional and limited-payment contracts						203
Long-term Care | MetLife Holdings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net liability for future policy benefits	14,498	13,845	14,828
Removal of additional insurance liabilities for separate presentation						0
Subtotal - pre-adoption balance, excluding additional liabilities						14,281
FPB Removal of related amounts in accumulated other comprehensive income					(1,210)
Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach					0
Effect of remeasurement of future policy benefits to an upper-medium grade discount rate					8,270
Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard					0
Removal of remeasured deferred profit liabilities for separate presentation					0
FPB - traditional and limited-payment contracts					21,341
Balance, deferred profit liabilities at January 1, 2021					0
Ceded Recoverables on traditional and limited-payment contracts					0
Effect of remeasurement of the ceded recoverable to an upper-medium grade discount rate					0
Adjustments for loss contracts (with net premiums in excess of gross premiums) under the modified retrospective approach					0
Adjustments for the cumulative effect of adoption on ceded recoverables on traditional and limited-payment contract					0
Long-term Care | MetLife Holdings | Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net liability for future policy benefits						14,281
Ceded Recoverables on traditional and limited-payment contracts						0
Participating Life Insurance Contract | MetLife Holdings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net liability for future policy benefits	43,981	44,434
Removal of additional insurance liabilities for separate presentation						0
Subtotal - pre-adoption balance, excluding additional liabilities						45,349
FPB Removal of related amounts in accumulated other comprehensive income					0
Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach					0
Effect of remeasurement of future policy benefits to an upper-medium grade discount rate					0
Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard					0
Removal of remeasured deferred profit liabilities for separate presentation					0
FPB - traditional and limited-payment contracts					45,349
Balance, deferred profit liabilities at January 1, 2021					0
Participating Life Insurance Contract | MetLife Holdings | Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net liability for future policy benefits						45,349
Long-Duration Insurance, Other
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net liability for future policy benefits	6,216	6,297
Removal of additional insurance liabilities for separate presentation						(2,925)
Subtotal - pre-adoption balance, excluding additional liabilities						6,700
FPB Removal of related amounts in accumulated other comprehensive income					(54)
Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach					48
Effect of remeasurement of future policy benefits to an upper-medium grade discount rate					1,927
Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard					(47)
Removal of remeasured deferred profit liabilities for separate presentation					(250)
FPB - traditional and limited-payment contracts					8,324
Balance, deferred profit liabilities at January 1, 2021					250
Ceded Recoverables on traditional and limited-payment contracts					1,072
Effect of remeasurement of the ceded recoverable to an upper-medium grade discount rate					268
Adjustments for loss contracts (with net premiums in excess of gross premiums) under the modified retrospective approach					32
Adjustments for the cumulative effect of adoption on ceded recoverables on traditional and limited-payment contract					20
Additional Liability, Long-Duration Insurance, Original Discount Rate, before Cash Flow and Reinsurance					4	1,451
Additional Insurance Liabilities Reclassification of carrying amount of contracts and contract features that are market risk benefits					(1,447)
Additional Insurance Liabilities Adjustments for the cumulative effect of adoption on additional insurance liabilities					0
Ceded recoverables on additional insurance liabilities					0	0
Ceded Recoverable Adjustments for the cumulative effect of adoption on ceded recoverables on additional insurance liabilities					0
Long-Duration Insurance, Other | Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net liability for future policy benefits						9,625
Ceded Recoverables on traditional and limited-payment contracts						752
Short-Duration Insurance, Other
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net liability for future policy benefits	10,189	10,008
Removal of additional insurance liabilities for separate presentation						0
Subtotal - pre-adoption balance, excluding additional liabilities						10,131
FPB Removal of related amounts in accumulated other comprehensive income					0
Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach					0
Effect of remeasurement of future policy benefits to an upper-medium grade discount rate					0
Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard					0
Removal of remeasured deferred profit liabilities for separate presentation					0
FPB - traditional and limited-payment contracts					10,131
Balance, deferred profit liabilities at January 1, 2021					0
Short-Duration Insurance, Other | Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net liability for future policy benefits						10,131
Universal And Variable Life Contracts [Member] | MetLife Holdings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net liability for future policy benefits	1,763	1,641
Additional Liability, Long-Duration Insurance, Original Discount Rate, before Cash Flow and Reinsurance	$ 1,763	$ 1,642	$ 1,588	$ 1,623	1,514	1,478
Additional Insurance Liabilities Reclassification of carrying amount of contracts and contract features that are market risk benefits					0
Additional Insurance Liabilities Adjustments for the cumulative effect of adoption on additional insurance liabilities					36
Ceded recoverables on additional insurance liabilities					563	$ 554
Ceded Recoverable Adjustments for the cumulative effect of adoption on ceded recoverables on additional insurance liabilities					$ 9

XML

Future Policy Benefits - FPB on Balance Sheet (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Jan. 01, 2021
Net liability for future policy benefits	$ 126,814	$ 126,914		$ 146,178
Variable Annuity [Member] | U.S.
Net liability for future policy benefits	47,299	47,990	$ 43,347
Long-term Care | MetLife Holdings
Net liability for future policy benefits	14,498	13,845	$ 14,828
Variable Annuity for Deferred Profit Liabilities | U.S.
Net liability for future policy benefits	2,868	2,699
Universal And Variable Life Contracts [Member] | MetLife Holdings
Net liability for future policy benefits	1,763	1,641
Participating Life Insurance Contract | MetLife Holdings
Net liability for future policy benefits	43,981	44,434
Long-Duration Insurance, Other
Net liability for future policy benefits	6,216	6,297
Short-Duration Insurance, Other
Net liability for future policy benefits	$ 10,189	$ 10,008

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Future Policy Benefits - Disaggregate Rollforwards (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Jan. 01, 2021
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Net liability for future policy benefits	$ 126,814		$ 126,914	$ 146,178
Variable Annuity [Member] | U.S.
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Balance, beginning of period, at current discount rate at balance sheet date	0	$ 0
Balance, beginning of period, at original discount rate	0	0
Effect of actual variances from expected experience (1)	2	0
Adjusted balance	2	0
Issuances	183	82
Net premiums collected	(185)	(82)
Ending balance at original discount rate	0	0
Balance, end of period, at current discount rate at balance sheet date	0	0
Balance, beginning of period, at current discount rate at balance sheet date	48,190	54,172
Balance, beginning of period, at original discount rate	49,194	42,453
Effect of actual variances from expected experience (1)	(299)	(114)
Adjusted balance	48,895	42,339
Issuances	183	85
Interest accrual	1,196	1,042
Benefit payments	(2,386)	(1,816)
Ending balance at original discount rate	47,888	41,650
Effect of changes in discount rate assumptions	(385)	1,645
Balance, end of period, at current discount rate at balance sheet date	47,503	43,295
Cumulative amount of fair value hedging adjustments	(204)	52
Net liability for future policy benefits	47,299	43,347	47,990
Less: Reinsurance recoverables	0	230
Net liability for future policy benefits, net of reinsurance	47,299	43,117
Undiscounted - Expected future benefit payments	93,997	83,006
Discounted - Expected future benefit payments (at current discount rate at balance sheet date)	$ 47,503	$ 43,295
Weighted-average duration of the liability	9 years	10 years
Weighted-average interest accretion (original locked-in) rate	5.10%	5.10%
Weighted-average current discount rate at balance sheet date	5.40%	4.80%
Deferred Profit Liability	$ 225	$ 48
Long-term Care | MetLife Holdings
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Balance, beginning of period, at current discount rate at balance sheet date	5,775	7,058
Balance, beginning of period, at original discount rate	5,807	5,699
Effect of actual variances from expected experience (1)	83	106
Adjusted balance	5,890	5,805
Interest accrual	149	147
Net premiums collected	(293)	(288)
Ending balance at original discount rate	5,746	5,664
Effect of Changes in Discount Rate Assumptions	3	288
Balance, end of period, at current discount rate at balance sheet date	5,749	5,952
Balance, beginning of period, at current discount rate at balance sheet date	19,619	27,627
Balance, beginning of period, at original discount rate	20,165	19,406
Effect of actual variances from expected experience (1)	99	116
Adjusted balance	20,264	19,522
Interest accrual	534	515
Benefit payments	(382)	(345)
Ending balance at original discount rate	20,416	19,692
Effect of changes in discount rate assumptions	(169)	1,088
Balance, end of period, at current discount rate at balance sheet date	20,247	20,780
Net liability for future policy benefits	14,498	14,828	$ 13,845
Undiscounted - Expected future gross premiums	10,893	11,062
Undiscounted - Expected future benefit payments	45,653	45,787
Discounted - Expected future gross premiums	7,089	7,501
Discounted - Expected future benefit payments (at current discount rate at balance sheet date)	$ 20,247	$ 20,780
Weighted-average duration of the liability	15 years	16 years
Weighted-average interest accretion (original locked-in) rate	5.40%	5.50%
Weighted-average current discount rate at balance sheet date	5.50%	5.00%

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Future Policy Benefits - FBP - Additional Insurance Liabilities (Details) - Universal And Variable Life Contracts [Member] - MetLife Holdings - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Liabilities for Guarantees on Long-Duration Contracts [Line Items]
Additional Liability, Long-Duration Insurance, Original Discount Rate, before Cash Flow and Reinsurance	$ 1,642	$ 1,623
Additional Liability, Long-Duration Insurance, Original Discount Rate, AOCI Adjustment before Cash Flow and Reinsurance	(63)	66
Additional Liability, Long-Duration Insurance, Balance, before AOCI adjustment	1,705	1,557
Additional Liability, Long-Duration Insurance, Cumulative Increase (Decrease) of Actual Variance from Expected Experience	6	14
Additional Liability, Long-Duration Insurance, Original Discount Rate, before Reinsurance, after Cash Flow Change	1,711	1,571
Additional Liability, Long-Duration Insurance, Assessment Accrual	47	46
Additional Liability, Long-Duration Insurance, Interest Income (Expense)	44	40
Additional Liability, Long-Duration Insurance, Benefit Payment	(41)	(34)
Additional Liability, Long-Duration Insurance, Balance, before AOCI adjustment	1,761	1,623
Additional Liability, Long-Duration Insurance, Original Discount Rate, AOCI Adjustment before Cash Flow and Reinsurance	2	(35)
Additional Liability, Long-Duration Insurance, Original Discount Rate, before Cash Flow and Reinsurance	1,763	1,588
Additional Liability, Long-Duration Insurance, Reinsurance Recoverable, after Allowance	649	613
Additional Liability, Long-Duration Insurance, after Reinsurance	$ 1,114	$ 975
Additional Liability, Long-Duration Insurance, Weighted-Average Duration	17 years	18 years
Additional Liability, Long-Duration Insurance, Weighted-Average Interest Accretion Rate	5.20%	5.20%

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Future Policy Benefits - FBP Income Statement (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Principal Transaction Revenue [Line Items]
Gross Premiums or Assessments (1)	$ 1,170	$ 1,052
Interest Expense (2)	1,847	1,668
Variable Annuity [Member] | U.S.
Principal Transaction Revenue [Line Items]
Gross Premiums or Assessments (1)	168	89
Interest Expense (2)	1,196	1,042
Long-term Care | MetLife Holdings
Principal Transaction Revenue [Line Items]
Gross Premiums or Assessments (1)	366	367
Interest Expense (2)	385	368
Fixed Annuity for Deferred Profit Liabilities | U.S.
Principal Transaction Revenue [Line Items]
Interest Expense (2)	70	67
Universal And Variable Life Contracts [Member] | MetLife Holdings
Principal Transaction Revenue [Line Items]
Gross Premiums or Assessments (1)	236	246
Interest Expense (2)	44	40
Long-Duration Insurance, Other
Principal Transaction Revenue [Line Items]
Gross Premiums or Assessments (1)	400	350
Interest Expense (2)	$ 152	$ 151

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Future Policy Benefits (Rollforward of Unpaid Claims) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Balance, beginning of period	$ 11,300	$ 10,820
Less: Reinsurance recoverables	1,633	1,857
Net balance, beginning of period	9,667	8,963
Incurred related to:
Current period	10,270	10,217
Prior periods (1)	(32)	267
Total incurred	10,238	10,484
Paid related to:
Current period	(5,919)	(5,860)
Prior periods	(4,020)	(4,002)
Total paid	(9,939)	(9,862)
Net balance, end of period	9,966	9,585
Add: Reinsurance recoverables	1,794	1,755
Balance, end of period (included in future policy benefits and other policy-related balances)	$ 11,760	$ 11,340

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Policyholder Account Balances - Transition Table (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021	Jan. 01, 2021	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Policyholder Account Balance	$ 104,789	$ 103,407			$ 100,934
Reclassification of carrying amount of contracts and contract features that are market risk benefits
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Policyholder Account Balance					(495)
Other balance sheet reclassifications upon adoption of the LDTI standard
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Policyholder Account Balance					4,794
Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Policyholder Account Balance		99,967				$ 96,635
Other Products
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Policyholder Account Balance	16,359	14,103			8,128
Other Products | Reclassification of carrying amount of contracts and contract features that are market risk benefits
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Policyholder Account Balance					0
Other Products | Other balance sheet reclassifications upon adoption of the LDTI standard
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Policyholder Account Balance					47
Other Products | Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Policyholder Account Balance						8,081
Group Insurance Policy | U.S.
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Policyholder Account Balance	7,795	7,954	$ 7,989	$ 7,889	7,585
Group Insurance Policy | U.S. | Reclassification of carrying amount of contracts and contract features that are market risk benefits
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Policyholder Account Balance					0
Group Insurance Policy | U.S. | Other balance sheet reclassifications upon adoption of the LDTI standard
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Policyholder Account Balance					0
Group Insurance Policy | U.S. | Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Policyholder Account Balance						7,585
Capital Markets Investment Products and Stable Value GICs | U.S.
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Policyholder Account Balance	58,490	58,508	59,238	58,495	60,641
Capital Markets Investment Products and Stable Value GICs | U.S. | Reclassification of carrying amount of contracts and contract features that are market risk benefits
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Policyholder Account Balance					0
Capital Markets Investment Products and Stable Value GICs | U.S. | Other balance sheet reclassifications upon adoption of the LDTI standard
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Policyholder Account Balance					0
Capital Markets Investment Products and Stable Value GICs | U.S. | Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Policyholder Account Balance						60,641
Annuities and Risk Solutions | U.S.
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Policyholder Account Balance	10,404	10,244	9,744	10,009	10,062
Annuities and Risk Solutions | U.S. | Reclassification of carrying amount of contracts and contract features that are market risk benefits
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Policyholder Account Balance					(1)
Annuities and Risk Solutions | U.S. | Other balance sheet reclassifications upon adoption of the LDTI standard
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Policyholder Account Balance					4,747	4,700
Annuities and Risk Solutions | U.S. | Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Policyholder Account Balance						5,316
Fixed Annuity | MetLife Holdings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Policyholder Account Balance	$ 11,741	$ 12,598	$ 13,285	$ 13,692	14,518
Fixed Annuity | MetLife Holdings | Reclassification of carrying amount of contracts and contract features that are market risk benefits
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Policyholder Account Balance					(494)
Fixed Annuity | MetLife Holdings | Other balance sheet reclassifications upon adoption of the LDTI standard
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Policyholder Account Balance					$ 0
Fixed Annuity | MetLife Holdings | Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Policyholder Account Balance						$ 15,012

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Policyholder Account Balances - Amounts on Balance Sheet (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021	Jan. 01, 2021
Policyholder Account Balance [Line Items]
Policyholder Account Balance	$ 104,789	$ 103,407			$ 100,934
Other Products
Policyholder Account Balance [Line Items]
Policyholder Account Balance	16,359	14,103			8,128
Group Insurance Policy | U.S.
Policyholder Account Balance [Line Items]
Policyholder Account Balance	7,795	7,954	$ 7,989	$ 7,889	7,585
Capital Markets Investment Products and Stable Value GICs | U.S.
Policyholder Account Balance [Line Items]
Policyholder Account Balance	58,490	58,508	59,238	58,495	60,641
Annuities and Risk Solutions | U.S.
Policyholder Account Balance [Line Items]
Policyholder Account Balance	10,404	10,244	9,744	10,009	10,062
Fixed Annuity | MetLife Holdings
Policyholder Account Balance [Line Items]
Policyholder Account Balance	$ 11,741	$ 12,598	$ 13,285	$ 13,692	$ 14,518

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Policyholder Account Balances - LDTI Rollforward (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Policyholder Account Balance [Roll Forward]
Balance, beginning of period	$ 103,407
Balance, end of period	104,789
Group Insurance Policy | U.S.
Policyholder Account Balance [Roll Forward]
Balance, beginning of period	7,954	$ 7,889
Deposits	1,644	1,682
Policy charges	(318)	(304)
Surrenders and withdrawals	(1,573)	(1,335)
Benefit payments	(6)	(6)
Net transfers from (to) separate accounts	1	0
Interest credited	93	63
Balance, end of period	$ 7,795	$ 7,989
Weighted-average annual crediting rate	2.40%	1.60%
Cash surrender value	$ 7,732	$ 7,934
Group Insurance Policy | Guaranteed Minimum Death Benefit [Member] | U.S.
Policyholder Account Balance [Roll Forward]
Net amount at risk	251,590	242,758
Capital Markets Investment Products and Stable Value GICs | U.S.
Policyholder Account Balance [Roll Forward]
Balance, beginning of period	58,508	58,495
Deposits	34,800	43,004
Surrenders and withdrawals	(36,458)	(41,717)
Interest credited	890	467
Effect of foreign currency translation and other, net	750	(1,011)
Balance, end of period	$ 58,490	$ 59,238
Weighted-average annual crediting rate	3.10%	1.60%
Cash surrender value	$ 1,776	$ 1,733
Annuities and Risk Solutions | U.S.
Policyholder Account Balance [Roll Forward]
Balance, beginning of period	10,244	10,009
Deposits	348	119
Policy charges	(87)	(82)
Surrenders and withdrawals	(88)	(72)
Benefit payments	(271)	(272)
Net transfers from (to) separate accounts	54	(1)
Interest credited	213	192
Other	(9)	(149)
Balance, end of period	$ 10,404	$ 9,744
Weighted-average annual crediting rate	4.20%	4.00%
Cash surrender value	$ 6,672	$ 5,656
Annuities and Risk Solutions | Guaranteed Minimum Death Benefit [Member] | U.S.
Policyholder Account Balance [Roll Forward]
Net amount at risk	36,065	35,226
Fixed Annuity | MetLife Holdings
Policyholder Account Balance [Roll Forward]
Balance, beginning of period	12,598	13,692
Deposits	129	140
Policy charges	(6)	(7)
Surrenders and withdrawals	(1,004)	(636)
Benefit payments	(218)	(205)
Net transfers from (to) separate accounts	47	134
Interest credited	182	188
Other	13	(21)
Balance, end of period	$ 11,741	$ 13,285
Weighted-average annual crediting rate	3.00%	2.90%
Cash surrender value	$ 10,964	$ 12,256
Fixed Annuity | Guaranteed Minimum Death Benefit [Member] | MetLife Holdings
Policyholder Account Balance [Roll Forward]
Net amount at risk	3,246	4,086
Fixed Annuity | Annuitization Benefit [Member] | MetLife Holdings
Policyholder Account Balance [Roll Forward]
Net amount at risk	$ 770	$ 1,091

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Policyholder Account Balances - Range of Guaranteed Minimum Crediting Rate (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021	Jan. 01, 2021
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	$ 104,789	$ 103,407			$ 100,934
Group Insurance Policy | U.S.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	7,795	7,954	$ 7,989	$ 7,889	7,585
Group Insurance Policy | Equal to or greater than 0% but less than 2% | U.S.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	$ 5,525		$ 5,615
Group Insurance Policy | Equal to or greater than 0% but less than 2% | U.S. | Minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Range of Guaranteed Minimum Credit Rating	0.00%		0.00%
Group Insurance Policy | Equal to or greater than 0% but less than 2% | U.S. | Maximum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Range of Guaranteed Minimum Credit Rating	2.00%		2.00%
Group Insurance Policy | Equal to or greater than 2% but less than 4% | U.S.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	$ 1,327		$ 1,413
Group Insurance Policy | Equal to or greater than 2% but less than 4% | U.S. | Minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Range of Guaranteed Minimum Credit Rating	2.00%		2.00%
Group Insurance Policy | Equal to or greater than 2% but less than 4% | U.S. | Maximum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Range of Guaranteed Minimum Credit Rating	4.00%		4.00%
Group Insurance Policy | Equal to or greater than 4% | U.S.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	$ 824		$ 831
Group Insurance Policy | Equal to or greater than 4% | U.S. | Minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Range of Guaranteed Minimum Credit Rating	4.00%		4.00%
Group Insurance Policy | Products with either a fixed rate or no guaranteed minimum crediting rate | U.S.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	$ 119		$ 130
Group Insurance Policy | At GMCR | U.S.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	1,998		7,492
Group Insurance Policy | At GMCR | Equal to or greater than 0% but less than 2% | U.S.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	0		5,354
Group Insurance Policy | At GMCR | Equal to or greater than 2% but less than 4% | U.S.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	1,252		1,338
Group Insurance Policy | At GMCR | Equal to or greater than 4% | U.S.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	746		800
Group Insurance Policy | Greater than 0% but less than 0.50% above GMCR | U.S.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	11		120
Group Insurance Policy | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 0% but less than 2% | U.S.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	0		68
Group Insurance Policy | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 2% but less than 4% | U.S.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	10		52
Group Insurance Policy | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 4% | U.S.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	1		0
Group Insurance Policy | Equal to or greater than 0.50% but less than 1.50% above GMCR | U.S.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	1,016		86
Group Insurance Policy | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 0% but less than 2% | U.S.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	910		63
Group Insurance Policy | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 2% but less than 4% | U.S.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	63		23
Group Insurance Policy | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 4% | U.S.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	43		0
Group Insurance Policy | Equal to or greater than 1.50% above GMCR | U.S.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	4,651		161
Group Insurance Policy | Equal to or greater than 1.50% above GMCR | Equal to or greater than 0% but less than 2% | U.S.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	4,615		130
Group Insurance Policy | Equal to or greater than 1.50% above GMCR | Equal to or greater than 2% but less than 4% | U.S.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	2		0
Group Insurance Policy | Equal to or greater than 1.50% above GMCR | Equal to or greater than 4% | U.S.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	34		31
Capital Markets Investment Products and Stable Value GICs | U.S.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	58,490	58,508	59,238	58,495	60,641
Capital Markets Investment Products and Stable Value GICs | Equal to or greater than 0% but less than 2% | U.S.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	$ 2,596		$ 3,398
Capital Markets Investment Products and Stable Value GICs | Equal to or greater than 0% but less than 2% | U.S. | Minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Range of Guaranteed Minimum Credit Rating	0.00%		0.00%
Capital Markets Investment Products and Stable Value GICs | Equal to or greater than 0% but less than 2% | U.S. | Maximum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Range of Guaranteed Minimum Credit Rating	2.00%		2.00%
Capital Markets Investment Products and Stable Value GICs | Products with either a fixed rate or no guaranteed minimum crediting rate | U.S.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	$ 55,894		$ 55,840
Capital Markets Investment Products and Stable Value GICs | At GMCR | U.S.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	0		0
Capital Markets Investment Products and Stable Value GICs | At GMCR | Equal to or greater than 0% but less than 2% | U.S.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	0		0
Capital Markets Investment Products and Stable Value GICs | Greater than 0% but less than 0.50% above GMCR | U.S.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	0		0
Capital Markets Investment Products and Stable Value GICs | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 0% but less than 2% | U.S.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	0		0
Capital Markets Investment Products and Stable Value GICs | Equal to or greater than 0.50% but less than 1.50% above GMCR | U.S.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	1		22
Capital Markets Investment Products and Stable Value GICs | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 0% but less than 2% | U.S.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	1		22
Capital Markets Investment Products and Stable Value GICs | Equal to or greater than 1.50% above GMCR | U.S.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	2,595		3,376
Capital Markets Investment Products and Stable Value GICs | Equal to or greater than 1.50% above GMCR | Equal to or greater than 0% but less than 2% | U.S.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	2,595		3,376
Annuities and Risk Solutions | U.S.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	10,404	10,244	9,744	10,009	10,062
Annuities and Risk Solutions | Equal to or greater than 0% but less than 2% | U.S.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	$ 1,459		$ 653
Annuities and Risk Solutions | Equal to or greater than 0% but less than 2% | U.S. | Minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Range of Guaranteed Minimum Credit Rating	0.00%		0.00%
Annuities and Risk Solutions | Equal to or greater than 0% but less than 2% | U.S. | Maximum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Range of Guaranteed Minimum Credit Rating	2.00%		2.00%
Annuities and Risk Solutions | Equal to or greater than 2% but less than 4% | U.S.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	$ 754		$ 803
Annuities and Risk Solutions | Equal to or greater than 2% but less than 4% | U.S. | Minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Range of Guaranteed Minimum Credit Rating	2.00%		2.00%
Annuities and Risk Solutions | Equal to or greater than 2% but less than 4% | U.S. | Maximum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Range of Guaranteed Minimum Credit Rating	4.00%		4.00%
Annuities and Risk Solutions | Equal to or greater than 4% | U.S.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	$ 3,810		$ 3,766
Annuities and Risk Solutions | Equal to or greater than 4% | U.S. | Minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Range of Guaranteed Minimum Credit Rating	4.00%		4.00%
Annuities and Risk Solutions | Products with either a fixed rate or no guaranteed minimum crediting rate | U.S.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	$ 4,381		$ 4,522
Annuities and Risk Solutions | At GMCR | U.S.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	3,900		3,939
Annuities and Risk Solutions | At GMCR | Equal to or greater than 0% but less than 2% | U.S.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	0		0
Annuities and Risk Solutions | At GMCR | Equal to or greater than 2% but less than 4% | U.S.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	227		302
Annuities and Risk Solutions | At GMCR | Equal to or greater than 4% | U.S.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	3,673		3,637
Annuities and Risk Solutions | Greater than 0% but less than 0.50% above GMCR | U.S.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	152		163
Annuities and Risk Solutions | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 0% but less than 2% | U.S.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	0		0
Annuities and Risk Solutions | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 2% but less than 4% | U.S.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	35		40
Annuities and Risk Solutions | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 4% | U.S.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	117		123
Annuities and Risk Solutions | Equal to or greater than 0.50% but less than 1.50% above GMCR | U.S.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	111		155
Annuities and Risk Solutions | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 0% but less than 2% | U.S.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	53		116
Annuities and Risk Solutions | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 2% but less than 4% | U.S.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	44		38
Annuities and Risk Solutions | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 4% | U.S.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	14		1
Annuities and Risk Solutions | Equal to or greater than 1.50% above GMCR | U.S.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	1,860		965
Annuities and Risk Solutions | Equal to or greater than 1.50% above GMCR | Equal to or greater than 0% but less than 2% | U.S.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	1,406		537
Annuities and Risk Solutions | Equal to or greater than 1.50% above GMCR | Equal to or greater than 2% but less than 4% | U.S.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	448		423
Annuities and Risk Solutions | Equal to or greater than 1.50% above GMCR | Equal to or greater than 4% | U.S.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	6		5
Fixed Annuity | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	11,741	$ 12,598	13,285	$ 13,692	$ 14,518
Fixed Annuity | Equal to or greater than 0% but less than 2% | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	$ 846		$ 1,047
Fixed Annuity | Equal to or greater than 0% but less than 2% | MetLife Holdings | Minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Range of Guaranteed Minimum Credit Rating	0.00%		0.00%
Fixed Annuity | Equal to or greater than 0% but less than 2% | MetLife Holdings | Maximum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Range of Guaranteed Minimum Credit Rating	2.00%		2.00%
Fixed Annuity | Equal to or greater than 2% but less than 4% | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	$ 9,817		$ 10,957
Fixed Annuity | Equal to or greater than 2% but less than 4% | MetLife Holdings | Minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Range of Guaranteed Minimum Credit Rating	2.00%		2.00%
Fixed Annuity | Equal to or greater than 2% but less than 4% | MetLife Holdings | Maximum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Range of Guaranteed Minimum Credit Rating	4.00%		4.00%
Fixed Annuity | Equal to or greater than 4% | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	$ 626		$ 651
Fixed Annuity | Equal to or greater than 4% | MetLife Holdings | Minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Range of Guaranteed Minimum Credit Rating	4.00%		4.00%
Fixed Annuity | Products with either a fixed rate or no guaranteed minimum crediting rate | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	$ 452		$ 630
Fixed Annuity | At GMCR | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	4,967		12,172
Fixed Annuity | At GMCR | Equal to or greater than 0% but less than 2% | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	444		1,017
Fixed Annuity | At GMCR | Equal to or greater than 2% but less than 4% | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	3,914		10,544
Fixed Annuity | At GMCR | Equal to or greater than 4% | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	609		611
Fixed Annuity | Greater than 0% but less than 0.50% above GMCR | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	5,602		313
Fixed Annuity | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 0% but less than 2% | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	158		7
Fixed Annuity | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 2% but less than 4% | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	5,441		266
Fixed Annuity | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 4% | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	3		40
Fixed Annuity | Equal to or greater than 0.50% but less than 1.50% above GMCR | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	623		158
Fixed Annuity | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 0% but less than 2% | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	219		12
Fixed Annuity | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 2% but less than 4% | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	390		146
Fixed Annuity | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 4% | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	14		0
Fixed Annuity | Equal to or greater than 1.50% above GMCR | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	97		12
Fixed Annuity | Equal to or greater than 1.50% above GMCR | Equal to or greater than 0% but less than 2% | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	25		11
Fixed Annuity | Equal to or greater than 1.50% above GMCR | Equal to or greater than 2% but less than 4% | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	72		1
Fixed Annuity | Equal to or greater than 1.50% above GMCR | Equal to or greater than 4% | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	$ 0		$ 0

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Market Risk Benefits Transition (Details) - USD ($) $ in Millions	Jan. 01, 2021	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Direct and assumed MRB liabilities	$ 6,789	$ 0
MRB - Reclassification of carrying amount of contracts and contract features that are market risk benefits	1,883
Adjustments for the cumulative effect of changes in nonperformance risk between contract issue date and transition date	(26)
Adjustments for the difference between the fair value of the MRB balance, excluding the cumulative effect of changes in nonperformance risk, and the historical carrying value	4,932
Insurance, Other
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Direct and assumed MRB liabilities	188	0
MRB - Reclassification of carrying amount of contracts and contract features that are market risk benefits	1
Adjustments for the cumulative effect of changes in nonperformance risk between contract issue date and transition date	(17)
Adjustments for the difference between the fair value of the MRB balance, excluding the cumulative effect of changes in nonperformance risk, and the historical carrying value	204
MetLife Holdings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Direct and assumed MRB liabilities	6,601	$ 0
MRB - Reclassification of carrying amount of contracts and contract features that are market risk benefits	1,882
Adjustments for the cumulative effect of changes in nonperformance risk between contract issue date and transition date	(9)
Adjustments for the difference between the fair value of the MRB balance, excluding the cumulative effect of changes in nonperformance risk, and the historical carrying value	$ 4,728

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Market Risk Benefits Balance Sheet (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Jan. 01, 2021
Market Risk Benefit [Line Items]
Market risk benefits	$ 163	$ 174
Market Risk Benefit, Liability, Amount	2,942	3,270	$ 6,789
Market Risk Benefit, Net Amount	2,779	3,096
Investment Product | MetLife Holdings
Market Risk Benefit [Line Items]
Market risk benefits	146	153
Market Risk Benefit, Liability, Amount	2,906	3,224
Market Risk Benefit, Net Amount	2,760	3,071
Insurance, Other
Market Risk Benefit [Line Items]
Market risk benefits	17	21
Market Risk Benefit, Liability, Amount	36	46
Market Risk Benefit, Net Amount	$ 19	$ 25

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Market Risk Benefits Rollforward (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Market Risk Benefit [Line Items]
Market Risk Benefit, Beginning Balance	$ 3,096
Market Risk Benefit, Ending Balance	2,779
Other Segments
Market Risk Benefit [Line Items]
Market Risk Benefit, Beginning Balance	25	$ 286
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk	34	322
Attributed fees collected	1	1
Effect of changes in interest rates	2	(126)
Effect of changes in capital markets	0	(3)
Actual policyholder behavior different from expected behavior	(26)	(4)
Effect of foreign currency translation and other, net (1)	15	(111)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk	26	79
Cumulative effect of changes in the instrument-specific credit risk	(7)	(14)
Market Risk Benefit, Ending Balance	19	65
Variable Annuity [Member] | MetLife Holdings
Market Risk Benefit [Line Items]
Market Risk Benefit, Beginning Balance	3,071	5,715
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk	3,164	6,017
Attributed fees collected	160	158
Benefit payments	(21)	(21)
Effect of changes in interest rates	(15)	(2,555)
Effect of changes in capital markets	(504)	1,062
Effect of changes in equity index volatility	(98)	53
Actual policyholder behavior different from expected behavior	44	3
Effect of foreign currency translation and other, net (1)	174	(290)
Effect of changes in risk margin	(35)	(140)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk	2,869	4,287
Cumulative effect of changes in the instrument-specific credit risk	(109)	(209)
Market Risk Benefit, Ending Balance	2,760	4,078
Variable Annuity [Member] | MetLife Holdings | Guaranteed Minimum Death Benefit [Member]
Market Risk Benefit [Line Items]
Net amount at risk (3)	$ 3,246	$ 4,086
Weighted-average attained age of contractholders	70 years	69 years
Variable Annuity [Member] | MetLife Holdings | Annuitization Benefit [Member]
Market Risk Benefit [Line Items]
Net amount at risk (3)	$ 770	$ 1,091
Weighted-average attained age of contractholders	70 years	69 years

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Separate Account Liabilities Balance Sheet (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Separate Account, Liability [Line Items]
Separate account liabilities	$ 84,910	$ 89,241
Stable Value and Risk Solutions | U.S.
Separate Account, Liability [Line Items]
Separate account liabilities	37,042	43,249	$ 44,179	$ 54,391
Investment Product | U.S.
Separate Account, Liability [Line Items]
Separate account liabilities	11,792	11,694	13,028	21,292
Investment Product | MetLife Holdings
Separate Account, Liability [Line Items]
Separate account liabilities	29,553	28,443	$ 30,106	$ 40,096
Insurance, Other
Separate Account, Liability [Line Items]
Separate account liabilities	$ 6,523	$ 5,855

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Separate Account Liabilities Rollforward (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Separate Account, Liability [Roll Forward]
Separate account liabilities	$ 84,910		$ 89,241
U.S. | Stable Value and Risk Solutions
Separate Account, Liability [Roll Forward]
Separate account liabilities	37,042	$ 44,179	43,249	$ 54,391
Premiums and deposits	1,069	2,939
Policy charges	(121)	(137)
Surrenders and withdrawals	(7,532)	(3,946)
Benefit payments	(44)	(43)
Investment performance	1,145	(3,899)
Net transfers from (to) separate accounts	(57)	60
Effect of foreign currency translation and other, net	(667)	(5,186)
Cash Surrender Value	32,886	39,752
U.S. | Investment Product
Separate Account, Liability [Roll Forward]
Separate account liabilities	11,792	13,028	11,694	21,292
Premiums and deposits	120	730
Policy charges	(11)	(13)
Surrenders and withdrawals	(360)	(6,379)
Benefit payments	0	0
Investment performance	448	(2,387)
Net transfers from (to) separate accounts	3	(59)
Effect of foreign currency translation and other, net	(102)	(156)
MetLife Holdings | Investment Product
Separate Account, Liability [Roll Forward]
Separate account liabilities	29,553	30,106	$ 28,443	$ 40,096
Premiums and deposits	139	146
Policy charges	(305)	(344)
Surrenders and withdrawals	(1,359)	(1,591)
Benefit payments	(242)	(230)
Investment performance	2,924	(7,839)
Net transfers from (to) separate accounts	(47)	(135)
Effect of foreign currency translation and other, net	0	3
Cash Surrender Value	$ 29,471	$ 29,927

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Separate Account Assets Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Separate Account Investment [Line Items]
Separate account assets	$ 84,910	$ 89,241
Other invested assets
Fair Value, Separate Account Investment [Line Items]
Separate account assets	1,667	1,636
Separate Account, Debt Security | Commodities Investment
Fair Value, Separate Account Investment [Line Items]
Separate account assets	172	242
Separate Account, Debt Security | Communications
Fair Value, Separate Account Investment [Line Items]
Separate account assets	1,000	1,174
Separate Account, Debt Security | Consumer Sector
Fair Value, Separate Account Investment [Line Items]
Separate account assets	2,010	2,365
Separate Account, Debt Security | Energy Sector
Fair Value, Separate Account Investment [Line Items]
Separate account assets	841	861
Separate Account, Debt Security | Financial Services Sector
Fair Value, Separate Account Investment [Line Items]
Separate account assets	2,789	3,495
Separate Account, Debt Security | Commercial and Industrial Sector
Fair Value, Separate Account Investment [Line Items]
Separate account assets	787	876
Separate Account, Debt Security | Technology Sector
Fair Value, Separate Account Investment [Line Items]
Separate account assets	610	711
Separate Account, Debt Security | Foreign Sector
Fair Value, Separate Account Investment [Line Items]
Separate account assets	2,126	2,451
Separate Account, Debt Security | Foreign government
Fair Value, Separate Account Investment [Line Items]
Separate account assets	527	588
Separate Account, Debt Security | US Government Agencies Debt Securities
Fair Value, Separate Account Investment [Line Items]
Separate account assets	10,111	11,189
Separate Account, Debt Security | Public Utilities
Fair Value, Separate Account Investment [Line Items]
Separate account assets	1,141	1,174
Separate Account, Debt Security | US States and Political Subdivisions Debt Securities [Member]
Fair Value, Separate Account Investment [Line Items]
Separate account assets	392	475
Separate Account, Debt Security | Corporate Bond Securities
Fair Value, Separate Account Investment [Line Items]
Separate account assets	10,335	12,175
Separate Account, Debt Security | Bonds
Fair Value, Separate Account Investment [Line Items]
Separate account assets	22,506	25,601
Separate Account, Debt Security | Separate Account, Mortgage-Backed Security
Fair Value, Separate Account Investment [Line Items]
Separate account assets	10,594	12,202
Separate Account, Debt Security | Asset-Backed Securities, Securitized Loans and Receivables
Fair Value, Separate Account Investment [Line Items]
Separate account assets	2,566	2,763
Separate Account, Debt Security | Redeemable Preferred Stock
Fair Value, Separate Account Investment [Line Items]
Separate account assets	10	4
Separate Account, Debt Security | Fixed maturity securities AFS
Fair Value, Separate Account Investment [Line Items]
Separate account assets	35,676	40,570
Separate Account, Equity Security
Fair Value, Separate Account Investment [Line Items]
Separate account assets	42,852	41,121
Separate Account, Equity Security | Non-redeemable preferred stock
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	2
Separate Account, Equity Security | Financial Services Sector
Fair Value, Separate Account Investment [Line Items]
Separate account assets	492	586
Separate Account, Equity Security | Commercial and Industrial Sector
Fair Value, Separate Account Investment [Line Items]
Separate account assets	2,670	2,853
Separate Account, Equity Security | Public Utility
Fair Value, Separate Account Investment [Line Items]
Separate account assets	72	94
Separate Account, Equity Security | Mutual Fund
Fair Value, Separate Account Investment [Line Items]
Separate account assets	39,618	37,586
Investments
Fair Value, Separate Account Investment [Line Items]
Separate account assets	80,195	83,327
Other Assets
Fair Value, Separate Account Investment [Line Items]
Separate account assets	4,715	5,914
U.S.
Fair Value, Separate Account Investment [Line Items]
Separate account assets	50,023	56,010
U.S. | Other invested assets
Fair Value, Separate Account Investment [Line Items]
Separate account assets	1,667	1,636
U.S. | Separate Account, Debt Security | Commodities Investment
Fair Value, Separate Account Investment [Line Items]
Separate account assets	172	242
U.S. | Separate Account, Debt Security | Communications
Fair Value, Separate Account Investment [Line Items]
Separate account assets	1,000	1,174
U.S. | Separate Account, Debt Security | Consumer Sector
Fair Value, Separate Account Investment [Line Items]
Separate account assets	2,010	2,365
U.S. | Separate Account, Debt Security | Energy Sector
Fair Value, Separate Account Investment [Line Items]
Separate account assets	841	861
U.S. | Separate Account, Debt Security | Financial Services Sector
Fair Value, Separate Account Investment [Line Items]
Separate account assets	2,789	3,495
U.S. | Separate Account, Debt Security | Commercial and Industrial Sector
Fair Value, Separate Account Investment [Line Items]
Separate account assets	787	876
U.S. | Separate Account, Debt Security | Technology Sector
Fair Value, Separate Account Investment [Line Items]
Separate account assets	610	711
U.S. | Separate Account, Debt Security | Foreign Sector
Fair Value, Separate Account Investment [Line Items]
Separate account assets	2,126	2,451
U.S. | Separate Account, Debt Security | Foreign government
Fair Value, Separate Account Investment [Line Items]
Separate account assets	527	588
U.S. | Separate Account, Debt Security | US Government Agencies Debt Securities
Fair Value, Separate Account Investment [Line Items]
Separate account assets	10,111	11,189
U.S. | Separate Account, Debt Security | Public Utilities
Fair Value, Separate Account Investment [Line Items]
Separate account assets	1,141	1,174
U.S. | Separate Account, Debt Security | US States and Political Subdivisions Debt Securities [Member]
Fair Value, Separate Account Investment [Line Items]
Separate account assets	392	475
U.S. | Separate Account, Debt Security | Corporate Bond Securities
Fair Value, Separate Account Investment [Line Items]
Separate account assets	10,335	12,175
U.S. | Separate Account, Debt Security | Bonds
Fair Value, Separate Account Investment [Line Items]
Separate account assets	22,506	25,601
U.S. | Separate Account, Debt Security | Separate Account, Mortgage-Backed Security
Fair Value, Separate Account Investment [Line Items]
Separate account assets	10,594	12,202
U.S. | Separate Account, Debt Security | Asset-Backed Securities, Securitized Loans and Receivables
Fair Value, Separate Account Investment [Line Items]
Separate account assets	2,566	2,763
U.S. | Separate Account, Debt Security | Redeemable Preferred Stock
Fair Value, Separate Account Investment [Line Items]
Separate account assets	10	4
U.S. | Separate Account, Debt Security | Fixed maturity securities AFS
Fair Value, Separate Account Investment [Line Items]
Separate account assets	35,676	40,570
U.S. | Separate Account, Equity Security
Fair Value, Separate Account Investment [Line Items]
Separate account assets	7,965	7,890
U.S. | Separate Account, Equity Security | Non-redeemable preferred stock
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	2
U.S. | Separate Account, Equity Security | Financial Services Sector
Fair Value, Separate Account Investment [Line Items]
Separate account assets	492	586
U.S. | Separate Account, Equity Security | Commercial and Industrial Sector
Fair Value, Separate Account Investment [Line Items]
Separate account assets	2,670	2,853
U.S. | Separate Account, Equity Security | Public Utility
Fair Value, Separate Account Investment [Line Items]
Separate account assets	72	94
U.S. | Separate Account, Equity Security | Mutual Fund
Fair Value, Separate Account Investment [Line Items]
Separate account assets	4,731	4,355
U.S. | Investments
Fair Value, Separate Account Investment [Line Items]
Separate account assets	45,308	50,096
U.S. | Other Assets
Fair Value, Separate Account Investment [Line Items]
Separate account assets	4,715	5,914
MetLife Holdings
Fair Value, Separate Account Investment [Line Items]
Separate account assets	34,887	33,231
MetLife Holdings | Other invested assets
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
MetLife Holdings | Separate Account, Debt Security | Commodities Investment
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
MetLife Holdings | Separate Account, Debt Security | Communications
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
MetLife Holdings | Separate Account, Debt Security | Consumer Sector
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
MetLife Holdings | Separate Account, Debt Security | Energy Sector
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
MetLife Holdings | Separate Account, Debt Security | Financial Services Sector
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
MetLife Holdings | Separate Account, Debt Security | Commercial and Industrial Sector
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
MetLife Holdings | Separate Account, Debt Security | Technology Sector
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
MetLife Holdings | Separate Account, Debt Security | Foreign Sector
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
MetLife Holdings | Separate Account, Debt Security | Foreign government
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
MetLife Holdings | Separate Account, Debt Security | US Government Agencies Debt Securities
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
MetLife Holdings | Separate Account, Debt Security | Public Utilities
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
MetLife Holdings | Separate Account, Debt Security | US States and Political Subdivisions Debt Securities [Member]
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
MetLife Holdings | Separate Account, Debt Security | Corporate Bond Securities
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
MetLife Holdings | Separate Account, Debt Security | Bonds
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
MetLife Holdings | Separate Account, Debt Security | Separate Account, Mortgage-Backed Security
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
MetLife Holdings | Separate Account, Debt Security | Asset-Backed Securities, Securitized Loans and Receivables
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
MetLife Holdings | Separate Account, Debt Security | Redeemable Preferred Stock
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
MetLife Holdings | Separate Account, Debt Security | Fixed maturity securities AFS
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
MetLife Holdings | Separate Account, Equity Security
Fair Value, Separate Account Investment [Line Items]
Separate account assets	34,887	33,231
MetLife Holdings | Separate Account, Equity Security | Non-redeemable preferred stock
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
MetLife Holdings | Separate Account, Equity Security | Financial Services Sector
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
MetLife Holdings | Separate Account, Equity Security | Commercial and Industrial Sector
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
MetLife Holdings | Separate Account, Equity Security | Public Utility
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
MetLife Holdings | Separate Account, Equity Security | Mutual Fund
Fair Value, Separate Account Investment [Line Items]
Separate account assets	34,887	33,231
MetLife Holdings | Investments
Fair Value, Separate Account Investment [Line Items]
Separate account assets	34,887	33,231
MetLife Holdings | Other Assets
Fair Value, Separate Account Investment [Line Items]
Separate account assets	$ 0	$ 0

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Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles - Transition Table (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021	Jan. 01, 2021	Dec. 31, 2020
Deferred Policy Acquisition Cost and Present Value of Future Profit [Line Items]
Balance at December 31, 2020	$ 3,680	$ 3,741	$ 3,753	$ 3,847		$ 2,626
Balance at January 1, 2021	3,680	3,741	3,753	3,847		2,626
Balance at December 31, 2020	15	16	17	18		23
Balance at January 1, 2021	15	16	17	18		23
Balance at December 31, 2020						179
Balance at January 1, 2021						179
Accounting Standards Update 2018-12
Deferred Policy Acquisition Cost and Present Value of Future Profit [Line Items]
Balance at December 31, 2020					$ 4,118
Removal of related amounts in AOCI					1,480
Other adjustments upon adoption of the LDTI standard					12
Balance at January 1, 2021					4,118
Balance at December 31, 2020					25
Removal of related amounts in AOCI					2
Balance at January 1, 2021					25
Balance at December 31, 2020					179
Removal of related amounts in AOCI					0
Balance at January 1, 2021					179
U.S.
Deferred Policy Acquisition Cost and Present Value of Future Profit [Line Items]
Balance at December 31, 2020	409	401	393	384		378
Balance at January 1, 2021	409	401	393	384		378
Balance at December 31, 2020	15	16	17	18		20
Balance at January 1, 2021	15	16	17	18		20
Balance at December 31, 2020						22
Balance at January 1, 2021						22
U.S. | Accounting Standards Update 2018-12
Deferred Policy Acquisition Cost and Present Value of Future Profit [Line Items]
Balance at December 31, 2020					378
Removal of related amounts in AOCI					0
Other adjustments upon adoption of the LDTI standard					0
Balance at January 1, 2021					378
Balance at December 31, 2020					20
Removal of related amounts in AOCI					0
Balance at January 1, 2021					20
Balance at December 31, 2020					22
Removal of related amounts in AOCI					0
Balance at January 1, 2021					22
MetLife Holdings
Deferred Policy Acquisition Cost and Present Value of Future Profit [Line Items]
Balance at December 31, 2020	3,104	3,220	3,328	3,457		2,248
Balance at January 1, 2021	3,104	3,220	3,328	3,457		2,248
Balance at December 31, 2020	0	0	0	0		3
Balance at January 1, 2021	$ 0	$ 0	$ 0	$ 0		3
Balance at December 31, 2020						157
Balance at January 1, 2021						$ 157
MetLife Holdings | Accounting Standards Update 2018-12
Deferred Policy Acquisition Cost and Present Value of Future Profit [Line Items]
Balance at December 31, 2020					3,740
Removal of related amounts in AOCI					1,480
Other adjustments upon adoption of the LDTI standard					12
Balance at January 1, 2021					3,740
Balance at December 31, 2020					5
Removal of related amounts in AOCI					2
Balance at January 1, 2021					5
Balance at December 31, 2020					157
Removal of related amounts in AOCI					0
Balance at January 1, 2021					$ 157

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Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles - DAC VOBA by Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Jan. 01, 2021
Segment Reporting Information [Line Items]
DAC, Beginning Balance			$ 3,741	$ 3,847
Capitalizations	$ 12	$ 34	89	61
Amortization			(150)	(155)
DAC, Ending Balance	3,680	3,753	3,680	3,753
VOBA Net, Beginning Balance			16	18
Amortization			(1)	(1)
VOBA Net, Ending Balance	15	17	15	17
Deferred policy acquisition costs and value of business acquired	3,695	3,770	3,695	3,770	$ 3,757	$ 4,143
U.S.
Segment Reporting Information [Line Items]
DAC, Beginning Balance			401	384
Capitalizations			35	35
Amortization			(27)	(26)
DAC, Ending Balance	409	393	409	393
VOBA Net, Beginning Balance			16	18
Amortization			(1)	(1)
VOBA Net, Ending Balance	15	17	15	17
MetLife Holdings
Segment Reporting Information [Line Items]
DAC, Beginning Balance			3,220	3,457
Capitalizations			(1)	(1)
Amortization			(115)	(128)
DAC, Ending Balance	3,104	3,328	3,104	3,328
VOBA Net, Beginning Balance			0	0
Amortization			0	0
VOBA Net, Ending Balance	0	0	0	0
Corporate and Other [Member]
Segment Reporting Information [Line Items]
DAC, Beginning Balance			120	6
Capitalizations			55	27
Amortization			(8)	(1)
DAC, Ending Balance	167	32	167	32
VOBA Net, Beginning Balance			0	0
Amortization			0	0
VOBA Net, Ending Balance	$ 0	$ 0	$ 0	$ 0

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Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles - Unearned Revenue (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Unearned Revenue [Roll Forward]
Deferred Revenue, Current, Beginning Balance	$ 245	$ 216
Deferrals	21	23
Amortization	(11)	(9)
Deferred Revenue, Current, Ending Balance	255	230
U.S.
Unearned Revenue [Roll Forward]
Deferred Revenue, Current, Beginning Balance	18	21
Deferrals	1	0
Amortization	(2)	(2)
Deferred Revenue, Current, Ending Balance	17	19
MetLife Holdings
Unearned Revenue [Roll Forward]
Deferred Revenue, Current, Beginning Balance	227	195
Deferrals	20	23
Amortization	(9)	(7)
Deferred Revenue, Current, Ending Balance	$ 238	$ 211

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Closed Block (Liabilities and Assets) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Closed Block Liabilities
Future policy benefits	$ 36,650	$ 37,222
Other policy-related balances	281	273
Policyholder dividends payable	178	181
Current income tax payable	9	0
Other liabilities	592	455
Total closed block liabilities	37,710	38,131
Assets Designated to the Closed Block
Fixed maturity securities available-for-sale, at estimated fair value	19,697	19,648
Mortgage loans	6,269	6,564
Policy loans	4,014	4,084
Real estate and real estate joint ventures	655	635
Other invested assets	604	705
Total investments	31,239	31,636
Cash and cash equivalents	656	437
Accrued investment income	369	375
Premiums, reinsurance and other receivables	114	52
Current income tax recoverable	0	88
Deferred income tax asset	394	423
Total assets designated to the closed block	32,772	33,011
Excess of closed block liabilities over assets designated to the closed block	4,938	5,120
AOCI:
Unrealized investment gains (losses), net of income tax	(1,176)	(1,357)
Unrealized gains (losses) on derivatives, net of income tax	212	262
Total amounts included in AOCI	(964)	(1,095)
Maximum future earnings to be recognized from closed block assets and liabilities	$ 3,974	$ 4,025

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Closed Block (Policyholder Dividend Obligation) (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Closed block policyholder dividend obligation
Balance, beginning of period	$ 0	$ 1,682
Change in unrealized investment and derivative gains (losses)	0	(1,682)
Balance, end of period	$ 0	$ 0

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Closed Block (Revenues and Expenses) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues
Premiums	$ 226	$ 274	$ 461	$ 549
Net investment income	341	352	679	713
Net investment gains (losses)	5	(16)	9	(48)
Net derivative gains (losses)	5	8	3	11
Total revenues	577	618	1,152	1,225
Expenses
Policyholder benefits and claims	445	462	858	945
Policyholder dividends	89	128	186	262
Other expenses	22	23	44	46
Total expenses	556	613	1,088	1,253
Revenues, net of expenses before provision for income tax expense (benefit)	21	5	64	(28)
Provision for income tax expense (benefit)	4	1	13	(6)
Revenues, net of expenses and provision for income tax expense (benefit)	$ 17	$ 4	$ 51	$ (22)

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Investments (Fixed Maturity Securities Available-For-Sale by Sector) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 161,466		$ 160,477
Allowance for Credit Loss for Debt Securities	(142)	$ (135)	(114)	$ (124)	$ (155)	$ (53)
Gross Unrealized Gains	1,951		1,777
Gross Unrealized Losses	14,203		16,564
Estimated Fair Value of Fixed Maturity Securities AFS	149,072		145,576
U.S. corporate
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	56,350		55,280
Allowance for Credit Loss for Debt Securities	(63)	(57)	(28)	(27)	(13)	(30)
Gross Unrealized Gains	734		649
Gross Unrealized Losses	3,983		4,811
Estimated Fair Value of Fixed Maturity Securities AFS	53,038		51,090
Foreign corporate
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	28,111		28,328
Allowance for Credit Loss for Debt Securities	(2)	(3)	(3)	(7)	(25)	(10)
Gross Unrealized Gains	309		206
Gross Unrealized Losses	3,827		4,538
Estimated Fair Value of Fixed Maturity Securities AFS	24,591		23,993
U.S. government and agency
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	23,817		24,409
Allowance for Credit Loss for Debt Securities	0		0
Gross Unrealized Gains	220		333
Gross Unrealized Losses	2,106		2,384
Estimated Fair Value of Fixed Maturity Securities AFS	21,931		22,358
RMBS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	21,948		21,539
Allowance for Credit Loss for Debt Securities	0		0
Gross Unrealized Gains	161		177
Gross Unrealized Losses	2,224		2,383
Estimated Fair Value of Fixed Maturity Securities AFS	19,885		19,333
ABS & CLO
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	12,719		12,639
Allowance for Credit Loss for Debt Securities	0		0
Gross Unrealized Gains	13		9
Gross Unrealized Losses	667		812
Estimated Fair Value of Fixed Maturity Securities AFS	12,065		11,836
Municipals
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	7,772		7,880
Allowance for Credit Loss for Debt Securities	0		0
Gross Unrealized Gains	355		256
Gross Unrealized Losses	475		672
Estimated Fair Value of Fixed Maturity Securities AFS	7,652		7,464
CMBS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	6,938		6,691
Allowance for Credit Loss for Debt Securities	(7)	(7)	(15)	(13)	(13)	(13)
Gross Unrealized Gains	4		7
Gross Unrealized Losses	643		640
Estimated Fair Value of Fixed Maturity Securities AFS	6,292		6,043
Foreign government
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	3,811		3,711
Allowance for Credit Loss for Debt Securities	(70)	$ (68)	(68)	$ (77)	$ (104)	$ 0
Gross Unrealized Gains	155		140
Gross Unrealized Losses	278		324
Estimated Fair Value of Fixed Maturity Securities AFS	$ 3,618		$ 3,459

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Investments (Maturities of Fixed Maturity Securities) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Available-for-sale Securities, Debt Maturities [Abstract]
Amortized Cost, Due in one year or less	$ 3,476
Amortized Cost, Due after one year through five years	25,564
Amortized Cost, Due after five years through ten years	28,563
Amortized Cost, Due after ten years	62,123
Amortized Cost, Structured Securities	41,598
Amortized Cost, net of ACL	161,324
Estimated Fair Value, Due in one year or less	3,428
Estimated Fair Value, Due after one year through five years	24,421
Estimated Fair Value, Due after five years through ten years	26,845
Estimated Fair Value, Due after ten years	56,136
Estimated Fair Value, Structured Securities	38,242
Estimated Fair Value of Fixed Maturity Securities AFS	$ 149,072	$ 145,576

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Investments (Continuous Gross Unrealized Losses for Fixed Maturity Securities Available For Sale) Details (Details) $ in Millions	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt Securities, Available-for-sale [Line Items]
Less than 12 months Estimated Fair Value	$ 36,881	$ 93,733
Less than 12 months Gross Unrealized Loss	$ 1,680	$ 12,228
Total number of securities in an unrealized loss position less than 12 months	4,777	10,688
Equal to or Greater than 12 Months Estimated Fair Value	$ 71,334	$ 19,403
Equal to or Greater than 12 Months Gross Unrealized Loss	$ 12,491	$ 4,333
Total number of securities in an unrealized loss position equal or greater than 12 months	7,752	2,110
U.S. corporate
Debt Securities, Available-for-sale [Line Items]
Less than 12 months Estimated Fair Value	$ 12,855	$ 34,358
Less than 12 months Gross Unrealized Loss	520	3,953
Equal to or Greater than 12 Months Estimated Fair Value	21,607	3,383
Equal to or Greater than 12 Months Gross Unrealized Loss	3,435	856
Foreign corporate
Debt Securities, Available-for-sale [Line Items]
Less than 12 months Estimated Fair Value	3,084	16,834
Less than 12 months Gross Unrealized Loss	157	3,350
Equal to or Greater than 12 Months Estimated Fair Value	15,837	3,977
Equal to or Greater than 12 Months Gross Unrealized Loss	3,670	1,188
U.S. government and agency
Debt Securities, Available-for-sale [Line Items]
Less than 12 months Estimated Fair Value	9,806	13,489
Less than 12 months Gross Unrealized Loss	535	1,895
Equal to or Greater than 12 Months Estimated Fair Value	7,132	2,756
Equal to or Greater than 12 Months Gross Unrealized Loss	1,571	489
RMBS
Debt Securities, Available-for-sale [Line Items]
Less than 12 months Estimated Fair Value	6,179	11,622
Less than 12 months Gross Unrealized Loss	289	1,280
Equal to or Greater than 12 Months Estimated Fair Value	10,761	4,585
Equal to or Greater than 12 Months Gross Unrealized Loss	1,935	1,103
ABS & CLO
Debt Securities, Available-for-sale [Line Items]
Less than 12 months Estimated Fair Value	1,607	7,725
Less than 12 months Gross Unrealized Loss	45	499
Equal to or Greater than 12 Months Estimated Fair Value	8,867	3,009
Equal to or Greater than 12 Months Gross Unrealized Loss	622	313
Municipals
Debt Securities, Available-for-sale [Line Items]
Less than 12 months Estimated Fair Value	1,089	3,526
Less than 12 months Gross Unrealized Loss	40	616
Equal to or Greater than 12 Months Estimated Fair Value	1,759	133
Equal to or Greater than 12 Months Gross Unrealized Loss	435	56
CMBS
Debt Securities, Available-for-sale [Line Items]
Less than 12 months Estimated Fair Value	1,450	4,376
Less than 12 months Gross Unrealized Loss	64	426
Equal to or Greater than 12 Months Estimated Fair Value	4,144	1,254
Equal to or Greater than 12 Months Gross Unrealized Loss	576	213
Foreign government
Debt Securities, Available-for-sale [Line Items]
Less than 12 months Estimated Fair Value	811	1,803
Less than 12 months Gross Unrealized Loss	30	209
Equal to or Greater than 12 Months Estimated Fair Value	1,227	306
Equal to or Greater than 12 Months Gross Unrealized Loss	247	115
Investment Grade
Debt Securities, Available-for-sale [Line Items]
Less than 12 months Estimated Fair Value	35,008	88,059
Less than 12 months Gross Unrealized Loss	1,614	11,710
Equal to or Greater than 12 Months Estimated Fair Value	66,674	17,470
Equal to or Greater than 12 Months Gross Unrealized Loss	$ 11,852	3,897
Total number of securities in an unrealized loss position equal or greater than 12 months	7,025
Below Investment Grade
Debt Securities, Available-for-sale [Line Items]
Less than 12 months Estimated Fair Value	$ 1,873	5,674
Less than 12 months Gross Unrealized Loss	66	518
Equal to or Greater than 12 Months Estimated Fair Value	4,660	1,933
Equal to or Greater than 12 Months Gross Unrealized Loss	$ 639	$ 436
Total number of securities in an unrealized loss position equal or greater than 12 months	727

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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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Allowance, beginning of period	$ 135	$ 155	$ 114	$ 53
ACL not previously recorded	0	0	31	128
Changes for securities with previously recorded ACL	7	6	9	10
Securities sold or exchanged	0	(37)	(12)	(45)
Write-offs	0	0	0	(22)
Allowance, end of period	142	124	142	124
U.S. corporate
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Allowance, beginning of period	57	13	28	30
ACL not previously recorded	0	0	31	13
Changes for securities with previously recorded ACL	6	14	6	14
Securities sold or exchanged	0	0	(2)	(8)
Write-offs	0	0	0	(22)
Allowance, end of period	63	27	63	27
Foreign corporate
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Allowance, beginning of period	3	25	3	10
ACL not previously recorded	0	0	0	11
Changes for securities with previously recorded ACL	(1)	(1)	(1)	3
Securities sold or exchanged	0	(17)	0	(17)
Write-offs	0	0	0	0
Allowance, end of period	2	7	2	7
CMBS
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Allowance, beginning of period	7	13	15	13
ACL not previously recorded	0	0	0	0
Changes for securities with previously recorded ACL	0	0	2	0
Securities sold or exchanged	0	0	(10)	0
Write-offs	0	0	0	0
Allowance, end of period	7	13	7	13
Foreign government
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Allowance, beginning of period	68	104	68	0
ACL not previously recorded	0	0	0	104
Changes for securities with previously recorded ACL	2	(7)	2	(7)
Securities sold or exchanged	0	(20)	0	(20)
Write-offs	0	0	0	0
Allowance, end of period	$ 70	$ 77	$ 70	$ 77

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Investments (Mortgage Loans by Portfolio Segment) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mortgage Loans, Gross	$ 64,336	$ 64,336	$ 63,018
Allowance for Credit Loss	(525)	(525)	(448)	$ (416)	$ (536)
Total mortgage loans	$ 63,811	$ 63,811	$ 62,570
Percentage Of mortgage total recorded investment To Mortgage Loans On Real Estate Commercial And Consumer Net	100.80%	100.80%	100.70%
Percentage of Allowance for Credit Losses for Financing Receivables	(0.80%)	(0.80%)	(0.70%)
Percentage Of Mortgage Loans On Real Estate To Mortgage Loans On Real Estate Commercial And Consumer Net	100.00%	100.00%	100.00%
Commercial Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mortgage Loans, Gross	$ 37,910	$ 37,910	$ 37,196
Allowance for Credit Loss	$ (211)	$ (211)	$ (174)	(165)	(260)
Percentage Of Mortgage Loans, Gross	59.40%	59.40%	59.40%
Commercial Mortgage Loans | Reinsurance Risk Transfer Transaction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mortgage loans, net of fair value adjustments	$ 117	$ 117
Other Asset Impairment Charges	23	23
Residential Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mortgage Loans, Gross	10,391	10,391	$ 9,953
Allowance for Credit Loss	$ (174)	$ (174)	$ (169)	(158)	(197)
Percentage Of Mortgage Loans, Gross	16.30%	16.30%	15.90%
Agricultural Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mortgage Loans, Gross	$ 16,035	$ 16,035	$ 15,869
Allowance for Credit Loss	$ (140)	$ (140)	$ (105)	$ (93)	$ (79)
Percentage Of Mortgage Loans, Gross	25.10%	25.10%	25.40%

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Investments (Mortgage Loans Allowance for Credit Loss Rollforward by Portfolio Segment) (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision (release)	$ 90	$ (15)
Charge-offs, net of recoveries	(13)	(105)
Balance, end of period	525	416
Commercial Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision (release)	37	(13)
Charge-offs, net of recoveries	0	(82)
Balance, end of period	211	165
Residential Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision (release)	5	(38)
Charge-offs, net of recoveries	0	(1)
Balance, end of period	174	158
Agricultural Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision (release)	48	36
Charge-offs, net of recoveries	(13)	(22)
Balance, end of period	$ 140	$ 93

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Investments (Credit Quality of Commercial Mortgage Loans) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage Loans, Gross	$ 64,336	$ 63,018
Commercial Mortgage Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	1,226
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	5,272
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	4,161
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	2,958
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	4,611
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	16,755
Financing Receivable, Revolving	2,927
Mortgage Loans, Gross	$ 37,910	$ 37,196
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	$ 817
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	4,285
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	3,938
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	2,479
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	3,980
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	14,307
Financing Receivable, Revolving	1,687
Mortgage Loans, Gross	$ 31,493
Loans Receivable Commercial Mortgage Percentage	83.10%
Commercial Mortgage Loans | 1.00x - 1.20x
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	$ 409
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	224
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	186
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	18
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	353
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	1,320
Financing Receivable, Revolving	944
Mortgage Loans, Gross	$ 3,454
Loans Receivable Commercial Mortgage Percentage	9.10%
Commercial Mortgage Loans | Less than 1.00x
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	763
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	37
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	461
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	278
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	1,128
Financing Receivable, Revolving	296
Mortgage Loans, Gross	$ 2,963
Loans Receivable Commercial Mortgage Percentage	7.80%
Commercial Mortgage Loans | Less than 65%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	$ 1,096
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	2,844
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	2,430
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	1,250
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	2,040
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	9,524
Financing Receivable, Revolving	2,927
Mortgage Loans, Gross	$ 22,111
Loans Receivable Commercial Mortgage Percentage	58.30%
Commercial Mortgage Loans | 65% to 75%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	$ 124
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	1,813
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	792
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	951
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	1,163
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	3,692
Financing Receivable, Revolving	0
Mortgage Loans, Gross	$ 8,535
Loans Receivable Commercial Mortgage Percentage	22.50%
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	523
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	321
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	91
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	872
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	1,117
Financing Receivable, Revolving	0
Mortgage Loans, Gross	$ 2,924
Loans Receivable Commercial Mortgage Percentage	7.70%
Commercial Mortgage Loans | Greater than 80%
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	92
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	618
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	666
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	536
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	2,422
Financing Receivable, Revolving	0
Mortgage Loans, Gross	$ 4,340
Loans Receivable Commercial Mortgage Percentage	11.50%

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Investments (Credit Quality of Agricultural and Residential Mortgage Loans) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage Loans, Gross	$ 64,336	$ 63,018
Mortgage Loans in Process of Foreclosure, Amount	150	143
Residential Mortgage Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	196
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	1,968
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	838
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	154
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	625
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	6,610
Financing Receivable, Revolving	0
Mortgage Loans, Gross	$ 10,391	9,953
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	$ 196
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	1,954
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	828
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	147
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	591
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	6,300
Financing Receivable, Revolving	0
Mortgage Loans, Gross	$ 10,016
Loans Receivable Residential Mortgage Percentage	96.40%
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	14
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	10
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	7
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	34
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	310
Financing Receivable, Revolving	0
Mortgage Loans, Gross	$ 375
Loans Receivable Residential Mortgage Percentage	3.60%
Agricultural Mortgage Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	$ 628
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	2,078
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	1,699
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	2,182
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	1,713
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	6,452
Financing Receivable, Revolving	1,283
Mortgage Loans, Gross	$ 16,035	$ 15,869
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	$ 590
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	1,987
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	1,471
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	1,973
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	1,556
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	5,829
Financing Receivable, Revolving	1,146
Mortgage Loans, Gross	$ 14,552
Loans Receivable Agricultural Mortgage Percentage	90.70%
Agricultural Mortgage Loans | 65% to 75%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	$ 21
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	91
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	228
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	209
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	24
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	563
Financing Receivable, Revolving	131
Mortgage Loans, Gross	$ 1,267
Loans Receivable Agricultural Mortgage Percentage	7.90%
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	$ 17
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	133
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	49
Financing Receivable, Revolving	6
Mortgage Loans, Gross	$ 205
Loans Receivable Agricultural Mortgage Percentage	1.30%

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Investments (Past Due and Interest Accrual Status of Mortgage Loans) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Nonaccrual [Line Items]
Mortgage Loans, Gross	$ 64,336	$ 63,018
Greater than 90 Days Past Due and Still Accruing Interest	22	18
Financing Receivable, Nonaccrual	803	718
Financial Asset, Past Due
Financing Receivable, Nonaccrual [Line Items]
Mortgage Loans, Gross	515	548
Commercial Mortgage Loans
Financing Receivable, Nonaccrual [Line Items]
Mortgage Loans, Gross	37,910	37,196
Greater than 90 Days Past Due and Still Accruing Interest	0	0
Financing Receivable, Nonaccrual	192	158	$ 146
Commercial Mortgage Loans | Financial Asset, Past Due
Financing Receivable, Nonaccrual [Line Items]
Mortgage Loans, Gross	42	0
Residential Mortgage Loans
Financing Receivable, Nonaccrual [Line Items]
Mortgage Loans, Gross	10,391	9,953
Greater than 90 Days Past Due and Still Accruing Interest	0	0
Financing Receivable, Nonaccrual	376	429	418
Residential Mortgage Loans | Financial Asset, Past Due
Financing Receivable, Nonaccrual [Line Items]
Mortgage Loans, Gross	375	428
Agricultural Mortgage Loans
Financing Receivable, Nonaccrual [Line Items]
Mortgage Loans, Gross	16,035	15,869
Greater than 90 Days Past Due and Still Accruing Interest	22	18
Financing Receivable, Nonaccrual	235	131	$ 225
Agricultural Mortgage Loans | Financial Asset, Past Due
Financing Receivable, Nonaccrual [Line Items]
Mortgage Loans, Gross	$ 98	$ 120

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Investments (Real Estate and Real Estate Joint Ventures) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Real Estate [Line Items]
Leased real estate investments, Carrying Value	$ 1,610		$ 1,610		$ 1,618
Other real estate investments, Carrying Value	490		490		487
Real estate joint ventures, Carrying Value	6,393		6,393		6,311
Real Estate Investments, Net	8,493		8,493		$ 8,416
Income (Loss) from Equity Method Investments	65	$ 188	27	$ 805
Gross Investment Income, Operating	3,201	2,632	6,191	5,606
Real Estate and Real Estate Joint Ventures
Real Estate [Line Items]
Gross Investment Income, Operating	117	238	169	432
Leased real estate
Real Estate [Line Items]
Operating Lease, Lease Income	41	50	83	104
Other real estate
Real Estate [Line Items]
Income from other real estate investments	83	66	129	96
Real estate joint ventures
Real Estate [Line Items]
Income (Loss) from Equity Method Investments	$ (7)	$ 122	$ (43)	$ 232

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Investments (FVO Securities and Equity Securities) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
FVO Securities
Debt and Equity Securities, FV-NI [Line Items]
Debt Securities, Trading, and Equity Securities, FV-NI, Cost	$ 643	$ 673
Equity and Trading Securities, FV-NI, Unrealized Gains (Losses)	294	171
Debt Securities, Trading, and Equity Securities, FV-NI	937	844
Common Stock
Debt and Equity Securities, FV-NI [Line Items]
Equity Securities, FV-NI, Cost	121	119
Equity and Trading Securities, FV-NI, Unrealized Gains (Losses)	47	47
Equity Securities, FV-NI	168	166
Non-redeemable preferred stock
Debt and Equity Securities, FV-NI [Line Items]
Equity Securities, FV-NI, Cost	49	77
Equity and Trading Securities, FV-NI, Unrealized Gains (Losses)	1	(3)
Equity Securities, FV-NI	50	74
Equity securities
Debt and Equity Securities, FV-NI [Line Items]
Equity Securities, FV-NI, Cost	170	196
Equity and Trading Securities, FV-NI, Unrealized Gains (Losses)	48	44
Equity Securities, FV-NI	$ 218	$ 240

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Investments (Securities Lending and Repurchase Agreements) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	$ 6,148	$ 6,773
Securities Lending Reinvestment Portfolio Estimated Fair Value	5,998	6,625
Estimated fair value
Securities Financing Transaction [Line Items]
Securities loaned	6,047	6,601
Repurchase Agreements
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	3,100	3,125
Securities Lending Reinvestment Portfolio Estimated Fair Value	3,024	3,057
Repurchase Agreements | Estimated fair value
Securities Financing Transaction [Line Items]
Securities Sold under Agreements to Repurchase	$ 3,176	$ 3,176

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Investments (Securities Lending and Repurchase Agreements Remaining Tenor) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	$ 6,148	$ 6,773
Repurchase Agreements
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	3,100	3,125
U.S. government and agency
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	6,148	6,773
U.S. government and agency | Open (1)
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	976	935
U.S. government and agency | 1 Month or Less
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	2,450	4,233
U.S. government and agency | Over 1 Month to 6 Months
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	2,722	1,605
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	3,100	3,125
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	3,100	3,125
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, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Invested assets on deposit (regulatory deposits)	$ 102	$ 98
Invested assets pledged as collateral (1)	21,723	20,612
Total invested assets on deposit and pledged as collateral	$ 21,825	$ 20,710

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Investments (Consolidated Variable Interest Entities) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Assets	$ 379,821	$ 384,839
Total Liabilities	366,222	371,444
Consolidated Entities [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Assets	1,656	1,678
Total Liabilities	1	0
Real estate joint ventures | Consolidated Entities [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Assets	1,329	1,357
Total Liabilities	0	0
Mortgage loans | Consolidated Entities [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Assets	159	147
Total Liabilities	0	0
Other Investments | Consolidated Entities [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Assets	100	98
Total Liabilities	1	0
Renewable energy partnership | Consolidated Entities [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Assets	68	76
Total Liabilities	$ 0	$ 0

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Investments (Unconsolidated Variable Interest Entities) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Assets	$ 379,821	$ 384,839
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Assets	45,897	44,540
Maximum Exposure to Loss	48,417	47,126
Variable Interest Entity, Not Primary Beneficiary | Fixed Maturity Securities
Variable Interest Entity [Line Items]
Assets	37,047	35,813
Maximum Exposure to Loss	37,047	35,813
Variable Interest Entity, Not Primary Beneficiary | Other limited partnership interests
Variable Interest Entity [Line Items]
Assets	7,391	7,299
Maximum Exposure to Loss	9,647	9,716
Variable Interest Entity, Not Primary Beneficiary | Other invested assets
Variable Interest Entity [Line Items]
Assets	1,331	1,342
Maximum Exposure to Loss	1,432	1,509
Variable Interest Entity, Not Primary Beneficiary | Real estate joint ventures
Variable Interest Entity [Line Items]
Assets	128	86
Maximum Exposure to Loss	$ 291	$ 88

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Investments (Net Investment Income) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net Investment Income [Line Items]
Gross Investment Income, Operating	$ 3,201	$ 2,632	$ 6,191	$ 5,606
Less: Investment expenses	328	190	633	338
Net investment income	2,873	2,442	5,558	5,268
Fixed Maturity Securities
Net Investment Income [Line Items]
Gross Investment Income, Operating	1,897	1,543	3,743	3,044
Equity securities
Net Investment Income [Line Items]
Gross Investment Income, Operating	4	1	5	2
Mortgage loans
Net Investment Income [Line Items]
Gross Investment Income, Operating	829	605	1,619	1,218
Policy loans
Net Investment Income [Line Items]
Gross Investment Income, Operating	75	72	148	144
Real Estate and Real Estate Joint Ventures
Net Investment Income [Line Items]
Gross Investment Income, Operating	117	238	169	432
OLPI
Net Investment Income [Line Items]
Gross Investment Income, Operating	91	64	92	597
Cash, cash equivalents and short-term investments
Net Investment Income [Line Items]
Gross Investment Income, Operating	89	11	173	15
FVO Securities
Net Investment Income [Line Items]
Net investment income	46	(113)	96	(142)
Operating joint venture
Net Investment Income [Line Items]
Gross Investment Income, Operating	7	26	21	42
Other Investments
Net Investment Income [Line Items]
Gross Investment Income, Operating	$ 46	$ 185	$ 125	$ 254

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Investments (Supplemental Net Investment Income) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net Investment Income [Line Items]
Debt and Equity Securities, Realized Gain (Loss)	$ (3)	$ (187)	$ 80	$ (335)
Equity Securities, FV-NI, Unrealized Gain (Loss)	7	(2)	4	8
Income (Loss) from Equity Method Investments	65	188	27	805
Net investment Income
Net Investment Income [Line Items]
Debt and Equity Securities, Realized Gain (Loss)	0	(4)	0	(4)
Debt and Equity Securities, Unrealized Gain (Loss)	76	(75)	134	(57)
Debt and Equity Securities, Gain (Loss)	76	(79)	134	(61)
FVO Securities
Net Investment Income [Line Items]
Equity Securities, FV-NI, Unrealized Gain (Loss)	$ 45	$ (114)	$ 92	$ (147)

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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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Marketable Securities, Gain (Loss) [Abstract]
Fixed maturity securities AFS (1)	$ (746)	$ (356)	$ (694)	$ (658)
Equity Securities, FV-NI, Gain (Loss)	7	1	2	4
Other net investment gains (losses):
Mortgage loans (1)	33	(13)	(116)	10
Real estate and REJV (excluding changes in estimated fair value)	62	159	64	163
OLPI (excluding changes in estimated fair value)	2	2	9	5
Other gains (losses)	8	49	14	66
Subtotal - investment portfolio gains (losses)	(634)	(158)	(721)	(410)
Change In Estimated Fair Value Of Other Limited Partnership Interests And Real Estate Joint Ventures	1	0	(4)	6
Non-investment portfolio gains (losses)	(26)	75	(36)	95
Subtotal	(25)	75	(40)	101
Net investment gains (losses)	$ (659)	$ (83)	$ (761)	$ (309)

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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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Gain (Loss) on Securities [Line Items]
Realized gains (losses) on investments sold or disposed	$ (3)	$ (183)	$ 80	$ (331)
Impairment (losses)	(684)	0	(690)	(33)
Change in allowance for credit loss recognized in earnings	47	29	(115)	(51)
Unrealized net gains (losses) recognized in earnings	7	(4)	0	11
Total recognized gains (losses)	54	25	(115)	(40)
Non-investment portfolio gains (losses)	(26)	75	(36)	95
Net investment gains (losses)	(659)	(83)	(761)	(309)
Impairment (losses)	(661)	$ 0	(667)	$ (33)
Reinsurance Risk Transfer Transaction
Gain (Loss) on Securities [Line Items]
Impairment (losses)	(654)
Commercial Mortgage Loans | Reinsurance Risk Transfer Transaction
Gain (Loss) on Securities [Line Items]
Other Asset Impairment Charges	$ 23		$ 23

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Investments (Supplemental Net Investment Gains (Losses)) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net Investment Income [Line Items]
Equity Securities, FV-NI, Unrealized Gain (Loss)	$ 7	$ (2)	$ 4	$ 8
Net investment gains (losses)	(3)	(183)	80	(331)
Foreign Currency Transaction Gain (Loss), Realized	(36)	54	(51)	66
Debt and Equity Securities, Realized Gain (Loss)	(3)	(187)	80	(335)
Net investment Income
Net Investment Income [Line Items]
Debt and Equity Securities, Realized Gain (Loss)	0	(4)	0	(4)
Cash Flow Hedging [Member]
Net Investment Income [Line Items]
Net investment gains (losses)	(27)	52	(25)	70
Equity securities
Net Investment Income [Line Items]
Equity Securities, FV-NI, Unrealized Gain (Loss)	$ 8	$ (1)	$ 5	$ 5

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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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Debt Securities, Available-for-sale [Line Items]
Proceeds	$ 3,291	$ 12,499	$ 11,713	$ 19,988
Gross investment gains	27	45	266	70
Gross investment (losses)	(102)	(432)	(262)	(623)
Realized gains (losses) on sales and disposals	(75)	(387)	4	(553)
Net credit loss (provision) release (change in ACL recognized in earnings)	(10)	31	(31)	(72)
Impairment (losses)	(661)	0	(667)	(33)
Net credit loss (provision) release and impairment (losses)	(671)	31	(698)	(105)
Net investment gains (losses)	(3)	(183)	80	(331)
Equity securities, Realized gains(losses) on sales and disposals	0	3	(2)	(4)
Equity Securities, FV-NI, Unrealized Gain (Loss)	7	(2)	4	8
Equity Securities, FV-NI, Gain (Loss)	7	1	2	4
Fixed Maturity Securities
Debt Securities, Available-for-sale [Line Items]
Net investment gains (losses)	$ (746)	$ (356)	$ (694)	$ (658)

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Investments (Recurring Related Party Investments Transactions) (Details) $ in Millions, ¥ in Billions	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 JPY (¥)	Dec. 31, 2022 USD ($)
Related Party Transaction [Line Items]
Other invested assets - VIE	$ 18,326		$ 18,326			$ 19,148
Related Party Loan 1 - Matured | Metlife Inc
Related Party Transaction [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	1.60%		1.60%		1.60%
Debt Instrument, Face Amount	$ 258		$ 258		¥ 37.3
Related Party Loan 1 - Issued in July 2023, Maturing July 2030 | Metlife Inc
Related Party Transaction [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	2.16%		2.16%		2.16%
Debt Instrument, Face Amount | ¥					¥ 37.3
Minimum
Related Party Transaction [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	1.60%		1.60%		1.60%
Maximum
Related Party Transaction [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	1.85%		1.85%		1.85%
Metlife Inc
Related Party Transaction [Line Items]
Other invested assets - VIE	$ 1,102		$ 1,102			1,207
OtherOperatingIncomeRelatedAndNonrelatedParty	5	$ 4	10	$ 10
American Life Insurance Company
Related Party Transaction [Line Items]
Other invested assets - VIE	0		0			100
OtherOperatingIncomeRelatedAndNonrelatedParty	$ 1	1	$ 1	1
Debt Instrument, Interest Rate, Stated Percentage	1.88%		1.88%		1.88%
Affiliated Entity
Related Party Transaction [Line Items]
Assets Transferred To Affiliates, Estimated Fair Value	$ 4	0	$ 4	189
Transfers of Financial Assets Accounted for as Sale, Amortized Cost of Assets Obtained as Proceeds	4	0	4	191
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale, Gain (Loss) on Sale	0	0	0	(2)
Assets Transferred From Affiliates Estimated Fair Value	645	9	1,160	266
Other invested assets - VIE	1,102		1,102			$ 1,307
Affiliated Entity | Other Investments
Related Party Transaction [Line Items]
OtherOperatingIncomeRelatedAndNonrelatedParty	$ 6	$ 5	$ 11	$ 11

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Investments (Fixed Maturity Securities AFS - Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value of Fixed Maturity Securities AFS	$ 149,072	$ 145,576
Gross Unrealized Losses	(14,203)	(16,564)
Nonperforming
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value of Fixed Maturity Securities AFS	97	71
Gross Unrealized Losses	$ (31)	$ (1)

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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, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ 14,200
Equal to or Greater than 12 Months Gross Unrealized Loss	$ 12,491	$ 4,333
Percentage Of Gross Unrealized Loss for 12 months or greater	88.00%
Total number of securities in an unrealized loss position equal or greater than 12 months	7,752	2,110
Investment Grade
Debt Securities, Available-for-sale [Line Items]
Equal to or Greater than 12 Months Gross Unrealized Loss	$ 11,852	$ 3,897
Percentage Of Gross Unrealized Loss for 12 months or greater	95.00%
Total number of securities in an unrealized loss position equal or greater than 12 months	7,025
Below Investment Grade
Debt Securities, Available-for-sale [Line Items]
Equal to or Greater than 12 Months Gross Unrealized Loss	$ 639	$ 436
Percentage Of Gross Unrealized Loss for 12 months or greater	5.00%
Total number of securities in an unrealized loss position equal or greater than 12 months	727
Fixed maturity securities without an allowance for credit loss
Debt Securities, Available-for-sale [Line Items]
Change in Gross Unrealized Temporary Loss	$ 2,400

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Investments (Mortgage Loans - Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums	$ (727)		$ (727)		$ (717)
Financing Receivable, Purchase	100	$ 596	857	$ 1,100
Loans and Leases Receivable, Related Parties, Additions	5,300
Loans and Leases Receivable, Related Parties	13,000		13,000
Mortgage Loans, Gross	$ 64,336		$ 64,336		$ 63,018
FinancingReceivableModifiedWeightedAverageTermIncreaseFromModification	8 years		9 years
Financing Receivable Modified Weighted Average Interest Rate Pre Modification	5.70%		5.80%
Financing Receivable Modified Weighted Average Interest Rate Post Modification	4.20%		4.20%
Percentage of Mortgage Loans Classified as Performing	99.00%		99.00%		99.00%
Financing Receivable, Nonaccrual	$ 803		$ 803		$ 718
Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Related Party Transaction, Amounts of Transaction	5,300
Commercial Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest Receivable	192		192		171
Mortgage Loans, Gross	37,910		37,910		37,196
Financing Receivable, Nonaccrual	192		192		158	$ 146
Financing Receivable, Nonaccrual, No Allowance	149		149		0
Commercial Mortgage Loans | Extended Maturity
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Troubled Debt Restructuring, Postmodification	149		180
Residential Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest Receivable	78		78		70
Mortgage Loans, Gross	10,391		10,391		9,953
Financing Receivable, Nonaccrual	376		376		429	418
Financing Receivable, Nonaccrual, No Allowance	0		0		0
Residential Mortgage Loans | ExtendedMaturityMember,PaymentDelayandInterestReduction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Troubled Debt Restructuring, Postmodification	1		4
Residential Mortgage Loans | ExtendedMaturityAndPaymentDelay
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Troubled Debt Restructuring, Postmodification	5		9
Residential Mortgage Loans | Extended Maturity
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Troubled Debt Restructuring, Postmodification	2		5
Residential Mortgage Loans | Payment Delay
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Troubled Debt Restructuring, Postmodification	5		5
Agricultural Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest Receivable	141		141		147
Mortgage Loans, Gross	16,035		16,035		15,869
Financing Receivable, Nonaccrual	235		235		131	$ 225
Financing Receivable, Nonaccrual, No Allowance	$ 61		$ 61		$ 7
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of mortgage loans with LTV ratio in excess of 100%	1.00%		1.00%
Maximum | Commercial Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage Of Modified Loans During The Period	1.00%		1.00%
Maximum | Residential Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage Of Modified Loans During The Period	1.00%
PercentageofModifiedResidentialLoans	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	$ 746		$ 746

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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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Real Estate [Line Items]
Real Estate Acquired Through Foreclosure	$ 185		$ 185		$ 179
Real Estate Investment Property, Net	608		608		$ 566
Real Estate and Real Estate Joint Ventures
Real Estate [Line Items]
Depreciation	$ 22	$ 22	$ 42	$ 42

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Investments (Leveraged and Direct Financing Leases - Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Investments, All Other Investments [Abstract]
Leveraged Leases, Net Investment in Leveraged Leases Disclosure, Investment in Leveraged Leases, Net	$ 724	$ 731
Direct Financing Lease, Net Investment in Lease, after Allowance for Credit Loss	122	127
Net Investment in Lease, Allowance for Credit Loss	$ 12	$ 19

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Investments (Cash Equivalents - Narrative) (Details) - USD ($) $ in Billions	Jun. 30, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Cash equivalents	$ 2.1	$ 6.6

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Investments (Concentrations of Credit Risk - Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
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, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Federal Home Loan Bank Stock	$ 668	$ 659

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Investments (Related Party Investment Transactions - Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Costs and Expenses, Related Party	$ 69	$ 68	$ 137	$ 136

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Derivatives (Primary Risks) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	$ 7,492	$ 8,396
Estimated Fair Value Liabilities	2,933	3,529
Derivative, Notional Amount	201,600	211,624
Derivatives Designated as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	3,777	3,887
Estimated Fair Value Liabilities	1,889	2,450
Derivative, Notional Amount	40,624	39,857
Derivatives Designated as Hedging Instruments: | Fair Value Hedges [Member]
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	1,375	1,427
Estimated Fair Value Liabilities	472	443
Derivative, Notional Amount	5,432	4,601
Derivatives Designated as Hedging Instruments: | Fair Value Hedges [Member] | Interest rate swaps
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	1,310	1,353
Estimated Fair Value Liabilities	472	443
Derivative, Notional Amount	3,973	4,036
Derivatives Designated as Hedging Instruments: | Fair Value Hedges [Member] | Foreign currency swaps
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	65	74
Estimated Fair Value Liabilities	0	0
Derivative, Notional Amount	1,459	565
Derivatives Designated as Hedging Instruments: | Cash Flow Hedges [Member]
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	2,402	2,460
Estimated Fair Value Liabilities	1,417	2,007
Derivative, Notional Amount	35,192	35,256
Derivatives Designated as Hedging Instruments: | Cash Flow Hedges [Member] | Interest rate swaps
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	10	7
Estimated Fair Value Liabilities	218	239
Derivative, Notional Amount	3,739	3,739
Derivatives Designated as Hedging Instruments: | Cash Flow Hedges [Member] | Interest rate forwards
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	0	0
Estimated Fair Value Liabilities	292	404
Derivative, Notional Amount	1,687	2,227
Derivatives Designated as Hedging Instruments: | Cash Flow Hedges [Member] | Foreign currency swaps
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	2,392	2,453
Estimated Fair Value Liabilities	907	1,364
Derivative, Notional Amount	29,766	29,290
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	3,715	4,509
Estimated Fair Value Liabilities	1,044	1,079
Derivative, Notional Amount	160,976	171,767
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Interest rate swaps
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	1,479	1,579
Estimated Fair Value Liabilities	689	704
Derivative, Notional Amount	14,627	15,358
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Interest rate floors
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	50	114
Estimated Fair Value Liabilities	0	0
Derivative, Notional Amount	18,246	23,371
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Interest rate caps
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	749	903
Estimated Fair Value Liabilities	0	0
Derivative, Notional Amount	41,040	46,666
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Interest rate futures
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	0	0
Estimated Fair Value Liabilities	0	1
Derivative, Notional Amount	58	414
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Interest rate options
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	275	434
Estimated Fair Value Liabilities	9	36
Derivative, Notional Amount	38,636	39,712
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	10,629	13,044
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Foreign currency swaps
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	583	720
Estimated Fair Value Liabilities	25	5
Derivative, Notional Amount	4,555	4,739
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Foreign currency forwards
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	9	16
Estimated Fair Value Liabilities	6	25
Derivative, Notional Amount	1,118	1,328
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Credit default swaps — purchased
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	7	16
Estimated Fair Value Liabilities	5	0
Derivative, Notional Amount	804	843
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Credit default swaps — written
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	161	113
Estimated Fair Value Liabilities	12	26
Derivative, Notional Amount	10,910	9,074
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Equity futures
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	2	2
Estimated Fair Value Liabilities	13	0
Derivative, Notional Amount	1,214	1,063
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Equity index options
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	396	585
Estimated Fair Value Liabilities	197	179
Derivative, Notional Amount	17,069	14,143
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Equity variance swaps
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	4	4
Estimated Fair Value Liabilities	0	0
Derivative, Notional Amount	90	90
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Equity Total Return Swaps [Member]
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	0	23
Estimated Fair Value Liabilities	88	103
Derivative, Notional Amount	$ 1,980	$ 1,922

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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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ (232)	$ 586	$ (792)	$ 707
Gain (Loss) on Derivative Instruments, Net, Pretax	(232)	586	(792)	707
Net Investment Income	2,873	2,442	5,558	5,268
Net policyholder benefits and claims	(6,436)	(6,010)	(12,659)	(12,661)
Interest credited to policyholder account balances	(893)	(565)	(1,724)	(1,067)
Net investment gains (losses)	(659)	(83)	(761)	(309)
Net Embedded Derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax	212	615	(68)	1,093
Net policyholder benefits and claims	0	0	0	0
Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0	0	0
Net Investment Income	14	16	29	33
Net policyholder benefits and claims	0	0	0	0
Interest credited to policyholder account balances	0	0	0	0
Net investment gains (losses)	72	45	79	58
Other Comprehensive Income (Loss), before Tax	(480)	390	(467)	42
Fair Value Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0	0	0
Net Investment Income	(2)	(1)	(2)	1
Net policyholder benefits and claims	(14)	(17)	(14)	(33)
Interest credited to policyholder account balances	(1)	(4)	(1)	(5)
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)	(124)		(124)		$ (136)
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	13	16	27	31
Net policyholder benefits and claims	0	0	0	0
Interest credited to policyholder account balances	0	0	0	0
Net investment gains (losses)	55	53	57	71
Other Comprehensive Income (Loss), before Tax	(68)	(69)	(84)	(102)
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	1	0	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)	310	(555)	439	(632)
Other Comprehensive Income (Loss), before Tax	(311)	555	(441)	630
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)	(293)	547	(417)	619
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	(6)	59	(22)	90
Net policyholder benefits and claims	0	0	0	0
Interest credited to policyholder account balances	(13)	0	(13)	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	0	2	(1)	6
Net policyholder benefits and claims	135	323	9	696
Interest credited to policyholder account balances	(32)	(82)	0	(158)
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	5	(58)	21	(87)
Net policyholder benefits and claims	0	0	0	0
Interest credited to policyholder account balances	(11)	0	(11)	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	(1)	(4)	0	(8)
Net policyholder benefits and claims	121	306	(5)	663
Interest credited to policyholder account balances	(31)	(78)	(1)	(153)
Net investment gains (losses)	0	0	0	0
Credit forwards | 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)	0	0	0	0
Other Comprehensive Income (Loss), before Tax	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	56	472	15	624
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	(156)	(568)	44	(1,110)
Accumulated Other Comprehensive Income (Loss) | Credit forwards | Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), before Tax	(1)	0	(1)	0
Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(637)	(155)	(1,167)	(649)
Net Investment Income	(36)	39	(42)	34
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
Not Designated as Hedging Instrument [Member] | Nonoperating Income (Expense) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax	189	126	434	263
Net Investment Income	39	140	82	225
Net policyholder benefits and claims	(3)	(35)	(8)	(76)
Interest credited to policyholder account balances	(34)	(29)	(67)	(55)
Net investment gains (losses)	0	0	0	0
Other Comprehensive Income (Loss), before Tax	0	0	0	0
Not Designated as Hedging Instrument [Member] | Synthetic GICs [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax	4	0	9	0
Equity Market Risk [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(348)	637	(751)	819
Net Investment Income	(36)	36	(42)	29
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 Currency Gain (Loss) [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	39	(179)	71	(242)
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	(336)	(872)	(397)	(1,603)
Net Investment Income	0	2	0	3
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	(44)	386	(139)	509
Net Investment Income	0	1	0	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
Credit Default Swap, Buying Protection [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(8)	27	(17)	58
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	60	(154)	66	(190)
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	15	194	67	293
Net policyholder benefits and claims	11	(18)	6	(43)
Interest credited to policyholder account balances	33	33	66	60
Net investment gains (losses)	72	45	79	58
Other Comprehensive Income (Loss), before Tax	$ (480)	$ 390	$ (467)	$ 42

XML

Derivatives (Fair Value Hedges) (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Maximum Length of Time Hedged in Cash Flow Hedge	6 years	6 years
Mortgage loans | Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Debt Instruments, Carrying Amount	$ 322	$ 319
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease)	(20)	(18)
Future policy benefits [Member] | Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Debt Instruments, Carrying Amount	(2,901)	(2,816)
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease)	204	200
Policyholder Account Balances [Member] | Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Debt Instruments, Carrying Amount	(1,817)	(1,735)
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease)	43	80
Fixed Maturities [Member] | Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Hedged Asset, Discontinued Fair Value Hedge, Cumulative Increase (Decrease)	(124)	(136)
Debt Instruments, Carrying Amount	164	247
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease)	$ 1	$ 1

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Derivatives (Credit Derivatives) (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 149	$ 87
Maximum Amount of Future Payments under Credit Default Swaps	$ 10,910	$ 9,074
Weighted Average Years to Maturity	4 years 2 months 12 days	4 years 7 months 6 days
Aaa/Aa/A
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 84	$ 80
Maximum Amount of Future Payments under Credit Default Swaps	$ 4,361	$ 4,261
Weighted Average Years to Maturity	2 years 10 months 24 days	3 years 4 months 24 days
Aaa/Aa/A | Single name credit default swaps (3)
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 0	$ 1
Maximum Amount of Future Payments under Credit Default Swaps	$ 10	$ 10
Weighted Average Years to Maturity	1 year	1 year 6 months
Aaa/Aa/A | Credit default swaps referencing indices
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 84	$ 79
Maximum Amount of Future Payments under Credit Default Swaps	$ 4,351	$ 4,251
Weighted Average Years to Maturity	2 years 10 months 24 days	3 years 4 months 24 days
Baa [Member]
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 67	$ 13
Maximum Amount of Future Payments under Credit Default Swaps	$ 6,399	$ 4,638
Weighted Average Years to Maturity	5 years 2 months 12 days	5 years 9 months 18 days
Baa [Member] | Single name credit default swaps (3)
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 1	$ 0
Maximum Amount of Future Payments under Credit Default Swaps	$ 40	$ 40
Weighted Average Years to Maturity	2 years	2 years 6 months
Baa [Member] | Credit default swaps referencing indices
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 66	$ 13
Maximum Amount of Future Payments under Credit Default Swaps	$ 6,359	$ 4,598
Weighted Average Years to Maturity	5 years 2 months 12 days	5 years 10 months 24 days
Ba
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 2	$ 3
Maximum Amount of Future Payments under Credit Default Swaps	$ 45	$ 70
Weighted Average Years to Maturity	2 years 1 month 6 days	1 year 10 months 24 days
Ba | Single name credit default swaps (3)
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 0	$ 1
Maximum Amount of Future Payments under Credit Default Swaps	$ 20	$ 45
Weighted Average Years to Maturity	6 months	8 months 12 days
Ba | Credit default swaps referencing indices
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 2	$ 2
Maximum Amount of Future Payments under Credit Default Swaps	$ 25	$ 25
Weighted Average Years to Maturity	3 years 6 months	4 years
Caa
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ (7)	$ (10)
Maximum Amount of Future Payments under Credit Default Swaps	$ 30	$ 30
Weighted Average Years to Maturity	3 years	3 years 6 months
Caa | Credit default swaps referencing indices
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ (7)	$ (10)
Maximum Amount of Future Payments under Credit Default Swaps	$ 30	$ 30
Weighted Average Years to Maturity	3 years	3 years 6 months
B
Credit Derivatives [Line Items]
Maximum Amount of Future Payments under Credit Default Swaps	$ 75	$ 75
Weighted Average Years to Maturity	5 years	4 years 6 months
Estimated Fair Value of Credit Default Swaps	$ 3	$ 1
B | Credit default swaps referencing indices
Credit Derivatives [Line Items]
Maximum Amount of Future Payments under Credit Default Swaps	$ 75	$ 75
Weighted Average Years to Maturity	5 years	4 years 6 months
Estimated Fair Value of Credit Default Swaps	$ 3	$ 1

XML

Derivatives (Estimated Fair Value of Derivative Assets and Liabilities after Master Netting Agreements and Cash Collateral) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Offsetting Assets [Line Items]
Derivative Asset, Fair Value, Gross Asset Excluding Accruals	$ 7,620	$ 8,515
Derivative Liability, Fair Value, Gross Liability Excluding Accruals	2,997	3,529
Net amount of derivative assets after application of master netting agreements and cash collateral	87	44
Net amount of derivative liabilities after application of master netting agreements and cash collateral	0	0
Over the Counter [Member]
Offsetting Assets [Line Items]
Derivative Asset, Fair Value, Gross Asset Excluding Accruals	7,530	8,456
Derivative Liability, Fair Value, Gross Liability Excluding Accruals	2,975	3,499
Gross estimated fair value of derivative assets	(2,685)	(3,317)
Gross estimated fair value of derivative liabilities	(2,685)	(3,317)
Cash collateral on derivative assets	(3,140)	(4,044)
Cash collateral on derivative liabilities	0	0
Securities collateral on derivative assets	(1,637)	(1,078)
Securities collateral on derivative liabilities	(290)	(182)
Exchange Traded [Member]
Offsetting Assets [Line Items]
Derivative Asset, Fair Value, Gross Asset Excluding Accruals	2	2
Derivative Liability, Fair Value, Gross Liability Excluding Accruals	13	1
Gross estimated fair value of derivative assets	(2)	0
Gross estimated fair value of derivative liabilities	(2)	0
Securities collateral on derivative assets	0	0
Securities collateral on derivative liabilities	(11)	(1)
Cleared [Member]
Offsetting Assets [Line Items]
Derivative Asset, Fair Value, Gross Asset Excluding Accruals	88	57
Derivative Liability, Fair Value, Gross Liability Excluding Accruals	9	29
Gross estimated fair value of derivative assets	(6)	(14)
Gross estimated fair value of derivative liabilities	(6)	(14)
Cash collateral on derivative assets	(63)	(18)
Cash collateral on derivative liabilities	0	(1)
Securities collateral on derivative assets	0	0
Securities collateral on derivative liabilities	$ (3)	$ (14)

XML

Derivatives (Credit Risk on Freestanding Derivatives) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Credit Derivatives [Line Items]
Derivative, Collateral, Right to Reclaim Cash	$ 0	$ 1
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	(2)	0
Derivative Liability, Not Offset, Policy Election Deduction	(2)	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	290	182
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	$ 553	$ 221

XML

Derivatives (Embedded Derivatives) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Embedded derivatives within asset host contracts (4)	$ 162	$ 149
Embedded derivatives within liability host contracts	(216)	(309)
Assumed affiliated reinsurance | Other invested assets
Derivatives, Fair Value [Line Items]
Embedded derivatives within asset host contracts (4)	171	149
Fixed annuities with equity indexed returns [Member] | Policyholder Account Balances [Member]
Derivatives, Fair Value [Line Items]
Embedded derivatives within liability host contracts	155	141
Funds withheld and guarantees on reinsurance (including affiliated) | Other liabilities
Derivatives, Fair Value [Line Items]
Embedded derivatives within liability host contracts	(371)	(450)
Funds withheld on affiliated reinsurance | Other invested assets
Derivatives, Fair Value [Line Items]
Embedded derivatives within asset host contracts (4)	$ (9)	$ 0

XML

Derivatives (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	$ 7,492	$ 8,396
Estimated Fair Value Liabilities	2,933	3,529
Maximum Amount of Future Payments under Credit Default Swaps	$ 10,910	$ 9,074
Derivative Instrument Detail [Abstract]
Hedging exposure to variability in future cash flows for specific length of time	6 years	6 years
Accumulated Other Comprehensive Income Loss	$ 1,500	$ 2,000
Deferred net gains (losses) expected to be reclassified to earnings	150
Excess cash collateral received on derivatives	244	210
Securities collateral received which the company is permitted to sell or repledge, amount that has been sold or repledged	0
Over the Counter [Member]
Derivatives, Fair Value [Line Items]
Cash collateral on derivative assets	(3,140)	(4,044)
Excess securities collateral received on derivatives	377	366
Excess securities collateral provided on derivatives	944	934
Exchange Traded [Member]
Derivatives, Fair Value [Line Items]
Excess securities collateral received on derivatives	488	442
Excess securities collateral provided on derivatives	55	96
Accrued Liabilities [Member]
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	128	119
Estimated Fair Value Liabilities	$ 64	$ 0

XML

Derivatives Cash Flow Hedges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Maximum Length of Time Hedged in Cash Flow Hedge			6 years		6 years
Accumulated Other Comprehensive Income Loss	$ 1,500		$ 1,500		$ 2,000
Gain (Loss) on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Net	$ 19	$ 4	$ 20	$ 4

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Fair Value (Recurring Fair Value Measurements) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Jan. 01, 2021
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	$ 149,072	$ 145,576
Short-term investments	3,456	2,759
Derivative assets	7,492	8,396
Embedded derivatives within asset host contracts (4)	162	149
Market risk benefits	163	174
Separate account assets	84,910	89,241
Liabilities [Abstract]
Derivative liabilities	2,933	3,529
Embedded derivatives within liability host contracts	(216)	(309)
Market risk benefits	2,942	3,270	$ 6,789
Separate account liabilities (2)	84,910	89,241
Recurring
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	149,072	145,576
Short-term investments	3,456	2,759
Other investments	1,564	1,480
Derivative assets	7,492	8,396
Embedded derivatives within asset host contracts (4)	162	149
Market risk benefits	163	174
Separate account assets	84,910	89,241
Total assets	246,819	247,775
Liabilities [Abstract]
Derivative liabilities	2,933	3,529
Embedded derivatives within liability host contracts	(216)	(309)
Market risk benefits	2,942	3,270
Total liabilities	5,670	6,531
Recurring | Interest rate
Assets [Abstract]
Derivative assets	3,873	4,390
Liabilities [Abstract]
Derivative liabilities	1,680	1,827
Recurring | Foreign currency exchange rate
Assets [Abstract]
Derivative assets	3,049	3,263
Liabilities [Abstract]
Derivative liabilities	938	1,394
Recurring | Credit
Assets [Abstract]
Derivative assets	168	129
Liabilities [Abstract]
Derivative liabilities	17	26
Recurring | Equity market
Assets [Abstract]
Derivative assets	402	614
Liabilities [Abstract]
Derivative liabilities	298	282
Recurring | Separate account liabilities (2)
Liabilities [Abstract]
Separate account liabilities (2)	11	41
Recurring | U.S. corporate
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	53,038	51,090
Recurring | Foreign corporate
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	24,591	23,993
Recurring | U.S. government and agency
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	21,931	22,358
Recurring | RMBS
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	19,885	19,333
Recurring | ABS & CLO
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	12,065	11,836
Recurring | Municipals
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	7,652	7,464
Recurring | CMBS
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	6,292	6,043
Recurring | Foreign government
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	3,618	3,459
Recurring | Level 1
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	8,565	9,130
Short-term investments	3,305	2,677
Other investments	258	246
Derivative assets	2	2
Embedded derivatives within asset host contracts (4)	0	0
Market risk benefits	0	0
Separate account assets	14,036	16,206
Total assets	26,166	28,261
Liabilities [Abstract]
Derivative liabilities	13	1
Embedded derivatives within liability host contracts	0	0
Market risk benefits	0	0
Total liabilities	20	9
Recurring | Level 1 | Interest rate
Assets [Abstract]
Derivative assets	0	0
Liabilities [Abstract]
Derivative liabilities	0	1
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	2	2
Liabilities [Abstract]
Derivative liabilities	13	0
Recurring | Level 1 | Separate account liabilities (2)
Liabilities [Abstract]
Separate account liabilities (2)	7	8
Recurring | Level 1 | U.S. corporate
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	0	0
Recurring | Level 1 | Foreign 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	8,561	9,126
Recurring | Level 1 | RMBS
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	4	4
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	121,061	118,325
Short-term investments	134	35
Other investments	191	212
Derivative assets	7,476	8,305
Embedded derivatives within asset host contracts (4)	0	0
Market risk benefits	0	0
Separate account assets	69,819	72,022
Total assets	198,681	198,899
Liabilities [Abstract]
Derivative liabilities	2,628	3,108
Embedded derivatives within liability host contracts	0	0
Market risk benefits	0	0
Total liabilities	2,631	3,123
Recurring | Level 2 | Interest rate
Assets [Abstract]
Derivative assets	3,873	4,390
Liabilities [Abstract]
Derivative liabilities	1,388	1,421
Recurring | Level 2 | Foreign currency exchange rate
Assets [Abstract]
Derivative assets	3,049	3,263
Liabilities [Abstract]
Derivative liabilities	938	1,394
Recurring | Level 2 | Credit
Assets [Abstract]
Derivative assets	161	47
Liabilities [Abstract]
Derivative liabilities	17	11
Recurring | Level 2 | Equity market
Assets [Abstract]
Derivative assets	393	605
Liabilities [Abstract]
Derivative liabilities	285	282
Recurring | Level 2 | Separate account liabilities (2)
Liabilities [Abstract]
Separate account liabilities (2)	3	15
Recurring | Level 2 | U.S. corporate
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	44,499	43,147
Recurring | Level 2 | Foreign corporate
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	17,114	17,203
Recurring | Level 2 | U.S. government and agency
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	13,370	13,232
Recurring | Level 2 | RMBS
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	18,422	17,804
Recurring | Level 2 | ABS & CLO
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	10,413	10,329
Recurring | Level 2 | Municipals
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	7,648	7,464
Recurring | Level 2 | CMBS
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	5,994	5,702
Recurring | Level 2 | Foreign government
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	3,601	3,444
Recurring | Level 3
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	19,446	18,121
Short-term investments	17	47
Other investments	1,115	1,022
Derivative assets	14	89
Embedded derivatives within asset host contracts (4)	162	149
Market risk benefits	163	174
Separate account assets	1,055	1,013
Total assets	21,972	20,615
Liabilities [Abstract]
Derivative liabilities	292	420
Embedded derivatives within liability host contracts	(216)	(309)
Market risk benefits	2,942	3,270
Total liabilities	3,019	3,399
Recurring | Level 3 | Interest rate
Assets [Abstract]
Derivative assets	0	0
Liabilities [Abstract]
Derivative liabilities	292	405
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	7	82
Liabilities [Abstract]
Derivative liabilities	0	15
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)	1	18
Recurring | Level 3 | U.S. corporate
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	8,539	7,943
Recurring | Level 3 | Foreign corporate
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	7,477	6,790
Recurring | Level 3 | U.S. government and agency
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	0	0
Recurring | Level 3 | RMBS
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	1,459	1,525
Recurring | Level 3 | ABS & CLO
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	1,652	1,507
Recurring | Level 3 | Municipals
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	4	0
Recurring | Level 3 | CMBS
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	298	341
Recurring | Level 3 | Foreign government
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	17	15
Other limited partnership interests | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	$ 61	$ 61

XML

Fair Value (Quantitative Information) (Details)	Jun. 30, 2023	Dec. 31, 2022
Minimum | Interest rate | Measurement Input, Swap Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Asset (Liability) Net, Measurement Input	360	372
Minimum | Credit | Measurement Input, Credit Spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Asset (Liability) Net, Measurement Input	0	84
Minimum | Market Risk Benefits direct and assumed guaranteed minimum benefits | Mortality rates: Ages 0 - 40
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market Risk Benefits direct and assumed guaranteed minimum benefits	0.0001	0.0001
Minimum | Market Risk Benefits direct and assumed guaranteed minimum benefits | Mortality rates: Ages 41 - 60
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market Risk Benefits direct and assumed guaranteed minimum benefits	0.0005	0.0005
Minimum | Market Risk Benefits direct and assumed guaranteed minimum benefits | Mortality rates: Ages 61 - 115
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market Risk Benefits direct and assumed guaranteed minimum benefits	0.0034	0.0034
Minimum | Market Risk Benefits direct and assumed guaranteed minimum benefits | Lapse rates: Durations 1 - 10
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market Risk Benefits direct and assumed guaranteed minimum benefits	0.0050	0.0050
Minimum | Market Risk Benefits direct and assumed guaranteed minimum benefits | Lapse rates: Durations 11 - 20
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market Risk Benefits direct and assumed guaranteed minimum benefits	0.0070	0.0070
Minimum | Market Risk Benefits direct and assumed guaranteed minimum benefits | Lapse rates: Durations 21 - 116
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market Risk Benefits direct and assumed guaranteed minimum benefits	0.0075	0.0160
Minimum | Market Risk Benefits direct and assumed guaranteed minimum benefits | Measurement Input, Utilization Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market Risk Benefits direct and assumed guaranteed minimum benefits	0.0020	0.0020
Minimum | Market Risk Benefits direct and assumed guaranteed minimum benefits | Measurement Input, Withdrawal Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market Risk Benefits direct and assumed guaranteed minimum benefits	0.0025	0.0025
Minimum | Market Risk Benefits direct and assumed guaranteed minimum benefits | Measurement Input, Long-Term Equity Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market Risk Benefits direct and assumed guaranteed minimum benefits	0.1646	0.1646
Minimum | Market Risk Benefits direct and assumed guaranteed minimum benefits | Nonperformance risk spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market Risk Benefits direct and assumed guaranteed minimum benefits	0.0044	0.0034
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	17	0
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	5	20
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	75	74
Maximum | Interest rate | Measurement Input, Swap Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Asset (Liability) Net, Measurement Input	380	392
Maximum | Credit | Measurement Input, Credit Spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Asset (Liability) Net, Measurement Input	0	138
Maximum | Market Risk Benefits direct and assumed guaranteed minimum benefits | Mortality rates: Ages 0 - 40
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market Risk Benefits direct and assumed guaranteed minimum benefits	0.0013	0.0008
Maximum | Market Risk Benefits direct and assumed guaranteed minimum benefits | Mortality rates: Ages 41 - 60
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market Risk Benefits direct and assumed guaranteed minimum benefits	0.0067	0.0043
Maximum | Market Risk Benefits direct and assumed guaranteed minimum benefits | Mortality rates: Ages 61 - 115
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market Risk Benefits direct and assumed guaranteed minimum benefits	1	1
Maximum | Market Risk Benefits direct and assumed guaranteed minimum benefits | Lapse rates: Durations 1 - 10
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market Risk Benefits direct and assumed guaranteed minimum benefits	0.3280	0.3750
Maximum | Market Risk Benefits direct and assumed guaranteed minimum benefits | Lapse rates: Durations 11 - 20
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market Risk Benefits direct and assumed guaranteed minimum benefits	0.1820	0.3575
Maximum | Market Risk Benefits direct and assumed guaranteed minimum benefits | Lapse rates: Durations 21 - 116
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market Risk Benefits direct and assumed guaranteed minimum benefits	0.10	0.3575
Maximum | Market Risk Benefits direct and assumed guaranteed minimum benefits | Measurement Input, Utilization Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market Risk Benefits direct and assumed guaranteed minimum benefits	0.22	0.22
Maximum | Market Risk Benefits direct and assumed guaranteed minimum benefits | Measurement Input, Withdrawal Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market Risk Benefits direct and assumed guaranteed minimum benefits	0.07	0.10
Maximum | Market Risk Benefits direct and assumed guaranteed minimum benefits | Measurement Input, Long-Term Equity Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market Risk Benefits direct and assumed guaranteed minimum benefits	0.2201	0.2201
Maximum | Market Risk Benefits direct and assumed guaranteed minimum benefits | Nonperformance risk spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market Risk Benefits direct and assumed guaranteed minimum benefits	0.0084	0.0074
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	128	126
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	104	107
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	109	106
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	101	101
Weighted Average | Interest rate | Measurement Input, Swap Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Asset (Liability) Net, Measurement Input	371	381
Weighted Average | Credit | Measurement Input, Credit Spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Asset (Liability) Net, Measurement Input	0	101
Weighted Average | Market Risk Benefits direct and assumed guaranteed minimum benefits | Mortality rates: Ages 0 - 40
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market Risk Benefits direct and assumed guaranteed minimum benefits	0.0005	0.0005
Weighted Average | Market Risk Benefits direct and assumed guaranteed minimum benefits | Mortality rates: Ages 41 - 60
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market Risk Benefits direct and assumed guaranteed minimum benefits	0.0020	0.0020
Weighted Average | Market Risk Benefits direct and assumed guaranteed minimum benefits | Mortality rates: Ages 61 - 115
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market Risk Benefits direct and assumed guaranteed minimum benefits	0.0144	0.0144
Weighted Average | Market Risk Benefits direct and assumed guaranteed minimum benefits | Lapse rates: Durations 1 - 10
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market Risk Benefits direct and assumed guaranteed minimum benefits	0.0896	0.0896
Weighted Average | Market Risk Benefits direct and assumed guaranteed minimum benefits | Lapse rates: Durations 11 - 20
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market Risk Benefits direct and assumed guaranteed minimum benefits	0.0652	0.0652
Weighted Average | Market Risk Benefits direct and assumed guaranteed minimum benefits | Lapse rates: Durations 21 - 116
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market Risk Benefits direct and assumed guaranteed minimum benefits	0.0289	0.0289
Weighted Average | Market Risk Benefits direct and assumed guaranteed minimum benefits | Measurement Input, Utilization Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market Risk Benefits direct and assumed guaranteed minimum benefits	0.0038	0.0038
Weighted Average | Market Risk Benefits direct and assumed guaranteed minimum benefits | Measurement Input, Withdrawal Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market Risk Benefits direct and assumed guaranteed minimum benefits	0.0402	0.0402
Weighted Average | Market Risk Benefits direct and assumed guaranteed minimum benefits | Measurement Input, Long-Term Equity Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market Risk Benefits direct and assumed guaranteed minimum benefits	0.1849	0.1849
Weighted Average | Market Risk Benefits direct and assumed guaranteed minimum benefits | Nonperformance risk spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market Risk Benefits direct and assumed guaranteed minimum benefits	0.0075	0.0075
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	91	89
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	92	92
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	93
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	92	91

XML

Fair Value (Unobservable Input Reconciliation) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Residential mortgage loans — FVO
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	$ 0	$ 119	$ 0	$ 127
Total realized/unrealized gains (losses) included in net income (loss)	0	(5)	0	(9)
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	0	(5)	0	(9)
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Balance, end of period	0	109	0	109
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	(5)	0	(9)
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	(5)	0	(9)
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	1	(87)	2	(21)
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	(48)	(199)	7	(394)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance, beginning of period	(271)	29	(331)	86
Total realized/unrealized gains (losses) included in net income (loss)	(12)	(88)	(27)	(22)
Total realized/unrealized gains (losses) included in AOCI	(39)	(207)	43	(418)
Purchases	0	145	0	233
Sales	0	0	0	0
Issuances	0	0	0	(2)
Settlements	44	18	98	20
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	(61)	0
Balance, end of period	(278)	(103)	(278)	(103)
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	1	(87)	2	(21)
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	(48)	(199)	7	(394)
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	212	615	(68)	1,093
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	168	(722)	458	(1,236)
Total realized/unrealized gains (losses) included in net income (loss)	212	615	(68)	1,093
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	(2)	26	(12)	62
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Balance, end of period	378	(81)	378	(81)
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	212	615	(68)	1,093
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	15,717	13,940	14,733	14,935
Total realized/unrealized gains (losses) included in net income (loss)	(11)	(11)	(18)	(26)
Total realized/unrealized gains (losses) included in AOCI	(101)	(1,496)	285	(2,613)
Purchases	808	945	2,015	1,347
Sales	(393)	(211)	(848)	(575)
Issuances	0	0	0	0
Settlements	0	0	0	0
Transfers into Level 3	125	137	280	223
Transfers out of Level 3	(129)	(300)	(431)	(287)
Balance, end of period	16,016	13,004	16,016	13,004
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	(10)	(11)	(17)	(26)
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	(110)	(1,495)	272	(2,618)
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	(10)	(11)	(17)	(26)
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	(110)	(1,495)	272	(2,618)
Structured Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	3,501	4,566	3,373	4,600
Total realized/unrealized gains (losses) included in net income (loss)	7	12	1	23
Total realized/unrealized gains (losses) included in AOCI	(20)	(142)	0	(305)
Purchases	67	321	153	429
Sales	(86)	(394)	(175)	(563)
Issuances	0	0	0	0
Settlements	0	0	0	0
Transfers into Level 3	34	79	103	148
Transfers out of Level 3	(94)	(352)	(46)	(242)
Balance, end of period	3,409	4,090	3,409	4,090
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	8	12	9	23
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	(21)	(139)	(4)	(300)
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	8	12	9	23
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	(21)	(139)	(4)	(300)
Municipals
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	0	0	0	0
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	4	0	4	0
Sales	0	0	0	0
Issuances	0	0	0	0
Settlements	0	0	0	0
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Balance, end of period	4	0	4	0
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
Foreign government
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	15	13	15	12
Total realized/unrealized gains (losses) included in net income (loss)	(1)	5	(1)	(42)
Total realized/unrealized gains (losses) included in AOCI	3	4	2	7
Purchases	0	0	2	0
Sales	0	(1)	(1)	(2)
Issuances	0	0	0	0
Settlements	0	0	0	0
Transfers into Level 3	0	2	0	46
Transfers out of Level 3	0	(2)	0	0
Balance, end of period	17	21	17	21
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	(1)	5	(1)	(42)
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	3	4	1	7
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	(1)	5	(1)	(42)
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	3	4	1	7
Short-term Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	57	0	47	2
Total realized/unrealized gains (losses) included in net income (loss)	0	0	0	0
Total realized/unrealized gains (losses) included in AOCI	(1)	0	0	0
Purchases	5	0	17	100
Sales	(44)	0	(47)	(2)
Issuances	0	0	0	0
Settlements	0	0	0	0
Transfers into Level 3	0	100	0	0
Transfers out of Level 3	0	0	0	0
Balance, end of period	17	100	17	100
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	(1)	0	(1)	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	(1)	0	(1)	0
Other Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	1,052	1,123	1,022	894
Total realized/unrealized gains (losses) included in net income (loss)	63	(64)	91	(19)
Total realized/unrealized gains (losses) included in AOCI	0	0	0	0
Purchases	0	10	2	195
Sales	0	(8)	0	(10)
Issuances	0	0	0	0
Settlements	0	0	0	0
Transfers into Level 3	0	0	0	3
Transfers out of Level 3	0	(100)	0	(102)
Balance, end of period	1,115	961	1,115	961
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	64	(64)	93	(22)
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	(64)	93	(22)
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	1,000	1,931	995	1,958
Total realized/unrealized gains (losses) included in net income (loss)	(10)	11	(18)	17
Total realized/unrealized gains (losses) included in AOCI	0	0	0	0
Purchases	72	35	170	104
Sales	(20)	(949)	(109)	(1,046)
Issuances	0	(5)	0	(5)
Settlements	0	6	1	4
Transfers into Level 3	12	0	15	1
Transfers out of Level 3	0	0	0	(4)
Balance, end of period	1,054	1,029	1,054	1,029
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 (Financial Instruments Carried at Other Than Fair Value) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Assets
Policy loans	$ 5,692	$ 5,729
Liabilities
Separate account liabilities	84,910	89,241
Carrying Value
Assets
Mortgage loans (1)	63,811	62,570
Policy loans	5,692	5,729
Other invested assets	1,782	1,978
Premiums, reinsurance and other receivables	11,967	12,036
Liabilities
Policyholder account balances	87,765	85,957
Long-term debt	1,885	1,676
Other liabilities	12,125	12,546
Separate account liabilities	31,904	38,391
Estimated Fair Value
Assets
Mortgage loans (1)	60,000	58,858
Policy loans	6,107	6,143
Other invested assets	1,806	1,979
Premiums, reinsurance and other receivables	12,216	12,280
Liabilities
Policyholder account balances	84,948	83,594
Long-term debt	1,934	1,758
Other liabilities	12,101	12,513
Separate account liabilities	31,904	38,391
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
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	1,806	1,979
Premiums, reinsurance and other receivables	487	454
Liabilities
Policyholder account balances	0	0
Long-term debt	1,934	1,758
Other liabilities	518	671
Separate account liabilities	31,904	38,391
Estimated Fair Value | Level 3
Assets
Mortgage loans (1)	60,000	58,858
Policy loans	6,107	6,143
Other invested assets	0	0
Premiums, reinsurance and other receivables	11,729	11,826
Liabilities
Policyholder account balances	84,948	83,594
Long-term debt	0	0
Other liabilities	11,583	11,842
Separate account liabilities	$ 0	$ 0

XML

Fair Value (Nonrecurring Fair Value Measurements) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total mortgage loans	$ 63,811		$ 63,811		$ 62,570
Nonrecurring | Mortgages [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Adjustment	(31)	$ (24)	(105)	$ (15)
Fair Value, Inputs, Level 3 [Member] | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total mortgage loans	$ 278		$ 278		$ 222

XML

Long-term and Short-term debt (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	May 08, 2023	Mar. 29, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt	$ 1,886			$ 1,676
General Credit Facility
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 3,000
$80 million 5.34% 2028 note
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Basis for Effective Rate	5.34
$80 million 5.34% 2028 note | Related Party
Debt Instrument [Line Items]
Long-term debt			$ 80
$80 million 5.68% 2033 note
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Basis for Effective Rate	5.68
$80 million 5.68% 2033 note | Related Party
Debt Instrument [Line Items]
Long-term debt			80
$50 million 6.05% 2038 note
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Basis for Effective Rate	6.05
$50 million 6.05% 2038 note | Related Party
Debt Instrument [Line Items]
Long-term debt			$ 50

XML

Equity (Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	$ (6,832)	$ (3,104)	$ (8,320)	$ (1,055)
OCI before reclassifications	(1,220)	(4,400)	830	(7,257)
Deferred income tax benefit (expense)	265	925	(164)	1,521
AOCI before reclassifications, net of income tax	(7,787)	(6,579)	(7,654)	(6,791)
Amounts reclassified from AOCI	453	899	284	1,167
Deferred income tax benefit (expense)	(89)	(189)	(53)	(245)
Amounts reclassified from AOCI, net of income tax	364	710	231	922
Balance, end of period	(7,423)	(5,869)	(7,423)	(5,869)
Unrealized Investment Gains (Losses), Net of Related Offsets
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	(8,167)	4,172	(11,161)	12,799
OCI before reclassifications	(2,114)	(12,827)	1,698	(23,958)
Deferred income tax benefit (expense)	452	2,697	(346)	5,030
AOCI before reclassifications, net of income tax	(9,829)	(5,958)	(9,809)	(6,129)
Amounts reclassified from AOCI	829	403	804	619
Deferred income tax benefit (expense)	(167)	(85)	(162)	(130)
Amounts reclassified from AOCI, net of income tax	662	318	642	489
Balance, end of period	(9,167)	(5,640)	(9,167)	(5,640)
Unrealized Gains (Losses) on Derivatives
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	1,568	1,597	1,557	1,872
OCI before reclassifications	(101)	(96)	58	(486)
Deferred income tax benefit (expense)	21	20	(12)	102
AOCI before reclassifications, net of income tax	1,488	1,521	1,603	1,488
Amounts reclassified from AOCI	(379)	486	(525)	528
Deferred income tax benefit (expense)	79	(102)	110	(111)
Amounts reclassified from AOCI, net of income tax	(300)	384	(415)	417
Balance, end of period	1,188	1,905	1,188	1,905
Future Policy Benefits Discount Rate Remeasurement Gains (Losses)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	(106)	(8,611)	1,529	(15,553)
OCI before reclassifications	1,051	8,565	(1,017)	17,352
Deferred income tax benefit (expense)	(219)	(1,799)	214	(3,644)
AOCI before reclassifications, net of income tax	726	(1,845)	726	(1,845)
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	726	(1,845)	726	(1,845)
Market Risk Benefits Instrument-Specific Credit Risk Remeasurement Gains (Losses)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	149	182	80	267
OCI before reclassifications	(73)	(8)	15	(115)
Deferred income tax benefit (expense)	16	2	(3)	24
AOCI before reclassifications, net of income tax	92	176	92	176
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	92	176	92	176
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	(139)	(57)	(187)	(45)
OCI before reclassifications	17	(34)	77	(50)
Deferred income tax benefit (expense)	(5)	5	(17)	9
AOCI before reclassifications, net of income tax	(127)	(86)	(127)	(86)
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	(127)	(86)	(127)	(86)
Defined Benefit Plans Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	(137)	(387)	(138)	(395)
OCI before reclassifications	0	0	(1)	0
Deferred income tax benefit (expense)	0	0	0	0
AOCI before reclassifications, net of income tax	(137)	(387)	(139)	(395)
Amounts reclassified from AOCI	3	10	5	20
Deferred income tax benefit (expense)	(1)	(2)	(1)	(4)
Amounts reclassified from AOCI, net of income tax	2	8	4	16
Balance, end of period	$ (135)	$ (379)	$ (135)	$ (379)

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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, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net investment gains (losses)	$ (659)		$ (83)		$ (761)	$ (309)
Net derivative gains (losses)	(232)		586		(792)	707
Net investment income	2,873		2,442		5,558	5,268
Income (loss) before provision for income tax	588		2,069		393	4,354
Income tax (expense) benefit	(78)		(385)		26	(788)
Net income (loss)	510	$ (91)	1,684	$ 1,882	419	3,566
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net income (loss)	(364)		(710)		(231)	(922)
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)	(828)		(388)		(787)	(601)
Net derivative gains (losses)	(2)		(16)		(20)	(21)
Net investment income	1		1		3	3
Income (loss) before provision for income tax	(829)		(403)		(804)	(619)
Income tax (expense) benefit	167		85		162	130
Net income (loss)	(662)		(318)		(642)	(489)
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	379		(486)		525	(528)
Income tax (expense) benefit	(79)		102		(110)	111
Net income (loss)	300		(384)		415	(417)
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)	55		53		57	71
Net investment income	13		16		27	31
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)	310		(555)		439	(632)
Net investment income	1		0		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)	(3)		(11)		(6)	(21)
Amortization of prior service (costs) credit	0		1		1	1
Income (loss) before provision for income tax	(3)		(10)		(5)	(20)
Income tax (expense) benefit	1		2		1	4
Net income (loss)	$ (2)		$ (8)		$ (4)	$ (16)

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Equity (Net Unrealized Investment Gains Losses) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Components of net unrealized investment gains (losses) included in accumulated other comprehensive income
Fixed maturity securities AFS	$ (12,215)	$ (14,741)
Derivatives	1,504	1,971
Other	488	455
Subtotal	(10,223)	(12,315)
Policyholder liabilities	(2)	55
Deferred income tax benefit (expense)	2,246	2,656
Net unrealized investment gains (losses)	$ (7,979)	$ (9,604)

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Other Revenues (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 225	$ 212	$ 448	$ 429
Other revenues	419	372	834	783
Prepaid legal plans
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	115	106	230	214
Recordkeeping and administrative services
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	37	42	74	89
Administrative services-only contracts
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	62	57	123	112
Other revenue from service contracts from customers
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	11	7	21	14
Other Income
Disaggregation of Revenue [Line Items]
Other revenues	$ 194	$ 160	$ 386	$ 354

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Other Expenses (Other Expenses) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Other Income and Expenses [Abstract]
General and administrative expenses (1)	$ 677	$ 725	$ 1,338	$ 1,364
Pension, postretirement and postemployment benefit costs	50	29	100	59
Premium taxes, other taxes, and licenses & fees	106	81	199	161
Commissions and other variable expenses	467	491	1,181	973
Capitalization of DAC	(12)	(34)	(89)	(61)
Amortization of DAC and VOBA	74	76	151	156
Interest expense on debt	34	25	64	49
Total other expenses	1,396	1,393	2,944	2,701
Net change in cash surrender value of investments, net of premiums paid	$ (27)	$ 52	$ (57)	$ 74

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Income Tax (Narrative) (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, Percent	13.00%	19.00%	(7.00%)	18.00%

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Contingencies, Commitments and Guarantees (Contingencies - Narrative) (Details) $ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2023 USD ($) Claims	Jun. 30, 2022 Claims	Dec. 31, 2022 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	$ 125
Asbestos Related Claims
Loss Contingencies
Asbestos-Related Claims | Claims	1,306	1,319	2,610

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Contingencies, Commitments and Guarantees (Commitments and Guarantees - Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Contingencies, Commitments and Guarantees [Abstract]
Cumulative maximum indemnities and guarantees contractual limitation	$ 331
Liabilities for indemnities, guarantees and commitments	2	$ 2
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	232
Mortgage Loan Commitments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability	2,000	2,700
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	$ 5,000	$ 4,800

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Related Party Transactions (Service Agreements - Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Other expenses	$ 1,396	$ 1,393	$ 2,944	$ 2,701
Revenues	8,776	9,448	17,493	18,965
Other liabilities	23,564		23,564		$ 24,495
Affiliated Entity [Member] | Services Necessary To Conduct The Company's Activities
Related Party Transaction [Line Items]
Other expenses	737	649	1,500	1,300
Revenues	15	$ 11	29	$ 23
Related Party
Related Party Transaction [Line Items]
Other liabilities	$ 96		$ 96		$ 188

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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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Premiums:
Net premiums	$ 5,953	$ 5,664	$ 11,802	$ 11,570
Other revenues:
Net other revenues	419	372	834	783
Interest Credited To Policyholder Account Balances [Abstract]
Net interest credited to policyholder account balances	893	565	1,724	1,067
Other expenses:
Net other expenses	1,396	1,393	2,944	2,701
Policyholder Liability, Change in Fair Value, Gain (Loss)	(17)	12	40	41
Affiliated Entity [Member] | Assumed Reinsurance [Member]
Premiums:
Reinsurance assumed	(2)	(2)	(25)	(3)
Universal life and investment-type product policy fees:
Reinsurance assumed	1	0	1	0
Other revenues:
Reinsurance assumed	24	5	46	29
Policyholder benefits and claims:
Reinsurance assumed	(18)	(20)	(151)	(31)
Interest Credited To Policyholder Account Balances [Abstract]
Reinsurance assumed	88	12	161	21
Other expenses:
Reinsurance assumed	11	1	215	10
Policyholder Liability, Change in Fair Value, Gain (Loss)	0	15	39	33
Affiliated Entity [Member] | Ceded Reinsurance [Member]
Premiums:
Reinsurance ceded	(89)	(37)	(173)	(68)
Universal life and investment-type product policy fees:
Reinsurance ceded	(2)	(1)	(4)	(2)
Other revenues:
Reinsurance ceded	116	124	231	247
Policyholder benefits and claims:
Reinsurance ceded	(68)	(42)	(145)	(74)
Interest Credited To Policyholder Account Balances [Abstract]
Reinsurance ceded	(3)	(3)	(6)	(6)
Other expenses:
Reinsurance ceded	65	109	128	195
Policyholder Liability, Change in Fair Value, Gain (Loss)	0	1	5	4
Affiliated Entity [Member] | Reinsurance [Member]
Premiums:
Net premiums	(87)	(35)	(198)	(65)
Universal life and investment-type product policy fees:
Insurance Commissions and Fees, Net Impact from Reinsurance	(1)	(1)	(3)	(2)
Other revenues:
Net other revenues	140	129	277	276
Policyholder benefits and claims:
Net policyholder benefits and claims	(50)	(22)	(296)	(43)
Interest Credited To Policyholder Account Balances [Abstract]
Net interest credited to policyholder account balances	85	9	155	15
Other expenses:
Net other expenses	76	110	343	205
Policyholder Liability, Change in Fair Value, Gain (Loss)	$ 0	$ (16)	$ (44)	$ (37)

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Related Party Transactions (Effects of Affiliated Reinsurance on Balance Sheets) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Jan. 01, 2021
Assets
Premiums, reinsurance and other receivables	$ 20,753	$ 20,791		$ 21,885
Deferred policy acquisition costs and value of business acquired	3,695	3,757	$ 3,770	4,143
Liabilities:
Net liability for future policy benefits	126,814	126,914		$ 146,178
Other policy-related balances	8,286	7,931
Other Liabilities	23,564	24,495
Assumed Reinsurance [Member] | Affiliated Entity [Member]
Assets
Premiums, reinsurance and other receivables	170	723
Deferred policy acquisition costs and value of business acquired	167	120
Total assets	337	843
Liabilities:
Net liability for future policy benefits	2,253	2,484
Policyholder account balances	9,043	6,216
Other policy-related balances	65	61
Other Liabilities	857	910
Total liabilities	12,218	9,671
Ceded Reinsurance [Member] | Affiliated Entity [Member]
Assets
Premiums, reinsurance and other receivables	11,261	11,303
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Ceded	(162)	(164)
Total assets	11,099	11,139
Liabilities:
Liability for Future Policy Benefit, before Reinsurance, Ceded	0	0
Policyholder account balances	0	0
Other policy-related balances	(29)	(23)
Other Liabilities	10,288	10,380
Total liabilities	$ 10,259	$ 10,357

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Related Party Transactions (Reinsurance Transactions - Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Jan. 01, 2021
Schedule Of Effect Of Reinsurance On Income Statement [Line Items]
Net liability for future policy benefits	$ 126,814		$ 126,814		$ 126,914	$ 146,178
Other invested assets - VIE	18,326		18,326		19,148
Net other expenses	1,396	$ 1,393	2,944	$ 2,701
Embedded Derivative, Fair Value of Embedded Derivative Liability	(216)		(216)		(309)
Missouri Reinsurance Inc.
Schedule Of Effect Of Reinsurance On Income Statement [Line Items]
Net liability for future policy benefits	2,200		2,200		2,400
Other invested assets - VIE	2,900		2,900		3,000
Policyholder Benefits and Claims Incurred, Assumed	14	19	(157)	30
Net other expenses	0	0	194	8
Affiliated Entity [Member]
Schedule Of Effect Of Reinsurance On Income Statement [Line Items]
Other invested assets - VIE	$ 1,102		$ 1,102		1,307
Affiliated Entity [Member] | Funds Withheld On Ceded Reinsurance [Member]
Schedule Of Effect Of Reinsurance On Income Statement [Line Items]
Coinsurance Funds Withheld Basis, Percent	75.00%		75.00%
Embedded Derivative, Fair Value of Embedded Derivative Liability	$ 1		$ 1		(28)
Net derivatives gains (losses)	(23)	22	(29)	47
Affiliated Entity [Member] | Closed Block Liabilities Ceded To MetLife Reinsurance Of Charleston [Member]
Schedule Of Effect Of Reinsurance On Income Statement [Line Items]
Embedded Derivative, Fair Value of Embedded Derivative Liability	(372)		(372)		$ (423)
Net derivatives gains (losses)	$ 114	$ 504	$ (51)	$ 1,100